Indonesia Stock Exchange · 2019. 3. 6. · ii PT Adira Dinamika Multi Finance Tbk 2018 Annual...

Annual Report2018

Growing through Customer Centric & Digital Transformation

PT Adira Dinamika Multi Finance Tbk 2018 Annual Reportii

PerformanceHighlights2018

Motorcycle Car Durables & others


Total New Financing (Rp trillion)

Managed Financing Receivablesby Segment(Rp trillion)

2018

38.2

2017

32.7

2016

30.9

2015

30.5

2014

34.1

Total New Financingby Segment (Rp trillion)

Total Assets (Rp trillion)

2018

0.8

2017

0.8

2016

0.7

2015

0.3

2014

Equity - Net(Rp trillion)

2018

7.0

2017

5.7

2016

5.0

2015

4.4

2014

4.0

2018

31.5

2017

29.5

2016

27.6

2015

27.7

2014

29.9

20.518.117.217.5

14.3

19.7

16.9

13.813.012.7

Joint-Financing Self-Financing

Managed Financing Receivablesby Source of Funding (Rp trillion)

2018

51.3

2017

45.2

2016

44.4

2015

46.449.6

2014

29.327.226.626.0

20.5

29.1

22.0

18.017.820.4

2018

51.3

2017

45.2

2016

44.4

2015

46.449.6

2014

24.121.421.322.8

24.6

25.0

26.7

23.322.823.4

0.45

0.50.410.2

162

GROWING THROUGH CUSTOMER CENTRIC & DIGITAL TRANSFORMATION

1

5 years Continuity of Annual Reports

2

2018 Performance Overview 82018 Performance Highlights 10Financial Highlights 12Stock Highlights 14Corporate Action 15Adira Finance Bonds and Sukuk Mudharabah Overview

16

Overview of Bonds, Sukukor Convertible Bonds

18

Event Highlights 242018 Adira Finance Awards 30

MANAGEMENT REPORTS 36Board of Commissioners Report

38

Board of Directors Report 48Responsibility for Annual Report

60

CORPORATE DATA 62Company Profile 65Adira Finance at a Glance 662018 Highlights 68Scope of Business 70Products and Services 71ADMF Organizational Structure

72

Vision & Missions 742018 Business Strategy 75Corporate Culture and Value 75Meaning of Logo 76Brand and Logo 76Brand Personality 77Shareholder of Affiliates, Subsidiaries, Associates, and Joint Ventures

78

Chronology of stock listing 82Chronology of OtherSecurities Listing

86

Name And Address of CapitalMarket Supporting Institutions and Professionals

88

Corporate Website Information

89

Management Educationand Training

90

Board of CommissionersProfiles

94

Audit Committee Profiles 100Risk Management Committee Profiles

102

Nomination and Remuneration Committee Profiles

104

Corporate Governance Committee Profiles

106

Board of Directors Profiles 107Sharia Supervisory BoardProfiles

112

Corporate Secretary Profile 115

MANAGEMENT DISCUSSIONAND ANALYSIS

144

Market Review 148Business Review Adira Finance

154

Motor Cycle Financing 156Car Financing 160Durable Goods Financing 164Overview of Operations by Areas

166

Marketing 168Analysis Financial Performance

173

Operation 198Human Resources 202Information Technology 212

Head of the Internal Audit Unit Profile

116

Head of the Compliance UnitProfile

117

Senior Officers Profile 118Testimony 142

144

216

414

398 434

SUPPORTING DATA 414Operational Area 416The Company’s Business Networks

418

CORPORATE GOVERNANCE 216Corporate Governance Report 220Good Corporate Governance Principles of Adira Finance

226

Good Corporate Governance Structure of Adira Finance

227

General Meeting of Shareholders 228Board of Commissioners 245Audit Committee Report 258Risk Management Committee Report

264

Nomination and Remuneration Committee Report

268

Corporate Governance Committee Report

272

Board of Directors 276Internal Control 308Compliance Function, Internal Audit, and Independent External Auditor

311

Internal Audit 334Policy of Goods and Services Procurement and Relationship with Suppliers

341

Insurance of the Company’sAssets

342

Intellectual Property Rights (HAKI)

343

Provision of Funds to Related Parties and Major Customers

344

Fund Provision for Social and Political Activities

344

Contribution to the Country 345Strategic Plan 346Corporate Secretary 348Transparency of Financial and Non-Financial Condition

351

Company’s Code of Ethics 354RISK MANAGEMENT 370SHARIA GOVERNANCE REPORT 388

CORPORATE SOCIAL RESPONSIBILITY

398

Legal Basis 405Vision & Mission of Adira Finance CSR

405

Sustainable Report 406Corporate Social Responsibilities in the Environment Sector

406

Corporate Social Responsibilities in the Aspects of Employment, Health and Safety

408

Corporate Social Responsibilities on Social and Community Development Aspects

409

Corporate Social Responsibilitieson Customer ResponsibilitiesAspects

410

ANNUAL FINANCIALSTATEMENTS

434

PT Adira Dinamika Multi Finance Tbk 2018 Annual Report 1

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For more than 28 years, Adira Finance has continued to demonstrate its ability to survive and improve its performance in the finance industry. In 2018, the national finance industry experienced growth which slowed down slightly as compared to the previous year. Facing this challenge, in the beginning of 2018, Adira Finance has implemented various strategic steps required to achieve numerous opportunities and support its overall growth performance.

With the spirit of Growing Through Customer Service and Digital Transformation as the theme, Adira Finance provides the best service to improve our customer’s experience and increase the efficiency and effectiveness required in the business operations of the Company through the implementation of digital transformation. The Company will also continue to evaluate and identify processes that can be digitized, automated and centralized, which ultimately will improve services to our customers.

With Growing Through Customer Service and Digital Transformation, Adira Finance further strengthens its commitment to always strive hard to build and maintain brand reputation for customer satisfaction and ease of financing. This is a commitment that is customer centric, and is proven by providing the best quality services and the application of the latest digital transformation. The Company is increasingly strengthening its steps, providing added value to its stakeholders and other parties to confidently meet the challenges that will be faced by the financing industry in the future.

For more thto demonstperformancnational finslowed dowyear. FacingAdira Finansteps requirsupport its o

With the spand DigitaFinance prcustomer’s effectivenesthe Compatransformatevaluate anautomated improve ser

With GrowiTransformatits commitmaintain band ease ois customerbest qualitydigital transtrengthenistakeholderchallenges tin the future

Growing Through Customer Centric & Digital Trans formation

PT Adira Dinamika Multi Finance Tbk 2018 Annual Report2

Continuity of Annual Reports

2014

2015 2016

years

Deepening Relationship, Creating Shared ValuesIn the midst of challenging economic and financial industrial conditions, Adira Finance made strategic improvements in three main areas, namely increasing efficiency, effectiveness and optimization.

Stronger Fundamentals for Growthand Good RelationshipsThe Company managed to capitalize on this challenge-filled momentum by considering the various demands of consumers. Adira Finance also strengthened the Company’s fundamentals through Information Technology development, implementation of GCG principles and Risk Management, and extensive training to improve the competence of its Human Resources.

The Company’s strategy also focused on improving operational efficiency, increasing productivity, and strengthening its networks to deliver sustainable growth as well as fostering good relationships with stakeholders.

Navigating Challenges for Delivering Sustainable PerformanceAs Adira, manages challenges with a positive mindset, this has become part of the Company’s business process. Management believes that with this perspective, the Company’s business performance will be sustainable in providing positive benefits to shareholders, consumers, Adira employees, and other stakeholders.


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Annual Report2018


Annual Report20182018

ough Customer Centric ooooooooowinwwwwww g thronsformationDDDDDDDDDDDDDDDDDDDDigiigiigiigiigiigigigiigigigigggigiigigigiiggigigigii taltatataatatatatatataatataata Tran

2018Growing Through Customer Centric and Digital TransformationFor more than 28 years, Adira Finance has continued to demonstrate its ability to survive and improve its performance in the finance industry. In 2018, the national finance industry experienced growth which slowed down slightly as compared to the previous year. Facing this challenge, in the beginning of 2018, Adira Finance has implemented various strategic steps required to achieve numerous opportunities and support its overall growth performance.

With the spirit of Growing Through Customer Service and Digital Transformation as the theme, Adira Finance provides the best service to improve our customer’s experience and increase the efficiency and effectiveness required in the business operations of the Company through the implementation of digital transformation. The Company will also continue to evaluate and identify processes that can be digitized, automated and centralized, which ultimately will improve services to our customers.

With Growing Through Customer Service and Digital Transformation, Adira Finance further strengthens its commitment to always strive hard to build and maintain brand reputation for customer satisfaction and ease of financing. This is a commitment that is customer centric, and is proven by providing the best quality services and the application of the latest digital transformation. The Company is increasingly strengthening its steps, providing added value to its stakeholders and other parties to confidently meet the challenges that will be faced by the financing industry in the future.

2017Driving Innovation and GrowthAdira Finance is breaking through with digital innovation as a strategic move to maintain and extend the Company’s business presence within the multi-finance industry. By better utilizing digital technology, Adira Finance will continue its growth momentum as an effective, efficient, productive, and competitive company, to provide optimum and sustainable growth for shareholders.

PT Adira Dinamika Multi Finance Tbk 2018 Annual Report4 PT Adira DinDininininininnininninninamikamikmikkkkkkkka Ma Mua a a a a a aaaaaa lti Finance TbkTTTTTTTTTTTTTTT 2018018 Annual Rl Rll RRRRl RRl Rll RRl RRRRl eport4

Pesona Lokal

Festival Pesona Lokal is part of the promotion program for potential of culture, tourism, and local wisdom in the regions of Indonesia, which was held in several cities: Bandung, Solo, Bali, Makassar, Medan, Pontianak, Malang, Palembang, and Jakarta.


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Festival Pesona Lokal was held in celebrating the 28th Anniversary of Adira Finance, and has been part of a joint CSR program by Adira Finance, the Ministry of Tourism (Pesona Indonesia), and iNews.

Adira Finance is committed to contributing to the Nation by developing the potential of local wisdom through tourism, culture, education, and MSMEs promotion activities.

Festival Pesona Lokaheld in celebrating t28th Anniversary of AFinance, and has beeof a joint CSR prograAdira Finance, the Mof Tourism (Pesona Indonesia), and iNew


A diverse of fascinating and creative attractions have been presented to attract tourists to visit various regions of destinations in Indonesia.

Festival Pesona Lokal has become one of the attractions for tourists, and also gives direct impacts to support increasing regional income.


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ance Tbk 2018 Annual Report 7PT APT AT AT AT AT AT AT AT AT APT APT AT AT AAT AT AT AT APT APTPTTTTTT diradidddddddddddddddddddddd Dinamika Multi Fin

Festival Pesona Lokal has become a sustainable program that is in line with the corporate branding of “Adira Finance for Indonesia” and embodies the commitment of the Company’s CSR program to benefit the people of Indonesia.


04

PerformanceOverview2018

8.4% 14% 16%6.6%

Growth of national new motorcycles sales

Growth of ADMF new motorcycles sales

Growth of ADMF new cars sales

01 02 03

Growth of national new cars sales

6.0%

Return on Assets (ROA)

Rp7.5trillion

Operation Income

Rp7.0trillion

Total Equity

Rp1.8trillion

Incomefor the year

Rp51.3trillion

Managed Financing Receivables

Rp24.5trillion

Total Liabilities

Rp38.2trillion

New Financing

Rp10.2trillion

Revenue

Rp31.5trillion

Total Assets

1.7%

NPL (Non Performing Loan)

14.2%

Net Profit

28.4%

Return on Equity (ROE)


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Total new financing 38.20

trillion

Rp

19.1 1922.89Active Consumers throughout Indonesia

Total employees Total Branch Office

million thousand

The new motorcycle market share 11.8% 4.8% The new cars

market share



2018

51.3

2017

45.2

2016

44.4

2015

46.449.6

2014

29.327.226.626.0

20.5

29.1

22.0

18.017.820.4


PerformanceHighlights2018



Total New Financing (Rp trillion)

Managed Financing Receivablesby Segment(Rp trillion)

2018

38.2

2017

32.7

2016

30.9

2015

30.5

2014

34.1

Total New Financingby Segment (Rp trillion)

Total Assets (Rp trillion)

2018

0.8

2017

0.8

2016

0.7

2015

0.3

2014

Equity - Net(Rp trillion)

2018

7.0

2017

5.7

2016

5.0

2015

4.4

2014

4.0

2018

31.5

2017

29.5

2016

27.6

2015

27.7

2014

29.9

20.518.117.217.5

14.3

19.7

16.9

13.813.012.7



2018

51.3

2017

45.2

2016

44.4

2015

46.449.6

2014

29.327.226.626.0

20.5

29.1

22.0

18.017.820.4

2018

51.3

2017

45.2

2016

44.4

2015

46.449.6

2014

24.121.421.322.8

24.6

25.0

26.7

23.322.823.4

0.45

0.50.410.2


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Managed Financing Receivables

Rp51.30trillion

Active Consumers throughout Indonesia

2.89million

Return on Equity(ROE)

28.4%

Total Revenue

Rp10.18trillion

Total Assets

Rp31.50trillion

Total Equity

Rp7.03trillion

New Financing

Rp38.2trillion

Total new financing for cars

Rp16.9trillion

1

Total new financing for motorcycles

Rp20.5trillion

Total new financing for durables and others

Rp803billion

2 3

4


Financial HighlightsSTATEMENTS OF PROFIT OR LOSS

AND OTHER COMPREHENSIVE INCOME

Description(in billion Rupiah)

2014 2015 2016 2017 2018

INCOMEConsumer financing 5,048.47 4,936.96 4,719.48 4,960.23 6,866.94murabahah margin 701.45 877.38 1,604.31 2,356.11 1,545.35Finance leases 241.72 264.45 191.52 99.03 44.75Others 2,263.31 1,987.46 1,897.76 1,721.50 1,726.72Total income 8,254.95 8,066.25 8,413.07 9,136.87 10,183.76EXPENSESSalaries and benefits (1,886.97) (1,585.36) (1,731.67) (1,892.57) (2,031.36)Interest expense and financing charges (2,261.88) (2,197.88) (1,937.42) (1,796.06) (1,737.67)Provision for impairment losses (1,809.17) (1,778.06) (1,652.40) (1,661.42) (1,763.90)General and administrative (975.65) (1,055.66) (1,062.23) (1,106.80) (1,362.60)Revenue sharing for mudharabah bonds (27.08) (57.35) (37.36) (40.32) (60.44)Marketing and Others (233.64) (491.39) (275.90) (517.74) (743.22)Total expenses (7,194.39) (7,165.70) (6,696.98) (7,014.91) (7,699.19)Income before income tax expense 1,060.56 900.55 1,716.09 2,121.96 2,484.57Income tax expense (268.40) (235.72) (706.74) (712.81) (669.31)Income for the year 792.16 664.83 1,009.35 1,409.15 1,815.26Other comprehensive income net of tax (68.72) 58.28 (60.44) (142.68) 172.02Total comprehensive income for the year 723.44 723.11 948.91 1,266.47 1,987.28Earning per share – basic/diluted

(in Rupiah) 792 665 1,009 1,409 1,815

ATTRIBUTABLE PROFIT OR LOSS AND COMPREHENSIVE INCOME


2014 2015 2016 2017 2018

Attributable Profit (Loss)Parent entity 792.16 664.83 1,009.35 1,409.15 1,815.26Non-controlling interest - - - - -Total 792.16 664.83 1,009.35 1,409.15 1,815.26Comprehensive income for the yearParent entity 723.44 723.11 948.91 1,266.47 1,987.28Non-controlling interest - - - - -Total 723.44 723.11 948.91 1,266.47 1,987.28

STATEMENT OF FINANCIAL POSITION:ASSETS, LIABILITIES & EQUITY


2014 2015 2016 2017 2018

ASSETSCash on hand and in banks 879.17 1,059.99 940.95 2,221.72 1,689.32Consumer financing receivables - net of

allowance for impairment losses 22,509.07 18,199.66 15,065.26 16,939.10 23,260.40

Murabahah financing receivables - net ofallowance for impairment losses 3,563.90 5,190.27 9,374.51 8,579.86 4,370.50

Finance leases receivables - net of allowancefor impairment losses 1,916.66 1,529.13 881.42 379.62 240.88

Investment in shares, related parties 0.65 0.65 0.65 0.65 0.65Fixed assets - net of accumulated depreciation 296.14 243.39 224.96 208.43 245.49Intangible assets - net of accumulated

amortisation 62.18 73.99 80.35 106.04 119.83


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RELEVANT FINANCIAL RATIOS &OTHERS INFORMATION 2014 2015 2016 2017 2018

RELEVANT FINANCIAL RATIOSReturn on total assets (ROA) (%)* 2.6% 2.3% 3.7% 5.0% 6.0%Return on equity (ROE) (%)* 15.8% 15.8% 21.6% 26.5% 28.4%Net income (loss) to income ratio (%) 9.6% 8.2% 12.0% 15.4% 17.8%Non-Performing Loans/NPL (including Joint-Financing) (%) 1.4% 1.6% 1.5% 1.6% 1.7%

Borrowings and debt securities issued - net/ total assets (X) 0.8 0.8 0.7 0.7 0.7

Gearing ratio (X) 5.9 4.9 4.1 3.7 3.1Financing to asset ratio (%) 94% 90% 92% 88% 89%Current ratio (X) 1.2 1.0 1.2 1.1 1.2Liabilities to equity ratio (X) 6.4 5.4 4.6 4.1 3.5Liabilities to assets ratio (X) 0.9 0.8 0.8 0.8 0.8OTHER INFORMATIONInvestment in Associate Entities (Rp Billion) - - - - -Net Working Capital (Rp Billion) 4,033.68 4,360.79 4,977.20 5,745.42 7,028.20Outstanding Shares (Million Shares) 1,000.00 1,000.00 1,000.00 1,000.00 1,000.00Dividends Per Share (Full Amount of Rupiah)

from Income in the Previous Year 2,700.0 396.0 332.5 505.0 704.5

Number of active customers (thousands) 3,522.3 3,280.4 3,042.1 2,852.8 2,885.0Number of offices within the network 645 558 523 463 440Number of employees 26,098 21.351 20,087 18,854 19,098Notes: * Profit (Loss) on average total assets and equity for a period of 2-years.

STATEMENT OF FINANCIAL POSITION:ASSETS, LIABILITIES & EQUITY


2014 2015 2016 2017 2018

Others 703.11 1,447.13 1,075.01 1,057.51 1,569.37Total assets 29,930.88 27,744.21 27,643.11 29,492.93 31,496.44LIABILITIESBorrowings 12,454.11 11,388.43 11,619.53 10,544.29 11,778.09Bonds payable - net 10,724.66 9,088.13 8,432.98 9,761.17 9,421.91Mudharabah bonds 446.00 831.00 190.00 701.00 768.00Others 2,272.44 2,075.86 2,423.40 2,741.06 2,500.24Total Liabilities 25,897.21 23,383.42 22,665.91 23,747.52 24,468.24EQUITYIssued and fully paid - in capital 100.00 100.00 100.00 106.75 106.75Retained earnings & cumulative (losses)/gain

on derivative instrument for cash flows hedges - net

3,933.67 4,260.79 4,877.20 5,638.66 6,921.45

Equity - net 4,033.67 4,360.79 4,977.20 5,745.41 7,028.20Total liabilities and equity 29,930.88 27,744.21 27,643.11 29,492.93 31,496.44


StockHighlights

Adira Finance Stock Highlights

In 2018, the number of PT Adira Dinamika Multi Finance Tbk shares with ticker ADMF amounted to 1,000,000,000. In terms of price, the Company’s shares traded between a low of Rp7,100 to a high of Rp9,600. The average transaction volume was 2.891 per month in 2018.

The number of ADMF share transactions was relatively small compared with shares of other companies, as the float was only 79 million shares. In addition, most of ADMF’s investors or shareholders were oriented towards long-term investment. The following is a summary of ADMF’s monthly stock trading in 2018:

In summary, information on ADMF’s monthly stock trading throughout 2018 is as follows:

MonthShare Price/Sheet (Rp) Shares in Regular Market Amount of

Issued Shares (Million Sheet)

Market Capitalization

(Billion Rp)Highest

(Rp)Lowest

(Rp)Closing

(Rp)

Volume (unit) (Thousand

Sheet)

Value (Million Rp)

Freq (X)

January 8,700 7,100 8,325 3,789,700 29,427 1,850 1,000,000,000 8,325February 9,350 8,150 9,300 2,815,600 24,737 1,351 1,000,000,000 9,300March 9,475 8,675 8,900 2,364,100 21,499 1,526 1,000,000,000 8,900April 9,600 8,500 8,575 3,256,000 29,736 2,358 1,000,000,000 8,575May 8,575 7,750 8,375 2,661,900 21,996 1,848 1,000,000,000 8,375June 8,725 7,950 8,000 1,822,800 15,162 1,032 1,000,000,000 8,000July 8,525 7,800 8,400 2,758,700 22,491 1,037 1,000,000,000 8,400August 8,500 8,000 8,275 3,545,800 29,360 895 1,000,000,000 8,275September 8,400 8,000 8,400 3,009,500 24,624 876 1,000,000,000 8,400October 8,500 8,000 8,200 2,933,200 23,743 988 1,000,000,000 8,200November 8,600 8,025 8,550 3,123,900 25,822 856 1,000,000,000 8,550December 9,100 8,225 9,100 3,719,300 32,005 713 1,000,000,000 9,100

Summary of Quarterly Trade in 2014-2018:

Year QuarterShare Price/Sheet (Rp) Amount of Issued

Shares (Number of Shares)

Transaction Volume (Units)

Market Capitalization

(Rp billion)Highest Lowest Closing

2014

I 9,550 7,500 9,500 1,000,000,000 1,484,100 9,500II 12,850 9,400 11,350 1,000,000,000 4,594,500 11,350III 11,600 11,175 11,250 1,000,000,000 1,111,900 11,250IV 10,525 7,200 7,200 1,000,000,000 8,293,500 7,200

2015

I 7,225 6,150 6,300 1,000,000,000 1,228,100 6,300II 6,425 4,500 4,900 1,000,000,000 2,142,100 4,500III 4,900 3,760 3,760 1,000,000,000 1,478,800 3,760

IV 4,000 3,400 3,470 1,000,000,000 2,848,600 3,470

2016

I 3,500 2,885 3,235 1,000,000,000 12,178,900 3,235II 5,075 3,150 4,400 1,000,000,000 4,551,400 4,400III 6,700 4,250 6,150 1,000,000,000 8,689,700 6,150IV 6,750 5,850 6,750 1,000,000,000 3,532,300 6,750

2017

I 7,700 6,050 6,875 1,000,000,000 3,960,400 6,875II 6,925 6,175 6,800 1,000,000,000 9,514,900 6,800III 7,250 6,450 7,250 1,000,000,000 7,867,600 7,250IV 7,425 6,875 7,125 1,000,000,000 6,577,700 7,125

2018

I 9,475 7,100 8,900 1,000,000,000 8,969,000 8,900II 9,600 7,750 8,000 1,000,000,000 7,741,000 8,000III 8,525 7,800 8,400 1,000,000,000 9,315,000 8,400IV 9,100 8,000 9,100 1,000,000,000 9,776,000 9,100


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Corporate ActionThroughout 2018, the Company did not conduct any Corporate Actions including stock splits, reverse stock, stock dividends, bonus stock, and make changes to the nominal value of the share.

ADMF Share Trading Chart for 2017 and 2018

Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18 Mar-18 May-18 Jul-18 Sep-18 Nov-18 Dec-18

2,000

1,000

5,000

4,000

3,000

6,000

7,000

8,000

9,000

10,0001,200

1,000

800

600

400

200

Share Price(Rp)

Daily Transactions Amount(Thousands of Shares) Number of Transactions (Thousands of Shares) Share Price (Rp)


Adira Finance Bonds and Sukuk Mudharabah Overview

One of Adira Finance’s funding sources is the capital market, wherein the Company actively issues bonds aswell as sukuk mudharabah. The following summarizes the bonds and mudharabah bonds in circulation at theend of 2016, 2017 and 2018.

Outstanding Company Bonds and Mudharabah Bonds as of 31 December 2016

No.Name of Bonds/

MudaharabahBonds

Serial

PrincipalAmount

(Rp Billion)

Profit SharingInterest

Rate/Ratio

Time Period

Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

1. Adira FinanceContinuing Bonds IPhase I

C 1,533 9.00% 60 Month 9 December

2011

16 December 2016

138 -

2. Adira FinanceContinuing Bonds IPhase III

C 673 8.75% 60 Month 9 December

2011

27 September

2017

59 673

3.

Adira FinanceContinuing Bonds II Phase I

C 553 7.85% 36 Month 21 February 2013

1 March 2016 11 -

D 851 8.90% 60 Month 1 March 2018 76 8514. Adira Finance

Continuing SukukMudharabah IPhase I

C 286 65.417% (Equivalent

to 7.85% per year)

36 Month 21 February 2013

1 March 2016 6 -

5.

Adira FinanceContinuing Bonds II Phase II

B 880 10.50% 36 Month 21 February 2013

24 October 2016

92 -

C 490 11.00% 60 Month 24 October 2018

54 490

6.

Adira FinanceContinuing Bonds II Phase III

B 363 10.50% 36 Month 21 February 2013

14 May 2017 38 363

C 450 10.75% 60 Month 14 May 2019 48 4507.

Adira FinanceContinuing Bonds II Phase IV

B 808 10.50% 36 Month 21 February 2013

12 November 2017

85 808

C 88 10.75% 60 Month 12 November 2019

9 88

8. Adira FinanceContinuing SukukMudharabah IPhase II

B 45 87.50% (Equivalent

to 10.50% per year)


12 November 2017

5 45

9.

Adira FinanceContinuing Bonds III Phase I

A 741 9.50% 36 Month 25 June 2015

30 June 2018 70 741

B 238 10.25% 60 Month 30 June 2020

24 238

10. Adira FinanceContinuing SukukMudharabah IIPhase I

A 441 72.917%% (Equivalent

to 8.75% per year)

370 Days 25 June 2015

10 July 2016 19 -


to 9.50% per year)

36 Month 30 June 2018 6 59

11.

Adira FinanceContinuing Bonds III Phase II

A 492 8.75% 370 Days 25 June 2015

5 September 2016

32 -

B 668 9.50% 36 Month 25 August 2018

63 668

C 277 10.25% 60 Month 25 August 2020

28 277


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No.Name of Bonds/

MudaharabahBonds

Serial

PrincipalAmount

(Rp Billion)


Rate/Ratio

Time Period

Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

12.

Adira FinanceContinuing Bonds III Phase III

A 73 8.75% 370 Days 25 June 2015

12 March 2017

5 73

B 330.5 9.50% 36 Month 2 March 2019 24 330.5

C 697.5 10.25% 60 Month 2 March 2021 54 697.513.

Adira FinanceContinuing Bonds III Phase IV

A 835 7.90% 370 Days 25 June 2015

6 August 2017

16 835

B 434 8.75% 36 Month 26 July 2019 9 434

C 431 9.25% 60 Month 26 July 2021 10 43114.

Adira FinanceContinuing SukukMudharabah IIPhase II

A 30 65.83% (Equivalent

to 7.90% per year)

370 Days 25 June 2015

6 August 2017

1 30


to 8.75% per year)

36 Month 26 July 2019 1 42


to 9.25% per year)

60 Month 26 July 2021 0.3 14

Total of Bonds & Mudharabah Bonds as of 31 December 2016 8,638* Interest/profit sDaysng payment throughout 2016.


Outstanding Company Bonds and Mudharabah Bonds as of 31 December 2017

No.Name of Bonds/

MudaharabahBonds

Serial

PrincipalAmount

(Rp Billion)


Rate/Ratio

Time Period

Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

1. Adira FinanceContinuing Bonds IPhase III

C 673 8.75% 60 Month 09 December

2011

27 September

2017

44 -

2. Adira FinanceContinuing BondsII Phase I

D 851 8.90% 60 Month 21 February 2013

01 March 2018

76 851

3. Adira FinanceContinuing BondsII Phase II

C 490 11.00% 60 Month 21 February 2013

24 October 2018

54 490

4. Adira FinanceContinuing BondsII Phase III

B 363 10.50% 36 Month 21 February 2013

14 May 2017 19 -

C 450 10.75% 60 Month 14 May 2019 48 450

5. Adira FinanceContinuing BondsII Phase IV

B 808 10.50% 36 Month 21 February 2013

12 November 2017

85 -

C 88 10.75% 60 Month 12 November 2019

9 88

6. Adira FinanceContinuing SukukMudharabah IPhase II


to 10.50% per year)


12 November 2017

5 -

7. Adira FinanceContinuing BondsIII Phase I

A 741 9.50% 36 Month 25 June 2015

30 June 2018 70 741

B 238 10.25% 60 Month 30 June 2020 24 238

8. Adira FinanceContinuing SukukMudharabah IIPhase


to 9.50% per year)

36 Month 25 June 2015

30 June 2018 6 59

9. Adira FinanceContinuing BondsIII Phase II

B 668 9.50% 36 Month 25 June 2015

25 August 2018

63 668

C 277 10.25% 60 Month 25 August 2020

28 277

10. Adira FinanceContinuing BondsIII Phase III

A 73 8.75% 370 Days 25 June 2015

12 March 2017 - -

B 330.5 9.50% 36 Month 02 March 2019

31 330.5

C 697.5 10.25% 60 Month 02 March 2021

71 697.5

11. Adira FinanceContinuing BondsIII Phase IV

A 835 7.90% 370 Days 25 June 2015

06 August 2017

49 -

B 434 8.75% 36 Month 26 July 2019 38 434

C 431 9.25% 60 Month 26 July 2021 40 431

12. Adira FinanceContinuing SukukMudharabah IIPhase II


to 7.90% per year)

370 Days 25 June 2015

06 August 2017

2 -


to 8.75% per year)

36 Month 26 July 2019 4 42


to 9.25% per year)

60 Month 26 July 2021 1 14

Overview of Bonds, Sukuk or Convertible Bonds


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Time Period

Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

13. Adira FinanceContinuing BondsIII Phase V

A 913 7.50% 370 Days 25 June 2015

02 April 2018 51 913

B 860 8.60% 36 Month 22 March 2020

55 860

C 241 8.90% 60 Month 22 March 2022

16 241

14. Adira FinanceContinuing SukukMudharabah IIPhase III


to 7.50% per year

370 Days 25 June 2015

02 April 2018 15 274


to 8.60% per year

36 Month 22 March 2020

7 105


to 8.90% per year)


0 7

15. Adira FinanceContinuing BondsIII Phase VI

A 251 7.10% 370 Days 25 June 2015

24 July 2018 4 251

B 450 8.10% 36 Month 14 July 2020 9 450

C 68 8.40% 60 Month 14 July 2022 1 68

16. Adira FinanceContinuing BondsIV Phase I

A 316 6.15% 370 Days 04 December

2017

22 December 2018

- 316

B 893 7.45% 36 Month 12 December 2020

- 893

C 91 7.55% 60 Month 12 December 2022

- 91

17. Adira FinanceContinuing SukukMudharabah IIIPhase I


to 6.15% per year)

370 Days 04 December

2017

22 December 2018

- 90


to 7.45% per year)

36 Month 12 December 2020

- 55


to 7.55% per year)


- 55

Total of Bonds & Mudharabah Bonds as of 31 December 2017 10,480* Interest/profit sDaysng payment throughout 2017.


Company Bonds and Sukuk Mudharabah which are still outstanding until December 31, 2018

No.Name of Bonds/

MudaharabahBonds

Serial

PrincipalAmount

(Rp Billion)


Rate/Ratio

Time Period

Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

1. Adira FinanceContinuing Bonds II Phase I

D 851 8.90% 60 Month 21 February 2013

01 March 2018

19 -

2. Adira FinanceContinuing Bonds II Phase II

C 490 11.00% 60 Month 21 February 2013

24 October 2018

54 -

3. Adira FinanceContinuing Bonds II Phase III

C 450 10.75% 60 Month 21 February 2013

14 May 2019 73 450

4. Adira FinanceContinuing Bonds II Phase IV

C 88 10.75% 60 Month 21 February 2013

12 November 2019

9 88

5. Adira FinanceContinuing Bonds III Phase I

A 741 9.50% 36 Month 25 June 2015

30 June 2018 35 -B 238 10.25% 60 Month 30 June 2020 24 238

6. Adira FinanceContinuing SukukMudharabah IIPhase I


to 9.50% per year)


30 June 2018 3 -

7. Adira FinanceContinuing Bonds III Phase II

B 668 9.50% 36 Month 25 June 2015

25 August 2018

48 -

C 277 10.25% 60 Month 25 August 2020

28 277

8. Adira FinanceContinuing Bonds III Phase III

B 330.5 9.50% 36 Month 25 June 2015

02 March 2019

31 330.5

C 697.5 10.25% 60 Month 02 March 2021

71 697.5

9. Adira FinanceContinuing Bonds III Phase IV

B 434 8.75% 36 Month 25 June 2015

26 July 2019 38 434C 431 9.25% 60 Month 26 July 2021 40 431

10. Adira FinanceContinuing SukukMudharabah IIPhase II


to 8.75% per year)


26 July 2019 4 42


to 9.25% per year)

60 Month 26 July 2021 1 14

11. Adira FinanceContinuing Bonds III Phase V

A 913 7.50% 370 Days 25 June 2015

02 April 2018 19 -B 860 8.60% 36 Month 22 March

202074 860

C 241 8.90% 60 Month 22 March 2022

21 241

12. Adira FinanceContinuing SukukMudharabah IIPhase III


to 7.50% peryear

370 Days 25 June 2015

02 April 2018 6 -


to 8.60% peryear


9 105


to 8.90% peryear)


1 7

13. Adira FinanceContinuing Bonds III Phase VI

A 251 7.10% 370 Days 25 June 2015

24 July 2018 14 -B 450 8.10% 36 Month 14 July 2020 36 450C 68 8.40% 60 Month 14 July 2022 6 68

14. Adira FinanceContinuing Bonds IV Phase I


2017

22 December 2018

20 -

B 893 7.45% 36 Month 12 December 2020

67 893

C 91 7.55% 60 Month 12 December 2022

7 91



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Rate/Ratio

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Bapepam/OJK

EffectiveDate

PrincipalSettlement

Maturity Date

Coupon/Profit

SharingPayment

(Rp Billion)*

OustandingPrincipal

(Rp Billion)

15. Adira FinanceContinuing SukukMudharabah IIIPhase I


to 6.15% peryear)


2017

22 December 2018

6 -


to 7.45% peryear)


4 55


to 7.55% peryear)


4 55

16. Adira FinanceContinuing Bonds IV Phase II


2017

01 April 2019 38 836B 80 6.70% 24 Month 21 March

20204 80

C 552 7.40% 36 Month 21 March 2021 31 552D 162 7.50% 60 Month 21 March

20239 162

17. Adira FinanceContinuing SukukMudharabah IIIPhase II


to 6.10% peryear)


2017

01 April 2019 18 399


to 7.40% peryear)

36 Month 21 March 2021 3 62


to 7.50% peryear)


2 29

18. Adira FinanceContinuing Bonds IV Phase III

A 695.25 7.50% 370 Days 04 December

2017

26 August 2019

13 696.25

B 119 8.00% 24 Month 16 August 2020

2 119

C 715.5 8.50% 36 Month 16 August 2021

15 715.5

D 268.5 9.00% 48 Month

16 August 2022

6 268.5

E 460.75 9.25% 60 Month 16 August 2023

11 460.75

Total of Bonds & Mudharabah Bonds as of 31 December 2018 10,207


Bonds and Sukuk Mudharabah Listing during 2018

Adira Finance Continuing Bonds IV Phase II Year 2018 On 22 March 2018, the Company listed the Adira Finance Continuing Bonds IV Phase II Year 2018 on the IDX amounting to Rp1,630 billion, divided into 4 series, A, B, C and D.

These bonds were offered at 100.00% (one hundred percent) value of the principal bond amount. Coupons on the bonds are payable quarterly in accordance with Bond Interest payment date schedule. The first Bond Interest payment of the respective series was on 21 June 2018, while the last Bond Interest payment falls on Bond maturity date on 1 April 2019 for Series A, 21 March 2020 for Series B, 21 March 2021 for Series C, and 21 March 2023 for series D, which is the Settlement Date for the principal of the respective bonds series.

Adira Finance Continuing Sukuk Mudharabah III Phase II Year 2018On 22 March 2018, the Company listed the Adira Finance Continuing Sukuk Mudharabah III Phase II Year 2018 on the IDX amounting to Rp519 billion, divided into 3 series, A, B, and C.

These Mudharabah Bonds were offered at 100.00% (one hundred percent) value of the principal amount of Mudharabah Bonds. Revenue sharing from Mudharabah Bonds are payable quarterly in accordance with the Mudharabah Bonds Revenue Sharing Payment Date. The first Mudharabah Bond Revenue Sharing Payment Date of the respective series was on 21 June 2018, while the last Mudharabah Bond Revenue Sharing Payment Date falls on the Mudharabah Bond maturity date on 1 April 2019 for Series A, 21 March 2021 for Series B and 21 March 2023 for Series C, which is also the Mudharabah Bond Fund Repayment Date for the respective Mudharabah Bond series.

Adira Finance Continuing Bonds IV Phase III Year 2018 On 20 August 2018, the Company listed the Adira Finance Continuing Bonds IV Phase III Year 2018 on the IDX amounting to Rp2,260 billion, divided into 5 series, A, B, C, D and E.

These bonds were offered at 100.00% (one hundred percent) value of the principal bond amount. Coupons on the bonds are payable quarterly in accordance with Bond Interest payment date schedule. The first Bond Interest payment of the respective series was on 19 November 2018, while the last Bond Interest payment falls on Bond maturity date on 26 August 2018 for Series A, 16 August 2020 for Series B, 16 August 2021 for Series C, 16 August 2022 for Series D, and 16 August 2023 for Series E, which is the Settlement Date for the principal of the respective bonds series.



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09February Singing cooperation ceremony with Ministry of Education and Culture on competency enhancement program of business and management expertise for vocational high school students in Indonesia

EventHighlights

18January Press conference and prizes handing ceremony of “Untukmu Sahabat” program winners

15 January Go live of Centralization of central Java area

08February Launching ceremony of “Primajaga 100 Adira Finance”–a new term life insurance program with specific protection period


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19February Go live of Centralization of specific BNT area

23February Adira Finance held an internal innovation competition final of “In-NO LIMIT 2017” to find new innovations that can be applied nationally for the progress of the company

19March Go live of

Centralization of Jakarta and Bogor

area

21March Adira Finance officially launched “Akses Adira Finance” mobile application to facilitate easy customer service


09April Go live of Centralization of Kalimantan area

20April Go live of Centralization of Sulampapua area

14May Press Conference and prizes handing ceremony of “Untukmu Sahabat” program winners

20 April

Adira Finance held Annual General Meeting of Shareholders (AGMS).

AGMS concluded cash dividend distribution of Rp704 billion or equivalent to Rp704 per share

Event Highlights


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25May Adira Finance launched “SOBAT Lebaran” program in every braches of the Company in the country

29June

Adira Finance signed a Memorandum of

Understanding with “Carmudi” online marketplace

to facilitate consumers in financing with Adira Finance

14May

Go live of Centralization of northern Sumatera area

04July Adira Finance signed a Memorandum of Understanding with ADEX Palembang


Event Highlights

22July Manulife Indonesia Life Insurance and Adira Dinamika Multi Finance (Adira Finance) inaugurated the partnership with the launch of Primajaga 100 Adira Finance

02 August Adira Finance launched momotor.id ¬– an online marketplace for quality second hand motorcycles

27 August

Danamon Peduli Foundation, Adira Insurance and Adira Finance held a

Book Donation charity to increase interest in reading and provide public

access to quality books

02 September - 11 November

Adira Finance signed a cooperation agreement with

NU Digital to facilitate users of NU mobile application to get

financing through Adira Finance


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13November Adira Finance celebrated its 28th anniversary by inviting media partners, customers, business partners and Keday Adira Finance

21November

Adira Finance in cooperation with OLX launched bebaasklik.

com microsite

23-24 October

Adira Finance launched festival of “Pesona Lokal” in 9 cities in Indonesia ((Bandung, Solo, Bali, Makasar, Pontianak, Malang,

Medan, Palembang, Jakarta) to introducing regional tourist destinations in Indonesia. The event is a CSR Program of Adira

Finance with Ministry of Tourism and iNews.


Adira Finance Awards 2018

25 January Warta Ekonomi Indonesia Prestige Brand Award 2018 as Top 5 Prestige Brand in Vehicle Financing Category.

21February TOP BRAND AWARD 2018 in 4 wheels category automotive leasing company.

23FebruaryINDONESIA CSR AWARD 2018 as ranking 4 in public company financial industry – non-bank – multifinance category.

23FebruaryINDONESIA NETIZEN BRAND CHOICE AWARD 2018 as Top 5 Netizen Choice in Multifinance Category.


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08March Indonesia WOW Brand Award 2018 in Motorcycle Leasing category.

13March

Taxpayer’s Appreciation & Awards in contribution to

2017 tax revenue.

02 March

ECONOMIC REVIEW CORSEC, CORCOMM,

IT AWARD.

25April Infobank Digital Brand Awards 2018 as rank 1 in Digital Brand Finance.


2018 Adira Finance Awards

14 May Investor Magazine 100 Best Listed Companies Award 2018 as Best Issuer in Multifinance sector

10AugustBusiness News Top Multifinance Award 2018 in Best Multifinance category of car leasing.

03August

Economic Review Enterprise Risk

Management Award in multifinance category.

30 April

Warta Ekonomi Indonesia Sharia Finance

Award 2018 as Top 3 Costumer Choice Sharia

Multifinance.


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23August Investor Magazine Sharia Finance Award 2018 as Best Sharia Multifinance for the Asset Category Above Rp500 Billion and Best Mudharabah Bond 2018.

24August

Warta Ekonomi Indonesia Corporate PR Award 2018

as Top 5 Popular Company in Multifinance category.

15 August

Top 1st Champion of Indonesia Original

Brand 2018 in car finance category.

06September Markplus ASEAN Marketing Summit 2018 in Non-Banking Financial Services Category.


24 October

CMO Asia Indonesia Best Brand Award 2018

as Indonesia Best Brand Award 2018.

26 October Indonesia Multifinance Consumer Choice Award 2018 as Top 5 in Car Leasing, Motorcycle Leasing, Electronic Leasing Category, and as a Finance Company with Excellent Performance with assets of more than IDR10 trillion.

08November

Anugerah Syariah Republika 2018 as The Best Sharia Multifinance

29NovemberTop 20 Financial Institutions 2018 for Multifinance Category with assets of more than Rp10 trillion.

2018 Adira Finance Awards


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14December Indonesia Most Admired CEO 2018 as Excellent Leadership for Maintaining Automotive Financial Services.

19December

Investor Magazine Award as 2018 Best Multifinance with assets

of more than Rp10 trillion.

10 December

IICD CG 2018 as The Best Top 50 Mid-Cap Public

Listed Company and The Best Overall Category

Mid-Cap.

20December Indonesia Best Brand Award for 8 consecutive years in Car & Durable Product Finance category.

36 PT Adira Dinamika Multi Finance Tbk 2018 Annual Report

Kapuas BridgeThe Kapuas Bridge is located in the city of Pontianak, which has the style of local wisdom and connects the city with several other districts in West Kalimantan.

37PT Adira Dinamika Multi Finance Tbk 2018 Annual Report

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ContentsMANAGEMENT REPORTS 36

Board of Commissioners Report 38

Board of Directors Report 48

Responsibility for Annual Report 60


Sng Seow WahPresident Commissioner

Board of Commissioners Report

Adira Finance once again recorded strong growth in net income in 2018. The ongoing core process improvement and transformation initiatives of the

After Tax growth of 29% to reach Rp1.82 trillion.


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Dear Valued Shareholders,

Adira Finance once again recorded strong growth in net income in 2018. The ongoing core process improvement and transformation initiatives of the Company helped deliver Net Profit After Tax growth of 29% to reach Rp1.82 trillion. This was supported by disciplined cost management and sales, and synergies with Bank Danamon, our parent company.

Economic and Industry Overview in 2018Despite global uncertainties, the Indonesian economy remained stable, recording GDP growth of 5.17% as compared with 5.07% in 2017. Robust household spending, higher government spending and improved export commodity prices continued to support growth. Inflation remained under control at 3.13%, below the government’s 3.5% (±1%) target. In response to interest rate hikes by the US Federal Reserve, Bank Indonesia hiked the benchmark interest rate (7 Day Reverse Repo Rate) 6 times by a total of 175 basis points during the year. The government also introduced a range of measures to improve trade balance and current account deficit. These measures helped stabilize the weakening Indonesian Rupiah.

The wholesale new vehicle sales of cars as well as motorcycles improved in 2018, rising by 7% and 8% respectively as compared with 2017, after experiencing stagnant growth in 2017. On the other hand, competition also rose significantly in the vehicle financing business as more players moved into this sector and more types of financing products have become available for customers.

Adira Finance and Board of Directors PerformanceThe Board of Commissioners commends the efforts of the Directors of the Company in 2018 in delivering profit growth in spite of increased competition. ROAA and ROAE increased to 6.0% and 29% respectively.

The Company was able to achieve 17% growth in new financing disbursements during 2018 to reach Rp38.2 trillion, which hit a new record amount of managed receivables of Rp51.3 trillion and setting a new milestone. Meanwhile, the Company has continued to maintain competitive cost-of-funds, healthy asset quality, and at the same time strengthened customer engagement channels.

During the year, the Company launched a new digital marketplace for used motorcycles called momotor.id, in addition to developing its existing used car digital marketplace, momobil.id. Both of these offer consumer financial services, serving as digital platforms for direct consumer acquisition in future.

All of these achievements were carried out in a disciplined manner that also took into consideration the Company’s overall risk appetite, in order to safeguard the Company from risks associated with the business.

As a result, Adira Finance’s market share of the national motorcycle and car financing market rose by 0.6% and 0.4% respectively in 2018 as compared with 2017. In addition, progress was also made in non-vehicle financing, which is expected to help grow the franchise and diversify the business going forward.



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BUSINESS PROSPECTSOpportunities for financing business growth are still open in accordance with the anticipated improvements in the Indonesian economy in 2019. The need for financing, especially for investment and working capital, is expected to rise as the economy grows.

At the consumer level, the improvement in GDP per capita, which rose 7.9% from Rp51.9 million (USD3,847) to Rp56 million (USD3,927) in 2018, should drive demand growth for financing receivables and other consumer products and services. Consumers’ rising purchasing power as well as the increasing variety of products available will also trigger higher demand for automotive financing receivables in the coming year. Meanwhile, road infrastructure expansion throughout Indonesia is expected to drive automotive demand growth.

The Board of Commissioners therefore agrees with the assessment of the management that the conditions are likely to be more conducive for the financing industry in 2019. Apart from indicators that the macro economy in general is improving, supportive government policy and continued government spending are expected to help spur consumer confidence and spending. This in turn should help growth in the vehicle financing industry.

GOOD CORPORATE GOVERNANCE Good corporate governance is essential to building a sound business. As such, we strive to go above and beyond mere compliance and manifest Good Corporate Governance in all activities. As a leading company in the market and a subsidiary of Bank Danamon, the Company stands out in the industry for its rigorous bank-standard compliance practices. These high standards not only set Adira Finance apart from its peers, but also help maintain investor confidence and trust which is crucial to the Company’s ability to access funding at competitive rates.

The Board of Commissioners carried out its supervisory duties during the year with the help of its supporting committees, namely the Audit Committee, Risk Management Committee, the Nomination and Remuneration Committee and the Governance Committee. All of these committees carried out their appointed duties and responsibilities and gave input to the Board of Commissioners. Among others, the Board of Commissioners gave guidance and advice to the Board of Directors in regular meetings and continuously monitored the development of the Company including the whistleblowing process. The commitment of the Company was reflected in the high achievement of its external assessment by the Indonesian Institute for Corporate Directorship (IICD), which rated the corporate governance of the Company in the “Good” category.


Committee Performance in 2018The Board of Commissioners oversees four committees, which are the Risk Management Committee, the Audit Committee, the Nomination and Remuneration Committee, and the Governance Committee. Based on the Board of Commissioners’ assessment, these committees performed their functions diligently and ably assisted the Board of Commissioners during the year.

Risk Management CommitteeDuring 2018, The Risk Management Committee provided oversight with regard to risk management and potential risks associated with financing activities and products, changes in operating activities, credit risk, new products and services, and recent market developments, as well as policies from the regulator that could impact the Company’s business activities. The Risk Management Committee is supported by information technology applications at both corporate and branch levels, which helped to detect and respond to risks in the Company’s business activities.

Audit CommitteeIn 2018, Audit Committee carried out its duties of monitoring, evaluation and audit follow-up actions in a systematic and productive manner. The Board of Commissioners receives regular reports and inputs on the Company’s ability to implement auditing standards. The Audit Committee also ensured the conformity of the Company’s financial statements with generally accepted auditing standards.

Nomination and Remuneration CommitteeThe Nomination and Remuneration Committee reviewed and assessed procedures relating to recommendations regarding appointments and changes to the Board of Commissioners, Board of Directors and Independent Parties to the relevant Committees under the Board of Commissioners. In addition, the Nomination and Remuneration Committee also made recommendations for the remuneration of the Board of Commissioners and Board of Directors.

Governance CommitteeThe Governance Committee is responsible for reviewing and evaluating the framework and policies related to the Company’s corporate governance practices. The Committee monitors the implementation of GCG principles at Adira Finance.

Changes to the Board of CommissionersThere were no changes to the composition of the Board of Commissioners of the Company. We thank the shareholders for their trust and endeavor to continue to carry our supervisory role to the best of our abilities.



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Corporate Social ResponsibilityIn 2018 the Company’s CSR programs focused on economic empowerment initiatives and disaster relief. The Company helped to stimulate local economies, for example by holding local tourism festivals in collaboration with the Ministry of Tourism to help support regional economic growth, as well as facilitating Small and Medium Enterprise (SME) entrepreneurs in their business. Adira Finance also assisted in the recovery process of victims of natural disasters through a variety of initiatives, as part of the Company’s contribution to the nation. In doing so, the Company strives to empower communities and consumers in a sustainable manner.

Appreciation We would like to thank the Financial Services Authority (OJK) for their guidance and support. We wish to also thank Adira Finance’s loyal customers, dealers and shareholders for their confidence and trust. Finally, the Board of Commissioners would like to express our appreciation to the Board of Directors, management and all employees for their continuing commitment to the Company.


Board of Commissioners

From Left to right:

Eng Heng Nee PhilipCommissioner

Krisna WijayaCommissioner concurrently Independent Commissioner

Djoko SudyatmikoCommissioner concurrently Independent Commissioner


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Willy Suwandi DharmaCommissioner

Muliadi RahardjaCommissioner


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Hafid HadeliPresident Director

Board of Directors Report

Adira Finance focuses on improving customer service and developing the Company’s digital transformation in all aspects to improve performance, market share, as well as strengthening its competitive advantage and customer engagement.


Respected Shareholders,

New challenges and opportunities emerged in 2018 with higher automotive sales, but also more intensified competition from traditional players as well as new competitors. In response, Adira Finance (the Company) accelerated its transformation, with good results. These initiatives enabled Adira Company to successfully grew its market share while controlling costs, to deliver strongly positive results for the year.

Macro Economic LandscapeThe global economy grew moderately to around 3.0% according to the World Bank, relatively unchanged from 2017. While economic growth accelerated in the US, other parts of the world including Europe, China, and Japan experienced a slowdown.

The Indonesian economy remained relatively stable, posting GDP growth of 5.17% compared with 5.07% in the previous year, with controlled inflation at 3.13%. The rupiah exchange rate slid around 12% against the US dollar along with nearly all currencies of developing countries during the year due to tighter monetary policy in the United States, but recovered at year end supported by a total of six benchmark rate hikes by Bank Indonesia. Despite tightened liquidity, the Indonesian banking sector recorded 11.8% lending growth with the Non-Performing Loan (NPL) ratio improving slightly from 2.71% in the previous year to 2.37%. Growth was supported by solid consumer spending and accelerated government spending on infrastructure, resulting in moderate consumer financing growth.

Supported by better than expected business conditions, the Indonesian automotive industry experienced single-digit growth, an improvement over the flat growth of the previous year. Domestic sales of new motorcycles rose 8% y-o-y to close at 6.38 million units, while domestic sales of new cars increased by 7% y-o-y to 1.15 million units. For the second year in a row, new car sales were largely driven by commercial car sales, which recorded an 18% increase to 277 thousand units thanks to new projects in infrastructure, construction and mining. Passenger car sales also grew but more slowly, increasing by only 4% to 875 thousand units in 2018, although new car models were released during the year.

Related to these conditions, the Company’s financing business, which is closely related to the performance of the automotive industry and consumer purchasing power, improved. However, the Company also had to contend with more aggressive competition for consumer vehicle financing in both the new and used vehicles market as banks, fintech and other players have become increasingly viable funding alternatives.

STRATEGIES AND INITIATIVES IN 2018In order to sustain long term growth in the face of intensifying competition in the financing business, the management of Adira Finance continued to focus on executing the strategy it has established to grow and diversify its products offerings, increase efficiency, optimize funding sources while maintaining diversification, and strengthen customer engagement. In 2018, this strategy was executed with an emphasis on improving customer service and advancing the digital transformation of the Company in all aspects, to strengthen its competitive position.



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The Company successfully grew its core automotive financing business while also expanding financing of non-automotive products such as household durables. Operations became more efficient thanks to centralization of non-sales function and digitization of the core process. The management secured funding from diverse sources with a highly competitive cost-of-funds rate overall, taking care to fully hedge its offshore borrowing in both currency exchange rates and interest rates. Lastly, efforts were made to strengthen customer engagement by improving customer service to give customers more convenience and choice.

These efforts enabled Adira Finance to achieve its projected targets as follows:

BUSINESS PERFORMANCE IN 2018Description Unit Target RealizationNew Financing In Rp trillion 35-37 38.2

Managed Receivables In Rp trillion 48 51.3

Net Profit In Rp trillion 1.7 1.8

Non-Performing Loan Ratio (Including Joint-Financing) % of Managed Receivables Below 2% 1.7%

Car Market Share % of Domestic Sales Above 4% 4.8%

Motorcycle Market Share % of Domestic Sales Above 11% 11.8%

In terms of cost management, operating expenses rose from Rp3.0 trillion to Rp3.4 trillion. This was due to the increase in minimum wages and adjustments to human resource requirements including benefit expenses as well as training in an effort to enhance human resources quality. The Company continued to strive to maintain healthy asset quality as reflected in the Company’s prudent credit underwriting and collections systems of which non-performing loans stood at 1.7% in 2018. Cost of credit was recoded at Rp 1.6 trillion or increased by 5%, which was lower compared to managed receivable growth of 13%. As such, cost of credit over managed receivables stood at 5.1%.

Overall, net profit posted double digit growth of 29% to Rp1.8 trillion in line with business growth and disciplined cost management. In addition, we have also continued to undertake business transformation to implement multi product and multi channels strategy, resulting into solid financial performance.

Financial PerformanceAmidst intensifying competition in 2018, the Company successfully grew operating income by 12% from Rp6.7 trillion to Rp7.5 trillion driven by receivable growth, sustained interest margin and manageable operating expense.

Interest income rose by 12% y-o-y to Rp 10.9 trillion. Meanwhile interest expense was sustained at Rp4.2 trillion, as compared to Rp 4.1 trillion in the same period last year. Furthermore, cost of fund was managed at 9.0% in 2018 or lower by 50 bps from the previous year of 9.50%. As a result, net interest income increased by 19% to Rp6.7 trillion in FY18. Overall, total operating income rose from Rp6.7 trillion to Rp7.5 trillion in line with the increase in interest income.


In term of financial ratio, the Company’s return on assets ratio (ROAA) rose from 5.0% to 6.0%, in line with net income growth, while the ROAE ratio rose to 28.4% in 2018 from 26.5% the previous year, reflecting improving profitability of the Company. The Company’s total equity as at the end of 2018 increased to Rp7.0 trillion from Rp5.7 trillion a year earlier mainly due to higher net income, offset by sustained dividend payment of 50% of net income earned in 2017 amounting to Rp704.5 billion or Rp704.5 per share. New FinancingDomestic automotive industry sales recorded single digit growth in 2018. Industry sales in new motorcycle grew by 8% to 6.4 million unit, while new car increased by 7% to 1.2 million unit. The Company financed 756 thousand new motorcycle units and 56 thousand new car units. The Company’s market share for new motorcycles grew to 11.8% and for new cars increased to 4.8% at end 2018, representing market share growth of 60 bps and 40 bps, respectively from the same period last year.

Adira Finance leveraged the improved business environment to aggressively pursue new bookings from both new and existing consumers, and win market share. The Company initiated segmented dealer program and customer engagement efforts to increase sales through offering attractive products based on customers needs. Furthermore, Adira Finance leveraged its network to serve customers both through traditional channel (branches and outlet) and non-traditional (Keday, digital channel, and third parties partnership) distribution. As a result, new financing increased by 17% from Rp 32.7 trillion to Rp 38.2 trillion, higher than to industry sales growth.


Overall, car financing growth was stronger than motorcycle financing growth, increasing by 22% and 13% respectively to Rp16.9 trillion and Rp20.5 trillion, while durables financing decreased by 4% to Rp804 miliar compared to the previous year. The three segments that grew most during 2018 were the new cars, new motorcycles and used cars segment at 27%, 20% and 17% respectively. New motorcycles, new cars and used cars contributed 37%, 26% and 18% respectively of total new financing in 2018.

Similar to 2017, growth in car financing was mainly driven by new commercial car growth related to infrastructure, construction and mining projects. The new commercial cars segment grew 43% to Rp5.6 trillion, whereas the new passenger car segment grew by 10% to reach Rp4.5 trillion. Conversely, in the used car growth segment, passenger cars recorded 21% growth to Rp5.3 trillion, while commercial cars grew modestly by3% to Rp1.6 trillion.

Meanwhile, the new motorcycle segment rose 20% to reach Rp14.0 trillion, while used motorcycle financing slightly increased by 3% to Rp6.5 trillion.

In terms of geographical areas, the Jabodetabekser area represented 27% of total new financing disbursements, while Java (excluding Jabodetabekser) recorded 14% growth, Sumatera grew 10%, Sulawesi 11%, Kalimantan 15%, and Bali Nusa Tenggara 27%. As such, the contribution of Java and outside Java to Adira Finance’s new financing was 53%:47% in 2018, reflecting the Company’s sincere efforts to broaden its portfolio to encompass more consumers nationwide in support of national growth.


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Managed ReceivablesDuring the year, managed receivables, including joint financing and transaction costs that are directly attributable to the acquisition of financing receivables increased by 13% to Rp51.3 trillion, compared with Rp45.2 trillion in 2017. This increase was supported by the rise in new financing disbursements over the year.

The joint financing scheme with Bank Danamon contributed Rp22.0 trillion, or 43% of total managed receivables reflecting a strong synergy with the parent company. Meanwhile, financing receivables funded by the Company’s own borrowings and equity reached Rp29.3 trillion for the year. Continuing the trend of previous years, efforts to grow the car financing portfolio succeeded, resulting in a managed receivables portfolio that was comprised 52% of car financing, 44% of motorcycles financing and the remainder of financing for durables.

Funding ActivitiesAdira Finance’s ability to tap a diverse source of markets, as well as its excellent reputation backed by Bank Danamon as its parent company, was once again demonstrated in 2018. Total borrowing reached Rp21.9 trillion in 2018, an increase of 5% y-o-y to help support growth in new financing. External funding comprised 54% bank borrowings consisting of 18% onshore funding, 36% offshore funding. The remaining external borrowing comprised of 43% bonds (which we issued twice in 2018), and 3% sukuk. Hence, the external borrowing composition between bank borrowing and bonds is respectively, 54% and 46%.

Adira Finance moreover continued to enjoy competitive cost-of funds, supported by a joint financing facility from Bank Danamon as the parent company which provided approximately Rp22 trillion or 43% of total managed receivables. The Company’s efforts to diversify its source of fund to gain competitive external borrowing also yielded favourable outcome. Overall our cost of funds went down by 50 bps% to 9% in 2018. This included a syndicated loan of US$300 million obtained in 2018 with a 3-year tenor amortized from foreign banks in Singapore, Taiwan and Japan, which was oversubscribed by about 2.6 times in a show of strong investor interest. As always, all of the offshore borrowing facilities are fully hedged to mitigate the risk of foreign exchange and interest rate volatility.

The competitive cost-of-funds rate, reflects on Adira Finance’s credibility in the global and domestic credit markets, as related to its “idAAA” bond rating from PEFINDO (PT Pemeringkat Efek Indonesia) which it has been maintained since 2014.

Despite the increase in total funding to Rp21.9 trillion at the end of 2018, the Company was able to sustain its gearing ratio from 3.7x in 2017 to 3.1x in 2018, well below the 10x limit specified in Financial Services Authority Regulation No. 29/POJK.05/2014 regarding Conducting of Financing Business.


Operational Performance Digitization, efficiency and customer outreach and experience were major areas of focus in 2018. Specifically, digitization was applied to increase efficiency and improve customer outreach and experience, with the aim of competing more effectively and growing the Company’s market. By optimizing employee productivity, automating back end processes and leveraging its network, the Company was able to keep operational cost at manageable level.

Marketing & PromotionsExternally, in order to win out over intensified competition, the Company increased its marketing and promotion efforts, and expanded its offline as well as online sales channels in order to increase grassroots penetration.

In terms of its offline network, Company made efforts to grow its dealer network by collaboration with dealers to conduct more joint events, as well as pushing segmented dealer sales programs with good success in the automotive financing market. The Company also accelerated its community-based Keday and AXI Adira Finance sales channel programs. The Keday are Adira Finance partners who serve as multi-product sales channels and installment payment facilities, while the AXI Adira Finance program allows individuals to sign up to deliver Adira Finance products and services to meet the needs of the surrounding community. These programs operate on the principle of ‘Creating Shared Value’ whereby all parties involved derive benefit.

The Company also pushed its online marketing channels. Having launched an e-commerce marketplace for buying and selling used cars www.momobil.co.id in 2017, the Company subsequently launched a digital used motorcycle marketplace in 2018 called momotor.id, which offers buyers the convenience of financing offers from Adira Finance. By creating these portals, the Company hopes to reach new consumers looking to purchase vehicles who may need financing, thus broadening its market and creating value for all stakeholders.

Adira Finance further leveraged synergies within Danamon Group to acquire more customers. For example, the Company synergized with Bank Danamon to cross-sell and share services through the KPM Prima product. Adira Finance also strengthened cooperation with its affiliate company Adira Insurance to further expand access for the Company’s consumers, partners and other stakeholders.

Increasing Internal EfficiencyThe Company continued to invest and apply in digital technology towards becoming a more efficient, agile, transparent and productive organization. In 2018, the Company pushed IT innovation as potential growth driver, leveraging the ability of digital to directly reach out and engage with customers externally.

On the customer side, the Company’s internal Customer Relationship System was enhanced to more effectively manage and optimize its existing customer base using digital technology. This will enable Adira Finance to create and deliver more targeted offers that are aligned with each consumer’s needs and profile, for better service and a stronger relationship.



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Continuing efforts that began in 2017, Adira Finance that provides flexibility to its branches to focus on sales and customer service by centralizing all other functions, namely credit, collection and operation functions. Progress was made on digitizing business processes to go paperless including the credit approval process and loan disbursement, which supports consumer convenience and thus consumer growth.

A new digital system was also implemented to support the credit approval process, including fraud flagging and risk management functions. By consolidating and automating these functions, the Company enabled its employees to focus on higher value-added activities, improving their productivity and ability to focus on consumer acquisition and focus.

Improving customer experience through digitalFollowing its successful beta launch in the previous year, Company officially launched the AKSES Adira Finance mobile application for its consumers, which enables existing consumers to view the details for their accounts including their installment due dates and as well as potential consumers to view information on Adira Finance related to product information. This also serves as a channel through which the Company can directly reach its consumers, creating a much more intimate connection which the Company hopes to use in optimizing its consumers’ lifecycle value, for example by showing financing offers for other products such as durables, electronics and furniture. These updates offer customers real convenience and value for higher customer satisfaction, while the automation has improved organizational productivity.

These achievements, which were made possible by the extensive modernization of the Company’s network in previous years, show how the Company is successfully applying IT to drive its transformation into a Financing Company that embraced digital technology. In 2018, Adira Finance once again won First Place in the Financing Company category at the Digital Brand Awards 2018 held by Infobank and Insentia, in recognition of its digital-forward thinking.

HUMAN CAPITAL (HC) TRANFORMATIONThe ongoing transformation of the Company into a customer-centric, digital savvy organizations has required major changes in its Human Capital (HC). In doing so, the Company’s HC objectives and policies were continuously evaluated and adjusted by the Human Capital Committee throughout 2018, to ensure that they optimally supported achievement of the Company’s aims.

Continuing the initiatives of previous years, the role of digital technology in the workplace was expanded in both formal aspects such as business process reporting, as well as in informal aspects such as Company-wide communication using digital chat groups. The Company also reviewed and aligned its organization structure with business requirements along with the required competencies for each role, while making efforts to nurture a productive, efficient, digitally-minded and competitive company culture.


In parallel, the Company pushed employees to become more digitally minded and to expand their competencies in general through a variety of holistic training and development opportunities including coaching or mentoring, training, self-learning, On Job Training (OJT) and opportunities for higher education. As part of the drive to go digital, on the HC development side the Company released a mobile e-learning application called DigiLearn in 2018 which was developed by Adira Finance Corporate University which could be accessed on Google Playstore for all Adira Finance employees to use.

In order to attract and retain good talent, the compensation and performance appraisal system was adjusted as necessary with the Company’s comprehensive performance management criteria which blends individual Key Performance Indicators and the corporate Balanced Score Card. The Company’s Human Capital initiatives that are further outlined in this Annual Report.

COMMITMENT TO CORPORATE GOVERNANCE & RISK MANAGEMENTIn line with its view of good corporate governance (GCG) as a crucial element in achieving and safeguarding sustainable growth, the Company continued to uphold its commitment to implementing Good Corporate Governance (GCG) in all of its activities, including rigorous risk management mechanisms to comprehensively monitor and assess all aspects of the Company’s operations. These risk management mechanisms, which have been adapted from the risk management practices of Bank Danamon as the parent of the Company, are based on Bank Indonesia Regulation No. 8/6/PBI/2006 dated 30 January 2006 concerning The Implementation of Consolidated Risk Management for Banks Exercising Control on Subsidiaries.

Moreover, over the past few years, the Company has implemented strict Information Technology (IT) functions and controls that are based on banking standards, Control Objectives for Information and Related Technology (COBIT), Information Technology Library, and PBI 9/15/PBI/2007 regarding Implementation of Risk Management in Information Technology Used by Commercial Banks.

These rigorous standards, which are considered to be stricter than those of its peers, help safeguard Company’s stability and ability to service its obligations. At the end of 2018, the Company maintained its gearing ratio was 3.1, well within the maximum limit of 10 set forth by the Financial Service Authority, with a non-performing loan (NPL) ratio, including those derived from joint-financing, below 2.0% of 1.7%.

In line with these achievements, the Company’s self-assessment of its GCG practices, which is based on SE OJK15/SEOJK.05/2016, achieved a total perfect of 100, demonstrating total compliance with regulatory requirements. The Company was also awarded First Rank at IERMA 2018 for Good Risk Management.

In achieving these corporate governance and risk management results, the Board of Directors was assisted by several committees, namely the Risk Management Committee, Credit Committee, Compliance Committee and ALCO Committee as well as a compliance unit. Their contributions in 2018 were as follows:

• Risk Management Committee The Risk Management Committee evaluated all the

Company’s operational policies and performance from an integrated risk perspective in 2018, and made improvements as needed in line with the changing needs of the business. Overall, the Company’s risk exposure in terms of NPL and other metrics were deemed to be within tolerable limits.



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• Credit Committee In 2018 Credit Committee performed its task of

evaluating and optimizing processes related to the provision of financing by continuing to simplify and digitizing the credit approval process where appropriate, while maintaining the appropriate safeguards to prevent fraud and ensure good quality loans for both the core automotive financing business and the growing non-automotive financing business.

• Compliance Unit The Compliance Unit carried out crucial duties

in formulating and overseeing good corporate governance guidelines, work ethics and mechanisms within the Company, as well as socializing new regulations and distributing these new regulations to relevant parties, as well as monitoring implementation of these regulations.

• ALCO Committee The Asset-Liability Committee (ALCO) evaluated

and discussed the Company’s Assets and Liabilities at regular meetings, and made decisions as needed to support and effective liquidity management as well as the implementation of the funding diversification strategy, as well as providing input on financing interest rates.

SHARING THROUGH CORPORATE SOCIAL RESPONSIBILITYDuring the year, the Company’s social and environmental activities included among others assistance for victims of natural disasters, supporting Micro, Small and Medium Enterprise (MSME) and providing scholarships, as well as holding activities to celebrate religious days together with the community.

Throughout 2018, the Company continued to create additional value and benefits for stakeholders through various corporate social responsibility and environmental programs, in alignment with its commitment to Creating Shared Value. In line with the Company’s transformation to a digital, customer-centric organization, a major focus was the needs

of local communities with an emphasis on digital engagement. Through a CSR program called Adira Finance Sahabat Lokal, the Company held various activities together with various partners to promote tourism, culture, Small and Medium Enterprise (SME) and education in local communities across Indonesia. As part of this effort, young people including millennials were invited to share their local experiences through a digital photo and video competition with the intention of highlighting these local communities and engaging these youngsters while strengthening Adira Finance’s brand. The Company also participated in delivering natural disaster relief to victims as needed.

AWARDSThe Company won multiple awards during the year in variety of categories, ranging from CSR to consumer awards, financing, risk management and corporation. These included among others the Indonesia Prestige Brand Award 2018 from Warta Ekonomi in the Top 5 Prestige Brand in Vehicle Financing Category. In finance, Adira Finance won two awards at the Investor Best Syariah Awards 2018 and an award at the Investor Awards 2018 100 Listed Companies held by Investor magazine, and Indonesia Sharia Finance Award 2018 from Warta Ekonomi. The Company won the Indonesia Enterprise Risk Management Award – II – 2018 (IERMA 2018) by Economic Review, Top 5 Netizen Choice in Multifinance Category at Indonesia Netizen Brand Choice Award 2018 Indonesia Corporate Social Responsibility Award-II-2018 from Indonesia-Asia Institute magazine. Adira Finance also won gold at the Indonesia Corporate Social Responsibility Award-II-2018 held by Economic Review magazine, Ideku Group, and Indonesia-Asia Institute. Adira Finance moreover received an award and appreciation from the Directorate General of Taxes for tax compliance. Finally, showing the Company’s shift to become consumer centric, the Company won 5 awards at the Indonesia Multifinance Consumer Choice Awards 2018 from Warta Ekonomi, won the 4th Asean Marketing Summit 2018 Indonesia Champion for Asean 2018 from the Philip Kotler Center for Asean Marketing and MarkPlus, Inc., as well as the Indonesia Netizen Brand Choice Award from Warta Ekonomi.


BUSINESS PROSPECTS The global economy is at risk of slowing growth in 2019 according to various sources such as IMF and the World Bank, with the possibility of a trade war between the United States and China among the possible risk factors. Nonetheless, the Indonesian economy is forecast to achieve stable growth at around 5.3% with inflation under 3.5% which should help maintain consumer purchasing power.

Given that sales of both new and used vehicles typically slow down in an election year, plus other factors such as rising interest rates and falling commodity prices, Indonesian Motorcycle Industry Association (AISI) and the Association of Indonesia Automotive Industries (Gaikindo) have predicted domestic sales of motorcycles and cars in 2019 to be more or less in line with 2018 sales, which would limit the growth of the financing market for vehicles. On the other hand, commercial car sales may continue to increase if businesses feel optimistic, and the Company’s non-vehicle financing business could still continue to grow.

Apart from facing these challenges, the Company expects that the cost-of-funds may go up if Bank Indonesia and other financing sources increase their rates in relation to the United States Federal rate increases, which will put pressure on overall margins unless the Company is able to increase top line interest income. Apart from that, the Company faces annual cost increases related to the statutory increase in minimum wages. However, the digitalization and centralization of the Company’s operations should be able to control these costs while hopefully increasing productivity.

To achieve its new 5% to 10% financing growth target, the Company has established several strategies for implementation in 2019. These include increasing sales by implementing a Customer Relationship Management (CRM) system and sales programs that directly target customers; focusing on customer satisfaction by improving the acquisition process; nurturing good relations with all existing marketing channels; increase capacity and productivity in profitable, large business segment; and continue and increase investment in technology and optimize its usage.

Long term, the still growing population of Indonesia, combined with the acceleration of road infrastructure and a trend of urbanization, provides ample room for the motorcycle and car industry to grow in Indonesia. In addition, as consumer incomes rise, there is a growing demand for other product financing, which our new multi-product financing options are designed to meet. We are therefore optimistic about the Company’s prospects, especially with Bank Danamon becoming a member of Mitsubishi UFJ Group (MUFG). As part of the Group, MUFG’s knowledge and financial resources as a truly global financial company is expected to strengthen Adira Finance’s position in the market as the Company seeks to empower and create prosperity for all stakeholders.



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CHANGES IN THE COMPOSITION OF BOARD OF DIRECTORS At the Annual General Meeting of Shareholders dated May 17, 2018, the shareholders honorably discharged Cornel Hugroseno as a Director of the Company and appointed Niko Kurniawan Bonggowarsito as his replacement, effective as of the date of his passing the Fit and Proper Test held by the Financial Services Authority. The Board of Directors thanks the Cornel Hugroseno for all of his contributions and wishes him well.

CLOSINGWe recognize that the Company’s progress and solid performance in 2018 was made possible by the support of all of its stakeholders, including the dedicated efforts of all Adira Finance employees and the collaboration of our valued business partners. We also thank the regulator for its guidance, and the Board of Commissioners for its advice.

Finally, I would like to thank all of our valued consumers for their continued loyalty and trust in Adira Finance. Let me assure you that we continue to work to improve our services and products and our automotive dealers partners and consumers towards delivering an ever better experience for consumers, for sustainable long-term growth in 2019 and beyond.



Board of Directors

From Left to right:

Niko Kurniawan BonggowarsitoDirector

Swandajani GunadiDirector concurrently Independent Director

Ho Lioeng MinDirector


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I Dewa Made SusilaDirector


Statement ofthe Board of Commissioners

We, the undersigned, testify that all information contained in the 2018 Annual Report of PT Adira Dinamika Multi Finance Tbk has been presented completely. We assume full responsibility for the content accuracy of the Company’s 2018 Annual Report.

This statement is hereby made in all truthfulness.

Jakarta, 1 March 2019Board of Commissioners


Djoko SudyatmikoCommissioner concurrently Independent

Commissioner

Krisna WijayaCommissioner concurrently Independent

Commissioner





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Statement ofthe Board of Directors

Jakarta, 1 March 2019Board of Directors




Swandajani GunadiDirector


We, the undersigned, testify that all information contained in the 2018 Annual Report of PT Adira Dinamika Multi Finance Tbk has been presented completely. We assume full responsibility for the content accuracy of the Company’s 2018 Annual Report.

This statement is hereby made in all truthfulness.


Ramang-RamangLocated in the village of Berau, Makassar, Ramang-Ramang is the largest karst of limestone mountains in Indonesia that has natural beauty and is a prime tourist attraction in Makassar.


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Corporate Data

03


ContentsCORPORATE DATA 62

Company Profile 65

Adira Finance at a Glance 66

2018 Highlights 68

Scope of Business 70

Products and Services 71

ADMF Organizational Structure

72

Vision & Missions 74

2018 Business Strategy 75

Corporate Culture and Value

75

Meaning of Logo 76

Brand and Logo 76

Brand Personality 77

Shareholder of Affiliates, Subsidiaries, Associates, and Joint Ventures

78

Chronology of stock listing

82

Chronology of OtherSecurities Listing

86

Name And Address of CapitalMarket Supporting Institutions and Professionals

88


89

Management Educationand Training

90

Board of CommissionersProfiles

94

Audit Committee Profiles 100

Risk Management Committee Profiles

102


104


106

Board of Directors Profiles 107

Sharia Supervisory BoardProfiles

112

Corporate Secretary Profile

115


116

Head of the Compliance UnitProfile

117

Senior Officers Profile 118

Testimony 142


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CompanyProfileGENERAL INFORMATION OF THE COMPANY

Company Name PT Adira Dinamika Multi Finance Tbk

Line of Business Consumer Financing

Date of Establishment 13 November 1990

Change of Name There Were No Changes to the Name of the Company

Legal Basis of Establishment Notarial Deed No. 131 dated 13 November 1990, made before Misahardi Wilamarta, SH, a Notary in Jakarta, and was approved by the Ministry of Justice of the Republic of Indonesia as per Decree No. C2-19.HT.01.01.TH.91 dated 8 January 1991, and was registered in the Office of the Registrar of the South Jakarta District Court under No. 34/Not.1991/PN.JKT.SEL on 14 January 1991, and was announced in Supplement No. 421 of the State Gazzate of the Republic of Indonesia No. 12 dated 8 February 1991.

Auhothorized Capital 4,000,000,000 shares or equivalent to Rp 400 billion

Issued and Fully Paid Up Capital 1,067,500,000 shares or equivalent to Rp 106.75 billion

Stock Exchange PT Bursa Efek Indonesia

Registration of Shares 31 March 2004

Stock Code ADMF

ISIN Code IDA0000930D4

2018 Shareholders Composition • PT Bank Danamon Indonesia Tbk 92.07%• Public 7.93%

Full Address The Landmark I Lantai 26-31Jalan Jenderal Sudirman No. 1Setiabudi, Jakarta Selatan 12910IndonesiaTelp. : (62-21) 5296-3322/3232Faks. : (62-21) 5296-4158E-mail : [email protected] : www.adira.co.id

Company Bond and Sukuk CodeNo. Bond and Sukuk Code Name of Bonds and Sukuk Series

1 ADMF02DCN1 OBL BKLJT II ADIRA FINANCE PHASE I 2013 Series D2 ADMF02CCN2 OBL BKLJT II ADIRA FINANCE PHASE II 2013 Series C3 ADMF02CCN3 OBL BKLJT II ADIRA FINANCE PHASE III 2014 Series C4 ADMF02CCN4 OBL BKLJT II ADIRA FINANCE PHASE IV 2014 Series C5 ADMF03ACN1 OBL BKLJT III ADIRA FINANCE PHASE I 2015 Series A6 ADMF03BCN1 Series B7 SMADMF02BCN1 SUK MDRBH BKLJT II ADIRA FINANCE I TH 2015 Series B8 ADMF03BCN2 OBL BKLJT III ADIRA FINANCE PHASE II 2015 Series B9 ADMF03CCN2 Series C10 ADMF03BCN3 OBL BKLJT III ADIRA FINANCE PHASE III 2016 Series B11 ADMF03CCN3 Series C12 ADMF03BCN4 OBL BKLJT III ADIRA FINANCE PHASE IV 2016 Series B13 ADMF03CCN4 Series C14 SMADMF02BCN2 SUK MDRBH BKLJT II ADIRA FINANCE PHASE II 2016 Series B15 SMADMF02CCN2 Series C16 ADMF03ACN5

OBL BKLJT III ADIRA FINANCE PHASE V 2017Series A

17 ADMF03BCN5 Series B18 ADMF03CCN5 Series C19 SMADMF02ACN3

SUK MDRBH BKLJT II ADIRA FINANCE PHASE III 2017Series A

20 SMADMF02BCN3 Series B21 SMADMF02CCN3 Series C22 ADMF03ACN6

OBL BKLJT III ADIRA FINANCE PHASE VI 2017Series A

23 ADMF03BCN6 Series B24 ADMF03CCN6 Series C25 ADMF04ACN1

OBL BKLJT IV ADIRA FINANCE PHASE I 2017Series A

26 ADMF04BCN1 Series B27 ADMF04CCN1 Series C28 SMADMF03ACN1

SUK MDRBH BKLJT III ADIRA FINANCE PHASE I 2017Series A


OBL BKLJT IV ADIRA FINANCE PHASE II 2018

Series A32 ADMF04BCN2 Series B33 ADMF04CCN2 Series C34 ADMF04DCN2 Series D35 SMADMF03ACN2

SUK MDRBH BKLJT III ADIRA FINANCE PHASE II 2018Series A


OBL BKLJT IV ADIRA FINANCE PHASE III 2018

Series A39 ADMF04BCN3 Series B40 ADMF04CCN3 Series C41 ADMF04DCN3 Series D42 ADMF04ECN3 Series E


at a glanceBrief HistoryPT Adira Dinamika Multi Finance Tbk

or Adira Finance (Perusahaan) was

established in 1990 and began its

operations in 1991. The Company is

engaged in the consumer-financing

sector providing services for the

financing of motorcycles and cars, both

new and used. Since our establishment

Adira Finance has been fully committed

to providing the best possible products

in the financing sector.


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PT Adira Dinamika Multi Finance Tbk or Adira Finance (Perusahaan) was established in 1990 and began its operations in 1991. The Company is engaged in the consumer-financing sector providing services for the financing of motorcycles

and cars, both new and used. Since our establishment Adira Finance has been fully committed to providing the best possible products in the financing sector.

The Company obtained its financing lease from the Minister of Finance of the Republic of Indonesia as per Decree No. 253/KMK.013/1991 dated 4 March 1991.

Adira Finance is present to serve a variety of financing. Including both new or used motor vehicles. Observing this potential, the Company began to make public offers through its shares in 2004 and Bank Danamon became the majority shareholder by 75%. Through several corporate actions, Bank Danamon currently has 92.07% share ownership of Adira Finance.

In 2012, the Company increased its scope of activities with Sharia principle-based financing. The Company also began providing durables financing products for consumers, in order to provide a complete financing services experience. As of 2018, Adira Finance operates 440 business networks throughout Indonesia, supported by more than 19 thousand employees, to serve 3 million consumers with more than Rp 50.2 trillion of receivables being managed. Adira Finance always strives to contribute positivly to Indonesia. Through the brand identity and promise “Sahabat Setia Selamanya” (Faithful Friends Forever), Adira Finance is committed to carrying out the mission that ultimately will improve the welfare of the Indonesian people. This is performed through the provision of diverse range of products and services in accordance with the life cycle of consumers as well as providing experiences that benefit consumers.

Amendment to the Articles of AssociationThe Articles of Association of the Company had been fully amended as recorded in the Deed of the Shareholders Resolution of PT Adira Dinamika Multi Finance No.13 dated 26 January 2004, made before Fathiah Helmi, S.H., a Notary in Jakarta, which has been approved by the Ministry of Justice and Human Rights of the Republic of Indonesia as per Decree No. C-02207 HT 01.04 TH 2004 dated 29 January 2004 and has been reported to the same Minister as stated in the Reception Letter of the Deed of Amendment of the Articles of Association of PT Adira Dinamika Multi Finance Tbk No. C-02208 HT 01.04 TH 2004 dated 29 January 2004, as well as been registered on 6 February 2004 in the Companies List of The Department of Industry and Trade of South Jakarta as the Company Registration Office in District level with Registration Agenda No. 112 RUB.09.03/II/2004 and Company Registration Certificates No. TDP 09.03.1.66.10384, and was announced in Supplement No. 1990 of the State Gazette of the Republic of Indonesia No. 16 dated 24 February 2004.

In regards to the Initial Public Offering in 2004, the Company obtained the effective statement from the Chairman of Capital Market Supervisory Agency through the Letter No. S-657/PM/2004 dated 23 March 2004 to hold the Public Offering for 100,000,000 (one hundred million) shares with a par value of Rp 100 (one hundred Rupah) per share, owned by the shareholders of the Company at that time (divestment

shares). On 31 March 2004, all the Company’s shares were already listed in the Stock Exchange (formerly Jakarta Stock Exchange and Surabaya Stock Exchange). Furthermore, in the same year, PT Bank Danamon Indonesia Tbk (Bank Danamon) took over 750,000 shares of the Company or equivalent to 75% of the Company’s total shares through direct placement based on a Conditional Sale and Purchase Agreement (CSPA) between Theodore Permadi Rachmat and Stanley Setia Atmadja as seller and Bank Danamon as buyer on 26 January 2004. In 2009, Bank Danamon increased its ownership of the Company to 95.0% by executing its options rights to acquire a further 20.0% of shares owned by Mega Value Profits Limited. In early 2016, Bank Danamon released 29.2 million shares or equivalent to 2.92% of ownership. Currently, Bank Danamon owns 92.07% of the Company’s shares.

Therefore, Bank Danamon owns 92.07% of the Company’s shares. The Articles of Association of the Company have been amended several times, the most recent amendment was recorded in the Deed of Meeting Resolution of PT Adira Dinamika Multi Finance Tbk No.19 dated 21 May 2015, made before Pahala Sutrisno Amijoyo Tampubolon, S.H., a Notary in Jakarta, and have (i) obtain approval from the Ministry of Law and Human Rights of the Republic of Indonesia based on the Decree No. AHU-0935663 AH. 01.02 of 2015 dated 22 May 2015, (ii) been submitted and accepted by Director General of General Law Administration of the Department of Law and Human Rights of the Republic of Indonesia and recorded on 22 May 2015 in the Database of Legal Entity Administration System through the Reception Letter of the Deed of Amendment of the Articles of Association No. AHU. AH.01.03-0933929; and (iii) been registered in the Companies List No. AHU-3508102.AH.01.11 of 2015 dated 22 May 2015 by the Ministry of Law and Human Rights of the Republic of Indonesia, according to Extra-Ordinary GMS of the Company that was held on 21 May 2015, approving:1. Amendment of several articles in the Articles of Association

of the Company, as an adjustment to the Indonesian Financial Services Authority Regulation and entering into force on the date of the publication of the approval letter of the amendment of the Articles of Association of the Company and from the date of the reception letter of the amendment of the Articles of Association from the Ministry of Law and Human Rights of the Republic of Indonesia as reffered in article 23 paragraph (1) and paragraph (2) of the Law of Limited Liability Companies, namely: Article 3, Article 11 paragraph 5, Article 12 paragraph 9, Article 13 paragraph 11, Article 14 paragraph 6, Article Article 15 paragraph 4, Article 15 paragraph 7, Article 15 paragraph 9, Article 16 paragraph 11, Article 17 paragraph 3 letter a, Article 21, Article 22, Article 23, Article 24, Article 25 paragraph 2, Article 25 paragraph 5, Article 27 paragraph 6, Article 28 paragraph 1, Article 29 paragraph 7, and Article 29 paragraph 8.

2. Reaffirmed all the articles and paragraphs in the Articles of Association that were unchanged in the meeting and that have been in effect since the publication of the approval letter of the amendment of the Articles of Association of the Company and since the date of the reception letter of the amendment of the Articles of Association according to article 23 paragraph (1) and paragraph (2) of the Law of Limited Liability Companies.


Highlights2018

2003Managed receivables amounting to Rp 3.9 trillion with 120 offices in the business networks.

2004Initial Public Offering. Acquisition by Bank Danamon Indonesia at 75%.

1990The Company was established in 1990 and commenced operations in 1991.

2008Net income exceeded Rp 1 trillion, the highest for finance companies. Business networks doubled within 5 years to 300 outlets.

2009Bank Danamon Indonesia increased ADMF ownership from 75% to 95%.

2010Total managed receivables amounted to Rp 30.8 trillion. Receivables in the car segment acheived Rp 10 trillion, or the equivalent to 33% of the total assets.

2011Processing Continuous Bonds I amounting to Rp 6 trillion.


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2012Total managed receivables amounted to Rp 45.8 trillion. Asset composition for the motorcycle - car segment was 56% - 44%.

2013Total managed receivables amounted to Rp 48.3 trillion. Net income amounted to Rp 1.7 trillion.

2016New financing disbursements amounted to Rp 30.9 trillion and net income Rp 1.0 trillion.

2017New financing disbursements amounted to Rp 32.7 trillion and net income achieved Rp 1.4 trillion.

2018

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nted


Scope of Business

Business Activities to Most Recent Articles of Association and Business Activities in Fiscal Year

Pursuant to the latest Articles of Association of the Company, stated in Deed No. 19 dated 21 May 2017, made before Pahala Sutrisno Amijoyo Tampubolon, S.H., a Notary in Jakarta, was approved by the Ministry of Law and Human Right of the Republic of Indonesia based on Decision Letter No. AHU-0935663 AH. 01.02, 2015 dated 22 May 2015, was reported to the Indonesian Financial Services Authority (OJK) on 8 June 2015 and registered by the OJK on 7 January 2016, the Company’s purposes and objectives are to engage as (i) a Financing Company and (ii) Sharia Financing Company in the form of Sharia Business Unit. In order to achieve those purposes and objectives, the Company may perform the following business activities:

1. Investment financing;2. Working capital financing;3. Multipurpose financing;4. Other financing businesses subject to the approval of the Financial Services Authority;5. Operating lease and/or fee based activities, insofar as they are not in conflict with the laws and regulations

of the financial service sector

1. Sale and Purchase Financing;2. Investment Financing; and3. Services Financing.

Through to the end of 2018, the Company has engaged in business activities pursuant to the abovestated most recent amendment to the Articles of Association.


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Products and Services

Adira Finance is a leading finance company in Indonesia that offers convenience for all customers to own motor vehicles (new and used), durables products, and other demands with easy financing requirements, long tenor, provision of 1500 511 Dering Adira information services, service network in more than 400 business networks throughout Indonesia, as well as a secure BPKB (car title) storage system. In addition, Adira Finance also offers two financing systems that can be selected by customers (conventional and sharia).

Adira Finance will always be present by providing diverse products and services in accordance with the various stages of life of the consumers and providing a beneficial experience for all of their friends. Some of the products and services offered to meet our customer demands include:• Motorcycle Financing• Car Financing• Multipurpose Financing• Electronics and Furniture FInancing.

PTPTPTPT APT APT diradiradd DinDinDinDinDinDinDinamikamikamikamikamikamikmika a Mu


ADMF Organizational Structure

Chief Executive Officer

Hafid Hadeli

Head of National New

Car 1

Head of National

Yamaha Nmcy

Head of Non Dealer Channel

& Retention

Head of Operation

Suang Siang Susanto

Head of Corporate Planning &

ProcurementSylvanus Gani

Mendrofa

Head of Credit

& CollectionDenny Riza

Farib

Head of National New

Car 2

Head of National

Honda Nmcy

Head of Regional SSD

Head of Keday

Head of Quality Assurance

Head of Corporate Finance

Head of Credit

Head of National Used

Car

Head of National Suzuki

& Multibrand Nmcy

Head of SSDManagement

Head of Operation Support

Head of Procurement

Head of Corp Secretary

& Investor Relation

Head of Loan & Asset

Recovery

Head of Funding Head of Legal

Head of Finance & Cash Management

Head of Operation Risk Management

Head of Accounting

& Tax

Head of Risk Portfolio

& MIS

Head of Collection

Head of National

Fleet Sales

Head of National Used

Nmcy

Head of SSD Support

Head of SNDSystem Solution

Head of Dealer Management

Head of Syariah

Head of National Non

Dealer Channel, Retention &

DurableAntonius Danny

Hendarko

Chief of Portfolio Sales

OfficerNiko Kurniawan Bonggowarsito

Chief of Sales, Service &

DistributionNiko Kurniawan Bonggowarsito

Chief of Operation

OfficerHo Lioeng Min

Chief of Financial

OfficerI Dewa Made

Susila

Chief of Risk& Legal OfficerHo Lioeng Min

Head of Retail Car Financing

Harry Latif

Head of Retail Mcy Financing

Andy Sutanto


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Chief of ITDodi Yuliarso

Soewandi

Head of Transformation Mgt & Support

Head of IT Business Support

Head of Digital Business

Head ofStrategic

Marketing

Head ofInternal Audit

Head of Central Change

Management

Head of IT Enterprise & Frontend

Applications

Head Strategic Partnership Dev & Management

Head of Brand Mgt &

Communication

Head of Compliance &

AML Unit

Head of IT Business

ApplicationsHead of Digital

Technology

Head of IT Operation

Management

Head of Customer

Lifetime Value

Head of ITInfrastructure Management

Head of Analytics Center

of Excellence

Head of IT Control

& Compliance

Chief of Strategy &

Transformation Officer

I Dewa Made Susila

Chief of HC Mangement & CREM Officer

Swandajani Gunadi

Chief of Marketing &

Digital Business Officer

Swandajani Gunadi

Head of Corporate University

Head of CREM

Head of HCGA

Chief of Corpu & HCGA

Yuli Wong

Chief of Operation

& CREM

Chief of Digital Business & Operation

Manuel D. Irwan Putera

74 PT Adira Dinamika Multi Finance Tbk 2018 Annual Report7474444444747444444444444 PT APT APT APT APT APT AAdiradiradirai DinDinii amikamikmikmikmikikikika Mua Mua Mua Mua Mua Mua Mua Multi lti lti lti lltltlt FinaFinaFinaFinaFinance nce nce ncecc TbTbTbTbbkbkbkbk 22020182020180180182222222 AnnuAnnuAnnunnuuuuunnunnununnunnunununnunnnununnnuununnnnuuunuual Raal Ral Ral Ral Ral Ral Ral Ral Ral RRal Ral Ral Ral Ral Ral Ral Ral Ral Ral RRal Ral RRal RRRRal Ral Ral al Ral Repoepoepoepoepoepoepoepoporepopooooorepoepoooorrrrrrrepoepoooooorrrrrrrrepooorrrrrroorrrrrrrrooooorrrrrrrorepoooorrrrrrrrepooooooorrrrrorrroooorrrrrrrropoooorrrrrrrrppoepoepoorrrrrrrroepoororrrrrrroooorrrrrooorrrrrrrpoepoepoorrrrrpp ttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttttt

Vision Creating common values for the interest of the Company and for the welfare of Indonesian people.

• Providing various products and services based on customers’ life cycles

• Providing beneficial and responsive experiences for stakeholders

• Empowering the community to attain welfare

The above vision and mission has been approved by the Board of Directors on 9 June 2014, and has been socialized with the Employees of the Company.

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...... ADIRA TOP has become a consistent part of the personal values of each employee at Adira Finance, as well as the culture that drives the Company’s business activities......

Business Strategy

Corporate Culture and Value

2018 a) Improving dealer value proposition and customer segment to increse market share;

b) Improving new product to increase financing volume; c) Developing distribution channel i.e. Keday and partnership (Indomaret and Alfamart);

d) Increasing synergy with Bank Danamon/cross sell;

e) Increasing operational side through digitalization to optimize consumer service and dealer.

IntegrityCommitment along with consistent attitude; Trustworthy (honest and sincere); Able to maintain ethical business conduct; Strong sense of belonging; and Becoming a role model to other employees.

ReliableHaving winner mentality, as reflected with positive thinking and intelligent behavior; and a strong sense of responsibility in all matters.

AccountableInforming matters based on factual data; and being objective,wise and transparent.

TeamworkSynergy; Willingness to sacrifice for one another; and never pass the blame to another person.

ObsessedWorking with an appropriate process and being driven by producing the optimumal results; High motivation in the form of a willingness to walk the extra mile and demonstrating proactivity; Skill sharpening; and taking care of each other.

Professional Customer oriented; Reliable leadership skills; Possessing entrepreneurship abilities, capable of calculating risk, being both innovative and creative.

AdvanceOne step ahead and faster compared to other people in general or competitors; Having a clear and focused conception; and Capable of making quick and proper decisions in all circumstances.

Discipline Heading in a better direction through the process of planning, implementation, oversight, and continuous improvement; Way of thinking and behaving that is as perfect as possible; and Discipline in accordance to the norms of the organization.


Brandand LogoPT Adira Dinamika Multi Finance Tbk has had a new corporate logo and tagline since 2014, “Sahabat Setia Selamanya”. The tagline embodies the Company’s commitment to developing long-term relationships with consumers and business partners.

The new logo embodies its long-term business strategy and commitment to a sustainable performance.

Through the new identity, Adira Finance hopes to demonstrate the Company’s commitment to serving consumers at different stages of their lives, creating a long-term relationship or customer for life. Adira Finance wants the consumers to feel the presence of Adira Finance as a friend that is able to provide solutions, as well as having synergy in the “Sahabat Adira” concept.

The term “Sahabat” (Companion) embodies the Company’s philosophy and what it can offer consumers. Some of the values that the Company personifies include: cerdaS (intelligence), dipercAya (trustworthiness), ramaH (friendliness), AdirA memBeri kemudahan (convenience), mAu peduli (compassion), and komiTmen (commitment).

Meaning of Logo

SelamanyaSahabat Setia


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BrandPersonalityIntelligenceAdira Finance is an intelligent companion. It provides solutions and resolves customers’ problems.

TrustworthyAdira Finance is a trustworthy brand. The Company provides its customers with security.

FriendlyAdira Finance is a friendly brand, both in terms of its work environment and interaction with consumers. The Company aims to stand as your best companion.

ConvenienceAdira Finance’s processes are fast and straightforward.

CompassionAdira Finance pays attention to customers’ demands and it cares about their welfare.

CommitmentAdira Finance is committed to providing the best possible services to its customers. The Company is also committed to improving the welfare of the broader Indonesian society by providing products and services that fit the demands of its customers at various stages of their lives as well as providing a beneficial experience to the consumers.


Shareholder of Affiliates, Subsidiaries, Associates, And Joint Ventures

Group Structure

100%

Pte Ltd

(Private) Limited

90.00% 99.00%

1.00%

92.07%

7.93%

Dinamika

PT Bank Danamon

40.00% 26.17%33.83%

100%

100%

(Indonesia) Pte Ltd


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Pursuant to Decision of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. KEP-431/BL/2012 regarding the Submission of an Annual Report of Listed Company and Public Company, shareholders with more than 5% ownership shall be declared in the Annual Report. PT Bank Danamon Indonesia Tbk has been the majority shareholder of the Company since 2004.

Up to 31 December 2018, the shareholders of Adira Finance are as follows:

Shareholders Issued and Fully Paid Capital

Share Ownership Percentage

Total(in Rp Million

PT. Bank Danamon Indonesia Tbk. 920,700,000 92,07% 92,070,000,000

Public 79,300,000 7,93% 7,930,000,000

Total 1,000,000,000 100% 100,000,000,000

As of 31 December 2018, the Board of Commissioners and the Board of Directors have no shares in the Company, as stated in the following table:

No. Name Position Issued and Fully Paid Capital

Percentage of Ownership

Total(in Rp Million

1. Sng Seow Wah President Commissioner 0 0 0

2. Djoko Sudyatmiko

Commissioner, concurrently as Independent Commissioner

0 0 0

3. Krisna Wijaya

Commissioner, concurrently as Independent Commissioner

0 0 0

4. Eng Heng Nee Philip Commissioner 0 0 0

5. Muliadi Rahardja Commissioner 0 0 0

6. Willy Suwandi Dharma Commissioner 0 0 0

No. Name Position Issued and Fully Paid Capital

Percentage of Ownership

Total(in Rp Million

1. Hafid Hadeli President Director 0 0 0

2. Ho Lioeng Min Director 0 0 0

3. I Dewa Made Susila Director 0 0 0

4. Swandajani Gunadi Director 0 0 0

5. Niko Kurniawan Bonggowarsito Director 0 0 0


Shareholder of Affiliates, Subsidiaries, Associates, And Joint Ventures

PT Bank Danamon Indonesia Tbk

PT Bank Danamon Indonesia, Tbk. (“Danamon”) was established in 1956, and has now grown to become one of the largest financial institutions in Indonesia, guided by the company’s vision of “We Care and Enable Millions to Prosper”.

Danamon serves all customer segments ranging from Consumer, Commercial, including Small and Medium Enterprises, Micro customers, as well as large Enterprises (Commercial and Corporate), with a comprehensive range of banking and financial products and services, including Sharia banking services. In addition, Danamon also provides automotive financing and consumer goods through Adira Finance as well as general insurance services through Adira Insurance. Danamon operates an extensive distribution network stretching all the way from Aceh to Papua with around 1,252 branch offices and service outlets consisting of conventional branch offices, Danamon Simpan Pinjam (DSP) units, Sharia units, and Adira Finance, and Adira Insurance branch networks. Through the single captainship Sales & Distribution network structure concept, Danamon has been able to provide integrated product offerings to improve the quality of service to our customers.

Danamon’s distribution network is supported by an e-channel platform that includes a network of 1,300 ATMs and 70 CDMs (Cash Deposit Machine), Danamon’s network also includes access to ATMs at the ATM Bersama, ALTO, and Prima networks. Danamon has also developed a complete digital service that includes SMS banking, Internet banking, and mobile banking, with features and capabilities that are continuously being improved in accordance with the demands of users of banking services in the digital era who prioritize ease and speed of transactions.

With total assets of IDR 186.76 trillion as of 31 December 2018, Danamon’s shares are owned by MUFG Bank, Ltd. (40.00%), Asia Financial (Indonesia) Pte. Ltd. (33.83%), and public shareholders (25.91%).

PT Asuransi Adira Dinamika

Better known as Adira Insurance, PT Asuransi Adira Dinamika was established on 24 January 2002, as a general insurance company. Throughout its existence, Adira Finance has continued to innovate in providing a variety of insurance products for the automotive and non-automotive markets.

There are various insurance products available, developed in accordance to meet the demands of our Customers. Adira Insurance provides a variety of insurance products, among others automotive and non-automotive insurance products. Among some of the Company’s flagship products are Autocillin (car insurance), Motopro (motorcycle insurance), Medicillin (health insurance) and Travellin (travel insurance). In addition, Adira Insurance also offers other insurance products suited to meet the demands of our Customers, including personal accident insurance, home insurance, property insurance, heavy equipment insurance, marine hull insurance, employment insurance, health insurance, and a variety of other insurance products.

In addition to conventional insurance products, Adira Insurance also offers Sharia-based insurance products for its Customers. All of Adira Insurance’s products are backed by convenient processes for our Customers, with a high-quality partner network, and outstanding customer service.

In addition to providing the best possible products and services for our customers, Adira Insurance also contributes positively to the public through its I Wanna Get Home Safely! (IWGHS) road safety campaign as a means of helping to reduce the casualties caused by traffic accidents by 50% in 2020. To achieve that objective, Adira Insurance held the Safety Campaign Award 2017 for the fourth time. This event was addressed to communities and motor clubs in the Jadetabek area (Jakarta, Depok, Tangerang, Bekasi) to promote road safety. Other products provided by Adira Insurance are always supported by caring, simple, and reliable services, which is what really distinguishes Adira Insurance from other insurance companies.


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All the products are supported with excellent services provided to all of its customers with an easy and direct processes. Adira Insurance operates the call center Adira Care service through the hotline number 1500 456, SMS +62812 111 3456, widespread Autocilin partner workshops, Autocillin Claim Spot (a VW Combi car in public areas as a claim spot and product purchasing spot), and Autocilin Rescue (including towing car, ambulance, and emergency road assistance).

To obtain products and services in real time, Adira Insurance provides the website www.asuransiadira.com (as a product and service information center as well as to facilitate online purchasing of insurance products), the website www.travellin.co.id (for online purchasing of travel insurance), the website www.medicilin.com (as an information center for Medicilin health insurance), Autocillin Mobile Claim Application (an application to submit claims, product information, claim rates, etc), as well as Medicillin Mobile Claim Application (used to obtain information regarding insurance limit, claim history, body mass index, provider hospitals, and other features).

With a network of more than 50 outlets and hundreds of dealers,leasing companies and banks, Adira Insurance currently handles more than 10 million active insurance policies. This has earned the Company public recognition in the form of various awards from independent institutions.

PT Adira Quantum MultifinancePT Adira Quantum Multifinance also known as Adira Kredit, which is currently in the process of liquidation. The Indonesian Financial Services Authority has revoked its business license through the Decision Letter No. KEP-103/D.05/2017 dated 21 Desember 2017.

Subsidiaries, Associates, and Joint VenturesUp to 31 December 2018, the Company has no Subsidiary, Associate, or Joint Venture Entities.



Based on the Deed of the Decision of All Shareholders of PT Adira Dinamika Multi Finance No. 13 dated 26 January 2004, which was made before Fathiah Helmi, SH, a Notary in Jakarta, which was approved and reported to the Minister of Justice and Human Rights of the Republic of Indonesia, the Company’s shareholders approved the following on 26 January 2004, among others approving the following: (i) increase the Company’s authorized capital from an initial amount of Rp 100 billion to Rp 400 billion and (ii) change the nominal value of the Company’s shares from Rp 1,000 per share to Rp 100 per share.

Pursuant to the Deed No. 13/2004, the Company’s shareholders on 26 January 2004 among others also approved the sale of shares owned by Theodore Permadi Rachmat equivalent to 90% of his entire shares (810,000,000 shares) and the shares owned by Stanley Setia Atmadja, equivalent to 10% of his entire shares (90,000,000 shares), to strategic investors.

Furthermore, pursuant to the Conditional Sale and Purchase Agreement (“CSPA”) dated 26 January 2004, which was made between Theodore Permadi Rachmat and Stanley Setia Atmadja, both as the sellers, and PT Bank Danamon Indonesia Tbk (Bank Danamon Indonesia), as the buyer, immediately after the Company’s shares were listed on the JSX and SSX (Company Listing) and fulfillment of the agreed upon conditions between the sellers and the buyer (including the approval of Bank Indonesia for the buyers), the sellers transfered the remaining portion of the Company’s shareholdings of 750,000,000 shares, which represented 75% of all shares issued and fully paid for, to the buyer through a Direct Placement mechanism outside of the stock exchange. The estimated value of these transferred shares in accordance with the CSPA amounted to Rp 850 billion.

The Company carried out an Initial Public Offering in March 2004 of 100,000,000 shares owned by the Company’s shareholders (divested shares) or equivalent to 10% of all issued and fully paid up shares. In accordance with BES Announcement No. JKT-343/LIST-PENG/BES/III/2004 dated 29 March 2004, which refered to the Company Letter No. 071/ADMF/CS/III/04 dated 25 March 2004 regarding Initial Shares Listing and BES Letter No.JKT-028/LIST-EMITEN/BES/III/2004 dated 29 March 2004 regarding the Approval for the Initial Shares Listing of PT Adira Dinamika Multi Finance Tbk, the number of shares listed in the Company’s Initial Public Offering on 31 March 2004, and shareholder composition as well as shareholding in the Company is as follows:

Description Number of Shares Nominal Value (Rp Thousand) %

Authorized Capital 4,000,000,000 400,000,000

Issued and Fully Paid Up Capital:

- Theodore Permadi Rachmat 810,000,000 81,000,000 81.0

- Stanley Setia Atmadja 90,000,000 9,000,000 9.0

- Public (with respective shareholding below 5%) 100,000,000 10,000,000 10.0

Total Issued and Fully Paid Up Capital 1,000,000,000 100,000,000 100.0

Unissued Shares 3,000,000,000 300,000,000


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The Company’s shares were registered and offered for the first time to the public on 31 March 2004, listing on the JSX and the SSX (which subsequently merged to become the IDX) under the stock ticker code ADMF in the amount of 100,000,000 shares, with an initial offering price of Rp 2,325 per share and a total of 1,000,000,000 shares issued.

2004Furthermore, in accordance with SSX Announcement No. JKT-166/LIST-PENG/BES/IV/2004 dated 13 April 2004, which announced the Company’s report based on the Letter No. 080/ADM/CS/IV/04 dated 13 April 2004 regarding Disclosure of Information Relating to the Acquisition of Shares of PT Adira Dinamika Multi Finance Tbk on 9 April 2004, Bank Danamon Indonesia executed a takeover through a Direct Placement mechanism of 750,000,000 shares with a total nominal value of Rp75,000,000,000, representing 75.0% of the total shares issued by the Company, from Theodore Permadi Rachmat and Stanley Setia Atmadja based on the CSPA dated 26 January 2004. Thus, the composition of the shareholders and shareholding in the Company was as follows:




- Bank Danamon Indonesia 750,000,000 75,000,000 75.0

- Theodore Permadi Rachmat 135,000,000 13,500,000 13.0

- Stanley Setia Atmadja 15,000,000 1,500,000 2.0



Unissued Shares 3,000,000,000 300,000,000

Moreover, pursuant to the SSX Announcement No.JKT 160/LIST-PENG/BES/I/2005 dated 12 January 2005, which published the Company’s report based on Letter No.002/ADMF/CS/I/05 dated 10 January 2005, Mega Value Profits Limited purchased 150,000,000 shares in the Company on 5 October 2004, which was comprised of 135,000,000 shares belonging to Theodore Permadi Rachmat and 15,000,000 shares belonging to Stanley Setia Atmadja as well as purchasing 24,193,500 shares from the public on 5 October 2004. As such, the Company’s shareholders and shareholding composition as of the end of 2004 was as follows:





- Mega Value Profits Limited 174,193,500 17,419,350,000 17.4

- Public (with respective shareholding below 5%) 75,806,500 7,580,650,000 7.6


Unissued Shares 3,000,000,000 300,000,000


2009Throughout the 2004 to 2009 period, Mega Value Profits Limited increased its ownership of ADMF to 20%. At the same time between 2006 to 2009, PT Adira Asuransi Dinamika (AAD), an affiliated company, acquired the Company’s shares. Both of these transactions represented share purchases from the public through the IDX, which led to changes in the Company’s shareholder and ownership composition at the end of the first semester of 2009 as follows:

Description Number of Shares Nominal ValueRp Thousand) %




- Mega Value Profits Limited 200,000,000 20,000,000 20.0

- Asuransi Adira Dinamika (AAD) 4,312,000 431,200 0.4



Saham Dalam Portepel 3,000,000,000 300,000,000

On 9 July 2009, Bank Danamon Indonesia exercised its call option to acquire a further 20% stake in Adira Finance, an amount equivalent to the 200,000,000 shares owned by Mega Value Profits Limited. With this transaction, Bank Danamon increased its shareholding from 75% to 95%.

The total value of the shares acquired amounted to Rp 1,614 billion (or Rp 8,070 per share) with a call option premium or upfront payment of Rp 187 billion.

In addition to this, AAD acquired 121,500 shares in the Company from the public through the IDX during the period of June - December 2009, which led to the following changes in the Company’s shareholders and ownership composition:











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2016On 25 January 2016, Bank Danamon Indonesia disposed of 29.2 million shares, or equivalent to 2.92% share ownership to the public, in order for Adira Finance’s number of free-floats shares to meet the minimum requirement as regulated through the Indonesian Stock Exchange Regulation No. I-A regarding the Listing of Shares and Equity-Type Securities Other Than Shares Issued by Listed Companies. It led to the following changes in the Company’s shareholders and ownership composition:









2017 and 2018There were no transactions that changed the structure of the Company’s authorized, issued and fully paid capital, other than the above mentioned and regular transactions of shares trading on the stock exchange throughout 2017 and 2018. Furthermore, members of Adira Finance’s Board of Commissioners and Board of Directors did not own shares in the Company.

As of the publication of this 2018 Annual Report, the Company has only issued one type of equity securities as issued and listed on the IDX.


Chronology of Other Securities ListingAdira Finance actively issues bonds as well as sukuk mudharabah as an alternative source of funding for the Company in the Capital Market.

No.Name of Bonds

and Sukuk Mudharabah

Serial

Principal Amount

(Rp billion

Profit Sharing Interest/

Ratio

Time Period

OJK Effective Date

Date of Listing in the Stock Exchange

Maturity Date

1. Adira Finance Continuing Bonds II Phase I of 2013

D 851 8.90% 60 Months

21 February 2013 4 March 2013 1 March 2018

2. Adira Finance Continuing Bonds II Phase II of 2014

C 490 11.00% 60 Months

21 February 2013 25 October 2013 24 October 2018

3. Adira Finance Continuing Bonds II Phase III of 2014

C 450 10.75% 60 Months

21 February 2013 16 Mei 2014 14 Mei 2019

4. Adira Finance Continuing Bonds II Phase IV of 2014

C 88 10.75% 60 Months

21 February 2013 13 November 2014

12 November 2019

5. Adira Finance Continuing Bonds III Phase I of 2015

A 741 9.50% 36 Months 25 June 2015 1 July 2015 30 June 2018B 238 10.25% 60

Months30 June 2020

6. Adira Finance Continuing Sukuk Mudharabah II Phase I of 2015


to 9.50% per year)

36 Months 25 June 2015 1 July 2015 30 June 2018

7. Adira Finance Continuing Bonds III Phase II

B 688 9.50% 36 Months 25 June 2015 26 August 2015 25 August 2018C 277 10.25% 60

Months25 August 2020

8. Adira Finance Continuing Bonds III Phase III of 2016

B 330.5 9.50% 36 Months 25 June 2015 3 March 2016 2 March 2019C 697.5 10.25% 60

Months2 March 2021

9. Adira Finance Continuing Bonds III Phase IV of 2016

B 434 8.75% 36 Months 25 June 2015 27 July 2016 26 July 2019C 431 9.25% 60

Months26 July 2021

10. Adira Finance Continuing Sukuk Mudharabah II Phase II


to 8.75% per year)

36 Months 25 June 2015 27 July 2016 26 July 2019


to 9.25% per year)

60 Months

26 July 2021

11. Adira Finance Continuing Bonds III Phase V of 2017

A 963 7.50% 370 Days 25 June 2015 23 March 2017 2 April 2018B 860 8.60% 36 Months 22 March 2020C 241 8.90% 60

Months22 March 2022

12. Adira Finance Continuing Sukuk Mudharabah II Phase III of 2017


to 7.50% per year)

370 Days 25 June 2015 23 March 2017 2 April 2018


to 8.60% per year)

36 Months 22 March 2020


to 8.90% per year)

60 Months

22 March 2022


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No.Name of Bonds

and Sukuk Mudharabah

Serial

Principal Amount

(Rp billion

Profit Sharing Interest/

Ratio

Time Period

OJK Effective Date

Date of Listing in the Stock Exchange

Maturity Date

13. Adira Finance Continuing Bonds III Phase VI of 2017

A 251 7.10% 370 Days 25 June 2015 17 July 2017 24 July 2018B 450 8.10% 36 Months 14 July 2020C 68 8.40% 60

Months14 July 2022

14. Adira Finance Continuing Bonds IV Phase I of 2017

A 316 6.15% 370 Days 4 December 2017 13 December 2017

22 December 2018B 893 7.45% 36 Months 12 December 2020C 91 7.55% 60

Months12 December 2022

15. Adira Finance Continuing Sukuk Mudharabah III Phase I of 2017

A 90 51.25% (Equivalent to 6.15% per

year)

370 Days 4 December 2017 13 December 2017

22 December 2018


to 7.45% per year)

36 Months 12 December 2020


to 7.55% per year)

60 Months

12 December 2022

16. Adira Finance Continuing Bonds IV Phase II of 2018

A 836 6.10% 370 Days 4 December 2017 22 March 2018 1 April 2019B 80 6.70% 24

Months21 March 2020

C 552 7.40% 36 Months 21 March 2021D 162 7.5% 60

Months21 March 2023

17. Adira Finance Continuing Sukuk Mudharabah III Phase II of 2018

A 399 370 Days 4 December 2017 22 March 2018 1 April 2019B 62 36 Months 21 March 2021C 29 60

Months21 March 2023

18. Adira Finance Continuing Bonds IV Phase III of 2018

A 696.250 7.50% 370 Days 4 December 2017 20 August 2018 26 August 2019B 119 8.00% 24


C 715.500 8.50% 36 Months 16 August 2021D 268.500 9.00% 48


E 460.750 9.25% 60 Months

16 August 2023


Name And Address of Capital Market Supporting Institutions And Professionals

External Auditor

Rintis & RekanPlaza 89, Kav. X – 7Jl. HR Rasuna Said No.08, RT.6/RW.7Karet Kuningan, Kota Jakarta SelatanJakarta 12190 IndonesiaTel: +6221 5212901Fax: +62 21 52905555 / 52905050Website : www.pwc.com/id

Securities Administration Agency

Rukan Kirana Boutique OfficeJl. Kirana Avenue III Blok F3 No. 5Kelapa Gading – Jakarta Utara 14250Tel: +6221 2936 5287/98Fax: +6221 2928 9961Email: [email protected]

Rating Agency

Panin Tower – Senayan City 17th FloorJl. Asia Afrika Lt. 19Jakarta 10270Telp: (62-21) 72782380Fax: (62-21) 72782370Website : www.pefindo.comE-mail: [email protected]

Trustee

Jl. Jend. Sudirman No.Kav 1, RT.10/RW.11Karet Tengsin, Tanah Abang, Kota Jakarta PusatJakarta 10250Telp: +6221 2511218Fax: +6221 2511221Website : www.bni.co.id

Notary

Graha Irama, 6th Floor, Suite CJl. HR Rasuna Said Blok X-1 Kav. 1&2Kuningan, Jakarta Selatan 12950 – IndonesiaTelp : +6221 5290 7304 / 06Fax : +6221 526 1136Website : notaris-fathiahhelmi.com

Custodian

Gedung Bursa Efek Indonesia, Tower 1, 5th FloorJl. Jend. Sudirman Kav. 52-53,Jakarta Selatan 12190Telp : +6221 515 2855Fax : +6221 5299 1199Bebas Pulsa: 0800 186 5734Website : www.ksei.co.idEmail: [email protected]


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Technology and information is developing very rapidly, in order to increase transparency and increasing access of all stakeholders to the actual and up-to-date information and performance of the Company at the same time, the Company provides an official website that can be accessed at www.adira.co.id.

In order to facilitate understanding concerning the information presented, the Company’s website is presented in two languages, which are Indonesian and English, which were inaugurated in 2010. Adira Finance continuously updates the content on the Company’s website, in addition to fulfilling the provisions of the authority, as well as providing information services to all stakeholders.

The Company’s website is made in accordance with all applicable laws and regulations and in line with the Regulation of the Financial Services Authority No. 8/POJK.04/2015 regarding the Website of Issuers or

Public Companies. In accordance with the POJK, the Company’s website includes four main parts of information that must be posted on the Company’s website, which are as follows:1. General Information of Issuer or Public Company:

consists of history and other information regarding the Company; Company Structure, Group and Ownership; as well as profiles of the Board of Commissioners and Directors.

2. Information for Investors: consists of information regarding the General Meeting of Shareholders (GMS); investment report; rating and analyst research results; publication of financial statements; as well as other related matters.

3. Information concerning Corporate Governance: consists of policies for the implementation of Good Corporate Governance principles, and the Company’s policies related to Risk Management.

4. Information regarding Corporate Social Responsibility.


Management Education and Training

Name Name of Training/Workshop/Upskilling Location and Date Organizer

Sng Seow Wah - Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Djoko Sudyatmiko- Industri Pembiayaan di Pasar Modal Jakarta, 26 Juli 2018

Asosiasi Perusahaan Pembiayaan

Indonesia

- Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 Desember 2018 Prasetiya Mulya

Krisna Wijaya - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan

Pembiayaan Indonesia

Eng Heng Nee Philip - Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Muliadi Rahardja - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan


Willy Suwandi Dharma - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan


Board of Directors


Hafid Hadeli

- Digitalization as Multifinance’s New Era Singapore, 21 September 2018


Indonesia

- Leading Digital Business Transformation Program

Lausanne Switzerland8-12 October 2018

IMD Business School

- Digital Strategy Program Lausanne Switzerland15-17 October 2018

IMD Business School

- Leading in the Digital Age Program Lausanne Switzerland17-19 October 2018

IMD Business School

- Economic Outlook And Its Impact To Indonesia Multifinance Industry

14 January 2018 and 27 April 2018 Prasetiya Mulya

Ho Lioeng Min

- Executive Leadership Development 14 Januayi 2018 and 27 April 2018 Stanford University

- Perusahaan Pembiayaan di Mata Perbankan Jakarta, 8 Mei 2018


Indonesia

- Introduction to FinTech (Online) 20 June 2018 HKUx

- Fintech Financial Inclusion Forum 2018 Jakarta, 31 July 2018International

Finance Corporation

- Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya


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I Dewa Made Susila

- Fintech Financial Inclusion Forum 2018 Jakarta, 31 July 2018International

Finance Corporation

- Digitalization as Multifinance’s New Era Singapura, 21 September 2018


Indonesia

- Peluang & Tantangan Tahun 2019 Jakarta, 15 November 2018


Indonesia


Swandajani Gunadi

- Perusahaan Pembiayaan di Mata Perbankan Jakarta, 8 May 2018


Indonesia

- Digitalization as Multifinance’s New Era Singapura, 21 September 2018


Indonesia


Niko Kurniawan Bonggowarsito



Krisna Wijaya - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan


Richard Steven Dompas

- International Risk Management Refreshment Program For Executives with topics Geopolitic Risks Related to Asia

Taiwan and Hong Kong, February 2018

Ikatan Bankir Indonesia, LSPP and

MM-UGM

- Bisnis Bank Di Era Digital Risiko dan Mitigasi Jakarta, December 2018 Ikatan Bankir Indonesia

Christine Tjen - The 2018 IIA Indonesia National Conference Bali, 28-29 Agustus 2018The Institute of

Internal Auditors Indonesia


Djoko Sudyatmiko- Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018


Indonesia



Sng Seow Wah - Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Willy Suwandi Dharma - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan







Indonesia


Muliadi Rahardja - Industri Pembiayaan di Pasar Modal Jakarta, 26 July 2018Asosiasi Perusahaan





Indonesia


Diyah Sasanti - Implementasi Pelayanan Perizinan Berusaha Teritegrasi Secara Elektronik Jakarta, August 2018

Kementerian Koordinator Bidang

Perekonomian


Perry B. Slangor - Annual Report Sharing Session Bandung, 9-10 August 2018 MaksiMedia

Nama Jenis Pelatihan/Workshop/Upskilling Tempat dan Tanggal Penyelenggara

Haryadwi Saputra Kartawidjaja

- Anti Pencucian Uang, Penyuapan dan Korupsi Jakarta, 2018 Citibank

- Report Writing Jakarta, 2018 Bank Danamon

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Board of Commissioners Profiles

Nationality Singaporean

Age | Place & Date of Birth 60 years old per 31 December 2018Singapore, 13 August 1958

Education Background 1. Bachelor of Accountancy / Accounting – National University of Singapore (1982)2. National Junior College (1976)

History of Position

- Legal Basis of Appointment Appointed as President Commissioner of the Company for the first time on 21 May 2015 according to the Annual GMS Decision for the 2014 fiscal year, and reappointed in Annnual GMS on 20 April 2018. Appointed as a Member of the Nomination and Remuneration Committee of the Company according to the Decision of the Board of Commissioners dated 11 August 2015.

- Work Experience 1. President Commissioner of the Company (2015–present)2. President Director of PT Bank Danamon Indonesia Tbk (2015-present)3. Group CEO of Alliance Bank Malaysia Bhd/Alliance Financial Group Bhd (2010-2014)4. Executive Vice President of Fullerton Financial Holdings (International) Pte Ltd (2008-2010)5. Executive Vice President of OCBC Bank (2003-2008)6. Managing Director of Citibank N.A., Singapore (1999-2003)7. Senior Vice President of Banque Nationale de Paris (1995-1999)8. Vice President of Banque Nationale de Paris (1992-1995)9. Relationship Manager of Westpac Banking Corporation (1990-1991)10. Manager Corporate Banking of Westpac Banking Corporation (1988-1990)11. Relationship Manager of Westpac Banking Corporation (1986-1988)12. Senior Account Manager of United Overseas Bank (1983-1986)13. Auditor of Coopers & Lybrand (1982-1983)

Education or Training for Competency

- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 December 2018

- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- 2016 - Indonesian Certificate in Banking Risk & Regulation Refreshment Program: The Risk Forum School of Finance, 10 August 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA (OJK), and Designing Innovative Business Models Using Business Model Canvas, PPM Management, 3 December 2015

Certification Basic Financing Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2015

Affiliated Relationship He has no affiliation to any other members of the Board of Directors and/or the Board of Commissioners. A Director of PT. Bank Danamon Indonesia, Tbk

Domicile Jakarta

ADMF Share Ownership 0 shares



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Djoko SudyatmikoCommissioner, concurrently as Independent Commissioner

Nationality Indonesian

Age | Place & Date of Birth 75 years old per 31 December 2018Pati, 6 April 1944

Education Background 1. Baccalaureate of Electrical Engineering – Bandung Institute of Technology (1968)

History of Position

- Legal Basis of Appointment Appointed as Commissioner of the Company for the first time in the Annual GMS on 23 June 2004 and reappointed as Commissioner, concurrently as Independent Commissioner in the Annual GMS on 21 May 2015. Appointed as a member of the Risk Management Committee according to the Decision of the Board of Commissioners on 28 April 2011. He also holds the position as Chairman of the Nomination and Remuneration Committee according to the Decision of the Board of Commissioners on 11 August 2015 and as Chairman of the Corporate Governance Committee according to the Decision of the Board of Commissioners on 6 February 2015.

- Work Experience 1. Chairman of the Nomination & Remuneration Committee of the Company (2015-present)2. Member of the Audit Committe of the Company (2015-2016)3. Chairman of the Corporate Governance Committee of the Company (2015-present)4. Commissioner of ASCO Group (2012-present)5. Commissioner, concurrently as Independent Commissioner of the Company (2011-present)6. Member of the Risk Management Committee of the Company (2011-present)7. Chairman of the Audit Committee of the Company (2011-2015)8. Chairman of Audit and Risk Management Committee of the Company (2010-2011)9. Nomination and Remuneration Committee of the Company (2004-2015)10. Independent Commissioner of the Company (2004-2011)11. Member of the Audit and Risk Management Committee of the Company (2004-2010)12. Commissioner of PT Pakoakuina - Automotive Wheel Rim Manufacturer (2003-present)13. Commissioner of PT Inkoasku - Automotive Wheel Rim Manufacturer (2003-2010)14. Commissioner of PT Palingda - Automotive Wheel Rim Manufacturer (2003-2010)15. Commissioner of PT Adira Sarana Armada (2003-2009)16. Commissioner of PT Asuransi Adira Dinamika (2003-2008)17. President Commissioner of the Company (2002-2004)18. Commissioner of PT Kharaba Unggul/PT Makro Indonesia (1990-2000)19. Commissioner of PT Dharma Sarana Perdana (1989-1995)20. Commissioner of PT Astra Graphia Tbk (1986-1989)21. Member of the People’s Consultative Assembly of the Republic of Indonesia (1992-1997)22. Member of the House of Representative and the People’s Consultative Assembly of the Republic of

Indonesia (1971-1992)


- Finance Industry in Capital Market: Indonesia Financial Service Association, 26 July 2018- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya,

12 December 2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for

maintaining fit and proper): PPM Management, 13 December 2017- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5

December 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA

(OJK), and Designing Innovative Business Models Using Business Model Canvas, PPM Management, 3 December 2015

Certification Basic Financing Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2015

Affiliated Relationship He has no affiliation with members of the Board of Commissioners, other members of the Board of Directors and major shareholders.

Domicile Jakarta



Krisna WijayaCommissioner, concurrently as Independent Commissioner



Age | Place & Date of Birth 63 years old per 31 December 2018Jakarta, 22 July 1955

Education Background 1. Doctor in Interdisciplinary Studies - Gajah Mada University (2009)2. Master of Agribusiness Management - Gajah Mada University (1990)3. Bachelor of Social Economics Studies - Bogor Agricultural Institute (1980)

History of Position

- Legal Basis of Appointment Appointed as Commissioner, concurrently as an Independent Commissioner for the first time in the Annual GMS on 18 May 2016, and reappointed in Annnual GMS on 20 April 2018. He holds the position as Chairman of the Audit Committee since the Decision of the Board of Commissioners on 20 April 2018.

- Work Experience 1. Commissionner, concurrently as Independent Commissioner of the Company (2016-present)2. Chairman of the Audit Committee of the Company (2016-present)3. Director of the Indonesian Banking Development Institute (2016-present)4. President Commissioner/Independent Commissioner of PT BNI Life Insurance (2015-present)5. Independent Commissioner, Chairman of the Audit Committee, Member of the Risk Management

Committee, Member of the Nomination and Remuneration Committee as well as Credit Review of PT Bank Mandiri Tbk (2010-2015)

6. Member of the Sharia Supervisory Board of PT Jaya Proteksi Takaful (2009-2016)7. Commissioner and Member of the Audit Committee of PT Bank Danamon Indonesia Tbk (2008-

2010)8. Member of the Audit Committee of PT Mahaka Group (2006-2016)9. Commissioner member of Indonesia Deposit Insurance Corporation (2005-2007)10. Commissioner of PT Bank Rakyat Indonesia (2005-2007)11. Director of Small and Micro Enterprise of PT Bank Rakyat Indonesia (2003-2005)12. Director of Operation of PT Bank Rakyat Indonesia (2000-2003)13. Head of Education and Training Division of PT Bank Rakyat Indonesia (1996-2000)14. Branch Manager of Semarang of PT Bank Rakyat Indonesia (1994-1995)15. Branch Manager of Surakarta Sudirman of PT Bank Rakyat Indonesia (1992-1994)16. Head of Commercial Business Regional Office of PT Bank Rakyat Indonesia – Surabaya Branch

Office (1990-1991)17. Senior Leasing Officer of PT Bank Rakyat Indonesia (1983-1987)18. General Staff Candidate of PT Bank Rakyat Indonesia (1980)


- Finance Industry in Capital Market: Indonesia Financial Service Association, 26 July 2018

Certification Basic Finance Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2016

Affiliated Relationship He has no affiliation with members of the Board of Commissioners, other members of the Board of Directors and major shareholders

Domicile Jakarta



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Nationality Singaporean

Age | Place & Date of Birth 72 years old per 31 December 2018Singapore, 24 August 1946

Education Background 1. Accountancy - Institute of Chartered Accountants, Australia (1971)2. Accountancy - University of New South Wales, Australia (1969)

History of Position

- Legal Basis of Appointment Appointed as Commissioner of the Company for the first time in the Annual GMS on 5 June 2007 and reappointed in Annnual GMS on 20 April 2018. Appointed as Chairman of the Risk Management Committee according to the Decision of the Board of Commissioners on 28 April 2011, and as a member of the Nomination and Remuneration Committee according to the Decision of the Board of Commissioners on 11 August 2015.

- Work Experience 1. Chairman of Frasers Hospitality International Pte. Ltd (2018-present)2. Director of Heliconia Capital Management Pte. Ltd (2011-present) 3. Director of the Agency for Healthcare Supply Chain Pte. Ltd (2018-present)4. Chairman of Transmex Systems International Pte. Ltd (2017-present)5. Commissioner of the Company (2016-present)6. Director of Vanda 1Investment Pte. Ltd (2014-present)7. Director of Frasers Australand Pty. Ltd (2014-present)8. Director of KK Women’s and Children’s Hospital Pte. Ltd., Singapura (2012-present)9. Director of Frasers Centrepoint Limited (2013-present)10. Director of Ezra Holdings Ltd., Singapore (2012-present)11. Chairman of the Risk Management Committee of the Company (2011-present)12. Commissioner, concurrently serves as Independent Commissioner of the Company (2011-2016)13. Non-Executive Director of Asia Pacific Breweries Ltd., Singapore (2011-2013)14. Non-Executive Director of Hup Soon Global Corp. Ltd., Singapore (2010-2013)15. Director of Singapore Health Services Pte. Ltd., Singapore (2009-present)16. Director of The Hour Glass Ltd., Singapore (2009-present)17. Director of Hektar Asset Management Sdn. Bhd., Malaysia (2008-present)18. Independent Non-Executive Director concurrently serves as Chairman of Audit Committee of

NTUC Income, Singapore (2008-present)19. Non-Executive Director of OpenNet Pte. Ltd., Singapore (2008-2013)20. Member of the Audit Committee of the Company (2007-2016)21. Commissioner of the Company (2007-2011)22. Member of the Risk Management Committee of the Company (2007-2011)23. Non-Executive Director of Sunrise MCL Land Sdn (2007-2011)24. Chairman of Frasers Centrepoint Asset Management Ltd., Singapore (2006-present)25. Chairman of MDR Limited, Singapore (2005-present)26. Deputy Chairman of MCL Land Ltd., Singapore (2005-2011)27. Non-Executive Director of Chinese Development Assistance Council, Singapore (2004-2014)28. Group Managing Director of Jardine Cycle & Carriage Ltd., Singapore (1996-2005)


- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 December 2018

- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017

- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5 December 2016

- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA (OJK), and Designing Innovative Business Model Using Business Model Canvas, PPM Management, 3 December 2015



Domicile Singapore






Age | Place & Date of Birth 59 years old per 31 December 2018Tangerang, 10 May 1959

Education Background 1. Master in Business Administration - Massachusetts Institute of Technology, USA (1998)2. Bachelor of Accountancy – University of Indonesia (1984)

History of Position

- Legal Basis of Appointment Appointed as Commissioner according to the Annual GMS Decision on 17 May 2017 and effectively served as Commissioner since the Decision of the Board of Commissioners of the OJK regarding the Fit and Proper Test Result No. KEP-36/KDK.05/2017, and reappointed in Annnual GMS on 20 April 2018.

- Work Experience 1. Commissioner of the Company (2017-present)2. Member of the Risk Management Committee of the Company (2017-present)3. Independent Commissioner of PT XL Axiata Tbk (2017-present)4. Vice President Director of PT Bank Danamon Indonesia Tbk (2015-2017)5. Commissioner of the Company (2010-2015)6. Director of PT Bank Danamon Indonesia Tbk (1999-2015)7. Various senior positions in PT Bank Danamon Indonesia Tbk (1989-1999)8. Deputy Group Head of PT Bank Lippo Tbk (1988-1989)9. Finance Director of PT Indopanca Garmen (1987-1988)10. Finance Manager of PT Asuransi Lippo Life Tbk (1985-1987)11. Manager of PT Sepatu Bata Indonesia Tbk (1984-1985)12. MAS Consultant (1983-1984)


- Finance Industry in Capital Market: Indonesia Financial Service Association, 26 July 2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for

maintaining fit and proper): PPM Management, 13 December 2017- Risk Management for Bank: The Risk Forum, School of Finance (2016)- Risk Management for Bank: The Risk Forum, School of Finance (2014)- Risk Management for Bank: The Risk Forum, School of Finance (2012)



Domicile Jakarta



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Age | Place & Date of Birth 62 years old per 31 December 2018Jakarta, 29 August 1956

Education Background 1. Faculty of Economics – Indonesia Open University (1992)2. Faculty of Agriculture – Bogor Agricultural Institute (1981)

History of Position

- Legal Basis of Appointment Appointed as Commissioner according to the Annual GMS Decision on 17 May 2017 and effectively served as Commissioner since the Decision of the Board of Commissioners of the OJK regarding the Fit and Proper Test Result No. KEP-37/KDK.05/2017, and reappointed in Annnual GMS on 20 April 2018

- Work Experience 1. Commissioner of the Company (2017-present)2. Member of the Nomination and Remuneration Committee of the Company (2017-present)3. Commissioner of PT. Asuransi Adira Dinamika (2012-present)4. President Director of the Company (2012-2017)5. President Director of PT. Asuransi Adira Dinamika (2002-2012)6. President Director of KPMG Siddharta Consulting (1999-2002)7. Various senior positions in the Astra Group, the last position was President Director of PT Asuransi

Astra Buana (1982-1999)


- Finance Industry in Capital Market: Indonesia Financial Service Association, 26 July 2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5

December 2016- Executive Shared Value Delivering a Positive Impact in Indonesia: Palladium International, 31 May 2016- BoD/BoC Executive Training for Adira Finance: PPM Management, 3 December 2015- Culture Retreat Top Team: ESQ, 6 November 2015- Certified with the OJK Regulation & Refreshment Training – PPM Institute, 2015- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA


- Certified Wealth Management, 2001

Certification - Advance Finance Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2015- Risk Management Certification for Finance Companies – BSMR, 2016- Risk Management Certification for Insurance Companies – AAMAI, 2015

Affiliated Relationship He has no affiliation with members of the Board of Commissioners, other members of the Board of Directors and major shareholders. A Commissioner of PT. Asuransi Adira Dinamika.

Domicile Jakarta



Audit Committee Profiles

Krisna WijayaChairman of the Audit Committee

Richard Steven DompasMember of the Audit Committee

Legal Basis of Appointment Appointed as the Chairman of the Audit Committee according to the Decision of the Board of Commissioners of the Company dated 20 April 2018.


Age | Place & Date of Birth 59 years old per 3 December 2018 | 3 December 1959

Education Background Bachelor of Science in Business Administration - The American University Washington, DC, USA (1983).

History of Position

- Legal Basis of Appointment Appointed as the Member of the Audit Committee according to the Decision of the Board of Commissioners of the Company dated 20 April 2018.

- Work Experience 1. Member of the Audit Committee of the Company (2016-present)2. Director of the Banking Profession Certification Institute under Indonesian Banker Association

(2011-present)3. Head of Internal Audit in PT Bank Permata Tbk (2006-2011)4. Division Head of Head Office for Centralised Operation and Branches of PT Bank Danamon

Indonesia Tbk (2001-2006)5. Senior Vice President of the Indonesian Bank Restructuring Agency (1999-2001)6. Assistant Vice President of The Chase Manhattan Cabang Jakarta (1990-1999)7. Internal Audit Supervisor of PT Huffco Indonesia (1984-1990)


Domicile Jakarta


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Christine TjenMember of the Audit Committee


Age | Place & Date of Birth 40 years old per 31 December 2018 | 3 August 1978

Education Background Bachelor of Accountancy - University of Indonesia (2000)Master of International Taxation - University of Sydney (2006)

History of Position

- Legal Basis of Appointment Appointed as the Member of the Audit Committee according to the Decision of the Board of Commissioners of the Company dated 20 April 2018.

- Work Experience 1. Member of the Audit Committee of the Company (2016-present)2. Deputy Director of Administration & Finance of LPSM FEB of University of Indonesia (2015-present)3. Member of the Audit Committee of PT. Perusahaan Perdagangan Indonesia (Persero) (2011-2015)4. Member of the Risk Management Committee of PT. Bank Agroniaga Tbk (2012-2015)5. Lecturer of Taxation and Accounting subjects at the University of Indonesia (2006-present)6. Relationship Representative of World Vision, Australia (2005-2006)7. Corporate Taxation Supervisor of KPMG Siddharta & Harsono (2003-2005)8. Senior Tax Consultant in International Executive Service (2001-2004)9. Assistant of Lecturer for Taxation and Accounting subject in University of Indonesia (2001-2004)

Affiliated Relationship She has no affiliation with members of the Board of Commissioners, other members of the Board of Directors and major shareholders

Domicile Jakarta


Risk Management Committee Profiles

Eng Heng Nee PhilipChairman of the Risk Management Committee

Djoko SudyatmikoMember of the Risk Management Committee

Legal Basis of Appointment Appointed as the Chairman of the Risk Management Committee according to Decision of the Board of Commissioners of the Company dated 28 April 2011, and reappointed on 20 April 2018.

Legal Basis of Appointment Appointed as the Member of the Risk Management Committee according to Decision of the Board ofCommissioners of the Company dated 28 April 2011, and reappointed on 20 April 2018.


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Muliadi RahardjaMember of the Risk Management Committee

Legal Basis of Appointment Appointed as the Chairman of the Risk Management Committee according to Decision of the Board ofCommissioners of the Company dated 20 April 2018.



Djoko SudyatmikoChairman of the Nomination and Remuneration Committee

Eng Heng Nee PhilipMember of the Nomination and Remuneration Committee

Legal Basis of Appointment Appointed as the Chairman of the Nomination and Remuneration Committee according to the Decision of the Board of Commissioners of the Company dated 11 August 2015, and reappointed on 22 August 2017.

Legal Basis of Appointment Appointed as the Member of the Nomination and Remuneration Committee according to Decision of the Board of Commissioners of the Company dated 11 August 2015, and reappointed on 22 August 2017.


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Sng Seow WahMember of the Nomination and Remuneration Committee

Legal Basis of Appointment Appointed as the Member of the Nomination and Remuneration Committee according to Decision of the Board of Commissioners of the Company dated 11 August 2015, and reappointed on 22 August 2017.

Willy Suwandi DharmaMember of the Nomination and Remuneration Committee

Legal Basis of Appointment Appointed as the Member of the Nomination and Remuneration Committee according to Decision of the Board of Commissioners of the Company dated 22 August 2017.



Djoko SudyatmikoChairman of the Corporate Governance Committee

Diyah SasantiMember of the Corporate Governance Committee

Legal Basis of Appointment Appointed as the Chairman of the Corporate Governance Committee according to the Decision of the Board of Commissioners dated 6 February 2014.


Age | Place & Date of Birth 52 years old per 31 December 2018 | 13 July 1966

Education Background 1. Magister Kenotariatan, Universitas Padjadjaran, Bandung, 20092. Magister Hukum Bisnis, Universitas Padjadjaran Bandung, 20063. Master of Business Administration, Newport, University, California, 19984. Sarjana Hukum, Universitas Jember, 1989

History of Position

- Legal Basis of Appointment Appointed as the Chairman of the Corporate Governance Committee according to the Decision of the Board of Commissioners dated 6 February 2014.

- Work Experience 1. Member of the Corporate Governance Committee of the Company (2015-present)2. Commissioner of PT DISA (2011-present)3. Member of the Audit Committee of the Company (2011-2016)4. Legal Counsel of Agritrade International Pte Ltd (2010-present)5. Advisor of WSJ International SDN BHD (2010-2017)6. Advisor of PT Total Sinergy International (2010-present)7. Member of the Audit and Risk Management Committee of the Company (2008-2011)8. Director of PT Darmex Agro (2008-2010)9. Advisor of PT Pembangunan Perumahan (2007-2008)10. Advisor of PT Lippo E-Net Tbk (2006-2007)11. Corporate Secretary of PT Lippo E-Net Tbk (formerly PT Lippo Life Tbk) (2000-2006)12. Director of PT Asuransi AIG Lippo (1998-1999)13. Corporate Secretary and Legal Division Head of PT Lippo Life Tbk (1997-1998)14. Legal Division Head of PT Lippo Life Tbk (1994-1996)15. Corporate Secretary Staff of PT Bank Lippo Tbk (1991-1994)16. Internal Audit of PT Bank Lippo Tbk (1990-1991)17. Account Officer of PT Bank Lippo Tbk (1989-1990)

Hubungan Afiliasi He has no affiliation with members of the Board of Commissioners, other members of the Board of Directors and major shareholders

Domisili Bogor


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Board of Directors Profiles



Age | Place & Date of Birth 55 years old per 31 December 2018Jakarta, 23 June 1963

Education Background 1. Bachelor of Accountancy - Trisakti University (1988)

History of Positi on

- Legal Basis of Appointment Appointed as Director of the Company for the first time on 21 June 2006. Appointed as President Director of the Company according to the Annual GMS Decision 2016, and reappointed in Annnual GMS on 20 April 2018.

- Work Experience 1. President Director and Director of Compliance of the Company (2017-present)2. Director of Sales & Distribution of the Company (2012-2017)3. Director of Car Sales & Distribution of the Company (2010-2012)4. Director of Finance and Director of Compliance of the Company (2006-2010)5. Director at PT Broadband Multimedia Tbk (2002-2005)6. Vice President Director at PT Bank Lippo Tbk (2001-2002)7. Various senior positions at Citibank, N.A., Jakarta (1988-2001)8. Auditor at Arthur Andersen & Co. (1985-1988)


- Digitalization as Multifinance’s New Era: Indonesia Financial Service Association, 21 September 2018- Leading Digital Business Transformation Program: IMD Business School, 8-12 October 2018- Digital Strategy Program: IMD Business School, 15-17 October 2018- Leading in the Digital Age Program: IMD Business School, 17-19 October 2018- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 27 April 2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- Team Building Speed of Trust: Dunamis, 25-26 October 2017- Accompaniment and Training of Communication Skills: Irakoesno Communications, 1 April 2017 – 1 June 2017- Building Trust Culture: Dunamis, 18 April 2017- Culture Session: HCGA PT Adira Dinamika Multi Finance Tbk, 1 December 2016- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5 December 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA (OJK), and Designing Innovative Business Models Using Business Model Canvas, PPM Management, 3 December 2015- General Management Leadership Program: Columbia University - Graduate School of Business, June 2013

Certification Advance Finance Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2016.


Domicile Jakarta






Age | Place & Date of Birth 50 years old per 31 December 2018Jakarta, 17 April 1968

Education Background 1. Master of Management – Gadjah Mada University (2006)2. Bachelor of Engineering – University of Indonesia (1992)

History of Position

- Legal Basis of Appointment Appointed as Director for the first time on 1 April 2009. Was reappointed according to the Annual GMS Decision dated 20 April 2018.

- Work Experience 1. Director of Risk Management, Operational and Legal of the Company (2016-present)2. Director of Risk Management of the Company (2009-2016)3. Deputy Director of Risk Management of the Company (2006-2009)4. Head of Credit of the Company (2004-2006)5. Head of Finance of the Company (2002-2004)6. Various Senior positions in PT Bank Prima Express (1994-2002)


- Executive Leadership Development: Stanford University, 14 January 2018 and 27 April 2018- Financial Institution in Banking Perception: Indonesia Financial Service Association, 8 May 2018- Introduction to FinTech (Online): HKUx, 20 Juny 2018- Fintech Financial Inclusion Forum 2018: International Finance Corporation, 31 July 2018- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 Desember

2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- Analytics Leaders Summit - Two Day Conference: ENIGMA CG, 28-29 November 2017- Team Building Speed of Trust: Dunamis, 25-26 October 2017- International Seminar APPI – Finance Companies and their Issues in Asia: APPI, 25 August 2017- National Seminar: Welcoming the FinTech Era, APPI, 25 April 2017- Building Trust Culture: Dunamis, 18 April 2017- World Class Marketing US Certified Marketing Manager (CMM): PT Husin Intelligence Group, 8-10 March 2017- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5 December 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA

(OJK), and Designing Innovative Business Models Using Business Model Canvas, PPM Management, 3 December 2015- Automotive Industry’s Trend, and Responsibility of the BoC & BoD (Executive Learning Institute): Prasetya Mulya Business School, 20 November 2014- In House Training ASEAN Corporate Governance Scorecard: Indonesian Institute for Corporate Directoship (IICD), 3 September 2014.

Certification - Advance Finance Certification – PT. Sertifikasi Profesi Pembiayaan Indonesia, 2016- Risk Management - Excecutive Program, Daya Makara UI, 2016


Domicile Tangerang



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Age | Place & Date of Birth 48 years old per 31 December 2018Bali, 25 December 1970

Education Background 1. Chartered Financial Analyst (CFA) - Association Investment Management and Research (2003)2. Master of Management – PPM School of Management (1998)3. Bachelor of Agribusiness – Bogor Agricultural Institute (1993)

History of Position

- Legal Basis of Appointment Appointed as Director for the first time on 7 April 2010. Was reappointed according to the Annual GMS Decision dated 20 April 2018.

- Work Experience 1. Compliance Director and Corporate Secretary of the Company (2011-2017)2. Director of Finance of the Company (2010-present)3. Investor Relations & Subsidiary Support Division Head PT Bank Danamon Indonesia Tbk (2004-2010)4. Corporate Affairs Deputy Division Head of PT Bank Danamon Indonesia Tbk (2001-2003)5. Senior Investment Officer of the Asset Management Investment Unit in the Indonesian Bank Restructuring Agency (1999-2001)6. Manager of Financial Institution Rating Division and various senior positions in the Indonesian Rating Agency (Pefindo) (1995-1999).


- Fintech Financial Inclusion Forum 2018: International Finance Corporation, 31 July 2018- Digitalization as Multifinance’s New Era: Indonesia Financial Service Authority, 21 September 2018- Opportunity and Challenges 2019: Indonesia Financial Service Association, 15 November 2018- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 Desember

2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- Team Building Speed of Trust: Dunamis, 25-26 October 2017- Building Trust Culture: Dunamis, 18 April 2017- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5 December 2016- Culture Session: HCGA PT Adira Dinamika Multi Finance Tbk, 1 December 2016- Training TTT OCHI & EES: HCGA PT Adira Dinamika Multi Finance Tbk, 23 January 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA (OJK), and Designing Innovative Business Models Using Business Model Canvas, PPM Management, 3 December 2015



Domicile Jakarta




Swandajani GunadiDirector, concurrently as Independent Director


Age | Place & Date of Birth 46 years old per 31 December 2018Pekalongan, 4 August 1972

Education Background 1. Bachelor of Agronomy – Bogor Agricultural Institute (1995)

History of Position

- Legal Basis of Appointment Appointed as Director for the first time on 17 May 2013. Was reappointed according to the Annual GMSDecision dated 20 April 2018.

- Work Experience 1. Director of Human Capital, CREM and Marketing of the Company (2017-present)2. Director of Human Capital of the Company (2013-2017)3. Human Resources and General Affairs Deputy Director of the Company (2010-2013)4. Human Resources and General Affairs Division Head of the Company (2003-2010)5. Remuneration and Human Resources Development Department Head of the Company (2002-2003)6. Remuneration Senior Analyst of PT Sumalindo Lestari Jaya Tbk (Group PT Astra International Tbk) (2000-2002)7. HR Corporate Manager at Orang Tua Group (2000)8. Remuneration Senior Analyst in PT Astra International Tbk-Automotive Division (1997-2000)9. Personal Administration Section Head of PT Astra International Tbk- Automotive Division (1996-1997)10. People Development & Management Officer of PT Astra International Tbk- Automotive Division

(1996)11. Management Trainee of PT Astra International Tbk (Holding Company) (1995-1996)


- Financial Institution in Banking Perception: Indonesia Financial Service Association, 8 May 2018- Digitalization as Multifinance’s New Era: Indonesia Financial Service Association, 21 September 2018- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 Desember

2018- Understanding Shifting Behavior of the Customer in the Current Market (Refreshment training for maintaining fit and proper): PPM Management, 13 December 2017- Team Building Speed of Trust: Dunamis, 25-26 October 2017- National Seminar: Welcoming FinTech Era, APPI, 25 April 2017- Building Trust Culture: Dunamis, 18 April 2017- Training NPL Krisna Murti: Krisna Murti, 24-27 August 2017- World Class Marketing US Certified Marketing Manager (CMM): PT Husin Intelligence Group,

8-10 March 2017- Fostering Innovation in The Financial Technology Advancement Era: PPM Management, 5 December 2016- Culture Session: HCGA PT Adira Dinamika Multi Finance Tbk, 1 December 2016- Training TTT OCHI & EES: HCGA PT Adira Dinamika Multi Finance Tbk, 23 January 2016- Core Training for Professional Coaching: Coach Master Academy, 29 March 2016- Consumer Behaviour regarding Automotive Expenditure, Multifinance Industry Policies by FSA




Domicile Jakarta



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Age | Place & Date of Birth 48 years old per 31 Desember 2018Lampur, 14 February 1971

Education Background 1. Bachelor Business/Management- Indonesia Business Institute (1994)

History of Position

- Legal Basis of Appointment Appointed as Director of the Company for the first time according to the Annual GMS Decision on 20 April 2018 and started active since passing Fit and Proper Test from OJK on 5 June 2018.

- Work Experience 1. Director of Sales, Service & Distribution of the Company (2018-present)2. Deputy Director of Sales, Service & Distribution of the Company (2017-2018)3. Deputy Director Retail Car Financing of the Company (2010-2017)4. Head of Retail Car Financing of the Company (2008-2010)5. Regional Head of East Java of the Company (2004-2005)6. Head of Suzuki & Used Motorcycle Financing of the Company (2003-2008)7. President Director at PT Mandiri Pakar Sakti (2001-2002)8. Sales Manager at PT Sinar Galesong Pratama (1996-2001)9. Area Supervisor for Eastern Part of Indonesia at PT Indomobil Suzuki International (1993-1996)10. Product Officer at PT Bank Umum Nasional (1992-1993)


- Economic Outlook And Its Impact To Indonesia Multifinance Industry: Prasetiya Mulya, 12 Desember 2018

Certification Advance Finance Certification, PT. Sertifikasi Profesi Pembiayaan Indonesia, 2018


Domicile Jakarta

ADMF Share Ownership 0 saham


Sharia Supervisory Board Profiles

Prof. Dr. H. Fathurrahman Djamil, MAChairman of Sharia Supervisory Board


Age | Place & Date of Birth 58 years old per 31 December 2018 | 7 November 1960

Education Background 1. Ph.D on Islamic Legal Theory - McGill University, Canada (1994)2. Master of Arts on Sharia - State Institute for Islamic Studies, Jakarta (1987)3. Bachelor of Arts on Sharia - State Institute for Islamic Studies, Jakarta (1981)

History of Position

- Legal Basis of Appointment Appointed for the first time as Chairman of the Sharia Supervisory Board of the Company in the Extraordinary GMS dated 4 September 2012 and was reappointed in the Annual GMS on 20 April 2018.

- Work Experience 1. Vice Chairman of the Implementing Agency of the National Sharia Council – Indonesian Ulama Council (DSN-MUI) for period 2015-2020

2. Chairman of the Sharia Supervisory Board of the Company (2012-present)3. Member of the Sharia Supervisory of Board PT CIMB Niaga Auto Finance (2012-present)4. Chairman of the Sharia Supervisory Board of BCA Syariah (2010-present)5. Chairman of the Sharia Supervisory Board of Sun Life Financial Syariah (2010-present)6. Chairman of the Sharia Supervisory Board of PT AIA Financial Syariah (2009-present)7. Member of the Sharia Supervisory Board of PT Bank CIMB Niaga Tbk (2008-present)8. Professor of the Syarif Hidayatullah State University for Islamic Studies, Jakarta (1999-present)9. Lecturer of Muhammadiyah University, Jakarta (1985-present)10. Lecturer of Syarif Hidayatullah State University for Islamic Studies, Jakarta (1982-present)

License/Certification License as a Sharia Expert in the Capital Market through Decision Letter of the Board of Commissioners of the Financial Services Authority No. KEP-12/D.04/ASPM-P/2016.


Domicile Tangerang


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Dr. H. Noor Achmad, MAMember of Sharia Supervisory Board


Age | Place & Date of Birth 62 years old per 31 December 2018 | 10 February 1957

Education Background 1. Doctorate of Aqidah Philosophy - Sunan Kalijaga State University of Islamic Studies, Yogyakarta (2006)

2. Master of Arts on Sharia - Sunan Kalijaga State University of Islamic Studies, Yogyakarta (1998)3. Bachelor of Arts on Sharia - Walisongo State Institute for Islamic Studies, Semarang (1989)

History of Position

- Legal Basis of Appointment Appointed for the first time as Chairman of the Sharia Supervisory Board of the Company in the Extraordinary GMS dated 4 September 2012 and was reappointed in the Annual GMS in 20 April 2018.

- Work Experience 1. Chairman of Nadzir Bondo Foundation of Semarang Great Mosque for the period 2015-20202. General Secretary of the Advisory Council of the Indonesian Ulama Council for the period 2015-20203. Member of the Implementing Agency of the Capital Market Sector of the National Sharia Council –

Indonesian Ulama Council (DSN-MUI) for period 2015-20204. Chairman of Qur’an Recitation Institute (LPTQ), Central Java for period 2015-20205. Chairman of the Governing Body of Central Java Great Mosque (2014-present)6. Member of Commission X of the House of Representative for period 2014-20197. Member of the Sharia Supervisory Board of the Company (2012-present)8. Chairman of the Wahid Hasyim Foundation for period 2010-20209. Chairman of the Nahdlatul Ulama Indonesia College Association (2010-2016)10. Lecturer of the Post-graduate and Doctoral Program in Wahid Hasyim university, Semarang

(2010-present)11. Chairman of the Wakaf Indonesian Body for Central Java (2010-present)12. Chairman of the Khidmah Asmaul Husna Assembly (2010-present)13. Rector of the Wahid Hasyim University, Semarang (2010-2015)14. Director of Post-Graduate studies of Wahid Hasyim University, Semarang (2008-2010)15. Lecturer of Walisongo State Institute for Islamic Studies, Semarang (2008-2010)

License/Certification Licensed as a Sharia Expert in the Capital Market through Decision Letter of the Board of Commissioners of the Financial Services Authority No. KEP-03/D.04/ASPM-P/2017.


Domicile Semarang


Dr. Oni Sahroni, MAMember of the Sharia Supervisory Board

Sharia Supervisory Board Profiles


Age | Place & Date of Birth 43 years old per 31 December 2018 | 26 November 1975

Education Background 1. Doctorate of Fiqh Muqaran - al Azhar University, Cairo (2009)2. Master of Arts on Sharia - al Azhar University, Cairo (2005)3. Bachelor of Arts on Sharia - al Azhar University, Cairo (2000)

History of Position

- Legal Basis of Appointment Appointed for the first time as Chairman of the Sharia Supervisory Board of the Company in the Extraordinary GMS dated 4 September 2012 and was reappointed in the Annual GMS in 20 April 2018.

- Work Experience 1. Member of the Board of Islamic Accounting Standards, Institute of Indonesia Chartered Accountants for the period 2017-2020

2. Member of the Sharia Supervisory Board of PT Bank Muamalat Tbk (2017-present)3. Member of the Sharia Supervisory Board of PT Maybank Indonesia Tbk (2017-present)4. Caregiver of the Rumahwasathia Foundation (2017-present)5. Secretary of the Implementing Agency of the Banking Sector of the National Sharia Council –

Indonesian Ulama Council (DSN-MUI) for the period 2015-20206. Sharia Expert Team for ISRA Bank Negara Malaysia (2015-present)7. Director of SIBER-C Sharia Economic & Banking Institute (2013-present)8. Member of the Sharia Supervisory Board of the Company (2012-present)9. Member of the Implementing Agency of the the National Sharia Council – Indonesian Ulama Council (DSN-MUI) (2011-present)

License/Certification Licensed as a Sharia Expert in Capital Market through Decision Letter of the Board of Commissioners of the Financial Services Authority No. KEP-04/PM.22/ASPM-P/2017.


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Corporate Secretary Profile

Perry Barman SlangorCorporate Secretary

Age

48 years old

Indonesian and domicile in South Jakarta

Education

Bachelor of Business Administration University of Wisconsin, Milwaukee, 1993

Master of Business Administration Cleveland State University, Ohio, 1995

Work Experience

PT Toba Bara Sejahtera Tbk Corporate Secretary (General Manager)

PT Adaro Energy Tbk Manager Corporate Reporting

PT Bank International Indonesia Tbk Department Head of Investor Relations

PT Bank Danamon Indonesia Tbk Assistant Vice President Corporate Secretary Division

Badan Penyehatan Perbankan Nasional Manager Corporate Planning Studies

PT Pemeringkat Efek Indonesia (PEFINDO) Manager Corporate Communication

Training

Training Legal & Corporate Secretary Bank Danamon, 2013

Diskusi Panel “ Mencari Juara Sejati GCG Indonesia” PT Adira Dinamika Multi Finance Tbk, 2014

Training Amazing Service PT Adira Dinamika Multi Finance Tbk, 2014

Sustainable Service Quality GM Batch 3 PT Adira Dinamika Multi Finance Tbk, 2014

ASEAN Corporate Governance Scorecard Indonesian Institute for Corporate Directorship (IICD), 2014

Menghitung Tingkat Risiko Rendah-Sedang, Rendah PT Adira Dinamika Multi Finance Tbk, 2015

Team Building Speed of Trust Dunamis, 2017

Sertifikasi SPPI Managerial PT Adira Dinamika Multi Finance Tbk, 2017

Workshop Sentralisasi For SSD PT Adira Dinamika Multi Finance Tbk, 2017

Annual Report Sharing Session Maksimedia, 2018

Certification

Certification from Sertifikasi profesi Pembiayaan Indonesia (SPPI) SPPI, 2017



Haryadwi Saputra KartawidjajaHead of Internal Audit

Age

39 years old

Indonesian and domicile in Jakarta

Education

Bachelor of Acoounting and Finance Wright State University Amerika Serikat (2002)

Work Experience

Citibank NA Vice President Divisi Internal Audit

PT Bank ANZ Indonesia Vice President Divisi Internal Audit

PT Bank Danamon Indonesia Tbk Assistant Vice President Divisi Internal Audit

PT Bank HSBC Assistant Manager divisi Internal Audit

KPMG Senior Auditor

Pelatihan yang diikuti

Anti-Money Laundering, Bribery & Corruption Citibank Indonesia, 2018

Managerial – To be a Leader at CITIi Citibank Indonesia, 2018

Training of Basic Certification for APPI APPI, 2018

Report Writing Bank Danamon, 2018

Introduction to Banking Crimes by using Information Technology Bank Danamon, 2018

Certification

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Head of the Compliance Unit Profile

Andreas Dwi KurniawanHead of Compliance Unit & AML

Age

47 years old

Indonesian and domicile in Tangerang

Education

Bachelor of Law, University of Padjajaran (1995)

Work Experience

PT Broadband Multimedia Tbk Legal Officer

PT Linknet Legal Officer

National Bank Restructuring Agency Legal

PT Bank Tata International Legal Officer

Training

Sharring Session Annual Report Maksimedia, 2018

Risk Based Anti-Money Laundering and Combating Terrorism Financing OJK, 2017

SPPI Managerial Certification Indonesia Financial Service Association, 2016

Looking for a True Champion GCG Indonesia National Governance Policy Committee, 2013

Workshop Global Reporting Initiative G4 National Center for Sustainability Reporting, 2013

Workshop Corporate Secretary PT Bank Danamon Indonesia Tbk, 2013

Basic Education for Sharia Financing Adira Finance and Karim Business Consulting, 2012

Comprehensive Preparation To Win Annual Report Award Lex Mundus Training and Consultancy, 2010

Growing People Workshop Adira Finance, 2010

The Role and Responsibility of Financing company in Building Anti-Money Laundering Era

APPI dan PPATK, 2008


Implementing GCG Prinsiples and Its Challenges PT Bank Danamon Indonesia Tbk, 2007

Cyber Law Course Faculty of Law-University of Indonesia, 2000

One Day Seminar about Bankruptcy Regulations in Indonesia Ministry of Law 1999

Officer Development Program II PT Bank Tata International, 2016

Certification

Sertifikasi profesi Pembiayaan Indonesia (SPPI) SPPI, 2016


Senior Officers Profile

Ingrid Sri Komala DewiHead of Quality Assurance

Age

47 years old

Indonesian and domicile in North Jakarta

Education

Bachelor of Accounting, Tarumanagara University (1995)

Work Experience

Ernst & Young Public Accountant Firm Senior Auditor

Deloitte Touche Tohmatsu Ernst & Young Audit Supervisor

Training

Internal Audit Basic Principle Training, Interview Technique and Fraud Detection Yayasan Pendidikan Internal Audit, 2005

Risk Based Audit Training Bright Consulting, 2005

Team Mate Programme Training PricewaterhouseCoopers, 2005

Team Mate Programme Training PricewaterhouseCoopers, 2006

Know Your Customer-Adira Finance Training PT Bank Danamon Indonesia Tbk, 2006

Fraud Mitigation & Investigation Training PT Bank Danamon Indonesia Tbk, 2007

Inspirational Sharing, AMDP 12 - PROSDEM BATCH 2 dan FISH! Phylosophy Audit Training PT Adira Dinamika Multi Finance Tbk, 2013

Training AGMDP BATCH 1 Prasetiya Mulya, 2013

Amazing Service Training, Operational Excellence Training and CIA Certification Tutorial Training

PT Adira Dinamika Multi Finance Tbk, Universitas Indonesia, 2014

Fraud Investigation, Fraud Investigation Course - Digital Forensic Course – Advanced, Financial Performance Training, TTT Durable Goods Batch 1, Training Team Mate Versi 11 dan Culture Retreat Top Team

PT Adira Dinamika Multi Finance Tbk, PT Bank Danamon Indonesia Tbk, Centria, 2015

Amnesty Tax, Training Fraud Investigation PT Adira Dinamika Multi Finance Tbk, PT Bank Danamon Indonesia Tbk, 2016

Audit Report & Investigation Report Writing Training PT Bank Danamon Indonesia Tbk, 2017

Digital Awareness RIS Consulting

Sharing Digital Transformation “Strugling in Digital Era and Helping Others to Succeed” Alamanda (Ex VP Gojek & Founder of Binar Academy)

Certification

CIA Try Out Adira Trade Centre (ATC), 2014

Certification from Sertifikasi Profesi Pembiayaan Indonesia (SPPI) SPPI, 2016


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Suang Siang SusantoDeputy Director-Head of Operation

Age

53 years old


Education

Bachelor of Accounting, Tarumanagara University (1991)

Work Experience

PT Giri Asih Jaya Finance Controller

PT Inti Salim Corpora Internal Audit Salim Group

Training

Leader As Coach Transforma Consulting, 2003 & 2005

Risk Based Audit Training Pricewaterhoue Coopers, 2004

The Role of Internal Audit in Improving Company Performance YPIA, 2006

Danamon - Insead Leadership Academy Insead the Business School for the World, 2008

Global Overview on Islamic Financing Training Karim Business Consulting, 2012

Adira General Manager Development Program PT Adira Dinamika Multi Finance Tbk, 2014

Introduction to Lean Six Sigma Training 2014

Applied Project Management Australian Institute Management, 2015

Leadership in Project Management Avenu Indonesia, 2018

Certification




Wirdati HandayaniHead of Brand & Communication

Age

52 years old

Indonesian and domicile in Bogor

Education

Bachelor of Industrial Engineering, Bandung Technology Institue (1991)

Work Experience

PT Coca - Cola Amatil Indonesia General Manager

CSSL Indonesia Business Solutions Manager

PT Multipolar Corporation Tbk Industry Specialist

Training

Balance Score Card Cognoscenti Consulting,

Digital Marketing – Integrating Online & Offline Strategy The Marketing Institute of Ireland, 2014

Service Quality Service Quality Centre, 2014

Adira General Manager Development Program Prasetya Mulya, 2014

Integrating Finance & Marketing MarkPlus Institute, 2013

Customer Relationship Management (CRM) Microsoft Texas, 2011

Leadership Development Program PT Coca - Cola Amatil, 2006

Supply Chain Excellent eLogistic, 2005

Logistic & Supply Chain Performance Measurement & Benchmarking eLogistic, 2004

Marketing Research INLINE, 2003

Oracle 11i modules Oracle Sydney, 2000

Enteprise Resources Planning Modules Computer Associates & Marcam International, 1997-1998

AS/400 Control Language & RPG Programming dan Marketing & Distribution Application School

IBM, 1992-1996


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Achmad KomaraHead of Operational Risk Management

Age

43 years old

Indonesian and domicile in Bogor

Education

Bachelor of Economics, University of Indonesia (1998)

Magister of Management, Bogor Agricultural University (2015)

Work Experience

KAP Haryanto Sahari & Rekan (PricewaterhouseCoopers) Audit Manager


Training Audit Technique and Methodology PricewaterhouseCoopers, 2001

Training Fraud Policy, Risk Management and Independence PricewaterhouseCoopers , 2005

Adira Senior Management Development Program Prasetya Mulya Business School, Adira Finance, 2015

Service Quality for GM Service Quality Center, Adira Finance, 2014

Global Overview on Islamic Financing Training Karim Business Consulting, Adira Finance, 2012

Problem Solving and Decision Making Business Growth, Adira Finance, 2013

Training and Try Out of Certified Internal Auditor (CIA) PPA FEB UI, Adira Finance, 2015

Certification

Chartered Accountant (CA) IAI, 2015

Bersertifikat Akuntan Publik (BAP) IAI, 2003



Miranti HidajatHead of Operations Support

Rudy WidjajaHead of Business Partnership Management

Age

50 years old


Education

Bachelor of Accounting Atma Jaya University, 1990

Work Experience

Maxxi Securities Operation Manager

Training

Adira General Manager Development Program Prasetya Mulya Business School

Danamon Leadership Academy – Senior Management Program INSEAD Singapore

Digital Marketing – Integrating Online & Offline Strategy & Tactic The Marketing Institute of Ireland

Service Quality Management Service Quality Center

Organizational Change Rick Wilmot (Executive Wisdom Consulting)

Certification


Age

50 years old

Indonesian and domicile in East Jakarta

Education

Bachelor of Business Administration Parahyangan University, 1987

Magister Business Administration IPMI, 1992

Magister Carnegie Bosch Institute –Pittsburgh, 1997

Work Experience

PT Bank Permata Tbk Head of Retail Banking

PT Bank Prima Express Head of Branch and Product Development

Certification




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Tania Endah BudhiHead of Strategic Marketing

Age

38 years old


Education

Bachelor of Industrial Engineering Bandung Institue of Technology, 2002

Master of Business Administration with Marketing Specialization Nanyang Technological University-Singapore, 2007

Work Experience

PT. Indonesia AirAsia Head of Ground Operations and Customer Management

PT. Johnson & Johnson Indonesia Franchise Manager

PT Toyota-Astra Motor Marketing Planning Staff

Training

Strategic Brand Management MarkPlus

Marketing Excellence Johnson & Johnson South East Asia

Advanced Marketing Management Essec Business School Paris

Certification




YuliwongChief of HCGA & Corpu

Age

45 years old

Indonesian and domicile in South Tangerang

Education

Bachelor of Industrial Engineering Trisakti University, 1996

Work Experience

Group Head of HR & Administration Bank CTBC Indonesia

Head of HR Bank QNB Kesawan

Head of HR Bank UOB Indonesia

Training

Risk Management, KYC, AML & CFT CTBC Indonesia, 2018

Regional HR Strategy CTBC Taiwan, 2018

Analytics Talent Management Human Capital Institute Singapore, 2017

Global Talent Management & Rewards Willis Towers Watson, 2016

Compensation Strategy Willis Towers Watson, 2016

HR Summit Marcus Evans Australia, 2015

Senior Leadership Program CTBC Taiwan, 2014

Strategic HR Transformation Singapore HR Institute, 2013

Workforce Planning Kuala Lumpur, 2011

Wind of Change NBO Indonesia, 2010

HR Regional Workshop UOB Thailand, 2009

Competency Modelling Singapore Institute of Management, 2008

Certification CTBC Indonesia, 2018

Human Capital Strategist Certification Human Capital Institute Singapore, 2016

Risk Management Certification Level 2 Risk Management Certification, 2007

Certified Professional Human Resources (CPHR) QQ Consulting, 2006


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Manuel D. IrwanputeraDeputy Director – Head of Digital Business & Operation

Iyan WaerHead of Digital Business

Age

39 years old


Education

Magister of Management Atma Jaya University, Jakarta, 2003

Bachelor of Electro Engineering Atma Jaya University, Jakarta, 2001

Work Experience

COO & Co-founder Swipecrypto Pte. Ltd

Product Owner Mckinsey Digital

Senior Managing Consultant Phintraco Consulting

Training

-

Certification

-

Age43 years old

Indonesian and domicile in West Jakarta

EducationBachelor of Electrical Engineering Atma Jaya University, 1997

Work ExperienceCo-Founder & CEO PT KerjaKu Inti Sejahtera

Chief Operating Officer PT Kreatif Media Karya

TrainingSalesmanship Academia

Project Management Pusat Pelatihan Manajemen (PPM)

Marketing Mix MarkPlus (Hermawan Kertajaya)

Financial for Non Financial Manager (FINON) Pusat Pelatihan Manajemen (PPM)

How To Be an Effective Manager Academia

Total Success Community Congress - Lifer Revolution James Gwee, Tung Desem Waringin & Andri Wongso

Busines Revolution Mars & Venus, At Workplace & At Home Gray (Writer of Men are from Mars & Women are from Venus), Tung Desem Waringin & AA Gym

Certification- -



Age

40 years old

Indonesian and domicile West Jakarta

Education

Bachelor of Information Engineering Bina Nusantara University, 2001

Work Experience

IT General Manager PT. Suzuki Finance Indonesia

IT Division Head PT. Mega Central Finance

Training

- -

Certification

- COBIT 5 Foundation Certified APMG International

Certification from Sertifikasi profesi Pembiayaan Indonesia (SPPI) SPPI

Budi PranotoHead of IT Business Applications

Irfan BudiantoHead of RegionalOperation ofCentral Java & Head of Regional Sales and Distribution of Central Java

Age

46

Indonesian and domicile in Ponorogo

Education

Bachelor of Animal Husbandry Brawijaya University, 1996

Work Experience

PT Astra Sedaya Finance Risk Management Department Head

Training

White Belt Sertification GE Capital Indonesia, 1998

Adira Senior Management Development Program Prasetya Mulya, 2014

Certification



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Hendarto NugrohoRegional Collection Head Kalimantan

Denny Riza FaribDeputy Director-Head of Credit & Collection

Age

46 years old

Indonesian and domicile in Bekasi

Education

Bachelor of Business Administration Brawijaya University, 1995

Work Experience

Bank Bali Operation Support

Training

Adira Manajemen Development Program ADMF, 2001

Short Manajemen Prasetya Mulya & ADMF, 2015


Certification


Age46 years old

Indonesian and domicile in Cibubur

EducationBachelor of Mathematic Padjajaran University, Bandung, 1996

Work Experience PT Astra Sedaya Finance Account Acquisition Head, Account Service Head, Fleet

Commercial Finance Account Management Head

Training

Adira General Manager Development Program Prasetya Mulya - 2014

Man Management Astra Astra Management Development Institute - 2004

Astra Supervisory Management Program Astra Management Development Institute - 2001

Astra Basic Training Program Astra Management Development Institute - 1996

Certification

Executive Program of Risk Management Certification for Financing Company BSMR, 2016




RiyantonoHead of Loan & Asset Recovery

Henrick Kusno SujarwadiHead of Collection

Age

48 years old


Education

Bachelor of Accounting Borobudur University, 1994

Work Experience

PT Surya Inti Perdana Accounting Supervisor

Sertifikasi


Risk Management Certification for Financing Company (BSMR) BSMR, 2016

Age

39 years old


Education

Bachelor of Electro Engineering Gadjah Mada University, 2002

Work Experience

PT Astra Sedaya Finance Fleet Credit Admnistration Head

Training

Mediation for Solving Conflict 2014

Training Leader As Coach, ASMDP Prasetya Mulya, 2014

Certification

Certification from Sertifikasi profesi Pembiayaan Indonesia (SPPI) SPPI, 2015, 2018

Risk Management Certification (Daya Makara) Daya Makara, 2017


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Pramono PranotoHead of MIS & Analytics Center of Excellence

Ingrid SetiadharmaHead of Legal

Age

40 years old


Education

Master of Industrial Management & Master of Advanced Statistics Katholieke Universiteit Leuven, Belgia, 2004

Bachelor of Industrial Engineering Trisakti University, 2001

Work Experience

SPSS Indonesia Senior Consultant

Acorn Marketing Consultant Senior Consultant

Certification


Risk Management Certification Daya Makara UI, 2017

Age

51


Education

Bachelor of LSarjana Hukum Tarumanagara University, 1990

Professional Advocate Education Perhimpunan Advokat Indonesia, 2009

Work Experience

PT U Finance Indonesia Senior Manager Legal/Compliance

The Bank of Tokyo-Mitsubishi-UFJ, Ltd, Jakarta Branch Senior Assistant Manager Legal/Compliance

Certification

Risk Management Certification Risk Management Certification (BSMR), 2017




Harry LatifDeputy Director- Head of Retail Car Financing

Age

46 years old

Indonesian and domicile in BSD Tangerang

Education

Bachelor of Marketing Management Atmajaya University, 1995

Work Experience

PT Istana Mitra Sendany – Honda Mitra Group President Director

PT Kirana Megatara Deputy Director of Sales & Marketing

Training

Organizing Committee 1st WORLD JUNIOR CHAMPIONSHIPS PBSI & IBF,1992

Seminar Measuring Customer Satisfication PT Matrix Prima Adhitama, 1997

Marketing Research for Decision Maker ACNELSEN - SRI, 1997

Astra Total Quality Control, Astra Basic & Supervisory Training Program, Business Process Re-Engineering

Astra Management Development Institute, 1996 - 2000

Certification


Ronald DonnaHead of National Used Car

Age

36 years old


Education

Bachelor of Computer Dian Nuswatoro University, 2004

Work Experience

PT Astra Credit Companies (ACC) Branch Manager

Training

Astra Basic Management Program Astra International, 2006

MANAGING PEOPLE EFFECTIVELY People Sight , 2008

Adira Senior Manager Development Program Prasetya Mulya , 2014

Certification



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Andy TeguhHead of National New Car 2

Dwi PrasetiyoHead of National New Car 1 Marketing

Age

43 years old


Education

Bachelor of Economics Accounting STIE YKPN University, 2000

Work Experience

Astra Credit Companies Sales Head

Training

ASMDP (Adira Senior Management Development Program) Prasetiya Mulya, 2014

Certification


Age

42 years old


Education

Bachelor of Economic Trisakti University (1998)

Education

PT Federal International Finance Area Marketing Manager for Region Sumbar & Region Nangroe Aceh Darussalam

Training

ASMDP – Adira Senior Management Development Program Prasetya Mulya (2014)

Adira Spiritual Team Sinergy Training Adira Finance (2012)

Global Overview on Islamic Financing Training Karim Business Consulting (2012)

Man Management Astra Astra International (2006)

Sun Tzu in Marketing James Gwee (2005)

Trainee For Trainers PT Federal International Finance (2006)

Fundamental Leadership Program Dale Carnegie Training (2005)

Certification



Andy SutantoDeputy Director-Head of Retail Motorcycle Financing

Trianto SubektiHead of National Yamaha

Age

48 years old


Education

Bachelor of Economic Atmajaya University, 1995

Work Experience

PT Bank Bali Tbk Account Officer

Training

Leadership Academy – Senior Management Program Insead, Singapore, 2014

Certification


Age

49 years old

Indonesian and domicile in BSD Tangerang

Education

Bachelor of Shipping Engineering Adhi Tama Technology Institute, 1995

Work Experience

PT Hobart Adi Hutama Assistant Manager

Certification




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Chandra HermantoHead of National Honda

SugiantoHead of National Used Motorcycle

Age

45 years old


Education

Bachelor of Economic Persada Indonesia University YAI, 1997

Work Experience

Pratama Finance Manager NMCY Division

Training


Certification


Age

50 years old


Work Experience

Bachelor of Economic Tujuh Belas Agustus University, 1993

Work Experience

Astra-Daihatsu Marketing

Training

Key Account Management Markplus Institute of Marketing, 2008

Adira General Manager Development Program Prasetya Mulya, 2014

Certification




Antonius Danny HendarkoDeputy Director-Head of National Non Dealer Channel, Retention and Durable

Age

48 years old


Education

Bachelor of Industrial Management Engineering Surabaya University, 1994

Work Experience

Lippo Financial Group Corporate Center Group Head Jawa Tengah

PT Bank Lippo Tbk Marketing Department Head Kantor Wilayah Jawa Tengah

Training

Advanced Leadership Seminar ALS, Malaysia, 1997

Microsoft Dynamic CRM untuk Sales & Marketing New Horizons, US, 2013

Leadership Academy – Senior Management Program Insead, Singapore, 2014

Certification


Agus Hamid AriefHead of National Sales Fleet

Age

48 years old


Education

Bachelor of Accounting STIE YPKP, 1993

Work Experience

PT Citra Janesia Persada Finance Officer

Certification



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Insan AnshariHead of Regional Sales and Distribution of West Java

KrisdiantoHead of Regional Sales and Distribution of East Java

Age

49 years old

Indonesian and domicile in Bandung

Education

Bachelor of Management Economics Islam Bandung University, 1994

Work Experience

PT Asuransi Central Asia Marketing Staff

Training

Leader as coach Transforma Consulting, 2005

Global Overview on Islamic Financing Training Karim Business Consulting, 2012

Adira General Manager Development Program Prasetya Mulya University, 2013

Certification


Age

45 years old

Indonesian and domicile in Surabaya

Education

Diploma 3 STIE Perbanas, 1998

Work Experience

PT Bumikalpataru (Distributor Customer Product) Salesman

Training

Adira General Manager Development Program PT Adira Dinamika Multi Finance Tbk, 2014

TTT Couching n Concelling PT Adira Dinamika Multi Finance Tbk, 2009

BDET PT Adira Dinamika Multi Finance Tbk, 2005

Training Supervisory Skill PT Adira Dinamika Multi Finance Tbk, 2003

Certification




SuwantoHead of Regional Sales and Distribution of Jabodetabekser

Sugeng HariadiHead of Regional Sales and Distribution of East Java

Age

47 years old


Education

Bachelor Degree AKA Wikajasa, Semarang, 1995

Work Experience

PT Adira Dinamika Multi Finance Tbk Credit Marketing Officer

Certification


Age

52 years old

Indonesian and domicile in Ciledug

Education

Bachelor of Information Management Academy of Information and Computer Management, Budi Luhur, 1991

Work Experience

BPR Pularta Supervisor

Training

Adira Management Development Program PT Adira Dinamika Multi Finance Tbk, 2001

Adira General Manager Development Program PT Adira Finance, 2013

Certification

Certification from Sertifikasi profesi Pembiayaan Indonesia (SPPI)

SPPI, 2016


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Lindawati SoetopoHead of Accounting & Tax

Age

48 years old

Indonesian and domicile in East Jakarta

Education

Bachelor of Economic Atmajaya University, Jakarta, 1992

Work Experience

PT Bank Akita MIS Manager

PT Asco Dinamika Mobilindo Finance & Accounting Manager

PT Tempo Group Tbk Internal Audit

PT Mitracorp Pacific Nusantara Holding Company Budget Control

Training

Basic Education for Syariah Financing Karim Consulting , 2012

Adira General Manager Development Program Prasetya Mulya, 2013-2014

Update New PSAK PWC, 2018

Certification




Sylvanus Gani Kukuh MendrofaDeputy Director-Head of Corporate Financial and Procurement

Age

42 years old

Indonesian and domicile in Central Jakarta

Education

Bachelor of Economic University of Indonesia (1994)

Master of Management Australian National University (ANU) (2014-2015)

Work Experience

PT Natrindo Telepon Seluler (Axis) Head of Network Finance

PT First Media Tbk General Manager Financial Planning & Control

PricewaterhouseCoopers Financial Advisory Associate

Training

Digital Future of Procurement SAP, 2017

Project Management Course Accenture, 2016

Preparatory Program Certified Financial Analyst Bank Danamon Indonesia, 2012

Financial Modeling for Corporate Budgeting, and various courses PricewaterhouseCoopers, 2000

Certification


Professional Public Accountant Certification IAI, 2010


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Dodi Yuliarso SoewandiDeputy Director-IT

Age

53 years old


Education

Bachelor of Electrical Engineering Doubled Major Telecommunication Northeastern University Boston Massachusettes USA (1989)

Work Experience

PT Suzuki Finance Indonesia Direktur IT & Operation

PT Bank ICB Bumiputera Tbk VP / Head Of IT

HSBC Indonesia VP / Head of IT

PT Bank Universal Tbk VP / IT Infrastructure

Training

BSMR Basic Certification for Risk Management level 1- level3 GARP International, 2009, 2010,2011

Sertifikasi

Certification from COBIT Certified COBIT 5, 2015

Tantri HariadiHead of IT Operation Management

Age

54 years old

Indonesian and domicile in Central Jakarta

Education

Bachelor of Math Institute of Technology Bandung, 1988

Master of Startegic Management Univesrity of Indonesia, 2014

Training

Introduction of New Product and Technology Oracle Inc, 2011

Service Quality SQC-Indonesia, 2014

Managing Change Accenture-Singapore Management University Change College, 2014

Business Process Engineering NUS-Institute of System Science, 2015

Certification



Novitri Diah Lista WulandariHead of Corporate University

Age

46 years old


Education

Bachelor of Electro Telecommunication Brawijaya University,1996

Magister of Technology Management Bandung Technology Institute, 1998

Work Experience

Engineering Education Development Project- ADB Loan Assistant Procurement Specialist

Basic Education Project –World Bank Loan Procurement Specialist

Training

Certified Profesional Human Resource (CPHRM) QQ International, 2007

Organizational Development GML, 2012

Adira Senior Management Development Program (ASMDP) Prasetiya Mulya Business School dan Adira Finance, 2014

Short Course – Financial Management Prasetiya Mulya Business School, 2015

System Thinking Prasetya Mulya Business School. 2017

Certification




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Tri Evita AryaniHead of Human Capital & General Affairs

Age

47 years old


Education

Bachelor of Management University of Indonesia,1994

Work Experience

Grup Gunung Steel Vice President of Group Human Capital Division

PT Tunas Ridean Tbk Vice President of Group Human Resource Division

PT Heinz ABC Indonesia General Manager Human Resource

PT Mattel Indonesia Compensation, Benefits & Recruitment Manager


2nd Asia Performance & Reward Workshop William M. Mercer, 2000

Training on Succession Planning and Performance Appraisal Mattel, 2002

Job Evaluation Workshop Hay Consulting Group, 2002

Problem Solving, Creative Thinking and Innovation Internal Training Heinz Leadership Academy, 2004

Internal Training (Balance Scorecard, GE Way Implementation, Six Sigma) PT Tunas Ridean Tbk, 2005-2009

Certification



Testimony

At first, I started my Pukis business when I decided to move to Makassar in 2005. Starting from small business with limited funding, I finally decided to be Adira Finance consumer in 2008.

Adira Finance is one of the financing companies with easy process and requirements. Up until now, I am still a loyal customer of Adira Finance with motorcycle financing for my employees to support them in conducting daily business. Currently, I have a total

employee of 100 people around Makassar, Gowa and Mariso. I use 200 kg of dough and gained IDR 14 million daily. As an Adira Finance customer, I can easily make payment via branch office or post office.

On 14 December 2012, I was awarded appreciation from APPI with the theme of “Growing with Financing”. I wish Adira Finance a further betterment and I hope Adira Finance can offer a more competitive price in the financing industry.

Pukis


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1433143143143143143434331431434343314343334334343434343333143433434343343433434343PT APTPT APT APT APT APT APT Adiradiradiradiradiradiradira DinDinDinDinDinDinDinD amikamikamikamikamikamikami a Mua Mua Mua Mua Mua Mu Mua Multlti lti ltltltlt Finance nce TbkTbkTbkkkk 201201820182012012011201018018018188018182020018018018201201018018801801801888201180118101010 AnnuAnnuAAnAnnuAnnuAnnunnuAnnuAnnnuAnnuAnnuAAnnuAnnuAnAnAnAnAnAnAnAAAAnAAnAnAAAA al Ral Ral Ral Ral Ral Raaa eporeporeporeporeporeporrrttttttt

In 2013, I began my business of Batagor Bandung in Makassar. I started the business by myself in selling the batagor using cart, and now I have 9 employees. I use cakalang fish and approximately 25 kg of flour for the batagor and with that I gained IDR 2.7 million everyday.

At first, I was unsure in getting myself a motorcycle to support my batagor business. I finally bought it with financing from Adira Finance which information I saw in brochure, and now I have 5 motorcycles for my employees while my other 4 employees are still using carts.

I chose financing facility with Adira Finance since it offers fast process, and the employees are professional and always helpful.

Aside of motorcycle financing, I also have handphone financing product with Adira Finance. I decided to buy the phone with financing from Adira Finance since I am satisfied with the service of Adira Finance employees thus far. With the ease provided as Adira Finance consumer, I usually made payment in Post Office whenever I don’t have time to visit the branch office.

I hope Adira Finance continue growing bigger and will always be the choice of Indonesian society.

Batagor Bandung


Management Discussion and Analysis

Bantimurung-Bulusaraung National ParkLocated in the Maros regency, South Sulawesi, the Bantimurung-Bulusaraung National Park is divided into three major types of ecosystems, namely the karst ecosystems, a lowland forest ecosystem, and a lower montane forest ecosystem.


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04



ContentsMANAGEMENT DISCUSSION AND ANALYSIS

144

Market Review 148

Business Review Adira Finance 154

Motor Cycle Financing 156

Car Financing 160

Durable Goods Financing 164

Overview of Operations by Areas 166

Marketing 168

Analysis Financial performance 173

Operation 198

Human Resources 202

Information Technology 212


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Amidst the improvement of Indonesia’s economic growth, Adira Finance was able to perform better performance in 2018 as compared to the previous year. The increase in Assets of 6.8% to IDR31,5 trillion mainly supported by account receivable disbursement which grew 16.7% to IDR38,2 trillion, while the Company’s net

IDR1.82Trillion

Net Profit

IDR38.21Trillion

New Financing



5.2%Industry Financing Receivables in Indonesia

MarketReview

MACRO AND FINANCING INDUSTRY ANALYSIS

Global EconomyThe Global economy experienced improvements in 2018 with economic growth in the United States (US) as one of the main pillars driving world economic growth. The trend of improvement in the US quarterly economic growth last year reinforced the view that the US economy was able to grow stronger to 2.9% in 2018, as compared to 2.2% in the previous year. The improvement in the US economy was mainly attributable to the normalization of US monetary policy in line with the improving US economic indicators, including household consumption, exports, and a decline in the rate of unemployment.

The US Central Bank or the Fed raised its benchmark interest rate by 100 bps to 2.50% at the end of 2018, as compared to the position at the end of 2017 which achieved 1.50%. The increase in the benchmark interest rate was mainly to hold down the acceleration of the US economic growth after years, which is driven by low interest rates (nearly zero percent), although the US inflation rate declined from 2.20% in 2017 to 1.90% in 2018. The strengthening indicator of the US economy was overall enhanced by an increase in industrial performance in line with the increase in domestic demand in the country along with consumer confidence. This is also one of the considerations for the Fed to raise the interest rates on an ongoing basis throughout 2018.

Despite flat economic growth,

the financing industry was still able to

record growth in financing receivables by

5.2% to IDR436.3 trillion, and total Assets

growth of 5.8% to IDR504.8 trillion.

Indonesian EconomicGrowth

Gross Domestic Product (GDP)

(In percentage)

2016 2017 2018

5.02 5.07 5.17

Source: Bank Indonesia (BI)


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Meanwhile, the economy of the European Union experienced a slowdown in 2018. The GDP growth of countries in the European Union fell to 1.95% in 2018, lower than the previous year’s achievement of 2.40%. This was influenced by the economic slowdown of the main countries of the European Union members, including France and Italy. Economic growth challenges were also experienced by developing countries including China, which is facing an economic slowdown due to a decline in exports and investment, along with a weakening in global demand in addition to tighter financial policies in the country.

The development of the global economy in the future will face several major challenges, among others the US policies related to protectionism and taxation; normalization of monetary policy that continues in developed countries; and geopolitical factors. US trade protectionist policies and the continuing trade war with other countries, especially with China, have the potential to affect international trades. Therefore, according to the World Bank, global economic growth is predicted to slightly weaken to 2.90% in 2019, as compared to 3.00% in 2018.

National EconomyThe Indonesian economy was able to grow stronger to 5.20% in 2018, as compared to 5.10% in the previous year amidst the external challenges of the global economy. The improvement in economic growth was mainly supported by consumption household expenditure, which still has the largest contribution of 55.71% to Indonesia’s GDP. Household consumption as the main contributor of consumption expenditure was able to grow by 8.42% to IDR8,269.8 trillion, as a key factor in Indonesia’s economic growth with the GDP achieving IDR14,837.4 trillion in 2018.

Growth in household consumption in 2018 was influenced by a well-controlled inflation rate that achieved 3.13%, lower than 3.61% in the previous year. This achievement is in accordance with the inflation target that was set out by Bank Indonesia (BI) of 3.5% (± 1%). BI revised up the BI 7-Day Repo Rate by 175 bps throughout 2018 to 6.00%, as compared to the position in the previous year which was 4.25%. The increase in the benchmark interest rate was carried out to maintain the attractiveness of the domestic financial market and control the current account deficit within the safe limits.


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The current account deficit increased to US$31.06 billion in 2018 from US$16.20 billion in 2017 along with the increase in domestic economic activity. This was influenced by an increase in imports of both raw materials, capital goods, and consumer goods. Indonesia’s total exports in 2018 achieved US$180.75 billion, higher than the achievement in the previous year of US$168.9 billion. In contrast, Indonesia’s total imports increased to US$181.18 billion in 2018 or a growth of 20.73%, as compared to the position in the previous year of US$150.07 billion. Meanwhile, the capital and financial account surplus grew at a slower pace to US$25.20 billion due to the dynamics of the global financial market and external factors, particularly those occurring in the US economy.

The position of Indonesia’s Foreign Exchange reserves at the end of 2018 was US$120.70 billion, lower than the position at the end of 2017, which achieved US$130.20 billion. The decline in Foreign Exchange reserves is in line with BI’s policy to intervene in the market due to fluctuations in the value of the Rupiah against the US Dollar amid the dynamics in the global financial markets. BI is aware of the risks of uncertainty in the global financial market by performing measures to stabilize the exchange rate according to its fundamental values and maintains the operations of the market mechanisms supported by efforts to develop the financial markets. The policy remains supported by a dual intervention strategy and monetary operations

strategy to maintain liquidity adequacy, especially in the Rupiah and Foreign Exchange markets.

Amid the dynamics of the global economy, the realization of investment both Domestic Investment and Foreign Direct Investment (FDI) experienced positive developments in Indonesia. The realization of total investment grew to IDR721.3 trillion or increased by 4.11% in 2018, as compared to 2017 which amounted to IDR692.8 trillion. The increase in investment was supported by improvements in domestic investment, which achieved IDR328.6 trillion in 2018 or increased by 25.27%, as compared to the previous year which amounted to IDR262.3 trillion. On the other hand, the realization of FDI declined by 8.78% to IDR392.7 trillion, as compared to the position in 2017 of IDR430.5 trillion.

The Indonesian economy is predicted to have limited growth in 2019 to 5.30%, as compared to the GDP growth of 5.17% in 2018. With a proven track record of controlling inflation, inflation is expected to be maintained at the level of 3.5%. Meanwhile, amid the dynamics of the global economy, the value of the Rupiah against the US Dollar is predicted to weaken to IDR15,000. The upward trend in commodity prices is also expected to continue in 2019, oil is also predicted to remain at the level of US$70.0/barrel.

Indicator Unit 2018 2019

Economic growth (%, yoy) 5.2 5.3

Inflation (%) 3.50 3.50

Rupiah exchange rate (IDR/US$) 14,250 15,000

3 months treasury bills interest rate (%) 5.00 5.30

Oil price (USD/barrel) 68.0 70.0

Oil lifting (thousand barrel/day) 775 750

Gas lifting (thousand barrel oil/day) 1,136 1,250

Source: Ministry of Finance

Consumption by both households and the government is predicted to remain as the main drivers of Indonesia’s economic growth. Household consumption is projected to grow by 5.10%, while government consumption rises slightly higher by 7%, in line with the government’s commitment to continue infrastructure development with an infrastructure budget that is growing by 1.1% to IDR415 trillion in 2019. The performance of infrastructure development has shown significant improvements, the quality of Indonesia’s infrastructure is ranked 52nd out of 137 countries (up 9 positions from 2013 - 2014) based on the Global Competitiveness Report (2017 - 2018) data. Meanwhile, the data of Logistic Performance Index (2018) shows Indonesia’s logistical performance is ranked 46th out of 160 countries (up 17 positions from the previous year), where infrastructure, which is one of the assessment components also shows an improved position (from 73rd to 54th).



Positive perceptions regarding the Indonesian economy were also shown by international rating agencies, which raised Indonesia’s sovereign debt rating throughout 2018. Moody’s raised Indonesia’s sovereign debt rating to Baa2/ stable outlook from Baa3/positive outlook on April 13 2018. Meanwhile, Rating and Investment , Inc. and the Japan Credit Rating Agency have previously raised Indonesia’s sovereign debt rating to BBB/stable outlook from BBB-/positive outlook.

Financing IndustryAutomotive sales in the domestic market is the main pillar of the financing industry development in Indonesia. This is due to its strategic role in providing vehicle financing facilities to consumers for the purchase of a variety of automotive products both motorcycles and cars. In line with economic growth, car sales were able to grow by 4.85% to around 1.06 million units in 2016 when economic growth improved to 5.02%. The following year, car sales in Indonesia achieved 1.08 million units, a slight increase of 1.71% when the economy stayed relatively stagnant in 2017. Car sales showed improvement in 2018 with sales of 1.15 million units, increasing by 6.6%, as compared to the position in the previous year, in line with the increase in consumption expenditure as the driver of economic growth.

Motorcycle Sales in Indonesia

2015 2016 2017 2018

ASTRA DomesticNon ASTRA

PDB Growth (LHS)

In million of unitsIn million of units

Source: Gaikindo, Astra

Car Sales in Indonesia

2015 2016 2017 2018

ASTRA DomesticNon ASTRA

PDB Growth (LHS)

Source: Gaikindo, Astra

4.7

0.5 0.5 0.50.5

0.6

1.01.1 1.1

1.2

0.6 0.6 0.64.4 4,4 4.8

3.0

5.04% 5.04%

5.02%5.02%

5.17%

5.17%

5.07%

5.07%

7.,7

5.9 5.96.4

1,6 1.61.5

Motorcycle sales decreased by 8.47% to 5.93 million units in 2016 when the economy had restricted growth at 5.02%, mainly due to the factor of purchasing power, that showed higher sensitivity with motorcycle consumers to this factor compared to car consumers . This continued in 2017 with motorcycle sales declining slightly to 5.90 million units amidst limited economic growth to 5.09% because motorcycle consumers in Indonesia are more sensitive to purchasing power while household consumption growth experienced a slowdown in growth. However, in 2018 motorcycle sales experienced a much higher growth than the previous year’s growth of 8.44% by reaching 6.38 million units.

Financing receivables posted by the financing industry achieved IDR436.27 trillion or a growth of 5.20% in 2018, as compared to the position in the previous year of IDR414.84 trillion. This was supported by an increase in financing activities in line with the increase in automotive sales in Indonesia where the Indonesian economy strengthened to


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5.20%. The composition of financing for investment, working capital, and multipurpose is 31.22%, 5.51% and 58.77%, respectively, as compared to the portion of the three types of financing at 28.70%; 5.50%; and 58.84% in 2017. The development of financing receivables throughout the 2016-2018 period is as follows:

Financing Receivables of Multifinance

Financing based on Sharia principles

Other financing based on OJK approval

Multi Purpose InvestmentWorking Capital

Source: Otoritas Jasa Keuangan (OJK)

2016 2017 2018

27%

59%

387.5 415 436

5%

8%

29%

59%

6%

7%

31%

59%

6%

4%

The total Assets of the financing industry increased by 5.78% to IDR504.76 trillion in 2018, as compared to the position in the previous year which achieved IDR477.17 trillion, in line with the growth of financing receivables. Funding received by financing companies amounted to IDR285.02 trillion, increasing by 9.57% from the achievement in the previous year, which amounted to IDR260.12 trillion to sustain financing activities. Financing companies also diversified their funding sources through the issuance of bonds, which achieved IDR70.51 trillion in 2018, 5.96% lower than the position of non-maturing securities of IDR74.98 trillion in 2017.

The financing industry posted a Financing Assets Ratio (FAR) of 86.43% in 2018, as compared to 86.94% in 2017 due to lower Assets growth than the growth in financing receivables. Gearing Ratio (GR) remains well managed and relatively stable at around 2.99%, allowing the increase in loans recorded by the multifinance-industry to be offset by an increase in own capital. In terms of capital, equity-net on paid-in capital and capital investment ratio showed improvements to 276.68% from 272.04% in 2017. The profitability of financing companies also improved, marked by an increase in the ROA and ROE ratio to 4.34% and 13.87%, as compared 4.03% and 12.28% in 2017. Even though it was able to record operational efficiency with an Operating Expense Ratio (OER) that improved to 80.72% from 81.46% in 2017. Financing companies posted an improvement in the NPF ratio to 2.71% from 2.96% last year.

The prospects and opportunities for financing business growth are still wide open in line with the improvement in the Indonesian economy in 2019. Improved economic growth is expected to increase financing demands, particularly for investment and working capital. The improvement in GDP per capita in 2018, which increased to IDR56 million or grew by 7.90% from the position in 2017 of IDR51.9 million became a catalyst driving the growth of demand for financing receivables. Infrastructure development that drives the economy which provides more adequate road infrastructure throughout Indonesia is also expected to be a driving factor in increasing automotive demand. On the other hand, the availability of a variety of automotive products that suit consumers’ tastes and affordable prices has triggered demand for multipurpose financing receivables over the coming years.



Business ReviewAdira Finance

OVERVIEW OF OPERATIONS BY SEGMENTSMotor vehicle financing still remains the main business focus of PT Adira Dinamika Multi Finance Tbk or Adira Finance. The Company has also performed business diversification by providing financing for durables products since 2015, allowing it to provide a more comprehensive range of financing products for all customers. The composition of Adira Finance’s financing in 2018 consisted of motorcycle financing (54%), cars (44%), and durables (2%).

Established on 13 November 1990, Adira Finance obtained a business license as a financing company from the Minister of Finance of the Republic of Indonesia as stated in the Decree of the Minister of Finance of the Republic of Indonesia No.253/KMK.013/1991 dated 4 March 1991. Along with the business expansion of Adira Finance and regulation of the financing industry, the Company diversified its financing in addition to motorcycles and cars. OJK Regulation No.29/POJK.5/2014 regarding the implementation of a financing business and OJK Regulation No.31/POJK.05/2014 regarding the implementation of an Islamic financing business became the basis for the Company to diversify its financing business.

The Company’s business scope includes financings

in investment, working capital, multipurpose, and

other business activities based on the approval

of the Financial Services Authority, as well as

operating leases and/or fee-based activities

as long it is in accordance with the laws and

regulations in the finance service sector and sharia

principles of financing. Meanwhile, the Company’s

sharia business units cover financings in trade,

investment, and service.

Financing Receivables of Multifinance

Financing based on Sharia principles

Other financing based on OJK approval

Multi Purpose InvestmentWorking Capital

Source: Otoritas Jasa Keuangan (OJK)

2016 2017 2018

27%

59%

387.5 415 436

5%

8%

29%

59%

6%

7%

31%

59%

6%

4%


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The scope of Adira Finance’s business activities based on the Company’s Articles of Association dated 21 May 2015 is engaged in the financing and Sharia financing sectors, which is a Sharia Business Unit covering investment, working capital, and multipurpose financings, as well as other financing business activities based on the approval of the Financial Services Authority, operating leases and/or fee-based activities as long as they do not conflict with the laws and regulations in the financial services sector, transaction financing, and services financing.

Adira Finance focuses on investment financing and multipurpose financing in conducting its main financing business activities. Investment financing is a type of financing for capital goods procurement as well as services required for business/investment, modernization, expansion or relocation of businesses/investments provided for debtors with over 2 (two) years tenor. Multipurpose financing is a type of financing for the procurement of goods and/or services required by debtors for usage/consumption with an agreed tenor.

Adira Finance conducts financing activities through purchases with installments (or often times referred as consumer financing) and finance leases. The focus of Adira Finance’s financing products is the financing for various brands of motor vehicles for motorcycles and cars, both new and used.

Adira Finance also finances durable goods, including computers, gadgets, furniture, and household appliances in general since May 2015. In 2018, the Company was able to post new financing receivables and managed financing receivables achieving IDR38.21 trillion and IDR51.30 trillion or an increase of 16.71% and 13.42%, as compared to the position in 2017 which amounted to IDR32.74 trillion and IDR45.23 trillion.



Motor Cycle Financing

segment tend to be more sensitive to purchasing power if there is any slowdown in the economy and the price increase of the various food commodities.

The increase in new motorcycle sales in 2018, which achieved 6.38 million units or grew by 8.44% as compared to the previous year was addressed by Adira Finance by always striving to provide the optimum services in meeting the demands of motorcycles, both new and used, and to maintain the confidence of consumers and business partners. In addition, the Company is transforming itself to address technological developments by providing digital services for the consumers.

The motorcycle financing market is larger than the car market due to a number of factors, among others more affordable pricing for all levels of society, inadequate and uneven of road infrastructure condition, as well as the high level of traffic congestion in the various big cities across Indonesia. Adira Finance provides financing facilities for motorcycles to take advantage of the large market potentials. On the other hand, the Company is also aware that consumers in this financing

IDR20.5Trillion

New financingmotorcycle in 2018

20%Disbursement growthmotorcycle financing

new in 2018


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The following is the distribution of Adira Finance’s new and used motorcycle financing in 2016-2018:

Business Contribution 2016 2017 2018

New Motorcycle

Total New Financing (Thousand Unit) 728 665 756

Total New Financing (IDR Billion) 11,612 11,700 13,995

Financing Growth 1% 1% 20%

Average Effective Annual Interest Rate 32-36% 30-34% 30-34%

Used Motorcycle



Financing Growth -9% 15% 2%

Average Effective Annnual Interest Rate 38-41% 33-37% 33-37%



The performance of Adira Finance in terms of financing diversification of various brands of motorcycles, both for new and used throughout the 2016-2018 period are as follows:

Description2016 2017 2018

Thousand Unit

IDR Billion

Thousand Unit

IDR Billion

Thousand Unit

IDR Billion

New Motorcycle

Honda 485 7,315 446 7,375 501 8,581

Yamaha 206 3,464 189 3,537 224 4,567

Suzuki 9 161 13 398 6 123

Kawasaki 17 495 7 152 15 459

Others 9 177 10 238 10 264

Total New Motorcycle 728 11,612 665 11,700 756 13,995

Total Used Motorcycle 682 5,583 673 6,407 644 6,518

Total Motorcycle 1,410 17,196 1,338 18,106 1,238 20,513

The motorcycle financing segment was able to post income for the year amounting to IDR1.62 trillion in 2018, as compared to the position in 2017 which achieved IDR1.67 trillion. Although the profit for the current period has slightly decreased, there has been an increase in consumer financing income in 2018 to IDR3.95 trillion up from IDR2.63 trillion in the previous year. Along with the increase in financing receivables in the motorcycle segment, Assets for this business activity grew by 10.96% to IDR15.59 trillion from IDR14.05 trillion in 2017. Meanwhile, the liabilities of this business segment slighly decreased by 0.53% to IDR11.07 trillion in 2018. In summary, performance development of the motorcycle financing business segment is described in the following graph:

Assets Liabilities

Source: ADMF

2016 2017 2018

Current year profit

In Trillion Rupiah

Consumer Financing Income

13.8

2.9

1.5

2.6

1.7 1.6

4.0

11.3 11.1 11.1

14.015.6


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Car Financing

The GDP per capita improvements in 2018 as well as improved economic growth and the offering of a variety of new vehicle variants at affordable prices complemented with the support of adequate financing facilities also contributed to the vehicle sales achievement in that year. Vehicle sales in Indonesia achieved 1.15 million units in 2018, as compared to the position in the previous year that amounted to 1.08 million units. In this segment, Adira Finance provides financing for both passenger and commercial vehicles. The contributions of the two car types are 58% (passenger vehicles) and 42% (commercial vehicles). The following table describes the operational performance of distribution of Adira Finance’s new and used vehicle financing in the 2016-2018 period:

IDR16.8Trillion

New financingcar in 2018

27%Disbursement growth

car financingnew in 2018


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16116161PT APT AT AT AAdiradiradiradirad DinDinDinDinDini amikamikamikamikmiamikamikka Mua Mua Mua Muulti lti tti FinaFinaFinFiF nance nce nce ncennce TbkTbkbkbkk 201820180 AnnuAnnuAnnual Ral RReporepororeport

Business Contribution 2016 2017 2018

New Cars





Used Cars







The following is the details of the financing of new vehicles based on brands in 2016-2018:

Description2016 2017 2018

Thousand Unit

IDR Billion

Thousand Unit

IDR Billion

Thousand Unit

IDR Billion

New Cars

Daihatsu 16 2,073 17 2,153 19 2,483

Mitsubishi 11 1,866 10 1,974 12 2,581

Toyota 5 867 6 1,123 7 1,196

Suzuki 8 981 7 980 9 1,167

Honda 4 818 4 785 3 622

Others 3 766 3 920 6 1,990

Total New Cars 47 7,371 47 7,935 56 10,038

Total Used Cars 62 5,614 62 5,969 68 6,850

Total Cars 109 12,985 109 13,804 123 16,888

In line with the increase in vehicle financing receivables, income for the year of the vehicle financing segment achieved IDR1.01 billion in 2018 or higher than the position in the previous year, which amounted to IDR400.77 billion. This was also supported by an increase in consumer financing in 2018 amounting to IDR2.24 trillion, up from IDR1.83 trillion in 2017. The vehicle financing segment Assets grew by 3.01% to IDR10.62 trillion, as compared to IDR10.31 trillion in 2017. Liabilities also showed an increase to IDR11.56 trillion in 2018 up from IDR10.80 trillion in the previous year.

Assets Liabilities

Source: ADMF

2016 2017 2018

Current year profit


In Trillion Rupiah

0.4 0.4

1.0

2.21.8

1.6

11.6

10.8

10.0

11.1

10.3

10.6


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Durable Goods Financing

1641646464646464646464644646444644 PT APT APT APT APT APT APT AT APT APT APT APT APPT AT APT diradiradiradiradiradiradiradiradiraa DinDinDinDinDinDinDinDinDinDinDinDinDinDinDinnnDi amikamamamamikamikamammamikamamamammammmmmm a Mua Ma Mua MMa Mua Mua Mua MuMuMa MuMuMuaa Ma lti ltltiltilti lti llti lti lti lti tltittlltit FinaFinaFFinaFinanaFinaFinaFinaFinaFinanaFinaaancencnce nce ncncnce ncecence ncncncncncn TbkTT 20182018 AnnuAnnunn al Ral Reporepororttt

Adira Finance is a financing company that provides a ‘One-Stop Solution’ to consumers by providing various facilities through various financing products. This commitment was manifested by the Company by disbursing financing for durable goods since May 2015. This type of financing is intended for loyal customers of Adira Finance to provide comfort and a memorable experience for the consumers.

Adira Finance distributed IDR803 billion in new durable goods financing in 2018, decreasing by 3.70%, as compared to the position in the previous year of IDR834 billion. The financing composition of this segment consists of computers and gadgets (49%), household appliances (18%), audio-video equipment (10%), household furniture (18%), and other equipment (5%). The effective interest rate charged for these financing products as of 31 December 2018 is around 50-54% per year.

Adira Finance posted income for the year of IDR368.55 trillion in 2018, declining by 7.03% as compared to 2017 which achieved IDR396.43 billion. Although profits for the current period experienced a decrease, the consumer financing income in 2018 is still increasing by 35.60% from the previous year of IDR674.78 billion. Supported by


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an increase in receivables from the durable goods segment, assets for this business activity grew by 7.98% to IDR1.76 trillion from the position in the previous year of IDR1.63 trillion. Meanwhile, liabilities for this business segment declined by 55.48% to IDR110.08 billion in 2018. The development of the durable goods business segment is as follows:

Assets Liabilities

Source: ADMF

2016 2017 2018

Current year profit


In Trillion Rupiah

0.6

1.61.8

0.070.2

0.1

0.5

0.6

0.2 0.07

0.4 0.4

A more detailed explanation regarding income by business segment can be viewed in the 2018 audit report no. 46.

IDR803Billion

New financingdurable in 2018



Overview of Operations by Areas

Income and Profitability by Segments Adira Finance manages 440 business networks, including 192 branch offices throughout Indonesia that are spread across several regions in the nation. Adira Finance divides the geographical business segment into several operating areas consisting of Jabodetabekser, West Java, Central Java, East Java, Sumatra, Kalimantan, Sulawesi, Bali & Nusa Tenggara. The following table describes the business performance based on performance by geographical area:

(In billion Rupiah)

DescriptionJava* Sumatera

2016 2017 2018 2016 2017 2018

Operating income** 3,444 3,949 4,566 1,304 1,518 1,732

Interest expense and financial charges (873) (1,015) (967) (297) (319) (302)

Income for the Year 948 1,196 1,588 419 500 598

Assets 14,550 14,580 16,354 4,860 5,329 5,143

Liabilities 12,875 12,476 12,109 3,552 4,048 3,957

DescriptionKalimantan Sulawesi

2016 2017 2018 2016 2017 2018

Operating income** 622 680 758 862 967 1,057

Interest expense and financial charges (120) (138) (121) (297) (255) (277)

Income for the Year 225 253 311 301 324 349

Assets 1,956 1,890 1,982 3,720 3,731 3,735

Liabilities 1,387 1,700 1,544 2,975 3,190 4,077

DescriptionBali & Nusa Tenggara Total

2016 2017 2018 2016 2017 2018

Operating income** 282 300 343 6,515 7,415 8,457

Interest expense and financial charges (62) (69) (71) (1,649) (1,796) (1,738)

Income for the Year 99 119 134 1,993 2,392 2,981

Assets 1,099 1,065 1,229 26,185 26,595 28,444

Liabilities 702 819 1,114 21,491 22,234 22,801

* Jabodetabekser, West Java, Central Java, East Java; **consists of Consumer financing, Mudharabah margin and Finance lease income

Java had the largest contribution as compared to other geographical regions for operating income contribution (53.99%), Interest expense and financial charges (55.62%), income for the year (53.27%), Assets (57.49%), and liabilities (53.11%) in 2018. The biggest contribution from Java is due to the vital role of the island to the Indonesian economy, in addition to the highest concentration of population density as compared to other islands in Indonesia, hence it has the most dominant financing market in Indonesia.

A more detailed explanation regarding income by areas can be viewed in the 2018 audit report no. 46.


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Marketing

Adira Finance continues to improve

strategies of financing distribution and

its marketing with the aim of providing

customer-centric products and services.

11.8%New motorcycle

market sharein 2018

4.8%New car

market sharein 2018


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In 2018, automotive sales in the domestic market became one of the main pillars of financing industry development in Indonesia. The strategic role of this industry was supported by the provision of vehicle financing facilities to consumers for the purchase of a variety of automotive products, both motorcycles and cars. In line with the national economic growth that was posted at 5.17%, car sales were able to grow by 6.64% to around 1.15 million units in 2018.

To address this condition, the Company continues to implement marketing strategies that have a crucial role in winning over the competition. The Company prepares marketing plans and strategies that focus on achieving excellence in serving customers, increasing financial performance, as well as strengthening and sharpening HR capabilities. One of Adira Finance advantages lies in its business focus that is fully customer-centric oriented. The Company always strives to develop and maintain high-quality relationships with each customer. Actively, the Company also provides a variety of competitive financing facilities.

Internally, the Company has separated the sales and marketing functions by sharpening its organizational structure. Previously, the portfolio based financing and marketing functions were under the same umbrella; now the Company has separated the marketing function to concentrate more on the following responsibilities: determine the marketing strategies and policies; develop new products and marketing approaches based on customer demands and preferences; introduce and implement the customer intimacy concept within the entire Company; establish closer relationships with the dealer networks; develop new partnerships as sales channels, including partnerships with digital firms; determine the Company’s brand and communication strategies; and conduct data analytics to support decision making. The ultimate objective is to provide customer oriented products and services (customer-centrics).



2018 Marketing Strategies and AchievementIn 2018, Adira Finance carried out a variety of effective marketing initiatives and strategies in order to respond to consumer demands, among others through:1. Strengthening the positioning of Adira Finance’s

financing products in the new car financing market, particularly for passenger cars.

2. Encouraging increased sales of financing products other than automotive, a complement to the existing motor vehicle financing.

3. Maintaining close relationships with customers, partnering dealers, as well as other business partners who also support the Company as a touch point, both physically and through e-commerce. To that end, in 2018, the Company launched the “SOBAT” marketing campaign, short for “Sering Order Banyak Tawaran” (“Frequent Order Many Offers”). The “SOBAT” program included exhibitions and customer gathering activities in over 200 cities in Indonesia by involving various partners and channels of Adira Finance to provide the best offers to existing consumers with repeat orders. In addition, the Company would also like to optimize the financing services and digital access for customers through the AKSES Adira Finance application and www.momobil.id.

4. Continuing brand value development activities in order to maintain Adira Finance as one of the leading brands in Indonesia for consumer financing products, as well as through various digital communication channels, including social media.

5. Strengthening the marketing organizations through best recruitment of qualified Human Resources, as well as the improvement of policies and procedures.

Marketing Expenses and Market Share In 2018, the Company spent a total of IDR723 billion for its marketing activities. This amount is an increase compared to the total in the previous year, which amounted to IDR438 billion.

As a result, the Company was able to post a growing market share, the market share of new motorcycle financing and new cars to the sales of the respective wholesales industry were posted at 11.84% and 4.83%. While based on the value of financing, each financing portfolio of the Company posted growth throughout 2018.

The following is a table of information detailing the Company’s market share in 2018:

Description 2016 2017 2018

Assets

Industry 442.8 477.2 504.8

Adira Finance 27.6 29.5 31.5

Market share to the industry 6.2% 6.2% 6.2%

Financing receivables

Industry 387.5 414.8 436.3



New motorcycle sales (thousand unit)

Industry (000) 5,931 5,886 6,383

Adira Finance 728 665 756


New car sales (thousand unit)

Industry (000) 1,061 1,080 1,151




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New Financing Disbursement (IDR Trillion)

New Motorcycle 11.6 11.7 13.9

Used Motorcycle 5.6 6.4 6.4

New Car 7.4 7.9 10.0

Used Car 5.6 5.9 6.8

Durables and others 0.7 0.8 0.9

Total New Financing Disbursement 30.9 32.7 38.2

Market Share of New Vehicles

Market Share of New Motorcycle 12.3% 11.3% 11.8%

Market Share of New Car 4.5% 4.4% 4.8%

2019 PlansThe Company will continue its relevant initiatives as well as develop marketing initiatives and strategies that can lead to sustainable growth in the coming years. In 2019, the focus of marketing plans and strategies that will be developed by the Company are as follows:

a) Optimizing synergies with related pillars, such as the Group (Bank Danamon & Bank MUFG), Cross Sell, Funding, Dealers, and expansion of distribution networks;

b) Implementation of Digital Transformation through the development of business processes, such as Simplification and Automation;

c) Developing and enhancing products and brand image in conventional and sharia financing segments, as well as sales distribution through digital platforms/E-Commerce (Momobil, Momotor, Blibli, Tokopedia, and OLX);

d) Optimizing sales through Kedai (Empowered Partnerships) to reach market segments in rural and remote areas, as well as supporting financial inclusion;

e) Cooperation with strategic partners in the development of various products and service-based activities, including insurance products such as bancaassurance;

f) Continuing investment in technology, including the application of electronic contracts, Cloud related to the management of corporate databases, as well as the use of other technologies utilization.


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AnalysisFinancial Performance

IDR1.82Trillion

Net profitin 2018

6.0%Returns on Assets

(ROA) in 2018

Adira Finance managed to improve it’s

Company also posted Assets growth of 6.8% to IDR31.5 trillion, equity growth of 22.3% to IDR7.0 trillion,

28,8% to IDR1.8 trillion.



The financial statements as of and for the years ended 31 December 2018, 2017, and 2016 were prepared and presented in accordance with Financial Accounting Standards in Indonesia as issued by the Board of Financial Accounting Standards of Indonesian Institute of Accountants (IAI) and Sharia Financial Accounting Standards of IAI, as well as the Capital Market Regulatory Regulations No. VIII.G.7 regarding Presentation and Disclosure Guidelines of Issuer and Public Company’s Financial Statements.

The financial statement analysis below is disclosed based on the Company’s financial statements as of and for the years ended 31 December 2018, 2017, and 2016. The Company’s financial statements as of and for the year ended 31 December 2018 have been audited by Tanudiredja, Wibisana, Rintis & Rekan, a member firm of PricewaterhouseCoopers International Limited, an independent auditor, based on the Auditing Standards issued by the Institute of Public Accountants, with unqualified opinion in its report dated 28 January 2019 (partner in charge: Drs. M. Jusuf Wibisana, M.Ec., CPA).

STATEMENT OF FINANCIAL POSITION(In billion Rupiah)

Description 2016 2017 2018Growth (%)

2016-2017 2017-2018

Financial Position

Assets 27,643.11 29,492.93 31,496.44 6.69% 6.79%

Liabilities 22,665.91 23,747.52 24,468.24 4.77% 3.03%

Equity 4,977.20 5,745.41 7,028.20 15.43% 22.33%

Profit or Loss & Other Comprehensive Income

Total Income 8,413.07 9,136.87 10,183.76 8.60% 11.46%

Total Expenses 6,696.98 7,014.91 7,699.19 4.75% 9.75%

Income for the Year 1,009.35 1,409.15 1,815.26 39.61% 28.82%

Total Comprehensive Income for the Year 948.91 1,266.47 1,987.28 33.47% 56.91%

Earnings Per Share 1,009 1,409 1,815 39.64% 28.81%

Economic improvement in 2018 which led to an increase in automotive sales in Indonesia combined with the financing business transformation process since 2017 became the driving factors for Adira Finance’s financial performance improvement. In line with the increase in financing activities, the Company’s financial position was able to post Assets growth by 6.79% to IDR31,496.44 billion; liabilities increasing by 3.03% to IDR24,468.24 billion; and equity increasing by 22.33% to IDR7,028.20 billion.

The increase in the Company’s financial position was accompanied with an improvement in the profitability of Adira Finance in 2018. Income for the year achieved IDR1,815.26 billion in 2018, growing by 28.82%, as compared to the position in the previous year. This is in line with the increase in the Company’s total income, which increased by 11.46% to IDR10,183.76 billion, supported by an increase in financing activities. This achievement indicated that Adira Finance was able to take advantage of improvements in automotive sales in 2018 through increased financing activities supported by the transformation of the financing business.

Assets Adira Finance posted an assets growth of 6.79% to IDR31.50 trillion in 2018. This increase was mainly influenced by the growth of total financing receivables, which increased to IDR27.87 trillion in 2018, as compared to the previous year’s position of IDR25.90 trillion. Consumer financing receivables still have a dominant portion of the 73.85% of Adira Finance’s total assets of IDR23.26 trillion in 2018.


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(In billion Rupiah)


2016-2017 2017-2018

Cash on hand and in banks 940.95 2.221.72 1,689.32 136.11% -23.96%

Consumer financing receivables – net of allowance for impairment losses

15,065.26 16,939.10 23,260.40 12.44% 37.32%

Murabahah financing receivables – net ofallowance for impairment losses

9,374.51 8,579.86 4,370.50 -8.48% -49.06%

Financing lease receivables – net of allowance for impairment losses

881.42 379.62 240.88 -56.93% -36.55%

Prepaid expenses 288.65 273.80 305.72 -5.14% 11.66%

Other receivables – net 202.55 255.76 196.41 26.27% -23.21%

Derivative Assets 219.60 85.68 253.56 -60.98% 195.94%

Prepaid taxes - - 341.51 - 100.00%

Investment in shares 0.65 0.65 0.65 0.00% 0.00%

Fixed Assets – net of accumulated depreciation 224.96 208.43 245.49 -7.35% 17.78%

Intangible Assets – net of accumulated amortization

80.35 106.04 119.83 31.97% 13.00%

Deferred tax Assets 311.23 387.80 403.80 24.60% 4.13%

Other Assets 52.98 54.47 68.37 2.81% 25.52%

Total Assets 27,643.11 29,492.93 31,496.44 6.69% 6.79%

The contribution of the Company’s financing receivables to total assets over the last three years is as follows:

Consumer Financing Receivables-Net

Murabahah Financing Receivables-Net

Financing Lease Receivables-NetTotal Assets

2016 2017 2018

In Trillion Rupiah

0.9

9.4

15.1 17.0

23,2

8.6 4.4

0.4 0.2

27.4

29.5

31.5

Cash on hand and cash in banksAdira Finance’s Cash on Hand and in Banks reached IDR1.69 trillion in 2018, decreasing by 23.96% as compared to the position in the previous year, which amounted to IDR2.22 trillion. Of that total, Cash in Bank deposited by a related party, namely Bank Danamon, reached IDR1.26 trillion in 2018, as compared to IDR1.73 trillion in the previous year.

All joint financing contracts entered into by the Company are joint financing without recourse, in which only Adira Finance’s financing portion of the total installments are recorded as consumer financing receivables and mudharabah financing receivables in the statement of financial position (net approach). Adira Finance cooperates with related parties, namely Bank Danamon Indonesia in the form of joint financing facilities without recourse in



providing consumer financing facilities. This related parties will provide a maximum financing facility of 99.0% of the financing value, while the remainder is financed by Adira Finance.

The following is the Managed Consumer Financing Receivables as of 31 December 2016-2018:

(In billion Rupiah)


2016-2017 2017-2018

Managed Receivables

Self-financing 15,789.78 17,780.28 24,456.47 12.61% 37.55%

Joint-financing 17,891.35 17,747.33 21,307.41 -0.80% 20.06%

Total 33,681.13 35,527.61 45,763.88 5.48% 28.81%

Composition

Self-financing 46.88% 50.05% 53.44% 3.17% 3.39%

Joint-financing 53.12% 49.95% 46.56% -3.17% -3.39%

Consumer Financing Receivables in the Statement of Financial Position

Receivables before allowance 15,789.78 17,780.28 24,456.47 12.61% 37.55%

Less: Allowance for Impairment Losses (724.52) (841.18) (1,196.07) 16.10% 42.19%

Consumer Financing Receivables – Net 15,065.26 16,939.10 23,260.40 12.44% 37.32%

At the end of 2018, consumer financing receivables – net achieved IDR23.26 trillion, growing by 37.32% as compared to the previous year which amounted to IDR16.94 trillion. The growth in consumer financing receivables is in line with the growth in the Company’s financing activities while the economy is improving and there was an increase in automotive sales in Indonesia in 2018, in addition to transformation efforts performed by the Company to increase financing transactions.

Adira Finance’s average financing contract is 44 months for cars, 27 months for motorcyces, 12 months for durable goods, and 19 months for others. The following is the average annual contractual interest rates for consumer financing:


Cars 16.76% 17.78% 18.28%

Motorcycles 26.84% 29.38% 30.82%

Durable goods 54.02% 49.04% 47.48%

Others 36.23% 37.56% 37.59%

Murabahah receivables is the sale and purchase of goods’ contract with the selling price amounting to the acquisition cost plus the agreed margin, and the Company must disclose the acquisition cost to the consumer. When the murabahah contract is signed, murabahah financing receivables are recognised at the acquisition cost plus the agreed margin. Murabahah margin is recognised over the year of the contract based on the margin of the murabahah financing receivables.

Based on the wakalah joint-financing agreement, Adira Finance and Bank Danamon Indonesia agreed to enter into a joint-financing facility agreement for disbursement of murabahah since 2017. Hence, only the Company’s receivable portion is recorded as murabahah financing receivables in the statement of financial position (net approach). Bank Danamon provides financing facilities at a maximum of 99.0% of the total financing amount, whereas the remaining amount is funded by Adira Finance.

Adira Finance posted murabahah financing receivables - net achieving IDR4.37 trillion, decreasing by 49.06% as compared to the position in 2017 which amounted to IDR8.58 trillion. The decrease was in line with the slowdown in the Company’s new Sharia-based financing distribution, which was posted at IDR1.8 trillion or down from the previous year’s position of IDR5.9 trillion, in line with the slowdown in the Sharia-based financing industry.


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Financing receivables based on Sharia principles - net in Indonesia decreased to IDR19.47 trillion in 2018 down from IDR28.76 trillion in the previous year.

(In Billion Rupiah)


2016-2017 2017-2018

Managed Receivables

Self-financing 9,855.12 9,071.72 4,610.67 -7.95% -49.18%

Joint-financing - 238.11 673.50 100.00% 182.85%

Total 9,855.12 9,309.83 5,284.17 -5.53% -43.24%

Composition

Self-financing 100.00% 97.44% 87.25% -2.56% -10.19%

Joint-financing 0.00% 2.56% 12.75% 2.56% 10.19%

Murabahah Financing Receivables in the Statement of Financial Position

Receivables before allowance 9,855.12 9,071.72 4,610.67 -7.95% -49.18%

Less: Allowance for Impairment Losses (480.61) (491.86) (240.17) 2.34% -51.17%

Murabahah Financing Receivables – Net 9,374.51 8,579.86 4,370.50 -8.48% -49.06%

Adira Finance’s average murabahah financing contract is 47 months for cars and 30 months for motorcyces, The following is the average annual contractual revenue sharing for murabahah financing:


Cars 17.35% 17.83% 17.60%

Motorcycles 25.27% 27.08% 27.74%

Others - 40.90% 15.86%

Finance lease receivables is financing whereby the financing services company substantially transfers all risks and rewards incidental of the leased assets. In this financing disbursement, the Company utilizes self-funding. In 2018, the Company’s financing lease receivables decreased by 36.55% to IDR240.88 billion, in line with the Company’s policy to focus more on consumer financing while automotive sales are indicating ongoing sales improvement.

Finance Lease Receivables - Net

Finance Lease Receivables - Net

2016 2017 2018

241

380

881

In Billion Rupiah



In terms of contract duration, Finance leases receivables is on average 48 months for cars and 36 months for motorcycles. The following is the average annual contractual interets rates for Finance lease receivables:


Cars 17.35% 15.95% 16.62%

Motorcycles 25.27% 23.57% 22.07%

All the financing receivables of Adira Finance are managed by the Company, both funded through the Company’s self-financing as well as joint-financing.

The entire process, starting from financing acquisition to collection, as well as Credit Risk Management regarding the consumer financing, murabahah financing and Finance lease receivables are collectively managed by the Company as all the receivables have similar credit risk characteristics.

Other AssetsOther Assets are dominated by prepaid expenses that achieved IDR305.72 billion in 2018, increasing by 11.66%, as compared to the position in 2017 which amounted to IDR273.80 billion.

Other accounts with a significant portion are Derivate Assets. In order to anticipate interest rate and currency exchange risks, the Company has implemented a policy to hedge borrowings in foreign currency and floating rates. The hedging is carried out through a derivative instrument, such as the cross currency swap contract. The puIDRose of hedging is to mitigate the risk of fluctuations in cash flows arising from exchange rate and interest rate fluctuations.

The Company has several outstanding cross currency swap contracts with third parties, which are PT Bank OCBC NISP Tbk, PT Bank ANZ Indonesia, PT Bank BNP Paribas Indonesia, PT Bank CIMB Niaga Tbk, PT Bank Maybank Indonesia Tbk, and PT Bank UOB Indonesia Tbk. The Company’s derivative Assets increased by 195.94% to IDR253.56 billion in 2018, as compared to IDR85.68 billion in the previous year. The increase in derivative Assets is in line with the increase in borrowing in foreign currencies, particularly deriving from syndicated loans received by the Company in 2018.

(In billion Rupiah)


2016-2017 2017-2018

Prepaid expenses 288.65 273.80 305.72 -5.14% 11.66%

Other receivables – net 202.55 255.76 196.41 26.27% -23.21%

Derivative Assets 219.60 85.68 253.56 -60.98% 195.94%

Prepaid taxes - - 341.51 - 100.00%

Investment in shares 0.65 0.65 0.65 0.00% 0.00%

Fixed Assets 224.96 208.43 245.49 -7.35% 17.78%

Intangible Assets – net 80.35 106.04 119.83 31.97% 13.00%

Deferred tax Assets 311.23 387.80 403.80 24.60% 4.13%

Other Assets 52.98 54.47 68.37 2.81% 25.50%

Total Assets 1,380.97 1,372.63 1,935.34 -0.60% 41.00%

LIABILITIESAdira Finance posted total liabilities of IDR24.47 trillion or an increase of 3.03% from the 2017 position of IDR23.75 trillion. The increase in liabilities was mainly attributable to the increase in bonds payable – net and sukuk mudharabah to support the Company’s business activity in financing disbursement. In addition, the Company also posted an increase in received loans to IDR11.78 trillion as a diversification of funding strategy for funding facilities provided to the consumers in addition to the issuance of debt securities and sukuk mudharabah.


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(In billion Rupiah)


2016-2017 2017-2018

Borrowings 11,619.53 10,544.29 11,778.09 -9.25% 11.70%

Accrued expenses 700.22 730.73 828.67 4.36% 13.40%

Bonds payable – net 8,432.98 9.761.17 9,421.91 15.75% -3.48%

Other payables 990.20 1,005.26 538.55 1.52% -46.43%

Taxes payable 33.65 30.18 30.17 -10.30% -0.03%

Employment benefits liabilities 699.33 967.69 864.88 38.37% -10.62%

Mudharabah bonds 190.00 701.00 768.00 268.95% 9.56%

Derivative Liabilities - 7.21 237.97 100,00% 3,200.55%

Total Liabilities 22,665.91 23,747.52 24,468.24 4.77% 3.03%

The Company requires various sources of funding to disburse financing facilities to the consumers. Apart from internal cash and joint-financing, Adira Finance obtains funding through bank borrowings, both on-shore and off-shore.

Adira Finance posted an increase in borrowings by 11.70% to IDR11.78 trillion in 2018, as compared to IDR10.54 trillion in the previous year. This increase is in line with the acquisition of syndicated loans in 2018 in the amount of IDR2.83 trillion. The Company’s flexibility in obtaining funding from the domestic and foreign banking sector is very high as explained in the following table regarding loan facilities received by Adira Finance up to the end of 2018:

(In billion Rupiah)

Description 2016 2017 2018 Growth (%)

2016-2017 2017-2018

Rupiah

PT Bank Pan Indonesia Tbk 3,000.00 2,300.00 1,920.13 -23.33% 16.52%

PT Bank Mandiri (Persero) Tbk - 91.67 745.83 100.00% 713.60%

PT Bank DKI 200.00 400.00 483.11 100.00% 20.78%

PT Bank UOB Indonesia - - 374.81 - 100.00%

PT Bank Central Asia Tbk 1,440.13 932.38 333.34 -35.26% -64.25%

PT Bank National Nobu Tbk 149.90 99.96 50.00 -33.32% -49.98%

PT Bank BCA Syariah 182.50 37.50 41.67 -79.45% 11.12%

PT Bank Danamon Indonesia Tbk 700.00 800.00 - 14.29% -100.00%

PT Bank Mega Tbk 249.38 699.21 - 180.38% -100.00%

PT Bank Pembangunan Daerah Jawa Barat &

Banten Tbk- 100.00 - 100.00% -100.00%

PT Bank Panin Dubai Syariah 46.67 83.33 - 78.55% -100.00%

PT Bank Sumitomo Mitsui Indonesia 500.00 - - -100.00% -

PT Bank Victoria International Tbk 400.00 - - -100.00% -

MUFG Bank, Ltd 350.00 - - -100.00% -

Citibank, N.A., Indonesia 250.00 - - -100.00% -

PT Bank KEB Hana Indonesia 99.87 - - -100.00% -

US Dollar

BNP Paribas (Singapore) - Sindikasi 1,578.59 1,953.06 7,829.20 23.72% 300.87%

PT Bank DBS Indonesia – Sindikasi 2,472.49 3,047.18 - 23.24% -100.00%

Total Borrowings 11,619.53 10,544.29 11,778.09 -9.25% 11.70%



Based on currency, borrowings received by the Company in 2018 was still dominated by US Dollar borrowings, contributing to 66.47%, obtained by the Company through syndicated borrowings or related parties, and the remaining was in Rupiah. In the previous year, the portion of US Dollar borrowings was 47.42%.

Rupiah Loans US Dollar Loans

Total (RHS)

Source: ADMF

2016 2017 2018

241

380

In Trillion Rupiah

7.6

4.1 5.0 7.8

5,.53.9

11.6

10.4

11.8

The Company has high flexibility to obtain funding sources from banks, both from local and foreign banks, supported by a track record and reputation as one of the leading finance companies in Indonesia whose shareholders have an important position as one of the 10 largest banks in Indonesia. In 2018, the Company received the 6th syndicated loan of US$300.00 in Singapore. Investors’ confidence in Adira Finance remained strong, as indicated from the issuance of this syndicated loan, which was oversubscribed at around 2.6 times the original plan. This facility has succeeded in attracting foreign investors, mostly from Singapore, Japan, and Taiwan.

Adira Finance has implemented a hedging policy for loans in foreign currency and loans with floating interest rates. In anticipation of interest rate and currency exchange rate risks, hedging is performed using derivative instruments, for example a cross currency swap contract. The objective of such hedging is to manage the risk of fluctuating cash flows arising from the movement of foreign currency exchange rates and floating interest rates.

(In billion Rupiah)


2016-2017 2017-2018

Continuing Bonds I Phase III 673.00 - - -100.00% -

Continuing Bonds II Phase I 851.00 851.00 - 0.00% -100.00%

Continuing Bonds II Phase II 490.00 490.00 - 0.00% - 100.00%

Continuing Bonds II Phase III 813.00 450.00 450.00 -44.65% 0.00%

Continuing Bonds II Phase IV 896.00 88.00 88.00 -90.18% 0.00%

Continuing Bonds III Phase I 979.00 979.00 238.00 0.00% -75.67%

Continuing Bonds III Phase II 945.00 945.00 277.00 0.00% -70.69%

Continuing Bonds III Phase III 1,101.00 1,028.00 1,028.00 -6.63% 0.00%

Continuing Bonds III Phase IV 1,700.00 865.00 865.00 -49.12% 0.00%

Continuing Bonds III Phase V - 2,014.00 1,101.00 100.00% -45.33%

Continuing Bonds III Phase VI - 769.00 518.00 100.00% -32.64%

Continuing Bonds IV Phase I - 1,300.00 984.00 100.00% -24.31%

Continuing Bonds IV Phase II - - 1,630.00 - 100.00%


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(In billion Rupiah)


2016-2017 2017-2018

Continuing Bonds IV Phase III - - 2,260.00 - 100.00%

Unamortized Bonds Issuance Costs -15.02 -17.83 -17.09 18.71% -4.15%

Total Bonds Payable – Net 8,432.98 9,761.17 9,421.91 15.75% -3.48%

Continuing Mudharabah Bonds I Phase II 45.00 - - -100.00% -

Continuing Mudharabah Bonds II Phase I 59.00 59.00 - 0.00% -100.00%

Continuing Mudharabah Bonds II Phase II 86.00 56.00 56.00 -34.88% 0.00%

Continuing Mudharabah Bonds II Phase III - 386.00 112.00 100.00% -70.98%

Continuing Mudharabah Bonds III Phase I - 200.00 110.00 100.00% -45.00%

Continuing Mudharabah Bonds II Phase II - - 490.00 - 100.00%

Total Mudharabah Bonds 190.00 701.00 768.00 268.95% 9.56%

Total Bonds Payable – Net and Mudharabah

Bonds8,622.98 10,462.17 10,189.91 21.33% -2.60%

Aside from bank loans, diversification of funding sources is also done through the issuance of debt securities and sukuk mudharabah to obtain funding from the Capital Market. At the end of 2018, Adira Finance’s total bonds–net and sukuk mudharabah achieved IDR10.19 trillion, a slight decrease of 2.6% from the position in 2017 which achieved IDR10.46 trillion.

In 2018, the Company issued bonds on 2 occasions with the total issuance amounting to IDR3.89 trillion. The Company also issued sukuk mudharabah on 1 occasion with total issuance of IDR490 billion. Cumulatively, total issuance of debt securities issued by the Company amounted to IDR4.38 trillion. On the other hand, the Company repaid matured bonds and sukuk mudharabah throughout 2018, amounting to IDR4.23 trillion for bonds and IDR423 billion for sukuk mudharabah. The chronology of Adira Finance bonds issuance is available in details in the Stocks and Other Securities Highlights in this Annual Report.

The total of other liabilities, which amounted to IDR2.50 trillion in 2018 are primarily derived from accounts for accrued expenses, other debts and employee benefits liabilities, with a respective contribution achieving IDR828.67 billion, IDR538.55 billion, and IDR864.88 billion. The three accounts achieved IDR730.72 billion, IDR1.01 trillion, and IDR967.69 billion.

(In billion Rupiah)


2016-2017 2017-2018

Accrued expenses 700.22 730.72 828.67 4.36% 13.40%

Other payables 990.20 1.005.26 538.55 1.52% -46.43%

Taxes payable 33.65 30.18 30.17 -10.31% -0.03%

Employee benefits liabilities 699.33 967.69 864.88 38.37% -10.62%

Derivative liabilities – net - 7.21 237.97 100.00% 3.200.55%

Total Other Liabilities 2,423.4 2,741.06 2,500.24 13.11% -8.79%



EQUITYAdira Finance was able to post equity improvement in a consistent manner over the last three years. The Company’s equity increased by 22.33% to IDR7.03 trillion in 2018, as compared to the position in 2017 which amounted to IDR5.75 trillion. The increase in Adira Finance’s equity was mainly attributable to the increase in retained earnings of 22.89% to IDR6.98 trillion, as compared to the retained earnings in the previous year of IDR5.68 trillion. Retained earnings had the largest contribution to the equity of Adira Finance by 99.34% in 2018. Meanwhile, issued and fully paid-in capital has not changed in the amount of IDR100.00 billion.

(In million Rupiah)


2016-2017 2017-2018

Issued and Fully Paid-In Capital 100.00 100.00 100.00 0.00% 0.00%

Additional Paid-In Capital - 6.75 6.75 100.00% 0.00%

Retained Earnings

Appropriated 121.28 131.37 145.46 8.32% 10.73%

Unappropriated 4,765.07 5,549.11 6,836.97 16.45% 23.21%

Cumulative Gain/ (Losses) on Derivative Instrument for Cash Flow Hedges – Net

(9.15) (41.82) (60.98) 357.05% 45.82%

Equity – Net 4,977.20 5,745.41 7,028.20 15.43% 22.33%

STATEMENT OF PROFIT OR LOSSAdira Finance was able to post a net income of IDR1.82 trillion in 2018, supported by an increase in income from financing receivables, in line with the improvement in automotive sales in Indonesia. The management of more efficient interest expenses and an increase in income from financing receivables became the driving factor for Adira Finance’s profitability improvement in 2018. Adira Finance’s total comprehensive income increased by 56.91% to IDR1.99 trillion, while Adira Finance’s earnings per share improved to IDR1,815. The following is the summary of the 2016-2018 statement of Profit or Loss and other comprehensive income:

(In billion Rupiah)


2016-2017 2017-2018

Total Income 8,413.07 9,136.87 10.183.76 8.60% 11.46%

Total Expenses (6,696.98) (7,014.91) (7,699.19) 4.75% 9.75%

Income before Income Tax Expenses 1,716.09 2.121.96 2,484.57 23.65% 17.09%

Income Tax Expenses (706.74) (712.81) (669.31) 0.86% -6.10%

Income for the Year 1,009.35 1,409.15 1,815.26 39.61% 28.82%

Other Comprehensive Income net of Tax (60.44) (142.68) 172.02 136.07% -220.56%

Total Comprehensive Income for the Year 948.91 1,266.47 1,987.28 33.47% 56.91%

Adira Finance recorded total income mainly deriving from financing income, consisting of consumer financing income, murabahah margin, finance lease, and other income for the 2016-2018 period as follows:(In billion Rupiah)


2016-2017 2017-2018

Consumer Financing 4,719.48 4,960.23 6,866.94 5.10% 38.44%

Murabahah Margin 1,604.31 2,356.11 1,545.35 46.86% -34.41%

Finance Leases 191.52 99.03 44.75 -48.29% -54.81%

Others 1,897.76 1,721.50 1,726.72 -9.29% 0.30%

Total Income 8,413.07 9,136.87 10,183.76 8.60% 11.46%


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Adira Finance’s consumer financing income has the largest income contribution, achieving 67.43% of the total income, amounting to IDR10.18 trillion in 2018. Total income from consumer financing acheived IDR6.87 trillion in 2018, an increase of 38.44%, as compared to the previous period which amounted to IDR4.96 trillion. The increase in operating income from consumer financing is in line with the increase in consumer financing receivables, supported by the improvement in automotive sales in Indonesia.

Adira Finance’s murabahah margin provided the second largest contributor to total income. The murabahah margin decreased by 34.41% to IDR1.55 trillion in 2018, as compared to the position in 2017 which amounted to IDR2.36 trillion. The decline is in line with the weakening of the sharia financing activities in the national financing industry.

In addition to consumer financing and sharia-based financing, Adira Finance also offers Finance lease products for motor vehicles. Income from this business segment amounted to IDR44.75 billion, equivalent to 0.44% of the total Finance lease income in 2018, decreasing by 54.81%, as compared to the position in 2017 which amounted to IDR99.03 billion. The decrease in Finance lease income was primarily in line with the Company’s focus to optimize on the consumer financing segment in the midst of the improving Indonesian automotive sales.

Adira Finance posted other income or income apart from financing interest income deriving from administration, late charges on overdue installment payments by consumers penalties due to early settlements of consumer loans, recovery of written-off receivables, interest income from current accounts, time deposits, and others. Other income achieved IDR1.73 trillion in 2018, an increase of 0.30%, as compared to the achievement in 2017 which amounted to IDR1.72 trillion.

The total of Adira Finance’s operating expense achieved IDR7.70 trillion in 2018 or an increase of 9.75%, as compared to the position in the previous year which amounted to IDR7.01 trillion. Operating expenses had a contribution of around 44.08% of total expenses in 2018.

(In billion Rupiah)


2016-2017 2017-2018

Salaries and Benefits 1,731.67 1,892.57 2,031.36 9.29% 7.33%

General and Administrative 1,062.23 1,106.80 1,362.60 4.20% 23.11%

Operating Expenses 2,793.90 2,999.37 3,393.96 7.35% 13.16%

Interest expense and financing charges & revenuesharing for mudharabah sukuk

1,974.78 1,836.38 1,798.11 -7.01% -2.08%

Provision for Impairment Losses 1,652.40 1,661.42 1,763.90 0.55% 6.17%

Marketing and Others 275.90 517.74 743.22 87.65% 43.55%

Total Expenses 6,696.98 7,014.91 7,699.19 4.75% 9.75%

Operating expenses consist of salaries and benefits expenses as well as general and administrative expenses. Both expenses increased by 7.33% and 23.11% to IDR2.03 trillion and IDR1.36 trillion in 2018 along with the Company’s business expansion in 2018.

Cost of funds consist of interest expenses and provision of bank loans and bonds payable (interest and financing expense) as well as sukuk mudharabah, which represents sources of financing other than the joint-financing (non-JF) scheme. If receivables are posted under the joint-financing scheme, than related costs will be presented on net basis as interest income from financing. When the receivables are posted and funded from self-funding, the cost of funds will be presented as interest and financing expense as well as profit sharing of sukuk mudharabah.



Adira Finance’s cost of funds reached IDR1.80 trillion in 2018, decreasing by 2.08% from the position in the previous year which amounted to IDR1.84 trillion. The decrease in the cost of funds is in line with the decrease of financing expenses deriving from bonds payable and revenue sharing of mudharabah loans which decreased by 5.33% and 29.73%, respectively. Meanwhile, expenses for bonds payable increased by 0.18% to IDR854.76 billion.(In billion Rupiah)


2016-2017 2017-2018

Interest on borrowings 960.49 853.19 854.76 -11.17% 0.18%

Interest on bonds payable 962.87 898.03 850.18 -6.73% -5.33%

Revenue sharing for Mudharabah loans 12.61 42.99 30.21 240.92% -29.73%

Amortization of Mudharabah bonds issuance expenses

1.45 1.12 2.18 -22.76% 94.64%

Provision and administration expenses on Mudharabah loans

- 0.73 0.34 100.00% -53.42%

Revenue sharing for mudharabah sukuk 37.36 40.32 60.44 7.92% 49.90%

Total 1,974.78 1,836.38 1,798.11 -7.01% -2.08%

Salaries and benefits expenses reached IDR2.03 trillion in 2018, an increase of 7.33% from the position in 2017 which amounted to IDR1.89 trillion, in line with the adjustments of the regional minimum wages and adjustments of employee salaries. The following table describes the details regarding the Company’s salaries and benefits expenses for 2016-2018:

(In billion Rupiah)


2016-2017 2017-2018

Salaries & benefits 1,623.42 1,775.15 1,817.68 9.35% 2.40%

Post-employment Benefits 69.49 76.92 150.50 10.69% 95.66%

Training and Education 38.76 40.50 63.18 4.49% 56.00%

Total 1,731.67 1,892.57 2,031.36 9.29% 7.33%

Adira FInance’s general and administration expenses comprise of office expenses, rental expenses, transportation, installment collection fees, repair and maintenance, depreciation of fixed assets, postage and stamp duties, intangible assets amortization, printing and documentation, bank administration, and fixed assets insurance, which increased along with the increasing activities in Adira Finance’s operations.

(In billion Rupiah)

Description 2016 2017 2018Pertumbuhan (%)

2016-2017 2017-2018

Office Expenses 454.46 481.66 544.97 5.99% 13.14%

Rental Expenses 182.29 189.48 197.02 3.94% 3.98%

Transportation 53.29 60.60 74.74 13.72% 23.33%

Installment collection fees 45.13 63.75 73.18 41.26% 14.79%

Repairs and Maintenance 61.87 59.52 67.61 -3.80% 13.59%

Depreciation of Fixed Assets 75.09 62.93 60.24 -16.19% -4.27%

Postage and stamp duties 51.17 43.07 51.21 -15.83% 18.90%

Intangible Assets amortization 23.65 22.70 32.51 -4.02% 43.22%

Printing and documentation 24.59 23.57 26.63 -4.15% 12.98%

Bank administration 8.48 8.81 6.47 3.89% -26.56%

Fixed Assets insurance 0.43 0.55 1.10 27.91% 100%

Others 81.78 90.16 226.92 10.25% 151.69%

Total 1,062.23 1,106.80 1,362.60 4.20% 23.11%


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The total for general and administrative expenses was recorded at IDR1.36 trillion in 2018, an increase of 23.11%, as compared to the achievement of IDR1.11 trillion in 2017. Office expenses and rental expenses are still the main components of general and administrative expenses with a respective contribution of 39.99% and 14.46%. Other expenses increased significantly by 151.69% to IDR226.92 billion, as compared to the previous year.

Provision for impairment losses on financing receivables is the provision made based on the collective evaluation of objective evidence that financial assets are impaired. The collective evaluation of impairment loss uses a vintage method, based on the Company’s historical trends. The results will be periodically compared with actual results to ensure that the estimate is still adequate.

In 2018, Adira Finance’s provision for impairment losses amounted to IDR1.76 trillion, an increase of 6.17%, as compared to the position in the previous year which amounted to IDR1.66 trillion. Economic conditions that are indicating improvements supported by an increase in automotive sales provided room for growth for financing receivables while still taking into account the principle of prudence. The management considers that the established allowance for depreciation losses is adequate to cover possible losses arising from uncollectible consumer financing receivables.

Adira Finance’s marketing expenses achieved IDR722.91 billion in 2018, an increase of 65.09%, as compared to the position in 2017 which amounted to IDR437.90 billion. The portion of marketing expenses consists of marketing expenses for dealers and consumers, achieving IDR681.66 billion and IDR41.24 billion respectively in 2018, as compared to IDR413.64 billion (dealers) and IDR24.26 billion (consumers) in 2017. Meanwhile, other expenses which consist of provision for impairment losses of other receivables

and other expenses amounted to IDR20.31 billion in 2018, 74.56% lower than the position in the previous year which amounted to IDR79.84 billion.

Adira Finance’s income for the year amounted to IDR1.82 trillion in 2018, growing by 28.82% as compared to the achievement in 2017 which amounted to IDR1,41 trillion. The increase in income for the year is in line with the increase in total revenue in 2018 which achieved IDR10.18 trillion. Meanwhile, total expenses were relatively well maintained at IDR7.70 billion, allowing Adira Finance to post improved profitability.

The Company performs a calculation of post-employment benefits, and the corresponding income/ (losses) actuarial that occurs in the adjustment and changes in the actuaria assumption is presented in the income statement and other comprehensive income as an account which will not be reclassified to the income statement. In addition, Adira Finance also maintains derivative instruments, which will be used to hedge the interest rate and foreign exchange risks exposure, which arise due to the Company’s foreign working capital loans denominated in foreign currency and under a floating rate. Derivative instruments for Risk Management purposes are measured at fair value in the Company’s financial statements. The effective portion of changes in the fair value of derivatives designated as hedging instruments of cash flows is presented under the income statement and other comprehensive income for the year as an account to be reclassified to the income statement.

Adira Finance recorded profits from other comprehensive income in 2018 amounting to IDR172.02 billion, as compared to losses in 2017 which amounting to IDR142.68 billion. However cumulatively, Adira Finance’s total comprehensive income for the year improved by 56.91% to IDR1.99 trillion in 2018, as compared to IDR1.27 trillion in the previous year which was supported by an increase in Adira Finance’s income for the year.



CASH FLOWS(In million Rupiah)


2016-2017 2017-2018

Cash flow from operating activities 970.45 1,006.29 (656.05) 3.69% -165.19%

Cash flow from investment activities (84.34) (91.72) (145.47) 8.75% 58.60%

Cash flow from financing activities (1,005.15) 366.20 269.12 136.43% -26.51%

Net cash increase/(decrease) in cash on hand and in Banks

(119.04) 1,280.77 (532.40) 1.175.92% -141.57%

Cash on hand and in Banks, at beginning of year

1,059.99 940.95 2,221.72 -11.23% 136.11%

Cash on hand and in Banks, at end of year 940.95 2.221.72 1,689.32 136.11% -23.96%

Net cash of Adira Finance from operating activities amounted to IDR656.05 billion in 2018, as compared to IDR1.01 trillion in 2017. The decrease in operating cash was in line with the increase in cash disbursement by 12.56% for financing activities during the improvement in automotive sales in Indonesia for 2018. On the other hand, there is still an increase in cash received of IDR5.06 trillion. Therefore, the Company experienced a deficit in cash flows from its operating activities in 2018.

Net cash of Adira Finance used for investing activities amounted to IDR145.47 billion in 2018, as compared to IDR91.72 billion in the previous year. The increase was mainly due to a significant increase in fixed assets to IDR104 billion in 2018, up from IDR47.5 billion in the previous year, which is in line with the Company’s policies to transform the business among others by digitalizing the business process through the enhancement of information technology. In addition, the Company posted an increase in the purchases of intangible assets amounting to IDR46.8 billion, as compared to IDR48.48 billion in 2017.

Adira Finance acquired net cash that was utilized for financing activities in 2018 in the amount of IDR269.12 billion, as compared to the net cash from financing activities in the previous year which amounted to IDR366.20 billion. This decrease was mainly due to the payment of bonds principals, which matured in 2018 in the amount of IDR4.23 trillion, as compared to IDR2.75 trillion in the previous year. In addition, the Company also made payments on the principal of the mudharabah bonds in the amount of IDR423 billion in 2018, as compare to the previous year of IDR75 billion.

LIABILITIES REPAYMENT Adira Finance continuously monitors the solvency ratio, gearing ratio, and maturity profile of the financial assets and liabilities to ensure adequate liquidity in meeting the obligations, both short and long term. This is in line with the Company’s policy to have sufficient financial resources to meet its matured liabilities as well as running its business.


Solvency

Assets Solvency (x) 0.8 0.8 0.8

Equity Solvency (x) 4.6 4.1 3.5

Gearing Ratio (x) 4.1 3.7 3.1

Solvency The Company was able to maintain a sound solvency ratio. Adira Finance’s liabilities to equity ratio was 3.5x. This ratio has decreased as compared to the liabilities to equity ratio in 2017 which stood at 4.1x.


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In addition, the assets solvency ratio was managed properly within these 3 years and was maintained at the level of 0.8x in 2018, 2017, and 2016. The low assets solvency ratio indicates that only a portion of the assets are financed using liabilities, allowing the Company to have high capacity in repaying debts.

Gearing Ratio The gearing ratio compares the total bank borrowings, bonds payable, and mudharabah bonds to equity. The gearing ratio of Adira Finance signifies an improvement in 2018 to 3.1x, as compared to the position in 2017 and 2016 which stood at 3.7x and 4.1x respectively. The ratio improvement was in line with the increase in the Company’s equity due to the improving financial performance in 2018.

The Company has a gearing ratio that is lower than the maximum limit acceptable in accordance with POJK No. 29/POJK.05/2014 regarding Business Conduct for Financing Company of 10x.

Matching of Financial Assets and LiabilitiesThe Company established the Assets and Liabilities Committee that monitors the conditions and situations related to liquidity as well as conducting mitigations if needed in terms of Liquidity Risk Management. The effectiveness of this committee can be observed from the proper management and maturity gap of Assets and liabilities. The following is the table of the Company’s maturity of Assets and liabilities for the 2016-2018 period:

(In billion Rupiah)

Maturity of Financial Assets & Liabilities

2016 2017 2018

≥ 1 year ≤ 1 year ≥ 1 year ≤ 1 year ≥ 1 year ≤ 1 year

Financial assets 20,100.86 13,622.09 23,905.59 15,223.35 23,229.74 18,758.20

Financial liabilities 13,940.49 9,379.14 15,412.97 8,582.79 13,327.19 11,860.94

Maturity gap 6,160.37 4,242.96 8,492.62 6,640.56 9,902.55 6,897.27

RECEIVABLES COLLECTIBILITYAll financing receivables of Adira Finance are managed by the Company, both funded through the Company’s self-financing as well as joint-financing. The entire process includes starting from financing acquisition to collection, as well as credit risk management concerning the consumer financing, murabahah financing, and finance lease receivables based on the risk profile of the customers.

The Company categorizes its collection based on the days of delinquency. The aging analysis of managed financing receivables – gross from 2016-2018 is as follows:

(In billion Rupiah)


Current 44,859.24 44,461.51 52,671.41

Overdue 1-90 days 10,842.26 12,435.68 12,179.14

Overdue > 90 days 898.44 987.15 1,182.72

Financing receivables – gross 56,599.94 57,884.34 66,033.27

% Total overdue to total financing receivables – gross 20.74% 23.19% 20.24%

Total overdue financing receivables – gross during 2016, 2017, and 2018 are respectively 20.74%; 23.19%; and 20.24%. Overdue financing receivables increased/decreased to the total financing receivables, in line with the improvement in the Indonesian economy. Nevertheless, the Company continuously conducts credit risk control efforts to ensure that it will be maintained at a controlled level.

The quality of consumer financing receivables can be observed in Non-Performing Financing (NPF), which is assessed from >90 days, in which the Company also assessed the quality of financing receivables managed based on the NPL (principal of managed financing receivables of active contracts). The Company’s NPF in the last three



years is 1.7% (2018); 1.6% (2017); and 1.5% (2016). Due to Indonesia’s economic conditions, which has an influence on the people’s purchasing power impacted the NPF ratio. The Company strives to manage the NPF level to below 2.0% by applying the principles of Risk Management that are carefully implemented.

The Company also monitors financing receivables in the Non-Performing Financing receivables, which consists of substandard, doubtful, and loss, pursuant to OJK Regulation No.29/POJK.05/2014. This regulation stipulates that Non-Performing Financing receivables (excluding joint-financing portion) net of allowance for depreciation losses was at 5% maximum. The Company’s NPF for 2018, 2017, and 2016 were 0.4%, 0.4%, and 0.3% respectively.

OTHER RELEVANT FINANCIAL RATIOSAdira Finance consistently conducts financing business activities in accordance to the principle of prudence and adheres to the regulations of Bank Indonesia and the Financial Services Authority as well as all applicable

laws. Adira Finance has been able to meet the financial ratios regulated by regulators even though Adira Finance conducted continuous financing expansion to take advantage of the improvement in momentum in national automotive sales as the Indonesian economy began to show signs of improvement.

The following is the comparison of the performance of Adira Finance’s main financial ratios as compared to the performance of the financing industry in 2018:

Description Industry Adira Finance

FAR 86.43% 88.49%

GR (x) 2.99x 3.1x

MSMD 276.68% 6,583.79%

NPF 2.71% 1.7%

ROA 4.34% 6.0%

ROE 13.87% 28.4%

BOPO 80.72% 75.60%

CAPITAL STRUCTUREThe objective of Capital Management is to protect the Company’s ability to maintain its business continuity, allowing it to continue providing returns to the shareholders. The Company’s commitment in returning the shareholders’ investment is conducted in the form of cash dividends. Since the Initial Public Offering, the Company always distributes dividends to its shareholders annually and has also established a minimum dividend policy of 20% of the net profit of the current year while still taking into account the Company’s funding requirement in the following year as well as the dividend policy taken by PT Bank Danamon Indonesia Tbk as the controlling shareholder.

Details of Capital StructureThe following is Adira Finance’s Capital Structure in 2018:

Composition to Assets 2016 2017 2018

Liabilities 81.99% 80.52% 77.69%

Borrowings 42.03% 35.75% 37.39%

Bonds payable – net 30.51% 33.10% 29.91%

Mudharabah Bonds 0.69% 2.38% 2.44%

Other liabilities 8.77% 9.29% 7.94%

Equity – net 18.01% 19.48% 22.31%

Assets 100.00% 100.00% 100.00%


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Management Policies concerning Capital StructureAs stipulated in the Company’s Articles of Association, the Company’s Authorized Capital amounts to IDR400.00 billion, consisting of 4 billion shares with a nominal value of IDR100 per share. From the authorized capital, 1 billion shares have been issued by the shareholders, thus the Company’s capital amounts to IDR100 billion.

In managing the Capital Structure, the Company refers to the Financial Services Authority Regulation No.28/POJK.05/2014 dated 19 November 2014 regarding Business Licenses and Financial Services Institutions as well as the Financial Services Authority Regulation No.29/POJK.05/2014 dated 19 November 2014 regarding Business Conduct of Financing Companies, which among others governs the following:• Minimum equity of IDR100 billion;• Equity ratio at the minimum of 50% of total paid-up

capital; and• Gearing Ratio, which is the amount of the

Company’s financing to equity deducted by subordinated loan and investment, is maximum 10 times, both for foreign and domestic loans.

in Indonesia has met the capital requirements set out by the regulator with the following conditions:• Equities at the end of 2018 and 2017 are above the

minimum requirements, which are IDR7.03 trillion and IDR5.75 trillion, respectively.

• Its equity acheived 6,584% and 5,382% of the total paid-up capital in 2018 and 2017.

• The gearing ratio for 2018 and 2017 are respectively 3.1x and 3.7x or far below the maximum allowable limit of 10 times.

Basis for Management Selection regarding Capital Structure Policy Furthermore, in the OJK Circular Letter No.1/SEOJK.05/2016 dated 23 February 2016 regarding Financial Soundness of Finance Companies regulated that capital ratio, of which finance companies are required to fulfil this ratio at the minimum of 10%. The capital ratio is a comparison of adjusted capital to adjusted assets. In 2018 and 2017, the Company’s capital ratio stood at 24.5% and 21.8%, respectively.

The appropriation of net income for the year includes the appropriation for the reserve requirement, dividend payout, and other uses as resolved by shareholders in a GMS in the event the Company delivered a positive net income. The Articles of Association states that the portion of net income for reserve requirement (minimum 20% of the authorized capital) is appropriated to cover the losses incurred by the Company.

Furthermore, details of the Company’s capital for 2016-2018 have been disclosed in this section under Equity in this Annual Report.

MATERIAL COMMITMENTS TO CAPITAL EXPENDITUREIn 2018, the Company has no material commitments in capital expenditures, therefore the explanation related to: Name of party making the commitments; commitment objectives; source of funds; currency; and measures of currency risk protection are not presented in this section.

CAPITAL EXPENDITURES IN THE LAST FISCAL YEARThe Company invests in fixed Assets and software for the purpose of business growth. The following is details of Capital Expenditure in 2016-2018 based on cash flow:

(In million Rupiah)


Fixed Assets 60,716 47,561 103,992

Software and Software under development 27,769 48,485 46,881

Total capital expenditure 88,485 96,046 150,873



The Company’s Capital Expenditure in 2016, 2017 and 2018 was IDR88.5 billion, IDR96.0 billion and IDR151 billion, respectively. The Capital Expenditure was mainly utilized for the development of services, business networks, and information technology infrastructure for the purpose of supporting the growth of the Company. In line with the Company’s strategies to optimize the existing resources, the Company’s Capital Expenditure is largely focused on Information Technology related developments.

COMMITMENT AND CONTINGENCYIn 2018, the Company did not record any significant commitments and contingencies.

COMPARISON OF 2018 TARGET AND REALIZATIONThe Company has succeeded in improving its business performance by utilizing the momentum of automotive sales improvement in Indonesia despite facing many challenges throughout 2018 with the following target achievements:

Description Unit 2018 Target 2018 Realization

Growth of new financing in Rupiah trillion 4.56 5.46

Managed financing receivables in Rupiah trillion 48.00 51.30

Income for the year in Rupiah trillion 1.63 1.82

Dividend-Payout Ratio % Minimum 20% of previous year’s profit 50%

Gearing Ratio x Maximum 10x 3.1

NPF (including joint-financing portion) % Below 2% 1.7

Market Share of New Cars % Above 4.0 4.8

Market Share of New Motorcycles % Above 11.0 11.8

2019 PROJECTIONSThe Company has prepared the business prospects as outlined in the 2019 Business Plan by considering various dynamics of external factors that are still indicating numerous challenges. In addition, recognizing the achievements and based on indications of the operational environment in 2018, some of the key performance targets set out by the Company include:1. New financing distribution is projected to grow by approximately 5-10%;2. NPL is targeted to be maintained below 2%; 3. The gearing ratio is targeted to be kept below the regulatory limit (10 times).

MATERIAL FACTS AND INFORMATION SUBSEQUENT TO ACCOUNTANT’S REPORT DATEThe Company has no material facts and information subsequent to accountant’s report date on 28 January 2019, which could impact the Company’s performance and business risks. Therefore, material facts and information as well as its impacts to the performance and business risks are not presented in this section.


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2019 BUSINESS PROSPECTSAdira Finance considers the dynamics of the external factors, both globally and domestically in compiling its 2019 business prospects. The economic indicators that have been set out by credible institutions, especially the government and the World Bank that have been considered by the Company are as follows:· Protectionism and taxation; the continuation of monetary policy normalization in developed countries; and

geopolitical factors.· The Government’s estimate concerning economic growth in 2019 is at 5.3%· Controlled inflation at the level of 3.5%· Estimated stable world oil prices in the range of US$70.00/barrel.· The Rupiah traded is weakening at the level of IDR15,000 per US Dollar.

In compiling the business prospects, the Company also refers to the external factors, both at global and domestic levels, mainly related to economic indicators projected by credible institutions, in particular the government and the World Bank.

Nevertheless, automotive sales are expected to continue to grow supported by strong growth in household expenditure as one of the main drivers of Indonesia’s economic surge. The Indonesian Automotive Industry Association (Gaikindo) is estimating that car sales will achieve 1.2 million units. In addition, the Indonesian Motorcycle Industry Association (AISI) is also estimating motorcycle sales to reach 6.3 million units in 2019.

MARKETING ASPECT

Marketing StrategyCurrently, the focus of Adira Finance’s business is to provide financing services in Indonesia. The Company provides financing services that cover a variety of financing products, including: multipurpose financing for new and used motorcycles, new and used cars, and durable goods, to working capital and investment.

In order to improve the brand value, the Company continues to implement marketing strategies that are appropriate and flexible with the latest market conditions, while still remaining prudent in financing distribution, increasing productivity and efficiency in controlling assets quality at a sound level, as well as funding strategies to obtain the optimal cost of funds. The result is a performance that can be maintained properly, both in financial and non-financial aspects. On the other hand, other strategies implemented by the Company also includes serving the Indonesian people to the fullest through a comprehensive variation of products.

Adira Finance positions itself as a “One-Stop Solution” for consumers, in which any consumers’ financing demands will be provided by Adira Finance. In addition to having the tagline “Sahabat Setia Selamanya” as a form of our commitment, the Company has also developed momotor and momobil as digital marketing financing products along with the developments in technology while maintaining cooperations with dealers. Both platforms bring together buyers with individuals and automotive dealers, and provide self-financing and trusted services from Adira Finance. The Company also cooperates with several marketplaces to support its financing product sales amid the rapid development of online sales in Indonesia. By implementing a variety of marketing strategies, the Company is able to maintain its clear market share in both the car financing industry and the motor vehicle industry.



Market Share


Assets

Industry 442.8 477.2 504.8


Market share to industry 6.2% 6.2% 6.2%

Financing receivables

Industry 387.5 414.8 436.3



Sales of new motorcycles(thousand units)

Industry (000) 5,931 5,886 6,383



Sales of new cars (thousand units)

Industry (000) 1,061 1,080 1,151



In 2018, the market share of the Company’s assets was 6.24%. This was supported by the increase in Adira Finance financing receivables, which was able to post a market share of 6.39%. This market share was considered significant since there were 185 active financing companies across Indonesia in 2018.

In terms of automotive product’s financing, the new motorcycle financing market was at 11.84% in 2018. Meanwhile, the market share for new cars financing achieved 4.83%. The achievement of the financing market share of the two automotive products was able to post a better performance as compared to the previous year. This was supported by the various efforts of the Company to maintain its market share through various strategies and innovations in the marketing of financing products. A more detailed discussion concerning the marketing aspects of the Company can be viewed in the Marketing sub-section in this Annual Report.

DIVIDEND POLICYThe dividend pay-out policy has been disclosed and outlined in the Company’s Public Offering prospectus on 31 March 2004, as follows:· All of the Company’s shares that have been fully paid-up, including shares offered during the Public Offering

on 31 March 2004, are similar and equal in all respects, including the rights over the cash dividend;· In accordance with the Company’s Articles of Association, dividend payments must be approved by the GMS

by also considering the Company’s financial position and financial soundness; and· By considering the Company’s net income, current year liquidity, and without reducing the rights of the GMS

to resolve otherwise based on the Company’s Articles of Association, the Company’s management would pay-out cash dividend at minimum 20% of the net income.

In implementation, the Company has complied with the abovementioned dividend pay-out policy by distributing cash dividends at a minimum 20% of the net income, as detailed below:


Number of Shareholders 901 902 902

Authorized Capital

Number of Shares 4,000,000,000 4,000,000,000 4,000,000,000

Nominal Value (IDR Million) 400,000 400,000 400,000

Issued and Fully Paid Shares

Number of Outstanding Shares 1,000,000,000 1,000,000,000 1,000,000,000


Unissued Shares


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Number of Shares 3,000,000,000 3,000,000,000 3,000,000,000


Cash Dividend

Net Income in Prior Year (IDR Million) 332,500 505,000 704,000

Earnings per Share (IDR) 665 1,009 1,409

Cash dividend per share 392.5 505.0 704.5

Cash Dividend Percentage to Net Income in Prior Year 50.0% 50.0% 50.0%

Cash Dividend Growth -16.0% 51.9% 40.0%

GMS Date 18-May-16 17-May-17 20-Apr-18

Cash Dividend Pay-Out Date 17-Jun-16 16-Jun-17 23-May-18

EMPLOYEE/ MANAGEMENT SHARE OWNERSHIP PLANSince the establishment of Adira Finance through to 31 December 2016, the Company has not provided either an Employee Share Ownership Plan (ESOP) or Management Share Ownership Plan (MSOP).

Therefore, the Company does not present information related to the number of ESOP/MSOP shares and their realization; time period; the requirements of employees and/or management who are entitled; and exercise prices.

PROCEEDS FROM PUBLIC OFFERINGTo comply with OJK Regulation No.30/POJK.04/2015 regarding the Obligation to Submit Report concerning the Use of Proceeds from Public Offerings, the Company has submitted the report concerning the use of Public Offering proceeds as follows:

No Type of Public Offering Effective Date

Realized Amount from Public Offering

(IDR Billion)Outstanding

Amount from Public

Offering

Letter Number and Reporting Date

Total Public Offering

NetAmount

1 Continuing Bonds IV Adira Finance Phase II

22-Mar-18 1,630 1,625 - No: 124/ADMF/CS/IV/18 dated 18 April 2018

2 Continuing Mudharabah Bonds III Adira Finance Phase II

22-Mar-18 490 488 - No: 125/ADMF/CS/IV/18 dated 18 April 2018

3 Continuing Bonds IV Adira Finance Phase III

20-Aug-18 2,260 2,253 - No: 262/ADMF/CS/IX/18 dated 18 September 2018

As disclosed in the prospectus issued for the purpose of the Public Offering mentioned above, all proceeds from the Public Offering would be utilized for vehicle financing as the Company’s main business activity. As a result, as of the end of 2018, the remaining unused amount was nil. Furthermore, there were no changes on the utilization of proceeds from the public offering.

MATERIAL INFORMATION REGARDING INVESTMENT, EXPANSION, DIVESTMENT, BUSINESS MERGER, ACQUISITION, AND DEBT/ CAPITAL RESTRUCTURINGIn 2018, the Company conducted no material investments, divestment, business mergers, acquisition, or capital restructuring.



TRANSACTIONS WITH RELATED PARTIES AND TRANSACTIONS WITH CONFLICTS OF INTERESTThroughout 2018, the Company did not conduct any transactions containing conflicts of interest. In terms of transactions with related parties, Adira Finance conducts transactions with various related parties, given that the entity is under the same control and/or management in its business activities, the policies and transaction conditions have been mutually agreed upon to have been carried out on all related party transactions. Adira Finance does not provide special treatment in transactions with related parties and the transactions are carried out in accordance with all applicable regulations. More detailed information regarding transactions with related parties is listed in Note 36 in the Financial Reports section of this Annual Report.

Ongoing transactions with related parties as of 31 December 2018 are as follows:

Related Parties Nature of Relation Type of Transaction Amount of Transaction

Transaction to Total Assets or Liabilities;

Total Income or Expenses

PT Bank Danamon Indonesia Tbk

Parent Company Recorded in the financial statements

of Bank Danamon Indonesia

N/A

Cash in the bank 1,259,629 4.00%

Finance leases receivables

241 0.00%

Purchase of bonds 63,000 0.26%

PT Asuransi Adira Dinamika

Owned by the same controlling shareholder, the same key management and shareholder

Insurance cooperation in respect of motor vehicles under consumer financing

163,957 0.67%

Health Insurance 33,122 0.11%

Insurance of the Company’s fixed assets

51

0.00%

Purchase of bonds and Sukuk

447,000 1.83%

Sukuk Mudharabah Purchase

40,000

0.16%

PT Adira Quantum Multifinance ((in the process of liquidation)

Owned by the samecontrolling shareholder

Investment in shares 650 0.00%

DBS Bank (Singapore), Ltd.

Owned by the same ultimate shareholder

Purchase of bonds 53.000 0.22%

PT Bank DBS Indonesia Owned by the same ultimate shareholder

Cash in the bank 20 0.00%

Purchase of bonds 40.000

0.16%

MUFG Bank, Ltd. (since 2018)

Shareholders of the parent company

Cash in the bank 7 0.00%

Derivative contract 54.205 0.17%

PT General Integrated Company

Owned by one of the Parent Company Commissioners

Debt to the dealer 81 0.00%


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SIGNIFICANT IMPACT OF CHANGES IN REGULATIONS ON THE COMPANY

The following table describes several changes in the regulations throughout 2018 and the impacts on Adira Finance:

Regulations (OJK and BI) Summary of Changes/Description of Regulations Impact on the Company

OJK Regulation No.7/POJK.04/2018 on Submission of Reports through Electronic Reporting System by Listed Companies or Public Company

The regulation requires Listed Company and Public Company to submit online reports to the OJK through SPE website, at the latest by 25 October 2018. Listed Company or Public Company are exempted from the requirement, if the following event occurs: technical problems at SPE website or force majeure.

Adira Finance as part of Financial Services Institution is capable of implementing the Digital Financial Innovation with compliance to the requirements and criteria in the Regulation.

OJK Regulation No. 22/POJK.02/2018 on Amendment to OJK Regulation No. 3/POJK.02/2014 on Implementing Procedures for Retribution by the Financial Services Authority

The regulation amended several stipulations in OJK Regulation No. 3/POJK.02/2014, among others, changing the period between receivables to retribution, verification procedure on retribution, and the authority of OJK to adjust the administrative sanction on items not arising from financial services provided by the Company.

No significant impact on ADMF

OJK Regulation No. 34/POJK.03/2018 on Reassessment of Lead Entity in Financial Services Institution

The regulation states that reassessment of lead entity by OJK is conducted in the event of indications of involvement and/or responsibility in the integrity, financial viability, financial reputation and/or issues of competence at Financial Services Institutions.

No significant impact on ADMF

OJK Regulation No. 35/POJK.05/2018 on Business Implementation of Financing Companies

The regulation amended a number of stipulations in OJK Regulation No. 29/POJK.05/2014, among others: the limit on acquisition cost to 17.5% for each financing agreement, down payment of 0% for financing companies with NPF ratio of 1% (or less).

Currently, ADMF is allowed to set a down payment of 0%, subject to consideration of risk level.

OJK Regulation No.13/POJK.02/2018 concerning the Digital Financial Innovation in Financial Sector

The regulation governs the Digital Financial Innovation (“DFI”), referring to innovations in business proceeses, business models and financial instruments that provides added value in the financial sector through the digital ecosystem.

Adira Finance as part of Financial Services Institution is capable of implementing the Digital Financial Innovation with compliance to the requirements and criteria in the Regulation.

CHANGES IN ACCOUNTING POLICIESThe Financial Accounting Standard Board of Indonesia Institute of Accountants and the Sharia Financial Accounting Standard Board of Indonesia Institute of Accountant has set SFAS and Interpretation of SFAS (IFAS) which are effective as at 1 January 2018, as disclosed in the Notes no. 2.c. in the audited Financial Statements in this Annual Report.



The implementation of the above standards did not result in changes to the Company’s accounting policies and had no significant impact on the amounts reported for current or prior financial years.

The following table describes several changes in accounting standards during 2018 and its impact on Adira Finance:

Accounting Standards Summary of Changes Reason for the Change Impact on the Company

Amendment to SFAS 2 “Cash Flows Report on Disclosure Initiatives”

Additional disclosure on reconciliation of initial and ending balances of cash flows from financing activites

Allowing financial statements users to evaluate changes in liabilities in financing activities (cash flows report), including changes arising from cash flows and non-cash activities.

Additional disclosure is described in Note 39 to the Audited Financial Statements attached to this Annual Report.

Annual adjustment to SFAS 67 “Disclosure of Interests in Other Entities”

Emphasizing the disclosure on presentation of Interests in Other Entities that are classified as held for sale.Disclosure of description of interests in other entities, the facts and conditions of sale, or information on disposal/methods/timing of disposal of Interests in Other Entities (if any).

Clarifying that the required disclosure in SFAS 67 is also applied to Interests in Other Entities classified under SFAS 58: Non-Current Assets Held for Sale and Discontinued Operations.

Emphasizing disclosure on interests in Adira Quantum, and has been described in Note 11 to the Audited Financial Statements attached to this Annual Report.

COMPLIANCE IN TAX PAYMENTAdira Finance as a public company that runs its business in Indonesia contributes to the state in the form of fulfilling the Company’s obligations as a taxpayer and as a tax collector. The following is a table of tax obligation fulfillments:

No Description2016 2017 2018

Total (In IDR million) Total (In IDR million) Total (In IDR million)

1 Value Added Tax 40,375 48,697 60,895

2 Income Tax 273,360 248,055 308,054

3 Corporate Income Tax 703,820 741,822 727,154

4 Other Taxes 19,705 21,728 25,585

Total 1,037,260 1,060,302 1,121,688


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BUSINESS SUSTAINABILITY INFORMATIONStronger economic growth in 2018 accompanied with proper inflation control by the Government together with Bank Indonesia (BI) helped maintain the growth of household consumption as the main driver of Indonesia’s economy. Indonesia’s economic growth of 5.17%, was supported by inflation of 3.13% or still in accordance with the targets set out by BI, is also a factor that has affected the sustainability of the Company’s business. Both of these factors have contributed to the improvement in automotive sales in Indonesia, which became a driver of the development of the financing businesses in Indonesia.

The management is convinced that the economic indicators can be properly managed by the Government by referring to the economic growth achievement in 2018. The management of a mutually supportive fiscal and monetory sector is expected to be able to provide stronger economic fundamentals as well as reducing the dynamics taking place in the global economy. This is expected to strengthen the financial sector in Indonesia, including the financing industry, particularly in addressing fluctuations of the Rupiah against the US Dollar, which is being faced by other countries as well.

The Company’s business activities are expected to grow in 2019 even though it is a political year. The track record for political events have been smooth in the past, and economic indicators that can be properly managed become the driver for business growth in Adira Finance. In addition, the increase in GDP per capita that is in line with the increase in Indonesia’s GDP is expected to be able to improve the Company’s financing business. The increase in GDP per capita is also expected to maintain as well as increase the consumers’ purchasing power towards automotive products as well as other products financed by financing companies.

Internally, the Company’s strength as one of the leading financing companies in Indonesia with a reliable track record and reputation is expected to be able to maintain the business sustainability of Adira Finance over the coming years. Complemented with strong shareholders, the Company’s high flexibility in acquiring funding sources, both from domestic and foreign banks can be relied upon. In addition, with a AAA debt securities rating, the Company has a relatively cheap cost of funds from the Indonesian Capital Market, so it is expected to be able to support the expansion of the financing business in the future. This is reinforced by continuous digital transformation of the business to respond to the rapid development in Information Technology.



Operation

Adira Finance seeks to implement the

Company’s strategic policies in business

processes properly and effectively, as well

as constantly adapting to support the

Company’s performance in order to achieve the

operational and business growth targets.


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Adira Finance always implement directed and effective operational activities in providing service that meet the customer needs and expectation. Operational activities in Adira Finance is implement under excellent execution framework, company business policy is implement appropriately and effectively.

That is the basis of the Compacy operational activities. In order to achieve its set targets and business growth, the operational activities of The Company constanly adapted to support its performance and strategic policies.

Business Operational Process

Potential Consumers’information

verification andcollection

Credit approvalby the CreditCommitteeInstallment

settlementsthrough facilities

provided by theCompany

Installmentrepayment by

consumers

Handover of AutomotiveOwnership

Documents (BPKP)to consumers thathave fully settled

their debts

Informingconsumer on the

credit approvalvia short message

system (SMS)

PotentialConsumers’ initial

data entry

Potential consumers

visit dealers/retailers/

the Company’sbusiness network



Adira Finance runs a comperehensive financing service operation that spans from credit application, credit approval, installment payment to credit settlement processes. The entire service operation serves millions of customers from across Indonesia.

In order to support the entire operational process, The company develops an extensive payment network, including its own internal network as well as the network of third-party partners, thus consumers can enjoy convenient, easily accessible and fast payment transaction services. In 2018, Adira Finance has provided facilities that can be utilized by consumers, including through:

In collaboration with several bank, The Company provide installment payment services via ATM. Costumer can conduct payment transaction through The Company ATM machine network primary the ATM network of one of the larges Bank in Indonesia, PT Bank Danamon Indonesia Tbk (Bank Danamon Indonesia). Bank Danamon Indonesia Bank Danamon Indonesia itself is supported by a network of more than 1,600 including conventional branches, syariah units, subsidiary outlets and more than 60,000 ATMs through partnership with ATM Bersama, PRIMA, and ALTO across 34 provinces. In addition to physical network, Bank Danamon’s services can be accessed from Danamon Online Banking, D-Mobile and D-Card mobile application, and SMS Banking.

The Company also collaborates with state owned enterprise PT Pos Indonesia (Persero), to serve those customers whose locations are covered by the post office’s coverage service area, both online and offline. Such service largely depends on the availability of infrastructure in the respective areas.

Adira Finance also collaborates with Indonesia’s growing franchise retail networks, such as Indomaret, Alfamidi and Dan+Dan (Jabodetabek). Consumers can enjoy the convenience of paying installments on the outlets of retail network spread across various locations, where on-line installment services are already in operation.

Initiative and Achievement 2018Responding to 2018 macroeconomic and industrial conditions Adira Finance has implemented a number of strategic initiatives in the operational field to support the Company’s strategic policies, both in terms of systems, human resources, and organizations. Some initiatives that have been developed include the following:

• Centralization, Automation & Digitalization

In order to improve services to the consumer and business partners, the Company conducts a variety of automation, centralization and digitalization initiatives so as to improve the speed and accuracy of operational activities at each work unit.

• Continuing capacity and resource optimization initiatives

With the increasing level of competition in the finance industry, the key to the success of a company lies in the company’s ability to gain market share, and in efficiency. By focusing improvement in both aspcet the Company successfully cut its operating expenses. Therefore, the Company continues to strive to increase the capacity and productivity of existing resources with improvements and developments carried out in the operational process.

• HR Capability Development By working with the HC & CREM Directorate, the

Company’s Operations Directorate has developed HR capabilities on various functions to keep pace with changes in the Company’s operational systems. Every function that exists, especially those related to the process, is provided with training and knowledge sharing, whether done through superiors or through online-learning systems.


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Business Network and Consumer Distribution In 2018, Adira Finance operates 192 branch offices, 237 representative offices and 11 kiosks.

Overall, as of 31 December 2018, the Company posted an increase of 17% in new financing facilities to reach Rp38.2 trillion. Meanwhile, in terms of revenue from consumer financing, there was an increase of 38.4% in 2018 compared to the previous year of Rp5 trillion. The Company also provides financial services to more than 3 million active consumer.

Area Branch RepresentativeOffice & kiosks Total

Jabodetabekser 33 9 42

West Java 20 21 41

Central Java 22 22 44

East Java 25 23 48

Sumatera 42 86 128

Kalimantan 18 27 55

Sulawesi 21 48 69

Bali & Nusa Tenggara 11 8 19

Total 192 248 440

WilayahSepeda Motor

2017 2018 %

Jabotabekser 1,116,862 1,721,296 54.1%

West Java 524,073 674,745 28.8%

Central Java 438,547 624,594 42.4%

East Java 492,854 618,096 25.4%

Sumatera 1,030,310 1,438,660 39.6%

Kalimantan 486,916 650,849 33.7%

Sulawesi 575,520 799,520 38.9%

Bali & Nusa Tenggara 295,151 339,183 14.9%

AreaProduct

Car Motorcycle Non Otomotif Total

Jabotabek 57,744 565,104 6,922 629,770

West Java 29,851 318,641 15,702 364,194

East Java 21,878 298,336 15,676 335,890

Central Java 16,117 335,090 16,590 367,797

Kalimantan 22,662 187,883 15,468 226,013

Sulawesi 60,891 161,028 65,004 286,923

Bali & NTT/B 15,173 90,342 3,920 109,435

Sumatera Utara 75,518 430,426 58,562 564,506

Fleet 451 42 - 493

Total 300,285 2,386,892 197,844 2,885,021



Human Resources

Adira Finance continually places the development of Human Resources (HR) as a key priority. Therefore, the Company ensures the application of best practices throughout the HR management cycle, starting from the recruitment and orientation, to career development and termination processes

2018 Strategy and PolicyIn order to achieve rapid growth, Adira Finance always believes that qualified and competence human resources play an important role for the company’s business process. Therefore, Adira Finance has been actively taking role in the HR preparation process in accordance with current business challenges and needs. The Company never ceases to put human capital as top priority, starting from the organizational improvement, revamping human resources management, the development of human resources information system, performance management, recruitment system, compensation and benefits, career development, to human resources competence development through education and simultaneous training.

Adira Finance always shows its commitment to strive for becoming the leading company in the financing

industry by implementing the management framework of human resources management to improve the performances and services.

In managing its human capital, the Company always ensures full compliance with the Financial Services Authority Regulation No.28/POJK.05/2014 on Business Licenses and Financial Services Institutions. In one article of the regulation, the Company is obliged to develop policies on competence and knowledge development for its employees in the financing industry.

In 2018, several HR programs have been carried out in the Adira Finance: - Build the competencies through the sustainable

human resources development program in order to develop the learning culture.

- Develop integrity values in accordance with corporate value (ADIRA TOP) by applying the Anti Fraud Management

- The adjustment of organizational structure and position as part of business transformation.

- Mapping and identifying potential talents in both of competencies and career development

Adira Finance has an active role in preparing

HR in accordance with existing business needs

and challenges, which includes strengthening

the organization, improving performance

management and information systems, as

well as developing competencies through

continuous education and training.


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- Improve the competencies through the sustainable employee development program to develop the learning culture and create cadres of future leaders.

HR ProfileAs of December 31, 2018, the number of Adira Finance employees achieved 19,098 people, while in 2017 there were 18,854 employees. The number of the Company’s employees is in line with operational business requirements both in terms of quantity and quality.

The following is a table of information that explains the profile of Adira Finance HR in 2018 and its comparison with 2017:

In 2017 and 2018 there were a number of changes in the organizational structure and directorate mapping:

Directorate 2014 2015 2016 2017 2018Compliance Directorate 29 26 24 25 26Financial Directorate 115 104 97 113 102HC Management & CREM Directorate 140 116 145 141 297 Information Technology Directorate 112 103 115 131 134Marketing, Customer Relationship, Management & Operation Direktorate

25,129 20,466 19,84

Direktorat Operation 7,795 1,289 Sales & Distribution Directorate 193 174 171 - 8,087 Risk Management Directorate 305 274 254 312 8,775Portfolio Sales Direktorate 189 185 Direktorate of Marketing & Digital Business 68 118 Transformation Directorate 4 7 7Reporting Directly to President Director 65 88 100 73 78



Employment Status 2014 2015 2016 2017 2018

Contract 9,390 5,864 5,976 5,308 5,655

Permanent 16,708 15,487 14,118 13,546 13,443

Total 26,098 21,351 20,094 18,854 19,098

Education Level 2014 2015 2016 2017 2018

Post Graduate 80 70 73 76 85

Bachelor Degree 15,851 12,875 12,771 12,088 12,349

Diploma 5,685 4,506 4,149 3,843 3,781

Senior High School 4,468 3,891 3,092 2,841 2,878

Junior High School 11 6 6 5 5

Elementary School 3 4 3 1 0

Total 36,098 21,351 20,094 18,854 19,098

Position Level 2014 2015 2016 2017 2018

Board of Directors 7 7 7 5 5

Deputy Directors 6 4 4 8 9

Division Head 71 64 68 65 68

Manager 789 739 685 688 710

Supervisor 4,807 4,076 3,949 3,835 3,972

Staff 20,418 16,461 15,381 14,253 14,334

Total 26,098 21,351 20,094 18,854 19,098


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Age 2014 2015 2016 2017 2018

<26 years 4,028 2,533 2,819 1,887 2,167

26< - <36 years 17,568 13,987 12,747 11,180 10,695

36< - <46 years 4,286 4,594 4,291 5,398 5,737

46< - <51 years 180 205 208 336 428

51< - <55 years 29 28 26 52 70

>55 years 7 4 3 1 1

Total 26,098 21,351 20,094 18,854 19,098

Years of Service 2014 2015 2016 2017 2018

<1 year 3,406 3,576 4,005 2,958 3,463

1<x<5 years 14,193 7,424 4,599 5,893 5,227

5<x<10 years 4,945 6,945 7,959 6,905 6,393

10<x<15 years 3,321 3,055 3,069 2,680 2,732

15<x<20 years 207 322 419 379 1,158

20<x<25 years 26 26 36 32 117

>25 years 0 3 7 7 8

Gender 2014 2015 2016 2017 2018

Male 21,950 18,177 17,032 15,871 15,838

Female 4,148 3,174 3,062 2,983 3,260



Recruitment and Career DevelopmentTalent recruitment in the Adira Finance is conducted through an integrated ways. HCGA Division selected strictly with specific requirements in aims to obtain the best candidates who have enormous potential, highly qualified, and excellent in accordance with the qualifications required by the company. In doing so, the Management still maintains the objectivities in both process and results, as the recruitment is carried out to accomplish the company’s goal and to expand the opportunities for the working forces.

The company implements a proactive recruitment process, among other means, by establishing close relationships with leading university in conjunction with the socialisation regarding the Company’s business through the following activities: 1. Involved the management level in teaching

activities at universities, among others, through ‘guest lecture’ activity. This kind of program has been carried out since 2014.

2. Held seminar in many campuses. In the seminar, the Company promote members of management, including President Director to be the guest speaker. Beside of seminar, there are ‘talkshow’ activities held at the campus by inviting the alumni from the campus as guest speaker.

3. By implementing “Adira Goes to Campus” program, the Company aims to strengthen recruitment process by assessing the employee through the Assessment Center within the Talent Supply Management Department. The Assessment Center is responsible for ensuring the candidates possess the competencies required by the Company. Among others, psychology test for new employees. Similar test is also applied to the employees who are about to be promoted to the higher position.

4. The Company also has an internship program, collaborating with some institutions, among others Bina Nusantara University (BINUS) and Trisakti School of Management. In this program, each institute will send its best student to join the internship program in the Company.

Beside of this proactive recruitment system, the Company is also active in promoting job opportunities through various media.

Facing challenges and tight competition in the employment field in the millennial era, the HCGA Division also utilized the digital development in seeking for the millennial talents through e-recruitment system. This will expand the sourcing bases in order to attract the millennial talent.

Throughout 2018, the Company has recruited as many as 3,940 new employees. Of these, as many as 186 are permanent employees while 3,754 people are temporary employees. Based on education level, 65% of employees have a Bachelor level education, 20% Diploma level, and the rest are post-graduate, senior high school and junior high. Based on age, the average employee recruited by the Company is at a productive level which is around 18-25 years old at 11%, ages 26-35 years at 56%, ages 36-55 years at 33%, and the rest are over 55 years only by 0.01%.

The additional recruitment of employees in 2018 was carried out to meet the Company’s innovative demands in the digital field, as well as to support the achievement of targets, and the requirement to adhere to the Company’s strategic policies.

While in career development, the Company provides equal opportunities for each employee to achieve the highest level of position based on their abilities. Adira Finance has a career development program that is organized, and promotion is based on performance appraisal and carried out through a tiered selection.


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Training and Competencies Development

Adira Corporate UniversitySince 2015, Adira Finance has established Corporate University as one of strategies in ensuring the talent supply and continuous development so that both current and future needs can be accomplished.

Through the Talent Supply Management that auspiced by the Corporate University, Adira Finance ensures that all employees obtain an equal opportunity to reach highest position based on the merits and potential. The talent recruitment process as well as the development are carried out routinely every year by improving some key points. The improvement initiatives pertaining to the issue carried out in 2018 are as follows: • The launching of E-Assessment as one of

assessment method that is required to meet the business needs so that the user can receive the assessment results quickly and the cost is much more efficient. In 2018, the implementation of E-Assessment remains restricted to the Talent recruitment process for Staff and Section Head level, while for other levels, it will be carried out in 2019.

• People Review process is conducted to map the potential and performance of each staff starting from the Section head level to the SVP. With this People Review method, it is expected that talent supply and benchstrength in each level will be met.

In order to make the process of Performance Assessment effective and precise, the Company combines the assessment of employee’s achievement based on the Balanced Score Card or KPI as part of his/her responsibility with the employee’s efforts in accomplishing it. The parameter used within the achievement process is the cultural parameter, namely ADIRA TOP. With this, employees who have pursued great achievement and implement company’s culture effectively will be highly appreciated.

In human resources development, Adira Finance Corporate University through one of its pillar, Learning Academy, carried out the process in a comprehensive manner by assessing three aspects, namely IQ, EQ, and SQ. This has been a framework of the Company’s human resources development that has been consistenly carried out. Meanwhile, for the learning strategy, the company carried out both macro and micro learning approach to ensure the sustainability of learning result. The learning strategy has been realised through cooperation and coordination among Knowledge Management Function, Business Schools, and Learning System, that enabled the blended process between conventional process and Digital Learning.

Special for Digital Learning, Corporate University has extensively carried out the development, ranging from UI/UX, integration of mobile applications within one application, SSO (Single signed on) to putting it into Playstore Android and Apple Store IOS.

Regarding the conventional approach of learning strategy, Corporate University collaborating with the leading education partners set up a long-term program to prepare internal staffs (Faculty Member of Adira) that currently consists of 739 people. These programs include teaching capabilities (including in using multimedia), coaching capabilities, interview skills, as well as knowledges on interesting topics , such as mindmapping, presentation, excel, and so forth.

This program is expected to improve FMA ADIRA’s capacities in carrying out its responsibility in the Adira Finance’s human resources development.

Aside from enhancing the competencies based on duties of each position, the human resource development is also carried out to support the business transformation program by implementing skills and knowledge improvement program. Thus, the company could proceed with the transformation smoothly , as well as support what Adira Management has promoted, such as cultural transformation.



Another simultaneously held activities are management trainee program and development program based on the position level in order to ensure the leaders and prospective leaders, ranging from lower level to the higher level management, to continuously strive for the company’s sustainability.

Beside of the development programs for employees, Corporate University also promotes the vision of Adira Finance to realise the mutual value for Indonesian society welfare, through cooperation with the Ministry of Education and Culture to develop the curriculum for financing industry. Not only the development of curriculum, company also provides internship opportunities for the student in the nearest branches of Adira Finance, awards scholarship for excellent students, promote the development of teachers’ skills

as well as provide career opportunities at the Adira Finance for those students who meet the requirements.

In an attempt to develop human resources, Corporate University also plays important role in promoting innovation culture in the company through annual programs that carried out simultaneously, namely Innolimit Program (innovation program for the improvement of business process) and Innocamp Program (innovation program to generate new business idea).

In 2018, the Innolimit Program succeeded in collecting 247 ideas derived from 766 participants. Meanwhile, the Innocamp program joined by 616 participants from 90 universities in Indonesia resulted 5 finalist ideas.

Data and Cost of Competency Development InvestmentAdira Finance has organized employee training and development programs throughout 2018 as many as 196 training activities. The training activities were attended by 129.002 participants. The total investment in the development of the Company’s Human Resources achieved Rp 48.7 billion, which increased 20% from 2017 amounting Rp 38.8 billion.

Training 2014 2015 2016 2017 2018

Participants 45,654 36,911 32,818 118,010 129,002

Training and Development Investment (Rp Billion) 48.6 33.1 36.6 38.8 48.7

Corporate Culture In order to maintain the highly qualified human capital, the Company implements Employee Engagement program by holding the following principles: - Create conducive working environment to pursue the growth - Employees are rewarded based on the achivement and contribution.- Employees’ performance are evaluated objectively and periodically. - Apply a competitive compensation and benefit system. - Support the existence of the community within the company, such as sports club, spiritual, and other

communities that can maintain the togetherness, sportiveness, and improve the overall productivity of employees.

In 2018, Company has held some events to apply company values and strengthen employee engagement, among others: - Advaganze sport activities, such as football, badminton, basketball, yoga, tennis, and table tennis. - Adira Spiritual- Adira Anniversaries - Religious important events - Breakfasting joint events.- Team Building- Kick Off Meeting- Integrity Program- Indonesian Independence Day dan other important events


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Some award programs given to employees are as follows: - Tenure period award, such as awarding a long-

term leave as well as on-leave benefits. - Best Employee award - Best Frontliner Award (Sales Officer, Remedial

Officer, Customer Service, Teller, Security)- Best Branch Award.

Industrial RelationsAdira Finance is committed to developing and maintaining a healthy and constructive working relationship between employees and the Company, to ensure the realization and fulfillment of the protection of the interests, rights and obligations of all parties in accordance with all applicable existing laws and regulations. To achieve healthy and constructive Industrial Relations, The Company always considers the Workers’ Unions as strategic partners in building and maintaining harmonious Industrial Relations in the work environment through regular and continuous communication.

Employee Turn Over RateThe Company managed to maintain the optimal turnover rate (regretted attriton) within the range of 7 %, with the achievement in 2018 of 5.2 %, in line with the enhancement of productivity and of employee satisfaction level on the programs held by the company.

Equality and Job Opportunities The Company is committed to providing the widest possible employment opportunities to the best candidates to join and pursue a career in the Company based on the human rights equality principles without distinguishing aspects of gender, ethnicity, race, religion, between groups, and other individual characteristics. Every employee is provided the same opportunity to contribute in order to improve the Company’s performance without discriminating against any individuals. Each employee is also evaluated based on the potential, ability and expertise of each individual. The manifestation of the application of the above principles is applied to all Human Resource management processes, from recruitment, promotion, human resource development, to assignment practices, performance evaluation and compensation practices.

The Company also guarantees that all Company activities through the HC Directorate of Management have complied with all applicable labor laws and regulations, in order to reduce the potential for any violations of Human Rights and Industrial Relations.

Remuneration and Well-being The Company applies the precautionary principle in the provision of fixed and variable remuneration, by taking into account the scale and complexity of business, peer group, inflation rate, financial condition and capabilities, as well as the Company’s performance.

The Company’s remuneration policy is determined by condering the philosophy of remuneration, among others: - Support the Company’s long-term goal and

strategy.- Promote team and individual performance- Maintain employees with the good performance- Fairness with the peer group

Company applies merit-based system or the award based on the merit-system or work achievement. With the meritocracy, the Company appreciates the employee based on the performance.

In order to support the conducive working environment to boost the productivity, the Company also conducted the survey of employee satisfaction level through the Employee Engagement Survey (EES) perodically as well as salary and benefit survey within the industry annually, by collaborating with the external consultant. By conducting this survey, the management could assess the employee’s satisfaction level, employee’s attachment level to the company, the desire to promote the company to others, and the salary level in the market.

To support the employment’s health within the corporate environment, the Company has a health program, namely Wellness Program, which is a health insurance program provided for the employee. Through this program, the Company regularly promotes medical check-up for the employee. Adding to this program, the Company also continuously carries out health socialisation in order to build the healthy lifestyle through workshop, seminar, posters, etc.



2019 Strategic Plan and Human Resource Development RoadmapAmidst rapidly changing business environment, millenial era challenges and digitalisation, as well as capacities in meeting the market and consumers’ expectation, the Company manages to adapt with a myriad of changes in order to be able to generate new innovations. The transformation process to generate innovation and to adapt with the rapidly changing business environment has been the main focus of the Company in the human capital field in 2019. a. First focus : Technological transformation In the face of changes in digitalisation and millenial

era, along with the business transformation taking shape in Adira Finance, infrastructures related to the Human Resource Information System (HRIS) based on the Digitalisation would be developed. Among others: • E-Portal (on line mobile HRIS): Employee can inquire all request initiatives

that are related to the personnel transaction through portal mobile from hand phone, such as: making benefit claims, changing master data, reviewing payslip and e-attendance.

• E-recruitment system (on line mobile recruitment):

Candidate, user/affiliated supervisor, and recruiter can carry out recruitment activities in a nationally integrated on-line application system and can be accessed through mobile phone of each candidate, user/affiliated supervisor, as well as recruiter. E-recruitment also integrates ADMF sourcing channels to create the candidates’ Big Data that can be viewed by all recruiter throughout the country. The communication connecting recruiter, user, and candidate can also be conducted through this system.

• E-user request initiative (automation process dan approval):

The process of submission, verification, as well as approval of all-employment related matters, can be done in automated manner (paperless) to quicken SLA process, for example, transactions for the employee request submission, submission of changes in employee status, employee promotion, etc.

• Upgrade HRIS-HCM (by SAP) to latest version: Enable the system of HRIS-Human Capital

Management (HCM) to be sychronized with other system in the related business, with the centralised submission of cost request and

asset management through the Enterprise Resource Planning (ERP) application.

• The Development of Knowledge Management System

To realise one of Digital Learning concept in Adira Finance, namely Collaboration Learning, Corporate University will implement a new learning application, named as E-Link.

This E-Link application is known as the Knowledge Management System (KSM) with one of its functions to facilitate employee in sharing text, picture, and video in any kind of format.

• The Development of Virtual Classroom Application

This application enables a virtual training where the trainer and participants are in different places but can interact as though both are in the same classroom.

• Pengembangan Aplikasi Digital Learning Corporate university akan terus melalukan

pengembangan mobile application untuk kebutuhan learning bagi seluruh karyawan yang dapat diakses dengan mudah diakses kapanpun dan dimanapun melalui smartphone.

• The Development of Digital Learning Application Corporate University never ceases to develop

mobile application to meeting learning needs for all employees, that can be easily accessed anytime and anywhere via a smartphone.

b. Second focus: Cultural transformation Second focus is related to the company’s culture.

Adira Finance actively holds activities and pledges efforts in deepening the company’s culture thematically every year. In 2019, the theme of company’s culture is “Unity in Diversity”.

Just as Indonesia that is united despite all differences in its multicultural society, Adira Finance’s employee in all branches and head offices come from different background, ethnicity, race, and religion. Against the background, unity in diversity is vital to respect the differences through the harmonisation and treat differences as the strength to be a synergy, complementary to each other, and helping each other.


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Media used to promote “Unity in Diversity” activities are as follows: 1. WA Blast related to the existing diversity in

Adira Finance2. Videos related to the Unity in Diversity, and3. Some competition with theme of Unity in

Diversity.

c. Third focus: Strengthening Integrity and Anti-Fraud Adira Finance views and put serious concern on the

efforts in maintaining the employee’s integrity and provides better understanding for the employee regarding integrity and anti-fraud principles. Activities to strengthen integrity and anti-fraud are as follows: 1. Webinar 2. WA Blast Integrity 3. Change agents activities and leader sharing.

d. Fourth focus: the development of learning ecosystem

In the face of the business transformation and rapidly changing industry, employees are similarly required to grow fast. Against the background, a learning model when skills and knowledge can be effectively learnt by all people, is highly required. Learning ecosystem is develop to meet this challenge. In the development of learning ecosystem, the quantity and quality of Adira faculty member is improved, not only as the teaching staff, but also as coach and mentor. Various channel and mode of learning have also been developed

to facilitate the interaction, either via offline or online. The learning program is not only equipped with the temporary training, but also with the concept of blended learning that combines various channel and different forms of learning mode, as well as macro and micro approach. The program effectiveness is improved by implementing the substainable learning process and benchmark for the evaluation.



In order to increase the efficiency of operational activities and to provide excellent service quality to consumers, as well as business partners, utilizing Information Technology (IT) has become a necessity. Through the Information Technology Directorate, Adira Finance continues to innovate in providing easy services for consumers and outstanding benefits for business partners and also strives to minimize operational business risks.

Constant IT development is conducted with the implementation of reliable and flexible IT Infrastructure, Good Governance, and competent organizations to support Adira Finance’s strategic policy.

Information Technology BlueprintAdira Finance possesses an IT Blueprint that continues to be developed and updated regularly. With the IT Blueprint, IT development within the Adira Finance environment is carried out intensively in order to support the entire process of our business activities.

Adira Finance’s IT Blueprint includes the development and maintenance of applications, infrastructure, technical services after product launches, data,

security, budget organization, and risk management. The blueprint strategy maps out all the initiatives gathered at Adira Finance regarding the development and availability of IT in the long-term and short-term.

In order to implement the IT Blueprint, Adira Finance has developed a comprehensive and strong organization. Thus, the users of IT services and products are able to utilize the services and products to the maximum, in a timely manner.

On the other hand, Adira Finance has also adopted various industry-recognized IT implementation standards, including:• Control Objective for Information and Related

Technology (COBIT), Information Technology Library, and BI Regulation No. 38/POJK.03/2016 regarding Risk Management Implementation in the Use of Information Technology by Commercial Banks, which generally applies to the banking sector.

• The Open Group Architecture Foundation (TOGAF) for the process of developing and managing IT Architecture.

Information Technology

Adira Finance continues to innovate

through the development of state-of-the-art

information technology, providing convenience

service for consumers as well as delivering

benefits to business partners to create the best

experience for optimum and fast products and

services.


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2018 Initiatives and Achievements Throughout 2018, Adira Finance conducted various initiatives in order to further develop services in the IT field to support Adira Finance’s businesses. Several initiatives that have been carried out include:• Launched a new system, which is ACCTION

for the acquisition of credit by using a modern technology platform based on SOA (Service Oriented Architecture), BPM (Business Process Management) and BRMS (Business Rules Management System),

• In order to increase capacity, scalability and reliability, we transferred to a new data center, which was conducted using Tier IV standards with the availability of up to 99.995%.

• Increased database utilization for Customer Relationship Management in the framework of building a customer-centric focus.

• Platform investment for big data and analytics to process consumer data, transactions and various internal and external data in making decisions to innovate and develop business, as well as

• Started to develop a more reliable digital platform for the acquisition of digital transactions from various marketplaces and e-commerce.

Information Technology GovernanceAdira Finance took the initiative to continue to be at the forefront of the digital business application for the finance industry. In order to support this initiative, Adira Finance continues to strengthen its IT governance and organizational structure to be even stronger, more solid, and more comprehensive, covering:• IT Steering Committee, chaired by the President

Director, is responsible for setting the Company’s IT strategic direction and strategic projects.

• IT Architecture Board, chaired by Director of Information Technology, is responsible for determining Adira Finance’s IT architecture platform.

• IT Change Advisory Board, chaired Director of Information Technology, is responsible among others for decisions regarding changes in project priorities and deployments of strategic IT projects.

• Project Steering Committee is responsible for ensuring adequate IT project governance.

On the other hand, Adira Finance added the standards set out for IT. The standard referred to is the application of The Open Group Architecture Foundation (TOGAF) in the development process and management of IT



Architecture. Adira Finance also equipped the IT systems with a fast recovery mechanism in the event of a system failure. Damage or disaster can occur due to natural disasters including flood and fire or damage to the production system.

Through IT, the potential for internal and external threats and risks can be identified early. As such, Adira Finance is able to manage risk more adequately and able to mitigate the risks experienced by Adira Finance in a timely manner.

2019 Strategic Plan Along with the trend of Information Technology, Adira Finance will continue to make further adjustments as required in the business processes to achieve even better growth. Information Technology has always been one of the leaders in Adira Finance’s business processes. For this reason, in 2019, Adira Finance sets out strategic plans in the IT field as follows:• The development of ASSIST as one of the initiatives to modernize the IT systems. ASSIST is an ERP (Enterprise

Resources Planning) system for finance, cost controlling, fixed-Assets management, and e-procurement,• To support product and business development, big data implementation and analytics will be directed to

business analytics,• To support the digital business strategy in order to build a digital ecosystem, continued development is carried

out with the implementation of API technology, Develops and microservices architecture for various digital services for consumers, which will be launched in 2019,

• Utilizing the low code development platform to simplify and accelerate the development of new applications with enterprise standards in facing the dynamic business demands,

• In addition to CRM (Customer Relationship Management) demands, ROCK is also developed for DRM (Dealer Relationship Management) in order to build dealer loyalty to Adira Finance, as well as

• To Increase SLA & IT network availability by starting the implementation of software-defined networking.


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Corporate Governance

Tanjung BajauTanjung Bajau is a popular tourist attraction in Singkawang, West Kalimantan, presenting a fresh and natural concept of tourism with a combination of beaches and mountains.


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CorporateGovernance

05



ContentsCORPORATE GOVERNANCE

216

Corporate Governance Report

220

Good Corporate Governance Principles of Adira Finance

216


217

General Meeting of Shareholders

218

Board of Commissioners 245

Audit Committee Report 258

Risk Management Committee Report

264


268

Corporate Governance Committee Report

272

Board of Directors 276

Internal Control 308

Compliance Function, Internal Audit, and Independent External Auditor

311

Internal Audit 334

Policy of Goods and Services Procurement and Relationship with Suppliers

341


342

Intellectual Property Rights (HAKI)

343


344


344

Contribution to the Country

345

Strategic Plan 346

Corporate Secretary 348

Transparency of Financial and Non-Financial Condition

351

Company’s Code of Ethics 354

RISK MANAGEMENT 370

SHARIA GOVERNANCE REPORT

388


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CorporateGovernance

At Adira Finance, the implementation of Good Corporate Governance (GCG) serves also as a performance indicator, and the Company constantly strive to instill the implementation of GCG ethics and principles as a corporate value and culture among all employees.

88.9Results of the Corporate Governance assessment based on the ASEAN CG Scorecard from IICD in 2018

100Self-assessment results based on POJK No. 30 / POJK.05 / 2014



Corporate Governance Report

Basics of Good Corporate Governance Guide of Adira FinanceThe implementation of Adira Finance Corporate Governance principles adopts the nationally and internationally prevailing standards. For national standards, Adira Finance refers to:1. Law Number 40 of 2007 concerning Limited

Liability Companies.2. Law Number 8 of 1995 concerning Capital Markets.3. Financial Services Authority (OJK) Regulation

Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies.

4. OJK Regulation Number 21/POJK.04/2015 concerning Application of Corporate Governance Code for Public Companies.

5. Bank Indonesia Regulation No. 8/14/PBI/2006 dated 5 October 2006 concerning Implementation of Good Corporate Governance for Commercial Banks.

6. OJK Circular Letter No. 32/SEOJK.04/2015 concerning Code of Corporate Governance for Public Companies.

7. OJK Circular Letter No. 15/SEOJK.05/2016 concerning Report of Application of Good Corporate Governance for Financing Companies.

8. Indonesia Corporate Governance Roadmap issued by OJK in January 2014.

9. Integrated Corporate Governance Guideline of Bank Danamon Group.

The references for international standards are, among others:1. Principles of Corporate Governance from the

Organization for Economic Co-operation and Development (OECD);

2. ASEAN Corporate Governance Scorecard issued by the ASEAN Capital Market Forum.

The application of Good Corporate Governance is intended to be used as practical guide and reference for each component at all of the Company’s levels. The implementation of Good Corporate Governance is done through the following matters:

corporate values communicated and implemented in all of the company’s organization;

accountability for the company’s internal instruments;

Adira Finance strives to improve the quality

of the implementation of Good Corporate

Governance principles, which is a part of

the Company’s work culture and has been a

stable key foundation for the stakeholders

in performing their activities and roles in the

Company’s business.


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environment;

including internal and external audit functions, with risk management function and independent compliance of business units and by the application of suitable check and balance mechanism;

wherein there is a possibility of conflict of interests, including business relationship with affiliates, shareholders, commissioners, directors, and senior officials.

Objectives of the Implementation of Good Corporate Governance Principles

Corporate Governance are as follows:

leader and employee through the improvement of transparency, accountability, responsibility, independence and equality as well as fairness with the purpose of assisting the Company to achieve better competition at national and international

levels, and through the creation of conducive environment for investment;

strengthening all functions and improving impartial nature in the Board of Commissioners, the Board of Directors and the General Meeting of Shareholders to improve the Company’s performance;

Board of Commissioners and Board of Directors, in decision-making and actions, to apply high moral values and compliance with all laws and regulations as well as the awareness concerning corporate social responsibility of the stakeholders.

stakeholders.

Until now, the Company has also established the implementation of Good Corporate Governance as one of the work indicators. The Company also puts up

the code of ethics and Good Corporate Governance principles as the inherent culture and value for the Company’s employees.



Stages of Corporate Governance Principles ImplementationThe implementation of Corporate Governance at Adira Finance is conducted through the following stages:

1. Preparation Stage In this stage, the implemented programs are,

among others:a. Conducting initial dissemination Initial dissemination is conducted to introduce

the concept of good corporate governance in accordance with national standards, particularly to the Company’s leaders. This is particularly important to be conducted to be able to apply GCG principles

b. Conducting condition mapping of the application of Corporate Governance

Together with the initial dissemination to introduce GCG to the Company’s leaders, mapping process is conducted to learn the condition of Good Corporate Governance principles, which have been the policy or culture in Adira Finance. The Company’s articles of

association, vision and mission, the prevailing guides, company regulations, company code of ethics and the system of operational procedures at Adira Finance are included in this matter, among others.

c. Preparation of Guidelines Following the completion of the mapping

process and acquisition of concise description of GCG principles applied in Adira Finance, preparation of guidelines shall be started for

prepared were Adira Finance Good Corporate Governance Guidelines, which were initially established in 2007, by using references such as the Law of Limited Liability Companies, Law of Capital Markets and its implementing

companies, regulations in other sectors related to Adira Finance’s business activities, the 2006 GCG Guidelines issued by KNKG, articles of association, code of ethics, and company regulations. Adira Finance’s GCG Guidelines


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Commissioners and the Board of Directors in 2007 and the last revision was made on 6 December 2016.

The next step after the completion of GCG Guidelines is the preparation of guidelines and work ethics for the Board of Commissioners, Committees Under the Board of Commissioners and Board of Commissioners of the Company.

2. Implementation Stage

a. Dissemination After all guidelines are available, the next

step taken is its dissemination to related parties in the Company. The dissemination is conducted by direct explanation, emails and placing the soft copy of GCG Guidelines on the

is conducted by directly involving members of the Company’s Board of Directors.

b. Implementation Concomitantly with the dissemination, all

related to the implementation of GCG principles start to be enforced and performed in the Company’s organization. The implementation includes, among others, in the Board of Commissioners to carry out the Board’s duties and authorities in accordance with the GCG Guidelines and the Board of Commissioners Charter. The implementation is also conducted in the Board of Directors and the Committees under the Board of Commissioners.

c. Internalization

Following the performance of the dissemination program, the Company’s management sees the importance of advance implementation. As such, the GCG principles adopted by the Company are not learnt only by Adira Finance leaders and employees, but also expected to be a unique culture to all Adira Finance stakeholders.



Therefore, the Company’s management prepares programs to internalize Adira Finance GCG principles. The programs are conducted by, among others:

book evaluated biannually always sets forth the Company’s code of ethics that are also part of the GCG principles applied by Adira Finance. This is important since the Adira Finance company regulation book is always distributed to all of Adira Finance leaders and employees (including in case of any update or change).

materials delivered to every Adira Finance new employee. As it is known that every Adira Finance new employee is obligated to attend “New Employee Orientation or abbreviated OKB” program. This program is prepared to introduce Adira Finance to every new employee in order that they comprehend all aspects of Adira Finance, including among others, Adira Finance history, vision and missions, culture, code of ethics and others.

periodical programs to visit the Company’s business networks, where in the program called “Gemba”, the Board of Directors provides opportunities for middle- or low-level employees to have direct communication with top leaders in Adira Finance. In this program, Adira Finance’s Board of Directors relentlessly explains the corporate cultures including GCG principles in Adira Finance. Generally, the explanation is also delivered in actual exemplary forms directly experienced by each member of the Board of Directors.

to read and learn from.

GCG implementation report is one of the sections that is the Company’s main focus. This section usually receives the largest portion in terms of page number. Other than as a realization of the Company’s transparency principle, this is intended that

every stakeholder, such as shareholder, investor, business partner and other external stakeholder may comprehend the GCG principles which have been applied by Adira Finance.

3. Evaluation Stage Following the implementation of GCG policies

and guidelines, the Company considers that it is necessary to evaluate the implementation within the period. The evaluation conducted by Adira Finance on GCG implementation is conducted through independent self-assessment by using assessment standards from the Financial Service Authority (OJK), Bank Indonesia, and FCGI, as well as requesting evaluation from independent parties.

The assessment results for 2018 are seen in the section Assessment of the Level of Application of Corporate Governance Principles in this Corporate Governance Report-Annual Report.

Corporate Governance Quality Improvement Program

implementation in 2018 were as follows:1. Performing evaluation and revision on the policies

and guidelines related to the implementation of Good Corporate Governance principles;

2. Assessing Corporate Governance implementation through an independent party by using the standards of ASEAN Corporate Governance Scorecard;

3. Developing human resources through trainings and dissemination;

4. Improving the quality of internal control system and risk management in overall;

5. Conducting continuous dissemination to the employees and business partners and carrying out intensive communication between company heads and employees, business partners, and other stakeholders.

of Good Corporate Governance, the Company is able to continuously preserve the community’s trust. This results in Adira Finance’s capability to maintain its business continuity. Both national and international banking sectors show their trust by providing capital


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AwardsIn 2018, the Company obtained “Honors Award” in ARC Awards International XXXII for Design/Graphics: Financial Services: General dan Best Overall Top 50 Emiten MidCap dalam acara The 10th II CD Corporate Governance Conference and Award.

Implementation Status of Good Corporate Governance Principles in accordance with OJK Regulation No. 21/POJK.04/2015 and OJK Circular Letter No. 32/SEOJK.04/2015 dan Surat Edaran OJK No. 32/SEOJK.04/2015The provisions of OJK Regulation No. 21/POJK.04/2015 concerning the Implementation of Corporate Governance Guidelines for Public Companies stipulate that Public Companies must disclose information regarding the implementation of the recommendations in Corporate Governance as stipulated in OJK Circular Letter No. 32/SEOJK.04/2015 concerning Corporate Governance Guidelines for Public Companies.

The following is the implementation status of the recommendations at Adira Finance until the issuance of this Annual Report:

No.Recommendation from OJK Circular Letter No. 32/SEOJK.04/2015 Implementation Status at

Adira FinancePrinciples Recommendation

1. Improving GMS Convention Values

1.1. Public Company has a technical method or procedure for voting either open or close, which prioritizes the independence and interests of shareholders.

1.2. All members of the Board of Directors and members of the Board of Commissioners of Public Company are present at the Annual GMS.

1.3. Summary of minutes of the GMS is available on the Public Company’s website for at least 1 (one) year.

Implemented.

Implemented.

Implemented.

2. Improving the Communication Quality of Public Company with the Shareholders or Investors

2.1. Public Company has a communication policy with the shareholders or investors.

2.2. Public Company discloses communication policies of the Public Company with shareholders or investors in the website.

Implemented.

Implemented.

3. Strengthening the Board of Commissioners’ Membership and Composition

3.1. Determination of the number of Board of Commissioners’ members is based on the Public Company’s condition.

3.2. Determination of the composition of the Board of Commissioners’ members is based on the diversity of required skills, knowledge, and experience.

Implemented.

Implemented..

4. Improving the Performance Quality of the Board of Commissioners’ Duties and Responsibilities

4.1. The Board of Commissioners has its own assessment policy to review the performance of the Board of Commissioners.

4.2. Self assessment policy to review the performance of the Board of Commissioners is disclosed through the Annual Report of the Public Company.

4.3. The Board of Commissioners has a policy related to the resignation of members of the Board of Commissioners if they are involved in financial crimes.

4.4. The Board of Commissioners or the Committee performing the Nomination and Remuneration functions shall establish a succession policy in the process of Nomination of the members of the Board of Directors.

Implemented.

Implemented.

Not yet implemented.

Implemented.

5. Strengthening the Board of Directors’ Membership and Composition

5.1. Determination of the number of the Board of Directors’ members is based on the Public Company’s condition and the effectiveness of decision making.

5.2. Determination of the composition of the Board of Directors’ members is based on the diversity of required skills, knowledge, and experience.

5.3. The Board of Directors’ members in charge of accounting or financial function must have skills and/or experience in accounting sector.

Implemented.

Implemented.

Implemented.

6. Improving the Performance Quality of the Board of Directors’ Duties and Responsibilities

6.1. The Board of Directors has its own assessment policy to review the performance of the Board of Directors.

6.2. Self assessment policy to review the performance of the Board of Directors is disclosed through the Company’s annual report.

6.3. The Board of Directors has a policy related to the resignation of members of the Board of Directors if they are involved in a financial crime.

Implemented.

Implemented.

Implemented.

7. Improving Good Corporate Governance Aspects through the Stakeholders’ Participation

7.1. Public Company has a policy to prevent the occurrence of insider trading.7.2. Public Company has anti-corruption and anti-fraud policy.7.3. Public Company has a policy on capability selection and improvement

for suppliers or vendors.7.4. Public Company has a policy on meeting the creditor’s right.7.5. Public Company has a policy on whistleblowing system Public Company has a policy on the granting of long-term incentives to

the Board of Directors and the employees.

Implemented.Implemented.Implemented.

Implemented.Implemented.

Not yet implemented.



No.Recommendation from OJK Circular Letter No. 32/SEOJK.04/2015 Implementation Status at

Adira FinancePrinciples Recommendation

8. Improving the Implementation of Information Transparency

8.1. Public Company broadly utilizes information technology in addition to the official website as a medium of information disclosure.

8.2 The Annual Report of Public Company discloses the last beneficial owner in the Public Company’s shareholding of at least 5%, in addition to the disclosure of the ultimate beneficial owner of Public Company’s shareholding through a major or controlling controller.

Implemented.

Implemented.

Good Corporate Governance Principles of Adira Finance

In order to apply the Good Corporate Governance principles, the Company considers the importance of existing corporate governance guidelines applied to all of the Company’s stakeholders and is continually evaluated in order to adapt to the latest developments in the principles of good corporate governance. Adira Finance’s Good Corporate Governance Guidelines were adopted in 2007 and have been revised several times and were lastly revised in 2016. Adira Finance’s Good Corporate Governance Guidelines were developed with due regard to corporate governance regulations issued by OJK, Integrated Governance Guidelines of Bank Danamon Group, and based on the 2006 revision of the standards for Good Corporate Governance guidelines from the National

business activities.

The principles of Adira Finance Corporate Governance as set forth in the latest revised GCG Guidelines as of December 2016 are as follows:1. Transparency, which is openness in the decision-making process and openness in the disclosure and provision

of relevant information about the company, which is easily accessible by stakeholders in accordance with the

2. Accountability, which is clarity of functions and implementation of corporate internal liability so that the

3. Responsibility, which is the conformity of the company’s management with the laws and regulations in the

4. Independence, which is the company’s state which is managed independently and professionally, free from

5. Equality and Fairness, which is equality, equity and fairness in meeting the rights of stakeholders arising under


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Sharia Supervisory Board

Credit Committee Audit Committee

Risk Management Committee Risk Management Committee

Governance Committee

Nomination & Remuneration CommitteeAsset & Liabilities Committee

Internal Audit Unit

Compliance Unit

Anti Money Laundering & Terrorist Financing Unit

Human Resources Committee

Main Instrument

Supporting Instrument

Board of Directors



The Good Corporate Governance Structure of Adira Finance consists of:1. Main Instruments, which consist of General

Meeting of Shareholders, Board of Commissioners and Board of Directors.

The Main Instruments of Adira Finance refer to Law No. 40 of 2007 concerning Limited Liability Companies and the Company’s Articles of Association, in which:

Company’s instrument which has the authority not granted to the Board of Directors or the Board of Commissioners within the limits prescribed by Law No. 40 of 2007 concerning Limited Liability Company and Company’s Articles of Association.

instrument which is responsible for supervising

the Company’s Articles of Association and advising the Board of Directors.

instrument which is fully authorized and responsible for the management of the Company for the interest of the Company, in

of the Company and represents the Company, both inside and outside the court in accordance with the provisions of the Articles of Association.

In addition, as Adira Finance has a Sharia Business Unit, to comply with the provisions of OJK Regulation No. 28/POJK.05/2014 and OJK Regulation No. 30/POJK.05/2014, Adira Finance must also have a Sharia Supervisory Board (DPS). Sharia Supervisory Board has a supervisory duty and function to organize the Company’s activities to conform with Sharia principles.

2. Supporting Instruments, which consist of the Committees under the Board of Commissioners and the committees under the Board of Directors of the Company.

Commissioners consist of the Audit Committee, Risk Management Committee, Nomination and Remuneration Committee, and Corporate Governance Committee.




Assets and Liabilities (ALCO) Committee and Human Resources Committee, and supported by Internal Audit Unit, Compliance Unit, and Anti-Money Laundering & Terrorism Funding Prevention Unit.

Report on duties and authorities implementation of each Company’s Instrument can be read in the next section of this Corporate Governance Report.

In implementing Good Corporate Governance principles, Adira Finance has applied Corporate Governance Guidelines, Guidelines and Code of Conduct of the Board of Commissioners, Guidelines and Code of Conduct of the Board of Directors, Guidelines and Code of Conduct of the Audit Committee, Guidelines and Code of Conduct of the Risk Management Committee, Guidelines and Code of Conduct of the Nomination and Remuneration Committee, and other policies. These guidelines are periodically evaluated and aligned to current conditions in accordance with the applicable regulations and the Company’s conditions.

The General Meeting of Shareholders (GMS) is the Company’s highest instrument with authorities such as approving the amendment of the Articles of Association, appointing and dismissing members of the Board of Commissioners and Board of Directors, approving the Company’s annual report, appointing external auditor, determining the

the Company’s Articles of Association.

To increase the shareholders’ attendance rate, the Company: 1. Posts GMS announcement and invitations on at least 1 (one) Indonesian newspaper which has national

circulation;2. Selects the GMS’ location in an area with easy access to public and private transportation;3. Provides facilities to be used accordingly and comfortably by the shareholders in the GMS, including good and

comfortable meeting rooms, meeting materials based on the applicable provisions and others.4. Providing power of attorney form for shareholders who cannot directly attend the meeting.

The attendance rate of the shareholders in the Annual GMS from 2014 to 2018 is as follows:

Year 2014 2015 2016 2017 2018

Total attending shareholders 956,488,525 shares

955,690,195 shares

923,644,840 shares

932,091,653 shares

943,292,240 shares

Attendance percentage (%) 95.65% 95.69% 92.36% 93.21% 94.33%


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2017 GMS Resolutions and its Realization

The following are the resolutions of the Annual GMS conducted on May 21, 2017 and its realization:

ProposalTotal

RealizationAgree Abstain Disagree

The First Meeting Agenda:1. approving the Company’s Annual Report for the

fiscal year ending on 31-12-2016;2. ratifying the Company’s Financial Statements

for the fiscal year ended on 31-12-2016 audited by Public Accounting Firm Purwantono, Sungkoro & Surja, a member of Ernst & Young Global Limited, as published in the Independent Auditor’s Report dated 08 February 2017, Number RPC-3032/PSS/2017 with unqualified opinion without modification;

3. ratifying the Annual Monitoring Report of the Company’s Board of Commissioners for the fiscal year ending on 31-12-2016; and

4. granting full release and discharge (volledig acquit et décharge) to (i) the Board of Directors of the Company in performing its duties and responsibilities for the management and representation of the Company; (ii) the Board of Commissioners of the Company in performing its duties and supervisory responsibilities and providing advice to the Board of Directors of the Company, assisting the Board of Directors, and granting approval to the Board of Directors; and (iii) Sharia Supervisory Board in the implementation of Sharia supervisory duties and responsibilities on the Sharia aspects of the implementation of the Company’s business activities in accordance with Sharia Principles and giving advice and suggestions to the Board of Directors of the Company, conducted in the fiscal year ending on 31-12-2016, insofar as the performance of such duties and responsibilities is reflected in the Company’s annual report for the fiscal year ending on 31-12-2016.

932,091,653 votes or 100%

0% 0% The GMS approval has been set forth in the Minutes of General Meeting of Shareholders No. 18 dated 17 May 2017, prepared before Pahala Sutrisno A. Tampubolon, S.H., Notary in Jakarta

The Second Meeting Agenda:Approving the use of the Company’s net profit from the fiscal year 2016 at Rp1,009,351,352,454.00 with the following details: 1. 1% of net profit or amounting to Rp10,093,513,525.00

is set as Reserve Fund, which amounted to Rp121,274,645,748.00 until now. Therefore, the total Company’s Reserve Fund was Rp131.368.159.273,00;

2. About Rp505.00 per share or a total of Rp505,000,000,000.00, which represents approximately 50% of the Company’s Net Profit, is paid as dividend for the 2016 fiscal year with the following terms:a. Dividends would be paid to shareholders whose

names are recorded in the List of Shareholders on May 30, 2017, at 16.00 Western Indonesia Time (hereinafter referred to as “Listing Date”) and will be paid on June 16, 2017 (hereinafter referred to as “Payment Date” );

b. On the dividend of the fiscal year 2016, the Board of Directors would deduct dividend taxes in accordance with the applicable tax regulations on shareholders;

c. The Board of Directors hereby was granted the power and authorization to determine matters on or related to the implementation of the payment of dividends for the fiscal year 2016;

3. The Company’s remaining unspecified Net Profit of Rp494,257,838,929.00 was recorded as Retained Earnings of the Company.

932,091,653 votes or 100%

0% 0% • About 1% of net profit or IDR 10,093,513,525.00 was set as Reserve Fund which until now was still IDR 121,274,645,748.00, so that all of the Company’s Reserve Fund became IDR 131,368,159,273.00; Dividends were paid on 16 June 2017 amounting to Rp505.00 per share or all amounting to IDR 505,000,000,000.00.

• The distribution of dividends from a portion of net profit of fiscal year 2016 of Rp. 505.000.000.000,00 or about 50% of the Company’s net profit of fiscal year 2016 was used as Cash Dividend and was paid on 16 June 2017.

The Third Meeting Agenda:Appointing Mrs. Lucy Suhenda as Public Accountant and Tanudiredja, Wibisana, Rintis and Associates (member firm of PricewaterhouseCoopers International Limited) as Public Accounting Firm registered with OJK, to audit the books or records of the Company for the fiscal year 2017 with audit fee of Rp786,000,000.00, excluding tax and out-of-pocket expense.

932,091,653 votes or 100%

0% 0% Mrs. Lucy Suhenda as Public Accountant and Tanudiredja, Wibisana, Rintis and Associates (member firm of PricewaterhouseCoopers International Limited) as Public Accounting Firm registered with OJK would audit the books or records of the Company for the fiscal year 2017 with audit fee of Rp786,000,000.00, excluding tax and out-of-pocket expense.



ProposalTotal


The Fourth Meeting Agenda:1. a. stipulating the amount of tantiem to be

distributed to the members of the Board of Directors of the Company for the fiscal year 2016 at Rp21,629,577,077,00 including taxes;

b. determining the salaries and allowances of all members of the Board of Directors of the Company for the fiscal year 2017 at Rp25,981,915,525.00, including taxes;

c. granting authorization to the President Commissioner of the Company to determine the distribution of salaries and allowances and the distribution of the tantiem for each member of the Board of Directors of the Company based on the recommendation of the Nomination and Remuneration Committee Number 002/ADMF/KNR/IV/17 dated 10 April 2017;

2. a. determining the amount of salary or honorarium and allowances for all members of the Board of Commissioners of the Company for the fiscal year 2017 amounting to Rp5,723,886,059.00, including taxes; and

b. stipulating the amount of tantiem to be distributed to the Board of Commissioners of the Company for the 2016 fiscal year amounting to Rp681,884,447.00, including taxes;

c. granting authorization to the President Commissioner of the Company to determine the distribution of salaries or honoraria and benefits and tantiem, for each member of the Board of Commissioners of the Company based on the recommendation of the Nomination and Remuneration Committee Number 001/ADMF/KNR/IV/17 dated 10 April 2017; and

3. approving the transfer of authority to the Board of Commissioners of the Company to determine the salary or honorarium and/or allowances for the fiscal year 2017 for each member of the Sharia Supervisory Board of the Company based on the recommendation of the Nomination and Remuneration Committee Number 003/ADMF/KNR/IV/17 dated 10 April 2017.

932,091,653 votes or 100%

0% 0% 1. The distribution of salaries and allowances and tantiem for members of the Company’s Board of Directors has been in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 10 April 2017.

2. Distribution of salaries or honorarium, allowances and tantiem for all members of the Board of Commissioners of the Company has been in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 10 April 2017.

3. The distribution of salaries or honorarium and/or allowances for all members of the Sharia Supervisory Board of the Company is in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 10 April 2017.


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ProposalTotal


The Fifth Meeting Agenda:1. a. accepting the resignation of Marwoto Soebiakno

from his position as Vice President Director of the Company, Vera Eve Lim, and Loh Niap Juan from their respective positions as Commissioners of the Company, which has been effective from the closing of this Meeting, by expressing gratitude for the services they have provided to the Company;

b. giving honorable discharge to Willy Suwandi Dharma from his position as President Director of the Company which has been effective from the closing of this Meeting and appointing Willy Suwandi Dharma as Commissioner of the Company, which has been effective from the date of passing the Fit and Proper Test of OJK on his appointment as Commissioner of the Company, for the remaining term of office of the current Board of Commissioners of the Company;

c. giving honorable discharge to Hafid Hadeli from his position as Director of the Company and appointing Hafid Hadeli as President Director of the Company, which has been effective from the closing of this Meeting; and

d. approving the appointment of Muliadi Rahardja as the Commissioner of the Company, which has been effective from the date of passing the Fit and Proper Test of OJK on his appointment as Commissioner of the Company, for the remaining term of office of the current Board of Commissioners of the Company;

Therefore, the composition of members of the Board of Directors and Board of Commissioners of the Company was as follows:

Board of DirectorsPresident Director : Hafid HadeliDirector : Ho Lioeng MinDirector : I Dewa Made SusilaDirector : Cornel HugrosenoDirector/concurrently serving as Independent Director : Swandajani Gunadi

Board of CommissionersPresident Commissioner : Sng Seow WahCommissioner/concurrently serving as Independent Commissioner : Djoko Sudyatmiko (*)Commissioner/concurrently serving as Independent Commissioner : Krisna Wijaya (**)Commissioner : Eng Heng Nee PhilipCommissioner : Muliadi Rahardja (***)Commissioner : Willy Suwandi Dharma (***),

(*) Independent Commissioner is in accordance with OJK Regulation Number 33/POJK.04/2015 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies;

(**) Independent Commissioner is in accordance with the provisions of OJK Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies and OJK Regulation Number 33/POJK.04/2015 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies;

(***) effective from the date of passing the Fit and Proper Test from the OJK.

with the term of office that will expire until the closing of the 3rd Annual General Meeting of Shareholders after this Meeting, which is the fiscal year ending on 31-12-2017, which shall be convened no later than June 2018, without prejudice to the right of the General Meeting of Shareholders to dismiss him/her (- them) at any time; and

2. Authorizing the Board of Directors of the Company to declare the resolutions of this Meeting in a deed made before a Notary; accessing Legal Entity Administration System; submitting notification of change of data of Company to Minister of Law and Human Rights Republic of Indonesia to obtain letter of acceptance of change of data of Company (SPP-PDP) as referred to in Article 29 paragraph (3) letter c, Article 94 paragraph (7), and Article 111 paragraph (7) of Limited Liability Company Law.

932,091,653 votes or 100%

0% 0% 1. The honorable discharge of Willy Suwandi Dharma from his position as President Director of the Company, Marwoto Soebiakno from his position as Vice President Director of the Company, Hafid Hadeli from his position as Director of the Company, Vera Eve Lim and Loh Niap Juan from their respective positions as Commissioners of the Company was from the date of GMS closing, i.e., 17 May 2017.

2. The appointment of Muliadi Rahardja and Willy Suwandi Dharma as Commissioners of the Company was from the date of passing the Fit and Proper Test of OJK on 15 June 2017.

3. Appointment of Hafid Hadeli as President Director was from the date of GMS closing, i.e., 17 May 2017.



ProposalTotal


The Sixth Meeting Agenda: 1. Granting approval to the Board of Directors of

the Company to transfer and/or collateralize the Company’s debt assets in the form of receivables of more than 50% (fifty percent) but not exceeding 400% (four hundred percent) of the Company’s net worth, in order to guarantee the payment of Bonds to be issued by the Company and other payables provided that:a. The joint financing assets between the Company

and PT Bank Danamon Indonesia Tbk were excluded from the pledged assets; and

b. Gearing Ratio shall not exceed 6.5x (six point five times) of total net worth based on the latest financial statements audited by the Public Accounting Firm, provided that if the Gearing Ratio has reached 6x (six) of the net worth, The Board of Directors of the Company must obtain approval from the Board of Commissioners of the Company and Majority Shareholders;

2. Whereas such action does not violate the terms and conditions set forth in the agreements between the Company and a third party; and

3. Authorizing the Board of Directors of the Company to take all necessary measures in relation to the guarantee of the Company’s receivables/billing, including but not limited to signing fiduciary guarantee certificates before a Notary.

100% 0% 0% The Company’s debt guarantee during 2017 was in accordance with the resolution of the GMS dated 17 May 2017.

The GMS Convened in 2018During 2018, the Company convened 1 (one) Annual GMS on 20 April 2018.

GMS Convention Process in 2018The Annual General Meeting of Shareholders convened in 2018 was conducted in accordance with the prevailing laws and regulations on the date of the announcement, invitation, and convention of the GMS, including: 1. Law No. 40 of 2007 concerning Limited Liability Company (UUPT);2. OJK Regulation No. 32/POJK.04/2014 concerning the Plan and Convention of General Meeting of Shareholders

for Public Companies; 3. OJK Regulation No. 10/POJK.04/2017 concerning the Amendment of Financial Service Authority (OJK)

Regulation No. 32/POJK.04/2014 concerning the Plan and Convention of General Meeting of Shareholders of Public Companies; and

4. The Company’s Articles of Association

GMS Convention Process:

Provisions Implementation

Announcement of GMS Plan to OJK

OJK Regulation No. 32/POJK.04/2014 requires the agenda of the GMS to be submitted to OJK no later than 5 working days prior to the announcement of the GMS advertisement plan of the Company, excluding the date of the GMS announcement.

Announcement of GMS Plan was submitted to OJK on March 7, 2018 or 5 working days before the GMS Announcement was advertised and the GMS agenda.


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Provisions Implementation

Announcement of GMS Plan

UUPT, OJK Regulation No. 32/POJK.04/2014 and the Company’s Articles of Association require that the announcement of GMS plan should be made 14 calendar days before the date of the GMS Invitation without taking into account the date of the Announcement and the date of the Invitation.

In addition, OJK Regulation No. 32/POJK.04/2014 also specifies that the announcements should be made through:a. 1 daily newspaper written in Indonesian and has national

distribution;b. Stock Exchange’s official website; and

Public Company’s official website, in Indonesian and foreign language, with the provision that the foreign language used is at least English.

Announcement of GMS Plan was submitted on 14 March 2018 or 14 calendar days before the advertisement date of GMS Invitation without taking into account the date of Announcement/Notification and Invitation through: a. Advertisement in Investor Daily Indonesia;b. PT Bursa Efek Indonesia official website; and the Company’s

official website (www.adira.co.id) in Indonesian and English.

GMS Invitation

Both the UUPT and the Company’s Articles of Association prevailing during the GMS states that the GMS Invitation shall be made within 14 days before the GMS convention, while OJK Regulation No. 32/POJK.04/2014 states that the GMS Invitation shall be made within a period of at least 21 days prior to the date of the GMS convened, without taking into account the invitation and GMS date.

In addition, OJK Regulation No. 32/POJK.04/2014 also specifies that the Invitation should be made through:a. 1 daily newspaper written in Indonesian and has national

distribution;b. Stock Exchange’s official website; andc. Public Company’s official website, in Indonesian and

foreign languages, with the provision that the foreign language used is at least English.

OJK Regulation No. 32/POJK.04/2014 states that the Invitation must consist of the following information:a. Convention date;b. Convention time;c. Convention place;d. Requirement for the shareholders entitled to attend the

meetinge. Meeting agenda including the description for each

agenda

Information on the materials for each meeting agenda is available for the shareholders since the date of GMS invitation up to its convention date.

GMS Invitation was conducted by the Company on 19 March 2018 or 21 calendar days before the advertisement date of GMS Invitation without taking into account the Invitation date and GMS date. The Invitation was made through:a. Advertisement in Investor Daily Indonesia;b. PT Bursa Efek Indonesia Official Website; andc. The Company’s Official Website (www.adira.co.id) in Bahasa

Indonesia and English. The Invitation has covered:a. Convention date, i.e., 20 April 2018;b. Convention time;c. Convention place, i.e., Ballroom 2, JS Luwansa Hotel and

Convention Center, Jl. H.R. Rasuna Said Block C Number 22, Jakarta;

d. Requirements for the shareholders entitled to attend the meeting, which were the shareholders registered in the Company’s List of Shareholders or registered with Indonesian Central Securities Depository (KSEI) on 21 April 2017;

e. Meeting agenda, including the description for each agenda, which was 7 meeting agendas and the description; and

Information on the materials for each meeting agenda is available for the shareholders at Adira Finance head office since the date of GMS invitation up to the date of GMS convention.

GMS Convention

UUPT, OJK Regulation No. 32/POJK.04/2014 and the Company’s Articles of Association require the GMS to be held at the Company’s domicile or the place where the Company conducts its principal business activities as determined in the articles of association or in the stock exchange’s domicile where the Company’s shares are listed. The Company’s head office is located in South Jakarta.

Annual GMS was convened on 20 April 2018 at Ballroom 2, JS Luwansa Hotel and Convention Center, Jl. H.R. Rasuna Said Block C Number 22, South Jakarta.

Announcement of Summary of GMS Minutes

On April 23, 2018 or 2 working days after the GMS Convention, the GMS minutes was submitted to OJK and advertised in Investor Daily Indonesia in Indonesian and having national distribution.



The Attendance of the Board of Commissioners and the Board of Directors in Annual GMS on 20 April 2018:

Name Position Attendance

Board of Commissioners Sng Seow Wah President Commissioner Present

Djoko Sudyatmiko Commissioner concurrently serving as Independent Commissioner Present

Krisna Wijaya Commissioner concurrently serving as Independent Commissioner Present

Eng Heng Nee Philip Commissioner PresentVera Eve Lim Commissioner PresentLoh Niap Juan Commissioner Present

Board of DirectorsHafid Hadeli President Director PresentHo Lioeng Min Director PresentI Dewa Made Susila Director PresentCornel Hugroseno (* Director Not Present

Swandajani Gunadi Director concurrently serving as Independent Director Present

Audit CommitteeKrisna Wijaya Chairman PresentRichard Steven Dompas Member Not PresentChristine Tjen Member Present

Sharia Supervisory BoardProf. DR. H. Faturrahman Djamil, MA, Chairman PresentDR. H. Noor Ahmad, MA Member PresentDR. H. Oni Sahroni, MA Member PresentNote:(* is not willing to be reappointed in the Annual GMS convened on 20 April 2018


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Decision-Making Mechanism

the Company) appointed by the Board of Commissioners to chair the GMS. The GMS chairman read the rules of the GMS. The GMS chairman gave the shareholders the opportunity to ask questions on each meeting agenda. The meeting chairman and/or a member of the Board of Directors appointed gave an explanation or response to any questions asked. After all the questions were answered, the vote was then held, whereby only the shareholders or their legal representatives can vote. Each share gives the holder the right to issue 1 vote.

Independent Party as Vote Counter

Tampubolon, S.H. and PT Adimitra Jasa Korpora as the party performing the vote count or validating the vote.

Annual GMS Resolution on April 20, 2018

The following are the resolutions of the Annual GMS and its realization:

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The First Meeting Agenda:1. approving the Company’s Annual Report for the

fiscal year 2017;2. ratifying the Company’s Annual Report for the fiscal

year 2017;3. ratifying the Company’s financial statements for

the fiscal year 2017 audited by Public Accounting Firm Tanudiredja, Wibisana, Rintis, and Associates (a member firm of PricewaterhouseCoopers International Limited) as published in the Independent Auditor’s Report dated 24 January 2018 with unqualified opinion without modification;

4. ratifying the Annual Monitoring Report of the Company’s Board of Commissioners for fiscal year 2017; and

5. granting full release and discharge (“volledig acquit et decharge”) to:(i) The Board of the Directors of the Company

in performing its management duties and responsibilities and representation of the Company;

(ii) the Board of Commissioners of the Company in performing its supervisory duties and responsibilities and providing advice to the Board of Directors of the Company, assisting the Board of Directors, and granting approval to the Board of Directors; and

(iii) Sharia Supervisory Board in the implementation of Sharia supervisory duties and responsibilities on the Sharia aspects of the implementation of the Company’s business activities in accordance with Sharia Principles and giving advice and suggestions to the Board of Directors of the Company, conducted in the fiscal year ending on 31-12-2017, insofar as the performance of such duties and responsibilities is reflected in the Company’s annual report for the fiscal year ending on 31-12-2016.

943,292,240 votes or 100%

0% 0% The GMS approval has been set forth in the Minutes of General Meeting of Shareholders No. 12 dated 18 May 2016, prepared before Pahala Sutrisno A. Tampubolon, S.H., Notary in Jakarta



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The Second Meeting Agenda:Approving the usage of the Company’s net profit from

the fiscal year 2017 at IDR 1,409,149,658,073.00 with the following details: a. about 1% of net profit or amounting to

IDR 14,091,496,581.00 was set as Reserve Fund, which amounted IDR 131,368,159,273.00, so that the total Company’s Reserve Fund was

IDR 145,459,655,854.00;b. About IDR 704,500,000,000.00, which represents

approximately 50% of the Company’s net profit, was paid as cash dividend;

2. Approving the distribution of dividends from a portion of net profit of fiscal year 2017 amounting to IDR 704,500,000,000.00 or approximately 50% of the Company’s net profit in fiscal year 2017 to be used as Cash Dividend;

3. The total cash dividend in fiscal year 2017 was in accordance with number 1 point b and number 2 above amounting to IDR 704,500,000,000.00 or IDR 704.5 per share, distributed to the Company’s Shareholders as Cash Dividend with the provisions as follows:a. dividends would be paid to shareholders whose

names are recorded in the List of Shareholders on 3 May 2018 at 16.00 Western Indonesia Time (hereinafter referred to as “Listing Date”) and will be paid on 23 May 2018 (hereinafter referred to as “Payment Date”);

b. on the dividend of the fiscal year 2017, the Board of Directors would deduct dividend taxes in accordance with the applicable tax regulations on shareholders;

c. the Board of Directors hereby was granted the power and authorization to determine matters on or related to the implementation of the payment of dividends for the fiscal year 2017;

943,292,240 votes or 100%

0% 0% • about 1% of net profit or IDR 14,091,496,581.00 was set as

Reserve Fund which until now was still IDR 131,368,159,273.00, so that all of the Company’s Reserve Fund became IDR 145,459,655,854.00; Dividends were paid on 23 May 2018 amounting to Rp704.50 per share or all amounting to IDR 704,500,000,000.00.

• the distribution of dividends from a portion of net profit of fiscal year 2017 of Rp. 704,500,000,000.00 or about 50% of the Company’s net profit of fiscal year 2017 was used as Cash Dividend and was paid on 23 May 2018.

The Third Meeting Agenda:a. Appointing Doktorandus M. Jusuf Wibisana as

Public Accountant and Tanudiredja, Wibisana, Rintis and Associates (member firm of PricewaterhouseCoopers) as Public Accounting Firm registered with OJK, to audit the books or records of the Company for the fiscal year 2018 with audit fee of IDR 797,000,000.00, excluding tax and out-of-pocket expense.

943,292,240 votes or 100%

0% 0% Mr. Doktorandus M. Jusuf Wibisana as Public Accountant and Tanudiredja, Wibisana, Rintis and Associates (member firm of PricewaterhouseCoopers International Limited) as Public Accounting Firm registered with OJK would audit the books or records of the Company for the fiscal year 2018 with audit fee of IDR 797,000,000.00, excluding tax and out-of-pocket expense.


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The Fourth Meeting Agenda:1. a. Stipulating the amount of tantiem to be

distributed to the members of the Board of Directors of the Company for the fiscal year 2017 at IDR 12,690,221,428.00 including taxes;

b. determining the salaries and allowances of all members of the Board of Directors of the Company for the fiscal year 2018 at IDR 11,939,592,472.00, including taxes;

c. granting authorization to the President Commissioner of the Company to determine the distribution of salaries and allowances and the distribution of the tantiem for each member of the Board of Directors of the Company based on the recommendation of the Nomination and Remuneration Committee Number 003/ADMF/KNR/IV/18 dated 19 April 2018;

2 a. determining the amount of salary or honorarium and allowances for all members of the Board of Commissioners of the Company for the fiscal year 2017 amounting to IDR 1,368,819,000.00, including taxes;

b. stipulating the amount of tantiem to be distributed to the Board of Commissioners of the Company for the fiscal year 2018 amounting to IDR 5,529,796,272.00, including taxes;

c. granting authorization to the President Commissioner of the Company to determine the distribution of salaries or honoraria and benefits and tantiem, for each member of the Board of Commissioners of the Company based on the recommendation of the Nomination and Remuneration Committee Number 002/ADMF/KNR/IV/18 dated 19 April 2018.

3. approving the transfer of authority to the Board of Commissioners of the Company to determine the salary or honorarium and/or allowances for the fiscal year 2018 for each member of the Sharia Supervisory Board of the Company based on the recommendation of the Nomination and Remuneration Committee Number 004/ADMF/KNR/IV/18, dated 19 April 2018.

943,292,240 votes or 100%

0% 0% 1. The distribution of salaries and allowances and tantiem for members of the Company’s Board of Directors has been in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 19 April 2018.

2. Distribution of salaries or honorarium, allowances and tantiem for all members of the Board of Commissioners of the Company has been in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 19 April 2018.

3. The distribution of salaries or honorarium and/or allowances for all members of the Sharia Supervisory Board of the Company has been in accordance with the resolutions of the GMS and recommendations of the Nomination and Remuneration Committee on 19 April 2018.



ProposalTotal


The Fifth Meeting Agenda:1. a. reappointing:

- Hafid Hadeli as the President Director of the Company;

- Ho Lioeng Min as the Director of the Company;- I Dewa Made Susila as the Director of the

Company;- Swandajani Gunadi as the Director of

the Company concurrently serving as Independent Director;

- Sng Seow Wah as the President Commissioner of the Company;

- Djoko Sudyatmiko as the Commissioner of the Company/ concurrently serving as Independent Commissioner;

- Eng Heng Nee Philip as the Commissioner of the Company;

- Muliadi Rahardja as the Commissioner of the Company; and

- Willy Suwandi Dharma as the Commissioner of the Company;

b. appointing Niko Kurniawan Bonggowarsito as the Director of the Company, which has been effective from the date of passing the Fit and Proper Test of OJK on his appointment as the Director of the Company for the term of office that would end up to the closing of the Third Annual General Meeting of Shareholders after this meeting, i.e., fiscal year ended 31 December 2020 that would be convened in 2021.

Therefore, the composition of members of the Board of Directors and Board of Commissioners of the Company was as follows:

Board of DirectorsPresident Director: Hafid HadeliDirector : Ho Lioeng MinDirector : I Dewa Made SusilaDirector/concurrently serving as Independent Director : Swandajani GunadiDirector : Niko Kurniawan Bonggowarsito (*)

Board of CommissionersPresident Commissioner : Sng Seow WahCommissioner/concurrently serving as Independent Commissioner : Djoko Sudyatmiko (**)Commissioner/concurrently serving as Independent Commissioner : Krisna Wijaya (***)Commissioner : Eng Heng Nee PhilipCommissioner : Muliadi RahardjaCommissioner : Willy Suwandi Dharma,

(*) Effective from the date of passing the Fit and Proper Test from OJK;

(**) Independent Commissioner is in accordance with the provisions of OJK Regulation Number 33/POJK.04/2015 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies;

(***) Independent Commissioner is in accordance with the provisions of OJK Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies and OJK Regulation Number 33/POJK.04/2015 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies;

2. Reappointing:- Professor Doktor Haji Fathurrahman Djamil,

Master of Arts as the Head of the Sharia Supervisory Board of the Company;

- Doktor Haji Noor Ahmad, Master of Arts as a Member of the Sharia Supervisory Board of the Company; and

- Doktor Oni Sahroni, Master of Arts as a Member of the Sharia Supervisory Board of the Company.

943.292.240 suara atau 100%

0% 0% 1. The appointment of Niko Kurniawan Bonggowarsito as the Director of the Company was from the date of passing the Fit and Proper Test of OJK on 15 June 2018.


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The Sixth Meeting Agenda: 1. Granting approval to the Board of Directors of

the Company to transfer and/or collateralize the Company’s debt assets in the form of receivables of more than 50% (fifty percent) but not exceeding 400% (four hundred percent) of the Company’s net worth, in order to guarantee the payment of Bonds to be issued by the Company and other payables provided that:a. The joint financing assets between the Company

and PT Bank Danamon Indonesia Tbk were excluded from the pledged assets; and

b. Gearing Ratio shall not exceed 6.5x (six point five times) of total net worth based on the latest financial statements audited by the Public Accounting Firm, provided that if the Gearing Ratio has reached 6x (six) of the net worth, The Board of Directors of the Company must obtain approval from the Board of Commissioners of the Company and Majority Shareholders;

2. Whereas such action does not violate the terms and conditions set forth in the agreements between the Company and a third party; and

3. Authorizing the Board of Directors of the Company to take all necessary measures in relation to the guarantee of the Company’s receivables/billing, including but not limited to signing fiduciary guarantee certificates before a Notary.

943,292,240 votes or 100%

0% 0% The Company’s debt guarantee during 2018 was in accordance with the resolution of the GMS dated 20 April 2018

In addition to adopting some resolutions, there were reports submitted in the Annual GMS as follows:

In the Seventh Meeting Agenda, it was reported that: The realization of the usage of proceeds from the issuance of Continuous Bond III of Adira Finance Phase VI Year 2017, Continuous Bond IV of Adira Finance Phase I Year 2017, Continuous Sukuk Mudharabah III of Adira Finance Phase I Year 2017, Continuous Bond IV of Adira Finance Phase II Year 2018, Continuous Sukuk Mudharabah III of Adira Finance Phase II Year 2018 was as follows:1. Realization of the usage of proceeds from the issuance of Continuous Bond III of Adira Finance Phase VI Year

2017:

- Net Proceeds : IDR 766,287,000,000.00

Therefore, the remaining bond proceeds were Rp0 or had been fully used. The use of such bond proceeds have been in accordance with the prospectus and have been reported by the Company to the Financial Services Authority by Letter Number 173/ADMF/CS/IX/17 dated 5 September 2017.

2. Realization of the usage of proceeds from the issuance of Continuous Bond IV of Adira Finance Phase I Year 2017:

- Net Proceeds : IDR 1,294,588,000,000.00

Therefore, the remaining bond proceeds were Rp0 or had been fully used.



The use of such bond proceeds have been in accordance with the prospectus and have been reported by the Company to the Financial Services Authority by Letter Number 003/ADMF/CS/I/18 dated 8 January 2018.

3. Realization of the usage of proceeds from the issuance of Continuous Sukuk Mudharabah III of Adira Finance Phase I Year 2017:

- Net Proceeds : IDR 199,061,000,000.00


The use of such bond proceeds have been in accordance with the prospectus and have been reported by the Company to the Financial Services Authority by Letter Number 004/ADMF/CS/I/18 dated 8 January 2018.

4. Realization of the usage of proceeds from the issuance of Continuous Bond IV of Adira Finance Phase II Year 2018:

- Net Proceeds : IDR 1,625,002,000,000.00


The use of such bond proceeds have been in accordance with the prospectus and have been reported by the Company to the Financial Services Authority by Letter Number 125/ADMF/CS/IV/18 dated 18 April 2018.

5. Realization of the usage of proceeds from the issuance of Continuous Sukuk Mudharabah III of Adira Finance Phase II Year 2018:

- Net Proceeds : IDR 488,298,000,000.00


The use of such Sukuk Mudharabah proceeds have been in accordance with the prospectus and have been reported by the Company to the Financial Services Authority on 18 April 2018 by Letter Number 124/ADMF/CS/IV/18.

For 2019, the Annual GMS is scheduled to be held on 29 March 2019.

All results of the Annual GMS held on 20 April 2018 have been announced through the Investor Daily on 23 April 2018, on the Indonesia Stock Exchange website, and on the Company’s website and have been reported to the Financial Services Authority, PT Bursa Efek Indonesia, and other parties concerned.


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In addition to containing the results of the GMS, the advertisement of announcement submitted by the Company also contains the schedule and procedures for the distribution of Cash Dividend as an execution of the resolution of the Second Annual GMS Agenda. The announcement is as follows:

1. Announcement of schedule for cash dividend distribution at the Stock Exchange 23 April 2018

2. Cum dividend in the Regular Market and Negotiation Market 27 April 2018

3. Ex dividend in the Regular Market and Negotiation Market 30 April 218

4. Cum dividend in Cash Market 3 May 2018

5. Ex dividend in Cash Market 4 May 2018

6. Recording Date of the List of Shareholders who are entitled to receive cash dividend 3 May 2018

7. Final distribution of cash dividend 23 May 2018

Adira Finance’s Shareholders

Shareholders, other than the total ownership amount.

RequirementsFor the controlling shareholders, in accordance with the provisions of OJK Regulation No. 28/POJK.05/2014,

statement:1. Capital deposit that is not originated from loans;

3. Not recorded in the list of non-performing loans;

6. Never been declared bankrupt or declared guilty which causes a company/enterprise to be declared bankrupt by virtue of court decision having permanent legal force;



If the shareholder is a legal entity, the above provisions shall also apply to the board of directors who are shareholders.

In addition, the Company’s Controlling Shareholders are required to comply with all requirements and capabilities, in accordance with the OJK Regulation Number 4/POJK.05/2013 dated 23 December 2013 concerning Fit and

and OJK Circular Letter No. 31/SEOJK.3/2016 About the Fit and Proper Test for Non-Bank Financial Services.

1. Integrity factor, which consists of:a. competent in conducting legal actions;b. having good character and moral, at least shown by the attitude of abiding by the prevailing provisions,

including never been penalized for convicted of committing crimes in a certain period prior to nomination;c. having commitment to comply with laws and regulations and to support OJK policies;d. having commitment to healthy Financial Services Institutions; ande. not included as the party prohibited to be a Main Party.

2. Financial Fitness factor, which consists of:

b. never been declared bankrupt and/or having never been a shareholder, controlling an insurance company that is not a shareholder, member of the board of directors, board of commissioners or Member Representative Body who is found guilty of causing a company to be declared bankrupt based on a court decision within

The following is the passing status of Adira Finance Shareholders’ Fit and Proper test on the date of issuance of this Annual Report:

Name Passing Date of Fit and Proper Test Description

PT Bank Danamon Indonesia Tbk 29 April 2014 Stipulated based on Decision Letter of the Board of Commissioners of OJK No. KEP-782/NB.1/2014.

Share CompositionIn order to implement the administration of shares, the Company appoints PT Adimitra Jasa Korpora as the Share Registrar having the obligations among others to:1. Provide shareholders’ monthly reports.2. Provide reports of share ownership reaching 5% or more of the issued and fully paid-up shares.3. Provide reports of share ownership of the Board of Directors and the Board of Commissioners.4. Provide the list of controlling shareholders.

The Company’s Share Capital as of December 31, 2018:

DescriptionNominal Value of Rp100 per Share

Total Share Total Nominal Value (Rp)

Authorized capital 4,000,000,000 400,000,000,000

Issued and Fully Paid Capital 1,000,000,000 100,000,000,000

Shares in Portfolio 3,000,000,000 300,000,000,000


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List of 20 Largest Shareholders of the Company as of 31 December 2016:

No. Name Total Share (Share) Ownership Percentage

1. PT. Bank Danamon Indonesia Tbk 950,000,000 95%

2. Reksa Dana Panin Dana Maksima 16,410,800 1.64%

3. BBH Boston S/A Matthews Emerging Asia Fund 11,372,900 1.1%

4. BBH Boston S/A Sanlam Universal Funds Public Ltd Company 7,192,000 0.7%

5. DB Singapore-DCS S/A Pangolin Invest Management Pte Ltd-Pangolin Asia 5,595,300 0.56%

6. PT Asuransi Adira Dinamika 4,204,800 0.42%

7. Investor Individu 1 4,120,800 0.41%

8. Maybank Kim Eng Sec. Pte Ltd 3,875,800 0.39%


10. Reksa Dana Panin Dana Ultima 1,531,700 0.15%



13. Reksa Dana Panin Dana Unggulan 1,200,000 0.12%

14. Credit Suisse Hong Kong Trust 1,002,000 0.10%

15. Reksa Dana Panin Dana Teladan 840,000 0.08%

16. Investor Individu 5 822,000 0.08%


18. Reksa Dana Panin Dana Bersama Plus 680,000 0.07%


20. Reksa Dana Saham Panin Dana Berkembang 510,000 0.05%

Total shareholders with less than 5% ownership:

1.200

1.000

800

600

400

200

0Jan ‘18 Feb ‘18 Mar ‘18 Apr ‘18 May ‘18 Jun ‘18 Jul ‘18 Aug ‘18 Sep ‘18 Oct ‘18 Nov ‘18 Dec ‘18

1,074

898 880 882

1,017 1,0221,062 1,108 1,106 1,083 1,091 1,119

As of 31 December 2018, the shareholders composition based on investor’s origin consisted of:

Rights of Adira Finance ShareholdersThe shareholders have the following rights:1. The right to submit an agenda proposal in every Annual GMS to be conducted by the Company;2. The right to propose and appoint members of the Board of Commissioners and/or Board of Directors of the

Company in a GMS;3. The right to obtain information related to the Company, especially for the actions of the Company that require

prior approval from the shareholders in accordance with the prevailing laws and regulations;



4. The right to receive notices and invitations for the conduct of the GMS, including the agenda to be discussed in the GMS;

allocated to shareholders in the form of dividends

number of shares owned.

Responsibilities of Adira Finance’s Shareholders1. The controlling shareholders are required to meet

the requirements in accordance with the prevailing laws and regulations;

2. The controlling shareholders are required to meet the capital adequacy of a Financing Company in

3. The shareholders, by acknowledging that the

management, shall, to the extent possible, exercise their voting rights for the interest of the Company. Shareholders are free to vote on the exercise of their voting rights. However, for a sound and transparent corporate management, a common shareholder must endeavor to exercise all rights granted to him, such as paying close attention to the implementation of the company’s management and exercising its voting rights;

management of the Company shall act in the interest of the Company and all of its shareholders.

the controlling shareholders shall assume its responsibilities;

5. The controlling shareholders are considered as a party regardless of the proportion of its share

important matters, including the Company’s management, such as appointment and dismissal of management. Therefore, the controlling shareholders must exercise their power in selecting candidates for any positions in the Boards of Commissioners and Board of Directors with high integrity and competence to manage and control the Company in a healthy manner;

6. The responsibility for operating the Company is carried out by the Board of Directors. In fact,

the unbalanced power used by controlling

over the selection of directors. Therefore, the controlling shareholders, in spite of their right to vote on their shares due to direct participation in the management of the Company as a director, are

obliged to accept the responsibilities imposed on them because of the powers granted to them, in

Company;7. Any interventions in the management by a

interests of the Company can be controlled through strengthening managerial accountability of the

shareholders on the management of the Company, in addition to the exercise of their voting rights or direct participation in the management of the Company as a director, is essential to the following to be properly understood: their responsibilities are

8. Adira Finance’s shareholders are prohibited from using Adira Finance for the interest of their personal or family, business activities or business groups, in a manner that is in contradiction to the applicable laws and regulations;

9. Shareholders are prohibited from interfering in the operation of the Company whose authorization is in the hands of the Board of Directors.


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Duties and Responsibilities of the Board of Commissioners1. The Board of Commissioners has the main duty

to supervise the management of the Company conducted by the Board of Directors and to provide advice to the Board of Directors including on the work plan, business development, and implementation of Good Corporate Governance principles, Company’s Articles of Association, Annual GMS decisions and/or Extraordinary GMS as well as the prevailing laws and regulations.

2. To carry out the duties, authorities, and responsibilities in accordance with the Company’s Articles of Association, decisions of the Annual General Meeting of Shareholders and/or Extraordinary GMS and the applicable laws and regulations.

3. To maintain the interest of the Company by taking into account the interests of the shareholders and being accountable to the GMS.

4. To supervise the Board of Directors to maintain the interests of all parties.

5. To examine and review the annual report and annual work plan prepared by the Board of Directors and to sign the annual report and annual work plan.

6. To provide opinions and suggestions on the annual work plan and budget proposed by the Board of Directors and to ratify it in accordance with the provisions of the Articles of Association.

Governance implementation.8. To grant approval in the case that the Sharia

Supervisory Board requires the assistance of members of the Committee whose organizational structure is under the Board of Commissioners.

9. To ensure that the Board of Directors has followed

the Company’s internal audit work units, external auditors, OJK supervisory results, and/or other authority supervision results.

10. To prepare a report on the activities of the Board of Commissioners, which is part of the Good Corporate Governance implementation report.

Authorities of the Board of Commissioners The Board of Commissioners has the following authorities:1. To request or obtain explanation or information

regarding all matters relating to the Company’s business activities in full and on time.

2. To temporarily terminate a member of the Board of Directors by stating the reasons.

3. To perform the management of Company in certain circumstances and for a certain period of time.

4. To convene the GMS under certain conditions in accordance with the Company’s laws and regulations, as well as the Company’s Articles of Association.

5. To enter the areas where the Company’s business activities are conducted, to check Company records or bookkeeping and other necessary access in order to oversee the Company’s management activities.

6. To approve transactions in certain amount as

Board Charter of the Board of CommissionersIn performing its duties and responsibilities, the Board of Commissioners of Adira Finance is guided by:a. Law No. 40 of 2007 concerning Limited Liability

Company;b. OJK Regulation No. 33/POJK.04/2014 concerning

the Board of Directors and Board of Commissioners of Issuers or Public Companies;

c. OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies;

d. The Company’s Articles of Association;e. Board Charter of the Board of Commissioners

dated April 20, 2016.

Board Charter of the Board of Commissioners of Adira Finance regulates, among others:1. Legal Basis;2. Organizations;3. Requirements of Members of the Board of

Commissioners;4. Appointment, Resignation, and Dismissal;



6. Independence;7. Duties and Responsibilities;8. Authority;9. Independent Commissioner;10. Concurrent Service of Members of the Board of

Commissioners;11. Orientation for New Member of the Board of

Commissioners;12. Disclosure;13. Work Ethic;14. Meetings;15. Reporting and Accountability;16. Training;

The Board of Commissioners’ Board Charter has also

www.adira.co.id.

Appointment, Dismissal, and Resignation of Members of the Board of Commissioners In accordance with Law Number 40 of 2007 concerning Limited Liability Company (Limited Liability Company Law), particularly Article 111, OJK Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies, and Adira Finance’s Articles of

dismissal of members of the Board of Commissioners shall be conducted through the GMS. In addition, the Company’s Articles of Association also stipulate

of Commissioners shall end at the closing of the third Annual GMS after the date of appointment, without

of the Board of Commissioners at any time before the

In addition, in accordance with the provisions of OJK Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies, members of the Board of Commissioners may also resign from their positions

the Company has an obligation to convene a GMS to decide upon the resignation, no later than 90 days after the receipt of the resignation letter concerned. Upon the resignation of members of the Board of Commissioners, the Company shall also disclose information to the public and submit it to OJK no later than 2 (two) working days after the receipt of the letter and the result of the GMS.

Requirements of the Board of CommissionersIn addition, the members of the Board of Commissioners of the Company are required to comply with all the requirements of capability and decency, in accordance with the Financial Services Authority Regulation Number 27/POJK.03/2016 on the Fit and Proper Test for Primary Non-Bank Financial Institutions and OJK Circular Letter Number 31/SEOJK.05/2016 Regarding the Fit and Proper Test for Primary Parties of Non-Bank Financial Institutions.

by members of the Board of Commissioners of the Financing Company are as follows:1. Integrity factor, including:

a. Being competent in conducting legal actions;b. Having good character and morals, indicated

at least through compliance with applicable provisions, including never being punished for being proven to commit a crime within a certain time period prior to nomination, including:

completed within the last 20 years before being nominated;

Indonesian Criminal Code (KUHP) and/or similar law abroad with the penalty of imprisonment of 1 year or more whose penalty has been completed within the last 10 years before being nominated; and/or

c. other criminal acts with the punishment of imprisonment of 1 (one) year or more, among others corruption, money laundering, narcotics/psychotropic,

arms trade, terrorism, counterfeiting, in the

within the last 20 (twenty) years before being nominated;

c. Being committed to comply with the rules and regulations and supports OJK policy;

d. Being committed to the development of a healthy Non-Bank Financial Institution;

e. Not being a party that is prohibited to be a candidate for the Main Parties.


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2. Financial reputation factor, including:

andb. Having never been declared bankrupt and/

or never become a shareholder, insurance company controller that is not a shareholder, member of the board of directors, executor of management duties, or member of the board of commissioners found guilty causing a company

before nomination.

3. Competence factor, including:a. Knowledge and strategic management

capabilities undertaken to ensure that members of the Board of Commissioners:

his/her position;(2) have an understanding of legislation;(3) have the ability to perform strategic

management in the framework of healthy business development

her position; and

her position.

Reporting Duty of the Board of CommissionersThe members of the Board of Commissioners shall report to the Company periodically or when there was a change in:

more, either in Adira Finance or in other companies domiciled in Indonesia or abroad.

other companies or institutions.

Structure of the Board of Commissioners In accordance with the Company’s Articles of Association, the structure of the Board of Commissioners of the Company shall consist of at least 3 (three) members of the Board of Commissioners with the following composition:

the members of the Board of Commissioners, 1 (one) person may be appointed as Vice President Commissioner and members of the Board of Commissioners may also serve as Independent

Directors, and/or members of the other Board of Commissioners.

Composition of the Board of CommissionersThe Company’s current Board of Commissioners is established based on the resolution of the Annual GMS on 20 April 2018, consisting of 6 (six) members with the following composition of the Board of Commissioners:

Commissioners.

Commissioners residing in Indonesia.

of Commissioners or 33.3% of the total number of members of the Board of Commissioners are Independent Commissioners, in accordance with OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies and Jakarta Stock Exchange Regulation No. I-A of the Decree of the Board of Directors of PT Bursa Efek Indonesia No. Kep-00001/BEI/1-2014 dated 20 January 2014.

Complete details of the work experience and education history of each member of the Board of Commissioners

2018 Annual Report, particularly on page 94-99.

Concurrent Service of Members of the Board of Commissioners In accordance with OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, the concurrent service of members of the Board of Commissioners is regulated as follows:1. Members of the Board of Commissioners are

prohibited from serving in concurrent positions as members of the Board of Commissioners in more than 3 other Financing Companies.

2. The service will not be considered as concurrent position if:a. Non-independent members of the Board of

Commissioners perform the functional duties

form of legal entities in their business groups; and/or

b. Members of the Board of Commissioners hold

institutions.



Provided that the person concerned does not neglect the execution of duties and responsibilities as a member of the Board of Commissioners of the Financing Company.

In addition, as a public company, to members of the Board of Commissioners of the Company, provisions on the concurrent service set forth in OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies shall also apply, which among others regulate as follows:1. Members of the Board of Commissioners may concurrently serve as:

a. members of the Board of Directors in at the maximum of 2 (two) issuers or other public companies; andb. members of the Board of Commissioners in at the maximum of 2 (two) issuers or other public companies.

2. In the event that a member of the Board of Commissioners is not concurrently serving as a member of the Board of Directors, the member of the Board of Commissioners shall serve in at the maximum of 4 (four) issuers or other public companies.

3. A member of the Board of Commissioners may also serve concurrently as a committee member at the maximum

the Board of Directors or a member of the Board of Commissioners.

provisions of this OJK Regulation, stricter regulations shall apply.

Based on the data that we have until the date of issuance of this Annual Report, all members of Adira Finance’s Board of Commissioners still comply with the provisions on concurrent position as stipulated in OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

of issuance of this 2018 Annual Report:

Name Domicile PositionMember

SinceEnding Year

Other position outside of the Company

Sng Seow Wah Jakarta President Commissioner 2018 Closing of the Annual

GMS of fiscal year 2020• President Director of PT Bank

Danamon Indonesia Tbk

Djoko Sudyatmiko Jakarta

Commissioner concurrently

serving as Independent

Commissioner

2018 Closing of the Annual GMS of fiscal year 2020

• Commissioner of ASCO Group • Commissioner of PT

Pakoakuina

Krisna Wijaya Jakarta

Commissioner concurrently


Commissioner

2018 Closing of the Annual GMS of fiscal year 2020

• President Commissioner of PT BNI Life Insurance

• Director of Indonesian Banking Development Institution

Eng Heng Nee Philip Singapura Commissioner 2018 Closing of the Annual GMS of fiscal year 2020

• Chairman of Transmex Systems International Pte. Ltd.

• Director of Frasers Australand Pty. Ltd.

• Director of Vanda 1 Investments Pte. Ltd.

• Director of Frasers Centrepoint Limited

• Director of KK Women’s and Children’s Hospital Pte. Ltd.

• Director of Ezra Holdings Limited

• Director of Heliconia Capital Management Pte. Ltd.

• Director of Singapore Health Services Pte. Ltd.

• Director of Hektar Asset Management Sdn. Bhd.

• Director of Frasers Centrepoint Asset Management Ltd.

Muliadi Rahardja Jakarta Commissioner 2018 Closing of the Annual GMS of fiscal year 2020

• Independent Commissioner of PT XL AxiataTbk.

Willy Suwandi Dharma Jakarta Commissioner 2018 Closing of the Annual

GMS of fiscal year 2020• President Commissioner of PT

Asuransi Adira Dinamika


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Information on the work experience and education history of each member of the Board of Commissioners can be

Independence of Board of Commissioners To maintain independence, each member of Adira Finance’s Board of Commissioners is not allowed to have family

members of the Board of Commissioners and members of the Company’s Board of Directors.

members of the Board of Commissioners. Family Relationship

No. Name

Family Relationship with

Board of Commissioners Board of DirectorsControlling Shareholder

Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Phi

lip

Mul

iad

i Rah

ard

ja

Will

y S

uwan

di

Dha

rma

Ho

Lio

eng

Min

I Dew

a M

ade

Sus

ila

Sw

and

ajan

i G

unad

i

Nik

o K

urni

awan

B

ong

go

war

sito

PT

Ban

k D

anam

on

Ind

one

sia

Tb

k

1. Sng Seow Wah - - - - - - - - - - -

2. Djoko Sudyatmiko - - - - - - - - - - -

3. Krisna Wijaya - - - - - - - - - - -

4. Eng Heng Nee Philip - - - - - - - - - - -

5. Muliadi Rahardja - - - - - - - - - - -

6. Willy Suwandi Dharma - - - - - - - - - - -

Financial Relationship:

No. Name

Financial Relationship with

Board of Commissioners Board of DirectorsControlling Shareholder

Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Phi

lip

Mul

iad

i Rah

ard

ja

Will

y S

uwan

di

Dha

rma

Ho

Lio

eng

Min

I Dew

a M

ade

Sus

ila

Sw

and

ajan

i G

unad

i

Nik

o K

urni

awan

B

ong

go

war

sito

PT

Ban

k D

anam

on

Ind

one

sia

Tb

k

1. Sng Seow Wah - - - - - - - - - - -


3. Krisna Wijaya - - - - - - - - - - -






The following table sets forth the relationship between management and ownership of the members of the Board

Report:

Description

Management and Ownership in Other Financing Companies

Detailed ExplanationAs Member of the

Board of CommissionerAs Member of the Board of Directors

As Shareholder


Yes No Yes No Yes No

Sng Seow Wah - √ - √ - √

All members of the Board of Commissioners do not have management and ownership relationships in other financing companies.

Djoko Sudyatmiko - √ - √ - √

Krisna Wijaya - √ - √ - √

Eng Heng Nee Philip - √ - √ - √

Muliadi Rahardja - √ - √ - √

Willy Suwandi Dharma - √ - √ - √

Direct and Indirect Share Ownership in the Company, Financing Company, and Other Companies by the Board of Commissioners

Name

Share Ownership

Adira Finance Other Financing Companies Other Companies

Family at Adira Finance, Other Financing Companies,

and Other Companies

Sng Seow Wah - - 2,325,400 shares at PT. Bank Danamon Indonesia Tbk -

Djoko Sudyatmiko - - - -

Krisna Wijaya - - - -

Eng Heng Nee Philip - - - -

Muliadi Rahardja - - - -

Willy Suwandi Dharma - - 10,000 shares at PT Asuransi

Adira Dinamika -

Independent CommissionerAs a public company, in accordance with OJK Regulation No. 33/POJK.04/2014 dated 8 December 2014 concerning Board of Commissioners and Board of Directors of Issuers or Public Companies and the Indonesia Stock Exchange Regulation No. I-A concerning Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies (Decision of the Board of Directors of PT Bursa Efek Indonesia Number Kep-00001/BEI/01-2014 dated 20 January 2014), Adira Finance is required to have an Independent Commissioner with a minimum of 30% of all members of the Board of Commissioners of the Company. In addition to the above provisions, Independent Commissioners are also governed by OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, stipulating that a Financing Company shall have at least 1 (one) Independent Commissioner.

Independent Commissioner of Adira Finance at the time of this Annual Report preparation consists of 2 (two) persons from a total of 6 (six) members of the Board of Commissioners of the Company or 33.3% of the total members of

test conducted by OJK, Independent Commissioners shall satisfy the following requirements:


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1. Not a person working or having the authority and responsibility to plan, lead, control or supervise the Company’s activities within the last 6 months, except for re-appointment as an Independent Commissioner in the following period;

2. Not having any share directly or indirectly to the Company;

members of the Company’s Board of Directors of the Company, or the main shareholders of the Company;4. Not having direct or indirect business relationship related to the Company’s business activities.

Selection Procedure of Members of Independent Commissioner:1. The Board of Directors shall be entitled to propose the names of Independent Commissioners to the Nomination

and Remuneration Committee of the Company. The proposed candidate must meet the required competence and independence requirements as Independent Commissioner.

2. The Nomination and Remuneration Committee will conduct interviews and examine the requirements of proposed candidates. After conducting interviews and research on candidate requirements, the Nomination and Remuneration Committee will submit recommendations on candidates who will be appointed as Independent Commissioners to the Board of Directors and Board of Commissioners.

3. The Board of Directors and the Board of Commissioners shall propose the appointment of the Independent Commissioner to the GMS of the Company.

4. Appointment of Independent Commissioner members shall be conducted by the GMS.

Prior to appointment as Independent Commissioner, each Independent Commissioner candidate must sign a statement of independence by referring to OJK Regulation Number 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies. This independence statement is annually

No. Name of Independent Commissioner Date of Last Independence Statement Letter

1. Djoko Sudyatmiko 21 February 2018

2. Krisna Wijaya 21 February 2018

OJK Independence Criteria Djoko Sudyatmiko Krisna Wijaya

Not a person working or having the authority and responsibility to plan, lead, control or supervise the Company’s activities within the last 6 months, except for re-appointment as an Independent Commissioner in the following period.

√ √

Not having any share directly or indirectly to the Company. √ √

Not having any affiliation with the Company, members of the Board of Commissioners of the Company, members of the Board of Directors of the Company or the main shareholders of the Company.

√ √

Not having direct or indirect business relationship related to the Company’s business activities.

√ √



The Board of Commissioners’ passing statuses of the Fit and Proper Test on the date of issuance of this 2018 Annual Report are as follows:


Sng Seow Wah 29 April 2015 The organizer of fit and proper test is the Financial Services Authority.

Djoko Sudyatmiko 28 February 2006

The provider of fit and proper test is the Directorate General of Financial Institution, Ministry of Finance of the Republic of Indonesia, which is still valid in accordance with Article 23 paragraph 1 of OJK Regulation No. 4 of 2013.

Krisna Wijaya 27 April 2016 The organizer of fit and proper test is the Financial Services Authority.

Eng Heng Nee Philip 12 February 2015 The organizer of fit and proper test is the Financial Services Authority.

Muliadi Rahardja 15 June 2017 The organizer of fit and proper test is the Financial Services Authority.

Willy Suwandi Dharma 15 June 2017 The organizer of fit and proper test is the Financial Services Authority

In accordance with Article 50 paragraph (3) of OJK Regulation No. 29/POJK.05/2014 concerning Operation of Financing Companies, the Board of Commissioners of a Financing Company is required to have a basic level

Name Position Certification Date Issuing Institution

Sng Seow Wah President Commissioner Basic Financing Certification 27 October 2015 PT. Sertifikasi Profesi


Djoko Sudyatmiko

Commissioner concurrently serving as Independent

Commissioner

Basic Financing Certification 25 November 2015 PT. Sertifikasi Profesi


Krisna WijayaCommissioner concurrently

serving as Independent Commissioner

Basic Financing Certification 22 November 2016 PT. Sertifikasi Profesi


Eng Heng Nee Philip Commissioner Basic Financing

Certification 25 November 2015 PT. Sertifikasi Profesi Pembiayaan Indonesia

Muliadi Rahardja Commissioner Basic Financing Certification 10 November 2017 PT. Sertifikasi Profesi


Willy Suwandi Dharma Commissioner Advance Financing

Certification 12 June 2015 PT. Sertifikasi Profesi Pembiayaan Indonesia

Based on the above explanation, it can be concluded that:

requirements set forth in the Company’s Articles of Association.

degree with the members of the Board of Commissioners and/or members of the Board of Directors.

with the controlling shareholder for being a member of the Board of Directors of the Company’s controlling shareholder.

blood relationship up to the second degree with members of the Board of Commissioners and/or members of the

Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuer or Public Company and Indonesia Stock Exchange Regulation No. IA concerning Listing of Shares and Equity Securities Other Than Shares Issued by Listed Companies).


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not have concurrent position either as a member of the Board of Commissioners, as a member of the Board of Directors, or as a shareholder in another

the minimum number required in OJK Regulation, which is at least 30% of the total members of the Board of Commissioners.

Association of Indonesian Financing Companies (APPI).

Duties and Responsibilities of Each Member of the Board of Commissioners1. Sng Seow Wah as President Commissioner Sng Seow Wah has the main duty of supervising

and providing input to the Board of Directors in relation to:

policy;

and remuneration policy of the Company’s Board of Commissioners and Board of Directors; and

Governance.

Serving as Independent Commissioner


Government;

and remuneration policy of the Company’s Board of Commissioners and Board of Directors; and

Governance.

Serving as Independent Commissioner

providing input to the Board of Directors regarding:

Government;

Governance.

4. Eng Heng Nee Philip as Commissioner Eng Heng Nee Philip has the main duty of

supervising and providing input to the Board of Directors in relation to:

Governance.


6. Ir. Wily Suwandi Dharma as Commissioner Ir. Willy Suwandi Dharma has the main duty of

supervising and providing input to the Board of Directors in relation to:

Meeting of Board of CommissionersThe Meeting of the Board of Commissioners shall be held at least once every two months and at least 1 (one) meeting shall be attended by all members of the Board of Commissioners, unless deemed necessary by 1 (one) member of the Board of Commissioners, or upon a written request of 1 (one) or more members of the Board of Directors, or upon request of 1 (one)

shares held by the Company with valid voting rights. The Meeting of the Board of Commissioners is only valid and may make binding decisions if more than 1/2 of the total members of the Board of Commissioners are present or represented in the meeting.

The decision of the Board of Commissioners’ Meeting shall be made by deliberation to reach consensus. In the event that the deliberation to reach consensus is not completed, then the decision is made by the agree



vote of more than 1/2 of the total votes issued legally in the meeting. If the agree vote and the disagree vote are

the meeting shall be entitled to issue 1 (one) vote and 1 (one) additional vote for each member of the Board of Commissioners represented.

Any member of the Board of Commissioners who personally, in any way, directly or indirectly, has an interest in a transaction, contract or contractual proposal, whereby the Company shall be one of its parties, shall declare the nature of its interest in a BOC meeting and shall not be entitled to participate in the taking votes relating to matters relating to such transactions or contracts, unless the Meeting of the Board of Commissioners determines otherwise.

The Board of Commissioners may also take a valid and binding decision without holding a Meeting of the Board of Commissioners, provided that all members of the Board of Commissioners have approved the proposal submitted in writing and signed the agreement. The decision made in such manner shall have the same power as the legally adopted decision in the Meeting of the Board of Commissioners.

During the year 2018, the Board of Commissioners has conducted 6 (six) Meetings of the Board of Commissioners, with the attendance of the Commissioners was on average reaching 97.2%. This attendance level demonstrates the high commitment of all members of the Board of Commissioners of the Company and meets the minimum attendance requirement in a meeting as stipulated in OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, which the minimum number of attendance in meeting is 75% in a year.

The following is the attendance list of the Meeting of the Board of Commissioners in 2018:

Date AgendaAttendance of Members of the Board Commissioners

Sng Seow Wah

Djoko Sudyatmiko

Krisna Wijaya

Eng Heng Nee Philip

Muliadi Rahardja

Willy Suwandi Dharma

21 February 2018

• Minutes of Meeting of 14 December 2017

• GMS Agenda • Report from the Audit

Committee• Report from the

Risk Management Committee

v v v v X v

19 April 2018

• Minutes of Meeting of 21 February 2018

• Business Development

v v v v v v

11 July 2018

• Minutes of Meeting of 19 April 2018

• Approval on the Change of Head of Internal Audit Unit

• Report from the Audit Committee

• Report from the Risk Management Committee

v v v v v v

29 August 2018

• Minutes of Meeting of 11 July 2018


v v v v v v

30 October 2018

• Minutes of Meeting of 29 August 2018

• Certification for Board of Commissioners of Financing Companies

v v v v v v

12 December 2018

• Minutes of Meeting of 30 October 2018


• Report from the Risk Management Committee

v v v v v v


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Meeting Plan of the Board of Commissioners in 2019For 2019, the Board of Commissioners plans to hold 6 (six) meetings, namely on:1. Thursday, 17 January 20192. Thursday, 28 March 20193. Thursday, 9 May 20194. Thursday, 15 August 20195. Thursday, 17 October 20196. Thursday, 12 December 2019

The meeting plan was approved during the meeting of the Board of Commissioners on 12 December 2018. However, the meeting plan may change if there is a

of Commissioners of the Company. Decisions of the Board of Commissioners in 20181. Decision of the Board of Commissioners concerning

the Approval of the Board of Commissioners to the Board of Directors in connection with Article 12 paragraph (4) letter (d) and letter (g) of the Articles of Association of PT Adira Dinamika Multi Finance Tbk dated 22 August 2017.

2. Decision of the Board of Commissioners concerning the Composition of Members of the Nomination and Remuneration Committee of PT Adira Dinamika Multi Finance Tbk dated 22 August 2017.

3. Decision of the Board of Commissioners concerning the Change of Members of the Risk Management Committee of PT Adira Dinamika Multi Finance Tbk dated 22 August 2017.

4. Decision of the Board of Commissioners concerning Approval of Reappointment of Head of Internal Audit Unit of PT Adira Dinamika Multi Finance Tbk dated 11 July 2018.

Approvals of the Board of Commissioners in 20181. Approval of the Board of Commissioners on

the organization of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk dated 10 April 2017.

Adira Finance IV’s bond with the maximum amount of IDR 9 trillion and a continuous sukuk III with the maximum amount of IDR 1 trillion dated 22 August 2017.

3. Approval to reduce the Company’s capital

dated 22 August 2017.

year 2018.Recommendations of the Board of Commissioners in 20181. Provide recommendations and inputs on the

budget plan and annual plan submitted by the Board of Directors.

2. Provide recommendations and inputs on the Company’s Strategy.

3. Provide recommendations and inputs on the development of human resources and information technology of the Company.

4. Provide recommendations and inputs to the Audit Committee, Risk Management Committee, Nomination & Remuneration Committee, and Corporate Governance Committee, so that the performance and role of these Committees keeps increasing from time to time.

Introduction/Orientation Program for New Members of the Board of CommissionersThe Company has an introduction/orientation program policy for the newly appointed members of the Board of Commissioners. This program aims to have the new members of the Board of Commissioners understand in depth about Adira Finance. The introduction/orientation program is conducted in the form of presentation, delivery of written materials, visits to the business network, and direct meetings with the internal parties of Adira Finance that will be in contact during their duties as members of the Board of Commissioners. This introduction/orientation program is implemented by the Corporate Secretary.

In general, the introduction/orientation materials is as follows:1. General Knowledge of Financing Companies.2. Good Corporate Governance Principles.3. Explanation on Adira Finance, from vision, mission,

philosophy, history of establishment, business

and short-term strategies, corporate strengths, as well as opportunities and challenges encountered by the Company.

4. The Company’s Instrument Structure, duties and responsibilities of each of the Company’s instrument and control system policy.



In 2018, there was no new members of the Board of Commissioners, so that there was no party participating in the introduction/orientation program.

Training Program of the Board of CommissionersThe Company has a policy requiring members of the Board of Commissioners to attend training to support and improve their competence in carrying out their duties and responsibilities as members of the Board of Commissioners, at least 1 x (once) in 1 (one) year.

Throughout 2018, members of the Board of Commissioners have attended the following trainings:

Name Type of Training/Workshop/Upskilling Place and Date Organizer

Sng Seow Wah 1. Economic Outlook and Its Impact to Indonesia Multifinance Industry

Jakarta, 12 December 2018 Prasetiya Mulya

Djoko Sudyatmiko 1. Financing Industry in Capital Market

Jakarta, 26 July 2018 APPI

1. Economic Outlook and Its Impact to Indonesia Multifinance Industry


Krisna Wijaya 1. Financing Industry in Capital Market


Eng Heng Nee Philip 1. Economic Outlook and Its Impact to Indonesia Multifinance Industry


Muliadi Rahardja 1. Financing Industry in Capital Market


Willy Suwandi Dharma 1. Financing Industry in Capital Market


Performance Assessment on the Committees under the Board of CommissionersIn carrying out its duties, the Board of Commissioners is assisted by several committees. To measure the

reviews the performance of Committee members individually or collectively, conducted every 1 (one) year by the Board of Commissioners. The result of this assessment becomes one of the considerations for the extension of the term of the member of the Board of Commissioners for the next period. Performance appraisal criteria The BOC

ability to cooperate and communicate actively among members of the Committee, integrity, ability to understand

of each Committee.

In 2018, the Board of Commissioners considered that the performance of Audit Committee, Risk Management Committee, Nomination and Remuneration Committee, and Corporate Governance Committee reached 100%. The execution of duties of each Committee under the Board of Commissioners can be read in the next section of this Annual Report.


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Committees under the Board of CommissionersIn performing its duties, the Board of Commissioners is assisted by 4 (four) Committees, namely:a. Audit Committee.b. Risk Management Committee.c. Nomination and Remuneration Committee.d. Corporate Governance Committee.

Board of CommissionersPresident Commissioner : Sng Seow WahCommissioner concurrently serving asIndependent Commissioner : Djoko SudyatmikoCommissioner concurrently serving asIndependent Commissioner : Krisna WijayaCommissioner : Eng Heng Nee PhillipCommissioner : Muliadi RahardjaCommissioner : Willy Suwandi Dharma

Audit Committee

Chairman : Krisna Wijaya (Commissioner concurrently serving as Independent CommissionerMember : Richard Steven Dompas (Independent Party)Member : Christine Tjen (Independent Party)

Risk Management Committee

Chairman : Eng Heng Nee Phillip (Commissioner)Member : Djoko Sudyatmiko (Commissioner concurrently serving as Independent Commissioner)Member : Muliadi Raharjda (Commissioner)

Corporate Governance Committee

Chairman : Djoko Sudyatmiko (Commissioner concurrently serving as Independent Commissioner)Member : Diyah Sasanti (Independent Party)

Nomination and Remuneration Committee

Chairman : Djoko Sudyatmiko (Commissioner concurrently serving as Independent Commissioner)Member : Eng Heng Nee Phillip (Commissioner)Member : Sng Seow Wah (President Commissioner)Member : Willy Suwandi Dharma (Commissioner)



In order to carry out our functions as one of the committees that assist the Board of Commissioners in exercising its supervision function on the Company’s performance, which is one of the main pillars in the application of Good Corporate Governance principles, as outlined in the Audit Committee Charter, OJK Regulation No. 55/POJK.04/2015 concerning Establishment and Working Implementation Guidelines of the Audit Committee, OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, and Jakarta Stock Exchange Regulation No. 1-A concerning General Provisions on Listing of Equity Securities in the Stock Exchange and Attachment of Decision of the Chairman of the Jakarta Stock Exchange No. Kep-00001/BE1/01-2014 dated 20 January 2014 on the Audit Committee.

Establishment of the Company’s Audit Committee

on 30 August 2004 in a Meeting of the Company’s Board of Commissioners.

On 29 November 2005, based on the decision of the Company’s Board of Commissioners, the Audit Committee and the Risk Management Committee were incorporated into the Audit and Risk Management Committee.

As the Company grows and the greater the challenges that the Audit Committee has to face, it is necessary to separate the Audit and Risk Management Committee. Accordingly, on 28 April 2011, the Company’s Audit and Risk Management Committee was separated into the Audit Committee and Risk Management Committee.

Charter of Audit CommitteeThe Audit Committee of Adira Finance has had a Charter since 2004, which has been reviewed and revised several times. The Audit Committee’s Charter was last revised on 20 April 2016 to comply with OJK Regulation No. 55/POJK.04/2015.

The Audit Committee’s Board Charter has also been

adira.co.id.

Audit Committee Report

MembershipThe members of the Adira Finance Audit Committee are in accordance with the Decision of the Board of Commissioners of the Company dated 27 May 2016

2017, which shall be held no later than 30 June 2018. The members of Adira Finance Audit Committee are as follows:

serving as Independent Commissioner)Member : Richard Steven Dompas (Independent Party)

Information on the work experience and education history of each member of the Audit Committee in

can be seen in the Corporate Data Section - Audit

members of Board of Commissioners:

Richard Steven DompasAn Indonesian citizen, 59 years old, and domiciled in Jakarta. He obtained his Bachelor of Science in Business Administration from the American University in 1983. Currently, he also holds the position as

and member of audit committee in PT Bank ICBC Indonesia.

Christine TjenAn Indonesian citizen, 40 years old, and domiciled in Jakarta. She obtained her Master of International Taxation from University of Sydney in 2006. Currently, she also holds the position as Vice Director for Administration & Finance in LPEM FEB of University of Indonesia & actively teaches Taxation & Accounting in University of Indonesia.

Independence of Audit CommitteeThe independence of the members of the Audit Committee of the Company can be observed from the

relationship of each member of the Audit Committee.


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the Audit Committee with members of the Board of Commissioners and/or members of the Board of Directors and shareholders of the Company are as follows:

Family Relationship:

No. Name


Board of Commissioners Board of Directors Controlling Shareholders

Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

En

g H

eng

Nee

P

hili

p

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk

1. Krisna Wijaya - - - - - - - - - - -

2. Richard Steven Dompas - - - - - - - - - - - -

3. Christine Tjen - - - - - - - - - - - -


No. Name



Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

En

g H

eng

Nee

P

hili

p

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk

1. Krisna Wijaya - - - - - - - - - - -

2. Richard Steven Dompas - - - - - - - - - - - -

3. Christine Tjen - - - - - - - - - - - -

All members of the Company’s Audit Committee are independent in accordance with OJK Regulation No. 55/POJK.04/2015 concerning the Establishment and Charter of the Audit Committee.

The table below shows the management and ownership relationship of members of the Company’s Audit Committee in other companies:

DescriptionManagement and Ownership in Other Financing Companies

Detailed ExplanationAs Member of the Board of Commissioner

As Member of the Board of Directors As Shareholder

Audit Committee Yes No Yes No Yes NoKrisna Wijaya - √ - √ - √ All members of the

Audit Committee do not have management and ownership relationships in other financing companies.

Richard Steven Dompas - √ - √ - √

Christine Tjen - √ - √ - √

Pursuant to OJK Regulation No. 55/POJK.04/2015 concerning the Establishment and Charter of the Audit

shall replace him/her.

Member’s Name In Position Since End of Term of Office

Krisna Wijaya 2018 Closing of Annual GMS for Fiscal Year 2020

Richard Steven Dompas 2018 Closing of Annual GMS for Fiscal Year 2020

Christine Tjen 2018 Closing of Annual GMS for Fiscal Year 2020



Duties and Responsibilities of the Audit CommitteeThe Audit Committee shall conduct monitoring and evaluation of the planning and execution of the audit and monitoring of the follow up of audit results in order to assess the adequacy of internal controls including

The Audit Committee has the duty to provide independent professional opinion to the Board of Commissioners on reports or matters submitted by the Board of Directors to the Board of Commissioners and to identify matters which require the attention of the Board of Commissioners, namely:1. Creating an annual activity plan approved by the

Board of Commissioners.

statements are in conformity with applicable accounting standards.

3. Analyzing the Company’s compliance with laws and regulations in the capital market and other laws and regulations relating to the Company’s activities.

4. Evaluating and analyzing the Company’s audit plan and its implementation. Ensure that audits are carried out in the appropriate frequency and scope and oversee follow-up of audit reports.

public accountants and the suitability of audit implementation by Public Accounting Firm (KAP) with applicable audit standards.

6. Analyzing the adequacy of inspections conducted by the Firm to ensure all important risks have been considered.

7. Monitoring and evaluating the implementation of the Board of Directors’ follow up actions on

Accounting Firm and the results of supervision by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) to provide recommendations to the Board of Commissioners.

8. The Committee is required provide recommendations on the appointment of public accountants and the KAP to the Board of Commissioners to be submitted to the GMS.

9. Reviewing and reporting to the Board of Commissioners for complaints relating to the Company.

documents, data and information it has.11. Creating, reviewing, and updating the Audit

Committee Board Charter.

12. Carrying out and authorizing to conduct investigations within the scope of its duties.

13. Establishing cooperation with outside consultants, accountants or other external parties who advise the Audit Committee or provide guidance in connection with investigations, seeking related information from employees, from parties working on the basis of the Audit Committee’s request.

Requirements for Members of the Audit Committee1. Must have high integrity, ability, knowledge,

able to communicate well.

markets and other related legislation.3. Must comply with the Code of Conduct of the Audit

Committee stipulated by the Company.4. Is willing to improve his/her competence

continuously through education and training.5. An Independent Party from the members of the

accounting.6. An Independent Party from the members of the

and/or capital markets.

other party providing assurance services, non-assurance services, appraisal services and/or other consulting services to the Company within the last 6 (six) months.

8. Not an employee who works or has the authority and responsibility to plan, lead, control or supervise the Company’s activities within the last 6 (six) months, except Independent Commissioners.

9. Not having any share, both directly or indirectly, in the Company.

10. In the event of members of the Audit Committee, either directly or indirectly, acquire the Company’s shares due to a legal event, such shares shall be transferred to another party within 6 (six) months after obtaining the shares.

Commissioners, members of the Board of Directors or the Principal Shareholders of the Company.

12. Has no direct or indirect business relationship with the Company’s business activities.


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Authorities of Audit Committee1. Accessing Company documents, data and information concerning employees, funds, assets and other

Company resources related to the performance of their duties.2. Communicating directly with employees, including the Board of Directors and parties performing internal audit

functions, risk management and accountants related to the duties and responsibilities of the Audit Committee.3. Involving independent parties outside the members of the Audit Committee who are required to assist in the

execution of their duties (if required).4. Exercising other authority granted by the Board of Commissioners.

Work EthicsEach member of the Audit Committee shall have good integrity, character and moral.

Appointment Procedure of Members of Audit Committee who are not members of the Company’s Board of Commissioners1. The Head of the Audit Committee or the Board of Directors shall be entitled to nominate the names of the

candidate members of the Audit Committee from outside the Company’s Board of Commissioners to the Company’s Nomination and Remuneration Committee. The proposed candidate must meet the competence and independence requirements required as a member of the Audit Committee.

2. The Nomination and Remuneration Committee will conduct interviews and examine the requirements of proposed candidates. After conducting interviews and research on candidate requirements, the Nomination and Remuneration Committee will submit recommendations on candidates who will be appointed as members of the Audit Committee to the Board of Commissioners.

3. The Board of Commissioners will study the recommendations of the Nomination and Remuneration Committee. If the recommendation is approved, the Board of Commissioners will issue a decree of appointment as a member of the Audit Committee. A copy of the letter of appointment shall also be submitted to the Board of Directors of the Company.

4. The appointment of new members of the Audit Committee will be reported by the Head of the Audit Committee

Appointment Procedure of Members of the Company’s Audit Committee

GMS


Board of Directors

Audit CommitteeNomination and Remuneration

Committee

1. Proposed Candidates

1. Proposed Candidates

3. Appointments

4. Report of Membership Changes

2. Recomendation



Implementation of the Audit Committee’s Duties in 2018During 2018, the Audit Committee performed its duties in accordance with the Audit Committee’s Charter.

The implementation of the Audit Committee’s duties throughout 2018 was as follows:

on 31 December 2017, Financial Statements for the First Quarter of 2018, Financial Statements for the First Semester of 2018, Financial Statements for the Third Quarter of 2018, and Annual Financial Statements for

2. Providing recommendations to the Board of Commissioners regarding the appointment of Public Accountant and Public Accounting Firms to be proposed by the Board of Commissioners to the GMS to examine the

OJK Regulation No. 13/POJK.03/2017 concerning the Utilization of Public Accountant Services and Public Accounting Firms in Financial Services Activities.

compliance based on the applicable laws and regulations.5. Preparing a report on the implementation of duties of the Audit Committee to the Board of Commissioners.

been communicated and discussed with the Company’s Management and Independent External Auditor, and have been reported to the Company’s Board of Commissioners for the improvement and follow-up by the Company’s Management.

The Audit Committee’s Reports

Report Purpose Reporting Date

Audit Committee’s Report The Company’s Board of Commissioners 21 February 2018

Audit Committee’s Report The Company’s Board of Commissioners 11 July 2018

Evaluation Report on the Implementation of Audit Service on the Financial Information of Fiscal Year 2016 by a Public Accountant and/or Public Accounting Firm

Directorate of Supervisor of Financing Institution of the Financial Services

Authority

29 June 2018

Audit Committee’s Report The Company’s Board of Commissioners 29 August 2018

Audit Committee’s Report The Company’s Board of Commissioners 12 December 2018

Training of the Audit Committee’s MembersTo improve their knowledge and quality, in 2018, members of the Company’s Audit Committee attended the following trainings:


Krisna Wijaya 1. Financing Industry in the Capital Market Jakarta, 26 July 2018 APPI

Richard Steven Dompas

1. International Risk Management Refreshment Program For Executives with topics of Geopolitic Risks Related to Asia

Taiwan and Hong Kong, February 2018

Indonesia Banker Institute, LSPP and MM-UGM

2. Bank Business in Digital Era, Risks and Mitigation Jakarta, December 2018 Indonesia Banker Institute

Christine Tjen1. The 2018 II A Indonesia National

Conference Nurturing Agile Internal Auditors in Disruptive Times

Bali, 28 – 29 August 2018 The Institute of Internal Auditors Indonesia


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The Audit Committee MeetingThe following are the provisions on the Company’s Audit Committee Meeting:

Meeting shall be appointed to lead the Audit Committee Meeting.

documented.

with the reason for such disagreement.

attendance level demonstrates the high commitment of all members of the Company’s Audit Committee.

The following is brief report on the Audit Committee Meeting during 2018:

Date AgendaAttendance of Committee Members

Krisna Wijaya Richard Steven Dompas Christine Tjen

21 February 2018 • Risalah Rapat 14 Desember 2017 V V X

23 May 2018 • Agenda RUPS V V V

11 July 2018 • Laporan Komite Audit V V V

29 August 2018 • Laporan Komite Manajemen Risiko V V X

7 November 2018 • Risalah Rapat 21 Februari 2018 V V V

22 November 2018 • Perkembangan Usaha V V V

Meeting Plan of the Audit Committee in 2019In 2019, the Audit Committee plans to hold 4 (four) meetings, namely on:1. Wednesday, 21 February 2018.2. Wednesday, 23 May 2018.3. Wednesday, 15 August 2018.4. Thursday, 22 November 2018

The meeting plan was approved during the Audit Committee meeting on 14 December 2017. However, the meeting

Performance Assessment on the Audit CommitteePerformance assessment on the committees under the Board of Commissioners consists of, among others, assessment of attendance rate in meetings, performance of main duties, and punctuality in submitting the reports required.

Performance assessment on the Audit Committee in 2018:

No. Assessment Criteria Rate (%) Achievement (%)

Rate x Achievement (%)

1. Tingkat kehadiran dalam rapat 20 88,9 17,8

2. Pelaksanaan tugas 40 100 40

3. Ketepatan penyampaian laporan 40 100 40

Total 97,8



In order to perform our function as one of the committees that assist the Board of Commissioners in exercising its supervisory function on the Company’s performance, which is one of the main pillars in the implementation of Good Corporate Governance principles, as outlined in the Risk Management Committee Charter.

Establishment of the Company’s Risk Management Committee

established on 30 August 2004 based on the decision of the Company’s Board of Commissioners Meeting.

On November 29, 2005, based on the decision of the Company’s Board of Commissioners, the Audit Committee and the Risk Management Committee were incorporated into the Audit and Risk Management Committee.

As the Company grows and the greater the challenges that the Audit Committee has to face, it is necessary to separate the Audit and Risk Management Committee. Accordingly, on 28 April 2011, the Company’s Audit and Risk Management Committee was separated into the Audit Committee and Risk Management Committee.

Charter of Risk Management CommitteeThe Risk Management Committee of Adira Finance has had a Charter since 2011, which has been evaluated and reviewed with the latest review on 7 May 2012.

Risk Management Committee Report

The Risk Management Committee’s Charter has also

www.adira.co.id.

MembershipIn 2018, there was no change in the composition of the members of the Risk Management Committee. Therefore, in accordance with the Decision of the Board of Commissioners dated 22 August 2017 up

of 2017, the composition of the Risk Management Committee is as follows:

Chairman : Eng Heng Nee Philip (Commissioner)

serving as Independent Commissioner)

Information on the work experience and education history of each member of the Risk Management Committee can be seen in the Corporate Data Section

Independence of Risk Management CommitteeThe independence of the members of the Company’s Risk Management Committee can be seen from the

relationship data of each member of the Risk Management Committee.

of Commissioners and/or members of the Board of Directors and shareholders of the Company are as follows:


No. Name


Board of Commissioners Board of Commissioners Controlling Shareholders

Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Ph

ilip

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk





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No. Name



Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Ph

ilip

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk




The table below shows the management and ownership relationship of members of the Company’s A

Description


Detailed Explanation

As Member of the Board of

Commissioner


Risk Management Committee Yes No Yes No Yes No

Eng Heng Nee Philip - √ - √ - √ All members of the Risk Management Committee do not have management and ownership relationships in other financing companies.

Djoko Sudyatmiko - √ - √ - √

Muliadi Rahardja - √ - √ - √

of his/her term, another Independent Commissioner shall replace him/her.

Member’s Name In Position Since Reappointment End of Term

Eng Heng Nee Philip 2016 2018 Closing of Annual GMS for Fiscal Year 2020

Djoko Sudyatmiko 2016 2018 Closing of Annual GMS for Fiscal Year 2020

Muliadi Rahardja 2017 2018 Closing of Annual GMS for Fiscal Year 2020

Duties and Responsibilities of Risk Management CommitteeThe Risk Management Committee has the duty and responsibility to monitor and evaluate the planning and implementation of the Company’s risk management.

The Risk Management Committee has the duty to provide independent professional opinion to the Board of Commissioners on reports or matters submitted by the Board of Directors to the Board of Commissioners and to identify matters that require the attention of the Board of Commissioners, namely:1. Create an annual activity plan approved by the Board of Commissioners.2. Evaluate the conformity between the Company’s risk management policy and its implementation.3. To monitor and evaluate the implementation of risk management of the Company to provide recommendations

for the Board of Commissioners.4. Report various risks faced by the Company to the Board of Commissioners and the implementation of risk

management by the Board of Directors.



5. Evaluate the Company’s risk management policy at least once a year.

6. Evaluate the implementation of the Board of Directors’ risk management policies at least on a quarterly basis.

documents, data and information.8. Create, review and update the Risk Management

Committee’s Board Charter.9. Carry out and authorize to conduct investigations

within the scope of its duties.10. Cooperate with external consultants, accountants

or other external parties who advise the Committee or provide guidance in connection with the investigation, seeking related information from employees of the parties working on the basis of the request of the Risk Management Committee.

11. Other duties, in addition to the above duties, are given by the Board of Commissioners to the Risk Management Committee in accordance with its functions and duties from time to time as required.

Authority of Risk Management Committee1. The Risk Management Committee of the Company

is authorized to have complete, free and unlimited access to the information about employees, funds, assets and other Company’s resources relating to the performance of its duties.

2. In exercising its authority, the Risk Management Committee shall cooperate with the Company’s risk management units and other units as deemed necessary.

Implementation of the Risk Management’s Duties in 2018In 2018, the Risk Management Committee performed its duties in accordance with the Risk Management Committee’s Charter.

The implementation of the Risk Management Committee’s duties in 2018 is as follows: 1. Creating an annual activity plan approved by the

Board of Commissioners.2. Evaluating the conformity between the Company’s

risk management policy and its implementation.3. Monitoring and evaluating the implementation

of risk management of the Company to provide recommendations to the Board of Commissioners.

4. Reporting various risks faced by the Company to the Board of Commissioners and the implementation of risk management by the Board of Directors.

5. Evaluating the Company’s risk management policy.6. Evaluating the implementation of Board of

Directors’ risk management policy on a quarterly basis.

Risk Management Committee’s Reports


Risk Management Committee’s Report The Company’s Board of Commissioners 12 Februari 2018

Risk Management Committee’s Report The Company’s Board of Commissioners 11 Juli 2018

Risk Management Committee’s Report The Company’s Board of Commissioners 12 Desember 2018

Training of the Risk Management Committee’s MembersTo improve their knowledge and quality, in 2018, members of the Risk Management Committee attended the following trainings:


Eng Heng Nee Philip 1. Economic Outlook and Its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Djoko Sudyatmiko1. Financing Industry in the Capital Market Jakarta, 26 July 2018 APPI

1. Economic Outlook and Its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Muliadi Rahardja 1. Financing Industry in the Capital Market Jakarta, 26 July 2018 APPI

The Risk Management Committee MeetingThe following are the provisions on the Company’s Risk Management Committee Meeting:

to the minimum requirements of the Board of Commissioners Meeting stipulated in the Company’s Articles of Association.


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including one Independent Commissioner.

Committee attending the Meeting shall be appointed to lead the Risk Management Committee Meeting.

properly documented.

of meeting with the reason for the such disagreement.

In 2018, the Risk Management Committee held 3 (three) meetings with the attendance rate reaching 100%. This maximum attendance level demonstrates the high commitment of all members of the Company’s Risk Management Committee.

The following is the list of Risk Management meetings during 2018:


Eng Heng Nee Philip Djoko Sudyatmiko Muliadi Rahardja

21 February 2018 • Risk Highlight• Other Update V V X

11 July 2018 • Risk Highlight• Other Update V V V

22 November 2018 • Internal Audit Unit Update• Accounting & Tax Update V V V

in 2018 have been communicated and discussed with the Company’s Management, and have been reported to the Company’s Board of Commissioners for the improvement and follow-up by the Company’s Management.

Meeting Plan of the Risk Management Committee in 2019In 2019, the Risk Management Committee plans to hold 4 (four) meetings, namely on:1. Thursday, 17 January 2019.2. Thursday, 18 July 2019.3. Thursday, 17 October 2019.4. Thursday,12 December 2019.

The meeting plan was approved during the Risk Management Committee meeting on 22 November 2018.

Committee members.

Performance Assessment on the Risk Management CommitteePerformance assessment on the committees under the Board of Commissioners consists of, among others, assessment of attendance rate in meetings, performance of main duties, and punctuality in submitting the reports required.

Performance assessment on the Risk Management Committee in 2018:

No. Assessment Criteria Rate (%) Achievement (%) Rate x Achievement (%)

1. Attendance rate in meetings 20 100 20

2. Performance of duties 40 100 40

3. Punctuality in submitting reports 40 100 40

Total 100



The Nomination and Remuneration Committee consists of 4 (three) members of the Board of Commissioners, chaired by an Independent Commissioner of the Company.

Nomination and Remuneration Committee CharterAdira Finance’s Nomination and Remuneration Committee has a Charter since 2008 and has conducted several evaluations. To comply with OJK Regulation No. 34/POJK.04/2014 concerning Nomination & Remuneration Committee of Issuers or Public Companies, the Company amended the Charter of the Nomination and Remuneration Committee on 20 April 2016.

at www.adira.co.id.

MembershipThe members of Nomination and Remuneration Committee since 22 August 2017 up to the issuance of this Annual Report are as follows:

Member : Eng Heng Nee Philip (Commissioner)Member : Sng Seow Wah (President Commissioner)Member : Willy Suwandi Dharma (Commissioner)

Information on the work experience and education history of each member of the Nomination and Remuneration

Based on OJK Regulation No. 34/POJK.04/2014 concerning the Nomination and Remuneration Committee of Issuers or Public Companies, in particular Article 3 Paragraph 1 letter a, Independent Commissioner shall serve as the head of the Nomination and Remuneration Committee.

Independence of Members of Nomination and Remuneration CommitteeThe independence of members of the Company’s Nomination and Remuneration Committee can be seen from

Remuneration Committee.

of the Board of Commissioners and/or members of the Board of Directors and shareholders of the Company are as follows:


No. Name



Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Ph

ilip

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk



3. Sng Seow Wah - - - - - - - - - - -




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Financial relationship:

No. Name


Board of Commissioners Board of Commissioners Controlling Shareholders

Sng

Seo

w W

ah

Djo

ko

Sud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee

Ph

ilip

Mu

liad

i R

ahar

dja

Will

y Su

wan

di

Dh

arm

a

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk



3. Sng Seow Wah - - - - - - - - - - √


Description:Sng Seow Wah is the President Director of PT. Bank Danamon Indonesia Tbk., which is the Controlling Shareholder of the Company.

The table below shows the management and ownership relationship of the Company’s Nomination and

Description




Commissioner



Yes No Yes No Yes No

Djoko Sudyatmiko - √ - √ - √ All members of the Nomination and Remuneration Committee do not have management and ownership relationships in other financing companies.

Eng Heng Nee Philip - √ - √ - √Sng Seow Wah - √ - √ - √

Willy Suwandi Dharma - √ - √ - √

Duties and Responsibilities of the Nomination and Remuneration CommitteeThe duties and responsibilities of the Nomination and Remuneration Committee are as follows:1. In relation to nomination activities, providing

recommendations to the Board of Commissioners on:a. Composition of the positions of members

of the Board of Directors and/or Board of Commissioners;

b. Required policy and criteria in the nomination process; and

c. Performance evaluation policy for members of the Board of Directors and/or members of the Board of Commissioners.

2. Assisting the Board of Commissioners to evaluate the performance of members of the Board of Directors and/or members of the Board of Commissioners based on the benchmarks that have been prepared as evaluation materials.

3. Providing recommendations to the Board of Commissioners regarding the capacity building program for members of the Board of Directors and/or members of the Board of Commissioners.

4. Providing proposals of eligible candidates as members of the Board of Directors and/or Board of Commissioners to the Board of Commissioners to be submitted to the GMS.

5. In relation to the remuneration function, suggesting some recommendations to the Board of Commissioners regarding:a. Remuneration structure;b. Remuneration policy; andc. Remuneration amount.

6. Assisting the Board of Commissioners to conduct a performance appraisal with the appropriateness of remuneration received by each member of the Board of Directors and/or members of the Board of Commissioners.

7. Establishing criteria for members of the Board of Directors, the necessary expertise and the number of members of the Board of Directors.

8. Ensuring that the level of remuneration is prepared

requirements of any responsibility to the related industries.

9. Recommending the remuneration package of the Board of Directors in the form of incentive program, such as the Company’s bonus distribution scheme.

10. Managing and monitoring adequate remuneration policies and programs.

11. Submitting any recommendations and reports on the activities of the Nomination and Remuneration Committee to the Board of Commissioners.



Requirements for Members of the Nomination and Remuneration Committee1. Having good integrity and morals.

3. Having adequate knowledge on the rules and regulation in manpower sector and other related regulations.

Authority of Nomination and Remuneration Committee1. Accessing records or information about employees,

funds, assets and other Company resources related to the performance of their duties.

2. Calling and requesting information from prospective members of the Board of Commissioners and/or candidates for members of the Board of Directors

to provide an overview of the competence and feasibility of prospective members of the Board of Commissioners and/or candidates for members of

Company.

of Commissioners and/or prospective members of

Company proposed by any party.

Implementation of the Nomination and Remuneration Committee’s Duties in 2017 In 2017, the Nomination and Remuneration Management Committee performed its duties in accordance with the Charter of Nomination and Remuneration Committee.

The implementation of the Nomination and Remuneration Management Committee’s duties in 2017 were:1. In relation to nomination activities, providing

recommendations to the Board of Commissioners on:a. Composition of the positions of members

of the Board of Directors and/or Board of Commissioners;

b. Required policy and criteria in the nomination process; and

c. Performance evaluation policy for members of the Board of Directors and/or members of the Board of Commissioners.

2. Assisting the Board of Commissioners to evaluate the performance of members of the Board of Directors and/or members of the Board of Commissioners based on the benchmarks that have been prepared as evaluation materials.

3. Providing recommendations to the Board of Commissioners regarding the capacity building program for members of the Board of Directors and/or members of the Board of Commissioners.

4. Providing proposals of eligible candidates as members of the Board of Directors and/or Board of Commissioners to the Board of Commissioners to be submitted to the GMS.

5. In relation to the remuneration function, suggesting some recommendations to the Board of Commissioners regarding:a. Remuneration structure;b. Remuneration policy; andc. Remuneration amount.

6. Assisting the Board of Commissioners to conduct a performance appraisal with the appropriateness of remuneration received by each member of the Board of Directors and/or members of the Board of Commissioners.

7. Establishing criteria for members of the Board of Directors, the necessary expertise and the number of members of the Board of Directors.

8. Ensuring that the level of remuneration is prepared

requirements of any responsibility to the related industries.

9. Recommending the remuneration package of the Board of Directors in the form of incentive program, such as the Company’s bonus distribution scheme.

10. Managing and monitoring adequate remuneration policies and programs.

Nomination and Remuneration Committee’s Reports


Nomination and Remuneration Committee’s Report Board of Commissioners 21 February 2018

Nomination and Remuneration Committee’s Report Board of Commissioners 14 April 2018


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Training of the Nomination and Remuneration Committee’s MemberTo improve their knowledge and quality, in 2017, members of the Company’s Nomination and Remuneration Committee participated in the following trainings:

Name Type of Trainings/Workshops/Upskilling Place and Date Organizer

Djoko Sudyatmiko1. Financing Industry in Capital Market Jakarta, 26 July 2018 Asosiasi Perusahaan

Pembiayaan Indonesia2. Economic Outlook and its Impact to

Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Eng Heng Nee Philip 1. Economic Outlook and its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Sng Seow Wah 1. Economic Outlook and its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Willy Suwandi Dharma 1. Financing Industry in Capital Market Jakarta, 26 July 2018 Asosiasi Perusahaan Pembiayaan Indonesia

The Nomination and Remuneration Committee MeetingIn 2018, the Nomination and Remuneration Committee has conducted 4 (four) meetings with the attendance rate reaching 100%. This maximum attendance level demonstrates the high commitment of all members of the Nomination and Remuneration Committee. At the meeting, the Committee evaluates and reviews nominations of candidates for members of the Board of Commissioners and/or Board of Directors, remuneration system for the Board of Commissioners and Board of Directors, as well as compliance with the remuneration budget for the Board of Commissioners and Board of Directors approved in the Annual GMS.

The following is the attendance list of the Nomination and Remuneration Committee Meeting in 2018:


Djoko Sudyatmiko

Eng Heng Nee Philip

Sng Seow Wah

Willy Suwandi Dharma

21 February 20181. Employee Bonus 2018 and Salary Increment

20182. BoC and BoD Tantiem for fiscal year 2018

V V X X

14 April 20181. Employee Bonus 2018 and Salary Increment

20182. BoC and BoD Tantiem for fiscal year 2018

V V V V

All reports and recommendations resulting from the implementation of the activities, review, and analysis of the Nomination and Remuneration Committee during 2018 have been communicated and discussed with the Company’s Management and have been reported to the Company’s Board of Commissioners for the follow-up of the Company’s Management.

Meeting Plan of the Nomination and Remuneration Committee in 2019In 2019, the Nomination and Remuneration Committee plans to hold 3 (three) meetings, namely on:1. Thursday, 17 January 2019.2. Tuesday, 19 February 2019.3. Thursday, 12 December 2019.

The meeting plan was approved during the Nomination and Remuneration Committee meeting on 14 December

and Remuneration Committee members.

Performance Assessment on the Nomination and Remuneration CommitteePerformance assessment on the committees under the Board of Commissioners consists of, among others, assessment of attendance rate in meetings, performance of main duties, and punctuality in submitting the reports required.

Performance assessment on the Nomination and Remuneration Committee in 2018:


1. Attendance rate in meetings 20 100 202. Performance of duties 40 100 403. Punctuality in submitting reports 40 100 40

Total 100



The Corporate Governance Committee consists of 1 (one) member of the Board of Commissioners and 1 (one) independent party with an Independent Commissioner as the head.

MembershipThe members of Corporate Governance Committee since 2 February 2015 are as follows:

Member : Diyah Sasanti (Independent Party)

Information on the work experience and education history of each member of the Corporate Governance Committee

Diyah SasantiAn Indonesian citizen, 52 years old, and domiciled in Bogor. She obtained her Master of Business Law From

Administration from Newport University in 1998. Currently, she also holds the position as commissioner in PT DISA & Legal Counsel in Agritrade International Pte Ltd.

Independence of Corporate Governance Committee MembersThe independence of members of the Corporate Governance Committee can be seen from the data of family,

the Board of Commissioners and/or members of the Board of Directors and the Company’s shareholders are as follows:


No. Name



Sng

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2. Diyah Sasanti - - - - - - - - - - - -


No. Name



Sng

Seo

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Eng

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Nik

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2. Diyah Sasanti - - - - - - - - - - - -

Corporate Governance CommitteeReport


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The table below shows the management and ownership relationship of the Company’s Corporate Governance

Description




Commissioner


Nomination and Remuneration Committee Yes No Yes No Yes No

Djoko Sudyatmiko - √ - √ - √ All members of the Nomination and Remuneration Committee do not have management and ownership relationships in other financing companies.

Diyah Sasanti - √ - √ - √

Duties and Responsibilities of the Corporate Governance CommitteeThe duties and responsibilities of the Corporate Governance Committee are as follows: a. Reviewing, evaluating, and recommending the framework and policies and completeness of Adira Finance’s

Corporate Governance;b. Monitoring the implementation of Good Corporate Governance principles in all business activities of Adira

Finance at all levels;c. Reviewing, evaluating, and recommending programs/activities related to Adira Finance’s responsibilities to

stakeholders; andd. Carrying out other duties granted by the Board of Commissioners regarding the development and implementation

of Corporate Governance.

Requirements of Members of the Corporate Governance 1. Having good integrity and morals.

3. Having adequate knowledge on the laws and regulations in manpower sector and other related laws and regulations.

Authority of Governance Committee1. Accessing records or information about employees, funds, assets and other Company’s resources related to

the performance of their duties.2. Communicating directly with the employees, including the Board of Directors and the Company’s employees

related to the duties and responsibilities of the Corporate Governance Committee.

Implementation of the Corporate Governance Committee’s Duties in 2018In 2018, the Corporate Governance Committee performed its duties in accordance with the Corporate Governance Committee’s Charter.

The implementation of the Corporate Governance Management Committee’s duties in 2018 was as follows:1. Reviewing, evaluating, and recommending the framework and policies and completeness of Adira Finance’s

Corporate Governance;2. Monitoring the implementation of Good Corporate Governance principles in all business activities of Adira

Finance at all levels;3. Reviewing, evaluating, and recommending programs/activities related to Adira Finance’s responsibilities to

stakeholders; and4. In the implementation of Integrated Corporate Governance, the Head of the Corporate Governance Committee

is a member of Danamon Group’s Integrated Governance Committee.



Corporate Governance Committee’s Reports


Report on the Corporate Governance Committee’s meeting results on 23 January 2017

Board of Commissioners 21 February 2018

Report on the Corporate Governance Committee’s meeting results on 19 July 2017

Board of Commissioners 11 July 2018

Report on the Corporate Governance Committee’s meeting results on 8 November 2017

Board of Commissioners 12 December 2018

Training of the Corporate Governance’s MembersTo improve their knowledge and quality, in 2018, members of the Company’s Corporate Governance Committee participated in the following trainings:

Name Type of Trainings/Workshops/Upskilling Place and Date Organizer

Djoko Sudyatmiko 1. Financing Industry in Capital Market Jakarta, 26 July 2018 Asosiasi Perusahaan Pembiayaan Indonesia

2. Economic Outlook And Its Impact To Indonesia Mulifinance Industry

Jakarta, 12 December 2018

Prasetiya Mulya

Diyah Sasanti 1. Implementation of Integrated Business Lisence Service Electronically

Jakarta, August 2018 Coordinating Ministry of Economic Affair

The Corporate Governance MeetingIn 2018, the Corporate Governance Committee held 3 (three) meetings with the attendance rate reaching 100%. This maximum attendance level demonstrates the high commitment of all members of the Corporate Governance Committee.

The following is the attendance list of the Corporate Governance Committee in 2018:

Tanggal AgendaAttendance of Committee Members

Djoko Sudyatmiko Diyah Sasanti

23 January 2018 • Update on GCG Implementation at Adira Finance V V

10 July 2018 • Update on GCG Implementation at Adira Finance• Implementation of Financial Information Service System

(SLIK)• Development of APU & PPT System at Adira Finance

V V

15 November 2018 • Update on GCG Implementation at Adira Finance• Awards received by Adira Finance

V V

All reports and recommendations resulting from the implementation of the activities, review, and analysis of the Corporate Governance Committee during 2018 have been communicated and discussed with the Company’s Management and have been reported to the Company’s Board of Commissioners for the follow-up of the Company’s Management.

Meeting Plan of the Corporate Governance Committee Report in 2019In 2019, the Corporate Governance Report plans to hold 3 (three) meetings, namely on:1. Wednesday,16 January 2019.2. Tuesday,16 July 2019.3. Thursday, 21 November 2019.


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The meeting plan was approved during the Corporate Governance Committee meeting on 15 November 2018.

Governance Committee members.

Performance Assessment on the Corporate Governance CommitteePerformance assessment on the committees under the Board of Commissioners consists of, among others, assessment of attendance rate in meetings, performance of main duties, and punctuality in submitting the reports required.

Performance assessment on the Corporate Governance Committee in 2018:


1. Attendance rate in meetings 20 100 20

2. Performance of duties 40 100 40

3. Punctuality in submitting reports 40 100 40

Total 100



Board of Directors

Duties and Responsibilities of the Board of DirectorsThe main duties of the Company’s Board of Directors are:1. In accordance with Article 92 paragraph 1 of

Law Number 40 Year 2007 concerning Limited Liability Companies, the Board of Directors shall be responsible for conducting the Company’s management for the interest of the Company and

the Company.2. In accordance with Article 12 paragraph 1 of OJK

Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies, the Board of Directors is in charge of carrying out and responsible for the management of issuers or public companies for the interest of issuers or public companies in accordance with the intent and purpose of the issuer or public companies set forth in the articles of association.

In performing its main duties, the Board of Directors has the following duties:1. preparing and evaluating the Company’s vision,

mission, and values to be submitted to the Board of Commissioners for approval;

2. formulating a long-term, medium-term and short-term strategy for the approval of the Board of Commissioners;

3. submitting a work plan containing the Company’s annual budget to the Board of Commissioners for approval from the Board of Commissioners, prior

4. managing and maintaining the Company’s assets

5. implementing the principles of Good Corporate Governance;

to ensure that the Company’s assets and resources are maintained;

7. preparing an annual report in accordance with the provisions of laws and regulations signed by all members of the Board of Directors and Board of Commissioners to be submitted to the Annual GMS as a form of liability to shareholders. In the event of any member of the Board of Directors or Board of Commissioners does not sign an annual report, the reasons must be given in writing;

the public accountant appointed by the GMS for review. The report or result of the audit of the public accountant shall be submitted in writing to the Annual General Meeting of Shareholders through the Board of Directors;

and/or outside the territory of the Republic of Indonesia;

10. establishing and maintaining Shareholders List and the Special List of the domicile of the Company, or appointing and authorizing the Securities Administration Bureau to exercise the listing of shares in the Shareholders List and the Special List;

11. holding the General Meeting of Shareholders in accordance with the provisions of the articles of association and the prevailing rules and regulations;

12. implementing all resolutions from the GMS.

Authority of the Board of DirectorsThe Board of Directors has the following authority1. The Board of Directors represents the Company

inside and outside the court on all matters and in all cases;

2. Binding the Company with other parties and vice versa;

3. Carrying out all acts in both management or ownership, with limitations and conditions for:a. Entering into leases, factoring, or consumer

facility that resembles or causes the lending of money to another party, exceeding the amount which from time to time shall be determined by the Board of Commissioners; or

b. Binding the Company as a debt guarantor or underwriter (borgtocht), or in other way that results in the Company being responsible for the payment obligations of other party; or

c. Establishing a new Company, making or enlarging capital participation (except the addition of capital participation in connection with the issuance of stock dividend or bonus shares or in connection with credit rescue


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of the competent authority; ord. Borrowing money from other parties or receiving

credit facilities or other banking facilities that results in the Company’s debt to other parties that exceeds the amount determined from time to time by the Board of Commissioners; or

from the accounting book which exceeds the amount determined from time to time by the Board of Commissioners; or

f. Transferring or issuing the Company’s right to

which exceeds the amount determined from time to time by the Board of Commissioners; or

g. Selling, transferring or issuing the rights, or collecting/pledging for the Company’s assets, either in one transaction or in several independent transactions or related to one another, in amount exceeding the number determined from time to time by the Board of Commissioners.

The Board of Directors must obtain prior written approval or related documents signed by the Board of Commissioners; such consent may be granted to perform one action or more than one action and may from time to time be reviewed,

4. Transferring the Company’s assets or providing a guarantee of the Company’s debt which constitutes

statements audited by a public accountant in 1 (one) or more transactions, which is related to one or otherwise unrelated to each other shall be

Shareholders.

Board Charter of the Board of DirectorsIn performing its duties and responsibilities, the Board of Directors of Adira Finance is guided by:a. Law No. 40 of 2007 concerning Limited Liability

Company;b. OJK Regulation No. 33/POJK.04/2014 concerning

the Board of Directors and Board of Commissioners of Issuers or Public Companies;

c. OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies;

d. The Company’s Articles of Association;

e. Board Charter of the Board of Directors dated April 20, 2016.

Board Charter of the Board of Commissioners of Adira Finance regulates, among others:1. Legal Basis;2. Organizations;3. Requirements of Members of the Board of

Directors;4. Appointment, Resignation, and Dismissal;

6. Independence;7. Duties and Responsibilities;8. Authority;9. Concurrent Service of Members of the Board of

Directors;10. Orientation for New Member of the Board of

Directors;11. Disclosure;12. Work Ethic;13. Meetings;14. Reporting and Accountability;15. Training;

The Board of Directors’ Board Charter has also been www.

adira.co.id.

Appointment, Dismissal, and Resignation of Members of the Board of Directors

Appointment of members of the Board of DirectorsThe appointment of members of the Board of Directors, among others, is stated in Article 94 of Law Number 40 of 2007 concerning Limited Liability Company, Article 3 paragraph 1 of OJK Regulation No. 33/POJK.04/2014 concerning the Board of Directors and Board of Commissioners of Issuers or Public Companies, and Adira Finance’s Articles of Association, which stipulate that the appointment and dismissal of members of the Board of Directors shall be made through the GMS.

Dismissal of members of the Board of DirectorsThe temporary dismissal of members of the Board of Directors, among others, is regulated in Article 105 paragraph 9 of Law Number 40 of 2007 concerning Limited Liability Company, Article 10 of OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies, and Adira Finance’s Articles of Association, which broadly stipulate that members of the Board of Directors may be dismissed at any time



based on a GMS resolution by stating the reasons or

not be reappointed by the GMS.

Temporary Dismissal of members of the Board of Directors:The temporary dismissal of members of the Board of Directors, among others, is stated in the Article 106 paragraph 9 of Law Number 40 of 2007 concerning Limited Liability Company, Article 10 OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies. Furthermore, Adira Finance’s Articles of Association sets out the following:1. Members of the Board of Directors may

be temporarily dismissed by the Board of Commissioners by stating the reasons.

writing to the members of the Board of Directors concerned.

3. Temporarily-dismissed members of the Board of Directors are not authorized to perform their duties.

4. Within 30 days (according to Law Number 40 Year 2007 regarding Limited Liability Company) or 90 days (according to OJK Regulation No. 3 /POJK.04/2014 regarding Board of Directors and Board of Commissioners of Issuers or Public Company) after the date of temporary dismissal, A GMS must be convened to revoke or enforce the decision of such dismissal.

5. In the GMS, members of the Board of Directors concerned are given the opportunity to defend themselves.

temporary dismissal, the member of the Board of Directors concerned shall be dismissed from here on.

7. The dismissal shall be cancelled if the GMS convention period has ended or a decision cannot be made in the GMS.

Resignation of members of Board of Directors The resignation of members of the Board of Directors, among others, is regulated in Article 107 letter b of Law Number 40 of 2007 concerning Limited Liability Company, Article 8 of OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies, and Adira Finance’s Articles of Association, which broadly stipulates the following:1. A member of the Board of Directors may resign

from his/her position before his/her term expires.

2. In the event that a member of the Board of Directors resigns, the member of the Board of Directors concerned shall submit the request for resignation to the Company.

3. The Company shall convene a GMS to decide the resignation of a member of the Board of Directors within no later than 90 (ninety) days after the receipt of the request for resignation.

Requirements of the Board of DirectorsThe requirements as members of Adira Finance’s Board of Directors are regulated in UUPT, OJK Regulations, and Articles of Association of the Company.

Article 93 paragraph 1 of UUPT stipulates that an individual capable of conducting legal acts may be appointed as a member of the Board of Directors,

the candidate:a. is declared bankrupt;b. becomes a member of the Board of Directors or

Board of Commissioners that is found guilty of causing a company to be declared bankrupt; or

c. is sanctioned for committing a crime which is

Article 11 of OJK Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies regulates the criteria for members of the Board of Directors of Financing Companies as follows:a. to be able to act in good faith, honest and

professional;b. to be able to act on behalf of the Company and/or

stakeholders;c. to prioritize the interests of the Company and/or

other stakeholders over personal interest;d. to be able to make decisions based on independent

Company and its borrowers, creditors and/or other stakeholders; and

e. to be able to avoid abuse of authority to gain

Members of the Board of Directors of the Company are

proper in accordance with OJK Regulation Number 27/POJK.03/2016 dated 22 July 2016 concerning Fit and Proper Test for Main Parties in Financing Institutions, OJK Regulation Number 4/POJK.05/2013 dated 23


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December 2013 concerning Fit and Proper Test for Main Parties in Insurance Companies, Pension Funds, Financing Companies, and Financing Companies, OJK Circular Letter Number 31/SEOJK.05/2016 dated 30 August 2016 concerning Fit and Proper Test for Main Parties in Non-Bank Financial Services Institutions, and Article 10 of OJK Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies.

Board of Directors of Financing Company are as follows:1. Integrity factor, such as:

a. Being capable of performing legal acts;b. Having good characters and morals, at least

indicated by the attitudes to comply with applicable provisions, including never being sanctioned for being proven to commit a crime within a certain time period prior to nomination, including:

sector, of which sanction has been completed within the last 20 years before being nominated;

Criminal Code (KUHP) and/or the like abroad with the penalty of imprisonment of 1 year or more, of which penalty has been completed within the last 10 years before being nominated; and/or

3) other criminal acts with the punishment of imprisonment of 1 (one) year or more, such as corruption, money laundering, narcotics/psychotropic, smuggling, customs,

been completed within the last 20 (twenty) years before being nominated;

c. Having a commitment to comply with the laws and regulations and supporting OJK’s policy;

d. Being committed to the development of a healthy Non-Bank Financial Institution;

e. Not being a party prohibited to be a candidate for the Main Parties.

2. Financial Reputation Factor, which consists of:

andb. Having never been declared bankrupt and/

or having never been a shareholder, controller of an insurance company that is not a shareholder, member of the board of directors, executor of duties, or member of the board of commissioners that are found guilty of causing a company to be declared bankrupt in the last

3. Competence Factor, which consists of:a. Knowledge and strategic management

capability to ensure that members of the Board of Directors:

based on his/her position;2) have an understanding of the rules and

regulations;3) have the ability to perform strategic

management in the framework of healthy business development

her position; and

her position.

Article 4 of OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies regulates that the requirements for members of the Board of Directors are as follows:a Having good character, moral, and integrity;b Being capable of conducting legal acts;

during service:i. Having never been declared bankrupt;ii. Having never become a member of the Board

of Directors and/or a member of the Board of Commissioners who is found guilty of causing a company to be declared bankrupt;

iii. Having never been sanctioned for committing a



iv. Having never served as a member of the Board of Directors and/or member of the Board of Commissioners of whom during his/her term:1. has convened an annual GMS;2. has had his/her accountability as a member of the Board of Directors and/or a member of the Board of

Commissioners refused by the GMS or has not granted his/her accountability as a member of the Board of Directors and/or Board of Commissioners to the General Meeting of Shareholders; and

d. Being committed to comply with the rules and regulations; and

Based on the Company’s data, up to the date of issuance of this Annual Report, all members of Adira Finance’s

Stock Exchange Regulation, and the Company’s Articles of Association.

Division of Duties and Responsibilities of Each Member of the Board of Directors

Position Description Duties and Responsibilities

President Director Hafid Hadeli currently serves as the President Director since the closing of the Annual GMS on 17 May 2017 and reappointment in the Annual GMS on 20 April 2018.

• Coordinating the implementation of the Company’s management as stipulated in the Company’s Articles of Association and GMS Resolutions by complying with the prevailing laws and regulations.

• Coordinating the continuity of duty implementation related to the units in the Company, namely the Directorate of Operations, Directorate of Motorcycle Financing Marketing, Directorate of Automobile Financing Marketing, Directorate of Risk Management, Directorate of Finance, and Directorate of Compliance.

• Directing and supervising the management implemented by the Company’s business units to stay on track of the Company’s long-term strategic path.

• Directing the necessary improvement and changes to meet the challenges of business competition by encouraging each business unit to develop innovative and competitive products.

• Leading and coordinating the implementation of Good Corporate Governance in the Company.

• Leading and directing the Company’s corporate social responsibility policy.

• Leading and directing the implementation of Know-Your-Customer Principles.

• Leading and directing the implementation of the duties of the Internal Audit Unit, Infrastructure Development Division, and Board of Directors Bureau Division.

Director of Operation The duties of the Director of Operation are implemented concurrently by the Director of Risk Management.

• Leading and directing the policy and strategies and policy dissemination in the areas of operations, human resources and information technology.

• Leading and coordinating policy formulation and strategies related to operational activities, human resources and information technology for short, medium and long term.

• Leading and directing the changes necessary to meet market challenges related to operations, human resources and information technology.

• Leading and directing the operational activities, human resources and information technology in accordance with the established work procedures standards.


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Director of Financing Marketing

Swandajani Gunadi currently serves as the Director of Financing Marketing.

• Leading and directing the policies and strategies and policy dissemination in the financing marketing.

• Leading and coordinating policy and strategy formulation related to financing marketing activities for short, medium, and long term.

• Leading and directing the change processes necessary to meet market challenges related to the financing marketing.

• Leading, directing, and coordinating the development of the finest financing products and ensuring that the products developed will be able to compete in the financing market.

• Effectively leading and coordinating promotional activities of financing products in accordance with survey results and market segments.

• Leading and directing marketing activities in accordance with work procedures standards which are properly established in the financing marketing.

• Leading and directing the policy of partnership program in accordance with the established policy.

• Maintaining good relationship with the Company’s business partners.

Director of Risk Management Ho Lioeng Min currently serves as the Director of Risk Management. He was reappointed as the Director in the Annual GMS on 20 April 2018.

• and strategy and dissemination of duty policy of the Directorate of Risk Management.

• Leading and coordinating policy formulation related to risk management.

• Developing an organization of risk management works, so that the Company has policies, procedures and methods that are reliable in implementing risk management.

• Monitoring the compliance and implementation of supervision in all work units of risk management organization.

• Directing the process of improvement and change required to fulfill the challenges of market competition for the Company to market its financing services in a dynamic and competitive manner.

• Leading and guiding risk management activities in accordance with work procedure standards established in proper risk management.

Director of Finance I Dewa Made Susila currently serves as the Director of Finance. He was reappointed as the Director in the Annual GMS on 20 April 2018.

• Leading and directing the policies and strategies in the field of finance.

• Leading and directing the preparation of short-, medium-, and long-term business strategies, as well as financial objectives and targets to comply with the Company’s policies.

• Leading and guiding the Company’s financial bookkeeping and reporting activities in order to have a sound financial system with appropriate supervision, policies, and procedures to produce complete, consistent, reliable, and timely financial information.

• Leading and directing purchasing and procurement activities to be effective and efficient and ensuring that the purchasing and procurement documents are stored safely and orderly.

• Leading and directing activities to explore the most profitable sources of funding for the Company’s business support.

• Leading and directing financial management activities in accordance with work procedure standards that have been established in the proper finance management.




Director of Compliance Hafid Hadeli currently concurrently serves as the Director of Compliance. He was appointed as the President Director in the Annual GMS on 17 May 2016.

• Leading and directing the policies and strategies and dissemination of the duties of the Directorate of Compliance.

• Leading and directing the preparation of the necessary guidelines for the implementation of the duties of the Directorate of Compliance.

• Leading and directing the implementation of Good Corporate Governance.

• Monitoring and ensuring that the Company’s business activities do not deviate from the prevailing laws and regulations.

• Monitoring and maintaining the Company’s compliance with all agreements or the commitments made by the Company with external parties.

• Monitoring the follow-up on findings and recommendations from external auditors, supervisory results of OJK and/or other authorities’ supervision.

• Leading and guiding the implementation of the know-your-customer principle in accordance with the prevailing laws and regulations.

• Leading and directing compliance activities in accordance with work procedure standards that have been established in the implementation of proper compliance function.

Director of Human Resources Swandajani Gunadi currently serves as the Director of Human Resources. He was appointed as the Director in the Annual GMS on 20 April 2018.

• Leading and directing the policies and strategies and dissemination of duties of the Directorate of Human Resources.

• Leading and directing the policy implementation related to the duties of the Directorate of Human Resources.

• Leading and directing the preparation of the necessary guidelines for the implementation of the Directorate of Human Resources’ duties

• Maintaining good relationship with all parties, including the government, social security administrative body for manpower (BPJS Ketenagakerjaan), business partners and other stakeholders to ensure that human resource management activities are running smoothly.

• Leading and directing human resource management activities in accordance with the work procedure standards that have been established in the proper management of human resources.

• Being responsible for Human Resource policy strategy, CREM (Corporate Real Estate Management), and PDCA (Plan, Do, Check, Act).

Director of Sales and Service Niko Kurniawan Bonggowarsito currently serves as the Director of Sales and Service. He was appointed as the Director in Annual GMS on 20 April 2018.

• Leading and directing the policies and strategies and dissemination of policies in the provision of financing service to consumers.

• Leading and coordinating the formulation of policies and strategies related to the provision of financing service for short, medium, and long term.

• Leading and directing the necessary change processes to fulfill the market challenges related to the provision of financing service.

• Effectively leading and coordinating promotional activities for the provision of financing service.

• Leading and directing marketing activities in accordance with the established work procedure standard.

• Leading and directing partnership program policy in accordance with the established discretion.

• Maintaining good relation with the Company’s business partners.


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Board of Directors’ Reporting ResponsibilityAll members of the Board of Directors must report to the Company periodically or if there is any change in:

domiciled in Indonesia or abroad.

Board of Directors’ Structure, Composition, and IndependenceIn accordance with the Company’s Articles of Association, the structure of the Board of Directors shall consist of at least 3 (three) members of the Board of Directors with the following structure:

appointed as Vice President Director.

The Company’s Board of Directors is currently established based on the resolution of the Annual GMS on 20 April

The composition of the Board of Directors since the closing of Annual GMS on 17 May 2017 up to the Annual GMS on 20 April 2018 is as follows:

Name Domicile Position Member Since Reappointment Ending Year

Other Position Outside of the

Company

Hafid Hadeli Jakarta President Director 2017 2018Closing of Annual GMS for Fiscal Year 2017

-

Ho Lioeng Min Tangerang Director 2012 2018Closing of Annual GMS for Fiscal Year 2017

-

I Dewa Made Susila Jakarta Director 2012 2018Closing of Annual GMS for Fiscal Year 2017

-

Cornel Hugroseno Jakarta Director 2013 2018Closing of Annual GMS for Fiscal Year 2017

-

Swandajani Gunadi Jakarta

Director concurrently serving

as Independent Director

2013 2018Closing of Annual GMS for Fiscal Year 2017

-

The composition of the Company’s Board of Directors since the closing of Annual GMS on 20 April 2018 up to the issuance of this Annual Report is as follows:



Company

Hafid Hadeli Jakarta President Director 2017 2018Closing of Annual GMS for Fiscal Year 2020

-

Ho Lioeng Min Tangerang Director 2012 2018Closing of Annual GMS for Fiscal Year 2020

-

I Dewa Made Susila Jakarta Director 2012 2018Closing of Annual GMS for Fiscal Year 2020

-





Company

Swandajani Gunadi Jakarta

Director concurrently


Director

2013 2018

Closing of Annual GMS for Fiscal Year 2020 -

Niko Kurniawan Bonggowarsito Jakarta Director 2018 -

Closing of Annual GMS for Fiscal Year 2020

In accordance with Article 50 paragraph (2) of OJK Regulation No. 29/POJK.05/2014 concerning Business

Name Position Certification Date Issuing Institution

Hafid Hadeli President Director Financing Expert Certification 22 November 2016 PT Sertifikasi Profesi


Ho Lioeng Min Director

Financing Expert Certification 26 April 2016 PT Sertifikasi Profesi


Risk Management Certification 20 October 2016 Daya Makara UI

I Dewa Made Susila Director Financing Expert Certification 22 November 2016 PT Sertifikasi Profesi


Swandajani GunadiDirector concurrently serving as Independent Director

Financing Expert Certification 2 March 2017 PT Sertifikasi Profesi


Niko Kurniawan Bonggowarsito Director Financing Expert

Certification 2 August 2018 PT Sertifikasi Profesi Pembiayaan Indonesia

The Board of Directors’ passing statuses of the Fit and Proper Test on the date of issuance of this Annual Report are as follows:


Hafid Hadeli 27 April 2017 The organizer of fit and proper test is the Financial Services Authority.

Ho Lioeng Min 21 April 2009 The provider of the fit and proper test is Capital Market Supervisory Board and Financial Institution (Bapepam-LK, currently Financial Services Authority), which is still valid in accordance with Article 23 paragraph 1 of OJK Regulation No. 4/POJK.05/2013.I Dewa Made Susila 6 July 2010

Swandajani Gunandi 13 March 2013

The organizer of fit and proper test is the Financial Services Authority.Niko Kurniawan Bonggowarsito 5 June 2018


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Family and Financial Relationship of the Board of Directors

and/or members of the Board of Commissioners and the Company’s shareholders are as follows:

Family relationship:

No. Name


Board of Commissioners Board of Directors Controlling Shareholder

Sng

Seo

w W

ah

Djo

ko S

ud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee P

hili

p

Mu

liad

i Rah

ard

ja

Will

y Su

wan

di D

har

ma

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani G

un

adi

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk

1. Hafid Hadeli - - - - - - - - - - -

2. Ho Lioeng Min - - - - - - - - - - -

3. I Dewa Made Susila - - - - - - - - - - -

4. Swandajani Gunadi - - - - - - - - - - -

5. Niko Kurniawan Bonggowarsito - - - - - - - - - -


No. Name


Board of Commissioners Board of Directors Controlling Shareholder

Sng

Seo

w W

ah

Djo

ko S

ud

yatm

iko

Kri

sna

Wija

ya

Eng

Hen

g N

ee P

hili

p

Mu

liad

i Rah

ard

ja

Will

y Su

wan

di D

har

ma

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Swan

daj

ani G

un

adi

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

PT

Ban

k D

anam

on

Ind

ones

ia T

bk

1. Hafid Hadeli- - - - - - - - - - -

2. Ho Lioeng Min- - - - - - - - - - -

3. I Dewa Made Susila - - - - - - - - - - -

4. Swandajani Gunadi - - - - - - - - - - -

5. Niko Kurniawan Bonggowarsito - - - - - - - - - - -

Concurrent Service and Share Ownership in Other Financing Companies by the Board of DirectorsThe concurrent positions of members of the Board of Directors of Adira Finance, among others, is regulated in OJK Regulation Number 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies and OJK Regulation Number 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies.



In accordance with Article 9 of OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, the members of the Board Directors of Financing Companies are prohibited from taking

at most. The concurrent position shall be disregarded if a member of the Board of Directors is responsible for

member of the Board of Commissioners of a subsidiary controlled by the Company, provided that such position does not result in a disregard for the execution of duties and authorities as a member of the Company’s Board of Directors.

Pursuant to Article 6 of OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies, the concurrent position of members of the Board of Directors is stipulated as follows:1. Members of the Board of Directors may serve concurrently as:

a. Member of the Board of Director at 1 (one) issuer or other public company at most;b. Member of the Board of Commissioners in 3 (three) issuers or other public companies at most; and/or

also serves as a member of the board of directors or the board of commissioners.2. Concurrent service may only be conducted in line with the other rules and regulations.

from this OJK Regulation.

The following table shows the management and ownership relationship of members of the Board of Directors in

Name Position in Other Financing Companies

Position in Other Companies Description

Hafid Hadeli - -Not violating OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

Ho Lioeng Min - -Not violating OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

I Dewa Made Susila - -Not violating OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

Swandajani Gunadi - -Not violating OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

Niko Kurniawan Bonggowarsito - -

Not violating OJK Regulation No. 30/POJK.05/2014 and OJK Regulation No. 33/POJK.04/2014.

Direct and Indirect Share Ownership in the Company, Financing Companies, and Other Companies by the Board of Directors

Name

Share Ownership

Adira Finance Other Financing Companies Other Companies

Family at Adira Finance, Other

Financing Companies, and Other Companies

Hafid Hadeli - - - -

Ho Lioeng Min - - - -

I Dewa Made Susila - - - -

Swandajani Gunadi - - - -

Niko Kurniawan Bonggowarsito - - - -


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Based on the aforementioned description, it can be summarized as follows:

Company’s Articles of Association and prevailing rules and regulations.

with any member of the Board of Commissioners and/or any member of the Company’s Board of Directors.

•

In accordance with Law No. 40 of 2007 concerning Limited Liability Companies, the Board of Directors is fully

the Company both inside and outside the Court. Accordingly, the Board of Directors has the authority to undertake management actions and bind the Company with other parties.

Independent DirectorPT Bursa Efek Indonesia, through Regulation of Stock Exchange No. I-A Regarding Share Listing and Equity-Type Securities Other than Shares Issued by Listed Company (Decision of the Board of Directors of PT Bursa Efek Indonesia Number Kep-00001/BEI/1-2014), particularly V.4 provision, stipulates that the Listed Company must have an Independent Director in order to remain listed on the Stock Exchange.

Requirements for Independent Director:

appointment as independent director;

3. Does not serve concurrently in the Board of Directors of another company;4. Is not an insider to a capital market supporting institution or profession whose services are used by a listed

company for 6 (six) months prior to the appointment as director.

Independent Director of the Company and he was reappointed in the Annual GMS held on 20 April 2018.

Board of Directors MeetingThe Board of Directors Meeting may be held at least 1 (one) time in a month, unless deemed necessary by 1 (one) member of the Board of Directors, or per written request from 1 (one) or more members of the Board of

of the total members of the Board of Directors are present or represented in the meeting.

The decision made in the Board of Directors Meeting shall be taken by deliberation for consensus. In the event that

number of votes issued lawfully in the meeting. If the agreed vote and the disagreeable vote are balanced, then the

1 (one) vote and 1 (one) additional vote for each member of the Board of Directors he/she represents.



Each member of the Board of Directors who personally, in any manner directly or indirectly, has an interest in a transaction, contract or proposed contract, whereby the Company shall be one of its parties, shall declare the nature of its interest in a meeting of the Board of Directors and shall not be entitled to participate in the vote in respect of matters relating to such transaction or contract, unless the meeting of the Board of Directors determines otherwise.

The Board of Directors may also take a valid and binding decision without conducting a Meeting of the Board of Directors, provided that all members of the Board of Directors have approved the proposal submitted in writing and signed the agreement. The decisions made shall have the same power as the validly-taken decisions in the Board of Directors Meeting.

Governance for Financing Companies, of which attendance must reach 50% in a year.

The following is the attendance list of the Board of Directors Meeting in 2018:

Name 12 JAN

28 FEB

14 MAR

28 MAR

13 APR

4 MEI

31 MEI

29 JUN

12 JUL

25 JUL

16 AGU

31 AGU

12 SEP

14 NOV

27 NOV

Hafid Hadeli v v v v v v v v v v v v v v v

Ho Lioeng Min v x v v v v v v v v v v v v x

I Dewa Made Susila v v v x v x v v v v v v x v v

Cornel Hugroseno x x x x x

Swandajani Gunadi v v v v v v v v v v v v v v x

Niko Kurniawan Bonggowarsito v v x v v v v v

The total attendance of members of the Board of Directors in the Board of Directors Meeting in 2018 is as follows:

Name Total Meeting Total Attendance % Attendance Reason For Absence

Hafid Hadeli 15 15 100 -

Ho Lioeng Min 15 13 86,7 Business travel to out of town

I Dewa Made Susila 15 12 80 Business travel to out of town

Cornel Hugroseno (* 5 0 0

Swandajani Gunadi 15 14 93,3 Business travel to out of town

Niko Kurniawan Bonggowarsito 8 7 87,5 Business travel to out of town

Note:

(* Cornel Hugrosen was not willing to be reappointed in the Annual GMS on 20 April 2018.


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The brief report of the Board of Directors Meeting during 2018 is as follows:

Date Agenda

Attendance of Members of the Board of Directors

Hafi

d H

adel

i

Ho

Lioe

ng

Min

I Dew

a M

ade

Susi

la

Cor

nel

H

ug

rose

no

Swan

daj

ani

Gu

nad

i

Nik

o K

urn

iaw

an

Bon

gg

owar

sito

12 January 2018Update on Financial performance 2017 Balance scorecard proposal other update

V V V X V

28 February 2018 Communication Strategy 2018-2020 V X V X V

14 March 2018 Update on Taxtation policy update on IFRS 9 Business Discussion V V V X V

28 March2018Financing Update Business Discussion BOC Meeting Agenda update 19 April 2018

V V X X V

13 April 2018

Strategic Online PaymentUpdate Mid-Year Meeting 2018CSR/CSV Ecosystem - based 2018Other Discussion

V V V X V

4 May 2018

Cash Management Approval ProposalADEX Palembang Approval proposalCarsentro Approval ProposalMaterial update Audit Committee Meeting 23 May 2018Durable Branch Addition Piloting ProposalOther Disscusion

V V X V

31 May 2018 Dealer Survey V V V V

29 June 2018 Current interest rate update V V V V V

12 July 2018

Portfolio Scoring DisscusionUsed 2WIBM Regional Office Sharing & Input Session: Digital Transformation Phase 1

V V V V V

25 July 2018Attrition & ProductivityCustomer Strategy, Operating Model & Customer Loyalty

V V V V V

16 August 2018BSSA & Branch Rating MethodologyAO/RO Project dan Bitrix

V V V V V

31 August 2018

Brand Performance ReviewSharia Branch Office Approval SubmissionPlanning Cycle 2019

V V V V V

12 September 2018

Customer Strategy, Customer Centric Operation Model & Customer Loyalty Program ProposalCX Blueprint UpdateRepeat Order

V V X V V

14 November 2018

Project Loyalty Program & Retention CampaignDashboard Insurance September 2018Perpindahan Kantor Pusat

V V V V V

27 November 2018 HRUpdateOPEX Taskforce V X V X X

Board of Directors Meeting Plan in 2019In 2019, the Board of Directors plans to hold at least 1 (one) meeting a month, so that throughout the year, there will be at least 12 (twelve) meeting schedules.



The meeting plan was determined and approved during the Board of Directors meeting on 27 November 2017. However, the meeting plan may change if there

of Directors members.

The Implementation of Duties and Responsibilities of the Board of DirectorsIn brief, the implementation of duties and responsibilities of the Board of Directors in 2018 is as follows:

1. Evaluating and subsequently preparing the annual

Board of Commissioners and to the GMS in the Annual GMS on 20 April 2018.

2. Composing and determining the work and budget plan for 2018.

3. Developing the Company’s products and services.4. Developing the Company’s business network.5. Conducting the Company’s organizational

development to conform to the business strategy and development of the Company’s business network.

Risk Management Field:1. Evaluating and improving the risk management

policies applied in the Company.2. Preparing the Company’s risk management

guidelines in accordance with the prevailing laws and regulations.

3. Consistently applying the established risk management system to anticipate any possible risks faced by the Company.

4. Preparing resource development to implement the Company’s risk management system.

Controlling Field:1. Performing internal control by streamlining the

performance of the Internal Audit Unit and the Compliance Unit of the Company.

2. Providing follow-up directives on the results of

supervision by the Company’s Internal Audit Unit and Compliance Unit and monitor the settlement.

3. Communicating with the External Auditor appointed by the Board of Commissioners of the

External Auditor.

supervision by the External Auditor as well as the competent authority to oversee the Company.

5. Settling any violations committed within the Company.

Governance Field:1. Carrying out corporate governance obligations and

responsibilities in accordance with the Corporate

with the Board of Commissioners of the Company.2. Ensuring the dissemination of Good Corporate

Governance principles to all employees of the Company.

Corporate Social Responsibility Field:1. Directing the implementation of corporate social

responsibility to be disseminated to the Company’s stakeholders as broadly as possible.

2. Establishing the strategy and policy for corporate social responsibility implementation to maintain the continuity of our business activities.

3. Evaluating any implementation of Corporate Social Responsibility to review or improve such implementation in the future.

Succession PolicyThe Board of Directors is the organ of the Company that is very decisive in the management and management of the Company, so to ensure the sustainability of the


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Adira Finance Board of Directors’ succession policy is regulated by Law No. 40 of 2007 concerning Limited Liability Company, OJK Regulation No. 4/POJK.05/2013 concerning Fit and Proper Test for Main Parties in Insurance Companies, Pension Funds, Financing Companies, and Guarantee Companies, OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance for Financing Companies, OJK Regulation No. 33/POJK.04/2014 concerning Board of Directors and Board of Commissioners of Issuers or Public Companies and Articles of Association of the Company.

The nomination for members of the Board of Directors is conducted through the following mechanism:

to serve as a member of the Board of Directors in the future. The data is stored in the Directorate of Company Resources.

2. In the event that a new member of the Board of Directors is required to appoint a new member of the Board of Directors, the selection process shall be conducted by members of the Board of Directors of the Company based on data from the Directorate of Human Resources. Candidates from external resources may be submitted by the shareholders who meet the requirements to nominate candidates in accordance with the applicable rules and regulations.

based on the assessment of the Nomination and Remuneration Committee will then be recommended to the Board of Commissioners for submission in the GMS.

proper test.

members of the Board of Directors.

Introduction/Orientation Program for New Members of the Board of DirectorsThe Company has an introduction/orientation program policy for newly appointed members of the Board of Directors and those from outside the Company. This program aims to promote in-depth understanding about Adira Finance to the new members of the Board of Directors. This introduction/orientation program is conducted in the form of presentation, delivery of written materials, visits to the business network and direct meetings with the internal parties of Adira Finance who will be in touch during their duties as members of the Board of Directors. This introduction/orientation program is implemented by the Corporate Secretary.

In general, the introduction/orientation materials are as follows:1. General Knowledge on Financing Company.2. Good Corporate Governance Principles.3. Explanation on Adira Finance, ranging from vision, mission, philosophy, history of establishment, business

term strategies, corporate strengths and opportunities and challenges faced by the Company.4. The Company’s Instruments Structure, duties and responsibilities of each instrument and controlling system

policy.

In 2018, there was 1 (one) member of the Board of Directors who participated in the introduction/orientation program.



Training/Seminar of the Board of DirectorsIn 2018, the training or seminar participated by the Board of Directors is as follows:


Hafid Hadeli

Digitalization as Multifinance’s New Era Singapore, 21 September 2018 APPI

Leading Digital Business Transformation Program

Lausanne Switzerland 8-12 October 2018

Digital Strategy Program Lausanne Switzerland 15-17 October 2018

Leading in the Digital Age Program Lausanne Switzerland 17-19 October 2018

Economic Outlook And Its Impact To Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Ho Lioeng Min

Executive Leadership Development 14 January 2018 and 27 April 2018 Stanford University

Financing Companies from Banking Point of View Jakarta, 8 May 2018 APPI

Introduction to FinTech (Online) 20 June 2018 HKUx

Fintech Financial Inclusion Forum 2018 Jakarta, 31 July 2018

Economic Outlook and Its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

I Dewa Made Susila

Fintech Financial Inclusion Forum 2018 Jakarta, 31 July 2018


Opportunities & Challenges in 2019 Jakarta, 15 November 2018 APPI

Economic Outlook and Its Impact to Indonesia Multifinance Industry Jakarta, 12 December 2018 Prasetiya Mulya

Swandajani Gunadi

Financing Companies from Banking Point of View Jakarta, 8 May 2018 APPI



Niko Kurniawan Bonggowarsito


MANAGEMENT CONTRACTThe management contract is a Company’s management contract by the Board of Directors which is created and signed by the President Director with the controlling shareholders, while other members of the Board of Directors

2020, which will be held in 2021.

The management contract includes, among other things, the obligation of the Board of Directors that must be

and others. In addition, the management contract also regulates the rights and authorities granted to the Board of Directors.


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EXECUTIVE COMMITTEE

Board of Directors

Risk Management CommitteeHead : President DirectorVice Head : Director of Risk ManagementSecretary : Head of Risk Management Division Permanent Member : Vice President Director and Director of Operation Director of Finance and Director of Compliance Director of Financing Marketing Director of Information Technology Head of Internal Audit Unit Corporate SecretaryNon-Permanent : Senior Officials who will be invited in Member accordance with the discussion relevance

Credit CommitteeHead : President DirectorVice Head : Director of Risk ManagementSecretary : Head of Credit Division Permanent Member : Vice President Director and Director of Operation Director of Finance and Director of Compliance Director of Financing Marketing Director of Information Technology Vice Director of Credit Vice Director of Financing Marketing – Automobile Vice Director of Financing Marketing – Motorcycle Head of Risk Management Division Head of Finance Division Head of Legal Division Corporate SecretaryNon-Permanent : Senior Officials who will be invited in Member accordance with the discussion relevance

Human Resources Committee Head : President DirectorVice Head : Director of Human ResourcesSecretary : Head of Human Resources and General DivisionPermanent Member : Vice President Director and Director of Operation Director Financing Marketing Director of Risk Management Director of Finance and Director of ComplianceNon-Permanent : Senior Officials who will be invited in Member accordance with the discussion relevance

Asset and Liability Committee (ALCO)Head : President DirectorVice Head : Director of FinanceSecretary : Head of Finance DivisionPermanent Member : Director of Risk Management Head of Risk Management Division Head of Financial Planning & Project DivisionNon-Permanent : Senior Officials who will be invited in Member accordance with the discussion relevance

Internal Audit Unit

Compliance UnitAnti-Money Laundering & Counter Terrorism

Financing Unit

a. Risk Management Committee The Risk Management Committee was established based on the Decree of the Board of Directors Number

025/ADMF/BOD/CS/I/07 dated 18 January 2007. This Committee is responsible for assessing all operational policies of the Company, evaluating the Company’s risks, and ensuring that the stages of improvements to the policies have been made and other matters related to the Company’s business risks.

The Company’s Risk Management Committee consists of:

Head President Director

Vice Head Director of Risk Management

Secretary Head of Risk Management Division

Permanent Member Director of Operation

Director of Finance

Director of Compliance

Director Financing Marketing

Director of Information Technology

Head of Internal Audit Unit

Corporate Secretary

Non-Permanent Member Senior Officials who will be invited in accordance with the relevance



Duties and Responsibilities of the Risk Management Committee:

risks across all levels and networks of the organization. The management will review the report and take necessary steps and actions to monitor and mitigate the Company’s business risks.

2. The Risk Management Committee evaluates the Company’s risks thoroughly with the Board of Directors, all Heads of Regions and related Heads of Divisions every month.

3. Provide recommendations to the Management regarding the preparation of the Company’s risk management policy.

Risk Management Committee Meeting: The meeting is held at least once every 3 (three) months. However, the Committee may hold meetings at any

time if required with prior notice within at least 3 (three) working days before the meeting. The meeting may be held if more than 50% of the Committee members are present.

In 2018, the Committee held 9 (nine) meetings with the attendance rate of 100%.

The meetings held in 2018:

No. Date Agenda

1. 12 January 2018 Risk Management Dashboard

2. 14 February 2018 Discussion on Risk and Sales Management

3. 14 March 2018 Discussion on Risk and Sales Management

4. 17 April 2018 Discussion on Risk and Sales Management

5. 16 May 2018 Discussion on Risk and Sales Management

6. 13 July 2018 Discussion on Risk and Sales Management

7. 15 August 2018 Discussion on Risk and Sales Management

8. 14 September 2018 Discussion on Risk and Sales Management

9. 16 November 2018 Discussion on Risk and Sales Management

Risk Management Committee’s Performance in 2018: During 2018, the Committee has successfully maintained the Company’s business risks. Therefore, the level of

risks for non-performing receivables at the Company stayed at a reasonable level. In addition, the Committee was also able to maintain a balance in order to keep the number of non-performing loans in view of the

from the previous year.

b. Credit Committee The Credit Committee was established under the Internal Memorandum No. MI-004/RIM/CRD/IV/2010 and

No. MI-005/RIM/CRD/IV/2010 dated 30 April 2010 which has been revised with the Internal Memorandum Number MI-015/ RIM/CRD/VII/2013 dated 1 July 2013 and Number MI-001/RIM/CRD/II/2013 dated 1 February

further reviews the consolidated portfolios, both at headquarters and branches as well as dealers with existing contracts.


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The Credit Division is the coordinator of the implementation of the Adira Finance’s Credit Committee. Furthermore, together with the Risk Management unit of PT Bank Danamon Indonesia Tbk, Adira Finance’s

various activities, Adira Finance’s Credit Committee prepares and presents reports to the Director to ensure adequate control over all possible risks.

The Credit Committee consists of:


Vice Head Director of Risk Management

Secretary Head of Credit Division

Permanent Member Director of Operation

Director of Finance

Director of Compliance

Director Financing Marketing

Director of Information Technology

Vice Director of Credit

Vice Director of Financing Marketing - Automobile

Vice Director of Financing Marketing - Motorcycle

Head of Risk Management Division

Head of Finance Division

Head of Legal Division


Duties and Responsibilities:

analysis in the event of problems in the implementation of the policy. A recommendation for improvement may be provided to the Board of Directors if deemed necessary.

4. Evaluating and providing recommendation on determining the limit of authority of the approved value of

Credit Committee Meeting:

Committee may hold meetings at any time if required by notice within at least 3 (three) working days before the meeting. The meeting may be held if more than 50% of the Committee members are present.



In 2018, the Committee held 9 (nine) meetings with the attendance rate of 100%.

Meetings in 2018:

No. Date Agenda

1. 12 January 2018

Recovery asset managementLoan recovery

Net Credit LossFraud update

2. 14 February 2018



3. 14 March 2018



4. 17 April 2018



5. 16 May 2018



6. 13 July 2018



7. 15 August 2018



8. 14 September 2018



9. 16 November 2018



Credit Committee’s Performance in 2018:

and procedures, interest rates and others. The Company managed to maintain its overall credit risk (Cost of Credit) overall from 4.2% in 2018. Therefore, the Company’s performance was well-maintained in general.

c. Asset and Liability Committee (ALCO) ALCO Committee was established based on the Decree of the Board of Directors No. SKD-004/ADMF-

FIN/V/2012 dated 15 May 2012. This committee is responsible for managing the Company’s Assets and

The ALCO Committee consists of:


Vice Head Director of Finance

Secretary Head of Finance Division

Permanent Member Director of Risk Management

Head of Risk Management Division

Head of Finance and Project Planning Division



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Duties and Responsibilities:1. Determining the liquidity management policy.

3. Approving all matters related to risk management and yield on the balance shield in accordance with the predetermined limits.

4. Reviewing, evaluating, and approving the proposed hedging strategy in accordance with the predetermined limits.

5. Approving hedging to manage interest rate risk on foreign exchange funding, taking into consideration the

6. Reviewing and evaluating any proposed interest rate amendments, as well as provide recommendations on

ALCO Meeting: The meeting is held at least once every 3 (three) months. However, the Committee may hold meetings at any

time if required by notice at least 3 (three) working days before the meeting. The meeting may be held if more than 50% of the Committee members are present.

In 2018, the Committee held 7 (seven) meetings with the attendance rate of permanent members of 100%.

Meetings in 2018:

No. date Agenda

1. 28 February 2018 Market risk, liquidity risk, risk appetite statement of funding activities

2. 28 March 2018 Market risk, liquidity risk, risk appetite statement of funding activities

3. 16 May 2018 Market risk, liquidity risk, risk appetite statement of funding activities

4. 6 July 2018 Market risk, liquidity risk, risk appetite statement of funding activities

5. 31 August 2018 Market risk, liquidity risk, risk appetite statement of funding activities

6. 29 October 2018 Market risk, liquidity risk, risk appetite statement of funding activities

7. 27 November 2018 Market risk, liquidity risk, risk appetite statement of funding activities

ALCO Committee’s Performance in 2018: In 2018, the ALCO Meeting resulted in several decisions related to liquidity management and providing input

managed, resulting in an increase in the Company’s net income.

d. Human Resources Committee The Human Resources Committee was established based on the Decree of the Board of Directors No. 025/

ADMF/BOD/HRDGA/I/07 dated 2 January 2007 and was last revised on 10 October 2018 This committee

evaluate human resources programs to stay in line with the Company’s policy.

This committee is authorized to establish human resources plans, including the promotion, training, and recruitment of key positions within the Company.



The Human Resources Committee consists of:


Vice Head Director of Human Resources

Secretary Head of Human Resources and General Affairs Division

Permanent Member Director of Financing Marketing

Director of Risk Management

Director of Finance and Director of Compliance

Head of Human Resources Division


Duties and Responsibilities:1. Each permanent member of the Human Resources Committee is required to conduct an evaluation of the

organization’s policy, Man Power Planning, Key Performance Indicator, employee remuneration, employee promotion policy and promotion for upper level managers, and balancing employee performance appraisals.

2. Every non-permanent member of the Human Resources Committee is required to perform Man Power Planning evaluations, Key Performance Indicator for the level of managers and below, promotion for manager and supervisor levels, review on potential employees for manager and supervisor levels, placement of employees for manager and supervisor levels and balancing of performance appraisal for manager level and below.

Human Resources Committee Meeting: Human Resources Committee must hold at least 1 (one) coordination meeting in 1 (one) year for Man Power

Planning activities, Key Performance Indicator, employee potential review and performance appraisal, and 1 (one) coordination meeting in 3 (three) months for promotional review activities. Furthermore, there are activities that depend on the conditions and needs, to consolidate the results of the policies that have been undertaken by each member and other matters deemed necessary by the permanent members of the Human Resources Committee.

In 2018, the Committee held 4 (four) meetings with the attendance rate of permanent members of 100%.

The meetings in 2018:

No. Date Agenda

1. 13 July 2018 Attrition Rate Sales Person

2. 25 July 2018 Attrition & Productivity

3. 15 August 2018 Attrition Rate Sales Person

4. 27 November 2018 Monitoring Man PowerTaskforce Project Sales Officer Regretted Attrition

Human Resources Committee’s Performance in 2018:


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Throughout 2018, the Committee has established the Company’s various human resources policies, including

the Committee has also taken the decision to impose sanctions on employees who have committed violations,

PT Bank Danamon Indonesia Tbk also convened regular meetings to align Adira Finance’s Human Resources policy with PT Bank Danamon Indonesia Tbk’s Human Resources policy.

The membership of the Board of Directors in the Executive Committee is as follows:

NameRisk

Management Committee

Credit Committee


ALCO Committee

Hafid Hadeli √ √ √ √

Ho Lioeng Min √ √ √ √

I Dewa Made Susila √ √ √ √

Swandajani Gunadi √ √ √

Niko Kurniawan Bonggowarsito √ √

The attendance percentage of members of the Board of Directors in the Executive Committee Meeting in 2018

is as follows:

NameRisk

Management Committee

Credit Committee


ALCO Committee Reasons for Absence

Hafid Hadeli V V V V -

Ho Lioeng Min V V V V -

I Dewa Made Susila V V V V -

Swandajani Gunadi V V V V -

Niko Kurniawan Bonggowarsito V V V V -

DIVERSITY POLICY OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS The nomination and appointment of members of the Board of Commissioners and Board of Directors of Adira Finance shall be conducted by the GMS based on the recommendations of the Nomination and Remuneration Committee, taking into consideration the diversity of expertise, educational background, experience and good

duties of the Board of Commissioners and the management of the Company by the Board of Directors.

The combination of various expertise, education and experience backgrounds of members of Adira Finance Board



Name Gender Age Education Skill


Sng Seow Wah Male 60Bachelor of Accountancy of National University of

Singapore

Manajemen, Ekonomi, Perbankan

Djoko Sudyatmiko Male 75Bachelor of Electronic

Engineering of Bandung Institute of Technology

Tata Kelola, Manajemen, Ekonomi

Krisna Wijaya Male 63Doctor of

Interdisciplinary Study of Gajah Mada University

Perbankan, Ekonomi dan Keuangan

Eng Heng Nee Philip Male 72

Bachelor of Commerce in Accounting of

Institute of Chartered Accountants

Manajemen Risiko, Ekonomi dan

Keuangan

Muliadi Rahardja Male 59

Master in Business Administration of

Massachusetts Institute of Technology

Ekonomi dan Keuangan, Operasional

Willy Suwandi Dharma Male 62 Bachelor of Economics of Open University

Ekonomi dan Keuangan, Operasional

Board of Directors

Hafid Hadeli Male 55 Bachelor of Accounting of Trisakti University

Tata Kelola, Ekonomi dan Keuangan,

Manajemen, Pemasaran

Ho Lioeng Min Male 50Master of Management

from Gajah Mada University

Manajemen Risiko, Kredit

I Dewa Made Susila Male 48Master of Management

of PPM College of Management

Ekonomi dan Keuangan

Swandajani Gunadi Female 46Bachelor of Agronomics

of Bogor Institute of Agriculture

Sumber Daya Manusia, Pemasaran

Niko Kurniawan Bonggowarsito Male 48 Manajemen Bisnis dari

Insitut Bisnis Indonesia Pemasaran

PERFORMANCE ASSESSMENT OF THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS

Performance Assessment of the Board of Commissioners in 2018In 2018, the performance achievement of Adira Finance’s Board of Commissioners is as follows:1. The implementation of Good Corporate Governance principles in accordance with Adira Finance’s Good

Corporate Governance Guidelines.2. The realization of most of the Vision, Mission and Company Philosophy. Nevertheless, the Company still has to

3. The implementation of the predetermined Company’s Work Plan and Budget.4. The implementation of the Company’s Strategic Plan, especially for short-term plan.

6. The Audit Committee has performed its duties and obligations in accordance with the predetermined target.7. The Risk Management Committee has performed its duties and obligations in accordance with the predetermined

target.8. The Nomination and Remuneration Committee has performed its duties and responsibilities in accordance with

the targets set.


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9. The attendance of the members of the Board of Commissioners in the Board of Commissioners Meeting and in the Joint Meeting with the Board of Directors of the Company reached 100%.

Based on these achievements, the Board of Commissioners conducts independent assessment. The results of the will be submitted by the President Commissioner to the GMS for approval.

Assessment on the Board of Directors’ MembersTo measure the performance of the Company’s Board of Directors, Adira Finance has implemented a Board of Directors appraisal system. This assessment is conducted to see the level of achievement of Vision, Mission and Strategy of the Company by the Board of Directors, which will be used to assess performance and reward based on performance collectively and individually.

Adira Finance’s Board of Directors’ assessment process in 2018 is conducted either collectively or individually by taking into account the quantitative and qualitative factors using the criteria of assessment agreed by the members of the Company’s Board of Directors. The assessment system is conducted with all members of the Board of Directors for further approval to the Nomination and Remuneration Committee and submission to the Board of Commissioners and General Meeting of Shareholders based on the predetermined performance indicators.

Performance IndicatorThe performance assessment of each member of the Board of Directors shall be conducted by the Nomination and Remuneration Committee to be submitted to the President Director. The assessment uses the following criteria:1. Consistency in increasing return on investment for shareholders.

4. Provide clear direction to employees in order to achieve the Company’s goals.5. Cooperation among members of the Board of Directors.6. Commitment to the required time to carry out their duties properly.7. Professionalism and willingness to listen and respect ideas from other directors and other senior executives.

The criteria for collective assessment of the Board of Directors are:1. The implementation of Good Corporate Governance.2. Contribution and active role of the Board of Directors on the implementation of company culture, vision,

mission, philosophy, budget and work plan of the Company.3. Realization of the GMS’ decisions.4. Contribution to the implementation of the Company’s Work Plan and Budget.5. Implementation of the Company’s Strategic Plan.

8. Close relationship between the Board of Directors and senior executives. 9. Meeting attendance rate, both in the Board of Directors meeting and Joint Meeting with the Board of

Commissioners.

The results of the Board of Commissioners and Board of Directors’ performance assessment above and the performance of each member of the Board of Commissioners and Board of Commissioners have been submitted

year 2018 that will be held in 2019.



REMUNERATION FOR THE BOARD OF COMMISSIONERS, BOARD OF DIRECTORS, AND THE COMMITTEES UNDER THE BOARD OF COMMISSIONERS

The Basis for Remuneration DeterminationThe remuneration for the Company’s Boards of Commissioners and Board of Directors is determined by the GMS, while the remuneration division for each member of the Board of Commissioners and the Board of Directors is determined by the President Commissioner based on the recommendation of the Nomination and Remuneration Committee after considering the amount of the previous year’s remuneration, rising complexity of responsibility, comparison with remuneration in industries similar to the Company, the Company’s performance achievement and

The remuneration for members of the Committees under the Board of Commissioners is based on the decisions of the President Commissioner based on the recommendations of the Company’s Nomination and Remuneration

Company.

Remuneration Determination ProcessThe remuneration determination process for the Board of Commissioners and Board of Directors:




President Commissioner

The Nomination and Remuneration Committee collects information on remuneration standards for similar positions and industries in the market. Next, the Nomination and Remuneration Committee composes recommendation to the Board of Commissioners.

The Board of Commissioners studies the recommendation from the Nomination and Remuneration Committee, so then they can suggest the remuneration for the Board of Commissioners and the Board of Directors in the General Meeting of Shareholders.

The General Meeting of Shareholders stipulates the remuneration for members of the Board of Commissioners and Board of Directors and grants authority to the President Commissioner to perform the distribution.

The President Commissioner distributes the remuneration for each member of the Board of Commissioners and Board of Directors in accordance with the resolution of the General Meeting of Shareholders.

The remuneration determination process for members of the Committees under the Board of Commissioners




Nomination and Remuneration Committee collects information on remuneration standards for similar positions and industries in the market. Next, the Nomination and Remuneration Committee composes recommendation to the Board of Commissioners.

Board of Commissioners studies the recommendation from the Nomination and Remuneration Committee, so then they can suggest remuneration for members of the Committees under the Board of Commissioners

The remuneration distribution is in accordance with the decision of the Board of Commissioners.


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Remuneration Structure

Remuneration structure for the Company’s Board of Commissioners and Board of Directors in 2018

1. Short Term Remuneration

No. Remuneration Type Provision


1. Honorarium Provided on a monthly basis in accordance with the results of the Company’s Annual General Meeting of Shareholders with regards to the recommendations of the Nomination and Remuneration Committee.

2. Allowance

• Transportation Allowance Paid monthly along with honorarium payments

• Religious Holiday Allowance Religious Holiday Allowance, paid before Eid Al Fitr with the amount of 1 (one) month of honorarium

3. Facilities

Health Provided in the form of health insurance facility for both members of the Board of Commissioners and their families.

4. Tantiem Provided in accordance with the resolution of the Company's Annual General Meeting of Shareholders, taking into account the recommendations of the Nomination and Remuneration Committee.

Board of Directors

1. Salary Paid monthly and the amount is determined by the GMS decision.

2. Allowances

• Religious Holiday Allowance The amount is 1 time the salary paid before Eid Al Fitr

• Communication allowance The amount is similar to the total monthly usage.

• Transportation Allowance Paid monthly along with Salary

• Housing Allowance Provided in the form of loans, of which repayment is made in monthly installment.

3. Facilities

· Health Provided in the form of health insurance facility for both members of the Board of Directors and their families

4. Tantiem The amount is highly dependent on the achievement of the Company's performance and is determined by the GMS decision.

Komite di bawah Dewan Komisaris

1. Honorarium Provided on a monthly basis in accordance with the Board of Commissioners’ decision with due regard to the recommendations of the Nomination and Remuneration Committee.

2. Allowance

• Religious Holiday Allowance Holiday Allowance, paid before Eid Al Fitr, with the amount of 1 (one) month of honorarium.



2. Long Term Remuneration There is no long-term or post-employment remuneration/compensation for members of the Board of

Commissioners, Board of Directors, and Committees under the Board of Commissioners.

Actual realization of remuneration of the Board of Commissioners, Board of Directors, and Committees under the Board of Commissioners in 2018

Remuneration of the Board of Commissioners:(In Million Rupiah, except Total Members)

Type of Remuneration

Total Members of the Board of Commissioners Total Remuneration of the Board of Commissioners

2018 2017 2016 2015 2014 2018 2017 2016 2015 2014

Honorarium 6 6 6 6 6 3,610 3,099 2,230 2,053 1,723

Tantiem 6 6 6 6 6 958 682 368 571 706

Allowance 6 6 6 6 6 4,852 1,126 1,126 1,110 1,037

Total 9,420 6,551 3,724 3,466 3,466

Total Remuneration per person in 1 year Total Members of the Board of Commissioners

Above Rp2 billion 0

Above Rp1 billion – Rp2 billion 6

Above Rp500 million – Rp1 billion 0

Below Rp500 million 0

Remuneration of the Board of Directors:(In Million Rupiah, except Total Members)


Total Members of the Board of Directors Total Remuneration of the Board of Directors

2018 2017 2016 2015 2014 2018 2017 2016 2015 2014

Honorarium 6 7 7 7 7 7,587 8,466 10,428 9,716 8,739

Tantiem 6 7 7 7 7 9,605 28,860 14,819 32,247 31,770

Allowance 6 7 7 7 7 15,030 16,748 17,819 17,977 11,718

Total 32,222 54,074 43,066 59,940 52,227

Total Remuneration per person in 1 year Total Members of the Board of Directors

Above Rp2 billion 4

Above Rp1 billion – Rp2 billion 1

Above Rp500 million – Rp1 billion 1

Below Rp500 million -


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Remuneration for Committees under the Board of Commissioners:In accordance with the Company’s policy, members of the Committees under the Board of Commissioners who are also members of the Board of Commissioners shall not receive any additional remuneration.

(In Million Rupiah, except Total Members)


Total Members of the Committees who Do Not Serve Concurrently as Members of the

Company’s Board of CommissionersTotal Remuneration of Committees’ Members

2018 2017 2016 2015 2014 2018 2017 2016 2015 2014

Honorarium 3 3 4 4 1 372 372 270 120 165

Other Allowance 3 3 4 4 1 47 47 21 15 16

Total 419 419 291 135 181

Total Remuneration per person in 1 year Total Audit Committee Members

Above Rp2 billion -

Above Rp1 billion – Rp2 billion -

Above Rp500 million – Rp1 billion -

Below Rp500 million 3

Ratio of the Lowest and Highest SalaryThe comparable salary in the salary ratio is the remuneration received by members of the Board of Directors, Board of Commissioners, and the employees in the last month of the reporting year.

The ratio of the highest and lowest salaries in 2018 is described in the following comparison scale:

The highest and lowest salary ratio of the employees 22 : 1

The highest and lowest salary ratio of the Board of Directors members 2 : 1

The highest and lowest salary ratio of the Board of Commissioners members 1 : 1

The highest salary ratio of members of the Board of Directors and the employees 2.6 : 1

JOINT MEETING OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORSBased on their respective duties and responsibilities, both the Board of Commissioners and the Board of Directors of the Company have the same obligation to maintain the Company’s business continuity. The successful implementation of these obligations can be seen from:

Accounting Firm and published to the public.2. The controlling system works properly and the Company’s risk management is also well-managed.3. Good Corporate Governance Principles have been implemented by the Company’s units in a consistent and

proper manner.

by the Company.5. The interests of stakeholders are maintained in such a ballance and fair manner.



To ensure the sustainability of the Company’s business, the Company’s Boards of Commissioners and Board of

with 100% attendance of members of the Board of Commissioners and Board of Directors. This high attendance rate demonstrates the high commitment of all members of the Board of Commissioners and Board of Directors.

2018:

Name 21 Feb 19 Apr 11 Juli 29 Ags 30 Okt 12 Des

Sng Seow Wah √ √ √ √ √ √

Djoko Sudyatmiko √ √ √ √ √ √

Krisna Wijaya √ √ √ √ √ x

Eng Heng Nee Philip √ √ √ √ √ √

Muliadi Rahardja x √ √ √ √ √

Willy Suwandi Dharma √ √ √ √ √ √

Hafid Hadeli √ √ √ √ √ √

Ho Lioeng Min √ √ √ √ √ √

I Dewa Made Susila √ √ √ √ √ √

Swandajani Gunadi √ √ √ √ √ √

Niko Kurniawan Bonggowarsito √ √ √ √

The total attendance of members of the Board of Commissioners and Board of Directors in the Joint Meeting in 2018 is as follows:

Name Total Meeting

Total Attendance % Attendance Reasons for Absence

Sng Seow Wah 6 6 100% -

Djoko Sudyatmiko 6 6 100% -

Krisna Wijaya 6 5 83,3% Personal Business

Eng Heng Nee Philip 6 6 100% -

Muliadi Rahardja 6 5 83,3% Business travel to out of town

Willy Suwandi Dharma 6 6 100% -

Hafid Hadeli 6 6 100% -

Ho Lioeng Min 6 6 100% -

I Dewa Made Susila 6 6 100% -

Swandajani Gunadi 6 6 100% -

Niko Kurniawan Bonggowarsito 4 4 100% -


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The brief report of Joint Meeting of the Board of Commissioners and Board of Directors in 2018 was as follows:

No. Date Discussion Agenda

1. 21 February 2018 · Financial updates and Other update· Discussion on Business Development

2. 19 April 2018 · Financial updates as of Quarter I 2018

3. 11 July 2018 · Financial updates as of IH 2018· Updates on Major Initiatives

4. 29 August 2018 · Financial updates as of July 2018· Discussion on Business Development

5. 30 October 2018 · Financial updates as of September 2018· Discussion on Business Development

6. 12 December 2018 · Financial updates as of November 2018· 2019 Business Plan

Joint Meeting Plan in 2019In 2019, the Board of Commissioners and Board of Directors plan to hold 6 (six) meetings, namely on:1. Thursday, 17 January 2019.2. Thursday, 28 March 2019.3. Thursday, 9 May 2019.4. Thursday, 15 August 2019.5. Thursday, 17 October 2019.6. Thursday, 12 December 2019.

of the Board of Commissioners and Board of Directors.



Internal Control

The Company implements internal control to ensure the achievement of:

2. Reliable and trustworthy Company Financial Statements;

3. The Company’s business activity that is in line with the prevailing laws and regulations.

The Company’s internal control system covers, among

Financial control consists of organizational structures, procedures and recording systems relating to the management and safeguarding of Company

their consequences. The organizational structure, procedures and records system are structured to

been determined in accordance with its duties and responsibilities.

with the principles of accounting in accordance with applicable accounting standards or other criteria necessary for such reports and (2) to demonstrate liability for the management of the Company’s assets.

in accordance with the Management authorization.

against existing assets at any given time and taking

Operational control includes the organizational structure and procedures and records related to the decision-making process on the authorization of transactions by the Management. Such authorization is a management function that directly relates to the

oversight of transactions.

Responsibility of the Board of Commissioners and Board of DirectorsThe Board of Commissioners and the Board of Directors are committed to ensure that Good Corporate Governance practices are well implemented

and enhancing the value of the Company. One of the implementation of Good Corporate Governance is to ensure that the internal control system has been implemented adequately.

The Board of Directors has the responsibility to implement a good internal control system to achieve

control system is run by the Board of Directors, senior executives, Internal Audit and all employees. The Board of Commissioners has the responsibility to conduct supervision in order to ensure the implementation of internal control in every business activity of the Company at all levels or levels of the organization. The supervisory activities of the Board of Commissioners are supported by the Audit Committee and Risk Management Committee, which are directly under the Board of Commissioners.

In general, the Company’s internal control includes the control environment, Risk measurement, control activities, information and communication technology and Monitoring.

Control EnvironmentThe control environment is the most important component as it shapes the culture and behavior of the human being into being aware of the importance of control. To create a control environment that can

Company has implemented various policies, among others:

management have high integrity and ethical values.

socialized and applied to all components within the Company.

the Board of Commissioners to exercise oversight


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organizational units.

that the Company’s human resources have high integrity.

Risk Measurement

Company is increasingly required to be able to recognize and manage the risks of their activities to an acceptable level. The Company considers risk management to be very important. Therefore, the Company has long had a Directorate of Risk Management, which is currently headed by Ho Lioeng Min as Director of Risk Management of the Company. In performing its duties, the Directorate of Risk Management is supported by the Risk Management Committee that is responsible to the Company’s Board of Directors.

The main duties of the Directorate of Risk Management of the Company include analyzing to identify the risks that are being and will be faced by the Company, formulating risk level recommendations that can be taken by Management and the tolerance level of each risk and formulating risk management policy to maintain the Company risk level.

In addition, risk management also receives the attention of the Board of Commissioners, through which the Risk Management Committee is under the Board of Commissioners, supervising and supervising the risk management conducted by the Company’s Board of Directors.

Company, namely:1. Micro Economic Risk, which consists of credit risk,

operational risk, market risk, liquidity risk, legal risk, compliance risk, reputation risk and strategic risk.

2. Macro Economic Risk, which consists of economic, social and security risks, monetary policy risks, exchange rate risk, global crisis impact risks, risks of availability and demand for motor vehicles and competition risks.

Risk assessment is conducted on a quarterly basis to measure the level of risk at hand and the level of risk that the Company will face. The results of the measurement along with recommendations for improvements or anticipations are submitted to the Board of Directors. The results of this analysis are also submitted to the Risk Management Committee under the Board of Commissioners of the Company.

A more detailed description of risk management performance during 2018 can be seen in the Risk Management Section.

Control Activities Control activities are all policies and procedures to ensure that the actions necessary to address those risks are implemented to achieve the organization’s

depend on the accuracy in identifying and measuring the risks that the company undertakes. Some of the policies adopted by the Company in its control activities are:

accordance with the function of each organizational unit.

Company documents accordingly.

documents accordingly.

Company’s performance by an independent party

Information and Communication TechnologyThe Company recognizes that the control components (control environment, risk assessment, control activities, monitoring) will be easily realized if there is a good and reliable information and communication system within the organization. Information and communication systems are called good and reliable if every member of the organization gets a clear message

individuals, every part and company can be achieved.

The Company already has policies as a guide for information and communication technology. These policies include the use of e-mail, intranet and internet facilities set forth in Internal Memo No. MI-001/IT/2004 dated 29 May 2015, which among others regulates those who may use e-mail, intranet and internet access,



guidance on their use and restrictions, safeguards of information technology systems to reduce the risk of loss resulting from negligence or errors in the use of information technology systems set forth in Internal Memo No. 004/IT/ITSO/V/2015 dated 8 June 2006 and many other written policies. These guidelines are made to enable the management of information and communication technology-based enterprises to be

security.

The achievements made by the Directorate of Information Technology include evaluating and revising the information and communication technology guidelines of Adira Finance, including information technology governance, roles and functions of Adira Finance information and communication technology, risk management, service management, security management, monitoring and evaluation of the utilization of information and communication

of internal controls and maintain compliance with applicable regulations.

MonitoringThe entire process should be monitored and necessary

system remains dynamic and capable of transforming according to the demands of the condition.

movement of the company is directed in synergy

reassessing the strength of the control environment,

activities. An important element in monitoring is the

The monitoring and evaluation are conducted through:

the Company.

allows for the assessment of each member of management and units within the organization of the Company.

audit conducted by the Internal Audit Unit.

by independent parties such as public accounting

especially for those related with operational activity and the Company’s compliance with the prevailing regulations.

on the entire implementation of the Company’s management activities conducted by the Board of Directors.

The evaluation of the internal control system applied by the Company is conducted periodically and at any time if required by involving the Internal Audit Company and Independent External Auditor.

Although the company recognizes that there is no internal control system that can eliminate all existing business risks, the Company strives to manage and control those risks to a minimum. Based on the results of the evaluation in 2017, the Company considers that the Company’s internal control system is in accordance with the Company’s need to ensure the achievement

results of the assessment and recommendations of the Internal Audit Division that show better progress, except for the Internal Audit Division’s audit of the Company’s newly established business network,

the procedures. Similarly, the examination results from the Company’s External Auditor.


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Compliance Function, Internal Audit, and Independent External Auditor

Compliance FunctionCompliance function is a set of preventive measures or measures to ensure that the business activities conducted by the Company are in compliance with prevailing laws and regulations.

Profile of Head of Compliance Unit

Andreas Dwi KurniawanHead of Compliance Unit

Age

47 years old


Education

Bachelor of Law, University of Padjajaran (1995)

Work Experience

PT Broadband Multimedia Tbk Legal Officer

PT Linknet Legal Officer

National Bank Restructuring Agency Legal

PT Bank Tata International Legal Officer

Training

Sharring Session Annual Report Maksimedia, 2018

Risk Based Anti-Money Laundering and Combating Terrorism Financing OJK, 2017

SPPI Managerial Certification Indonesia Financial Service Association, 2016

Looking for a True Champion GCG Indonesia National Governance Policy Committee, 2013

Workshop Global Reporting Initiative G4 National Center for Sustainability Reporting, 2013


Basic Education for Sharia Financing Adira Finance and Karim Business Consulting, 2012

Comprehensive Preparation To Win Annual Report Award Lex Mundus Training and Consultancy, 2010

Growing People Workshop Adira Finance, 2010

The Role and Responsibility of Financing company in Building Anti-Money Laundering Era

APPI dan PPATK, 2008


Implementing GCG Prinsiples and Its Challenges PT Bank Danamon Indonesia Tbk, 2007

Cyber Law Course Faculty of Law-University of Indonesia, 2000

One Day Seminar about Bankruptcy Regulations in Indonesia Ministry of Law 1999

Officer Development Program II PT Bank Tata International, 2016

Certification




Compliance Unit Structure

Direksi

AML AnalystCompliance Officer Compliance Analyst Compliance Analyst

Head of Compliance Unit

Reporting & Regulatory Compliance AML HeadHead of Compliance

Monitoring & Advisory

Main duties of Compliance Unit1. As a source of external and internal regulations and prudential principles and Good Corporate Governance;

procedures owned by the company to comply with applicable laws and regulations;

The activities of Compliance Unit in 2018 were as follows:1. Providing dissemination on the regulations of the activities of the Company. In 2018, the Compliance Unit has

provided dissemination on .... new regulations to Company Management;2. Providing training to internal parties of the Company, among others, through e-learning. Until the end of

December 2018, approximately 7,000 participants have attended the training session.3. Conducting monitoring.4. Conducting evaluation on the Company’s policy.5. Conducting compliance tests of policy plan or products and services to ensure the compliance with the

prevailing laws and regulations.6. Communicating and coordinating with the regulator.7. Submitting periodic reports on the Company’s compliance conditions to the Management, Compliance Unit

of PT Bank Danamon Indonesia Tbk (on Integrated Compliance) and Risk Management Committee of the Company.

Compliance Indicator in 2018:

Description Provision Position as of 31 December 2018 Description

Minimum Paid-Up Capital Min Rp100 billion Rp100 billion Complied

Minimum amount of Financing Receivables Min 40% 88,5% Complied

Capital Ratio Min 10% 24,54% Complied

Gearing Ratio Max 10X from Equity 3,1 X from Equity Complied

Total Non-Performing Receivables Max 5% 1,88% Complied

Assets Reserve 100% 178,0% Complied

Maximum Financing Limit Max 50% from Equity 0.01% from Equity Complied

Direct investment Max 20% from Equity 0.01% from Equity Complied

Max 10% from Equity for 1 entity in 1 Group

Complied


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Anti-Money Laundering and Terrorism Funding Prevention Program

implemented anti-money laundering and terrorism

and regulations, especially OJK Regulation No. 12/POJK.01/2017 concerning the Implementation of Anti-Money Laundering and Terrorism Financing Prevention Program in Financial Services and OJK Circular Letter No. 37/SEOJK.05/2017 concerning Guidelines for the Implementation of Anti Money Laundering and Terrorism Financing Prevention Program in Non-Bank Financial Industry Sector.

As the basis for the adoption of the APU-PPT program in Adira Finance, the Company has the latest APU-PPT Program Implementation Guidelines, which was last revised on 22 August 2017. The revised Guidelines have also been reported to OJK on 15 September 2017 pursuant to Article 62 paragraph 1 letter b.

In order to implement the APU-PPT program in Adira Finance, in accordance with Decree of the Board of Directors No. 045/ADMF/BOD/IX/17 dated 2 October 2017, the Board of Directors appointed the Head of

PPT Program Implementation.

The Special Executive for APU-PPT Program Implementation has the following duties:1) periodically analyzing the risk assessment of

Money Laundering and / or criminal acts of Terrorism Financing related to the Customer;

2) preparing, updating, and proposing policies and procedures for the implementation of APU and PPT programs that have been prepared to manage and mitigate risks based on risk assessment for the consideration and approval of the Board of Directors;

analyze, monitor and provide reports on the characteristics of transactions conducted by the Customer;

4) ensuring that the policies and procedures prepared as referred to in letter b are consistent with the changes and developments including, among others, products, services and technology

complexity of the Company’s business, the volume of transactions of the Company, and Money Laundering and/or Terrorism Financing;

5) ensuring that the forms for the Customer contain the data required in the implementation of APU and PPT programs;

6) monitoring the Customer’s account and the execution of Customer’s transaction;

7) evaluating the results of monitoring and analysis of customer transactions to ensure the presence or absence of any Suspicious Financial Transactions,

transaction in the form of fund transfer from and to other countries;

8) managing the monitoring and evaluation;

10) ensuring that business activities with high risk for money laundering and/or Terrorism Financing

the Company’s policy and procedures and the provisions referred to in the OJK Regulation on APU and PPT programs;

11) ensuring a good communication mechanism

of the APU and PPT program by maintaining

12) conducting supervision related to the application of APU and PPT program to the related working units;

with the implementation of APU and PPT program by referring to the regulations and information resources;

14) receiving, analyzing, and preparing reports of Suspicious Financial Transactions and/or Cash Transactions submitted by relevant work units;

15) preparing reports on Suspicious Financial Transactions and/or Cash Financial Transactions

transfers from and to overseas;16) ensuring that all activities in the context of APU

and PPT program implementation are implemented properly; and



17) monitoring, analyzing, and recommending training needs on APU and PPT program implementation for Company executives and/or employees.

In 2018, for the implementation of APU-PPT Program, the Company conducted the following activities:

to oversee the conformity with the prevailing laws and regulations.

POJK.01/2017 on the Implementation of Anti-Money Laundering and Terrorism Financing Program Prevention in Financial Services and OJK Circular Letter No. 37/SEOJK.05/2017 on Guidelines for Implementation of Anti Money Laundering and Terrorism Financing Program Prevention in the Non-Bank Financial Industry Sector and submit the report to OJK on 31 May 2017

to OJK on 27 September 2017.

2017.

and Nusa Tenggara.

In addition, the Company has also assigned several employees to participate in trainings and seminars held by Indonesia Financing Company Association (APPI), OJK, and others. This is intended for the implementation of the money laundering prevention policy in the Company to always follow the prevailing standards and regulations in Indonesia. Reporting to the Regulators

Adira Finance’s Reporting as a Financing CompanyReports submitted by the Company to the Financial Services Authority and Bank Indonesia regarding Adira Finance’s main business activities as a Financing Company in 2018 were as follows:

No. Title of Report Institution Submission Date

1. Submission of Information regarding the Change of Address of Kemayoran-North Jakarta Branch Office (Kelapa Gading 2 Car) of PT Adira Dinamika Multi Finance Tbk

007/ADMF/CS/I/18 8 January 2018

2. Submission of the Report on Data Updating Plan of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) of 2018


3. Submission of the Report on Data Updating Plan of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) of 2018


4. Periodical Report on Services and Settlement of Consumer Complaint as of 31 December 2017 of PT Adira Dinamika Multi Finance Tbk ("Adira Finance")


5. Submission of Financing Data for the Provinces of DKI Jakarta and Banten of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the period of 31 December 2017


6. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of West Java for the period of 31 December 2017


7. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Central Java and the Special Region of Yogyakarta for the period of 31 December 2017


8. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of East Java for the period of 31 December 2017


9. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of Kalimantan for the period of 31 December 2017


10. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of North Sumatera for the period of 31 December 2017



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11. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Sulawesi, Maluku, and Papua for the period of 31 December 2017


12. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of South Sumatera for the period of 31 December 2017


13. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Bali and Nusa Tenggara for the period of 31 December 2017


14. Submission of Data of Head of Sharia Business Unit (UUS) of PT Adira Dinamika Multi Finance Tbk (Adira Finance)

002/ADMF/BOD/I/18 18 January 2018

15. KUR Distribution Target in 2017 003/ADMF/BOD/I/18 17 January 2018

16. Submission of Certification Proof of Main Parties of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") to satisfy the sustainability requirement


17. Submission of Annual Business Plan of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for Fiscal Year 2018


18. Submission of Report on the Implementation of Workforce Development and Knowledge Program of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for Fiscal Year 2017


19. Submission of Realization Report on Activities to Improve Financial Literacy of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) in 2017


20. Submission of Information regarding the Change of Address of Ambon Branch Office of PT Adira Dinamika Multi Finance Tbk

027/ADMF/CS/II/18 1 February 2018

21. Submission of 2017Annual Financial Report 031/ADMF/CS/III18 13 February 2018

22. Submission of Advertisement Proof of Annual Financial Report for Fiscal Year 2017


23. Submission of Financing Data for the Provinces of DKI Jakarta and Banten of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the period of 31 January 2018


24. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of West Java for the period of 31 January 2018


25. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Central Java and the Special Region of Yogyakarta for the period of 31 January 2018


26. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of East Java for the period of 31 January 2018


27. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of Kalimantan for the period of 31 January 2018


28. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of North Sumatera for the period of 31 January 2018


29. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Sulawesi, Maluku, and Papua for the period of 31 January 2018


30. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of South Sumatera for the period of 31 January 2018


31. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Bali and Nusa Tenggara for the period of 31 January 2018


32. Report on Risk Level Assessment Result of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) - Conventional


33. Report on Risk Level Assessment Result of Sharia Business Unit (UUS) of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”)


34. Submission of Information regarding the Change of Address of Bekasi 3 Branch Office of PT Adira Dinamika Multi Finance Tbk


35. Submission of Information regarding the Change of Address of Banda Aceh Branch Office of PT Adira Dinamika Multi Finance Tbk


36. Submission of Information regarding the Change of Address of Banjarmasin 2 Branch Office of PT Adira Dinamika Multi Finance Tbk


37. Submission of Information regarding the Change of Address of Makassar 4 Branch Office of PT Adira Dinamika Multi Finance Tbk


38. Cancellation of Reporting Letter regarding the Change of Address of Kelapa Gading 2 Branch Office

061/ADMF/CS/III/18 2 March 2018




39. Submission of Financing Data for the Provinces of DKI Jakarta and Banten of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the period of 28 February 2018


40. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of West Java for the period of 28 February 2018


41. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Central Java and the Special Region of Yogyakarta for the period of 28 February 2018


42. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of East Java for the period of 28 February 2018


43. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of North Sumatera for the period of 28 February 2018


44. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Sulawesi, Maluku, and Papua for the period of 28 February 2018


45. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of South Sumatera for the period of 28 February 2018


46. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Bali and Nusa Tenggara for the period of 28 February 2018


47. Notification of Provision of Digital Application-Based Communication Facilities for Consumers of PT Adira Dinamika Multi Finance Tbk (Adira Finance)


48. Submission of Example of Information Provision on Financial Products and Services of PT Adira Dinamika Multi Finance Tbk to Consumers and/or Public


49. Submission of 2017 Annual Report 094/ADMF/CS/III/18 29 March 2018

50. Submission of Information regarding the Change of Address of Surabaya 5 Branch Office of PT Adira Dinamika Multi Finance Tbk

095/ADMF/CS/IV/18 3 April 2018

51. Submission of Information regarding the Change of Address of Lubuk Pakam Branch Office of PT Adira Dinamika Multi Finance Tbk


52. Submission of Information regarding the Change of Address of Kudus Branch Office of PT Adira Dinamika Multi Finance Tbk


53. Confirmation of Response to the Reporting Letter regarding the Change of Address of Medan 1 Branch Office


54. Submission of Revision on Annual Business Plan of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for Fiscal Year 2018


55. Submission of Financing Data for the Provinces of DKI Jakarta and Banten of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the period of 31 March 2018


56. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of West Java for the period of 31 March 2018


57. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Central Java and the Special Region of Yogyakarta for the period of 31 March 2018


58. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of East Java for the period of 31 March 2018


59. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of North Sumatera for the period of 31 March 2018


60. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Sulawesi, Maluku, and Papua for the period of 31 March 2018


61. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Province of South Sumatera for the period of 31 March 2018


62. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk ("Adira Finance") for the Provinces of Bali and Nusa Tenggara for the period of 31 March 2018


63. Notification of Plan to Implement Multipurpose Financing Agreement Digitalization of PT Adira Dinamika Multi Finance Tbk (Adira Finance)


64. Submission of Report on Implementation of Good Corporate Governance of PT Adira Dinamika Multi Finance Tbk



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65. Submission of Information regarding the Change of Address of Denpasar 3 Branch Office of PT Adira Dinamika Multi Finance Tbk

140/ADMF/CS/V/18 7 May 2018

66. Report on Fee-Based Activities of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “Company”)

142/ADMF/CS/V/18 7 May 2018

67. Submission of Financing Data for the Regional of Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 April 2018

143/ADMF/CS/V/18 14 May 2018

68. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of West Bandung District, Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 30 April 2018

144/ADMF/CS/V/18 14 May 2018

69. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 30 April 2018

145/ADMF/CS/V/18 14 May 2018

70. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 30 April 2018

146/ADMF/CS/V/18 14 May 2018

71. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 31 March 2018

147/ADMF/CS/V/18 14 May 2018

72. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City for the period of 30 April 2018

148/ADMF/CS/V/18 14 May 2018

73. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District for the period of 30 April 2018

149/ADMF/CS/V/18 14 May 2018

74. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City for the period of 30 April 2018

150/ADMF/CS/V/18 14 May 2018

75. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjar District, Berau District, Hulu Sungai Tengah District, Ketapang District, Sanggau District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City for the period of 30 April 2018

151/ADMF/CS/V/18 14 May 2018

76. Report on Fee-Based Activities of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “Company”)

142/ADMF/CS/V/18 7 May 2018

77. Submission of Information Transparency that Needs to be Known by Public 161/ADMF/CS/V/18 25 May 2018

78. Submission of Information regarding the Change of Address of Palembang 2 Branch Office of PT Adira Dinamika Multi Finance Tbk

162/ADMF/CS/V/18 31 May 2018

79. Submission of Information regarding the Change of Address of Bengkulu 2 Branch Office of PT Adira Dinamika Multi Finance Tbk

163/ADMF/CS/VI/18 5 June 2018

80. Submission of Financing Data for the Regional of Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 May 2018





81. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of West Bandung District, Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 31 May 2018


82. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 30 May 2018


83. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 31 May 2018


84. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 31 May 2018


85. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City for the period of 31 May 2018


86. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District for the period of 31 May 2018


87. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City for the period of 31 May2018


88. Submission of Information regarding the Change of Address of Jambi 2 Branch Office of PT Adira Dinamika Multi Finance Tbk


89. Submission of Information regarding the Change of Address of Lampung 2 Branch Office of PT Adira Dinamika Multi Finance Tbk


90. Request for Meeting to Discuss Notification from the Financial Services Authority (OJK) regarding Issuance of Bond, MTN, or Asset Securitization


91. Submission of Information regarding the Change of Address of Samarinda 2 Branch Office of PT Adira Dinamika Multi Finance Tbk

183/ADMF/CS/VII/18 6 July 2018

92. Submission of Financing Data for the Regional of Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 June 2018


93. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of West Bandung District, Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 30 June 2018


94. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 30 June 2018


95. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 30 June 2018



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96. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 30 June 2018


97. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City for the period of 30 June 2018


98. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District for the period of 30 June 2018


99. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City for the period of 30 June 2018


100. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjar District, Berau District, Hulu Sungai Tengah District, Ketapang District, Sanggau District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City for the period of 30 June 2018


101. Reporting on the Closing of Branch Office of PT Adira Dinamika Multi Finance Tbk (“Perseroan”)- Ketapang Kalbar


102. Submission of Information regarding the Change of Address of Palu 1 Branch Office of PT Adira Dinamika Multi Finance Tbk


103. Submission of Written Response to RSEOJK regarding Consumer Complaint Service in Financial Service Sector


104. Submission of Information regarding the Change of Address of Majalengka Branch Office of PT Adira Dinamika Multi Finance Tbk

219/ADMF/CS/VIII/18 1 August 2018

105. Notification of Financing Facility Development through website for the Consumers of PT Adira Dinamika Multi Finance Tbk (Adira Finance)

220/ADMF/CS/VIII/18

1 August 2018

106. Submission of Financing Data for the Regional of Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 July 2018


107. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of West Bandung District, Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 31 July 2018

224/ADMF/CS/VIII/18

10 August 2018

108. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 31 July 2018


109. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 31 July 2018


110. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 31 July 2018





111. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City for the period of 31 July 2018

228/ADMF/CS/VIII/18

10 August 2018

112. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District for the period of 31 July 2018


113. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City for the period of 31 July 2018

230/ADMF/CS/VIII/18

10 August 2018

114. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjar District, Berau District, Hulu Sungai Tengah District, Ketapang District, Sanggau District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City for the period of 31 July 2018


115. Submission of Response to Report on Temporary Direct Audit Result on UUS of PT Adira Dinamika Multi Finance Tbk

234/ADMF/CS/VIII/18

13 August 2018

116. Submission of Information regarding the Change of Address of South Jakarta 3 Branch Office of PT Adira Dinamika Multi Finance Tbk

240/ADMF/CS/VIII/18

15 August 2018

117. Request for Permit to the Executive Head of IKNB Supervision related to the Opening of Sharia Unit Branch Office

245/ADMF/CS/VIII/18

3 September 2018

118. Approval on the Extension of Utilization Access Right of Single Identity Number (NIK), Population Data, and Electronic Identity Card (KTP-el) in the Service Scope of PT Adira Dinamika Multi Finance Tbk

249/ADMF/CS/IX/18 12 September 2018

119. Submission of Financing Data for the Regional I of Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 August 2018


120. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 31 August 2018


121. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 31 August 2018


122. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 31 August 2018


123. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 31 August 2018


124. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City for the period of 31 August 2018



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125. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District for the period of 31 August 2018


126. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City for the period of 31 August 2018


127. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjar District, Berau District, Hulu Sungai Tengah District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City for the period of 31 August 2018


128. Request for Meeting to Discuss Development Plan of Digital Financial Innovation at PT Adira Dinamika Multi Finance Tbk (“Adira Finance”)


129. Report on Change of Head of Sharia Business Unit (UUS) of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”)


130. Submission of Financing Data for Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018

269/ADMF/CS/X/18 12 October 2018

131. Submission of Financing Data for Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


132. Submission of Financing Data for Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


133. Submission of Financing Data for Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


134. Submission of Financing Data for Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 30 September 2018


135. Submission of Financing Data for Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


136. Submission of Financing Data for Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


137. Submission of Financing Data for Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018


138. Submission of Financing Data for Banjar District, Berau District, Hulu Sungai Tengah District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 September 2018





139. Regarding submission of response to request for permit of the opening of Sharia unit branch office


140. Submission of documents related to request for permit of the opening of Sharia unit branch office


141. Request for Meeting to Discuss the Follow-Up of Final Direct Audit Result 280/ADMF/CS/X/18 17 October 2018

142. Submission of Revision on Annual Business Plan of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for Fiscal Year 2018


143. Report on the Follow-Up of the First Level Penalty – Fiduciary Registration 286/ADMF/CS/X/18 30 October 2018

144. Report on the Follow-Up on the First Level Penalty – KCUS 287/ADMF/CS/X/18 30 October 2018

145. Report on the Follow-Up of Final Direct Audit Result on Sharia Business Unit (UUS) of PT ADMF


146. Submission of Financing Data for Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 October 2018

291/ADMF/CS/XI/18 8 November 2018

147. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 31 October 2018


148. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 31 October 2018


149. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 31 October 2018


150. Submission of Financing Data for the Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 31 October 2018


151. Submission of Financing Data for Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 October 2018


152. Submission of Financing Data for Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 October 2018


153. Submission of Financing Data for Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 October 2018


154. Submission of Financing Data for Banjar District, Berau District, Hulu Sungai Tengah District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 31 October 2018


155. Request for Meeting to Discuss Anti-Money Laundering and Terrorism Financing Prevention


156. Submission of Report on Activity Plan to Improve Financial Literacy of PT ADMF Tbk in 2019


157. Submission of Report on Activity Plan to Improve Financial Inclusion of PT ADMF Tbk in 2019



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158. Submission of Financing Data for Central Jakarta City, North Jakarta City, West Jakarta City, East Jakarta City, South Jakarta City, Serang City, Tangerang City, Lebak District, Serang District, and Tangerang District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 November 2018

306/ADMF/CS/XII/18 07 December 2018

159. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Bekasi District, Bogor District, Cianjur District, Garut District, Indramayu District, Karawang District, Majalengka District, Subang District, Sumedang District, Bandung City, Bekasi City, Bogor City, Cimahi City, Cirebon City, Depok City, Sukabumi City, Tasikmalaya City, and Banjar City for the period of 30 November 2018


160. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banjarnegara District, Banyumas District, Cilacap District, Gobrogan District, Kendal District, Klaten District, Kudus District, Pati District, Semarang District, Sragen District, Wonogiri District, Magelang City, Pekalongan City, Semarang City, Surakarta Solo City, Sukaharjo District, Tegal City, and Yogyakarta City for the period of 30 November 2018


161. Submission of Financing Data of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the Regional of Banyuwangi District, Bojonegoro District, Gresik District, Jember District, Jombang District, Lumajang District, Malang District, Pamekasan District, Ponorogo District, Sidoarjo District, Situbondo District, Tuban District, Tulungagung District, Blitar City, Kediri City, Madiun City, Malang City, Mojokerto City, Pasuruan City, and Surabaya City for the period of 30 November 2018


162. Submission of Financing Data for the Asahan District, Indragiri Hulu District, Kampar District, Labuhan Batu District, Pasaman Barat District, Siak District, Banda Aceh City, Batam City, Binjai City, Bukit Tinggi City, Dumai City, Langsa City, Medan City, Pariaman City, Pekanbaru City, Pematang Siantar City, Solok City, and Tebing Tinggi City for the period of 30 November 2018


163. Submission of Financing Data for Kotamobagu, Bone District, Bulukumba District, Gowa District, Poso District, Wajo District, Gorontalo City, Jayapura City, Kendari City, Kupang City, Makassar City, Mamuju District, Manado City, Palopo City, Palu City, Pare-Pare City, Ternate City, Ambon City, and Sorong City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 November 2018


164. Submission of Financing Data for Bungo District, Ogan Komering Ulu District, Tanggamus District, Bandar Lampung City, Bengkulu City, Jambi City, Lubuk Linggau City, Metro City, Padang City, Palembang City, and Bangka District of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 November 2018


165. Submission of Financing Data for Gianyar District, Lombok Timur District, Sikka District, Sumbawa District, Tabanan District, Denpasar City, and Mataram City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 November 2018


166. Submission of Financing Data for Banjar District, Berau District, Hulu Sungai Tengah District, Sintang District, Tabalong District, Tanah Bumbu District, Balikpapan City, Banjarmasin City, Palangkaraya City, Pontianak City, Samarinda City, Singkawang City, and Tarakan City of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for the period of 30 November 2018


167. Submission of document on response to the follow up of audit result of Sharia business unit of PT ADMF Tbk


168. Reporting on the opening of office other the Sharia Business Unit Branch Office


169. Submission of Realization Report on the Data Update of PT Adira Dinamika Multi Finance Tbk (”Adira Finance”) in 2018


170. Submission of Realization Report on the Data Update of PT Adira Dinamika Multi Finance Tbk in 2018


171. Submission of Report on the Data Update Activity Plan of PT Adira Dinamika Multi Finance Tbk in 2019


172. Submission of Report on the Data Update Activity Plan of PT Adira Dinamika Multi Finance Tbk in 2019




Adira Finance’s Reporting as a Public CompanyReports submitted by the Company as a Public Company to the Financial Services Authority in 2018 were as follows:

No. Nama Laporan Nomor Surat Tanggal Penyampaian

1. Submission of Annual Monitoring Result of PT Adira Dinamika Multi Finance Tbk ("Adira Finance" or "Company")’s Rating and the Company’s Bonds


2. Submission of Report on the Realization of Proceeds Usage from the Public Offering of Continuous Bonds IV of Adira Finance Phase I Year 2017


3. Submission of Report on the Realization of Proceeds Usage from the Public Offering of Continuous Sukuk Mudharabah III of Adira Finance Phase I Year 2017


4. Submission of Response to RPOJK regarding Public Offering of Debt Securities and/or Sukuk to the Professional Investors


5. Submission of 2017 Annual Financial Statements 030/ADMF/BOD/II/18

13 February 2018

6. Submission of Announcement Proof of 2017 Annual Financial Statements 033/ADMF/CS/II/18 13 February 2018

7. Submission of Additional Information on Public Offering of Continuous Bond IV of Adira Finance Phase II Year 2018 and Continuous Sukuk Mudharabah III of Adira Finance Phase II Year 2018


8. Submission of Plan and Agenda of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk


9. Submission of Advertisement Proof of Announcement of Annual General Meeting of Shareholders (GMS) of PT Adira Dinamika Multi Finance Tbk


10. Cover Letter for Submission of Additional Information Book, Softcopy, and a Statement Letter of Document Similarity

082/ADMF/CS/III/18

11. Submission of 2017 Annual Financial Statements 086/ADMF/CS/III/18 29 March 2018

12. Submission of Advertisement Proof of Invitation of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk


13. Invitation of Annual General Meeting of Shareholders 092/ADMF/CS/III/18 29 March 2018

14. Submission of Advertisement Proof of GMS Invitation 093/ADMF/CS/III/18 29 March 2018

15. Submission of Report on the Realization of Proceeds Usage from the Public Offering of Continuous Bonds IV of Adira Finance Phase II Year 2018


16. Submission of Report on the Realization of Proceeds Usage from the Public Offering of Continuous Sukuk Mudharabah III of Adira Finance Phase II Year 2018


17. Submission of Minutes of Meeting of Annual General Meeting of Shareholders (Annual GMS) of PT Adira Dinamika Multi Finance Tbk


18. Submission of Announcement Proof of Minutes of Meeting from the Annual General Meeting of Shareholders (Annual GMS) of PT Adira Dinamika Multi Finance Tbk


19. Submission of Advertisement Proof of Notification for Distribution of Cash Dividend for Fiscal Year 2016 of PT Adira Dinamika Multi Finance Tbk


20. Submission of Interim Financial Statements for the last 3 months that ended on March 31, 2018


21. Report on the Appointment of Public Accountant and Public Accounting Firm of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) for Fiscal Year 2018

141/ADMF/CS/V/18 7 May 2018

22. Monthly Report on the Registration of Securities Holders in April 2018 155/ADMF/CS/V/18 9 May 2018

23. Submission of Copy of Official Deed of the Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk

157/ADMF/CS/V/18 21 May 2018

24. Report on the Change of Composition of the Board of Directors of PT Adira Dinamika Multi Finance Tbk (“Adira Finance”)

158/ADMF/CS/V/18 21 May 2018

25. Submission of Information Transparency that Needs to be Known by Public

159/ADMF/CS/V/18 25 May 2018

26. Monthly Report on the Registration of Securities Holders in May 2018 175/ADMF/CS/VI/18 11 June 2018

27. Submission of Evaluation Report on the Implementation of Audit Service Provision on Financial Information for Fiscal Year 2017 to PT Adira Dinamika Multi Finance Tbk (“Adira Finance”) by Public Accountant and/or Public Accounting Firm


28. Submission of Report on the Public Offering Plan of Continuous Bond IV of Adira Finance Phase III Year 2018



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No. Nama Laporan Nomor Surat Tanggal Penyampaian

29. Report on the Implementation Preparation of Statement of Financial Accounting Standards (PSAK 71) – Financial Instrument of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “the Company”)


30. Submission of Report on Change of Head of Internal Audit Unit of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “the Company”)


31. Monthly Report on the Registration of Securities Holders in June 2018 198/ADMF/CS/VII/18 13 July 2018

32. Submission of Report on Change of Head of Internal Audit Unit of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “the Company”)


33. Response to Financial Services Authority (“OJK”) Letter Number S-883/PM.2/2018 dated 29 June 2018 regarding Review of 2017 Annual Financial Report of PT Adira Dinamika Multi Finance Tbk (“Adira Finance” or “the Company”)


34. Submission of Mid-Year Financial Statements Ended 30 June 2018 207/ADMF/CS/VII/18 25 July 2018

35. Submission of Announcement Proof of Mid-Year Financial Statements Ended 30 June 2018


36. Submission of Additional Information on Public of Continuous Bond IV of Adira Finance with Fixed zInterest Rate Phase III Year 2018

211/ADMF/CS/VIII/18 August 2018

37. Submission of Erratum Proof on the Announcement of Mid-Year Financial Statements Ended 30 June 2018


38. Submission of Non-Audited Interim Financial Statements 216/ADMF/CS/VII/18 25 July 2018

39. Submission of Advertisement Proof of Information on the Interim Financial Statements


40. Transparency of Information that Needs to be Known by Public-INTAM PUB IV Adira Phase III Year 2018


41. Monthly Report on the Registration of Securities Holders in July 2018 233/ADMF/CS/VIII/18 8 August 2018

42. Cover Letter for Submission of Additional Information Book, Softcopy, and a Statement Letter of Document Content Similarity

235/ADMF/CS/VIII/18 August 2018

43. Statement Letter on the Similarity of INTAM printed and the Softcopy 236/ADMF/CS/VIII/18 August 2018

44. Change of Corporate Secretary 242/ADMF/CS/VIII/18

24 August 2018

45. Change of Audit Committee 243/ADMF/CS/VIII/18

24 August 2018

46. Monthly Report on the Registration of Securities Holders in August 2018 252/ADMF/CS/IX/18 10 September 2018

47. Submission of Report on the Realization of Proceeds Usage from the Public Offering of Continuous Bonds IV of Adira Finance Phase III Year 2018


48. Submission of Information Transparency that Needs to be Known by Public


49. Transparency of Information that Needs to be Known – Signing of Distribution Agreement between PT Adira Dinamika Multi Finance Tbk and PT Asuransi Adira Dinamika


50. Monthly Report on the Registration of Securities Holders in September 2018


51. Submission of Interim Financial Statements for the period of 9 months ended 30 September 2018


52. Submission of Non-Audited Interim Financial Statements 284/ADMF/CS/X/2018

24 October 2018

53. Monthly Report on the Registration of Securities Holders in October 2018 290/ADMF/CS/XI/18 06 October 2018

54. Submission of Issuance Plan of Continuous Bond IV of Adira Finance Phase IV Year 2019 and Continuous Sukuk Mudharabah III of Adira Finance Phase III Year 2019


55. Monthly Report on the Registration of Securities Holders in November 2018 320/ADMF/CS/XII/18 10 December 2018

56. Cover Letter for the Public Offering of Continuous Bond IV of ADMF Phase IV Year 2019 and Continuous Sukuk Mudharabah III Phase III Year 2019




Correspondence with PT Bursa Efek IndonesiaThe Company’s correspondence with PT Bursa Efek Indonesia (BEI) in 2017 was as follows:

No. Title of Report Letter Number Submission Date1 Monthly Report on the Registration of Securities Holders in December 2017 002/ADMF/CS/I/18 5 January 20182 Report on Annual Rating Result 005/ADMF/CS/II/18 5 January 20183 Report on Proceeds Usage from the Public Offering 012/ADMF/CS/II/18 8 January 20184 Monthly Report on the Registration of Securities Holders in January 2018 044/ADMF/CS/II/18 9 February 20185 Submission of 2017 Annual Financial Statements 051/ADMF/CS/II/18 13 February 20186 Submission of Advertisement Proof of Annual Financial Statements for

Fiscal Year 2017052/ADMF/CS/II/18 13 February 2018

7 Transparency of Information that Needs to Be Known by Public: Submission of Additional Information on Issuance of Continuous Bond IV Phase II Year 2018 and Continuous Sukuk Mudharabah III Phase II Year 2018


8 Monthly Report on the Registration of Securities Holders in February 2018 064/ADMF/CS/III/18 7 March 20189 Submission of Meeting Plan and Agenda of Annual General Meeting of

Shareholders of PT Adira Dinamika Multi Finance Tbk065/ADMF/CS/III/18 7 March 2018

10 Announcement of Annual General Meeting of Shareholders 078/ADMF/CS/III/18 14 March 201811 Invitation of Annual General Meeting of Shareholders 089/ADMF/CS/III/18 29 March 201812 Submission of Advertisement Proof of GMS Invitation 090/ADMF/CS/III/18 29 March 201813 Submission of 2017 Annual Report 091/ADMF/CS/III/18 29 March 201814 Plan of Organizing Public Expose – Annual 110/ADMF/CS/IV/18 5 April 201815 Monthly Report on the Registration of Securities Holders in March 2018 122/ADMF/CS/IV/18 12 April 201816 Submission of Annual Public Expose Material 126/ADMF/CS/IV/18 17 April 201817 Submission of Report on the Realization of Proceeds Usage from the Public

Offering of Continuous Bond IV of Adira Finance Phase II Year 2018 and Continuous Sukuk Mudharabah III of Adira Finance Phase II Year 2018


18 Submission of the Resolutions of the Annual General Meeting of Shareholders 131/ADMF/CS/IV/18 23 April 201819 Submission of Announcement Proof of Minutes of Meeting from the Annual

General Meeting of Shareholders (Annual GMS) of PT Adira Dinamika Multi Finance Tbk


20 Submission of Advertisement Proof of Notification for Distribution of Cash Dividend for Fiscal Year 2017 of PT Adira Dinamika Multi Finance Tbk


21 Schedule of Cash Dividend 134/ADMF/CS/IV/18 23 April 201822 Submission of Annual Public Expose Result Report 136/ADMF/CS/IV/18 24 April 201823 Non-Audited Interim Financial Statements 139/ADMF/CS/IV/18 30 April 201824 Monthly Report on the Registration of Securities Holders in April 2018 154/ADMF/CS/V/18 9 May 201825 Submission of Information Transparency that Needs to be Known by Public 160/ADMF/CS/V/18 25 May 201826 Monthly Report on the Registration of Securities Holders in May 2018 174/ADMF/CS/VI/18 11 June 201827 Monthly Report on the Registration of Securities Holders in June 2018 196/ADMF/CS/VII/18 12 July 201828 Submission of Report on Change of Head of Internal Audit Unit of PT Adira

Dinamika Multi Finance Tbk (“Adira Finance” or “the Company”)197/ADMF/CS/VII/18 12 July 2018

29 Submission of Announcement Proof of Mid-Year Financial Statements Ended on 30 June 2018


30 Submission of Non-Audited Interim Financial Statements Ended on 30 June 2018


31 Submission of Non-Audited Interim Financial Statements 216/ADMF/CS/VII/18 25 July 201832 Submission of Advertisement Proof of Information on Interim Financial

Statement217/ADMF/CS/VII/18 25 July 2018

33 Request for Record of Debt Securities 218/ADMF/CS/VII/18 1 August 201834 Transparency of Information that Needs to be Known by Public-INTAM PUB

IV Adira Phase III Year 2018221/ADMF/CS/VII/18 31 July 2018

35 Monthly Report on the Registration of Securities Holders in July 2018 232/ADMF/CS/VIII/18 8 August 201836 Monthly Report on the Registration of Securities Holders in August 2018 251/ADMF/CS/IX/18 10 September 201837 Transparency of Information that Needs to be Known – Signing of

Distribution Agreement between PT Adira Dinamika Multi Finance Tbk and PT Asuransi Adira Dinamika


38 Monthly Report on the Registration of Securities Holders/Change of Shareholders Structure in September 2018


39 Submission of Non-Audited Interim Financial Statements 283/ADMF/CS/X/18 24 October 201840 Monthly Report on the Registration of Securities Holders/Change of

Shareholders Structure in October 2018289/ADMF/CS/XI/18 6 October 2018

41 Monthly Report on the Registration of Securities Holders/Change of Shareholders Structure in November 2018



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Shares Ownership by the ManagementAs of 31 December 2018, there was no share ownership of the Company by members of the Board of Commissioners or the Board of Directors (Management).

The list of shares ownership by the Management on 31 December 2018 is as follows:

Name Position Total Share % Share Ownership

Sng Seow Wah President Commissioner - -

Djoko Sudyatmiko Commissioner concurrently serving as Independent Commissioner - -

Krisna Wijaya Commissioner concurrently serving as Independent Commissioner - -

Eng Heng Nee Philip Commissioner - -

Muliadi Rahardja Commissioner - -

Ir. Willy Suwandi Dharma Commissioner - -

Hafid Hadeli President Director - -

Ho Lioeng Min Director - -

I Dewa Made Susila Director - -

Swandajani Gunadi Director concurrently serving as Independent Director - -

Niko Kurniawan Bonggowarsito Director - -

Financial and Family Relationships of Members of the Board of Commissioners and Board of Directors with Other Members of the Board of Commissioners and/or Board of Directors and/or Controlling Shareholders

controlling shareholders, namely PT Bank Danamon Indonesia Tbk (Bank Danamon), are as follows:

Name Position at Adira Finance Position at Bank Danamon

Sng Seow Wah President Commissioner President Director

members of the Board of Commissioners and/or Board of Directors and/or the Company’s controlling shareholders.

Material Transactions, Transactions with Affiliated Parties, and Transactions with Conflict of Interest

Material TransactionIn accordance with the Regulation of the Financial Services Authority (formerly Bapepam-LK) No. IX.E.2 (Decree of the Chairman of Bapepam-LK No. Kep-614/BL/2011 dated 28 November 2011) concerning Material Transactions and Change of Main Business Activities, Material Transactions are:

the value of which is equal to or greater than 20% of the company’s equity in a single transaction or in a series of transactions for a particular purpose or activity.



The table below describes material transactions carried out by the Company during 2018 that must be reported based on the Regulation of Financial Services Authority (formerly Bapepam-LK) No. IX.E.2 (Decree of Chairman of Bapepam-LK No. KEP-614/BL/2011 dated 28 November 2011) concerning Material Transactions and Change of Main Business Activities:

No. Transaction Type Parties Involved in Transaction Nominal Value Description

- - - - -

During 2018, Adira Finance did not have any material transactions as referred to in the Regulation of Financial Services Authority (formerly Bapepam-LK) No. IX.E.2 (Decree of the Chairman of Bapepam-LK No. KEP-614/BL/2011 dated 28 November 2011) concerning Material Transactions and Change of Main Business Activities.

In carrying out its operational activities, Adira Finance conducts transactions with related parties, which are the parties that have direct and indirect relationship with the Company’s ownership or management, as referred to in the Statement of Financial Accounting Standards No. 7 and the Regulation of Financial Services Authority (formerly Bapepam-LK) No. VIII.G.7 concerning the Presentation and Disclosure of Financial Statements of Issuers

All posts and nature of transactions are disclosed in Note 35 of the Audited Financial Statements as of and for

compared to other transactions conducted with other parties without special relationship.

No. IX.E.1 (Decision of the Chairman of Bapepam-LK No. Kep-412/BL/2009 dated 25 November 2009) concerning

are contrary to the personal interests of a member of the Board of Directors, then those eligible to represent

from those of the members of the Board of Directors, then the Company will be represented by the Board of Commissioners.

of Directors who have an interest in a transaction, contract or proposed contract are not allowed to participate in the voting regarding the transaction, unless the Board of Directors Meeting determines otherwise.

Board of Commissioners with interest in a proposed transaction, contract or proposed contract are not allowed to participate in the voting related to the matters, unless the Board of Commissioners Meeting determines otherwise.

including through the implementation of Good Corporate Governance Guidelines which contain provisions to

Directors, and the Board of Commissioners without exceptions.


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independent appraisers and consultants to conduct independent assessments on transactions between parties

No. Name & Position with Conflict of Interest

Name & Position of the Decision Maker Transaction Type Description

- - - - -

Share and/or Bonds BuybackIn 2018, the Company did not conduct share or bonds buyback.

Compliance with the Requirements of Bonds and Sukuk

Continuous Bonds III of Adira Finance Phase V 2017 (Bonds III/V 2017)On 22 March 2017, the Company issued Bonds III/V 2017 of Rp2,014,000,000,000 with the following details:

Bonds Principal Amount (Rupiah) Interest per Year Maturity Date

Series A IDR 836,000,000,000 6.10% 31 March 2019

Series B IDR 80,000,000,000 6.70% 21 March 2020

Series C IDR 552,000,000,000 7.40% 21 March 2021

Series D IDR 162,000,000,000 7.50% 21 March 2023

50% of the outstanding principal of the Bonds.

On 20 April 2017, all funds from Bonds III/V 2017 had been previously fully utilized and had been reported to OJK in accordance with letter No. 072/ADMF/CS/IV/17.

Continuous Sukuk Mudharabah II of Adira Finance Phase III Year 2017 (Sukuk II/III 2017)On 22 March 2017, the Company issued Bonds II/III 2017 of Rp386,000,000,000 with the following details:

Sukuk Mudharabah Total Funds (Rupiah) Indication of Profit Sharing per Year

Repayment Date of Sukuk Mudharabah Fund

Series A IDR 399,000,000,000 6.10% 31 March 2019

Series B IDR 62,000,000,000 7.40% 21 March 2021

Series C IDR 29,000,000,000 7.50% 21 March 2023

receivables of 50% of the value of Sukuk Mudharabah fund.



On 20 April 2017, all funds from Sukuk II/III 2017 had been fully used and reported to the OJK based on Letter No. 073/ADMF/CS/IV/17.

Continuous Bonds III of Adira Finance Phase VI Year 2017 (Bonds III/VI 2017)On 14 July 2017, the Company issued Bonds III/VI 2017 of Rp769,000,000,000 with the following details:

Bonds Principal Amount (Rupiah) Interest per year Maturity Date

Series A IDR 696,250,000,000 7.50% 26 August 2019

Series B IDR 119,000,000,000 8.00% 16 August 2020

Series C IDR 715,500,000,000 8.50% 16 August 2021

Series D IDR 268,500,000,000 9.00% 16 August 2022

Series E IDR 460,750,000,000 9.25% 16 August 2023

50% of the outstanding principal amount of the Bonds.

On 5 September 2017, all funds from Bonds III/VI 2017 had been fully used and reported to the OJK based on Letter No. 173/ADMF/CS/IX/17.

Continuous Bonds IV of Adira Finance Phase I Year 2017 (Bonds IV/I 2017)On 12 December 2017, the Company issued Bonds IV/I 2017 of Rp1,300,000,000 with the following details:

Bonds Principal Amount (Rupiah) Interest per year Maturity Date

Series A IDR 232,000,000,000 8.05% 3 February 2020

Series B IDR 58,000,000,000 9.00% 23 January 2022

Series C IDR 328,000,000,000 9.50% 23 January 2024

50% of the outstanding principal amount of the Bonds.

On 8 January 2018, all funds from Bonds IV/I 2017 had been fully used and reported to the OJK based on Letter No. 003/ADMF/CS/I/18.

Continuous Sukuk Mudharabah III of Adira Finance Phase I Year 2017 (Sukuk III/I 2017)On 12 December 2017, the Company issued Sukuk III/I 2017 of Rp200,000,000,000 with the following details:

Sukuk Mudharabah Total Funds (Rupiah) Indication of Profit Sharing per year

Repayment Date of Mudharabah Islamic

Bonds Fund

Series A IDR 127,000,000,000 8.05% 3 February 2020

Series B IDR 55,000,000,000 9.00% 23 January 2022

Series C IDR 32,000,000,000 9.50% 23 January 2024

receivables of 50% of the value of Sukuk Mudharabah fund.

On 8 January 2017, all funds from Sukuk III/I 2017 had been fully used and reported to the OJK based on Letter No. 004/ADMF/CS/I/18.

When the Bonds payable or Sukuk obligation have not been paid, the Company is not allowed to share any dividends if the Company is at defaults in paying the amount of bonds payables or Sukuk obligations on the


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Billion Rupiah, unless the existing loans or the loans used to carry out the Company’s business activities, conduct

In addition, the Company must ensure that all requirements on Bonds and Islamic Bonds and Exchange Regulations

Bonds in full and on time.

and regulations.

the Trusteeship Agreement.

a timely manner.

annually or in accordance with the provisions and applicable rules and regulations.

Payments of Coupon and installment of principal amounts of Bonds carried out by Adira Financethrough the Indonesian Central Securities Depository (KSEI) in 2018 are as follows:

No. Payment Date Nominal Amount (Rp)

1 Payment of Bond Interest of PUB III Phase IV Year 2017 (the second) 12 January 2018 14,995,750,000

2 Payment of Series C Bond Interest of PUB II Phase II Year 2013 (the seventeenth)

23 January 2018 13,475,000,000

3 Payment of Bond Interest of PUB III Phase IV Year 2016 (the sixth) and Payment of Profit Sharing of Series B and Series C Sukuk Mudharabah of PUB II Phase II Year 2016 (the sixth)

25 January 2018 20,703,125,000

4 Payment of Series C Bond Interest of PUB II Phase IV Year 2014 (the thirteenth)

9 February 2018 2,365,000,000

5 Payment of Series C Bond Interest of PUB II Phase III Year 2014 (the fifteenth)

13 February 2018 12,093,750,000

6 Payment of Bond Interest of PUB III Phase II Year 2015 (the tenth) 23 February 2018 22,963,125,000

7 Repayment of the Principal Amount of Series D Bond of PUB II Phase I Year 2013 and Payment of Series D Bond Interest of PUB II Phase I Year 2013 (the twentieth)

28 February 2018 869,934,750,000

8 Payment of Series B and Series C Bond Interest of PUB III Phase III Year 2016 (the eighth)

1 March 2018 25,722,812,500

9 Payment of Series A and Series B Bond Interest of PUB III Phase I Year 2015 (the seventh) and Payment of Profit Sharing of Series B Sukuk Mudharabah of PUB II Phase I Year 2015 (the seventh)

9 March 2018 26,654,500,000

10 Payment of Bond Interest of PUB III Phase V Year 2017 (the fourth) and Payment of Profit Sharing of Series B and Series C Sukuk Mudharabah of PUB II Phase III Year 2017 (the fourth)

21 March 2018 26,265,450,000

11 Payment of Bond Interest of PUB III Phase I Year 2015 (the eleventh) and Payment of Profit Sharing of Series B Sukuk Mudharabah of PUB II Phase I Year 2015 (the eleventh)

29 March 2018 25,098,750,000

12 Repayment of the Principal Amount of Series A Bond of PUB III Phase V Year 2017 and Payment of Series A Bond Interest of PUB III Phase V Year 2017 (the fourth) and Repayment of the Principal Amount of Series A Sukuk of PUB II Phase III Year 2017 and Payment of Profit Sharing of Series A Sukuk Mudharabah of PUB II Phase III Year 2017 (the fourth)

29 March 2018 1,211,729,163,623

13 Payment of Bond Interest of PUB III Phase VI Year 2017 (the third) 13 April 2018 14,995,750,000

14 Payment of Series C Bond Interest of PUB II Phase II Year 2013 (the eighteenth)

23 April 2018 13,475,000,000




15 Payment of Series B and Series C Bond Interest of PUB III Phase IV Year 2016 (the seventh)

25 April 2018 20,703,125,000

16 Payment of Series C Bond Interest of PUB II Phase III Year 2014 (the sixteenth)

11 May 2018 12,093,750,000

17 Payment of Series B and Series C Bond Interest of PUB III Phase II Year 2015

24 May 2018 22,963,125,000

18 Payment of Series B and Series C Bond Interest of PUB III Phase III Year 2016 (the ninth)

31 May 2018 25,722,812,500

19 Payment of Series A, Series B, and Series C Bond Interest of PUB IV Phase I Year 2017 (the second) and Payment of Profit Sharing of Series A, Series B, and Series C Sukuk Mudhabarah of PUB III Phase I (the second)

8 June 2018 26,654,500,000

20 Payment of Series A, Series B, Series C, and Series D Bond Interest of PUB IV Phase II Year 2018 (the first) and payment of Profit Sharing of Sukuk of PUB III Phase II Year 2018 of Series A, Series B, and Series C (the first)

20 June 2018 35,114,000,000

21 Repayment of the Principal Amount of Series A and Series B Bond of PUB III Phase I Year 2015 and Payment of Series A and Series B Bond Interest of PUB III Phase I Year 2015 (the twelfth) and Repayment of Principal Amount of Series B Sukuk of PUB II Phase I Year 2015 and Payment of Profit Sharing of Series B Sukuk Mudharabah of PUB II Phase I Year 2015 (the twelfth)

29 June 2018 825,098,750,000

22 Payment of Series B and Series C Bond Interest of PUB III Phase VI Year 2017 (the fourth)

13 July 2018 10,540,500,000

23 Payment of Series C Bond Interest of PUB II Phase II Year 2013 (the nineteenth)

23 July 2018 13,475,000,000

24 Repayment of the Principal Amount of Series A Bond of PUB III Phase VI Year 2017 and Payment Series A Bond Interest of PUB III Phase VI Year 2017 (the fourth)

23 July 2018 255,950,277,778

25 Payment of Series B and Series C Bond Interest of PUB III Phase IV Year 2016 (the eighth) and Payment of Profit Sharing of Sukuk Mudharabah of PUB II Phase II Year 2016 Series B and Series C (the eighth)

25 July 2018 20,703,125,000

25 Payment of Series C Bond Interest of PUB II Phase IV Year 2014 (the fifteenth)

10 August 2018 2,365,000,000

26 Payment of Series C Bond Interest of PUB II Phase III Year 2014 (the seventeenth)

13 August 2018 12,093,750,000

29 Repayment of the Principal Amount of Series B Bond of PUB III Phase II Year 2015 and Payment of Series B and Series C Bond Interest of PUB III Phase II Year 2015 (the twelfth)

24 August 2018 690,963,125,000

30 Payment of Series B and Series C Bond Interest of PUB III Phase III Year 2016 (the tenth)

31 August 2018 25,722,812,500

31 Payment of Series A, Series B, and Series C Bond Interest of PUB IV Phase I Year 2017 and Payment of Profit Sharing of Series A and Series C Sukuk Mudharabah PUB III Phase I Year 2017 (the third)

10 September 2018 26,654,500,000

32 Payment of Bond Interest of PUB III Phase V Year 2017 (the sixth) and Payment of Profit Sharing of Sukuk Mudharabah of PUB II Phase III Year 2017 (the sixth)

21 September 2018 26,265,500,000

33 Payment of Bond Interest of PUB IV Phase II Year 2018 (the second) 20 September 2018 35,114,000,000

34 Payment of Series B Bond Interest of PUB III Phase I Year 2015 (the thirteenth)

28 September 2018 6,098,750,000

35 Payment of Series B and Series C Bond Interest of PUB III Phase VI Year 2017 (the fifth)

12 October 2018 10,540,500,000

36 Repayment of the Principal Amount of Series C Bond of PUB II Phase II Year 2013 (the twentieth) and Payment of Series C Bond Interest of PUB II Phase II Year 2013 (the twentieth)

23 October 2018 503,475,000,000

37 Payment of Series B and Series C Bond Interest of PUB III Phase IV Year 2016 (the ninth) and Payment of Profit Sharing of Sukuk Mudharabah of PUB II Phase II Year 2016 (the ninth)

25 October 2018 20,703,125,000

38 Payment of Series C Bond Interest of PUB II Phase IV Year 2014 (the sixteenth)

9 November 2018 2,365,000,000


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39 Payment of Series C Bond Interest of PUB II Phase III Year 2014 (the eighteenth)

13 November 2018 12,093,750,000

40 Payment of Series A, Series B, Series C, Series D, and Series E Bond Interest of PUB IV Phase III Year 2018 (the first)

15 November 2018 47,335,156,250

41 Payment of Series C Bond Interest of PUB III Phase II Year 2015 (the thirteenth)

23 November 2018 7,098,125,000

42 Payment of Series B and Series C Bond Interest of PUB III Phase III Year 2016 (the eleventh)

30 November 2018 25,722,812,500

43 Payment of Bond Interest of PUB IV Phase I Year 2017 (the fourth) and Payment of Profit Sharing of Series B and Series C Sukuk Mudharabah of PUB III Phase I Year 2017 (the fourth)

11 December 2018 20,412,250,000

44 Payment of Bond Interest of PUB III Phase V Year 2017 and Payment of Profit Sharing of Series B and Series C Sukuk Mudharabah of PUB II Phase III Year 2017 (the seventh)

21 December 2018 26,265,500,000

45 Repayment of the Principal Amount of Series A Bond of PUB IV Phase I Year 2017 and Payment of Series A Bond of PUB IV Phase I Year 2017 (the fourth) and Repayment of the Principal Amount of Series A Sukuk Mudharabah of PUB III Phase I Year 2017 and Payment of Profit Sharing of Series A Sukuk Mudharabah of PUB III Phase I Year 2017 (the fourth)

21 December 2018 412,935,833,333

46 Payment of Series A, Series B, Series, C, and Series D Bond Interest of PUB IV Phase II Year 2018 (the third) and Payment of Profit Sharing of Series A, Series B, and Series C Sukuk Mudharabah of PUB III Phase II Year 2018 (the third)

20 December 2018 35,114,000,000

47 Payment of Series B Bond Interest of PUB III of Phase I Year 2015 (Ke-14) 28 December 2018 6,098,750,000



Internal Audit

The Company’s Board of Directors has the responsibility

reporting process. In addition, the Board of Directors is also responsible for designing an internal audit system for internal reporting processes that cover the overall mechanisms of standard operating procedures, reporting lines and accountability structures. Since 2004, the Company has had an Internal Audit Unit located directly under the President Director.

The Company already has an Internal Audit Unit Charter in compliance with the provisions of OJK Regulation No. 56/POJK.04/2015 concerning the Establishment and Guidelines for the Formulation of Internal Audit Unit Charter. Adira Finance’s Internal Audit Unit Charter were last revised and approved by the Company’s Board of Directors and approved by the Company’s Board of Commissioners on 14 December 2017.

The Company’s Internal Audit Unit Guidelines regulate the following:

Trusted Advisor that proactively provides strategic advice and services that provides added value to

implementation of audit targets.

consulting services to add value and improve the Company’s operational performance, through a systematic approach in evaluating and improving

controls and corporate governance processes.

contribute to risk management and internal control systems;

- Assess and provide appropriate recommendations to improve the corporate governance process;

- Help improve and strengthen the Company’s control environment to prevent fraud, through

internal control system;- Provide independent views to the Board

of Commissioners and the Company’s Management on the adequacy of internal controls and compliance with policies and procedures; and

- Provide consultant services that give added value and improve the Company’s operational performance.

the Internal Audit Unit is responsible for all of its activities to the President Director.

entities in PT Adira Dinamika Multi Finance Tbk.

- The Internal Audit Unit is granted unlimited access to all Company functions, records, assets, and employees relevant to its duties and functions.

- Has full and free access to the Board of Directors, Board of Commissioners and/or Audit Committee as well as members of the Board of Directors, Board of Commissioners, and/or Audit Committee or holds periodic and incidental meetings with the Board of Directors, Board of Commissioners and/or Audit Committee.

determine the scope of work, and apply the

- Be informed of important changes to the internal control structure and accounting system.


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Unit are:

appropriate risk-based methodologies,

Management and submit the audit plan to the Board of Commissioners through the Audit Committee for review and approval as well as periodic improvement;

- Implement an approved annual audit plan;- Produce audit report and follow-up report on

the result of inspection; and- Submit the report to the President Director

and the Board of Commissioners as well as to external parties in accordance with the applicable provisions and provide suggestions

on the activities examined at all levels of Management.

that must be observed and implemented by all members of the Internal Audit Unit are integrity,

Audit Unit, namely:- Having integrity and displaying professional,

performing their duties;- Having knowledge, experience, expertise and

other abilities to carry out their respective responsibilities;

- Having knowledge of the rules and regulations in the Capital Market and other rules and regulations;

- Having the ability to interact and communicate

- Complying with professional standards issued by the Institute of Internal Auditors;

- Having responsibility to meet the internal audit’s code of conduct;

- Having responsibility to maintain the

data, unless required by the regulation or the court establishment or decision;

- Having a good understanding of the principles of Good Corporate Governance and risk management;

- Willing to continually improve the knowledge,

and quality of his work;

- Having loyalty to the Company and not being involved consciously in activities that violate the law; and

- Having no concurrent services in other duties and/or positions related to the Company’s operational activities either in the Company or its subsidiaries (if any).

with External Parties:- The work relationship between the Internal

Audit Unit and the external auditor must be known and approved by the Audit Committee.

- The working relationship between the Internal Audit Unit and other external parties shall be approved by the President Director and shall take into account the relevant and competent internal/opinion inputs/opinions.

Audit, which in carrying out its duties, the Internal Audit Unit will meet or exceed the standards outlined in the Standard for the Professional Practice of Internal Auditing from the Institute of Internal Auditors.

President Director is the main person-in-charge of the Company’s Internal Audit. The President Director is supported by the Internal Audit Unit in performing the duty.

The appointment of the Head of Internal Audit Unit of the Company has been conducted in accordance with the provisions of OJK Regulation No. 56/POJK.04/2015 concerning the Establishment and Formation of Internal Audit Unit Charter and of the Company’s Internal Audit Unit Charter. Therefore, the Head of Internal Audit Unit was appointed by the President Director on 11 July 2018 after the approval by the Board of Commissioners of the Company on 11 July 2018 and reported to OJK on 12 July 2018.

the Company’s Head of Internal Audit Division.



Profile of the Head of Internal Audit Unit

Haryadwi Saputra KartawidjajaHead of Internal Audit

Usia

39 tahun

Berkewarganegaraan Indonesia dan berdomisili di Jakarta

Pendidikan terakhir

Sarjana Akuntansi dan Finance Wright State University Amerika Serikat (2002)

Pekerjaan Terakhir sebelum di Adira

Citibank NA Sebagai Vice President Divisi Internal Audit

PT Bank ANZ Indonesia Sebagai Vice President Divisi Internal Audit

PT Bank Danamon Indonesia Tbk Sebagai Assistant Vice President Divisi Internal Audit

PT Bank HSBC Sebagai Assistant Manager divisi Internal Audit

KPMG Senior Auditor


Anti Pencucian Uang, Penyuapan dan Korupsi Citibank Indonesia, 2018

Manajerial – Menjadi Pemimpin di Citi Citibank Indonesia, 2018

Training of Basic Certification for APPI APPI, 2018

Report Writing Bank Danamon, 2018

Pengenalan Tindak Pidana Perbankan dengan Teknologi Informasi Bank Danamon, 2018

Sertifikasi

-

In performing its duties, the Internal Audit Division carries out various activities such as operational audits of branches, regions/areas, headquarters and other functionalities. The main purpose of this activity is to ensure that risk management practices have been conducted in accordance with the Company’s written policies and

provide consulting services to add value and improve organizational operations.

The scope of audit activities includes comprehensive evaluations ranging from validation of cooperation agreements with dealers, credit applications, credit approvals, assurance management, billing process, troubled credit recovery


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The organizational structure of Internal Audit Unit is as follows:

Head of Quality Assurance & Audit

Development Dept. Dani Rachman

Head of Information Management & Audit

Admin Section Rita Yulianti

Head of Quality Assurance & Audit Development

Section Izza Ruafida

Audit Committee President Director Hafid Hadeli

Head of General Audit Section 1 Adrian Sucahyo

Head of General Audit Dept. 1

Tongam Tovendi Sihite

Head of General Audit Section 2

M. Hendra Gunawan Seba


Erik Oktario Rahmat

Head of General Audit Section 3 Imron Rosadi


Rilly Asril

Head of General Audit Section 4 Simon Petrus

Hendrik Hutapea


Krie Prihantara Nugraha

Head of Investigation

Dept. 1 Tutuk Andiartika


Dept. 1 Yoga Pratama


Dept. 2 Etrilina Butar

Butar


Dept. 2Heryanto Cahya

Kartika

Head of Internal Audit Unit Haryadwi Saputra Kartawidjaja

Currently, the Company’s Internal Audit Unit is supported by 71 auditors with the following composition:

Position Total (Person)

Head of Division 1

Manager 7

Supervisor 8

Auditor 40

Quality Assurance & MIS 8

Investigator Fraud 7

Total 71

The human resources development program at Adira Finance’s Internal Audit Unit is conducted in accordance with the Company’s needs and implemented on an ongoing basis. Human Resource Development of the Internal Audit Unit is performed by requiring each auditor to participate in regular training both internally held by the Company and those held by external parties.

The Internal Audit Planning and Realization in 2018 was as follows:A. Plan and Realization

regions, warehouses, and other functional.

The realization of internal audit implementation was 170 audit assignments.

Position Plan Realization

Head Office 12 16

Branch Office 96 59

Region/Area/Warehouse 50 34

Total internal audit assignment 158 170



Each audit report is submitted to the Company’s Management and the audited party was equipped with an action plan of improvement, including penalties if necessary. The progress of such action would be reported by the audited party to the Internal Audit Division every month to ensure that any party audited would always attempt to make improvements or development. In addition to submitting the audit results to the President Director, the report was also submitted to the Audit Committee of the Company.

Audit Plan in 2019The Internal Audit Unit has composed a work plan for 2019 with the following focus:- update on method and review program of internal

audit.- human resources development for internal audit.- assessment of units whose results from the

previous assessment were unsatisfactory.

To realize the aforementioned work plan, the Internal Audit Unit will continue to improve the quality of human resources as well as the supporting infrastructure of the duties of Internal Audit Unit.

Review by Independent PartyTo ensure that the Company’s Internal Audit Unit has been working in accordance with the applicable standards, in 2018, the Company appointed the Public Accounting Firm Ernst & Young (EY) to perform independent audit on the performance of Internal Audit Unit.

The purpose of the assessment is as follows:

of the Company’s Internal Audit Unit under the International Professional Practices Framework (“IPPF”) standards as regulated in the standards of Institute of Internal Auditor (“IIA Standards”), which has

covers three-year period from May 2015-May 2018.

Assessment scope:EY evaluates the main functions of Internal Audit as follows:

4. Quality Assurance and Improvement Program

5. Management of Internal Audit Activities6. Basic Characteristic of the Job 7. Assignment Plan8. Assignment Implementation9. Communication of Assignment Result 10. Development Monitoring11. Communication of Risk Appetite

Approach and Methodology of Assessment:

Management, and Board of Commissioners of the Company.

current practice of the Internal Audit Unit.

practice conducted by the Internal Audit Unit and IIA standards.

the nonconformity found.

current condition of the Internal Audit Unit. Assessment Result:Policies, Procedures, and the Internal Audit Unit of Adira Finance are categorized as “Generally Conforms” to the 11 IIA Standards.

Independent External Auditor

presented properly and in accordance with the Articles of Association and the Regulation of Financial Services Authority (formerly Bapepam) No. VIII.G.7 concerning Presentation and Disclosure of Financial Statements of Issuers or Public Companies, the Company appoints an External Auditor.

Appointment MechanismThe appointment of the Company’s External Auditor

due regard to the provisions of OJK Regulation No. 13/POJK.03/2017 concerning the Use of Public Accountant and Public Accounting Firm Services in Financial Services Activities and OJK Circular Letter No. 36/SEOJK.03/2017 concerning Procedures for the Use of Public Accountant and Public Accounting Firm Services in Financial Services Activities with the following mechanisms:1. The Company’s Audit Committee, based on the

input from the Company and observing the prevailing laws and regulations related to the use of public


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recommends to the Board of Commissioners to propose to the GMS the appointment of Public

as the External Auditor of the Company and Lucy Luciana Suhenda as the Public Accountant to examine and provide an opinion on the Company’s

December 2018.2. Based on the recommendations received from the

Audit Committee, at the GMS held on 20 April 2018, the Company’s Board of Commissioners proposed the appointment of the Public Accounting Firm of

Suhenda as the Public Accountant to be appointed as the Company’s Independent External Auditor.

3. The Annual General Meeting of Shareholders having the right to appoint an Independent External Auditor, at the Annual GMS held on 20 April 2018, decided to appoint the Public Accounting Firm of

Suhenda as the Public Accountant to review the

2018. The designated Independent External Auditor shall not be under the control of the Board of Commissioners, the Board of Directors, or any other parties having interest in any form.

4. The appointment of the Public Accounting Firm by the GMS has been reported to OJK on 6 June 2017 in accordance with OJK Regulation No. 13/POJK.03/2017.

Duties and Assignment Period of External AuditorThe duties of the Independent External Auditor are to examine and to provide opinion on the Company’s

on 31 December 2018. The appointed Independent External Auditor is responsible for submitting his/her

statements with the generally accepted accounting principles Indonesia and providing recommendations for improvements to the weak internal controls in the Company.

Accounting Firm, Wibisana, Rintis & Partners (member

Independent External Auditor.

above was Lucy Luciana Suhenda.

Audit Service Fee

year 2018 was Rp786,000,000.Other External Auditor Services

network) also issued a comfort letter in the framework of the issuance of Continuous Bond IV of Adira Finance Phase I Year 2017 and Continuous Sukuk Mudharabah III of Adira Finance Phase I Year 2017 of Rp688,655,000.

Independence Statement

audit.

The Communication of External Auditor and Audit CommitteeIn order to carry out its duties, the External Auditor communicated with the Company’s Audit Committee. The results of such communications were reported to the Board of Commissioners by the Audit Committee.

In 2018, there were 2 (two) meetings between the Audit Committee and the External Auditor, namely on 7 June 2017 and on 22 August 2017.



The data of the Public Accountant that performed audit for the Company’s bookkeeping are as follows:

Fiscal Year Public Accounting Firm Accountant’s Name Service Type Audit Service Fee

2018 KAP Tanudiredja, Wibisana, Rintis & Partners (a member firm of PwC global network)

M. Jusuf Wibisana Financial Statement Audit

IDR797.000.000.

2017 KAP Tanudiredja, Wibisana, Rintis & Partners (a member firm of PwC global network)

Lucy Luciana Suhenda Financial Statement Audit

IDR786.000.000.

2016 KAP Purwantono, Suherman & Surja (a member firm of Ernst & Young Global Limited)

Arief Somantri Financial Statement Audit

IDR719.740.000

2015 KAP Purwantono, Sungkuro & Surja (a member firm of Ernst & Young Global Limited)

Benyanto Suherman Financial Statement Audit

IDR831.534.000


Drs. Hari Purwantono Financial Statement Audit

IDR719.740.000



IDR679.000.000



US$70.000

2011 KAP Siddharta & Widjaja (a member firm of KPMG International)

Kusumaningsih Angkawijaya, CPA

Financial Statement Audit

US$90.000


Elizabeth Imelda, CPA Financial Statement Audit

US$90.000


Kusumaningsih Angkawijaya, CPA

Financial Statement Audit

US$83.600

Evaluation of External AuditorTo ensure that the External Auditor has performed its duties in accordance with the applicable provisions, the Company’s Audit Committee evaluated the performance of the External Auditor’s duties appointed by the GMS on 20 April 2018 and reported its evaluation to OJK on 21 June 2017. This was in accordance with Article 14 and Article 28 paragraph 1 sub-article b of OJK Regulation No. 13/POJK.03/2017 concerning the Use of Public Accountant Services and Public Accounting Firms in Financial Service Activities.


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Policy of Goods and Services Procurement and Relationship with Suppliers

Adira Finance has implemented the following policy for the procurement of goods and services as well as relationships with suppliers:1. Implementing Internal Memo and Operational Procedure System for goods and services procurement in the

Company.2. All procurement process are conducted online to simplify the process and to maintain the timely delivery of

goods.

documents to ensure that the Company’s suppliers of goods and services are companies with good credibility and responsibility.

4. In the Code of Ethics and Company Regulations, there is no prohibition for any employee to accept any appointments or grants from the supplier.

5. The Company will conduct annual evaluations for all suppliers to ensure that these suppliers will continue to support the Company’s business activities.

6. The Company has submitted a written letter to all suppliers not to deliver any promise or reward to anyone in the Company. If any party within the Company requests rewards or rewards. The party is requested to contact the Corporate Secretary for follow-up.

With the aforementioned policy:1. The procurement has been done in accordance with the quantity and quality required, competitive price, timely

delivery and good after-sale service.2. The entire procurement of goods and payment processes to suppliers can be monitored. Therefore, the process

is well-maintained and in accordance with the principles of Good Corporate Governance.

In 2018, the time required for the Company to complete payments to suppliers on average was 10 (ten) working days from the document receipt date.

The Company’s goods and services procurement in 2018 was as follows:

Work Unit Procurement Value (in million Rupiah)

Procurement Value in Foreign Currency (US $) Total Procurement

Head Office 321,374,156,896 197,954 1,470

Branch Office 126,093,739,991 - 3,050

In order to ensure that every goods/services procurement has been carried out in accordance with the prevailing provisions, the Company through Internal Audit Unit conducts periodic inspections of at least 1 (one) time a year and at any time as required by the assignment from the Company’s Board of Directors.




The Company realizes that there are risks to be faced in business management, especially business that is related to the Company’s assets. To reduce the risk of loss on the Company’s assets, the Company has insured its assets to the insurance company.

In 2018, the Company insured its assets, such as movable and immovable assets, to PT Asuransi Adira Dinamika with the following details:1. Comprehensive Policy on Property

2. Earthquake Policy

3. Comprehensive Policy on Movable Property This policy insures against loss or damage to the Company’s various movable property (including mobile

4. Vehicle Policy This policy insures against loss or damage to two-wheeled or four-wheeled vehicles owned and/or controlled

PT Asuransi Adira Dinamika and the Company are subsidiaries of PT Bank Danamon Indonesia Tbk. However, the Company continues to receive fair treatment or under the same terms and conditions when compared to the Company insuring to third parties.


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Intellectual PropertyRights (HAKI)

The Company’s Intellectual Property Rights (HAKI) has been registered with the Directorate General of Intellectual Property Rights, and the Ministry of Justice and Human Rights of the Republic of Indonesia. This included:

No. Number/Date of Registration

Date of Receipt Effective Period Type Description of Goods/

Services Title/Name of HAKI

1. IDM000394902/19-08-2013

28-09-2011 10 years since 28-09-2011

Brand Printed materials; printed publications; paper or cardboard p a c k a g i n g ; p r o m o t i o n a l cardboard boxes; paper or cardboard a d v e r t i s e m e n t s boards; paper bags;plastic bags; banners

“DERING ADIRA”

2. IDM000380506/28-12-2012

19-05-2011 10 years since 19-05-2011

Brand M e m b e r s h i p (nonmagnetic) cards; banners; magazines; tabloids; stickers; billboards; paper and cardboard packaging; periodicals; promotional paper orcardboard boxes.

“ADIRA FINANCE”

3. IDM000380508/28-12-2012

19-05-2011 10 years since 19-05-2011

Brand M e m b e r s h i p ( n o n m a g n e t i c ) cards; banners; magazines; tabloids; stickers; billboards; paper or cardboard packaging; periodicals; paper or cardboard promotional boxes.

“ADIRA CLUB MEMBER”

4. IDM000369564/20-09-2012

30-03-2011 10 years since 30-03-2011

Brand Multifinance services; lending and borrowing (financing) services; vehicle financing services

“AXI (AGEN MAXI)”

5. IDM000369583/20-09-2012

30-03-2011 10 years since 30-03-2011

Brand Multifinance services; lending and borrowing (financing) services; vehicle financing services

“MAXI (Maximum Solusi) BURSA”

6. IDM000350542/ 12-03-2012

07-03-2012 10 tahun sejak tanggal 07-03-

2012

Brand Financing of two-wheel and four-wheel vehicles

“ADIRA FINANCE”

7. IDM000350544/12-03-2012


2012

BrandCar Sales and Purchase

“ADIRA MOBIL”

8. IDM000350541/12-03-2012


2012

v Investment in General Trading

“ADIRA INVESTMENT”





The provision of funds to related parties is the provision in the form of loans, fund placements, investments to individuals or companies/entities that have a controlling relationship with the Company, either directly or indirectly,

provision to 50 consumers with the largest debit balances, either for individuals or groups.

The provision of funds for related parties and Adira Finance’s largest customers is presented in the following table:

No. Fund Provision Number of Party Nominal Value (Million Rp)

1. To Related Parties 55 1,268,154

2. To Major Customers:

a. Individuals 50 98,590

b. Corporates 50 437,365

Fund provision for the parties related to the Company in 2018:

No. Party’s Name Relationship with the Company Nominal Amount(Million Rp)

1. PT Bank Danamon Indonesia Tbk Controlling Shareholder 1,259,911

2. PT Adira Quantum Multifinance Owned by the same Controlling Shareholder

650

3. PT Bank DBS Indonesia Owned by the same Final Shareholder 20

4. MUFG Bank Ltd Shareholders of the Controlling Shareholders

7

5. Key Employees - 7,566

A. Fund provision for social activities in 2018:

No. Description Amount (IDR)

1. Community Social Development

- Social Service 3,668,968,000

- Donation to Increso 760,000,000

- Financial Education & Literacy 30,000,000

- Religious Activity 265,561,600

2. Environmental Maintenance and Preservation 49,000,000

3. Culture and Sports Development:

- Cultural Activities 6,800,000,000

- Sports Activities 971,572,022

Total 12,545,101,622

B. Fund provision for political activities in 2018: none


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Contributionto the Country

Tax PaymentIn 2018, the tax paid to the Country was as follows:

No. Description Total (Rp)

1. Corporate Income Tax 727,154

2. Employee Income Tax 91,285

Jumlah 818,439

Payment of OJK LevyTo comply with Government Regulation No. 11 of 2014 concerning Levy from the Financial Services Authority and OJK Regulation No. 3/POJK.02/2014 concerning Procedures for the Implementation of Levy by the Financial Services Authority, by 2018, the Company has made 4 (four) levy payments to OJK with the following data:

No. Payment Type Payment Date Total

1. Annual Fee Phase I Year 2018 15 April 2018 IDR 3,317,954,979

2. Annual Fee Phase II Year 2018 15 July 2018 IDR 4,150,377,738

3. Annual Fee Phase III Year 2018 15 October 2018 IDR 3,317,954,979

4. Annual Fee Phase IV Year 2018 31 December 2018 IDR 3,317,954,979



A. Long Term Plan The Company’s long term plan in order to realize

company. The explanation for such vision is that Adira Finance will be recognized not only in

with world-class service standards, supported by the latest information systems, as well as human resources with capabilities that are also recognized by international standards. Furthermore, the

companies in the world that can be used as a reference for other parties in Indonesia and abroad

B. Medium Term Plan In the next 3-5 years, the Company plans to

consolidate its position as Indonesia’s largest

equivalent to the top national banks. The plans prepared by the Company are as follows:

business throughout Indonesia by utilizing the development of information technology.

the amount of credits issued by top-class banks in Indonesia.

companies to support business expansion, particularly with PT Bank Danamon Indonesia Tbk as the Company’s controlling shareholder with broad funding sources and more than 1,000 business networks.

StrategicPlan

4. Optimize the Company’s business by utilizing every resources and excellence, including the

consumers that needs credits for capital goods.5. Develop GCG principles not only within the

Company, but also during the deal with all business partners.

6. Increase the Company’s corporate social responsibilities activities.

C. Short Term Plan

industry remains bright and promising. However, there are some issues to be aware of, such as:1. The level of business competition will be tighter

start to enter the industry, as it has been proven

in Indonesia.

is predicted to increase considerably.3. The regulation governing the business of

which may hinder the expansion of the business and the development of the Company’s


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4. Administrative bureaucracy, especially in relation to population administration that has not been completed.

5. Underdeveloped infrastructure that lags behind population and vehicle growth. As such, vehicle growth has not yet reached its maximum capacity.

6. Policy on limiting the use of subsidized fuel and non-subsidized fuel price that tends to increase.7. The transportation system, especially outside Java, is not developed properly. This condition hampers the

With the aforementioned conditions, in 2019, the Company plans to:

3. Increase and maintain the number of consumers served to more than 3.8 million consumers by the end of 2019.

condition of the national automotive industry, which is relatively conducive for car sales growth.

around 1.5%, in accordance with the Company’s high standards in implementing healthy risk management. 6. Maintain the Company’s cost of credit at fair level, namely around 4%.



CorporateSecretary

Profile of Adira Finance’s Corporate Secretary:

Perry Barman SlangorCorporate Secretary

Age

48 years old


Education

Bachelor of Business Administration University of Wisconsin, Milwaukee, 1993

Master of Business Administration Cleveland State University, Ohio, 1995

Work Experience

PT Toba Bara Sejahtera Tbk Corporate Secretary (General Manager)

PT Adaro Energy Tbk Manager Corporate Reporting

PT Bank International Indonesia Tbk Department Head of Investor Relations

PT Bank Danamon Indonesia Tbk Assistant Vice President Corporate Secretary Division

Badan Penyehatan Perbankan Nasional Manager Corporate Planning Studies

PT Pemeringkat Efek Indonesia (PEFINDO) Manager Corporate Communication

Training

Training Legal & Corporate Secretary Bank Danamon, 2013

Diskusi Panel “ Mencari Juara Sejati GCG Indonesia” PT Adira Dinamika Multi Finance Tbk, 2014

Training Amazing Service PT Adira Dinamika Multi Finance Tbk, 2014

Sustainable Service Quality GM Batch 3 PT Adira Dinamika Multi Finance Tbk, 2014

ASEAN Corporate Governance Scorecard Indonesian Institute for Corporate Directorship (IICD), 2014

Menghitung Tingkat Risiko Rendah-Sedang, Rendah PT Adira Dinamika Multi Finance Tbk, 2015

Team Building Speed of Trust Dunamis, 2017

Sertifikasi SPPI Managerial PT Adira Dinamika Multi Finance Tbk, 2017

Workshop Sentralisasi For SSD PT Adira Dinamika Multi Finance Tbk, 2017

Annual Report Sharing Session Maksimedia, 2018

Certification


In the organizational structure of the Company, the Corporate Secretary is directly responsible to the President Director, who has the primary duty of managing relationships with investors, the public, internal parties and managing Company data.

The provisions that serve as Adira Finance’s Corporate Secretary guidelines are:

and


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than Shares, particularly provision III.I.8 and V.6.

Corporate Secretary’s duties are as follows:

capital markets and disseminating it to the Board of Commissioners, the Board of Directors and the Company’s stakeholders.

2. Providing inputs to the Board of Directors and the Board of Commissioners of the Company to comply with the requirements of the rules and regulations in the capital market.

3. Assisting the Board of Directors and Board of Commissioners in the implementation of corporate governance, which includes:a. Information transparency to the public;b. Timely report submission to the regulator;c. The convention and documentation of the GMS, including the preparation of organizing process (reporting

of GMS plans, announcements, summons and submitting the results of the GMS), the preparation of the GMS (including the Annual Report of the Company) and convention of GMS;

d. Implementation and documentation of meetings of the Board of Directors and/or Board of Commissioners; and

e. Implementation of the Company recognition program for new members of the Board of Directors and/or Board of Commissioners and Committees under the Board of Commissioners.

4. Providing services to stakeholders for any information regarding the Company’s condition.5. Becoming a liaison between the Company and the Company’s shareholders, regulators (Financial Services

Authority, IDX and others), other stakeholders and the public.6. Monitoring and providing feedbacks on the Company’s compliance with prevailing rules and regulations related

to the Company’s business activities.7. Preparing a special list on the Board of Directors, Board of Commissioners and their families, both within the

8. Creating and/or maintaining a list of shareholders including share ownership of 5% or more of the Company’s total shares.

9. Maintaining and establishing intensive communication with investors. In 2018, the Corporate Secretary conducted 28 (twenty-eight) meetings with investors or analysts.

The requirements to be a Corporate Secretary are as follows:1. Being capable of conducting legal actions;

3. Understanding the Company’s business activities;4. Having good communication skill; and5. Having domicile in Indonesia.

The Corporate Secretary, which is appointed or dismissed based on the decision of the Board of Directors, is directly responsible to the President Director and must prepare periodic reports of at least 1 (one) time per year.

From 15 October 2017 until the issuance of this Annual Report, the position of Adira Finance’s Corporate Secretary is held by Perry Barman Slangor.

In 2018, the Corporate Secretary participated in the following training programs:

Training Organizer Location Year

Annual Report Sharing Session MaksiMedia Bandung 2018



Organization structure of Corporate Secretary:

Head of Corporate Secretary

Head of Investor Relations & Research

President Director

Corporate Secretary

Corporate Secretary Administration Officer

Investor Relations Officer Head of Corporate

Secretary Adm.

Corporate Secretary function of Adira Finance has 1 (one) Head of Division, who conducts all daily duties of Corporate Secretary and 2 (two) Departments, namely:1. Investor Relations Departments, which has main duties such as ensuring the availability of general and

obligations as a public company, particularly those relating to investor relations and providing up-to-date

regulation.2. Corporate Secretary Department has the main duty to support the implementation of one of the tasks of

the Corporate Secretary in accordance with the provisions of the Financial Services Authority and the Stock Exchange, namely providing inputs to the Company’s Board of Directors to comply with all applicable laws and regulations, either the Limited Liability Company Law -The Capital Market, Decree of the Minister of Finance and others as well as maintaining the Company’s compliance with applicable laws and regulations, whether in

The activities held by Corporate Secretary in 2018 were:1. Organizing the Annual GMS on 20 April 2018.2. Organizing the Annual Public Expose on 20 April 2018.3. Conducting analyst and/or investor meetings.4. Establishing communication with the Ministry of Finance, Financial Services Authority, Bank Indonesia,

Indonesia Stock Exchange, KSEI, BAE, and other institutions.5. Attending every meeting of the Board of Commissioners and meeting of the Board of Directors, as well as

preparing minutes of meeting.

Submission of Periodical Report

of the Company. In 2018, the Audited Annual Financial Statements of 2017, Financial Statements for Quarter I of 2018, Mid-Year Financial Statements of 2018, and Financial Statements for Quarter III of 2018 have been submitted before the deadline set by the Financial Services Authority and the IDX. The Company has also submitted its audited Annual Financial Statements as of and for the year ended 31 December 2018 to the Financial Services Authority and BEI on 13 February 2019.


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company also continuously submits the reports required in Minister of Finance Regulation No. 84/PMK.012/2006 dated 29 September 2006, Financial Services Authority Regulation No. 3/POJK.05/2013 dated 12 September

Minister of Finance and Bank Indonesia.

www.adira.co.id.

Transparency of Financialand Non-Financial Condition

through, among other things, publications of Company’s information on mass media and corporate websites, access to data and information, public exposure and meetings directly with stakeholders.

Publication of the Company’s InformationTo comply with the provision of regulations, the Company has published various information related to the Company during 2018, including continuous publishing of material information or facts to the public in accordance with OJK Regulation No. 15/POJK.04/2015 concerning Disclosure of Information or Material Facts by Issuers or Public Companies and other laws and regulations. The Company disclosure all materials and information through reports or press releases.

In 2018, the Company conducted the following publication:

Date Announcement Name of Media

13 February 2018 Annual Financial Statement for Year Ended on 31 December 2017 Kompas dan Kontan

14 March 2018 Notice of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk Investor Daily Indonesia

29 March 2018 Summon of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk Investor Daily Indonesia

23 April 2018 Result of Annual General Meeting of Shareholders of PT Adira Dinamika Multi Finance Tbk Investor Daily Indonesia

23 April 2018 Notice of Cash Dividend Payment for Financial Year of 2017 PT Adira Dinamika Multi Finance Tbk Investor Daily Indonesia

25 July 2018 Interim Financial Statement of 30 June 2018 Period of PT Adira Dinamika Multi Finance Tbk Bisnis Indonesia

The Company has also published the Annual Financial Statements ended on 31 December 2018 in Kompas Daily Newspaper and Kontan Daily Newspaper on 13 February 2017.

Access on Information and Company Data

open public analysis. The public is expected to be able to access information about the Company on sites that provide comprehensive information about the Company’s operational and performance activities that are useful to shareholders and other interested parties. The public may access various other information about the Company at www.adira.co.id.



In addition to the Company’s website, stakeholders may contact [email protected] or [email protected] to obtain relevant information.

For the Company’s internal purposes as well as for sharing information and knowledge among employees, the Company has an intranet network

administrative developments within the Company. The intranet network is accessible to all employees of the Company.

Investor Relations manages the communications with investors and analysts in Adira Finance under the Corporate Secretary. The main function of Investor Relations is to foster good relations and communication with investors, analysts, creditors and other stakeholders. Communication is done, among others, by delivering Investor Newsletter, analyst meeting, conference call and others.

In order to provide equality in the dissemination of information, in addition to reporting to the capital market authorities, the Company also provides information to investors and shareholders through investor communication media (Investor Newsletter) presented in English, including providing detailed information on the Company’s business position and performance, economic conditions, current information, prospects and activities of the Company. Throughout 2018, Investor News letters were issued respectively in July 2017, September 2017 and December 2017.

In addition, the Company regularly also communicates both directly and through telecommunications facilities with investors, analysts, creditors and other stakeholders to provide an overview of the Company’s

meetings with investors, analysts, creditors and other stakeholders for 28 (twenty eight) meetings.

Public ExposeAs part of its commitment to transparency and regular open dialogue with the shareholders, the public and the press, the Company has conducted 1 (one) public exposure during 2018, which was the annual public exposure.

The annual public exposure was conducted simultaneously with the holding of the Annual GMS on 20 April 2018 at JS Luwansa Hotel Jakarta. In this public disclosure, the Company’s Management disclosed important information to the public and

performance of the Company as of and for the year ended on 31 December 2017 and the Company’s business prospects for 2018.

Shareholders List and Special ListTo comply with the provision of Article 50 of Law No. 40 of 2007 concerning Limited Liability Companies, the Company keeps both Shareholders List and Special List. The lists can assist the Company’s Management in identifying potential insider trading transactions and

The Corporate Secretary shall maintain the Shareholders List and the Special List. The Company obtains the Shareholder List from KSEI every month, while the Special List is made by the Company itself. The Special Register contains information on shares owned by each member of the Board of Commissioners and the Board of Directors of the Company and their families, either in the Company’s shares or on other companies and the date of acquisition of such shares, as well as updated in every change that occurs.


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Investment Return for the ShareholdersThe Company has a high commitment to return shareholder investment in the form of cash dividends. Since

shareholders while considering the Company’s funding requirement in the following year and dividend policy taken by PT Bank Danamon Indonesia Tbk as the controlling shareholder.

As in previous years, the Company also distributed cash dividends to all of the Company’s shareholders in 2018. In the Annual GMS held on 20 April 2018, it was approved to distribute cash dividends amounting to approximately

payment, the Company has paid all of the cash dividends payable to the Company’s shareholders on 23 May 2018.

Description 2018 2017 2016 2015 2014

Cash dividend per share (stated in full value with Rupiah) 704.5 505 332.5 369 2,700

Dividend value to net profit ratio (%) 50.0 50.0 50.0 50.0 158.1

Dividend growth compared to the previous year (%) 39.50 51.88 -9.89 -681.81 380.66

Shares and Bonds BuybackUp to the publishing date of this Annual Report, Adira Finance has never performed buyback for shares and bonds issued by the Company.

Stock Option Program for Management and Employee (MSOP & ESOP)Up to the publication date of this Annual Report, Adira Finance has never granted stock options to any member of the Board of Commissioners, Board of Directors (MSOP) or the Company’s employees (ESOP).



Company’s Codeof Ethics

To provide better guideline for the employees, the Company has the Code of Ethics applied to all member of the Board of Commissioners, Board of Directors and the Company’s employees.

The Code of Ethics is published in the Company Regulation Book and distributed to all employees, and also available on the Company’s intranet. An introduction to the Code of Ethics and corporate culture is given to all new employees. In addition, every 3 (three) years, the Company’s employees will receive an updated version of the Code of Ethics and required to sign a statement of commitment to abide by these rules. The last update took place in September 2017, and the updated Code of Ethics has already been distributed to all of the Company’s employees.

Responsibilities of the Company’s EmployeesThe main responsibility of the Company’s employees

others by:

integrity and honesty;

Company’s values;

implementing work discipline;

reputation;

regardless of ranks or any other measures.

The issues that must be considered in the implementation of work discipline include, among others:

manner.

in working hours so as to interfere with the work

or liquor.

maintaining cleanliness and beauty of the environment and applying high awareness, for example, by not leaving any phones unanswered.

harassment.

Social ResponsibilityAs members of society, all leaders and employees are required to comply with applicable law, have high social sensitivity, maintain norms of decency and color daily activities with moral ethics, especially when communicating with other community members.

Modesty norms and moral ethics are not described in detail as they are socially ingrained from our basic

Prohibition on Receiving GiftsAll employees of the Company are prohibited from receiving any money, goods, tips, commissions or other facilities, either directly or indirectly from consumers, business partners or others with potential

As implemented in previous years, the Company re-disseminates the prohibition to all business partners, consumers and the public, through daily newspaper that has a wide circulation in Indonesia, which is through advertisement in KOMPAS Daily Newspaper

employees of the Company.


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This step has received a positive response from business partners and consumers, as evidenced by the support of most business ventures to the Company by not providing gifts or gifts and receipt reports submitted to the Corporate Secretary.

Although the socialization of the ban on receiving this prize has been widely and sustained, the Company still

precautions, by requiring every employee to receive a gift/parcel or other form to return it without limitation the value or price of the gift/parcel. The amount of gifts received by the Company in 2018 was much lower than in previous years.

The list of gift/parcel received by the Company in 2018 is as follows:

No. Receiving Unit Type and Amount Status

1. Board of Directors 5 gift/parcel donated

2. Marketing 9 gift/parcel donated

3. Information Technology 3 gift/parcel donated

4. Finance 4 gift/parcel donated

In addition to the aforementioned gift/parcel list, most of the gifts/parcels are successfully returned by the

by giving understanding to the sender so that the business relationship that has been established well and closely so far can continue.

NepotismProhibition involves the decision making of a transaction, if the employee has a relationship with a business partner, customer or other employee involved in the transaction. If the employee has a family relationship with

Private Business

facilities for personal gain.



operational activities and other information deemed important by the Company. The liability arises from the time the employee is still in the training period, which is continued during the work of the Company and after not being a Company employee.

Healthy CompetitionThe Company supports the existence of fair business competition in conducting all its business activities. All business activities and activities of employees must be based on fair and ethical competition. In order to conduct a sound business activity, the Company continuously makes various statements, whether related to products, services or other activities in the form of advertisements, news or other forms. Employees shall endeavor to make such declarations executed and realized in accordance with what has

reputation and growth.

Whistleblowing SystemAs a manifestation of its commitment, Adira Finance implements the Whistleblowing System in order to provide opportunities to all stakeholders of Adira Finance, independent parties and third parties to submit reports on alleged violations of good Corporate Governance principles, as well as applicable ethical values, based on the evidence that can be accounted

Finance.

Complaint ManagementThe Adira Finance Whistleblowing Service is administered by the Violation Handling Committee appointed by the Board of Directors to implement the management of the Adira Finance Reporting System, including conducting initial review of complaints/disclosure of violations. These personnel are directly responsible to the Board of Directors and professionally assisted by the Administration Consultant of the Reporting System of Violations, particularly regarding the administration of complaint reporting/disclosure,

and detect earlier potential violations or fraud in Adira

Complaint Submission MethodsA whistleblower may submit his/her report for each complaint on violation or fraud through:

SMS: +62 822 6027 2288Facsimile: +62 21 2856 5309Letter: Adira Whistleblowing Service PO BOX 2356 JKP 10023

Complaint Handling Proceduresa. The Administration Management for Complaints

or in accordance with the reporting criteria of the Violation Reporting System and can be followed up? If “YES”, the Complaints/Disclosure report will be forwarded to the Violation Handling Committee. If “NO” then the process of Reporting System

b. The Violation Handling Committee receives a report

and conducts a preliminary investigation of the Complaint/Disclosure to determine whether further investigation by the Internal Investigator and/or External Investigator will be conducted.

c. The Investigator Team (Internal Investigator and/or External Investigator) conducts a follow-up investigation of the Complaint/Disclosure and reports the results to the Reporting Committee on Violations. If not proven or completed, the Complaint/Disclosure report will be closed. If the Complaint/Disclosure is proven or requires follow-up, it will be coordinated with the relevant divisions concerning sanctions or forwarded to the investigator to be processed further in accordance with prevailing rules and regulations as well as necessary remedial measures.

d. Reporting to the Board of Directors on summary cases reported and followed up is done at least once a year.

e. The entire investigation process for complaints/disclosures shall be supported by valid working papers.

f. The Management Procedure on Complaints/Disclosure Through the Reporting System Infringement is carried out in accordance with established guidelines.

g. The entire process of the Reporting System Infringement must be well documented and reliable (accountable).


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Initial InvestigationFollow-UpInvestigation

Report ReportBoard ofDirectors

Arc

hiv

e

Violation HandlingCommittee

Violation Handling

Committee

ated Divisions Sanctions & improvement

Eligible for Follow-UpReport

viaWebsite Email SMS Faximile Mail

Yes

None

No

Protection for the Reporting Party

fraud will be protected. The identity of the reporting party is known only to the administrators of complaint system and the Board of Directors.

Complaints and Follow-UpBy 2018, the number of incoming complaints and follow-up processes can be seen in the table below:

No. Complaint Status Total

1. Complaints that were forwarded for investigation:

a. In process: 1

b. Completed:

- Violations are evident: 3

- No violation is evident: 1

2. Complaints that were not forwarded for investigation (due to lack or no evidence) 5

DisseminationIn 2018, in order to provide understanding to all stakeholders, the Company has conducted dissemination, either through direct meetings, Company’s website, internal portal, or social media.



Complaint Handling GuidelinesIn order to deal with any breach of the code of ethics conducted by the employee, the Management has made a written provision concerning the guidelines for handling violations. The guidelines are regulated on the handling of violations committed by employees handled by employers’ direct superior, Human Resources Division &

Company’s business network.


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The number of code of ethics violation in 2018 was as follows:

Violation Type Total Sanction

Violation Level I 3.425 Warning Letter I and/or fine with 6-month period.

Violation Level II 2.529 Warning Letter I and/or fine with 6-month period.

Violation Level III 965 Warning Letter II and/or fine with 6-month period.

Violation Level IV 438 Warning Letter III and/or fine with 6-month period.Position and/or group demotionSuspension for group/position/salary promotion

Violation Level V 3 Suspension;Court process;Work termination; Fine/compensation.

Fraud CasesFraud is a deviant or untrue act or act that results in the loss or risk of harm to another party, either directly or indirectly.

To reduce the risk of losses resulting from fraud, the Company has taken various preventive measures during 2018, including by strengthening the Company’s culture and minimizing opportunities for fraud committed through improved system and work procedures as well as with on-going socialization across the network the Company’s business. In addition to prevention, the Company also undertakes strict measures against the perpetrators with no hesitation to discharge disrespectfully, even to process them through legal procedures.

The total frauds in 2018 is as follows:

Total Fraud

Total Case Conducted

Management Permanent Employee Temporary Employee Non-Employee

2018 2017 2016 2018 2017 2016 2018 2017 2016 2018 2017 2016

Total Fraud 0 0 0 169 197 191 0 0 0 188 149 172

Settled 0 0 0 169 197 191 0 0 0 188 149 172

In-progress 0 0 0 0 0 0 0 0 0 0 0 0

No solution has been given 0 0 0 0 0 0 0 0 0 0 0 0

Follow-up through legal process 0 0 0 0 0 0 0 0 0 0 0 0

The company’s potential loss was approximately Rp16,440 billion.

Legal CasesBased on the Company’s knowledge, up to the date of issuance of this annual report, the Company faces several legal cases and/or demands from third parties whose value is immaterial. As for the members of the Board of Commissioners and/or the Board of Directors of the Company, to the best of the Company’s knowledge, until the issuance of this annual report does not face the demands of a third party or involved as a party in a legal case.



The legal cases of civil, criminal, PTUN, consumer and other protection involving the Company in 2018 as parties are as follows:

No Court Case No.The

Company’s Position

Against Case Process in the Court of Case Description Case Value

(Rp.)

District Court (PN)

PN Palangkaraya

50/Pdt.G/2018/PN Plk.

Plaintiff Defendant PN Palangkaraya Branch Office of Adira filed a lawsuit on default against the debtor named PT Energy Ground Kalimantan for 2 units of Mitsubishi FE 74 HD+tank (No. PK 080913200404 and 080913200405)

535,966,388

PN Purwokerto

65/Pdt.G/2018/PN.PWT

Defendant Plaintiff PN Purwokerto Branch Office of Adira was sued for Unlawful Act by a debtor named Tarsono (PK. No. 0404.16.200128) because the debtor did not accept that the vehicle with fiduciary guarantee, i.e., Isuzu NHR 55 CO E2, police number G 1075 HG was executed by Adira.

203,578,134

PN Tegal 39/Pdt.G/2018/PN.Tgl

Defendant 1 Plaintiff PN Tegal Branch Office of Adira was sued by a consumer named Hilda Sugiyanto (PK No. 040617200097) because it still performed billing although the consumer had submitted the guaranteed vehicle to a party claimed to be Adira’s employee (Rochim/Defendant 3 and Cecep/Defendant 4)

PN Ternate 32/Pdt.G/2018/PN.Tte

Defendant Plaintiff PN Ternate Branch Office of Adira was sued by a consumer named Samuel Ano because it sold the guaranteed vehicle without the consumer's approval

108,500,000


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(Rp.)

PN Solok 9/Pdt.G/2018/PN.Slk

Defendant I and

Defendant II

Plaintiff PN Padang Branch Office (Defendant I) and Solok Branch Office (Defendant II) of Adira, as well as Rina as a wife/heir of a consumer named Wirman Toni, PK No. 065717202040 (Defendant III) was sued by Zulfendri for Unlawful Act because they withdrew the vehicle that was not owned by the consumer. The said vehicle was bound by fiduciary as the consumer’s payable collateral.

298,000,000

PN Pariaman 57/Pdt.Bth/2018/PN.Pmn

Plaintiff Defendant Pariaman Branch Office of Adira filed a Opposition Lawsuit against the Pariaman District Court Judgment Number: 8 5 / P i d . S u s / 2 0 1 8 /PN.Pmn, particularly against the ruling stating that the exhibit of Box Truck Vehicle Mitsubishi/FE74S 4X2 MT with Police Number L 9633 UK was seized for the state because the vehicle was a fiduciary guarantee for a consumer’s payable, i.e., Edi Qurniawan PK No. 034217200523. Neither Adira nor the consumer had a relation with the criminal lawsuit decided by Pariaman District Court.

199,000,000

PN Singkil 9/Pdt.G/2018/PN.Skl

Defendant Plaintiff PN Meulaboh Branch Office of Adira was sued by a Consumer named Reza Fahlefi, and others (PK No. 064217201908 and No. 064217201924) for allegation of violation against Consumer Protection Law, which caused losses to the consumer.

597.216.000






(Rp.)

HIGH COURT

1. PN Medan 521/Pdt.G/2016/Pn.Mdn

Plaintiff/ Appellant

Defendant/ Appellee

High Court of North Sumatera

ADMF Medan filed a lawsuit for Unlawful Act against Polsek Medan Baru because of a unit withdrawn by the team of Polsek Medan Baru. The withdrawal was a legal defect because there was no suspect. Therefore, the lawsuit was rejected by the Panel of Judges of Medan District Court, because ADMF lodged an appeal to the High Court of Sumatera Utara in Medan.

400,000,000

2. PN Kota Solok

04/Pdt.G/2017/PN.Slk

Defendant/ Appellee


High Court of West Sumatera

in Padang

A debtor named Zul Herman filed a Lawsuit for Unlawful Act for the withdrawal of 1 vehicle as fiduciary guarantee by ADMF, but the debtor’s lawsuit was rejected by Solok District Court, so that the Debtor lodged an appeal to the High Court of West Sumatera in Padang.

48,000,000

3. PN Kediri 13/Pdt.G/2018/PN.KDR

Defendant/ Appellee


High Court of East Java in

Surabaya

Kediri Branch Office of Adira was sued by a debtor named Adhimas Hanggono Adji for unlawful act because of the destruction to the guaranteed vehicle (Toyota Fortuner), which then was held by the branch. The debtor’s lawsuit was rejected by the Panel of Judges of Kediri District Court, so the Debtor lodged an appeal to the High Court of East Java.

200,000,000

SUPREME COURT


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1. PN. Pekanbaru

70/Pdt.G/2011/PN.Pbr

Defendant II/ Judicial

Review Petitioner

Plaintiff/ Judicial Review

Respondent

Supreme Court (Judicial

Review)

ADMF and Ramli (a Debtor of ADMF) was sued by Gunawan, an owner of BPKP (used car), with a lawsuit for unlawful act. At the District Court and the High Court level, the lawsuit was won by ADMF. However, at the court of cassation, the case was won by the Plaintiff, so ADMF applied for a Judicial Review at the Supreme Court.

84,000,000

2. PN Cirebon 84 /Pdt.Sus/2015/PN.CN

Plaintiff/ Petitioner

Defendant/ Respondent

Supreme Court ADMF filed an Opposition Lawsuit to Feri Harianto, Kartika Ria, Polres Cirebon related to a Fiduciary-guaranteed vehicle (Truck FE) that was confiscated by Polres Cirebon. The District Court and High Court Judgment rejected ADMF’s lawsuit, so ADMF applied a cassation to the Supreme Court.

136,000,000

3. PN Bengkulu 05 /Pdt.Sus/2016/PN.BKL

Plaintiff/ Appellant/ Petitioner

Defendant / Appellee/

Respondent

Supreme Court Opposition Lawsuit against the Return of Financing Unit to a third party. Bengkulu Branch Office of Adira filed a civil lawsuit at the Bengkulu District Court to Husmiati, Yanto as dealer, Bengkulu Prosecutor’s Office, Mecky S, and Yurnawati as debtor related to the District Court Judgment that returned the financing unit to Husmiati. Therefore, Bengkulu District Court rejected the lawsuit filed, then ADMF lodged an appeal to Bengkulu High Court. ADMF applied a cassation to the Supreme Court because Bengkulu High Court rejected the Appeal applied.

106,000,000






(Rp.)

4. PN Serang 68/Pdt.G/2016/PN.Srg

Judicial Review

Petitioner

Judicial Review

Respondent

Supreme Court (Judicial

Review)

A consumer named Zeri Maryanti filed a lawsuit against ADMF because he did not accept the takeover of the Fiduciary-guaranteed vehicle by ADMF. At the District Court level, the Panel of Judges granted the consumer’s lawsuit and punished ADMF to pay the damages. The District Court Judgment was cancelled at the Appeal level in Banten High Court, on the basis of ADMF’s appeal request. However, the Appeal Decision was cancelled by the Tax Court on the basis of the cassation request from the consumer. ADMF obtained new evidence (novum) in the form of power of attorney for the takeover of the guaranteed vehicle from the branch office to a third party and based on that new evidence, ADMF submitted an Application for Judicial Review to the Supreme Court.

279,100,000

5. PN Manado 484/Pdt.G/2016/Pn.Mnd

Defendant / Appellant/ Petitioner

Plaintiff/ Appellant/

Respondent

Supreme Court Manado Branch Office of ADMF was sued by a debtor named Silvana Runtulalo (075613201084). The debtor previously reported criminal case to POLDA SULTENG on 22 April 2015 under Letter No: STTLP/369.a/IV/2015/SPKT, but it was terminated because the case did not fulfill the criminal elements. The Judgment of Manado District Court granted part of the debtor’s lawsuit. ADMF lodged an appeal to the High Court of North Sulawesi, but it was rejected. Therefore, ADMF applied for cassation to the supreme court.

185,000,000


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Cases/tax disputes involving the Company as a party during the year 2018 were as follows:

No. Case No. Number of Lawsuit Case Position Against Case Status

- - - - - - -

These cases and disputes have not had a negative or material impact on the Company’s business activities and/

Legal cases, both civil and criminal, involving members of the Board of Commissioners as a party during 2018 were as follows:


- - - - - - -

Legal cases, both civil and criminal, involving members of the Board of Directors as a party during 2018 were as follows:


- - - - - - -

Sanctions by the Regulator

Multi Finance Tbk or members of the Board of Directors and/or the Board of Commissioners of the Company.

The data of sanction from the Regulator in 2018 are as follows:

Date Type of Sanction Legal Institution that Imposes Sanction

Description

- Warning Letter 1 OJK-IKNB Syariah The Company satisfied the requirements requested by OJK on 30 October 2018, so the warning letter considered to end.

Improvement Plan in 2018In order to improve the quality of Good Corporate Governance Principles implementation, the Company has prepared the following improvement programs: 1. Reviewing and revising the policies related to the implementation of Good Corporate Governance principles,

namely the Company’s Good Corporate Governance Guidelines, Charters of the Board of Commissioners, Board of Directors, and Committees under the Board of Commissioners, to be in accordance with OJK Regulation Number 30/POJK.05/2014, OJK Regulation Number 32/SEOJK.04/2015 and other relevant new regulations, ASEAN Corporate Governance Scorecard principles and the currently-developed best practice of Good Corporate Governance.

2. Strengthening the role of the Corporate Governance Committee, which is responsible to the Board of Commissioners.

3. Improving publication quality and quantity through the Company’s website. As such, the stakeholders may receive comprehensive information regarding the Company.



Assessment on the Implementation Level of Good Corporate Governance Principles

Company performed independent assessment on Good Corporate Governance practice by using OJK standards as regulated in OJK Regulation No. 21/POJK.04/2015 and OJK Circular Letter No. 32/SEOJK.04/2015, standards from Forum for Corporate Governance in Indonesia and Bank Indonesia. The assessment was also conducted by involving independent assessor.

The assessment results of Good Corporate Governance implementation in Adira Finance in 2018 compared to 2017 are as follows:

No. Assessment Standard/Format

Total Assessment Result

2017 2018

Score Category Score Category

1. In accordance with OJK Regulation No. 30/POJK.05/2014 and OJK Circular Letter No. 15/SEOJK.05/2016.

100 Excellent 100 Excellent

2. In accordance with Bank Indonesia Regulation No. 8/14/PBI/2006 dated October 5, 2006

2 Baik 2 Baik

3. ASEAN CG Scorecard 83,77 “Good” 88,9 “Good”

Details of the assessment results is described as follows:

A. Self-Assessment with the Format from OJK in accordance with OJK Regulation No. 30/POJK.05/2014 and OJK Circular Letter No. 32/SEOJK.04/2015

In accordance with OJK Regulation No. 30/POJK.05/2014 concerning Good Corporate Governance Regulation for Financing Companies and OJK Circular Letter No. 15/SEOJK.05/2016 concerning the Report of Good Corporate Governance for Financing Companies, Adira Finance has conducted the assessment on the Corporate Governance implementation by using the appropriate work paper and format based on the regulations mentioned.

No. Assessment Factor Weight (%) Result

1. Duty and responsibility implementation of the Board of Directors, Board of Commissioners and DPS.

37.50 37.50

2. Completeness and duty implementation of the audit committee or the functions supporting the Board of Commissioners.

5.00 5.00

3. Implementation of compliance function, internal auditor and external auditor.

5.00 5.00

4. Implementation of risk management and internal control system. 10.00 10.00

5. Implementation of remuneration policy and other facilities. 2.50 2.50

6. Transparency of the Company’s financial and non-financial condition. 15.00 15.00

7. Long term plan, work plan and annual budget. 7.50 7.50

8. Disclosure of share ownership 5.00 5.00

9. Financial and family relationship of the Board of Directors. 2.50 2.50

10. Financial and family relationship of the Board of Commissioners 2.50 2.50

11. Disclosure of other significant matters 12.50 12.50

TOTAL 100 100


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Criteria of assessment results:

Score Ranking Predicate

84-100 1 Excellent

68-83 2 Good

52-67 3 Fair

36-51 4 Poor

1-35 5 Very Poor

Based on the total assessment result for Good Corporate Governance implementation with a score of 100, Adira Finance was placed at Rank 1 under the “Excellent” Predicate.

There was no note for any drawback which required immediate improvement based on the standards from OJK Regulation No. 30/POJK.05/2014 and OJK Circular Letter No. 15/SEOJK.05/2016. Nevertheless, the Company strives to improve the implementation of Good Corporate Governance principles in accordance with both National and International best practices.

This assessment result was submitted to OJK on 30 April 2018.

B. Self Assessment with Format from BI In addition to the assessment criteria published by FCGI, the Company also conducts self-assessment by

using the assessment method in accordance with Bank Indonesia Regulation No. 8/14/PBI/2006 dated 5

companies.

Pursuant to Bank Indonesia Circular Letter No. 15/15/DPNP dated 29 April 2013 concerning the Implementation of Good Corporate Governance for Public Banks, the self assessment is conducted periodically and covers 11 (eleven) assessment factors, namely:1. implementation of the Board of Commissioners’ duties and responsibilities;2. implementation of the Board of Directors’ duties and responsibilities;3. completeness and implementation of Committees’ duties;

5. application of compliance function;6. application of internal audit function;7. application of external audit function;8. application of risk management including the internal control system;9. fund provision to related parties and provision of a large amount of funding

11. strategic plans.



The assessment was performed every 6 (six) months, namely on July 2018 and January 2019, with the following results:

Self-Assessment Results of GCG Implementation

Ranking Ranking Definition

Individual 2 Adira Finance Management has applied Good Corporate Governance accordingly. This is reflected in the overall fulfillment of Good Corporate Governance principles. Should there be weaknesses in the implementation of Good Corporate Governance principles, such weaknesses are considered as minor matters which can be solved through normal actions taken by Adira Finance Management.

Analysis

1. The duties and responsibilities of the Board of Commissioners of Adira Finance have been performed effectively and in accordance with Good Corporate Governance principles. Members of the Board of Commissioners are capable of taking actions and making decisions independently, display competence and integrity in line with the Company’s business measurement and complexity and meet the prevailing regulations. In addition, the Board of Commissioners Meeting has been convened effectively and efficiently.

2. The duties and responsibilities of the Board of Directors have been performed accordingly and effectively, in line with Good Corporate Governance principles. The number and composition of the Board of Directors are in accordance with the prevailing regulations, in which members of the Board of Directors are capable of taking actions and making decisions independently and possess competence and integrity suitable with the Company’s business measurement and complexity. In addition, the Board of Commissioners Meeting has been convened effectively and efficiently.

3. The completeness and implementation of the Committee’s duties have been conducted accordingly, as the implementation of the Committee’s duties is deemed effective, the Committee’s recommendations are helpful and can be used as decision-making reference for the Board of Commissioners and the convention of the Committee’s meetings is implemented effectively, efficiently and in accordance with each Committee’s manual. There are several drawbacks in the Committee’s membership composition, namely in Audit Committee, Risk Monitoring Committee and Nomination and Remuneration Committee. The drawbacks shall be improved in the near future.

4. Conflict of interest handling has been performed accordingly. Each decision-making process regarding such conflict and the implementation of the decision are conducted in accordance with the prevailing regulations, the Company’s Article of Association and the manuals of the Board of Commissioners and the Board of Directors. Up to the date of this annual report’s composition, there is no conflict of interest that harms the Company/reduces the Company’s profit.

5. The Company’s compliance function has met the compliance criteria, based on the prevailing rules and regulations and commitment to competent institutions.

6. The implementation of the Company’s internal audit function has been conducted accordingly and effectively. The Company has an internal guideline, which is in line with the minimum standards stipulated by the Financial Service Authority. Guideline implementation is in line with the International Standards for the Professional Practice of Internal Auditing from The Institute of Internal Auditors.

7. The implementation of external audit function has been conducted effectively. This is reflected in the audit conducted by Public Accounting Firm, which is in line with the stipulated general requirements as well as the excellent quality and scope of audit results.

8. Risk management implementation, including the internal control system, has been conducted accordingly and effectively based on the objective, measurement and business complexity of the Company, as well as the risks. The Board of Commissioners and Board of Directors have actively monitored the implementation of risk management policy and strategy.

9. Funding for related party and large exposure have been conducted accordingly and in line with the prevailing regulations. Decision-making process in fund provision to related parties and large exposure are performed independently. There is no violation in the process and there is no significant difference between the funding amount compared with the total fund provision.

10. The Company strives for transparency in submitting its financial and non-financial reports. The reports are submitted in whole, accurately, relevant and whole and timely in accordance with the prevailing regulations.

11. The Company’s strategic plan is in accordance with its Vision and Mission. The plan is composed by taking into account both external and internal factor, prudential principles and the prevailing regulations. The Company also consistently implements the strategic plan, which has been composed to achieve the Company’s objectives.

Description:

Ranking Category

Rank 1 Excellent

Rank 2 Good

Rank 3 Fair

Rank 4 Poor

Rank 5 Very Poor


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C. Assessment by Independent Party

Company also conducted an assessment on the Corporate Governance practice performed by an independent party. The assessment was carried out by an independent party. In 2018, the assessment by the independent party was performed by the Indonesian Institute for Corporate Directorship (IICD) by using standards from ASEAN Corporate Governance Scorecard. IICD assessment consisted of shareholder’s right, equal treatment for shareholders, role of stakeholders, disclosure and transparency and Board’s responsibility.

The assessment was conducted by IICD since November 2018 up to early January 2019. The assessment was

statements, GMS invitation, announcement of GMS results, the Company’s Articles of Association, board charters of the boards and committees under the board, the Company’s website, OJK’s website, BEI’s website and other relevant information.

Total Score Criteria Interpretation

90 – 100 Excellent The Company has met the international standards for Good Corporate Governance practice stipulated by OECD.

80 – 89 Good The Company has exceeded the fulfillment of minimum requirements from the regulator and has displayed positive commitment on Good Corporate

Governance practice.

60 – 79 Fair The Company is only able to meet the minimum requirements from the regulator.

< 60 Poor The Company does not meet the minimum requirements from the regulator and does not display adequate commitment to Good Corporate Governance

practice.

Based on the above assessment, the results from IICD, dated 4 February 2019, are as follows:

No. Assessment Component Score for Each Principle

1. Shareholder’s right 8,1

2. Equal treatment to the shareholders 7,1

3. Stakeholders’ role 13,8

4. Disclosure and transparency 24,3

5. Board’s responsibility 32,6

6. Bonus (* 7

7. Penalty (** -4

Total Score of Good Corporate Governance Practice 88,9

Description:(* Bonus is granted due to the risk committee’s separate or independent position in the company. The Company published its annual report

Reporting Initiative).(** Penalty is imposed due to the pyramidal ownership in the ownership structure of the Company’s business group, in which a controlling

share ownership proportion compared with the Company’s control value. Furthermore, there was no statement that the Independent

Based on the assessment results, the score for Good Corporate Governance implementation of Adira Finance was categorized as “Good” pursuant to ASEAN CG Scorecard.



Risk Management

Adira Finance continues to form and develop a

strong risk culture, implements good corporate

governance practices, executes the compliance

values in accordance with regulations, as well

as develops proper infrastructure and well-

structured and healthy work processes.


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Risk Management is a crucial element for the Company in ensuring its business sustainability. The main

practices is to safeguard and protect the Company by managing the risk of losses that may arise from its various activities as well as to keep risks within the levels that have previously been determined.

The Company continues striving to establish and develop a strong culture of Risk Management, implementing the principles of Good Corporate Governance, preserving compliance with regulations, adequate infrastructure, as well as structured and healthy work processes.

Prior to the issuance of OJK Regulation No. 1/POJK.05/2015 regarding the Implementation of Risk Management for Non-Bank Financial Service Institutions, the Company adopted the “Consolidated Risk Management for Banks Performing Control over Subsidiaries”, which the Company implements as a Subsidiary of PT Bank Danamon Indonesia Tbk (Bank Danamon Indonesia), the controlling shareholder of

the Company pursuant to Bank Indonesia Regulation No. 8/6/PBI/2006 dated 30 January 2006.

Therefore, in the implementation of Risk Management, the Company has adopted mechanisms that are based on the seven (7) Risk Management pillars, which are as follows:1. Good Corporate Governance2. Risk Architecture3. Risk Management Standard4. Accounting Standard5. Technology and Management Informsation System6. Human Resources7. Risk Awareness and Culture



The Company possesses the Manual for Risk Management Implementation in accordance with OJK Circular Letter No. 10/SEOJK.05/2015 regarding the Guidelines for Implementation of Risk Management for Non-Bank Financial Service Institutions, which was last revised in 2016.

Risk Management is implemented as follows:

A. ACTIVE SUPERVISION BY THE BOARD OF DIRECTORS AND BOARD OF COMMISSIONERS

Risk Management Implementation involves active supervision by Adira Finance’s Board of Directors and Board of Commissioners. Therefore, the Board of Directors and Board of Commissioners must understand risk, provide direction, conduct supervision and mitigate risk, develop a culture of risk management, ensure adequate organizational structure, determine duties and responsibilities of each work unit, as well as ensure the quantity and quality that is deemed

Risk Management.

In its implementation, committees were established as necessary, among others the Risk Monitoring Committee at the Board of Commissioners level and Risk Management Committee at the Board of Directors Level.

1. Authority and Responsibilities of Board of Directors and Board of Commissioners

Authority and responsibilities of the Board of Directors and Board of Commissioners in Risk Management are as follows: a. Ensure that Risk Management has been

implemented based on the characteristics,

b. Understand the risks inherent to Adira Finance’s business activities well.

c. Ensure that every working unit has implemented Risk Management.

d. The Board of Directors is responsible for Adira Finance’s risk assessment.

The Board of Commissioners has the authority and responsibilities for implementing Risk Management in the event of:a. Directing and approving the Guidelines for

Risk Management Implementation that are recommended by the President Director and/or Directors through the Director of Risk

Management while taking into account the Risk Appetite and Risk Tolerance.

b. Evaluating the Guidelines for Risk Management Implementation at least once a year or at

c. Evaluating and providing improvement direction regularly concerning the implementation of Guidelines for Risk Management Implementation.

d. Establishing the Risk Monitoring Committee to monitor the implementation of Risk Management at Adira Finance.

The Board of Directors has the authority and responsibility to ensure Risk Management Implementation in the event of:a. Formulating policies, strategies, and

outlines of Risk Management in a written and comprehensive manner while taking into account the Risk Appetite and Risk Tolerance. The Board of Directors establishes the Guidelines for Risk Management Implementation after receiving approval from the Board of Commissioners.

b. Formulating, establishing, and updating procedures and devices for identifying, measuring, monitoring, and controlling risk.

c. Formulating and placing an approval mechanism, including those exceeding the authority limit for every level.

d. Evaluating risk strategies and outlines that forms a part of the Guidelines for Risk Management Implementation at least once a

changes. e. Taking the necessary actions in accordance

f. Establishing the organizational structure in implementing Risk Management.

g. Accountable for the implementation of policies, strategies, and outlines of Risk Management.

h. Ensuring that all material risks have been followed-up through the implementation of Risk Management and submitting an accountability report concerning Risk Management Implementation to the Board of Commissioners in a regular manner.

i. Ensuring improvement in steps on issues or diversions in business activities found by the Internal Audit.

constructing risk awareness.


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to manage and control risks. l. Ensuring that Risk Management implementation

has been carried out in an independent manner.m. Ensuring that all policies, provisions, systems,

procedures, and business activities conducted by Adira Finance have been in accordance with the prevailing laws and regulations.

I. Risk Management Committee under the Board of Commissioners

Committee members include at least an Independent Commissioner, an independent

independent party that has expertise in Risk Management.

The main roles of the Risk Management Committee is to monitor, report, and provide recommendations to the Board of Commissioners, including:a. Evaluating the suitability of the Risk

Management guidelines and the implementation of the policies.

b. Monitoring and evaluating the implementation of the duty of the Risk Management Committee under the Board of Directors in providing recommendations to the Board of Commissioners.

c. Submitting reports to the Board of Commissioners regarding various types of risks encountered and the implementation of Risk Management by the Board of Directors.

d. Evaluating the Guidelines for Risk Management Implementation.

e. Evaluating the Board of Directors’ accountability in applying the Guidelines for Risk Management Implementation at least per quarter.

2. Human Resources In executing the duties of Risk Management

implementation related to Human Resources at Adira Finance, the Board of Directors must:

for every position related to the implementation of Risk Management.

b. Ensuring the adequacy of quantity and quality of Human Resources in Adira Finance and assuring that the said human resources

understand the duties and responsibilities for Risk Management implementation.

c. Develop activities related to Human Resources to ensure the availability of competent

and improvement of Human Resources competence in relations to the implementation of Risk Management.

appropriate work unit based on the nature, number, and complexity.

work unit have an understanding of inherent risks, understanding of relevant risk factors, market condition and its impacts, and the skill to communicate risk implications in timely manner.

g. Ensure that all Human Resources understand the strategies, risk level taken, risk tolerance, and Risk Management outline, and apply them consistently.

3. Risk Management Organization

Implementation, the Risk Management Committee and Risk Management Work Unit are established at Adira Finance.

I. Risk Management Committee Adira Finance has established the Risk

Management Committee that provides recommendations to the Board of Directors regarding the implementation of Risk Management, among others in formulating,

Management Implementation.

Membership of the Risk Management Committee includes the Board of Directors and the related Senior Management. The Chairman

of Risk Management.

The main role of the Risk Management Committee is to assist the Board of Directors in carrying out its responsibilities in relations to risk monitoring. The duties and responsibilities are as follows:



a. Assist the Board of Directors in carrying out responsibilities related to Risk Management.

b. Establish plans, directions, policies, and strategies regarding Risk Management.

c. Stipulate matters related to business decisions that deviate from the normal procedures.

d. Ensure that all activities are in accordance with all prevailing rules and regulations.

e. Determine the most appropriate Risk Management methodology for Risk Management.

f. Determine the establishment of reserves to accommodate inherent risk and assure the availability of recovery procedures from disasters.

g. Monitor the development of risk policies and strategies as well as providing recommendations to the Board of Directors for approval upon strategies, policies, processes, and system of Risk Management.

h. Review various portfolios of credit, assets & liabilities, operational, and risks that are

Board of Directors regularly.i. Evaluate the implementation of the Risk

Management process and improvement that is in line with external and internal changes

of Adira Finance to ensure that the Risk Management processes has been in accordance with the development of the organization.

II. Risk Management Work Unit Adira Finance has a Risk Management Work

Unit, which is the Risk Management Directorate, whose role and responsibility is concerning the Risk Management of the Company.

The Risk Management Directorate is a unit that is independent from the risk-taking unit and chaired by the Director of Risk Management, who reports directly to the President Director.

The Director of Risk Management has operational responsibilities of overseeing and managing all risks, including approving all policies related to risk. The Director of

Risk Management is structurally responsible to the President Director and is functionally responsible to the Risk Management Committee under the Board of Commissioners. The Director of Risk Management is also the Chairman of the Risk Management Committee under the Board of Directors. The Risk Management Directorate has the following authorities and responsibilities:a. To determine the risk architecture and

develop a Risk Management strategy in a comprehensive manner, including Guidelines for Risk Management Implementation, core policies, procedures and control, and emergency planning in case of irregular external conditions.

b. To evaluate strategies, policies, and the process of Risk Management periodically, as well as to recommend changes (if necessary) to the Risk Management Committee.

c. To socialize risk policies and strategies to all relevant units.

d. To recommend portfolio limits and ensure the limit is observed.

e. To evaluate and monitor risk exposure in a comprehensive manner.

f. To ensure risk is measured accurately and data is reported appropriately.

scenarios and associate it with Adira Finance’s capital ability to bear these risks.

report to the President Director, Risk Management Committee, and the Board of Commissioners, as well as the OJK.

i. To review risks in business plans.

culture in the risk-taking unit.k. To ensure that there are people with

experience and competencies in risk related positions present in all functional areas.

l. To ensure that there are Disaster Recovery Plans and Business Continuity Plans.

m. To ensure that Fraud Risk Management is present in all important work areas.

information and documentation security.o. To perform stress testing coordination in

in the macro conditions towards Adira Finance’s portfolios.


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p. To provide information to the Risk Management Committee concerning matters to be followed up related to the implementation of Risk Management.

q. To review new business line ideas that are

exposure.

B. ADEQUACY OF POLICY, PROCEDURE, AND DETERMINATION OF RISK MANAGEMENT LIMIT

The implementation of Risk Management is supported by a framework that consists of strategy, policy, procedure, and determination of limits that are declared clearly and in line with the vision, mission, and business strategies.

The formulation of strategies, policies, procedures, and a limit determination is conducted by taking into account, among others, types, complexity of business

related parties.

1. Risk Management Strategy The Risk Management strategy is formulated for

long-term implementation to ensure business sustainability, to reach the expected capital

risk at Adira Finance comprehensively.

2. Risk Appetite and Risk Tolerance During the development of the Risk Management

policy, the Board of Directors of Adira Finance provided clear directions regarding the level of both risk appetite and risk tolerance in the Company, including limit determinations.

In determining the risk tolerance, Adira Finance

as well as the Company’s ability in risk bearing capacity.

3. Risk Management Policy and Procedure Adira Finance has the Guidelines for Risk

Management Implementation, which is formulated based on OJK’s provisions, other authorities, and other prevailing provisions, where they will be reviewed and updated periodically to accommodate recent changes.

The Guidelines for Risk Management Implementation are written guidelines used in the implementation of Risk Management, which must be consistent with Adira Finance’s vision, mission, and strategy plans.

Guidelines for Risk Management Implementation are developed to ensure that Adira Finance maintains consistent risk exposure with its internal policy and procedures as well as external rules, laws, regulations, and other related provisions,

skills, and expertise in Risk Management, in line with the complexity of the business.

The Guidelines for Risk Management Implementation at the minimum consist of:a. Risks related to the products and transactions

in Adira Financeb. Methods to identify, measure, monitor, and

control risk as well as the Risk Management information system.

c. Data, report format, and information type in the Risk Management report.

d. Order of authority and limit. e. Risk value and level as the basis for the

implementation of Risk Management. f. Organizational structure that describes

the roles and responsibilities of the Board of Commissioners, Board of Directors, committees, and work units.

g. Internal Control system in the implementation of Risk Management.

h. Business Continuity Plan or Business Continuity Management, including disaster recovery planning and contingency planning. The development of BCP/BCM policy involves

Adira Finance Internal conducts testing and evaluation, as well as regularly updates the BCP/BCM.

The Risk Management Directorate is responsible for coordinating all policies and implementation of Risk Management centrally in Adira Finance. The Guidelines for Risk Management Implementation cover the general Risk Management policy and

implemented in Adira Finance.



4. Limit Adira Finance has a limit determined in accordance

with the risk appetite, risk tolerance, and strategy.

This limit exists as a threshold to determine the intensity of risk mitigation to be executed by the management. Adira Finance employs an approval mechanism in the event of an excess limit from the one that has been previously determined.

The amount of limit that is suggested by each work unit must be approved by the Board of Directors or the Board of Commissioners through the Risk Monitoring Committee, or by the Board of Directors according to the respective authority.

The Risk Management limit must be reviewed at least once a year or sooner in the event of

accordance with the expected risk limit.

C. PROPER IDENTIFICATION PROCESS, ASSESSMENT, MONITORING, AND RISK CONTROL

The implementation of Risk Management is achieved

monitoring, and risk control.w

a. Identifying all risks periodically against all business lines and activities through Adira Finance’s methods or system.

b. Analyzing all potential risk sources on each activity and line prior to be launched or executed.

additional risks.

2. Assessment Accurate risk assessment is very important.

Risk must be able to be assessed, allowing the determination of the capital reserves and

Risk assessment systems, technology, or models

and complexity of the business, as well as being able to address all risk exposures. The base

in the Risk Management unit. Risk assessment can use quantitative and qualitative methods.

Important steps to form a risk assessment process are:

a. Form the appropriate methodology or model for each type of risk. The methodology or model has to be documented.

b. Test the actual results against the expected results in order to validate the method or model.

c. Perform periodic evaluation on assumption conformity, data sources, and procedures used to assess the risk.

e. Perform a periodic stress test, which is an estimation of potential economic loss in abnormal market conditions, which will enable Adira Finance to assess the impact against its

3. Monitoring Adira Finance must have a monitoring system

and procedure that covers: monitoring of risk exposure, risk tolerance, conformity to internal limit, and stress testing result and implementation consistency against the established policies and procedures.

Risk monitoring is conducted by the Risk Management Directorate and reported periodically to the management in order to mitigate risk and take any necessary measures.


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4. Control Adira Finance must have methods of control

towards risk by referring to the set policies and procedures.

The risk control process in Adira Finance is

tolerance.

Adira Finance has a responsive framework against changes occuring due to inherent risks.

D. RISK MANAGEMENT INFORMATION SYSTEM

Adira Finance must have an adequate Management Information System to assess, monitor, and control

activities, and complexities. Points to consider in the implementation of the management information system related to Risk Management are, among others:a. It is developed according to the requirement of the

assessment, monitoring, and control process.b. To ensure the availability of accurate,

comprehensive, informative, timely, and reliable

Management implementation as well as to support

c. To provide a data centre in Indonesia for the purpose of law enforcement and consumer data protection.

d. To ensure that the decision to appoint a third

using the services of an outsourcing company in developing the information system.

e. To ensure evaluations are conducted for the implementation of the Management Information System and new technology, which will not interfere with the continuity of the current system.

f. Adira Finance must have a documentation system to facilitate inherent control and audit trail process.

procedures.h. To ensure that all risks related to Adira Finance

can be integrated into the existing Management Information System.

E. COMPREHENSIVE INTERNAL CONTROL SYSTEM

Internal Control System in the implementation of Risk Management includes, among others, conformity of the Internal Control System and implementation of Risk Management, establishment of authority, monitoring of policy, procedures and limits, clear organizational structure and the determination of an adequate four

compliance with all regulations.

The implementation of Risk Management, including the adequacy of policies, procedures, and Management Information System will be continuously examined and reviewed periodically (at least once a year or whenever necessary) by the related work unit that covers: conformity to Risk Management in Adira Finance’s business and all regulations, including the conformity of methods, assumptions, assessment variables, and the established limit. In which improvement will

monitored by the related work unit.

Management and Internal Control System, which includes the three layers of defense approach, determination of risk tolerance, and risk awareness and culture as described in the previous part.

Adira Finance also has an Internal Audit that reports independently to the Board of Commissioners through the Audit Committee and the President Director regarding risks that are inherent to business and operational activities. Internal Audit will focus on detecting any weaknesses and breach of rules that may cause monetary or non-monetary loss to Adira Finance. Internal Audit must ensure the following:a. Accuracy in internal monitoring by considering

the type of risk and the level of risk inherent to the business.

b. Accuracy of organizational structure and reporting line.

c. Conformity with all applicable laws, regulations, and policies.

e. Firm risk culture within the whole organization.

reports.



g. Adequacy of Management Information System.

i. Management response to audit results.

The Head of Internal Audit will report to the President Director and the Audit Committee. Internal Audit will cooperate with the Risk Management Directorate in providing valuation. Internal Audit together with the Risk Management Directorate must be independent towards the business units in terms of providing feedback to the Board of Directors and the Board of Commissioners regarding the soundness of Adira Finance.

Internal Audit adopts the risk-based approach. Internal Audit must also have an annual audit plan that must be approved by the President Director and the Audit Committee. Internal Audit may perform an audit with its own team, external unit or team provided that

are under audit. The Audit report must be sent to all relevant parties, including the President Director and the Director of Risk Management.

THE COMPANY AND ITS RISKS

In the implementation of risk control, the Company comprehensively adopts and accommodates the patterns applied by the banking sector in Indonesia, which is viewed as the most well established and experienced in the application of Risk Management concepts, provided that it is necessary to implement a Risk Management Consolidated Framework between the Company and the Parent Company. The Company assumes various risks, from both internal and external factors, including:

1. Strategic Risk Strategic Risk is the potential failure of the Company

to achieve its corporate goals due to inappropriate or failure in executing plans, decisions and/or strategy implementation, taking the appropriate business decisions, and/or the Company’s lack of response to external changes.

Strategic Risk is derived from the strategies that are owned and implemented by the Company that are not suitable with the conditions, and the set

strategic position.

Strategic Risk may increase due to, among others,

instability of security.

In formulating and determining strategies, Adira Finance considers the following:

industry;

internal and external factors of the Company; and

strategies.

planned strategies, Adira Finance conducts a regular evaluation on its strategies as well as the implementation of the strategies.

The Company periodically monitors the real performance condition as compared to the plan and budget including understanding the reasons for any deviation. Monitoring of internal and external Strategic Risk is performed by the Board of Directors.

2. Operational Risk Operational Risk is the Company’s potential failure

or failure in internal processes, human resouces, information technology systems, and/or external occurrences.

The sources of Operational Risk are organizational structure, human resources, work volume and load,

system and technology, Company fraud and legal issues, and interference to the business of the Company.

Operational Risk may escalate due to, among others, a hacker attack to the Company’s technology system an abrupt resignation of any key person that causes the Company’s business


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In general, the handling of Operational Risk within the Company resorts in the following measures:

operational activity;

order to obtain a better picture concerning

implementation, as well as the conformity level towards the available procedures and policies; and

in the form of proactive measures, so that operational losses do not exceed the set limit and do not interfere with the Company’s business.

The above three steps are an inseparable process that has been adopted by the Company in the Operational Risk Management as follows:

RCSA is a Risk Management concept that was formed based on the Standard Operating Procedures that are applicable in the Company to evaluate and measure the intensity of risks during internal processes in order to gain operational risk status and is periodically reported (quarterly) to the Parent Company. The

work unit set within the Company will perform self-assessment (SA Unit), which in turn results in a RCSA rating for each SA Unit.

ORMS is an implementation of the Company’s obligation as a subsidiary of Bank Danamon Indonesia to perform Operational Risk Control by documenting risky events during the occurrence of the event as regulated in Bank Indonesia Regulation No. 8/6/PBI/2006. ORMS is used as an Operational Risk Management support, which was developed to ensure that any occuring risky events can be documented and recorded into the database. The recorded report in the report directory will then be moved to the ORMS application of the Parent Company as a part of the consolidation process of the Bank’s Operational Risk Report.

As a support to the implementation of Operational Risk Management, the Company continuously develops its Operational Risk indicator detection, the result of which will then be combined with the Internal Control process, allowing it to assist the Company in detecting Operational Risks that may occur and taking the necessary measures to minimize the causes of these Operational Risks.

Furthermore, additional Operational Risk control steps being implemented by the Company are as follows:

a) Fraud Management As a business entity becomes larger, with more complex processes and a larger number of employees,

improvement. As a subsidiary that has an integrated Risk Management system with the Parent Company, the Company also implements Bank Indonesia regulations, one of which is the Bank Indonesia Circular Letter No. 13/28/DPNP dated 9 December 2011 regarding Anti-Fraud strategy Implementation for Commercial Banks. In general, the implementation within the Company is as follows:

STRATEGY Implementation in the Company

Preventive StrategyEstablishing instruments to reduce the risk of fraud, including Employee & Customer Awareness Programs

- Establishing the whistle blower mechanism and fraud hotline- Organizing periodic Fraud Risk Assessment - Having an Anti-Money Laundering & Counter Terrorist

Financing Unit

Detection StrategyEstablishing instruments to identify and locate fraud occurrences.

- Utilizing the Fraud Detection System & Analytics- Holding surprise audits and utilizing a surveillance system

mechanism with the Risk-Based Analysis concept- Managing fraud indication or fraud incidence reporting

mechanisms as well as a fraud database.



STRATEGY Implementation in the Company

Investigation & Recovery StrategyEstablishing instruments to collect information and take actions to recover losses due to fraud.

- The presence of standard operating procedures to manage coordination among the relevant sectors relating to fraud, ranging from fraud detection, investigation, sanctioning processes, and the monitoring of recovery actions caused by acts of fraud. - Special sections are responsible for handling fraud, which are:

> The Quality and Process Control (QPC) section that conducts field investigations and receiving data sampling in cases of high risk criteria; and

> Investigation that performs special investigations on suspicious activities/transactions due to an indication of fraud.

Deterrence StrategyEstablishing instruments to suppress acts of fraud early through socialization and education to build an anti-fraud culture.

The Anti-Fraud Management Unit will always provide Fraud Awareness Training to assist employees to identify acts of fraud in the form of formal training, and Anti-Fraud Campaigns via e-mail circulation, Tone of The Top, and postering to educate related to potential and causes of fraud for the Company and the employees themselves.

b) Business Continuity Management/BCM BCM is a comprehensive management process focused on identifying potential business threats. BCM

Thus, the interests of its stakeholders and reputation of its entities, and the business sustainability will be maintained.

entity, in the event any interference in the activity, it will threaten the continuity of the business. Based on the analysis result, the Company has prepared a Business Continuity Plan (BCP), which is a documented

occur and have an impact on the entity’ business sustainability. Therefore, the Company’s BCP includes all activities and external crisis, including:

BUSINESS CONTINUITY PLAN (BCP)

Description

Finance BCP Containing response and recovery measures for critical activities in the event of a disaster or disruption in power, communications, or network with regard to cash flow processes (daily operations), especially because the Company is engaged in a cash-intensive industry.

Custodian BCP BPKB (Car Title) is the collateral kept by the Company until the consumers repay their loans to the Company; therefore, the security of the storage area is very significant. The BCP Custodian controls the handling and recovery measures for receiving, storage, and the handover processes of the BPKB in the event of a disaster or disruption in power, communication, and network.

Information Technology BCP

Containing response and recovery measures for critical activities in the event of an interruption in the Company’s core system.

Branch BCP The Company’s main activities take place at its branch offices. Therefore, the BCP has arranged several measures that need to be taken for emergency situations due to disruption in communication, network (system), and power.

Incident Management Plan (IMP)

Providing a documented framework that enables the organization to handle crises from any origin (including threats to reputation). This document includes steps to anticipate incidents during crisis conditions, by activating the Corporate Command Centre (CCC) and mobilizing the Incident Management Team members in response to the incident. The focus on the response is the safety of employees, communications management related to reputational risk, as well as continuity and recovery. This document contains steps to deal with the following: the evacuation process of employees in the event of violence/crime, earthquakes, floods, bomb threats, riots and civil unrest, fire and utility disruptions.


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REALIZATION OF THE IMPLEMENTATION OF OPERATIONAL RISK MANAGEMENT

In practice, the Company implements the following Operational Risk Management Systems:

1. Whistle Blowing System The Company has adopted the Whistle Blowing

participation both internally and externally, in exercising Risk Management.

2. Fraud Detection System Starting in 2014, the Company has applied

a detection system for potential fraud. This application is an upgrade of the previous system and is much more sensitive to the potential of fraud occurrences.

3. Surprise Visit In exercising Risk Management, a team from the

trend in operations. Throughout 2018, surprise visit continued to be conducted with a total of XXX visits.

4. Risk Control Self-Assessment The Company has developed a Self-Assessment

Risk Management system for all employees. In stages, employees volunteer themselves as samples for work-related assessment in order to increase their risk awareness.

5. Reporting of Risk Map Each month, risk-mapping activities are to be

submitted to the Regional Heads and Division Heads in the Company’s environment. Through this running system, operational activities or systems in the Company are updated in terms of risk potentials that have to be anticipated within the Company’s environment.

6. Automated Risk Management Policy The Company has already had its Risk Management

System and policies fully automated. Through this system, the operational in the Company’s environment is able to automatically detect risks since the Company’s initial interaction with the customers.

3. Assets and Liabilities Risk The Assets and Liabilities Risk is a potential failure

in the Company’s management of Assets and Liabilities, which causes a shortage of funds in

The Assets and Liabilities Risk may derive from bad Assets and Liabilities Management, which results in poor compliance.

In practice, Adira Finance has implemented Risk Management for Assets and Liabilities. In this case, Adira Finance has recorded and monitored our Assets and Liabilities at regular intervals, which are discussed by the Asset and Liability Committee, enabling the Board of Directors and senior management to quickly respond to any issues of Assets and Liabilities Risks.

Adira Finance has set policies in place and determined the limits in respect of Assets and Liabilities Risk.

Assets and Liabilities Risk is measured at normal conditions and stress events. A commonly used method of measuring the Assets and Liabilities

are measured according to the characteristics of each instrument, which includes the maturing or nonmaturing instruments. MCO is calculated using normal scenario and stress events. In this case, two types of stress events are distinguished:a. Name-problem: there is an issue of name

problem in Adira Finance due to a large number of non-performing loans.

b. Systemic problem: there is a huge problem with the liquidity system in Indonesia.

Adira Finance has written policies and procedures in place that are fully equipped to manage and control the Assets and Liabilities Risk, including the policy regarding the Contingency Funding Plan (CFP) and the policy in determining limits. These policies should be formulated in accordance with the business strategy, capital adequacy, and the risk appetite of the Company.



Policy concerning the control of Assets and Liabilities Risk shall also include provisions regarding the structure and approval of limits, as well as the actions to be carried out in the event of excess loans.

The limit is proposed by the Risk Management Directorate and is approved by the authorized party/committee in accordance with the applicable policies.

In the event of excess loans, the Risk Management Directorate and the Finance Directorate are required to provide information and/or corrective action for any excess loans in accordance with the applicable policies. CFP is a document that aims to ensure a thorough strategy, in order for the Board of Directors, through the Assets and Liabilities Committee, to be fully aware of and approve the

Adira Finance.

The result of this Risk Management can be observed from the trend of the Company’s non-performing loan levels, which is still within the risk corridors planned by the Company, which were at the rate of X.X%, 1.6%, and 1.5% in 2018, 2017, and 2016 respectively. This demonstrates that the Strategic Risk and culture that have been established and developed are in line with the Company’s business

assets against liabilities in 2018 as compared to the ones in 2017 and 2016 respectively amounted to X.X times, X.X times and X.X times.

4. Management Risk RManagement Risk is the potential for the

of the Company due to the company’s failure in maintaining the composition of the Executive Board with high competence and integrity. The parties referred to as Executive Board in Management Risk are the Board of Directors and the Board of Commissioners, which have competence and are of high integrity.

Sources of Management Risk include inadequate appointment and dismissal of the Board of

compositions and proportions of the Board of Directors and Board of Commissioners that do not

meet the Company’s requirements, inadequate competence and integrity of the Board of Directors and Board of Commissioners that do not support their duties and authorities, as well as bad leadership of the Board of Directors and Board of Commissioners.

Management Risk can arise due to the lack of an adequate remuneration system for the Board of Directors and Board of Commissioners.

Adira Finance has the Corporate Secretary work unit, which serves as a Management Risk work unit with the responsibility to implement the Risk Management process at Adira Finance.

Adira Finance also has the Nomination and Remuneration Committee at the level of Board of Commissioners, which is responsible for ensuring the composition of the Board of Directors is of a high competence and integrity. The duties and responsibilities of the Nomination and Remuneration Committee are as follows:a. Nominate the members of the Company’s

Board of Directors.b. Outline the instructions and educational

programs for the Board of Directors.c. Ensure that the Board of Directors approves

the existing system and implementation of procedures to facilitate a system of assessment of the Board of Directors.

d. Establish the criteria for members of the Board of Directors, the skills required, and the number of members of the Board of Directors.

e. Prepare recommendations to the Board of Directors related to the adequate remuneration both in terms of quantity and composition.

f. Ensure that the level of remuneration is

risk, demand, and requirements of every responsibility that needs to be catered in relevant industries.

g. Recommend the remuneration package of the Board of Directors.

h. Manage and monitor adequate remuneration policies and programs.

i. Ensure the disclosure of information to the public.

the activities carried out by the Nomination and Remuneration Committee to the Board of Commissioners.


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The limit for Management Risk cannot be

used to reduce the risks posed, including if it does not satisfy the minimum amount from the Board of Commissioners. Adira Finance should have restrictions against the risk tolerance for Management Risk. The restrictions against the risk tolerance for Management Risk is regulated and based on the regulations by authorized bodies with respect to the Company that forms Adira Finance.

5. Governance Risk Governance Risk is the potential of failure in

implementing Good Governance, inappropriate management style, control environment and the behavior of each of the parties that are directly or indirectly involved with the Company.

Sources of Governance Risk include inadequate governance guidelines in the Company, gaps in the Company’s application of Good Governance principles, and inadequate implementation of Risk Management by the Company.

Governance Risk can increase due to intervention by other parties, which may result in a failure of the implementation of Good Governance.

All employees should be part of the implementation of Governance Risk Management structures given that governance overarches the activities at Adira Finance. Organizational structure, functionaries/work units associated with the implementation of Governance Risk Management should be tailored to the characteristics and complexity of Adira Finance. To support Governance Risk Management, Adira Finance has a Compliance Unit that is responsible to the President Director. The Compliance Unit has the tasks of:a. Setting the measures to create a culture of

compliance in the Company.b. Formulating policies and procedures related to

Compliance Risk Management.c. Performing training and socialization related to

new regulations pertaining to the Company’s business activities and operations.

d. Conducting compliance reviews and testing based on the applicable regulations.

e. Conducting surveillance and monitoring of the

the applicable regulations.

f. Performing consultative/advisory tasks for the Company’s internal bodies.

h. Reminding regarding reports that are required to be submitted to the regulators.

In calculating Governance Risk, Adira Finance performs periodic self-assessment using the Forum Corporate Governance Indonesia (FCGI) format and Bank Indonesia Format, since Adira Finance is a subsidiary of PT Bank Danamon Indonesia Tbk. Furthermore, the limit for Governance Risk is determined based on the self-assessment carried out by Adira Finance or evaluation carried out by independent assessors.

In assessing Governance Risk, the indicators/parameters to be used are adequate governance guidelines, principles of governance, and properly implemented Risk Management.

In calculating the risk, Adira Finance is also assessed by independent parties in order to obtain

substance, and frequency of violations against the provisions set by authoritative bodies.

The company has conducted 2 (two) self-assessments in 2017, which were in July 2017 and January 2018 for the assessment periods of June 2017 and December 2017 with the result of 88.12, which is predicated as “Very Good”.

6. Capital Risk

capital in the Company, including lack of access to additional funds/capital in the face of loss or unpredictable demands for funds/capital.

The Company’s capital represents its ability in absorbing unexpected losses resulting from the management of the Company’s assets and liabilities.

Capital Risk is derived from low capital capacity and weak additional capital funding.

Adira Finance already has a Financial Directorate, which serves as a work unit in Capital Risk Management as well as related to the application of Capital Risk Management processes in Adira



Finance. Committees for Capital Risk Management are established as per the requirements. Capital Risk Management is a top-down process that begins with the Risk Monitoring Committee at the level of the Board of Commissioners, Assets and Liabilities Committee (ALCO) at the level of the Board of Directors and senior management which are all actively involved in the planning, approval, review, and analysis of all risks involved.

Adira Finance’s strategy in Capital Risk Management is to diversify the sources of funding,

PT Bank Danamon Indonesia Tbk, Adira Finance also takes up domestic loans either in the form of direct loan from other domestic banks as well as through bonds and sukuk, including foreign loans in foreign currencies. In terms of loans in foreign currencies, Adira Finance has anticipated by setting a policy of hedging for loans received in foreign currencies. Adira Finance has policies and guidelines in place that contain a formal framework in support of Capital Risk Management as well as a comprehensive strategy in addressing crises, which is contained in the Contingency Funding Plan.

7. Financing Risk The Financing Risk is the risk of consumer and/

or the failure of other parties’ in meeting their

portfolio composition of the accounts receivable and high level of concentration, inadequate

backup performed by the Company, and external factors that impact the ability of the consumer in

Financing Risk can increase due to the concentrated provision of funds, particularly for consumer, geographic region, product, type of

Adira Finance has in place a Risk Management Directorate, which serves as a Financing Risk

mitigation at Adira Finance. With respect to active oversight of the Board of Directors and Board of

Commissioners, the Risk Monitoring Committee has been established at the level of the Board of Commissioners and the Risk Management Committee at the level of Board of Directors and Senior Management of the Company, actively involved in the planning, approval, review and assessment of Financing Risk.

Adira Finance has implemented a Risk Management strategy that includes: an end to end process starting from funding admission criteria, origination and approval of the set interest rate, monitoring, billing, collateral management, processes of non-performing loan management, and portfolio management. The Financing Risk Management strategy should be made in line with the Company’s

Adira Finance has a Financing Risk policy in place that governs the structure and hierarchy

procedures in order to:a. Support the sound distribution of funding

concentration riskc. Evaluating the advantages of new business

opportunitiesd. Identifying and handling non-performing loans

Financing Risk policy includes an end to end policy

remedial, portfolio, management, and others. This includes the mapping of Financing Risk against business activities as well as training regarding Financing Risk. In regard to the approval analysis

Finance has set a procedure that contains:a. Clear separation of functions and delegation of

authority in decision makingb. A work unit that performs a regular review

d. Registration and updates of all quantitative and qualitative information


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Moreover, the policies and procedures of Adira Finance should also cover the framework

assessment, monitoring, and controlling of Financing Risks and the setting of roles and responsibilities of each of the functions in the organization.

The Financing Risk Management unit in the Risk Management Directorate is responsible for

well as the overall risk. To assess the consumer or portfolio risk value, the following factors must be taken into consideration:a. Have a written procedure for conducting a risk

assessment, which allows for:

a combination of quantitative and qualitative data.

purpose of monitoring by the relevant work unit.

b. Develop methodologies, models, or tools that are appropriate for each type of risk.

transactional credit risk.

Management Directorate performs Financing Risk assessments on the basis

the number of potential losses both for the obligor and the portfolio.

the potential economic losses in abnormal conditions. Stress tests should be conducted at regular intervals.

c. The parameters used in measuring the risk of

limited to:

which causes the risk to not be concentrated in

Company’s consumers in 2016, 2017, and 2018:

Type of Occupation 2016 2017 2018

Employees 46% 46% XX%

Entrepreneurs 52% 52% XX%

Others 2% 2% XX%

Monthly Income 2016 2017 2018

≤ Rp5,000,000 68% 63% XX%

Rp5,000,000 < Rp10,000,000 21% 25% XX%

≥ Rp10,000,000 11% 12% XX%

The following is an overview of the customers’

Type of Customer 2016 2017 2018

Individual 98% 97% XX%

Corporate 2% 3% XX%

FOCUS AND INITIATIVES OF RISK MANAGEMENT IN 2018

Considering the development of business competition and macroeconomic conditions, 2018 was still a year

According to the Central Bureau of Statistics, the economic growth in 2018 reached 5.15%, which was stable as compared to the previous year at 5.07%.

With regard to this condition, the Company must have strategies that can be implemented right on target. One of the Company’s main strategies is the implementation of cautious and balanced Risk Management to be the Company’s foundation in maintaining credit quality that has been planned by the Company.



The following layout the key focus and initiatives of the Company in terms of Risk Management in 2018:

Applies the prudence principle in selecting potential customers, which was translated into the Company’s policies by considering both internal and external factors, including the regulations of the regulators, market conditions, and macroeconomic conditions, in order to maintain the planned credit quality;

Customer management was conducted by considering the available capacity and supported by the use of system management in applying policies and technology-based devices, allowing the customers’ payment and non-performing loans handling process to be performed in a more

the level that had been planned by the Company;

In addition to adopting policies that are adaptive to the current condition, the Company also strengthened its analysis in the acquisition process and customer management by statistics model, which was constructed based on the customers’ data, both demographics and behavioral, allowing

the enabling the Company to make decisions in accordance with the risk level of each customer;

The Company continuously conducts Fraud Management by implementing a Fraud Campaign to the customers and employees in order to increase fraud awareness, developing indicators to detect risk, and using system management in the supervision process. Therefore, any activities that may cause losses to either the customers or the Company could be mitigated;

Performing strict and continuous monitoring of the performance of each business process and developing risk measurement indicators that are adaptive to the latest condition in order to maintain the Company’s performance at the planned level; and

Utilizing an integrated and centralized system management in regulating the Company’s risk policies and utilizing devices based on Information Technology to support all critical activities in the business process, which improves the productivity of employees, enabling the employees to provide

maintain the credit quality level as planned by the Company.


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IMPLEMENTATION OF INTEGRATED RISK MANAGEMENT

Since 2015, the Financial Services Authority (OJK)

conglomeration to implement Integrated Risk Management. This policy is contained in the Financial Services Regulation No. 14/SEOJK.03/2015 regarding the Implementation of Integrated Risk Management Governance for a Financial Conglomeration. A

one group due to relation in terms of ownership and/or control.

In the implementation of Risk Management, the Company has adopted a mechanism that is based on 4 (four) pillars of Risk Management as formulated in Bank Indonesia Regulation No. 5/8/PBI/2003 regarding Risk Management Implementation for Commercial Banks.

Based on the abovestated, the Company has conducted Integrated Risk Management, which is to

Bank Danamon as the Parent Entity.



Sharia Governance Report

Adira Finance’s Sharia Business Unit (SBU) was established on 8 May 2012 in accordance with the Decree of the Company’s Board of Directors No. 013/ADMF/BOD/V/12 and was reported to the Minister of Finance of the Republic of Indonesia on 13 June 2012 with Letter No. 080/ADMF/CS/VI/12. Subsequently, on 7 May 2015, in order to comply with the provisions of Article 21 Paragraph (4) of OJK Regulation No. 28/POJK.05/2014 regarding Business Licensing and Institutional Financing Companies, the Company has submitted a license for the opening of a Sharia Business Unit, resulting in the issuance of OJK Board of Commissioners Decree No. KEP-172/NB.223/2015 regarding License Opening of Adira Finance Sharia Business Unit.

Adira Finance Sharia Business Unit Structure

Board of Directors Sharia Supervisory Board

Sharia Operation Officer Sharia Admin Officer Sharia Channel & Service Officer

Head of Sharia Operation & Compliance Head of Sharia Product, Service & Channel

Head of Sharia Unit

Head of Sharia Business Head of Branch Sharia

Adira Finance’s sharia business unit continues

to develop the right business model to be able

industry by providing competitive sharia

business performance.


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Sharia Supervisory BoardIn accordance with the provisions of Article 32 Paragraph 1 of OJK Regulation No. 30/POJK.05/2014 regarding

shall have a Sharia Supervisory Board (SSB). SSB consisting of 1 (one) or more Sharia experts appointed by the GMS or the recommendation of the National Sharia Council of the Indonesian Ulama Council (NSB-IUC) and set forth in the GMS deed. The Company’s Sharia Supervisory Board was appointed at the Extraordinary General Meeting of Shareholders (EGMS) held on 4 September 2012, having previously received a recommendation from the NSB-IUC in accordance with its Letter No. U-173/DSN-MUI/IV/2012 dated 26 April 2012. The re-appointment of the previous members of SSB was conducted in a GMS held on 20 April 2018.

The composition of Adira Finance’s SSB is as follows:

Name Position First Appointment Reappointment End of Term

Prof. Dr. Fathurrahman Djamil MA Chairman 2012 2018 End of 2020 fiscal year

Dr. Noor Ahmad MA Member 2012 2018 End of 2020 fiscal year

Dr. Oni Sahroni MA Member 2012 2018 End of 2020 fiscal year

Criteria for members of the SSB in accordance with OJK Regulation No. 30/POJK.05/2014 regarding Good Corporate Governance for Financing Companies are:1. Able to act in good faith, honestly and professionally;2. Able to act in the interests of the Sharia Financing Company, the SBU, and/or other stakeholders;3. Prioritizes the interests of the Sharia Financing Company, the SBU, and/or other stakeholders over personal

interests;



Company, the SBU, and/or other stakeholders;5. Able to avoid abusing their authority to obtain undue personal gain or cause losses to the Sharia Financing

Company and the SBU.

The status of Adira Finance’s SSB members with regard to the Fit and Proper Test as of the publication date of this Annual Report is as follows:

Name Date of Passing Fit and Proper Test Description

Prof. Dr. Fathurrahman Djamil MA 5 May 2014 Ratified based on OJK Board of Commissioners Decree No. KEP-950/NB.1/2014

Dr. Noor Ahmad MA 29 April 2014 Ratified based on OJK Board of Commissioners Decree No. KEP-950/NB.1/2014

Dr. Oni Sahroni MA 29 April 2014 Ratified based on OJK Board of Commissioners Decree No. KEP-950/NB.1/2014

Main Tasks and Functions of SSBThe following is the SSB’s main tasks and functions as prescribed in Article 17 of the Company’s Articles of Association:1. As a representative of the National Sharia Board

that is assigned to the Company;2. Tasked to supervise the Company’s Sharia

business activities to ensure they are compliant with Sharia principles;

3. Functions as an advisor and provides suggestions to the Board of Directors, Head of the Sharia Business Unit and Heads of the Company’s Sharia Branches pertaining to matters related to Sharia Principles; and

4. Functions as a mediator between the Company and the National Sharia Board in communicating proposals and recommendations regarding the Company’s product development and services that require the review and edicts (fatwa) of the National Sharia Board.

ObligationsIn implementing its functions, the Sharia Supervisory Board is required:1. To follow the edicts (fatwa) of the National Sharia

Board;2. To report on the business activity as well as

developments of the Company’s Sharia Business Unit to the Minister of Finance of the Republic of Indonesia through the Capital Markets and Financial Institution Supervisory Agency with a copy made available to Bank Indonesia and the National Sharia Board-Indonesian Council of Ulamas;

3. Every representative of the National Sharia Board that is assigned to the Company is required to implement their tasks in good faith and prudence with full responsibity in the interests of the Company

into consideration the rules and regulations and edicts (fatwa) of the National Sharia Board;

4. In matters wherein the SSB determines there are policies or actions by members of the Board of Directors related to the SBU that do not comply with Sharia Principles, the SSB is required to request an explanation from the members of the Board of Directors regarding the policies or actions taken by the Board of Directors that do not comply with Sharia principles;

the results of the SSB’s review, the SSB is required to comprehensively report this in detail to the OJK with a copy made available to the Board of Directors no later than 7 (seven) working days from when the SSB receives an explanation from members of the Board of Directors.

Work Program 1. SSB Meeting to be held a minimum of once every

report, Sharia compliance conducts, and new products.

2. Submission of the SSB Supervisory Report every 6 months to the Board of Directors, the Board of Commissioners and NSB-IUC.

3. Maintain communication with the NSB-IUC.


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Work Program Accomplishment1. The SSB Meeting has been successfully convened on a monthly basis.

of Commissioners, and the NSB-IUC on 25 July 2017.

meetings.

Concurrent Positions of Members of the SSBIn accordance with the provisions of OJK Regulation Number 30/POJK.05/2014 regarding Good Corporate Governance for Financing Companies, the members of the SSB are:

Based on the available data on hand, the members of Adira Finance’s SSB that hold concurrent positions are as follows:

Name Position in Other Companies Company

Prof. Dr. Fathurrahman Djamil MA SSB MemberSSB MemberSSB ChairmanSSB ChairmanSSB Chairman

PT Bank CIMB Niaga TbkPT CIMB Niaga Auto FinancePT Bank BCA SyariahPT AIA Financial – SyariahSun Life Syariah

Dr. Noor Ahmad MA - -

Dr. Oni Sahroni MA SSB MemberSSB MemberSSB Member

PT Bank Muamalat TbkPT Bank Maybank Indonesia TbkPT BNP Paribas Investment Partners

The above data shows that all of the members of Adira Finance’s SSB complied with the provisions regarding concurrent positions as prescribed within the OJK Regulation as well as Bank Indonesia’s Regulations.

SSB MeetingsThe SSB Meeting is held a minimum of once a month unless deemed necessary by 1 (one) SSB member, or upon the request of the Head of the Sharia Business Unit. The SSB Meeting is only valid and may only take binding decisions in the event of more than 1/2 of the total SSB members are in attendance.

The decisions of the SSB Meeting must be taken based on deliberation and consensus (musyawarah untuk

transaction, contract or proposed contract, in which the Company becomes one of the parties, must declare their interests in the SSB Meeting and are restricted from participating in the voting related to matters pertaining to this transaction or contract, except if the SSB Meeting determines otherwise. The results of the Meetings have been documented in the Minutes of Meeting, documented in detail as well as submitted to the Company’s SBU and the Board of Directors to be executed.

Throughout 2018, the SSB convened 12 (twelve) SSB Meetings, with the average level of attendance of 97%. This level of attendance indicates the high level of commitment from all members of the Company’s SSB. All of the meetings were attended by the Head of the Company’s Sharia Business Unit.

The List of Attendance of SBS Meetings in 2018 is as follows:

Name 16Jan

13Feb

19Mar

10 Apr

21May

10Jul

7 Aug

18Sep

9Oct

6Nov

13Dec

Prof. Dr. Fathurrahman Djamil MA √ √ √ √ √ √ √ √ √ √ √

Dr. Noor Ahmad MA √ √ √ √ √ √ √ √ √ √ √

Dr. Oni Sahroni MA √ √ √ √ √ √ √ √ √ √



The attendance of members of the Board of Commissioners in the SSB Meetings in 2017 is as follows:

Name Total Meetings Total Attendance %Attendance Reasons for Absence

Prof. Dr. Fathurrahman Djamil MA 11 11 100 -

Dr. Noor Ahmad MA 11 11 100 -

Dr. Oni Sahroni MA 11 10 91 Business travel out of town

2019 Sharia Supervisory Board Meeting PlanFor 2019, the SSB plans to hold 11 (eleven) meetings, on the following dates:1. Tuesday, 8 January 20192. Tuesday, 12 February 20193. Tuesday, 5 March 20194. Tuesday, 9 April 20195. Tuesday, 7 May 20196. Tuesday, 9 July 20197. Tuesday, 6 August 20198. Tuesday, 10 September 20199. Tuesday, 8 October 201910. Tuesday, 5 November 201911. Tuesday, 10 December 2019

The meeting plan has been approved by the SSB Meeting held on 13 December 2018. However, the meeting plan

SSB Meeting ResultsThe SSB Meeting in 2018 resulted in the following decisions and agreements:

No. Date Place Meeting Results Participants

1. 16 January 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of December 2017

2. Discussion regarding the performance of Sharia financing per December 2017

Prof. Dr. Fathurrahman Djamil MA,Dr. Noor Ahmad MA, Dr. Oni Sahroni MA.

2. 13 Februari 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of January 2018

2. Discussion regarding the performance of Sharia financing per January 2018

3. Discussion regarding the Issuance of Adira Finance Islamic Bonds III Phase II and Signing of Adira Finance Islamic Bonds III Phase II Opinion


3. 19 Maret 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of February 2018

2. Discussion regarding the performance of Sharia financing per February 2018

3. Discussion regarding Risk Management Guidelines and Assessment


4. 10 April 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of March 2018

2. Discussion regarding the performance of Sharia financing per March 2018


5. 21 Mei 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of April 2018

2. Discussion regarding the performance of Sharia financing per April 2018


6. 10 July 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of June 2018

2. Discussion regarding the performance of Sharia financing per June 2018


7. 7 August 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of July 2018

2. Discussion regarding the performance of Sharia financing per July 2018



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No. Date Place Meeting Results Participants

8. 18 September 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of August 2018

2. Discussion regarding the performance of Sharia financing per August 2018


9. 9 October 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of September 2018

2. Discussion regarding the performance of Sharia financing per September 2018


10. 6 November 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of October 2018

2. Discussion regarding the performance of Sharia financing per October 2018


11. 13 December 2018 Head Office of Adira Finance

1. Discussion regarding the SBU financial statements as of November 2018

2. Discussion regarding the performance of Sharia financing per November 2018

3. Presentation and Signing of Opinion regarding the Issuance of Adira Finance Continuous Islamic Bonds III Phase III of 2019


Opinions issued by SSB in 2018:

No. Date No. Opinion Opinion

1. 10 January 2018 001/OPINI-DPS/SYAR/II/2018 Issuance of Adira Finance Continuous Islamic Bonds III Phase II of 2018

2. 10 January 2018 002/OPINI-DPS/SYAR/II/2018 Issuance of Adira Finance Continuous Islamic Bonds III Phase II of 2018

3. 24 January 2018 004/OPINI-DPS/SYAR/IX/2018 Establishment of Sharia Unit Branch Office

4. 7 February 2018 005/OPINI-DPS/SYAR/XII/2018 Issuance of Adira Finance Continuous Islamic Bonds III Phase III of 2019

SSB Remuneration PolicyThe remuneration of Adira Finance’s SSB members is based on the Company’s Articles of Association.

The remuneration structure of SSB members of Adira Finance is as follows:1. Honorarium, given on a monthly basis on a scale in accordance with the results of the Company’s Annual General

Meeting of Shareholders by taking into account the recommendations of the Nomination and Remuneration Committee.

2. Allowance:a. Tax allowance, provided on a monthly basis along with honorarium payments.b. Religious Holiday allowance, paid prior to Eid al-Fitr in the amount of 1 (one) month honorarium.

SSB Remuneration ProcedureThe mechanism for SSB compensation granting is as follows:

the related work of the other companies in the same line of business and with the same status.

Nomination and Remuneration Committee to prepare recommendations.

discussion and approval in the Annual GMS.

Remuneration Committee, the Annual General Meeting of Shareholders held on 17 May 2017 has come to a decision that the determination of salary or honorarium and allowances paid to members of SSB shall be made by the Board of Commissioners in accordance with the recommendations of the Nomination and Remuneration Committee.





GMS


Remuneration of SSB Member

Conduct surveys and collect information on remuneration standards for offices and similar industries in the market (if deemed necessary, independent consultants may be exercised).Subsequently, the Committee makes recommendations to the Board of Commissioners.

The Board of Commissioners reviews the recommendations of the Nomination and Remuneration Committee to further submit proposals of SSB members remuneration to the General Meeting of Shareholders.

The General Meeting of Shareholders provides the authority to provide the remuneration of SSB to the Board of Commissioners.

The Board of Commissioners shall determine the distribution of remuneration in accordance with the authority granted by the General Meeting of Shareholders.

year 2018 are as follows:

Remuneraton Type Total SSB Members Total SSB Remuneration

2014 2015 2016 2017 2018 2014 2015 2016 2017 2018

Honorarium 3 3 3 3 3 523 486 517 522 548

Allowance 3 3 3 3 3 139 167 164 167 173

Total 662 656 681 689 721

Total Remuneration per person in 1 year Total SSB

Above IDR 2 billion -

Above IDR 1 billion – IDR 2 billion -

Above IDR 500 million – IDR 1 million -

Below IDR 500 million 3

Chairman of the Sharia Business UnitThe Chairman of Adira Finance’s SBU is currently Yusron whose appointment is based on the Decision Letter of the Board of Directors No. 24/ADMF/BOD/IX/18 dated 18 September 2018 and was reported to the OJK on 25 September 2018.

Criteria for Chairman of the Sharia Business UnitThe Chairman of the Sharia Business Unit shall meet the requirements pursuant to Article 24 Point 2 of OJK Regulation No. 28/POJK.04/2014, including:a. Not registered in bad credit in the banking sector;b. No concurrent positions at other functions in the same company; and


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YusronChairman of the Sharia Business UnitIs an Indonesian citizen, he is 44 years old, and is currently serving as the Chairman of the Sharia Business Unit since September 2018, previously he served as the Head of the Sulampapua Region and worked at PT Hero

in 2012.

Duties and Responsibilities of the Chairman of Adira Finance’s SBU:1. To manage and supervise the conduct of Adira Finance’s SBU in accordance with Sharia principles, prudential

principles, and the provisions of laws and regulations.2. To ensure that the principles of Good Corporate Governance are applied to all levels of the organization.3. To follow up on any recommendation from SSB, the Board of Directors, the authorities, the Internal Audit Unit

or the external auditor.

Transparency of Financial and Non-Financial Conditions

List of Consultants and AdvisorsThroughout 2018, there were no consultant or advisors in cooperation with the Adira Finance’s SBU.

Based on the Company data, as of 31 December 2018, there has been no internal fraud or any violation of sharia compliance. Legal Issues There were no legal issues, either civil or criminal, involving Adira Finance’s SBU in 2018.

Non-Halal Income and UsageNon-halal income in 2018: IDR 2,865,624,591

Fund Distribution for Social ActivitiesDetails of fund distribution for social activities in 2018 are as follows:

No. Distribution Sector Type of Activity Total

1. Branch Charity Fund distribution through branch offices, fund distribution for victims of natural disasters

IDR 335,000,000

2. Health Free health screening program for the underprivileged by the Depok Branch of the Permata Insani Bandung Foundation, In collaboration with the Filantra Foundation in providing the operations of a free ambulance and medical expenses assistance for employees

IDR 431,000,000

3. Economic Capital assistance for MSMEs, in the Pesona Lokal Festival IDR 1,000,000,000

4. Education Multi finance Sharia seminar, Sharia Financing Education, assistance in making the Wasathia House website for education regarding Sharia finance and educational equipment assistance provided to the Depok branch of the Permata Insani Foundation

IDR 883,635,000

5. Infrastructure/ social Renovation of the Ma’had Love Tahfidz Islamic dormitory, Worship equipment assistance for the As-Sajadah Mosque, renovation of the orphanage in Kediri, renovation of mosques in Tasikmalaya, Jakarta and Kebumen, renovations for Al Ikhlas Mosque in Banjar, assistance in purchasing 4 Daikin AC units for Al Mosque Mujahirin, Tasikmalaya.

IDR 240,000,000



Core Debtors

Self-Assessment Results of Adira Finance’s SBU Governance in 2018

No. Factor Rank Weight Score Description

1. Implementation of duties and responsibilities of Director of SBU

2.5 35% 0.8 • The Head of Adira Finance’s SBU has the integrity, competence and reputation that is adequate and independent.

• The Head of the SBU is responsible in the management of Adira Finance’s SBU, to follow up and comply with every recommendation and opinion from the SSB and to provide facilities and infrastructure that enable the SSB in carrying out its duties and functions.

2. Implementation of duties and responsibilities of the Sharia Supervisory Board (SSB)

1.5 20% 0.3 • Members of the SSB consist of 3 members, all of whom possesss high integrity, competence and adequate financial reputations, appointed through the GMS based on the recommendations from the National Sharia Board of the Indonesian Council of Ulama and recommendations of the Nomination and Remuneration Committee.

• The SSB has assessed and ensured the fulfillment of Sharia principles over Adira Finance’s SBU products and operational guidelines.

• The SSB held 11 meetings in 2018. The decision of the meeting was based on deliberations to consensus, well documented and submitted as a recommendation to be followed up by the management of Adira Finance’s SBU.

• Concurrent positions as a member of SSB to other financial institutions and remuneration of SSB have been disclosed in the Corporate Governance implementation report.

3. Implementation of Sharia principles in the activity of collecting funding sources and distribution of funds

1.5 10% 0.15 • Each product to be issued by Adira Finance’s SBU is reviewed by SSB to ensure product conformity with NSB-IUC edicts (fatwa).

• Adira Finance’s SBU strives to ensure that the funding source and fund distribution products are in accordance with the edicts of NSB-IUC and the stipulation of the Minister of Finance/OJK by, among others, conducting periodical reviews.

4. Fund disbursement to core financing customers

1.5 10% 0.15 • Adira Finance’s SBU has implemented prudential principles in providing funding, especially to core customers by continuously referring to the provisions of legislation.

• Adira Finance’s SBU does not provide special treatment for core customers, all are treated according to Adira Finance’s SBU procedure.

5. Transparency of financial and non-financial conditions, GCG reports, and internal reporting

2 25% 0.5 • Adira Finance’s SBU has established monthly reports and submitted them to the Ministry of Finance/Bapepam-LK in accordance with applicable regulations.

• Adira Finance’s SBU has conducted an independent assessment of Good Corporate Governance as well as making necessary improvements.

• Adira Finance’s SBU has good internal reporting and is able to present the necessary data/information. This system is supported by quality human resources and system of technology.

Composite score 100% 1.9 “Good” Predicate


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Description:

Composite Score Composite Predicate

Composite Score <1.5 Excellent

1.5 < Composite Score < 2.5 Good

2.5 < Composite Score < 3.5 Fair

3.5 < Composite Score < 4.5 Poor

4.5 < Composite Score < 5 Very Poor


Corporate Social Responsibility

DermagaLocated in the village of Berau, Makassar, Ramang-Ramang is the largest karst of limestone mountains in Indonesia that has natural beauty and is a prime tourist attraction in Makassar.


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Corporate SocialResponsibility

06


ContentsCORPORATE SOCIAL RESPONSIBILITY

398

Legal Basis 405

Vision & Mission of Adira Finance CSR

405

Sustainable Report 406

Corporate Social Responsibilities in the Environment Sector

406

Corporate Social Responsibilities in the Aspects of Employment, Health and Safety

408

Corporate Social Responsibilities on Social and Community Development Aspects

409

Corporate Social Responsibilities on Customer Responsibilities Aspects

410


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CSRAdira

Adira Finance presented the Festival Pesona Lokal held in 9 cities across the Nation to introduce the best tourism destinations in Indonesia.

The Ministry of Tourism highly appreciates the Festival Pesona Lokal, which positively attracts more tourists to visit Indonesia.


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Adira Finance has formulated a variety of community empowerment programs designed to improve standards of living, while continuing to strive the best ways in running more efficient operations in the use of resources, as well as giving attention to human resources development as important assets of business success.

Indonesia has many fascinating tourist destinations for both domestic and international tourists, hence the Festival Pesona Lokal is one of the attractions to promote the Indonesian local wisdom.



The implementation of Corporate Social Responsibility (CSR) is a commitment of Adira Finance to develop sustainable economic growth by paying great attention to the balance of Economic, Social and Environment aspects of the community.

Adira Finance understands that success in the finance industry is not only determined by quality management and operational performance, but also by the support of communities surrounding the Company. Therefore, Adira Finance defines the substance of the implementation of CSR, not only to develop harmonious and mutually beneficial relationships with the environment, communities and stakeholders connected to it, both locally and nationally, but also in the effort to support the Company’s mission to deliver both positive and sustainable impacts.

Increasing the quality of life of the surrounding community will bring a direct positive impact on the growth of the Company, because the more advanced a society is, the more likely they are to have a higher purchasing power. Therefore, Adira Finance has formulated a variety of methods of community empowerment that are designed to sustainably

improve the livelihood of the community as well as to improve their living standards.

Considering that the operations of Adira Finance depends on the availability of natural resources, including paper, water and energy, the Company is also concerned about the sustainability of these natural resources and continues to strive for ways to operate more efficiently with regards to the use of its resources.

At the same time, Adira Finance also always pays attention to all employees as they are the most important assets of business success. Therefore, Adira Finance continues tofocus attention on the fulfilment of employees’ rights including to receive a decent life, the opportunity to develop, and to work in a healthy condition. The Company ensures every employee works in a safe work environment, while encouraging employees to always adopt a healthy lifestyle.

At the end of the Company’s business chain, there are valuable customers that are using the services of Adira Finance for their various needs. Customers play an important role in the Company’s business progress.

Adira Finance aspires to make the

best contribution to society through its

community-based creating shared value

(CSV) programs.


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Hence, Adira Finance always maintains and upholds the trust that has been granted by our customers.

LEGAL BASISA number of regulations pertaining to the implementation of corporate social responsibility that the Company refers to are as follows: • Law No. 40 of 2007 concerning Limited Liability

Companies. • Law No. 25 of 2007 concerning Investment. • Law No. 8 of 1999 concerning Consumer

Protection.• Law No. 13 of 2003 concerning Manpower.• Indonesia Financial Services Authority Regulation

No. 1/POJK.07/2013 concerning Consumer Protection in Financial Services Sector.

• Indonesia Financial Services Authority Regulation No. 18/POJK.07/2018 concerning Consumer Complaint Services in Financial Services Sector.

VISION & MISSION OF ADIRA FINANCE CSR Vision and mission for the implementation of corporate social responsibilities in Adira are made based on corporate vision and mission as follows:

Vision Creating shared value in the interests of the Company and to improve the welfare of the Indonesian people.

Mission • Provide products and services that vary according

to customer’s demands• Provide a beneficial and positive experience for

stakeholders • Empower communities to prosper



SUSTAINABLE REPORT This sustainability report represents a summary of the efforts made by the Company for the purpose of maintaining the sustainability of business which at the end will give contributions to its surroundings, which are the environment itself and the community as well.Adira Finance’s Sustainability Report is presented based on the Global Reporting Initiative (GRI) standard. For the 2018 report, we compiled a Sustainability Report with the GRI version 4 (G4) standard. On this occasion we presented a summary of the said Sustainability Report.

CORPORATE SOCIAL RESPONSIBILITIES IN THE ENVIRONMENT SECTOR

Management PolicyCorporate social responsibility in environment and natural conversation remain as a commitment that the Company will maintain at all times. Though in its normal business activities the Company is not directly dealing with the natural environment, Adira Finance is aware that the efficient consumption of electricity and paper in business would contribute in creating a clean environment.

In addition, Adira Finance also has a policy in providing credit loans to customers for them to participate as agents of sustainable development, one of which is protecting the environment. Therefore, the Company also focuses on environmentally friendly lending as one of the terms of financing distribution. This commitment is implemented through policies to safeguard the environment of both internal and external companies. This is done continuously, with a hope to bring change to a larger environment.

Plan and Target ActivitiesIn 2018, Adira Finance determined the CSR target implementation in environment to be in line with the management policy in the environment sector. In addition, Adira Finance was also held another CSR activities which include the environmentally friendly operational activities of financing customer and consider the environment aspect in the provision of financing facility.


Implemantation of Activities and Its Quantitatives ImpactsThroughout 2018, Adira Finance collaborated with internal and external stakeholders, government and community elements, through various activities as follows:1. Environmental Management Good management of the environment will provide

enormous benefits to employees both directly and indirectly. A clean and well-organized work environment will provide comfort and health to the surrounding people.

Activities carried out by the Company include:• Provision of green plants in and surrounding

the Company’s premises;• Arrangement of the work environment that

highly supports and encourages comfort and cleanliness;

• Provision of facilities that support the ongoing maintenance of cleanliness in the work environment including the provision of adequate bins and other cleaning equipment.

• Collaboreted with Yayasan Danamon Peduli in the reforestation program in the city park as well as Ciliwung Watershed.

2. Use of Paper In our current situation, the use of paper in the

Company’s business activities is very important. The use of paper is still essential for meeting materials, financing agreements, application forms, survey forms, as well as correspondence which are still done in hard copy, thus requiring a large amount of paper. However, the Company will continue to strive for a paperless office and currently we preparing digital documents policy.

Meanwhile, the efforts made by the Company in the management of paper use include:• Increasing the utilization of Information

Technology in every Company activity and document storage;

• Simplification of consumer finance documentation so that the amount of paper required can be reduced;

• Maximize utilization of paper sides, in the sense of using both sides of the paper especially for things such as drafting documents;


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• Segregate between new paper, paper that can still be used and paper that cannot be used.

The following is comparative information on the use of paper in the Company’s headquarters troughout 2018 and 2017:

The following is comparative information on the use of paper in the Company’s headquarters throughout 2018 and 2017:

Year Number of paper reams

Number of sheets

2017 2,710 1,355,000

2018 2,490 1,245,000

3. Use of Water Water is a natural element that is very essential for

human life, and in the current situation, clean water is limited and cannot reach the entire population in Indonesia. Realizing this, Adira Finance has made every effort to use water as efficiently and effectively as possible. The use of water in the Company’s business activities is mainly for consumption, sanitation and cleanliness of the workplace. For the Company’s head office, water is sourced from water managed by the building manager.

4. Use of Energy The limited sources of energy in the current

condition encourage the Company to make policies that lead stakeholders to use existing energy as efficiently and effectively as possible. In the Company’s operational activities, various activities have been carried out including electricity savings by reducing the number of lights or not turning on the lights if the day light is still sufficient, using energy-saving electrical equipment, reducing the use of electrical appliances and others.

The following is the comparison of information regarding the electricity costs of the Company’s headquarters throughout 2018 and 2017:

Year Electricity Cost

2017 IDR 286,268,638

2018 IDR 280,269,212

5. Consideration of Environmental Aspects in Financing Requirements

To help control pollution as a manifestation of our environmental maintenance efforts, the Company has carried out various initiatives, including:a. Provide the maximum age requirements for

vehicles that can be financed, so that the vehicles that are not using environmentally friendly technology will be reduced. The maximum vehicle age that can be financed by Adira Finance is 7 years for motorbikes and 10 years for cars. As we know that lately motor vehicle manufacturers continue to strive to meet their environmentally friendly standards in order to market their products in European countries that have strict requirements for the maximum exhaust gas limit and will most likely become even more strict in the coming year.

By limiting the age of motorized vehicles, it is expected that the engine technology used is increasingly environmentally-friendly, and well-maintained and still in accordance with the requirements of the maximum exhaust gas level.

b. Require consumers to always maintain collateral goods, in the form of motorized vehicles, so that it is expected that with good maintenance it will be able to minimize the pollution generated in the form of air pollution and noise.

Until the end of 2018, Adira Finance has not received any certification in the environmental sector.

Cost IncurredIn 2018, to implement environmental activities related to CSR, Adira Finance has spent IDR 49 million.



CORPORATE SOCIAL RESPONSIBILITIES IN THE ASPECTS OF EMPLOYMENT, HEALTH AND SAFETY

Management PolicyThe Company’s policies in the aspects of Employment, Occupational Health and Safety (K3) are the main priorities in the Company’s operational activities that can encourage productivity, as well as improve the quality of life, both for employees and all stakeholders. The conditions of a safe working environment and harmonious working relationships between the Company and all employees are the foundation and one of the requirements in achieving the Vision, Mission and objectives of a sustainable business plan. The Company is always committed to implementing healthy and conducive industrial relations between the Company and employees, and ensures all employees have equal rights and opportunities in fulfilling employee rights. In addition, the Company is also committed to providing health and safety guarantees for employees while working.

In the field of employment, the Company refers to Law No. 13 of 2003 concerning Manpower. Under the law, the Company provides opportunities for its employees to develop competencies through a series of training.

The Company also provides full commitment to equal rights in career opportunities. The Company adheres to the principle of equality, especially related to gender. Thus, all employees in the Company have the same rights and opportunities to develop.

Plan and Target ActivitiesIn 2018, Adira Finance determined the CSR target implementation in the employment, health and safety to be in line with the management policy in that sector.

Implementation of Activities and its Quantitative impactsIn the employment sector, Adira Finance has embodied its commitment through various points as follows:• Providing equal opportunities for all employees to

receive training for career development.• Providing good, clean, healthy working places and

facilities.• Setting up the workspace by paying attention to all

aspects of usability and aesthetics.• Providing greenery within and surrounding the

Company’s premises• Providing safety and security equipment for

employees• Providing training and socialization regarding

occupational health and safety for employees.• Prepare monitoring and reporting mechanisms

regarding working environment conditions.• Periodically check hygiene and health in the work

environment.• Provide health facilities for employees.

In addition, Adira Finance has also carried out various training and competency development activities with the number of participants and training investments as follows:

Training 2014 2015 2016 2017 2018Participants 45,654 36,911 32,818 118,010 129,002

Training and Development Investment (Rp billion)

48.6 33.1 36.6 38.8 48.7

In relation to the complaints mechanism of labor issues, the Company provides flexibility for every employee to submit complaints, dissatisfaction or objections that are felt to interfere with the implementation of tasks or matters of employment. The complaints mechanism for employee complaints can be submitted to direct supervisors and through the Directorate that has been appointed by the Company.


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In the health sector, the Company has provided health facilities for all employees in the form of health insurance, life insurance, personal accident insurance and BPJS Kesehatan. Meanwhile, the health benefits obtained by employees include inpatient, childbirth, general outpatient and dental care. In addition, the Company also provides eyeglasses and lenses with a reimbursement system.

In the area of work safety, Adira Finance is committed to providing full health and safety guarantees. Nevertheless, the operational work area of Adira Finance is generally performed in office areas and has a lower level of risk compared to other industrial sector work areas.

Cost incurredThe amount of costs incurred by the Company in implementing CSR activities in the employment sector achieved IDR 127.9 billion, while in the aspects of health and safety, the cost is amounted to IDR 35 billion.

CORPORATE SOCIAL RESPONSIBILITIES ON SOCIAL AND COMMUNITY DEVELOPMENT ASPECTS

Manajemen PolicyAdira Finance is committed to develop the community economy in the form of a business partnership program. The business partnership program has become part of the Company strategy, as it can generate the efficiency and synergy of resources owned by the partners. For small business, partnership is very profitable, because it can also take advantage of market, capital, technology, management and entrepreneurship owned by big business like the Company. The Company is concerned with the development of the small-scale business sector, in line with the importance of the sector’s role towards the national economic development.

Corporate Social Responsibility in the social aspect is also shown through some activities that are directly touches the society. It needs to be conducted so that the Company’s can benefits the social environment, especially in the operational environment. In addition,

through some social activities with the community, it is expected to encourage the stakeholders to increase social awareness to its surrounding community

Plan and Target ActivitiesIn 2018, Adira Finance determined the CSR target implementation in the social and community development aspect to be in line with the management policy in the social development. In addition, Adira Finance also held various CSR activities including education in order to improve the financial literacy of the society and social activities

Implemantation of Activities and Its Quantitatives Impacts

A. Education Activities1. Financial Literacy Adira Finance participates in organizing financial

literacy programs that aim to educate the public about the importance of financial literacy from an early age and provide an overview of financial institutions and financial products. In 2018, the targets of educational activities and financial literacy were housewife and SME (Micro, Small and Medium Enterprise) groups. The activities are among others, workshop on the family financial management that were held in some areas i.e Sulawesi, Central Java, East Java and Bali with total amount of IDR 30 million.

B. Social Community Activities Troughout 2018, the Company has carried out

various Social Activities programs, including:

1. Social Support During 2018, the Company had several social

activities, whether in collaboration with Yayasan Danamon Peduli or conducted independently. The activites performed, among others:a. Danamon-Adira Berbagi Buku This activity was initiated by Yayasan

Danamon Peduli that engaged the Bank Danamon Group to submit/collect used decent books or new books for children and conducted in April-May 2018.



b. Natural disaster victims supportc. Social support for orphanage

In order to perform those activities, the Company spent about IDR 3.7 billion.

2. Religious Activities In 2018, the Company conducted some

religious activities with the society with total cost of IDR266 miliion.

3. Health Activities Cooperation with Increso is a manifestation

Cooperation with Increso isa manifestation of the Company’s substantial commitment to its Social Responsibility, starting in 2013, the Company entered into several joint ventures with several non-governmental organizations engaged in social affairs, one of which is through “Increso”.

This social institution was established at the end of 2006 andis engaged in social affairs with all employees of Adira Finance. Increso has programs that directly touch the community, including mass treatment, social service, operational funding for underprivileged residents and others. All funds earned by Increso come from the donations of Adira Finance employees which is a manifestation of Adira Finance employees’ awareness of social activities, beyond the Company’s contribution.

In addition, the Company also makes Increso to maintain a sense of social solidarity for all its employees. This is done by providingthe widest opportunity to all employees, with various levels in order to play an active role in social activities in the community. The employee’s active role can be done by actively conveying information when there are people who really need help or participate in assisting in the implementation of social services and mass medical treatment.

In 2018, donations made by Adira Finance’s employees to Increso achieved IDR 760,000,000. Throughout 2018, Increso has provided medical assistance to 87 patients with costs incurred in the amount of IDR 792,066,540. The Increso Financial Report is audited every year by the Public Accounting Firm registered with the Financial Services Authority.

4. Sport Activities In 2018, the Company participated actively in

several sport activities, internally and externally. The Company spent IDR 972 million for this activities.

Cost incurredIn 2018, the amount of costs incurred by the Company in implementing CSR activities in the social and community development sector achieved IDR 5.7 billion.

CORPORATE SOCIAL RESPONSIBILITIES ON CUSTOMER RESPONSIBILITIES ASPECTS

Management PolicyThe Company realizes that consumers are very important parts of the Company’s business. Therefore, in order to ensure that the services provided to our customers are well maintained, the Company has established a consumer complaintsystem that can be reached 6 days a week (Monday-Friday: 08.30-17.00 WIB and Saturday: 08.30-13.00 WIB).

Consumer information and complaint requests can also be submitted via email care at [email protected] and CARE Adira Finance SMS service, which is available 24 hours a day and 7 days a week through 0811-811-5811. Any incoming complaints will be automatically recorded, so the follow-up and completion process can always be monitored at any time. The existence of this system has also helped the Company to evaluate the Company’s service performance to be improved or upgraded in the future.


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Plan and Target ActivitiesThroughout 2018, all Adira Finance’s CSR plan and target in the customer responsibility aspect already in line with the management policy in that aspect. In addition, Adira Finance also held another CSR activities which include customer engagement.

Implemantation of Activities and Its Quantitatives Impacts Throughout 2018, activities related to the Company’s responsibilities to consumers have been carried out, including:

A. Consumer Empowerment In order to empower Consumers, in 2018, Adira Finance has implemented various activities to empower

consumers through Creating Share Value (CSV), among others:• Establish Adira Finance consumer community called Adira Club Member. Adira Club Member is a place for

the Company’s consumers to communicate with each other, exchange experiences and knowledge, so that information useful to consumers can be disseminated properly.

• Conduct Festival Pesona Lokal in terms of ecosystem engagement• Provide dissemination or education related to financial services in general and related to Adira Finance

services.

To these entrepreneurial customers, Adira Finance provides a lucrative and friendly experience through the implementation of customer training programs. Adira provides a customer coaching program that has business in Jabodetabek area.

This guidance lasts for 3 months through several stages, which are: determination of participants, training, and mentoring. After that the participants will be monitored to see the development of their business. In the implementation of customer development, the materials provided are: knowledge of management strives, understanding of business potential, simple bookkeeping to marketing tricks.

B. Provision of Customers Complaint Facilities In order to provide the best service to the consumers, the Company also complements the customer

complaints service through Customer Service available in every Branch Office, Adira Finance Ringing Service through 1500511, [email protected], and service SMS CARE Adira Finance through number +628118115811 which is available 24 hours a day and 7 days a week.

C. Customers Complaint Handling In providing complaint handling service, the Company guides by referring to OJK Regulation No. 01/

POJK.07/2013 regarding Consumer Protection of Financial Services Sector, OJK Circular Letter No. 2/SEOJK.07/2014 Concerning Service And Completion Of Consumer Complaint regarding Service Businessman Financial and other relevant laws and regulations.



The following is the data of services and settlement of customers’ complaints by the Company in the 4th Quarter of 2018:

Type of Products and Services

Complaints Category

Total Sattelement Status

Completed Not Completed In Progress

Financual Institutions

Adira Finance Club (AFC)

24 23 0 1

AKSES Adira Finance

547 439 0 108

Autodebet from Danamon Lebih Adira

33 33 0 0

Administration Fee 59 59 0 0

BPKB Storage Fee 202 202 0 0

Transaction Cost 264 264 0 0

Penalty 398 398 0 0

Fraud 1 1 0 0

BPKB Information Status

1 1 0 0

Services (System and Procedure)

130 123 0 7

TOTAL 2,886 2,763 0 123

Data of complaints settled in the 4th Quarter of 2018:

Descriptions <20days 20 days < X < 40 days >40 days

Complaints Received in the Previous Reporting Period

1. Completed 2,681 81 0

2. In progress 107 4 13

TOTAL 2,788 85 13

Cause of complaints in the 4th Quarter of 2018:

Descriptions Total

Comprehension of product characteristics by Consumers 952

Insufficient product information 24

Interference/damage regarding Information Technology equipment and system 0

Amendment/termination of the Signing/Agreement/Contract 0

Consumer’s Negligence 655

Financial Services Provider’s Negligence 0

Financial Service Provider’s Criminal Act 0

Others: Dealers, Services (System & Procedures), Status of Important Documents, Status of Insurance Claim, Status of Payment, Total Invoice

1,255

Total 2,866

Positive and negative publications in in the 4th Quarter of 2018

Descriptions Total

Consumers complaint in printed/electronic mass media 0

Printed/electronic media article 0

Printed/electronic media coverage 0

Publication/writing in public places 0

Social media, e-mail 28

(other than number 1-5 above, if any) 0

Total 28


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For the purpose of complying with OJK Regulation No. 18/POJK.07/2018 concerning Consumer Complaint Services in Financial Services Sector and OJK Circular Letter No. 17/SEOJK.07/2018 concerning Consumer Complaint Services Guidelines in the Financial Services Sector, Adira Finance has performed the following:1. Maintaining the procedures of managing and settling complaints.2. Never charging any fees for the management and settlement of customer complaints.3. Maintaining a business unit which provides the service of settling customer complaints which is the Service

Quality Unit.4. Since 2010, the Company has already performed assessments of our customer service level at all business

units within the Company by calculating SLA (time required by each unit to settle the process in this unit). The assessment results are submitted to all business units on a monthly basis. The assessment results have encouraged all business units to improve their performance, both by improving the current system or providing the relevant training to employees.

5. For the purpose of minimizing the risks and ensuring that the service process and settlement of customer complaints have been made in accordance with the procedures, Adira Finance has established Quality Assurance Unit and Internal Audit Unit.

6. Submitting customer complaint settlement reports in accordance with the time period established by OJK.7. Product Information

• For each financing made, Adira Finance discloses the terms and conditions of financing applicable for the customers. Each financing contract is made based on all prevailing rules and regulations in Indonesia. Disclosures are made for customers to prevent any losses incurred by the customers throughout the financing period.

• To ensure the implementation of this procedure, each officer who has contacts with customers has been equipped with knowledge pertaining to the products and services and is assuredly capable of explaining the contractual provisions for this financing if required by customers.

Cost incurredThe total fund distributed by the Company for responsibility to consumers in 2018 was IDR 6.8 billion.


Pantai Akkarena Akkarena Beach has transformed into a beach paradise in Makassar which has been visited by tourists, particularly as the most favorite place to enjoy the beauty of the sunset.


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ContentsSUPPORTING DATA 414Operational Area 416

The Company’s Business Networks

418


Branch OfficesBranch Offices are the Company’sbusiness units. They hold executive powers and manage their own books, but their activitiesare subject to the provisions passed by the head office. As of 31 December 2017, the Company had 193 Branch Offices.

Representative OfficesRepresentative offices are extension of the Company’s branch offices. They offer direct points of service to the Customers. Each branch office might be responsible for handling one or more representative offices in its area.

Each representative office has the authority to market the financing products, receive installment payment and provide financing application. Nevertheless, all the administration processes is including the financing approval are performed in branch offices. As of 31 December 2017, the Company had 242 RepresentativeOffices.

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Area Branch Offices

Representative Offices Kiosks Total

Jakarta, Bogor, Depok,Tangerang, Bekasi, Serang

33 5 13 51

West Java 21 23 4 48Central Java 22 21 14 57East Java 25 22 15 62Northern Sumatera 23 52 0 75Southern Sumatera 23 55 0 78Borneo 21 33 0 54Sulawesi, Maluku, Papua 22 51 1 74Bali, Nusa Tenggara 11 8 5 24Total 192 237 11 440

192Branch Offices

237Representative Offices

11Kiosks

KiosksKiosks are part of the Company’s official business networks that are located in strategic area to facilitate certain transaction. As of 31 December 2017, the Company had 28 Kiosks.



KANTOR PUSAT

The Landmark Centre I Lt.26-31

Jl. Jenderal Sudirman No.1

Jakarta Selatan 12910

Telp : 021-52963322/3232

Facs : 021-52964159

WILAYAH JABODETABEKSER

CABANG

JAKSEL 1 TEBETJl. KH Abdullah Syafe’i

No. 50 A-C RT/ 012 RW 009

Kel. Bukit Duri, Kec. Tebet

Jakarta Selatan

Telp : 021-7902829/79187576

Facs : 021-79191878

JAKSEL 3 CAR TEBETJl. KH Abdullah Syafe’i

No. 50 A-C RT/ 012 RW 009

Kel. Bukit Duri, Kec. Tebet

Jakarta Selatan

Telp : 021-7902829/79187576

Facs : 021-79191878

CILEDUGJl. HOS Cokroaminoto No. 57

Kreo, Ciledug

Telp : 021-7323669

Facs : 021-7323583

CIPUTATKompleks RUKO Ciputat LOT

Jl Dewi Sartika Kav 22-23

RT 002/009, Ciputat

Tangerang Selatan

Telp : 021-7415209

Facs : 021-7406974

JAKARTA 2

KELAPA GADING 1 (MOTOR)Komp. Ruko Kokan Permata

Kelapa Gading Blok F 3A,5,6,7

Telp : 021-45851314

Facs : 021-45851321

JAKARTA 3 (KETAPANG)Jl. KH Zainul Arifin No.27

Blok A3-A4, Petojo Utara

Telp : 021-6322707

Facs : 021-6322709

DAAN MOGOTKomplek Perkantoran Daan Mogot Baru

Jl.Tanah Lot Blok LC I

No. 14-15, Kalideres

Telp : 021-5445407

Facs : 021-5445422

JAKARTA 4 (MOBIL) PONDOK

INDAHJl. Sultan Iskandar Muda

No. 17 C

Kebayoran Lama Selatan

Telp : 021-7233336

Facs : 021-7233337

JAKARTA 5

KELAPA GADING 2 (MOBIL)Komp. Ruko Kokan Permata

Kelapa Gading Blok F 3A,5,6,7

Telp : 021-45851314

Facs : 021-29375240

JAKARTA BARAT (MOBIL)Ruko Seasons City Blok A07

Jl. Latumenten No. 33

Jembatan Besi, Tambora

Jakarta Barat

Telp : 021-29071301

Facs : 021- 29071304

CIKARANGKomp. Ruko Bagasasi

Sentra Cikarang Blok B 20-22

Jl. Raya Cikarang-Cibarusah

Telp : 021-89117744

Facs : 021-89117745

BEKASI 1Komplek Grand Mall Blok C No. 9-10,

Blok B No. 20

Jl. Jenderal Sudirman No.1

Telp : 021-8892107

Facs : 021-88955379

BEKASI 2 (BEKASI TIMUR)Ruko Permata Metropolitan

Blok A3 No. 31-33, 34

Jl. Sultan Hasanudin

Telp : 021-8831881

Facs : 021-88370135

BEKASI 3Komplek Sentra Bisnis Harapan Indah

Blok SB 9 No. 18 - 21,

Jl. Harapan Indah Raya, Medan Satria

Telp : 021-88866352

BEKASI 4Komplek Sentra Bisnis Harapan Indah

Blok SB 9

No. 18 - 21, Jl. Harapan Indah Raya,

Medan Satria

Telp : 021-88866208/210

BEKASI 5Jl. Gatot Subroto No. 36-38 Kp. Pilar,

Rt 002/Rw 008

Karang Asih

Telp : 021-89119761

Facs : 021-89119765

PONDOK GEDEJl. Raya Hankam

No 60 A-B RT 007/RW 005

Jatirahayu, Bekasi

Telp : 021-84995340

Facs: 021-84995042

TANGERANG

ALAM SUTERA 1Jl. Raya Serpong Km. 7

Alam Sutera, BSD, Tangerang

Telp : 021-53124550

Facs : 021-53124557

TANGERANG

ALAM SUTERA 2Jl. Raya Serpong Km. 7

Alam Sutera, BSD, Tangerang

Telp : 021-53124550

Facs: 021-53124557

CIKUPAPerumahan Citra Raya Boulevard Raya,

Citra Raya Blok L 01/15R

Telp : 021-59400382

Facs : 021-59400301

TANGERANG

PASAR BARUJl. Mohammad Toha No 14 C & 14 D,

Gerendeng

Karawaci, Tangerang


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SERANG 1Jl. Jenderal A Nomor 157, Kel. Sumur

Pecung, Serang, Banten

Telp : 0254-209810

Facs : 0254-209818

SERANG 2Jl. Jenderal A Nomor 157, Kel. Sumur

Pecung, Kec. Serang, Banten

Telp : 0254-209810

Facs : 0254-209818

RANGKAS BITUNGJl. Mutatuli No. 38 A Rangkasbitung

Lebak Banten

Telp : 0252-201219

Facs : 0252-281081

CILEUNGSIJl. Raya Narogong

Ruko Mall Cileungsi Indah Blok C 14-17,

Kel. Cileungsi Kidul, Kec. Cileungsi

Telp : 021-82496925

Facs : 021-82480306

DEPOK 1Jl. Margonda Raya No. 88 A-C

Telp : 021-77204222

Facs : 021-77200022

DEPOK 3Jl. Margonda Raya No. 88 A-C

Telp : 021-77204222

Facs : 021-77200022

CIMANGGIS Jl. Raya Jakarta Bogor KM 31, RT 001/

RW 005

Cisalak, Sukmajaya

Telp : 021-87714717

Facs : 021-87714730

BOGOR 1 (TAJUR)Jl. Raya Tajur No. 158 A-C

RT01/RW06

Telp : 0251-390372

Facs : 0251-384222

BOGOR 2Jl. Raya Tajur No. 162D

Telp : 0251-378862

Facs : 0251-310543

BOGOR 3Jl. K. H. Soleh Iskandar Dinata No. 476 A

RT 004/RW 009

Kedung Badak, Tanah Sareal

Telp : 0251-8362825/29

CIBINONGGraha Cibinong Blok C1 No. 21-23

Jl. Raya Jakarta-Bogor Km.43, Cibinong

Bogor

Telp : 021-87908409/10

CILEGONJl. Raya Serang-Cilegon

No. 40-41 Kel. Kedaleman

Kec. Cibeber, Cilegon

Telp : 0254 377581

Facs : 0254 377741

KANTOR PERWAKILAN

LEUWILIANGRuko Cemplang

Jl. Cemplang Cibungbulang No.2 RT 11/

RW 03, Bogor

Telp : 0251-8640140

Facs : 0251-8650745

CILEDUG-FATMAWATIKomp. Golden Plaza Fatmawati blok

D-15 Jl. RS. Fatmawati No.15 RT 003/

RW 06

Gandaria Selatan, Cilandak

Telp : 021-7507729

Facs : 021-7507222

LABUANJl. Kalang Anyar, Ruko Ciateul Blok A

No 9, Labuan

Pandeglang, Banten

Telp : 0252-508018

MALINGPINGJl. Raya Bayah Malingping KM 1

RT 004/RW 002

Kel Malingping Utara,

Kec. Malingping Utara, Lebak 42391

Telp : 0252-508018

BOGORJl. Raya Tajur No. 158 A-C RT 01/RW

06 Kel. Pakuan Kec. Bogor Selatan.

Telp : 0251-8390372

Facs : 0251-8384222

DEPOK 4Jl. Raya Sawangan, RT 01/RW 02. Kel.

Rangkapan Jaya, Kec. Pancoran Mas.

Telp : 021-77883737

Facs : 021-77886259

KIOS

KELAPA GADING - PTCPTC Lt. Dasar Blok A1-A3 , Jl. Raya

Bekasi Kawasan Industri Pulogadung,

Pulogadung

Jakarta Timur 13210

Telp : 021-46800128

CIKARANG - SGCSentra Grosir Cikarang (SGC),

Lt. Lower Ground Zona Merah No. 5,

Jl. R.E. Martadinata

No. 95, Cikarang, Bekasi 17530

BEKASI 4 - PLAZA TAMAN HARAPAN

BARUPlaza Taman Harapan Baru

Lt. Dasar Blok C1 No. 1,

Jl. Taman Harapan Baru No 1 Pejuang -

Medan Satria Bekasi 17113

Telp : 021-88882377

Facs : 021-88882377

WILAYAH JAWA BARAT

CABANG

BANDUNG 1 (NON HONDA)Jl. Soekarno Hatta No. 380,

Kel. Situsaeur, Kec. Bojong Loa Kidul,

Bandung

Telp : 022-5210766

Facs : 022-5210796

BANDUNG 3 (MOBIL)Jl. Terusan Pasir Koja No. 43

RT 005/RW 002, Panjunan

Astana Anyar, Bandung

Telp : 022-6046331

Facs : 022-6046327

BANDUNG 4 CIMAHIJl. Gadobangkong No. 94

RT 02/RW 03

Ngamprah, Cimahi

Telp : 022-6632500

Facs : 022-6632530

BANDUNG 5

UJUNG BERUNGJl. Raya Sukamiskin No. 118

RT 01/RW 04

Telp : 022-7218491

Facs : 022-7216250

BANDUNG 6Jl. Pungkur No. 117

RT 006/RW 005, Kel. Balonggede,

Kec. Regol, Bandung

Telp : 022-4241001

Facs : 022-4221982


BANDUNG 7Jl. Setiabudi No. 206, Kel. Hegarmanah,

Kec. Cidadap, Bandung 40141

Telp : 022-2040521

Facs : 022-2040471

SUMEDANGJl. Mayor Abdurrachman

No. 103

Telp : 0261-208258

Facs : 0261-208256

SUBANGJl. Oto Iskandardinata RT 04/RW 10

Telp : 0260-421172

Facs : 0260-421167

KARAWANG 1Jl. Kertabumi No. 29 E-F,

RT 003/RW 009, Karawang

Telp : 0267-411512

Facs : 0267-400274

KARAWANG 2/CIKAMPEKJl. Veteran Blok Cihideung No. 77

RT 05/RW 02, Ciseureuh

Purwakarta

Telp : 0264-231515

Facs : 0264-231516

KARAWANG 3Jl. Sorokunto No. 60

RT 001/RW 008

Karawang

Telp : 0267-8453728

Facs : 0267-8453337

TASIKMALAYAKomp. Ruko TST

Jl. Ir. H. Juanda No. 18

RT 001/RW 004

Telp : 0265-327525

Facs : 0265-327528

GARUTJl. Cikuray No. 38

RT 001/RW 006

Telp : 0262-240969

Facs : 0262-243307

BANJAR (JABAR)Komp. Pertokoan Victoria Plaza

Jl. Mayjen Didi Kartasasmita Blok B, No.

3,5,6, Kel. Banjar Kolot,

Kec. Banjar, Jabar

Telp : 0265-744336

Facs : 0265-745290

CIREBONJl. Dr. Wahidin Sudirohusodo No. 63

RT 01/ RW 01

Telp : 0231-230750

Facs : 0231-232481

JATIBARANGJl. Raya Bangkaloa Ilir No. 25

Jatibarang

Telp : 0234-352919

Facs : 0234-353300

SUKABUMIJl. Pabuaran No. 12

RT 005/RW 002

Telp : 0266-215366

Facs : 0266-217203

PAMANUKAN SUBANGJl. Raya Eyangtirtapraja

No. 45, RT 002/RW 008, Kel. Desa

Pamanukan Kota, Kec. Pamanukan,

Subang

Telp : 0260-555070

Facs : 0260-555071

CIANJURJl. Ir. H. Juanda No.19B &19C,

RT 01/RW 13, Kel.Pamayoman,

Kec.Cianjur

Telp : 0263-282724/25

Facs : 0263-282726

MAJALENGKARuko Taman Hana Sakura Jl. Raya

Cigasong Jatiwangi, Kel. Cicenang, Kec.

Cigasong, Majalengka

Telp : 0233-281223

Facs : 0233-8285130

KANTOR PERWAKILAN

BANDUNG CAR – BANDUNG DRBJl. Ibrahim Adjie No. 97

Babakan Surabaya

Kiara Condong, Bandung 30,

Banjaran Wetan, Bandung

Telp : 022 – 7203430

MAJALAYAMajalaya - Ciparay

RT 01/RW 04, Sukasari,

Paseh, Bandung

Telp : 022-85962066

Facs : 022-85962067

RENGASDENGKLOKJl. Raya Rengasdengklok

RT 06/RW 02, Amansari

Rengasdengklok

Telp : 0267-8485191

Facs : 0267-485207

CIKAMPEKJl. Ir. H. Djuanda No. 23-25

Cikampek Utara, Kotabaru

Telp : 0264-4304703

Facs: 0264-304580

CIAMISJl. Mr. Iwa Kusumasomantri No. 21

Kp. Cibitung Girang RT 003/RW 006,

Kertasari

Telp : 0265-772505

Facs : 0265-2751632

PANGANDARANJl. Raya Babakan Dusun Karanggedang,

RT 03/RW 04

Babakan, Pangandaran

Telp : 0265-631585

Facs : 0265-631584

CIREBON-CILEDUGJl. Pangeran Walasungsang No. 137,

RT 01/RW 01, Jatiseeng, Ciledug,

Cirebon

Telp : 0231-663709

Facs : 0231-663711

KUNINGANJl. Pramuka No. 38, RT 007/RW 003,

Purnawirangun, Kuningan

Telp : 0232-8881980

Facs : 0232-8882154

PATROLJl. Raya Patrol (Depan Kantor

Kecamatan Patrol - Indramayu)

Sukra

Telp : 0234-612816

Facs : 0234 – 612819

PELABUHAN RATUJl. Jend. Sudirman No. 9

Citepus, Pelabuhan Ratu

Telp : 0266-434190

Facs : 0266- 435246

TANJUNG SARIPerumahan Babakan Jati Permai,

Jl. Tanjung Sari No. 154, RT 02/RW 06

Sumedang

Telp : 022-7914290

Facs : 0262-429936



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CIAWIJl. Raya Ciawi No. 1

Ds. Pakemitan Kidul, Kec.

Ciawi, Kab. Tasikmalaya

Telp : 0265-453246

Facs : 0265-453225

SINGAPARNAKp. Babakan Cianda RT 01/RW 012,

Ds. Cilampung Hilir

Padakembang, Singaparna

Telp : 0265545770

Facs : 0265-545783

KARANG NUNGGALJl. Raya Karangnunggal

Kp. Karangnunggal RT 08/RW 04

Karangnunggal, Tasikmalaya

Telp : 0265-580469

PAMEUNGPEUKJl. Cilauteureun No. 36 RT 01/RW 04

Garut, Pameungpeuk, Garut

Telp : 0262521609

Facs : 0262-2520479

LIMBANGANJl. Raya Limbangan Kp. Lio Barat,

RT 01/RW 06, Limbangan Barat,

Blubur Limbangan

Telp : 0262-438117

TANGGEUNGKampung Wangunjaya Tanggeung,

RT 004/RW 001, Cianjur

Telp : 0263-363862

Facs : 0263-363863

CIKAJANGJl. Raya Cikajang Kp. Cibodas

RT 001/RW 005, Cibodas

Darmaraja, Cikajang

Telp : 0262-577628

CICURUGKp. Leuwi Orok RT 09/RW 04

Sundawenang, Parung Kuda

Sukabumi

Telp : 0266-654144

Facs : 0266-6541449

JAKSANARANATAJl. Jaksanarata No. 7

RT 03/RW 15, Baleendah, Bandung

Telp : 022-88882452

Facs : 022-88882594

KIOS

KOSAMBIJl. Raya Kosambi No 9

RT 02/RW 06, Duren, Klari

Karawang

Telp : 0267-8615407

WILAYAH JAWA TENGAH

CABANG

SEMARANG IJl. MT. Haryono 657 A

Wonodri, Semarang Selatan 50242

Telp : 024-8318866

Facs : 024-8416800

SEMARANG 2 (MOBIL)Jl. MT. Haryono 657 A

Lantai 3, Wonodri

Semarang Selatan 50242

Telp : 024-8318866

Facs : 024-8416800

SEMARANG 3Ruko Pedurungan,

Jl. Arteri Soekarno Hatta

Kalicari, Pedurungan

Telp : 024-767 29339

Facs : 024-767 29199

KENDALJl. Soekarno Hatta 346

RT 003/RW 003

Pekauman, Kendal

Telp : 0294-384566

Facs : 0294-384565

AMBARAWAJl. Jend. Sudirman No. 88C

RT/06 RW 02, Kupang Lor, Ambarawa

Telp : 0298-594044

Facs : 0298-592118

KUDUS

Komp. Sudirman Square

Jl. Sudirman, RT 03/RW 01, Rendeng,

Kudus Kota, Kudus

Telp : 0291-441442

Facs : 0291-444390

PATIJl. Kyai Saleh No. 31

RT 06/RW 02, Pati Lor

Telp : 0295-386400

Facs : 0295-381972

PURWODADIJl. Ahmad Yani (Lingkungan Nglejok),

Kuripan, Purwodadi

Telp : 0292-423884

Facs: 0292-425028

TEGAL

Jl. Jend. Sudirman No. 23/25

RT 01/RW 04, Randugunting, Tegal

Telp : 0283-322383

Facs : 0283-320714

PEKALONGANJl. KH. Mansur 108

Kel Bendan, Pekalongan

Telp : 0285-422008

Facs : 0285-431095

PURWOKERTOKomplek Ruko Satria Plaza Blok BC 3

Jl. Jenderal Sudirman

Telp : 0281-626028

Facs : 0281-626030

SOLOJl. Raya Solo Permai JA

No. 7-9, Solo Baru, Grogol

Telp : 0271-626626

Facs : 0271-626623

CILACAPJl. Perintis Kemerdekaan

RT 01/RW 04, Kebonmanis

Cilacap Utara, Cilacap

Telp : 0282-548777

Facs : 0282-548133

SRAGENJl. Raya Sukowati, No. 412

Giripurwo, Wonogiri

Telp : 0271-894646

Facs : 0271-890913

KLATENJl. Pemuda Utara No. 113

Tonggalan, Klaten Tengah

Telp : 0272-322561

Facs : 0272-322546

WONOGIRIJl. A. Yani 172 RT 1/RW 2

Giripurwo, Wonogiri

Telp : 0273- 323588

Facs : 0273- 323926

YOGYAKARTA 1Jl. H.O.S. Cokroaminoto

No. 221, RT 10/RW 04, Kel. Tegalrejo,

Kec. Tegalrejo, Yogyakarta

Telp : 0274-555085

Facs : 0274-555062


YOGYAKARTA 2Jl. IPDA TUT Harsono

No. 55A, Umbul Harjo

Cangkringan

Telp : 0274 563131

Facs : 0274 563061

YOGYAKARTA 3 (MOBIL)Jl. H.O.S Cokroaminoto No.221,

RT 10/RW 04, Kel. Tegalrejo,

Kec. Tegalrejo, Yogyakarta

Telp : 0274-581910

Facs : 0274-581909

MAGELANGJl. Ahmad Yani No. 40

Kedungsari, Magelang Utara

Telp : 0293- 363021

Facs : 0293- 361246

BANJARNEGARAJl. Stadion No. 03, Parakancanggah,

Banjarnegara

Telp : 0286-5985920

Facs : 0286-5985921

SALATIGAJl. Osamiliki No. 34

RT 01/RW 03, Mangunsari,

Sidomukti, Salatiga

Telp : 0298-3429111

Facs : 0298-321902

KANTOR PERWAKILAN

DEMAKJl. Sunan Kalijogo No. 1350

RT 01/RW 10, Demak

Telp : 0291-685414

Facs : 0291-685414

UNGARANJl. Moh. Yamin No. 10

Bandarjo, Ungaran Timur

Telp : 024-6927039

JEPARAJl. Pemuda No. 10 A,

RT 03/RW 07, Panggang, Jepara 59412

Telp : 0291-598628

Facs : 0291-598659

REMBANGJl. P Sudirman No. 163

RT 01/03, Kabongan Lor

Rembang, 59219

Telp : 0295 6997093

BLORAJl. Gatot Subroto No. 76

RT 02/RW 03, Kauman, Blora

Telp : 0296-532875

Facs : 0296-531607

BUMIAYUJl. P. Diponegoro No. 649

RT 02/RW 07, Jati Sawit, Bumiayu

Telp : 0289-432599

Facs : 0289-432399

KETANGGUNGANJl. R. A. Kartini RT 003/RW 001

Ketanggungan, Brebes

Telp : 0283-881511

Facs : 0283-881513

PEMALANGJl. Jend. Sudirman No. 63

Wanareja, Taman, Pemalang 52312

Telp : 0284-325695

Facs : 0284-324313

MAJENANGJl. Cilopadang No. 86

RT 02/RW 02, Cilopadang, Majenang

Telp : 0280-623796

KEBUMENJl. HM.Sarbini No.13

RT 06/RW 02, Bumirejo

Kebumen 54311

Telp : 0287-385624

PURBALINGGAJl. MT Haryono No. 20 Purbalingga,

Kulon, Purbalingga

Telp : 0281-894414

Facs : 0281-892967

KARANG ANYARJl. Lawu No. 31

Karangpandan, Karang Anyar

Telp : 0271-495911

Facs : 0271-495898

BOYOLALIJl. Kates No. 2 Banaran, Boyolali

Telp : 0276-323038

Facs : 0276-32491

WONOSARIJl. Agus Salim No. 71, Kepek, Wonosari

Kab. Gunung Kidul

Telp : 0274-393382

Facs : 0274-393383

TEMANGGUNGJl. Jend. Sudirman No. 172

Kowanga, Temanggung

Telp : 0293-493511

Facs : 0293-493083

WONOSOBOJl. RSUD No. 2 Kp. Sedeng Kulon

RT 13/RW 04, Wonosobo Barat

Wonosobo 56312

Telp : 0286-3326191

Facs : 0286-322871

BOJAJl. Tambora RT 005/RW 003

Boja, Kendal

Telp : 0285-4468288

GUBUGJl. A. Yani, RT 05/RW 04

Gubug, Grobogan 58164

Telp : 0292-5135892

Facs : 0292-5135891

SOLO BARUJl. Raya Solo Permai JA

No. 7-9, Solo Baru, Grogol

Telp : 0271-626624

Facs : 0271-626631

YOGYAKARTA DRBJl. H.O.S. Cokroaminoto

No. 221, RT 10/ RW 04, Kel. Tegalrejo,

Kec. Tegalrejo, Yogyakarta, RT 10/RW 04

Telp : 0274-555085

Facs : 0274-555062

SEMARANG 3Ruko Pedurungan,

Jl. Arteri Soekarno Hatta, Kalicari,

Pedurungan

Telp : 024-767 29339

Facs : 024-767 29199

PURWOREJOJl. A. Yani No. 25 A, Purworejo

Telp : (0275) 322500

Facs : (0275) 325075

WILAYAH JAWA TIMUR

CABANG

SURABAYA 1 Jl. Margorejo 63 A - B

Ruko Margo Indah Shop House,

Margorejo, Wonocolo

Telp : 031- 8475288

Facs : 031-8495477



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SURABAYA 2Ruko Icon 21 Blok S 10-11

Jl. Dr. Ir. H. Soekarno RT 001/RW 001,

Klampis Ngasem, Sukolilo, Surabaya

Telp : 031-5049898

Facs : 031-5046633

SURABAYA 3 (MOBIL)Jl. Kayon No. 2 C-D

Kel. Embong Kaliasin

Telp : 031-5318640

Facs : 031-5318658

SURABAYA 4Ruko Satellite Town Square Blok B 16-18

Jl. Sukomanunggal

Telp : 031 - 7346720

Facs : 031 - 7349626

SURABAYA 5Ruko Satellite Town Square Blok B 16-18

Jl. Sukomanunggal

Telp : 031 - 7346720

Facs : 031 - 7349626

PAMEKASANJl. Pintu Gerbang No. 21, RT 02/RW 03

Bugih, Pamekasan

Telp : 0324-325383

Facs : 0324-325861

SIDOARJOJl. Hang Tuah No. 2

RT 007/RW 002, Sidomekti

Telp : 031-8921416

Facs : 031-8921221

GRESIKRuko Building Kartini

Jl. R.A. Kartini No. 236/A1

Sidomoro, Kebomas

Telp : 031-3987726

Facs : 031-3987750

TUBANJl. Lukman Hakim No. 43

RT 03/RW 04, Tuban

Telp : 0356-333066

Facs : 0356-332442

BOJONEGOROJl. Veteran

Desa Sukorejo, Bojonegoro

Telp : 0353-892870

Facs : 0353-893206

MOJOKERTOJl. Yos Sudarso No. 29-35 Mojokerto

Telp : 0321-325509

Facs : 0321-325842

JEMBERJl. Gajah Mada No. 229 RT 004/RW 002

Kel. Kaliwates, Jember

Telp : 0331-424666

Facs : 0331-410421

SITUBONDOJl. Basuki Rahmat No. 128 Mimbaan,

Panji, Situbondo

Telp : 0338-670730

Facs : 0338-679980

LUMAJANGJl. Wahid Hasyim 80 Lumajang

Tompokkersan, Lumajang

Telp : 0334-891562

Facs : 0334-893311

BANYUWANGIJl. S. Parman No. 33

Komp. Perkantoran Gardenia Estate

Kav. 5,6,7, Banyuwangi

Telp : 0333-411589

Facs : 0333-411590

KEDIRIJl. Erlangga 39

RT 02/RW 10, Banjaran

Kediri Kota, Kediri

Telp : 0354-690533

Facs : 0354-687327

MADIUNJl. Semeru No. 3, Pangongangan,

Manguhardjo, Madiun

Telp : 0351-493101

Facs : 0351-493105

PONOROGOJl. Panglima Besar Sudirman No. 55,

Ponorogo

Telp : 0352-489241

Facs : 0352-462340

TULUNG AGUNGKomp. Panglima Sudirman Trade Centre

Blok B5-7, Jl. S. Hasanudin

Telp : 0355-336270

Facs : 0355-333312

BLITARJl. Raya Melati No. 1, Ruko A - D

(Simpang Melati Veteran)

Kepanjen Kidul, Blitar

Telp : 0342-816178

Facs : 0342-816179

MALANG 1Jl. Jaksa Agung Suprapto

No. 56, Claket, Klojen, Malang

Telp : 0341-364646

Facs : 0341-364616

MALANG 2Jl. R. Tumenggung Sutyo 30 A dan B,

Bunulrejo, Blimbing, Malang

Telp : 0341-579901

Facs : 0341-579902

KEPANJENJl. Ahmad Yani No. 04

RT 4B/RW 02, Kel. Ardirejo

Kepanjen, Malang

Telp : 0341-393844

Facs : 0341 - 391686

PASURUANJl. Sokarno Hatta

No. 88C-88D

Pasuruan

Telp : 0343-431532

Facs : 0343-431531

MOJOKERTOJl. Soekarno Hatta No. 3 Komp. Ruko

Cempaka Mas Blok A No. 20-21

Kel. Kepuh Kembeng, Kec. Peterongan,

Jombang

Telp : 0321-871564

Facs : 0321-878421

KANTOR PERWAKILAN

SUMENEPJl. Pahlawan No. 28, Pamolokan,

Sumenep 69412

Telp : 032-86760086

Facs : 032-86760088

SAMPANGJl. Diponogoro, RT 03/RW 03

Banyuanyar, Sampang 69217

BANGKALANJl. R.E. Martadinata No. 28

Mlajah, Bangkalan 69116

Telp : 031-51161788

Facs : 031-51161755

SURABAYA DRB Ruko RMI Blok I/16-17,

Jl. Ngagel Jaya Selatan, Surabaya 60281

Ngagel, Gubeng

Telp : 031 -5037 560

Facs : 031-5037525


LAMONGANRuko Orind Raya, Kavling

15 - 16 No.19 Jl. Jaksa Agung Suprapto,

Tumenggungan

Lamongan 62214

Telp : 0322-324834

Facs: 0322-324856

JATIROGOJl. Raya Timur No. 125 RT 02/RW 02

Kel. Sugihan, Kec. Jatirogo

Sugihan, Jatirogo, Tuban

Telp : 0356 – 551459

BALUNGJl. Rambipuji No. 120

Balung Lor, Balung

Jember 68161

Telp : 0336-621666

BONDOWOSORuko Crown Plaza, Wahid Hasyim 168,

Blindungan, Bondowoso 68212

Telp : 0332-423135

Facs : 0332-432673

GENTENGJl. Hasanuddin No. 81

RT 03/RW 04

Genteng Wetan, Banyuwangi

Telp : 0333-842346

Facs : 0333-842198

NGANJUKJl. Gatot Subroto No. 2C

RT 04/RW 02, Kauman, Nganjuk

Telp : 082894064857

NGAWIJl. Yos Sudarso No. 28

Margomulyo, Ngawi

Telp : 0351-745522

Facs : 0351-742178

PACITANJl. Panglima Sudirman No. 151

RT 02/RW 01, Baleharjo

Pacitan 63571

Telp : 0357-885151

Facs : 0357-886444

TRENGGALEKJl. Soekarno-Hatta Komplek Ruko

Hayam Wuruk No. A2-A3 Trenggalek,

Ngantru, Trenggalek 66316

Telp : 0355-796768

Facs : 0355-796954

MOJOSARIRuko Royal RE-2 Jl. Airlangga

Seduri, Mojosari, Mojokerto

Telp : 0321-595838

Facs : 0321-593263

WLINGIJl. Panglima Sudirman

(Samping Laboratorium Kartika),

RT 01/RW 05, Beru, Wlingi, Blitar

Telp : 0342-694058

Facs : 0342-694129

TURENJl. Panglima Sudirman No. 21

Turen, Malang 65175

Telp : 0341-825877

BATUJl. KH Agus Salim No.95

RT 01/RW 08, Kel. Temas, Kec. Batu

Telp : 0341-597277

Facs : 0341-512830

PANDAANJl. Raya Kalitengah No. 11

RT 06/RW 05, Karangjati, Pandaan

Pasuruan 67156

Telp : 0343-636323

Facs : 0343-634040

MALANG DRBJl. Jaksa Agung Suprapto

No. 56, Claket, Klojen, Malang

Telp : 0341-364646

Facs : 0341-364616

GATOT SUBROTOJl. Gatot Subroto No. 65 - 67

Probolinggo, Kel. Mangunharjo,

Kec.Mayangan

Telp : 0335-432200

KIOS

TANGGULRuko Tanggul Square

Jl. P. B Sudirman No. 4

Darungan, Tanggul, Jember 68155

Telp : 0336-445515

DIVA KRAKSAANKomp. Ruko Diva Kraksaan

Jl. P. B Sudirman No. 56-57

Kraksaan Wetan, Kraksaan

Probolinggo 67282

Telp : 0335-841702

NGENDINGANJl. Ngendingan

RT 01/RW 05, Ngendingan

Widodaren, Ngawi

Telp : 0351-672932

Facs : 0351-671596

WILAYAH SUMATERA

CABANG

BANDA ACEHJl. Dr. Mr. Muhammad Hasan

Kel. Batoh, Kec. Leung Bata, Kota

Banda Aceh

Telp : 0651- 40181

Facs : 0651-40162

LANGSAJl. A. Yani No 78

(samping swalayan senyum)

Paya Bujuk Blang Pase

Langsa Kota, Langsa

Telp : 0641-7444205

Facs : 0641-7444208

MEULABOHJl. Manekroo Simpang Geureutee,

(Samping Warkop Malaka), Kuta Padang

Johan Pahlawan, Meulaboh

Telp : 0655-7551496

Facs : 0655-7551495

MEDAN 1 (KOTA)Komplek OCBC No. 8, 9, 10, 11

Jl. Ringroad Setia budi II, Kel. Sunggal,

Kec. Medan Sunggal, Medan 20122

Telp : 061-88803035

Facs : 061-4146655

MEDAN 2 (MOBIL)Komplek OCBC No. 8, 9, 10, 11



Telp : 061-88803035

Facs : 061-4146655

MEDAN 3 (TITI KUNING)Jl. Abdul Haris Nasution

No. 88D, Titi Kuning

Medan Johor, Medan

Telp : 061-7873629

Facs : 061- 7873638

MEDAN 4 (MARELAN)Jl. Marelan Raya Psr IV

No. 66-67, Rengas Pulau

Medan Marelan

Telp : 061-6841284

Facs : 061-6857041



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BINJAIJl. S. Hasanuddin No. 12

Satria, Binjai Kota

Binjai 20714

Telp : 061 - 8828880

Facs : 061- 8820479

LUBUK PAKAMJl. Diponegoro No. 111, Kel. Lubuk

Pakam Pekan, Kec. Lubuk Pakam,

Kab. Deli Serdang, Sumatera Utara

Telp : 061-7955715

Facs : 061-7956250

KISARANJl. Abdi Setya Bhakti

Komp. Graha Asahan Indah Blok C

No. 35-36, Kel. Sei Ranggas,

Kec. Kisaran Barat

Telp : 0623-348239

Facs : 0623-348237

TEBING TINGGIJl. Ahmad Yani No. 200 A-C

Tebing Tinggi

Telp : 0621-329099

Facs : 0621-329197

PEMATANG SIANTARJl. Sang Nawaluh Kompleks Mega Land

Blok AA No. 18

Siopta Suhu, Siantar Timur

Telp : 0622-24375

Facs : 0622-27386

RANTAU PRAPATJl. Sisingamangaraja, No. 38-40,

Aek Tapa, Kel. Bakaran Batu

Telp : 0624-327755

Facs : 0624-327753

PEKANBARU 1Jl. Jend. Sudirman No.121

RT 01/RW 05, Pekanbaru

Telp : 0761-855351

Facs : 0761-849000

PEKANBARU 2 (MOBIL)Jl. Tuanku Tambusai

Kel. Jadirejo, Kec.Sukajadi

Telp : 0761 7891465/66

PERAWANGJl. Raya Perawang KM 7

RT 02 RW 03, Desa Perawang Barat

Telp : 0761-693346

Facs : 0761-693346

RENGATJl. Sultan Ibrahim

RT 017/RW 06

Kampung Besar, Rengat

Telp : 0796-324217

Facs : 0769-324218

BANGKINANGJl. Teuku Umar

No. 35-36, RT 02/RW 02

Telp : 0762-322030

Facs : 0762-322444

BATAMJl. Laksamana Bintan Komplek Bintang

Mas Blok C No. 2, 3 & 3A , Sei Panas,

Bukit Jodoh, Batu Ampar

Telp : 0778-492051

Facs : 0778-492045

PADANG 1Jl. Thamrin No. 1

Belakang Pondok

Padang Selatan, Padang

Telp : 0751-812235

Facs : 0751-841411

PADANG 2 (MOBIL 1)Jl. Patimurah No 4

RT 04/RW 01

Kampung Jao, Padang Barat

Padang 25112

Telp : 0751-7530558

Facs : 0751-7530557

PASAMANJl. Lintang Selatan Empat Manggopoh

Telp : 0753-466383

Facs : 0753-466382

SOLOKJl. Pandan Ujung No. 41 RT 01/RW 01

Pasar Pandan, Air Mati, Solok

Telp : 0755-21038

Facs : 0755-325150

BUKIT TINGGIKomplek Ruko Panama

Jl. Jambu Air KM 2 No. 75 & 77

Kel. Taluak IV Suku, Kec. Banuhampu,

Bukittinggi Agam, Sumbar

Telp : 0752 628836

Facs : 0752 628837

JAMBI 1Jl. Hayam Wuruk No. 49-51,

Jelutung, Jambi

Telp : 0741-24684

Facs : 0741-24697

JAMBI 2 (MOBIL)Jl. Hayam Wuruk No. 49-51,

Jelutung, Jambi

Telp : 0741-24684

Facs : 0741-24697

MUARA BUNGOJl. Jenderal Sudirman/Lintas Sumatera

No. 65 RT 02/RW 01, Kel. Pasir Putih,

Kec. Rimbo Tengah, Kab. Bungo

Telp : 08117452128

PALEMBANG 1Jl. Basuki Rahmat No. 1779 ABCD

RT 026/RW 010

Kemuning, Palembang

Telp : 0711-377144

Facs : 0711-377143

PALEMBANG 2 (MOBIL)Kompleks Rajawali

Jl. Veteran No 993 RT 16/RW 05

9 Ilir, Ilir Timur II, Palembang

Telp : 0711-378736

Facs : 0711-378655

PALEMBANG 3-VETERANKompleks Rajawali Jl. Veteran No 993

RT 16/RW 05, 9 Ilir, Ilir Timur II

Palembang

Telp : 0711-378736

Facs : 0711-378655

BATU RAJAJl. Dr. Moh. Hatta Komp. Simpang Baku

RT 11/RW 05 Komp Simpang Bakung

RT 011/RW 005

Telp : 0735-322200

Facs : 0735-323675

BANGKA/PANGKAL PINANGJl. Jend. Sudirman No. 22-23

Taman Bunga, Gerunggang

Telp : 0717-438422

Facs : 0717-438596

BENGKULU 1Jl. Kapt. Tendean No. 27A-D

RT 004/RW 002, Jembatan Kecil,

Gading Cempaka, Bengkulu

Telp : 0736-341732

Facs : 0736-345457

BENGKULU 2 (MOBIL)Jl. Kapt. Tendean No. 27A-D

RT 004/RW 002, Jembatan Kecil,

Gading Cempaka, Bengkulu

Telp : 0736-341732

Facs : 0736-345457


LAMPUNG 1Gajah Mada No. 60 C-F

Tanjung Karang Timur, Bandar Lampung

Telp : 0721-242293

Facs : 0721-242295

LAMPUNG 2 (MOBIL)Gajah Mada No. 60 C-F

Tanjung Karang Timur, Bandar Lampung

Telp : 0721-242293

Facs : 0721-242295

BANDAR JAYAJl. Proklamator Raya No. 23, Dusun 5

RT 012/RW 005

Bandar Jaya Barat

Terbanggi Besar

Telp : 0725-25980

Facs : 0725-25981

METROJl. Jend. Sudirman No. 76

Metro, Metro Pusat

Telp : 0725-7851033

Facs : 0725-7851034

PADANG SIDEMPUANJl. Sudirman No. 62B

WEK II, Psp Utara

Padang Sidempuan Utara

Telp : 0636 – 28908

Facs : 0636 - 28906

DUMAI-OMBAK/BAGAN BATUJl. Jend. Sudirman

RT 002/RW 002

Bagan Sinembah

Telp : 0765-51777

Facs : 0765-552053

OMBAKJl. Ombak No. 62

Simpang Tetap Darul Iksan

Dumai Barat Dumai

Telp : 0765-36985

Facs : 0765-37008

KANTOR PERWAKILAN

PALEMBANG 3-VETERANKompleks Rajawali

Jl. Veteran No 993 RT 16 RW 05

9 Ilir, Ilir Timur II, Palembang

Telp : 0711-378736

Facs : 0711-378655

TAKENGONJl. Labe kader Simpang wariji

Blang Kolak I, Bebesen, Takengon

Telp : 0643- 24546

BLANGPIDIJl. Kesehatan Gampong

Kuta Tuha, Blangpidie

Telp : 0659-92889

Facs : 0659-92880

NIASJl. Diponegoro No. 161

Ilir, Gunung Sitoli

Telp : 0639 - 22216

PEKANBARU DRBJl. Jend Sudirman No.121 Pekanbaru,

RT 01/RW 05, Wonorejo, Marpoyan

Damai

Telp : 0761-862417

LHOKSUMAWEJl. Samudera Baru, Simpang Empat,

Banda Sakti, Lhoksumawe 24313

Telp : 0645- 46721

Facs : 0645- 44189

BIREUNJl. Laksamana Malahayati No.5

Banda Bireun, Kota Juang, Bireun 24251

Telp : 0644- 21017

Facs : 0644- 21015

SIGLIJl. Prof. A Madjid Ibrahim

Blang Asan, Sigli, Pidie 24111

Telp : 0653- 7829571

Facs : 0653- 7829574

PANGKALAN BRANDANJl. Besitang, Alur II

Sei Lipan, Pangkalan Brandan

Telp : 0620-322639

Facs : 0620-322916

BALIGEJl. Sisingamaraja No 158

Napitupulu Bagasan, Balige, Toba

Samosir

Telp : 0632 – 21565

Facs : 0632 - 21555

KOTA PINANGJl. Bukit No.73A Komp. Ruko Baru,

Kota Pinang, Labuhan Batu

Telp : 0624-496194

Facs : 0624-495831

SIBUHUANJl. K.H. Dewantara Lingkungan VI,

Pasar Sibuhuan, Barumun, Padang

Lawas

Telp : 0636 - 421591

Facs : 0636 - 421421

PANGKALAN KERINCIJl. Akasia No. 58 D - E

(Samping Kantor PLN)

Pangkalan Kerinci, Pelalawan

Telp : 0761-493028

Facs : 0761-493057

TALUK KUANTANJl. Jend. Sudirman (Bersebelahan

dengan IMFI Taluk Kuantan)

Beringin Teluk, Kuantan Tengah,

Kuantan Singingi

Telp : 0760-20245/20723

Facs : 0760-20717

BELILASJl. Lintas Timur Simpang 4 Belilas,

RT 15/RW 05, Pangk Kasai, Seberida

Indragiri Hulu 29371

UJUNG BATU ROKANJl. Jend. Sudirman

RT 04/RW 04, Ujungbatu Timur,

Ujungbatu, Rokan Hulu

Telp : 0762-62177

Facs : 0762-62177

MUARA BULIANJl. Gajah Mada, No. 99

RT 007/RW 002, Rengas Condong

Muara Bulian

Telp : 0743-22696

IDIJl. Medan Banda Aceh Samping Dealer

Capella Honda, Tanah Aoi, Idi Rayek

Telp : 0646- 21899

PHANTON LABUJl. T. Hamzah Bandahara

Tanah Jumbo Aye, Aceh Utara Telp :

0645- 91647

KUALA SIMPANGJl. Medan - Banda Aceh

(Dekat Hotel Moreillisa), Tanah Terban

Karang Baru, Aceh Tamiang

Telp : 0641-7447022

SUBULUSSALAMJl. Teuku Umar Simpang Kiri

(samping Bank Mandiri Syariah),

Subulussalam, Simpang Kiri,

Subulussalam

Telp : 0627-31951

Facs : 0627-31952

TEMBUNGKomplek Mega City Tembung Blok A20,

Desa Bandar Klippa

Percut Sei Tuan, Deli Serdang

Telp : 061-7381768

Facs : 061-7385970



Opening

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KABANJAHEJl. Kapten Upah Tendi Sebayang

No. 07, RT 005/RW 003, Padang mas,

Kabanjahe

Telp : 0628-21700

Facs : 0628-20900

STABATJl. K. H. Zainul Arifin No. 40

Stabat Baru, Stabat 20811

Telp : 061 – 8912719

Facs : 061 – 8912731

SEI RAMPAHKomp. Asia Bisnis Center (ABC)

No. 88D, Jl. Raya Medan Tebing Tinggi,

Sei Rampah, Serdang Begadai

Telp : 0621-441471

Facs : 0621-441471

PERDAGANGANJl. Merdeka No. 86

RT 03/RW 01, Perdagangan

Bandar Pulau, Simalrujun

AEK KANOPANJl. Besar Aek Loba Pekan

Aek Loba Pekan, Aek Kuasan, Aek Loba

Telp : 0624-92044

Facs : 0624-92847

LANGGA PAYUNGJl. Lintas Langgapayung - Gunung Tua

Langga Payung, Sungai Kanan Labuhan

Batu Selatan

Telp : 0624-445297

Facs : 0624-445298

MEDAN DRBKomplek OCBC No. 8, 9, 10, 11



Telp : 061-88803035

Facs : 061-4146655

SIAK

Jl. Raja Kecil, RT 012/RW 004,

Kampung Dalam, Siak 28771

Telp : 0764-320729

Facs : 0764-320729

UKUIJl. Lintas Timur RT 05/RW 01

(Samping Dealer Suzuki)

Ukui Satu, Ukui, Pelawan

Telp : 0769-7445068

Facs : 0769-7445069

LUBUK DALAMJl. Raya Pertamina, Pasar Baru Lubuk

Dalam, RT 005/RW 002, Tanah Terban,

Tamiang, Siak 28723

SOREKJl. Lintas Timur RT 003/RW 001

Sorek Satu, Pangkalan Kuras,

Sorek 28382

Telp : 0761-492176

Facs : 0761-492175

AIR MOLEKJend. Sudirman No.69 RT 003/RW 002

Tanjung Gading, Pasir Penyu

Air Molek 29352

Telp : 0769-442730

Facs : 0769-442730

PERANAPJl. Jend. Sudirman Peranap

Peranap, Peranap

Peranap 29354

TEMBILAHANJl. H. Sadri RT 02/RW 06

Tembilahan Kota

Tembilahan, Indragiri Hilir

LIPAT KAINJl. H.R. Subrantas

(Samping Dealer Yamaha)

RT 02/RW 04, Sukamaju

Lipat Kain, Kampar

Telp : 0761-676772

PASIR PANGARAYANJl. Tuanku Tambusai

Pasir Putih Timur

RT 001/RW 002

Pematang Berangan

Rambah, Pasir Pangarayan

UJUNG BATU ROKANJl. Jend. Sudirman

RT 04/RW 04, Ujungbatu Timur,

Ujungbatu, Rokan Hulu

Telp : 0762-62177

Facs : 0762-62177

DALU-DALUJl. Tuanku Tambusai

RT 01/RW 01

Tambusai Tengah

Tambusai, Rokan Hulu

FLAMBOYANJl. Lintas Petapahan, Kota Garo,

RT 016/RW 005, Tanjung Sawit, Tapung,

Kampar 28455

SELAT PANJANGJl. Pelabuhan No.24

Selat Panjang Kota, Tebing Tinggi

Kepulauan Meranti

BATAM DRBKomplek Bintang Mas Blok C No. 1

Jl. Laksamana Bintan, Sei Panas,

Bukit Jodoh, Batu Ampar, Batam

PADANG DRBJl. Thamrin No. 1

Belakang Pondok

Padang Selatan, Padang

Telp : 0751-812235

Facs: 0751-841411

MUARA SABAKJl. Imam Bonjol RT 1

Talang Babat, Muara Sabak Barat,

Tanjung Jabung Timur

Telp : 082882030630

SEKAYUJl.Kol. Wahid Udin No 559 C

RT 2/LK 1, Serasan Jaya

Sekayu, Musi Banyuasin

Telp : 0714-323138

DURIJl. Lintas Duri Dumai KM 125

(Sebelah Hotel Surya), RT 10/RW 3,

Balai Makam, Mandau, Duri

Telp : 0765-598404

Facs : 0765-598403

BENGKALISJl. Gatot Subroto, RT 01/RW 04

Rimba Sekampung, Bengkalis

Telp : 0766-22561

Facs : 0766-22563

UJUNG TANJUNGJl. Lintas Ujung Tanjung

Ujung Tanjung, Tanah Putih

Ujung Tanjung

Telp : 0765-7070306

Facs : 0765-7070308

KANDISJl. Lintas Pekanbaru-Duri

Km. 72, RT 001/ RW 006

Telaga Sam-sam, Kandis Kota

Siak 28886

Telp : 0761-598833

Facs : 0761-598833

TANJUNG PINANGJl. Gatot Subroto Km. 5 Bawah No.4,

Tanjung Pinang Timur, Tanjung Pinang

Telp : 0771-314599


PAINANJl. Dr. Hamka

Painan Timur, IV Jurai

Pesisir Selatan 25651

Telp : 0756-22693

Facs : 0756-22695

LUBUK ALUNGJl. Raya Padang Bukittinggi Sungai

Abang, Lubuk Alung

Padang Pariaman

Telp : 0751-698389

AIRHAJIKoto Panai, Air Haji, Linggo Sari Baganti

Pesisir Selatan

Telp : 0757-7344347

Facs : 0757-7344350

LUBUK BASUNGJl. Gajah Mada No 433B Simpang III Jr

IV Surabayo, Agam 26451

Telp : 0752-66438

UJUNG GADINGJl. Flores Jorong Kuamang

Ujung Gading, Lembah Melintang,

Pasaman Barat

Telp : 0753-470512

LUBUK SIKAPINGKomp. Pasar Lamo

Jl. Sudirman No. 241, Nagari Durian

Tinggi, Lubuk Sikaping, Pasaman

Telp : 0753-321714

Facs : 0753-321714

SAWAH LUNTOJl. Lintas sumatera Km.3 Jorong Padang

Candi Nagari, Sei Dareh, Pulau Punjung

Darmasraya

Telp : 0754-451296

Facs : 0754-451295

MUARA LABOHKomp. Rawang, Jl. Rawang

Brokieh Pasir Talang

Sungai Pagu-Solok Selatan

Telp : 0755-70281

Facs : 0755-70199

KOTO BARUJl. Lintas Sumatera

Pasar Koto Baru, Palo Padang

Koto Baru, Dharmasraya

Telp : 0754-71851

ALAHAN PANJANGJl. Teuku umar jor Taratak Galundi Nag

Alahan Panjang, Lemah Gumanti

Solok 27371

Telp : 0755-60473

BATUSANGKARJl. Hamka (Jl. Raya Batusangkar)

Nagari Baringin

Lima Kaum, Tanah datar

Telp : 0752-71554

Facs : 0752-71569

PAYAKUMBUHKomp. Toyota Intercom Payakumbuh

Jl. Sukarno Hatta, No 1,

Payakumbuh Barat, Payakumbuh

Telp : 0752-95460

Facs : 0752-796718

SOROLANGUNJl. Lintas Sumatera KM 1 Sorolungan,

Sorolangun

Telp : 0745-91827

SUNGAI BAHARJl. Poros Unit 1 RT 07

Suka Makmur, Sungai Bahar

Muara Jambi

Telp : 082882030494

KUALA TUNGKALJl. Ki Hajar Dewantara

Tungkal IV Kota, Tungkal Ilir

Tanjab Barat

Telp : 082882030660

SANGETIJl. Lintas Timur RT 08/RW 03

Sengeti, Sekernan, Muaro Jambi 36381

Telp : 082882031273

MERLUNGJl. Lintas Timur RT01/000

Merlung, Tanjung Jabung Barat

Telp : 082882030058

BANGKO

Jl. Letnan Sadaini Pematang Kandis

Bangko Jambi, Pematang Kandis

Bangko, Marangin

Telp : 0746-322848

Facs : 0746-322849

MUARATEBOJl. Lintas Tebo - Bungo Km. 3

RT 01/RW 05, Tebing Tinggi

Tebo Tengah, Maratebo

Telp : 0744-21687

TUGU MULYOJl. Lintas Timur Dsn IV

RT 01, Tugu Mulyo, Lempuing

Ogan Kemering Ilir

Telp : 08117817110

MUARA ENIMJl. A. Yani No. 19/ 35 B

RT 001/RW 001 Pasar I, Muara Enim

Telp : 0734-422165

Facs : 0734-421006

LAHATJl. Kol. H. Burlian, Bandar Jaya

Lahat 31419

Telp : 0731-324147

Facs : 0731-324147

BELITANGGumawang, Belitang

Ogan Komering Ulu 32382

Telp : 082881130939

BELITUNGJl. Sudirman, Pangkal lalang

Tanjung Pandan, Belitung

Facs : 0719 25124

MUNTOKJl. Jend. Sudirman No. 40

RT 01/RW 03, Senang Hati

Sungai Daeng, Bangka Barat

TOBOALIJl. Teladan Baru, RT 04/RW 01,

Teladan, Toboali

Bangka Selatan

ARGA MAKMURJl. Ir. Soekarno No 3

Rama Agung, Kota Argamakmur,

Bengkulu Utara

Telp : 0737-522868

Facs : 0737-522868

MANNAJl. Sudirman No. 2 RT 02 /

RW 01, Tanjung Mulia

Pasar Manna, Manna

Telp : 0739-23158

Facs : 0739-22577

MUKO-MUKOJl. Jend. Sudirman

(Sebelah PT Telkom), Ujung Padang

Muko-muko Utara, Mukomuko

Telp : 0737-71648

Facs : 0737-71647



Opening

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KALIANDAJl. Kusuma Bangsa No. 88A

RT 002/RW 001

Kalianda, Lampung Selatan

Telp : 0727-321601

Facs : 0727-321332

TANJUNG BINTANGJl. Veteran Pasar Tanjung Bintang,

Jati Baru, Tanjung Bintang Pasar

Lampung Selatan

Telp : 0721-8020346

Facs : 0721-8020349

KOTA AGUNGJl. Ahmad Yani No. 21-22

RT 01/ RW 02

Pringsewu Timur, Pringsewu

Telp : 0729-21195

Facs : 0729-21511

TULANG BAWANGJl. Lintas Pasar Unit II

RT 2/RW 2, Dwi Warga Tunggal Jaya,

Banjar Agung, Tulang Bawang

Telp : 0726-750122

Facs : 0726-750925

DAYA MURNIJl. Daya Asri No 404

RT .02/RW 04, Daya Murni

Tulang Bawang Udik

Tulang Bawang

Telp : 0724-351425

Facs : 0724-351465

LIWAKomplek Pasar Liwa

Jl. Raden Intan Lk. Suka Menanti,

RT 001/ RW 004, Balik Bukit-Liwa

Lampung Barat

Telp : 0728-21622

Facs : 0728-21622

WAY JEPARAPasar Sribhawono, Jl. Simpang

Sribhawono, RT 36/RW 06

Bandar Sribhawono, Lampung Timur

Telp : 0725-660567

WILAYAH KALIMANTAN

CABANG

SAMARINDA 1Jl. Ahmad Yani No. 3A-B Samarinda

Telp : 0541-742729

Facs : 0541-738607

SAMARINDA 2 (MOBIL)Jl. Ahmad Yani No. 3A-B Samarinda

Telp : 0541-742729

Facs : 0541-738607

BALIKPAPAN 1Jl. Jend. Sudirman No. 287

Sei/Sungai Pinang Dalam

Sungai Pinang, Samarinda

Telp : 0541-742734

Facs : 0541-738607

TARAKANJl. Mulawarman RT 41

Karang Anyar, Tarakan Barat

Tarakan

Telp : 0551-35999

Facs : 0551-35600

BANJARMASIN 1Jl. A. Yani KM 5,5 RT 17

Pemurus Luar

Banjarmasin Timur

Telp : 0511-3270579

Facs : 0511-3274103

BANJARMASIN 2Jl. A. Yani KM 5,5 RT 17

Pemurus Luar

Banjarmasin Timur

Telp : 0511-4281851

Facs : 0511-4281943

PALANGKARAYAJl. RTA. Milono No. 441

KM 4,3 RT 04 RW 13,

Kel. Langkai, Kec. Pahandut, Kota

Palangkaraya

Telp : 0536-3223701

Facs : 0536-3221609

SAMPITJl. Ahmad Yani No. 155A (Depan SDN 6)

Mentawa Baru Hulu

Ketapang, Sampit

Telp : 0531-32187

BARABAI/HULU SUNGAIJl. Murakata No. 101

RT 006/ RW 011, Bukat

Barabai - Hulu Sungai Tengah

Kalimantan Selatan

Telp : 0517-43738

Facs : 0517-44422

TANJUNGJl. Ir. PHM Noor RT 05/RW 02

Kel. Mabu’un Kec. Murung Pudak Kab.

Tabalong-Tanjung, Kalimantan Selatan

Telp : 0526-2022994

Facs : 0526-202995

BATU LICINJl. Transmigrasi (Samping Dealer

Yamaha CIM 2) RT 012

Kampung Baru, Simpang Empat, Tanah

Bambu, Batu Licin 72212

Telp : 0518-71535

PONTIANAK 1Jl. KH. Ahmad Dahlan

No. 8-8A, RT 001/RW 015

Sei Bangkong, Pontianak Kota

Telp : 0561-732772

PONTIANAK 2 (MOBIL)Ruko Villa Permai 2

No. A2-3, Jl. S. Parman

RT 01/RW 011

Telp : 0561-766027

Facs : 0561-760266

SINGKAWANGJl. GM Situt No. 68 - 69 RT 04/RW 02,

Kel. Pasiran, Kec. Singkawang Barat

Telp : 0562-634311

Facs : 0562-639789

SINTANGJl. M. T. Haryono No. 100

RT 11/RW 04, Kapuas kanan hulu,

Sintang, Kapuas, Sintang

Telp : 0565-22279

Facs : 0565-23034

PANGKALAN BUNJl. Pasanah No. 04 RT 23

Madurejo, Pangkalan Bun

Telp : 0532-2030367

Facs : 0532-2030366

MARTAPURAJl. A . Yani KM 37 (Samping SPBU Batas

Kota Martapura)

Sungai Pering, Martapura

Telp : 0511-4773008

Facs : 0511-4782475

BERAUJl. Pemuda RT 6

Tanjung Redeb, Berau

Telp : 0811 5450 654

KANTOR PERWAKILAN

BALIKPAPAN DRBJl. Sudirman Komp. Balikpapan Permai

Blok F1 No. 22-23 Balikpapan 76113,

Damai, Balikpapan Selatan

Telp : 0542442828

Facs : 0542425347


BANJARMASIN DRBJl. A Yani KM 2,5 No. 16-17

Banjarmasin 70233, Banjarmasin timur

Telp : 0511-3252500

Facs : 0511-3252500

SEI BABI Jl. Jend. Sudirman KM 86

RT 010/RW 01, Sei Babi

Telawang, Sampit

TENGGARONGJl. Patin No. 80 RT 06, Timbau

Tenggarong, Kutai Kartanegara

Telp : 0541-6666080

MELAKJl. K.H. Dewantara No. 22

(Samping RM Dobby), Melak Ulu, Melak

Melak - Kutai Barat

Telp : 0545-41222

SANGATAJl. Yos Sudarso III

No. 01/RT 07, Teluk Lingga

Sangatta, Kutai Timur

Telp : 08115814135

PETUNGJl. Negara RT 02/RW 01

(Depan Kompi C, samping Dealer Adira

Motor) Petung, Penajam

Telp : 0543-5232944

Facs : 0542-7033401

GROGOTJl. R. Suprapto (Anden Oko),

RT 04/RW 01 (Depan Lapangan Prajurit),

Tanah Grogot

Pasir, Kalimantan Timur

Telp : 0542-321543

Facs : 0542-7213924

HANDILJl. M. Hatta, RT 007

Muara Ulu Handil 4

Muara Jawa, Kutai Kartanegara

Telp : 0541-692090

Facs : 0541-692020

NUNUKANJl. Tien Soeharto RT 13

Nunukan Timur, Nunukan

Nunukan

Telp : 0556- 2026318

TANJUNG SELORJl. Duren RT 23

Tanjung Selor Hilir

Tanjung Selor

Telp : 0552-2026318

MALINAUJl. Desa Malinau Hulu RT 01

Teluk Sanggan, Malinau Kota

Telp : 0553-2023099

PELAIHARIJl. H. Boeyasin No. 2, RT 021/RW 006,

Angsau, Pelahari

Pelaihari

Telp : 0512-23382

Facs: 0512-21978

KAPUASJl. Cilik Riwut

Selat Dalam, Kuala Kapuas, Kapuas

Telp : 0513-6727766

KASONGANJl. Kasongan Sampit KM 1

RT 06/RW 02

Kasongan Lama, Katingan Hilir

Kasongan

PARENGGEANJl. Kalikasa, RT 003/RT 001

Parenggean, Sampit

Telp : 0531-2051590

LAMANDAU/PANGKALAN BANTENGJl. Batu Batanggui RT 004

Bulik, Lamandau

Kalimantan Tengah

RANTAUJl. A. Yani RT 07/RW 2

Kupang, Tapin Utara

Telp : 0517-31646

Facs : 0517-31610

AMUNTAIJl. Norman Umar RT VIII

Kabun Sari, Amuntai Tengah

Hulu Sungai Utara

Telp : 0527-61103

Facs : 0527-61103

KANDANGANJl. Jend. Sudirman

RT 01/RW 01, Hamalu

Tibung Raya, Sei Raya

Telp : 0517-23234

Facs : 0517-23234

MUARA TEWEHJl. Nanas , RT 13/RW 04

Lanjas, Teweh Tengah

Barito Utara

Telp : 0519-22330

KOTABARUJl. H. Hasan Basri No. 7

RT 013, Semayap

Pulau Laut Utara, Kotabaru

Telp : 0518-24269

Facs : 0518-23262

SUNGAI DANAUJl. Propinsi km. 167 RT 028

Desa Makmur Mulia

Sungai Danau, Satui

Sungai Danau - Tanah Bumbu

Telp : 0512-61403

SUNGAI PINYUHJl. Seliung Blok A No. 8

(Samping Dealer Honda Panca Motor),

Sungai Pinyuh, Pontianak

Telp : 0561-654482

RASAU JAYAJl. Jend. Sudirman, RT 32/RW 08 Dusun

IV Purwodadi

Rasau Jaya I, Rasau jaya

Kubu Raya

Telp : 0561-573804

SAMBASJl. Terigas (Samping PLN Sambas),

Saing Rambi, Sambas

Telp : 0562-393209

Facs : 0562-393207

NANGAPINOHJl. Propinsi Nangapinoh Kotabaru

KM 1, Paal, Nangapinoh, Melawi

Telp : 0568-21406

Facs : 0568-21976

WILAYAH SULAWESI

CABANG

MAKASSAR 1Jl. A. P. Pettarini Kompleks

Ruko Delta Ramayana

Jade 4-5, Masale

Panakukkang, Makassar

Telp : 0411-421006

Facs : 0411 425109

MAKASSAR 2 (MOBIL 1)Jl. Pengayoman No. F2-3

Masale, Panakukkang Makassar

Telp : 0411-430234

Facs : 0411-433040

MAKASSAR 3Jl. Sultan Hassanudin

Pandang – pandang

Samba Opu, Gowa - Sungguminasa

Telp : 0411 840424

Facs : 0411 840474



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MAKASSAR 4 (MOBIL 2)Komp. Tamalanrea, Jl. Perintis

Kemerdekaan RT 002/RW 002

Kel. Tamalanrea Indah, Kec. Tamalanrea,

Kota Makassar

Telp : 0411 831054

Facs : 0411831056

PALOPOJl. Kelapa No. 47 RT 001/RW 008,

Legaligo, Wara, Palopo

Telp : 0471-22554

Facs : 0471-23866

PARE-PARE 1Jl. Veteran (Depan Hotel Bumi Indah),

Kel. Mallusetasi, Kec. Ujung, Pare Pare

Telp : 0421-25555

Facs : 0421-27777

PARE-PARE 2 (MOBIL)Jl. Bau Massepe No. 37-37A

Kampung Baru, Bacukiki

Pare-pare

Telp : 0421-3312500

Facs : 0421-25599

KENDARIJl. Ahmad Yani No. 51A

Wua Wua Kendari, Anaiwoi, Kadia

Kendari

Telp : 0401-396201

Facs : 0401-396202

PALU 1Palu City Square

Jl. Soekarno Hatta, Talise,

Mantikulore, Palu

Telp : 0451-481249

Facs : 0451-481130

PALU 2 (MOBIL)Jl. Yos Sudarso

(Depan Pangkalan TNI Angkatan Laut)

Talise, Palu Timur, Palu

Telp : 0451-424223

Facs : 0451-424225

POSOJl. Pulau Bali No. 4

Gebang Rejo, Poso Kota

Poso 94619

Telp : 0452 – 324748

Facs : 0452 - 324750

LUWUKJl. Dr. Moh Hatta, Maahas

Luwuk, Banggai

Telp : 0461-23912

Facs : 0461-23914

MANADO

Jl. Ahmad Yani No. 10 D-E

Sario, Manado

Telp : 0431-88800443

GORONTALOJl. Nani Wartabone

No. 166, Limbau 1, Kotamobagu

Telp : 0435-824560

Facs : 0435-824965

MAMUJUJl. Urip Sumoharjo No. 78 Kel. Karema

Kec. Mamuju Sulawesi Barat, 91512

AMBONJl. Setia Budi No. 26

Kel. Ahusen, Kec. Sirimau, Kota Ambon

Telp : 0911- 344641

Facs : 0911-344639

JAYAPURAJl. Raya Abepura HM 2610

RT 05/RW 06, Entrop

Jayapura Selatan

Telp : 0967 – 522911

SENGKANGJl. A. Panggaru No. 16

Teddopu, Tempe

Sengkang Wajo

Telp : 0485-22662

Facs : 0485-22661

BONEJl. M.T. Haryono No. 1

Bulu Tempe, Tanette Rianttang Barat

Telp : 0481-23335

Facs : 0481-28122

TERNATEJl. Merdeka No.6 (Belakang Benteng)

Kel. Santiong, Kec.Ternate Tengah

Telp : 0921-3125128

SORONGJl. Basuki Rahmat KM 8, Klasaman,

Sorong Timur

Sorong, Papua Barat

Telp : 0951 – 327584

Facs : 0951 – 328993

KANTOR PERWAKILAN

MAKASSAR DRBPertokoan Ruko Villa Surya Mas Blok

A2-23/24, Jl Toddopuli Raya Makassar,

Paropo, Panakukkang

Makassar

Telp : 0411-4663786

Facs : 0411-4663779

MANADO DRBJl. Pierre Tendean (Boulevard) Manado

(Depan MANTOS)

Wenang Selatan, Wenang

Manado, Sulawesi Utara

Telp : 0431-8881582

Facs : 0431-8881580

BUNGKUJl. Trans Sulawesi, Ipi

Bungku Tengah, Morowali

SALAKANJl. Bhayangkara RT 03/Dusun 5, Kel.

Baka, Kec. Tinangkung, Banggai

Kepulauan

TOBELODesa Mahia, Mahia

Tobelo Tengah

Halmahera Utara 97762

PANGKEPJl. Sultan Hassanudin

RT 002/RW 005, Jagong

Pangkajene

Telp : 0410-323671

Facs : 0410-323674

TAKALARJl. Jend. Sudirman (Samping Kantor

Samsat Kalampa) Kallabirang,

Pattallassang, Takalar

Telp : 0411 8323552

Facs : 0411 8323551

LIMBUNGJl. Balla Parang

Galesong, Takalar

Telp : 0411 842228

BULUKUMBAJl. A. Yani No. 38

Caile, Ujung Bulu, Bulukumba

Telp : 0413-2510035

Facs : 0413-2510037

SINJAIJl. AP. Pettarani, Balangnipa

Sinjai Utara, Sinjai

Telp : 0482-21015

BANTAENGJl. Dr. Sam Ratulangi, Letta

Bantaeng

Telp : 0413-22073

Facs : 0413-22073


MANGKUTANAHJl. Trans Sulawesi Dusun Kaya’a

(Depan Lapangan Bayondo),

Beringin Jaya, Tomoni, Luwu Timur

Telp : 0473-25080

TORAJAJl. Pongtiku RT 01/RW 03

Tambunan Mendetek

Makale Utara, Toraja

Telp : 0423-24410

ENREKANGJl. Sultan Hasanuddin (Berdekatan

dengan Gedung DPRD Enrekang),

Pusemen, Enrekang, Pare-pare

BELOPAKomp. BARANA PANCE, Jl. S.

Paremang No. 11

Belopa Utara, Luwu

Telp : 0471-3316077

MASAMBAJl. Mahmud Hatta, Baliase

Masamba, Luwu Utara

Telp : 0473-22106

SIDRAPJl. Jend. Sudirman, RT 03/RW 02,

Majelling Watang

Maritengngae, Sidrap

PINRANGJl. Jend. Sudirman RT 001/RW 002

Jaya, Watang Sawito, Pinrang

Telp : 0421-921069

SOPPENGJl. Merdeka, Bila, Lalabata

Sopeng

Telp : 0484-21686

BARRUJl. Sultan Hasanuddin No. 4

Tuwung, Barru

Telp : 0421-21320

KOLAKAJl. Kadue No. 19

RT 002/RW 002, Sea

Latambaga, Kolaka

Telp : 0405-21255

Facs : 0405-23910

BAU BAUKomp. Pertokoan,

Jl Wolter Monginsidi RT 01/RW 01

Tomba, Wolio, Bau Bau

Telp : 0402-2821341

JAILOLOJl. Hate Bicara

Hatebicara, Jailolo, Halmahera Barat

Telp : 09222221142

SOFIFIJl. 40 Barumadoe

Balbar, Oba Utara,

Tidore Kepulauan

RAHAPertokoan Laino Jl.Lumba-lumba

RT 002/RW 003

Laiworu, Batalaiworu, Muna

KONAWEKomp. Pertokoan,

Jl. Jend. Sudirman, RT 005/RW 003

Ambek Kairi, Unaaha

Konawe

KONAWE SELATANJl. Desa Anduna, Anduna

Laeya, Konawe Selatan

PARIGIJl. Trans Sulawesi, Masigi

Parigi, Parigi Moutong

Telp : 0450-21444

Facs : 0450-22376

TOLI TOLIJl. Ahmad Yani No. 120

(Depan Dealer Yamaha)

Baru, Baolan, Toli Toli

Telp : 0453-24131

Facs : 0453-24129

PASANGKAYUJl. Ir. Soekarno - Trans sulawesi,

Pasangkayu

Mamuju Utara

SIBAYUJl. Poros Palu-Sabang

Tambu, Balaesang, Donggala

BETELEMEJl. Trans Sulawesi

Beteleme, Lembo, Kab.

Morowali

KOTARAYAJl. Ki Hajar Dewantoro No. 33, Dusun

Muktisari, Kota Raya Mepanga, Parigi

Moutong

Telp : 0455-314319

Facs : 0455-314317

TOILIJl. Trans Toili Sulawesi

Desa Singkoyo, Toili

Kab. Banggai

AMPANAJl. Trans Sulawesi, Uentanaga Bawah,

Ampana Kota

Kab. Tojo Una-una

Telp : 0464-22303

KOTAMOBAGU-SUPRAPTOPasar 23 Maret Jl. Suprapto

Gogagoman, Kotamobagu, Kotamobagu

Telp : 0434-22813

Facs : 0434-22812

BITUNGJl. Raya Manado Bitung

Wangurer Barat, Madidir

Kota Bitung

Telp : 0438-35977

TOMOHONJl. Raya Tomohon Tondano

Matani I, Tomohon Tengah, Tomohon

Telp : 0431-352357

AMURANGKomp. Pertokoan,

Jl. Telkom RT 002/RW 002

Uwuran I, Amurang, Minahasa Selatan

BUOLJl. Syarif Mansur RT 05/RW 01

Buol, Liponoto

MARISAJl. Trans Sulawesi

Marisa, Polowatu

Telp : 0443-210262

KWANDANGJl. Trans Sulawesi Poros Gorontalo

(Berdekatan dengan kantor DSP),

Moulo, Kwandang

Gorontalo Utara

Telp : 0442-310179

TILAMUTAJl. Trans Sulawesi,

Modelomo

Tilamuta, Boalemo

Telp : 0443-211040

POLMASJl. Jend. Sudirman

(Depan Bank Danamon)

Sidodadi, Wonomulyo

Polewali Mandar

Telp : 0428-51840

Facs : 0428-51839



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TOPOYOJl. Poros Mamuju

Topoyo, Topoyo

Mamuju

MAJENEJl. Jendral Sudirman (dekat Bank BRI),

Baurung, Banggae

Majena

Telp : 0422-21381

Facs : 0422-21381

SUNGAI PIRUJl. Dusun Sidodadi RT 002/RW 002,

Waimatal, Kairatu, Seram bagian Barat

MASOHIKomp. Perkantoran,

Jl. Abdullah Soulisa

(Depan Kantor Pos Masohi), Namaelo

Masohi

Telp : 0914- 21854

WILAYAH BALI & NUSA TENGGARA

CABANG

DENPASAR 1Komp. Dewata Square

Jl. Letda Tantular No. 1

Blok A17-20, Denpasar Timur

Telp : 0361-231510

Facs : 0361-256159

DENPASAR 2 (MOBIL)Jl. Gatot Subroto Barat

No. 101 X, Ubung

Denpasar Utara

Telp : 0361-428811

Facs : 0361-421132

DENPASAR 3Jl. Gatot Subroto Barat

No. 101 X, Ubung

Denpasar Utara

Telp : 0361-428811

Facs : 0361-421132

TABANANJl. Ir. Sukarno BR, Tegal Belodan (dekat

Perempatan Pasar Kodok Tabanan)

Daun Peken, Tabanan

Telp : 0361-8941670

GIANYARJl. Bypass Dharma Giri

Tabanan, Tabanan

Telp : 0361-955383

Facs : 0361-955386

SINGARAJAJl. Gajah Mada No. 112

Singaraja, Bali

Telp : 0362-29050

Facs : 0362-29232

MATARAMJl. Pejanggik No. 65 A-B

Cakra Barat, Cakranegara

Mataram

Telp : 0370-673195

Facs: 0370-673139

KUPANGKomp. OEBA

Jl. Irian Jaya No. 1A

Blok D, Fatubesi, Kotalama

Telp : 0380-828822

Facs : 0380-824422

MAUMERE

Jl. Anggrek No. 18

Maumere, Sikka, Flores

Telp : 0382-22187

Facs : 0382-22524

SELONGJl. TGKH. Zainuddin Abdul Majid,

Pancor, Selong

Telp : 0376-21100

Facs : 0376-21400

SUMBAWAKomp. Pertokoan, Jl. Udang 8 C - D,

RT 02/RW 02, Kel. Seketeng,

Kec.Sumbawa

Telp : 371625550

Facs : 0371-325324

KANTOR PERWAKILAN

NUSA DUAJl. By Pass Ngurah Rai 77 Ruko B – 2,

Benoa, Kuta Selatan, Badung

Telp : 0811-3861703

NEGARA – NGURAH RAIJl. Ngurah Rai No. 70 Negara-Bali,

Jembarana, Negara, Bali

Telp : 0365-43276

Facs : 0365-43292

KARANG ASEMJl. Jend. Sudirman

(Dekat Dealer Suzuki Sudirman)

Subagan, Karangasem

Telp : 0363-23557

Facs : 0363-22300

PRAYAJl. Jend. Sudirman No. 60, Komp.

Pertokoan Praya

Praya, Lombok Tengah

Telp : 0370 - 654906

SOEJl. Gajah mada (Depan SMK 2 Soe)

RT 12/RW 06, Karangsiri

Kota Soe, Timor tengah selatan

Telp : 0388 – 22466

BIMAJl. Hasanuddin No. 9B, NaE

Rasa NaE, Bima

Telp : 0374-646087

Facs : 0374-646905

ENDEJl. Kelimutu No. 093, Ende Tengah,

Ende, Flores

Telp : 0381-22018

Facs : 0381-22353

RUTENGJl. Yos Sudarso RT 005/RW 003,

Mbaumuku, Langke Rembong, Ruteng

KIOS

KESIMANJl. W.R. Supratman No. 290

Kesiman, Denpasar

Telp : 0361-463238

SERIRITJl. S. Parman, RT 002/RW 001,

Seririt-Buleleng

Telp : 0362- 92150

KUBUTAMBAHANJl. Banjar Dinas Tegal Desa

Kubutambahan Buleleng

Telp : 0362-24213

NARMADAJl. Jend. Ahmad Yani No.68

Narmada, Lombok Barat

Telp : 0370-673175

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ContentsANNUAL FINANCIALSTATEMENTS

434

PT ADIRA DINAMIKA MULTI FINANCE TbkT

Laporan keuangan/Financial statementsFF

Pada tanggal 31 Desember 2018 dan 2017/As of 31 December 2018 and 2017

Untuk tahun-tahun yang berakhir pada tanggal tersebutBerserta laporan auditor independen/For the years then endedWith independent auditors’ report

PT ADIRA DINAMIKA MULTI FINANCE Tbk

*Tidak diaudit *Unaudited

Isi

Halaman/ Page

Contents

Surat Pernyataan Direksi Board of Directors’ Statement

Laporan Auditor Independen Independent Auditors’ Report

Laporan Posisi Keuangan

Tanggal 31 Desember 2018 dan 2017 .............. 1 - 2 Statement of Financial Position

.................... As of 31 December 2018 and 2017 Laporan Laba Rugi dan

Penghasilan Komprehensif Lain Untuk Tahun-tahun Yang Berakhir 31 Desember 2018 dan 2017 ............................ 3 - 4

Statement of Profit or Loss and Other Comprehensive Income

For The Years Ended ............................. 31 December 2018 and 2017

Laporan Perubahan Ekuitas

Untuk Tahun-tahun Yang Berakhir 31 Desember 2018 dan 2017.............................

5 - 6

Statement of Changes In Equity For The Years Ended

............................. 31 December 2018 and 2017

Laporan Arus Kas Untuk Tahun-tahun Yang Berakhir 31 Desember 2018 dan 2017............................

7

Statement of Cash Flows For The Years Ended

............................ 31 December 2018 and 2017

Catatan Atas Laporan Keuangan Untuk Tahun-tahun Yang Berakhir 31 Desember 2018 dan 2017 ............................

8 - 129

Notes to The Financial Statements For The Years Ended

............................ 31 December 2018 and 2017

LAPORAN KEUANGAN PADA TANGGAL 31 DESEMBER 2018 DAN 2017 UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT BESERTA LAPORAN AUDITOR INDEPENDEN

FINANCIAL STATEMENTS AS OF 31 DECEMBER 2018 AND 2017

FOR THE YEARS THEN ENDED WITH INDEPENDENT AUDITORS’ REPORT



Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.

The accompanying notes to financial statements form an integral part of these financial statements taken as a whole.

1

Catatan/ September DecemberNotes 2018 2017

ASET ASSETS

Kas dan kas di bank Cash on hand and in banksKas 2d,2e,2u,4, 249.599 220.471 Cash on handKas di bank 36,37,40 Cash in banks

Pihak ketiga 180.069 269.991 Third partiesPihak berelasi 2t,35 1.259.656 1.731.256 Related parties

Piutang pembiayaan konsumen - Consumer financing receivables -setelah dikurangi cadangan net of allowance forkerugian penurunan nilai sebesar 2d,2f,2g,2h, impairment losses ofRp1.196.067 (2017: Rp841.184) 5,36,37 Rp1,196,067 (2017: Rp841,184)

Pihak ketiga 23.258.706 16.939.102 Third partiesPihak berelasi 2t,35 1.698 - Related parties

Piutang pembiayaan murabahah - Murabahah financing receivables -setelah dikurangi cadangan net of allowance forkerugian penurunan nilai sebesar 2d,2f,2g,2h, impairment losses ofRp240.167 (2017: Rp491.858) 6,36,37 4.370.502 8.579.855 Rp240,167 (2017: Rp491,858)

Piutang sewa pembiayaan - Finance leases receivables -setelah dikurangi cadangan net of allowance forkerugian penurunan nilai sebesar 2d,2f,2h,7, impairment losses ofRp7.501 (2017: Rp14.813) 36,37 Rp7,501 (2017: Rp14,813)

Pihak ketiga 240.637 370.051 Third partiesPihak berelasi 2t,35 241 9.571 Related parties

Beban dibayar dimuka 2j,8 Prepaid expensesPihak ketiga 272.600 240.627 Third partiesPihak berelasi 2t,35 33.122 33.177 Related parties

Piutang lain-lain - neto 2d,9,36,37 Other receivables - netPihak ketiga 141.036 204.225 Third partiesPihak berelasi 2t,35 55.376 51.533 Related parties

2d, 2i,10, Aset derivatif 36,37 Derivative assets

Pihak ketiga 199.351 85.680 Third partiesPihak berelasi 2t,35 54.205 - Related parties

Pajak dibayar dimuka 19 341.512 - Prepaid taxInvestasi dalam saham 2d,2k,2t,11, Investment in shares

Pihak berelasi 35,36,37 650 650 Related partiesAset tetap - setelah dikurangi Fixed assets - net of accumulated

akumulasi penyusutan sebesar depreciation of Rp548,028Rp548.028 (2017: Rp522.843) 2l,12 245.488 208.426 (2017: Rp522,843)

Aset tak berwujud - setelah dikurangi Intangible assets - net of accumulatedakumulasi amortisasi sebesar amortisation of Rp200,488Rp200.488 (2017: Rp167.974) 2m,13 119.831 106.044 (2017: Rp167,974)

Aset pajak tangguhan 2q,19 403.799 387.797 Deferred tax assetsAset lain-lain 14 68.363 54.477 Other assets

TOTAL ASET 31.496.441 29.492.933 TOTAL ASSETS

LAPORAN POSISI KEUANGAN Tanggal 31 Desember 2018 dan 2017 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

STATEMENT OF FINANCIAL POSITION As of 31 December 2018 and 2017

(Expressed in millions of Rupiah, unless otherwise stated)



Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.


2

Catatan/ September DecemberNotes 2018 2017

LIABILITAS LIABILITIES2d,2u,15,36,

Pinjaman yang diterima 37,40 BorrowingsPihak ketiga 11.778.092 6.697.104 Third partiesPihak berelasi 2t,35 - 3.847.182 Related parties

Beban yang masih harus dibayar 2d,16,36,37 Accrued expensesPihak ketiga 793.217 657.757 Third partiesPihak berelasi 2t,35 35.451 72.968 Related parties

2d,2p,17,Utang obligasi - neto 36,37 Bonds payable - net

Pihak ketiga 8.818.907 9.296.065 Third partiesPihak berelasi 2t,35 603.000 465.100 Related parties

Utang lain-lain 2d,18,36,37 Other payablesPihak ketiga 349.654 847.757 Third partiesPihak berelasi 2t,35 188.894 157.511 Related parties

Utang pajak 2q,19 30.174 30.178 Taxes payableLiabilitas imbalan kerja 2o,34 864.883 967.689 Employment benefits liabilities

2d, 2i,10, Liabilitas derivatif 36,37 237.970 7.207 Derivative liabilitiesSukuk mudharabah 2d,2r,20,36,37 Mudharabah bonds

Pihak ketiga 728.000 661.000 Third partiesPihak berelasi 2t,35 40.000 40.000 Related parties

TOTAL LIABILITAS 24.468.242 23.747.518 TOTAL LIABILITIES

EKUITAS EQUITY

Modal saham - nilai nominal Rp100 Share capital - par value Rp100(nilai penuh) per saham (full amount) per share

Authorised capital - Modal dasar 4.000.000.000 saham 4,000,000,000 sharesModal ditempatkan dan disetor Issued and fully paid -

penuh 1.000.000.000 saham 21 100.000 100.000 1,000,000,000 sharesTambahan modal disetor 6.750 6.750 Additional paid-in capital

Saldo laba 22 Retained earningsTelah ditentukan penggunaannya 145.460 131.368 AppropriatedBelum ditentukan penggunaannya 6.836.973 5.549.118 Unappropriated

(Kerugian)/keuntungan kumulatif atas Cumulative (losses)/gain oninstrumen derivatif untuk lindung derivative instrument fornilai arus kas - neto 2i,10,23 (60.984) (41.821) cash flows hedges - net

EKUITAS - NETO 7.028.199 5.745.415 EQUITY - NET

TOTAL LIABILITAS DAN TOTAL LIABILITIES AND EKUITAS 31.496.441 29.492.933 EQUITY

3.493.680

LAPORAN POSISI KEUANGAN Tanggal 31 Desember 2018 dan 2017 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

STATEMENT OF FINANCIAL POSITION As of 31 December 2018 and 2017




*Disajikan kembali (Catatan 43) *As restated (Note 43) Catatan atas laporan keuangan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan secara keseluruhan.


3

Notes 2018 2017

PENDAPATAN INCOME2f,2g,2n,

Pembiayaan konsumen 2t,25,35 6.866.943 4.960.233 Consumer financingMarjin murabahah 2f,2g,2n,26 1.545.353 2.356.114 Murabahah margin

2f,2n,2t,27,Sewa pembiayaan 35 44.747 99.033 Finance leases

2d,2f,2l,2n,2t,2u,12,28

Lain-lain 35 1.726.712 1.721.489 Others

TOTAL PENDAPATAN 10.183.755 9.136.869 TOTAL INCOME

BEBAN EXPENSESGaji dan tunjangan 2o,2t,29,35 (2.031.357) (1.892.567) Salaries and benefits

2n,2p,2t,15, Interest expense andBeban bunga dan keuangan 17,30,35 (1.737.669) (1.796.061) financing chargesPenyisihan kerugian penurunan nilai 2h Provision for impairment losses

Pembiayaan konsumen 2t,5,35 (1.422.950) (955.142) Consumer financingPembiayaan murabahah 2t,6,35 (337.316) (692.541) Murabahah financingSewa pembiayaan 2t,7,35 (3.635) (13.732) Finance leases

2l,2m,2t,Umum dan administrasi 31,35 (1.362.603) (1.106.800) General and administrativePemasaran 32 (722.907) (437.901) MarketingBagi hasil sukuk mudharabah 2r,2t,20,35 (60.438) (40.321) Revenue sharing for mudharabah bondsLain-lain 33 (20.311) (79.842) Others

TOTAL BEBAN (7.699.186) (7.014.907) TOTAL EXPENSES

LABA SEBELUM BEBAN INCOME BEFORE INCOMEPAJAK PENGHASILAN 2.484.569 2.121.962 TAX EXPENSE

Beban pajak penghasilan 2q,19 (669.306) (712.812) Income tax expense

LABA TAHUN BERJALAN 1.815.263 1.409.150 INCOME FOR THE YEAR

PENGHASILAN OTHER COMPREHENSIVEKOMPREHENSIF LAIN INCOME

Pos yang tidak akan direklasifikasi Items that will not be reclassifiedke laba rugi to profit or loss

Pengukuran kembali atas program Remeasurement of post-imbalan pasca-kerja 2o,34 254.912 (146.685) employment benefits

(Beban)/manfaat pajak penghasilan terkait Income tax (expense)/benefit relating topenghasilan komprehensif lain yang other comprehensive income thattidak akan direklasifikasi ke laba rugi 19 (63.728) 36.672 will not be reclassified to profit or loss

Pos yang akan direklasifikasi Items that will be reclassifiedke laba rugi to profit or loss

Effective portion of the fair value change ofBagian efektif atas perubahan nilai wajar the derivative instrument -

instrumen derivatif - lindung nilai arus kas 2i,10,23 (25.551) (43.561) cash flow hedgeManfaat pajak penghasilan Income tax benefit relating

terkait dengan penghasilan komprehensif to other comprehensive incomelain yang akan direklasifikasi ke that will be reclassified tolaba rugi 19 6.388 10.890 profit or loss

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

SETELAH PAJAK 172.021 (142.684) NET OF TAX

Catatan/ 30 September/September

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN Untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the years ended 31 December 2018 and 2017






4

Notes 2018 2017

TOTAL PENGHASILAN KOMPREHENSIF TOTAL COMPREHENSIVE INCOMETAHUN BERJALAN 1.987.284 1.266.466 FOR THE YEAR

LABA PER SAHAM - DASAR EARNINGS PER SHARE - BASIC(dinyatakan dalam nilai Rupiah penuh) 2s,24 1.815 1.409 (expressed in full amount of Rupiah)


LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN Untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

For the years ended 31 December 2018 and 2017



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7

Notes 2018 2017

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMOPERASI OPERATING ACTIVITIES

Penerimaan kas dari: Cash received from:Transaksi pembiayaan 42.213.367 41.127.728 Financing transactionsPembiayaan bersama 17.383.425 13.424.133 Joint financingBunga bank dan deposito berjangka 25.526 8.220 Interest from banks and time deposits

Pengeluaran kas untuk: Cash disbursements for:Transaksi pembiayaan (37.200.088) (31.479.444) Financing transactionsPokok pembiayaan bersama (12.565.381) (12.515.986) Principal on joint financingBunga pembiayaan bersama (2.382.854) (2.261.606) Interest on joint financingGaji dan tunjangan (1.981.574) (1.711.116) Salaries and benefitsPremi asuransi (1.851.020) (1.582.828) Insurance premiumsPajak penghasilan dan lainnya (1.238.720) (875.093) Income and other taxesBeban umum dan administrasi (1.020.747) (1.075.734) General and administrative expensesBeban bunga utang obligasi 30 (852.630) (908.136) Interest on bonds payableBeban bunga dan provisi bank (801.366) (909.768) Interest and bank provision expensesBagi hasil sukuk mudharabah (61.634) (41.966) Revenue sharing for mudharabah bonds

Tantiem for Boards of Commissioners andTantiem Dewan Komisaris dan Direksi (14.059) (22.311) DirectorsPengeluaran kas untuk lain-lain - neto (308.298) (169.808) Cash disbursed for others - net

Kas neto (digunakan)/diperoleh Net cash (used)/provideddari aktivitas operasi (656.053) 1.006.285 by operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMINVESTASI INVESTING ACTIVITIES

Hasil penjualan aset tetap 12 5.405 4.328 Proceeds from sale of fixed assetsPembelian aset tetap 12 (103.992) (47.561) Acquisition of fixed assetsPembelian aset tak berwujud 13 (46.881) (48.485) Acquisition of intangible assets

Kas neto digunakan untuk aktivitas investasi (145.468) (91.718) Net cash used in investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROMPENDANAAN FINANCING ACTIVITIES

Penerimaan pinjaman bank 15,39 17.692.060 27.736.404 Proceeds from borrowingsPenerimaan dari penerbitan obligasi 17,39 3.890.000 4.083.000 Proceeds from issuance of bondsPenerimaan dari penerbitan sukuk Proceeds from issuance of

mudharabah 20,39 490.000 586.000 mudharabah bondsPembayaran pinjaman bank 15,39 (16.445.433) (28.707.201) Payments of borrowingsPembayaran pokok utang obligasi 17,39 (4.230.000) (2.752.000) Payments of principal on bonds payablePembayaran dividen kas 22 (704.500) (505.000) Payments of cash dividends

Payments of principal onPembayaran pokok sukuk mudharabah 20,39 (423.000) (75.000) mudharabah bonds

Kas neto diperoleh dari aktivitas pendanaan 269.127 366.203 Net cash provided by financing activities

(PENURUNAN)/KENAIKAN NETO KAS NET (DECREASE)/INCREASE INDAN KAS DI BANK (532.394) 1.280.770 CASH ON HAND AND IN BANKS

CASH ON HAND AND IN BANKS,KAS DAN KAS DI BANK, AWAL TAHUN 4 2.221.718 940.948 AT BEGINNING OF YEAR

CASH ON HAND AND IN BANKS,KAS DAN KAS DI BANK, AKHIR TAHUN 4 1.689.324 2.221.718 AT END OF YEAR


LAPORAN ARUS KAS Untuk tahun-tahun yang berakhir 31 Desember 2018 dan 2017 (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

STATEMENT OF CASH FLOWS For the years ended

31 December 2018 and 2017 (Expressed in millions of Rupiah,

unless otherwise stated)



CATATAN ATAS LAPORAN KEUANGAN Pada tanggal 31 Desember 2018 dan 2017, untuk tahun-tahun yang berakhir pada tanggal tersebut (Disajikan dalam jutaan Rupiah, kecuali dinyatakan lain)

NOTES TO THE FINANCIAL STATEMENTS As of 31 December 2018 and 2017,

for the years then ended (Expressed in millions of Rupiah,


* Tidak diaudit *Unaudited 8

1. INFORMASI UMUM 1. GENERAL INFORMATION

a. Pendirian dan informasi umum Perseroan a. Establishment and general information of the

Company PT Adira Dinamika Multi Finance Tbk (“Perseroan”) didirikan pada tanggal 13 November 1990 berdasarkan Akta Notaris Misahardi Wilamarta, S.H., No. 131. Akta Pendirian ini telah disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-19.HT.01.01.TH.91 tanggal 8 Januari 1991 dan telah diumumkan dalam Tambahan No. 421 pada Berita Negara Republik Indonesia No. 12 tanggal 8 Februari 1991.

Anggaran Dasar Perseroan telah mengalami beberapa kali perubahan, perubahan terakhir dilakukan dengan Akta Notaris Pahala Sutrisno Amijoyo Tampubolon, S.H., No. 19 tanggal 21 Mei 2015. Perubahan ini disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusan No. AHU-0935663.AH.01.02 Tahun 2015 tanggal 22 Mei 2015.

PT Adira Dinamika Multi Finance Tbk (the “Company”) was established on 13 November 1990 based on Notarial Deed No. 131 of Misahardi Wilamarta, S.H. The Deed of Establishment was approved by the Ministry of Justice of the Republic of Indonesia in its Decision Letter No. C2-19.HT.01.01.TH.91 dated 8 January 1991 and was published in Supplement No. 421 to the State Gazette of the Republic of Indonesia No. 12 dated 8 February 1991.

The Company’s Articles of Association has been amended several times with the latest amendment effected by Notarial Deed of Pahala Sutrisno Amijoyo Tampubolon, S.H., No. 19 dated 21 May 2015. This amendment was legalised by the Ministry of Laws and Human Rights of the Republic of Indonesia in its Decision Letter No. AHU-0935663.AH.01.02 Year 2015 dated 22 May 2015.

Perseroan memperoleh izin usaha sebagai perusahaan pembiayaan dari Menteri Keuangan dalam Surat Keputusan No. 253/KMK.013/1991 tanggal 4 Maret 1991. Berdasarkan Pasal 3 Anggaran Dasar Perseroan, ruang lingkup kegiatan Perseroan dalam bidang pembiayaan dan pembiayaan syariah yang merupakan Unit Usaha Syariah meliputi pembiayaan investasi, pembiayaan modal kerja, pembiayaan multiguna, kegiatan usaha pembiayaan lain berdasarkan persetujuan Otoritas Jasa Keuangan, sewa operasi dan/atau kegiatan berbasis fee sepanjang tidak bertentangan dengan peraturan perundang-undangan di sektor jasa keuangan, pembiayaan jual-beli, dan pembiayaan jasa.

Perseroan berdomisili di Gedung The Landmark Centre I Lantai 26-31, Jalan Jenderal Sudirman No. 1, Jakarta Selatan dan Perseroan memiliki 440 jaringan usaha (tidak diaudit) yang terdiri dari kantor cabang, kantor perwakilan dan kios yang tersebar di seluruh wilayah Indonesia. Perseroan memulai operasi komersialnya pada tahun 1991.

The Company obtained its license to operate as a financing company from the Ministry of Finance based on Decision Letter No. 253/KMK.013/1991 dated 4 March 1991. As stated in Article 3 of the Company’s Articles of Association, the scope of the Company’s activities comprises of financing and sharia financing which is a Sharia Business Unit which include investment financing, working capital financing, multipurpose financing, other financing business activities based on approval by Financial Service Authority, operating lease and/or fee-based activities to the extent consistent with legislation in the financial services sector, sell-buy financing and service financing.

The Company's registered office is located at the 26 -31 Floor of The Landmark Centre Building I, Jalan Jenderal Sudirman No. 1, South Jakarta and the Company has 440 business networks (unaudited) which consist of branch offices, representative office and kiosks throughout Indonesia. The Company started its commercial operations in 1991.

PT Bank Danamon Indonesia Tbk adalah pemegang saham pengendali Perseroan. MUFG Bank, Ltd. telah menjadi pemegang saham dari PT Bank Danamon Indonesia Tbk dengan kepemilikan saham sebesar 40%. Asia Financial (Indonesia) Pte. Ltd. tetap menjadi pemegang saham PT Bank Danamon Indonesia Tbk dengan kepemilikan saham sebesar 33,8% di PT Bank Danamon Indonesia Tbk.

PT Bank Danamon Indonesia Tbk is the Company’s controlling shareholder. MUFG Bank, Ltd. has become a shareholder of PT Bank Danamon Indonesia Tbk with 40% share ownership. Asia Financial (Indonesia) Pte. Ltd. remains a shareholder of PT Bank Danamon Indonesia Tbk with 33.8% share ownership in PT Bank Danamon Indonesia Tbk.








1. INFORMASI UMUM (lanjutan) 1. GENERAL INFORMATION (continued)

b. Penawaran umum saham Perseroan b. Public offering of the Company’s shares

Pada tanggal 23 Maret 2004, Perseroan melakukan Penawaran Umum Perdana atas 100.000.000 saham dengan nilai nominal Rp100 (nilai penuh) per saham dengan harga penawaran sebesar Rp2.325 (nilai penuh) per saham. Seluruh saham ini telah tercatat di Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 31 Maret 2004. Pada tanggal 30 November 2007, Bursa Efek Jakarta dan Bursa Efek Surabaya telah bergabung menjadi Bursa Efek Indonesia. Seluruh saham yang ditawarkan melalui Penawaran Umum Perdana ini merupakan saham divestasi milik pemegang saham pendiri. Dengan demikian, Perseroan tidak menerima dana hasil penjualan saham.

On 23 March 2004, the Company conducted an Initial Public Offering (IPO) of 100,000,000 shares with par value of Rp100 (full amount) per share with offering value of Rp2,325 (full amount) per share. These shares were all listed on the Jakarta Stock Exchange and Surabaya Stock Exchange on 31 March 2004. On 30 November 2007, the Jakarta Stock Exchange and Surabaya Stock Exchange have merged into Indonesia Stock Exchange.

All shares offered through this IPO were divestment shares owned by the founding shareholders. Therefore, the Company did not receive any funds from sale of shares.

c. Penawaran umum efek utang Perseroan c. Public offering of the Company’s debt securities

Sejak tahun 2003, Perseroan telah beberapa kali menerbitkan efek utang yang ditawarkan kepada masyarakat melalui pasar modal di Indonesia.

Since 2003, the Company has issued debt securities to the public through the Indonesian capital market.

Sampai dengan 31 Desember 2018, obligasi dan Medium-Term Notes yang telah diterbitkan oleh Perseroan adalah sebagai berikut:

Until 31 December 2018, bonds and Medium-Term Notes issued by the Company are as follows:

Efek utang/ Debt securities

Tanggal pernyataan

efektif/ Effective

notification date

Nomor surat/ Letter number

Jumlah/ Amount

Wali amanat/ The trustee

Skedul pembayaran

bunga/ Interest payment schedule

Obligasi Adira Dinamika Multi Finance I Tahun

2003/Adira Dinamika Multi Finance Bonds I Year 2003 (Obligasi I/Bonds I)

23 April/

April 2003

No. S-839/PM/2003

500.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Adira Dinamika Multi Finance II Tahun 2006/Adira Dinamika Multi Finance Bonds II Year 2006 (Obligasi II/Bonds II)

24 Mei/ May 2006

No. S-137/BL/2006 750.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Adira Dinamika Multi Finance III Tahun 2009/Adira Dinamika Multi Finance Bonds III Year 2009 (Obligasi III/Bonds III)

4 Mei/ May 2009

No. S-3485/BL/2009


Triwulan/ Quarterly

Obligasi Adira Dinamika Multi Finance IV Tahun 2010/Adira Dinamika Multi Finance Bonds IV Year 2010 (Obligasi IV/Bonds IV)

21 Oktober/ October 2010

No. S-9564/BL/2010

2.000.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Adira Dinamika Multi Finance V Tahun 2011/Adira Dinamika Multi Finance Bonds V Year 2011 (Obligasi V/Bonds V)

18 Mei/ May 2011

No. S-5474/BL/2011

2.500.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Medium-Term Notes I Adira Dinamika Multi Finance Tahun 2011/Adira Dinamika Multi Finance Medium-Term Notes I Year 2011 (MTN I) -

-

400.000 - Triwulan/ Quarterly









c. Penawaran umum efek utang Perseroan (lanjutan) c. Public offering of the Company’s debt securities

(continued)

Sampai dengan 31 Desember 2018, obligasi dan Medium-Term Notes yang telah diterbitkan oleh Perseroan adalah sebagai berikut (lanjutan):

Until 31 December 2018, bonds and Medium-Term Notes issued by the Company are as follows (continued):


Tanggal pernyataan

efektif/ Effective

notification date


Jumlah/ Amount


Skedul pembayaran


Obligasi Berkelanjutan I Adira Dinamika Multi

Finance dengan Tingkat Bunga Tetap Tahap I Tahun 2011/Adira Dinamika Multi Finance Continuing Bonds I with Fixed Interest Rate Phase I Year 2011 (Obligasi Berkelanjutan I Tahap I/Continuing Bonds I Phase I)

9 Desember/ December 2011

No. S-13197/BL/2011 2.523.000 PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan I Adira Dinamika Multi

Finance dengan Tingkat Bunga Tetap Tahap II Tahun 2012/Adira Dinamika Multi Finance Continuing Bonds I with Fixed Interest Rate Phase II Year 2012 (Obligasi Berkelanjutan I Tahap II/Continuing Bonds I Phase II)



Triwulan/ Quarterly

Obligasi Berkelanjutan I Adira Dinamika Multi Finance dengan Tingkat Bunga Tetap Tahap III Tahun 2012/Adira Dinamika Multi Finance Continuing Bonds I with Fixed Interest Rate Phase III Year 2012 (Obligasi Berkelanjutan I Tahap III/Continuing Bonds I Phase III)



Triwulan/ Quarterly

Obligasi Berkelanjutan II Adira Finance Tahap I Tahun 2013/Adira Finance Continuing Bonds II Phase I Year 2013 (Obligasi Berkelanjutan II Tahap I/Continuing Bonds II Phase I)

21 Februari/ February 2013

No. S-37/D.04/2013 2.000.000 PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan II Adira Finance Tahap

II Tahun 2013/Adira Finance Continuing Bonds II Phase II Year 2013 (Obligasi Berkelanjutan II Tahap II/Continuing Bonds II Phase II)


No. S-37/D.04/2013 2.092.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan II Adira Finance Tahap III Tahun 2014/Adira Finance Continuing Bonds II Phase III Year 2014 (Obligasi Berkelanjutan II Tahap III/Continuing Bonds II Phase III)



Triwulan/ Quarterly

Obligasi Berkelanjutan II Adira Finance Tahap IV Tahun 2014/Adira Finance Continuing Bonds II Phase IV Year 2014 (Obligasi Berkelanjutan II Tahap IV/Continuing Bonds II Phase IV)



Triwulan/ Quarterly

Obligasi Berkelanjutan III Adira Finance Tahap I Tahun 2015/Adira Finance Continuing Bonds III Phase I Year 2015 (Obligasi Berkelanjutan III Tahap I/Continuing Bonds III Phase I)

25 Juni/ June 2015

No. S-279/D.04/2015 979.000PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly










(continued)

Sampai dengan 31 Desember 2018, obligasi dan Medium-Term Notes yang telah diterbitkan oleh Perseroan adalah sebagai berikut (lanjutan):

Until 31 December 2018, bonds and Medium-Term Notes issued by the Company are as follows (continued):


Tanggal pernyataan

efektif/ Effective

notification date


Jumlah/ Amount


Skedul pembayaran


Obligasi Berkelanjutan III Adira Finance Tahap II Tahun 2015/Adira Finance Continuing

Bonds III Phase II Year 2015 (Obligasi Berkelanjutan III Tahap II/Continuing Bonds III Phase II)

25 Juni/ June 2015

No. S-279/D.04/2015

1.437.000

PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan III Adira Finance Tahap

III Tahun 2016/Adira Finance Continuing Bonds III Phase III Year 2016 (Obligasi Berkelanjutan III Tahap III/Continuing Bonds III Phase III)

25 Juni/ June 2015

No. S-279/D.04/2015

1.101.000 PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan III Adira Finance Tahap IV Tahun 2016/Adira Finance Continuing Bonds III Phase IV Year 2016 (Obligasi Berkelanjutan III Tahap IV/Continuing Bonds III Phase IV)

25 Juni/ June 2015

No. S-279/D.04/2015


Triwulan/ Quarterly

Obligasi Berkelanjutan III Adira Finance Tahap V Tahun 2017/Adira Finance Continuing Bonds III Phase V Year 2017 (Obligasi Berkelanjutan III Tahap V/Continuing Bonds III Phase V)

25 Juni/ June 2015

No. S-279/D.04/2015


Triwulan/ Quarterly

Obligasi Berkelanjutan III Adira Finance Tahap VI Tahun 2017/Adira Finance Continuing Bonds III Phase VI Year 2017 (Obligasi Berkelanjutan III Tahap VI/Continuing Bonds III Phase VI)

25 Juni/ June 2015

No. S-279/D.04/2015

769.000 PT Bank Negara Indonesia (Persero) Tbk

Triwulan/ Quarterly

Obligasi Berkelanjutan IV Adira Finance TahapI Tahun 2017/Adira Finance Continuing Bonds IV Phase I Year 2017 (Obligasi Berkelanjutan IV Tahap I/Continuing Bonds IV Phase I)


No. S-458/D.04/2017


Triwulan/ Quarterly

Obligasi Berkelanjutan IV Adira Finance TahapII Tahun 2018/Adira Finance Continuing Bonds IV Phase II Year 2018 (Obligasi Berkelanjutan IV Tahap II/Continuing Bonds IV Phase II)


No. S-458/D.04/2017


Triwulan/ Quarterly

Obligasi Berkelanjutan IV Adira Finance TahapIII Tahun 2018/Adira Finance Continuing Bonds IV Phase III Year 2018 (Obligasi Berkelanjutan IV Tahap III/Continuing Bonds IV Phase III)


No. S-458/D.04/2017


Triwulan/ Quarterly










(continued)

Sampai dengan 31 Desember 2018, sukuk mudharabah yang telah diterbitkan oleh Perseroan adalah sebagai berikut:

Until 31 December 2018, mudharabah bonds issued by the Company are as follows:

Sukuk mudharabah/ Mudharabah bonds

Tanggal pernyataan efektif/

Effective notification date


Jumlah/ Amount


Skedul pembayaran bagi hasil/ Revenue sharing

payment schedule

Sukuk Mudharabah Berkelanjutan I Adira

Finance Tahap I Tahun 2013/Adira Finance Continuing Mudharabah Bonds I Phase I Year 2013 (Sukuk Mudharabah Berkelanjutan I Tahap I/Continuing Mudharabah Bonds I Phase I)


No. S-37/D.04/2013


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan I Adira

Finance Tahap II Tahun 2014/Adira Finance Continuing Mudharabah Bonds I Phase II Year 2014 (Sukuk Mudharabah Berkelanjutan I Tahap II/Continuing Mudharabah Bonds I Phase II)


No. S-37/D.04/2013


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan II Adira

Finance Tahap I Tahun 2015/Adira Finance Continuing Mudharabah Bonds II Phase I Year 2015 (Sukuk Mudharabah Berkelanjutan II Tahap I/Continuing Mudharabah Bonds II Phase I)

25 Juni/ June 2015

No. S-279/D.04/2015


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap II Tahun 2016/Adira Finance Continuing Mudharabah Bonds II Phase II Year 2016 (Sukuk Mudharabah Berkelanjutan II Tahap II/Continuing Mudharabah Bonds II Phase II)

25 Juni/ June 2015

No. S-279/D.04/2015


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan II Adira Finance Tahap III Tahun 2017/Adira Finance Continuing Mudharabah Bonds II Phase III Year 2017 (Sukuk Mudharabah Berkelanjutan II Tahap III/Continuing Mudharabah Bonds II Phase III)

25 Juni/ June 2015

No. S-279/D.04/2015


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan III Adira Finance Tahap I Tahun 2017/Adira Finance Continuing Mudharabah Bonds III Phase I Year 2017 (Sukuk Mudharabah Berkelanjutan III Tahap I/Continuing Mudharabah Bonds III Phase I)


No. S-458/D.04/2017


Triwulan/ Quarterly

Sukuk Mudharabah Berkelanjutan III Adira Finance Tahap II Tahun 2018/Adira Finance Continuing Mudharabah Bonds III Phase II Year 2018 (Sukuk Mudharabah Berkelanjutan III Tahap II/Continuing Mudharabah Bonds III Phase II)


No. S-458/D.04/2017


Triwulan/ Quarterly

Untuk Medium-Term Notes I, Perseroan menunjuk PT NISP Sekuritas sebagai arranger.

For Medium-Term Notes I, the Company appointed PT NISP Sekuritas as arranger.










(continued) Rincian tingkat bunga dan jatuh tempo masing-masing seri efek utang yang diterbitkan:

Details of interest rates and due date of each serial of debt securities issued are as follows:


Tahun penerbitan/

Year of issuance

Nilai nominal/ Nominal value

Tingkat bunga tetap/

Fixed interest rate

Jatuh tempo/ Due date

Cicilan pokok efek utang/ Debt securities installment

Obligasi I/Bonds I

Seri A/Serial A

2003

63.000

14,125%

6 Mei/May 2008Triwulan sejak triwulan ke-13/

Quarterly from 13th quarter

Seri B/Serial B

2003

437.000

14,125%

6 Mei/May 2008Pembayaran penuh pada saat jatuh

tempo/Bullet payment on due date

Obligasi II/Bonds II

Seri A/Serial A

2006

570.000

14,40%

8 Juni/June 2009Pembayaran penuh pada saat jatuh


Seri B/Serial B

2006

90.000

14,50%



Seri C/Serial C

2006

90.000

14,60%



Obligasi III/Bonds III

Seri A/Serial A

2009

46.000

12,55%



Seri B/Serial B

2009

51.000

13,55%



Seri C/Serial C

2009

403.000

14,60%



Obligasi IV/Bonds IV

Seri A/Serial A

2010

229.000

7,60% 29 April/April 2012

Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2010

238.000

8,25% 29 Oktober/

October 2012Pembayaran penuh pada saat jatuh


Seri C/Serial C

2010

577.000

8,70% 29 April/April 2013


Seri D/Serial D

2010

284.000

9,00% 29 Oktober/



Seri E/Serial E

2010

672.000

9,25% 29 Oktober/



Obligasi V/Bonds V

Seri A/Serial A

2011

612.000

8,00%



Seri B/Serial B

2011

160.000

8,80%



Seri C/Serial C

2011

567.000

9,60%



Seri D/Serial D

2011

1.161.000

10,00%



Medium Term Notes

Seri A/Serial A

2011

200.000

8,40%



Seri B/Serial B

2011

200.000

8,65% 10 November/

November 2013Pembayaran penuh pada saat jatuh











(continued)

Rincian tingkat bunga dan jatuh tempo masing-masing seri efek utang yang diterbitkan (lanjutan):

Details of interest rates and due date of each serial of debt securities issued are as follows (continued):


Tahun penerbitan/ Year of issuance



Fixed interest rate



Obligasi Berkelanjutan I

Tahap I/Continuing Bonds I Phase I

Seri A/Serial A

2011

325.000

7,75% 16 Desember/

December 2013 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2011

665.000

8,00% 16 Desember/



Seri C/Serial C

2011

1.533.000

9,00% 16 Desember/



Obligasi Berkelanjutan I Tahap II/Continuing Bonds I Phase II

Seri A/Serial A

2012

786.000

6,50%

14 Mei/May 2013 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2012

200.000

7,50%


tempo/Bullet payment on due date Seri C/Serial C

2012

864.000

7,75%

4 Mei/May 2015


Obligasi Berkelanjutan I

Tahap III/Continuing Bonds I Phase III

Seri A/Serial A

2012

376.000

6,50% 7 Oktober/

October 2013 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2012

578.000

7,75% 27 September/

September 2015 Pembayaran penuh pada saat jatuh


Seri C/Serial C

2012

673.000

8,75% 27 September/



Obligasi Berkelanjutan II Tahap I/Continuing Bonds II Phase I

Seri A/Serial A

2013

439.000

6,85% 11 Maret/March 2014


Seri B/Serial B

2013

157.000

7,30%

1 Maret/March 2015 Pembayaran penuh pada saat jatuh


2013

553.000

7,85%

1 Maret/March 2016


Seri D/Serial D

2013

851.000

8,90%



Obligasi Berkelanjutan II Tahap II/Continuing Bonds II Phase II

Seri A/Serial A

2013

722.000

9,15% 3 November/

November 2014 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2013

880.000

10,50% 24 Oktober/

October 2016 Pembayaran penuh pada saat jatuh


2013

490.000

11,00%












(continued)







Fixed interest rate



Obligasi Berkelanjutan II

Tahap III/Continuing Bonds II Phase III

Seri A/Serial A

2014

687.000

9,60%



Seri B/Serial B

2014

363.000

10,50%



Seri C/Serial C

2014

450.000

10,75%



Obligasi Berkelanjutan II Tahap IV/Continuing Bonds II Phase IV

Seri A/Serial A

2014

607.000

9,60% 22 November/



Seri B/Serial B

2014

808.000

10,50% 12 November/



Seri C/Serial C

2014

88.000

10,75% 12 November/



Obligasi Berkelanjutan III Tahap I/Continuing Bonds III Phase I

Seri A/Serial A

2015

741.000

9,50%

30 Juni/June 2018 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2015

238.000

10,25%



Obligasi Berkelanjutan III Tahap II/Continuing Bonds III Phase II

Seri A/Serial A

2015

492.000

8,75% 5 September/



Seri B/Serial B

2015

668.000

9,50% 25 Agustus/

August 2018 Pembayaran penuh pada saat jatuh


Seri C/Serial C

2015

277.000

10,25% 25 Agustus/



Obligasi Berkelanjutan III Tahap III/Continuing Bonds III Phase III

Seri A/Serial A

2016

73.000

8,75% 12 Maret/March 2017

Pembayaran penuh pada saat jatuhtempo/Bullet payment on due date

Seri B/Serial B

2016

330.500

9,50%



Seri C/Serial C 2016

697.500

10,25%



Obligasi Berkelanjutan III Tahap IV/Continuing Bonds III Phase IV

Seri A/Serial A

2016

835.000

7,90% 6 Agustus/



Seri B/Serial B

2016

434.000

8,75%

26 Juli/July 2019 Pembayaran penuh pada saat jatuh


Seri C/Serial C

2016 431.000

9,25%












(continued)







Fixed interest rate



Obligasi Berkelanjutan III

Tahap V/Continuing Bonds III Phase V

Seri A/Serial A

2017 913.000 7,50% 2 April/April 2018 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2017

860.000 8,60% 22 Maret/

March 2020 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri C/Serial C

2017

241.000 8,90% 22 Maret/

March 2022 Pembayaran penuh pada saat jatuh


Obligasi Berkelanjutan III Tahap VI/Continuing Bonds III Phase VI

Seri A/Serial A

2017

251.000

7,10% 24 Juli/

July 2018 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2017

450.000

8,10% 14 Juli/

July 2020 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri C/Serial C

2017

68.000

8,40% 14 Juli/

July 2022 Pembayaran penuh pada saat jatuh


Obligasi Berkelanjutan IV Tahap I/Continuing Bonds IV Phase I

Seri A/Serial A

2017

316.000

6,15% 22 Desember/

December 2018 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2017

893.000

7,45% 12 Desember/

December 2020 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri C/Serial C

2017

91.000

7,55% 12 Desember/



Obligasi Berkelanjutan IV Tahap II/Continuing Bonds IV Phase II

Seri A/Serial A

2018

836.000

6,10%

1 April/April 2019 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2018

80.000

6,70% 21 Maret/


Seri C/Serial C

2018

552.000

7,40% 21 Maret/

March 2021 Pembayaran penuh pada saat jatuh


Seri D/Serial D

2018

162.000

7,50% 21 Maret/


Obligasi Berkelanjutan IV

Tahap III/Continuing Bonds IV Phase III

Seri A/Serial A

2018

696.250

7,50% 26 Agustus/

August 2019 Pembayaran penuh pada saat jatuh tempo/Bullet payment on due date

Seri B/Serial B

2018

119.000

8,00% 16 Agustus/


Seri C/Serial C

2018

715.500

8,50% 16 Agustus/



Seri D/Serial D

2018

268.500

9,00% 16 Agustus/


Seri E/Serial E

2018

460.750

9,25% 16 Agustus/











(continued)

Rincian nisbah bagi hasil dan jatuh tempo masing-masing seri sukuk mudharabah yang diterbitkan adalah sebagai berikut:

Details of revenue sharing ratio and due date of each serial of mudharabah bonds issued are as follows:


Tahun penerbitan /

Year of issuance


Nisbah bagi hasil/ Revenue sharing

ratio


Cicilan pokok sukuk mudharabah/ Mudharabah bonds installment

Sukuk Mudharabah

Berkelanjutan I Tahap I/ Continuing Mudharabah Bonds I Phase I

Seri A/Serial A

2013

66.000

57,083% (setara dengan 6,85%

per tahun/ equivalent to

6.85% per year)

11 Maret/ March 2014


Seri B/Serial B

2013

27.000



7.30% per year)

1 Maret/ March 2015


Seri C/Serial C

2013

286.000



7.85% per year)

1 Maret/ March 2016


Sukuk Mudharabah

Berkelanjutan I Tahap II/ Continuing Mudharabah Bonds I Phase II

Seri A/Serial A

2014

88.000



9.60% per year)

22 November/ November 2015


Seri B/Serial B

2014

45.000



10.50% per year)



Sukuk Mudharabah

Berkelanjutan II Tahap I/ Continuing Mudharabah Bonds II Phase I

Seri A/Serial A

2015

441.000



8.75% per year)



Seri B/Serial B

2015

59.000



9.50% per year)












(continued)

Rincian nisbah bagi hasil dan jatuh tempo masing-masing seri sukuk mudharabah yang diterbitkan adalah sebagai berikut (lanjutan):

Details of revenue sharing ratio and due date of each serial of mudharabah bonds issued are as follows (continued):


Tahun penerbitan /

Year of issuance



ratio



Sukuk Mudharabah Berkelanjutan II Tahap II/Continuing Mudharabah Bonds II Phase II

Seri A/Serial A

2016

30.000



7.90% per year)

6 Agustus/ August 2017


Seri B/Serial B

2016

42.000



8.75% per year)



Seri C/Serial C

2016

14.000



9.25% per year)



Sukuk Mudharabah Berkelanjutan II Tahap III/Continuing Mudharabah Bonds II Phase III

Seri A/Serial A

2017

274.000



7.50% per year)

2 April/ April 2018


Seri B/Serial B

2017

105.000



8.60% per year)



Seri C/Serial C

2017

7.000



8.90% per year)












(continued)

Rincian nisbah bagi hasil dan jatuh tempo masing-masing seri sukuk mudharabah yang diterbitkan adalah sebagai berikut (lanjutan):

Details of revenue sharing ratio and due date of each serial of mudharabah bonds issued are as follows (continued):


Tahun penerbitan /

Year of issuance



ratio



Sukuk Mudharabah

Berkelanjutan III Tahap I/Continuing Mudharabah Bonds III Phase I

Seri A/Serial A

2017

90.000



6.15% per year)



Seri B/Serial B

2017

55.000



7.45% per year)



Seri C/Serial C

2017

55.000



7.55% per year)



Sukuk Mudharabah

Berkelanjutan III Tahap II/Continuing Mudharabah Bonds III Phase II

Seri A/Serial A

2018

399.000



6.10% per year)

1 April/April 2019 Pembayaran penuh pada saat jatuh


Seri B/Serial B

2018

62.000



7.40% per year)



Seri C/Serial C

2018

29.000



7.50% per year)



Perseroan menerbitkan obligasi dan sukuk mudharabah dengan tujuan untuk membiayai kegiatan utama Perseroan yaitu pembiayaan konsumen dan pembiayaan murabahah.

The Company issued bonds and mudharabah bonds for the purpose of funding the Company’s main activity which is consumer financing and murabahah financing.

Perseroan dapat melakukan pembelian kembali (buy back) untuk sebagian atau seluruh obligasi yang diterbitkan dengan ketentuan bahwa hal tersebut hanya dapat dilaksanakan setelah ulang tahun pertama sejak tanggal emisi.

The Company can buy back part or all of the bonds issued under a condition that such action can only be conducted after the first anniversary since the issuance date.









d. Dewan Komisaris dan Direksi d. Boards of Commissioners and Directors

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2018 adalah sebagai berikut:

The composition of the Company’s Boards of Commissioners and Directors as of 31 December 2018 are as follows:

Dewan Komisaris Board of Commissioners Komisaris Utama Sng Seow Wah President Commissioner Komisaris merangkap Komisaris

Independen

Djoko Sudyatmiko Commissioner concurrently as

Independent Commissioner Komisaris merangkap Komisaris

Independen

Krisna Wijaya Commissioner concurrently as

Independent Commissioner Komisaris Eng Heng Nee Philip Commissioner Komisaris Muliadi Rahardja Commissioner Komisaris Willy Suwandi Dharma Commissioner

Dewan Direksi Board of Directors Direktur Utama Hafid Hadeli President Director Direktur Ho Lioeng Min Director Direktur I Dewa Made Susila Director Direktur merangkap Direktur

Independen Swandajani Gunadi Director concurrently

as Independent Director Direktur Niko Kurniawan Bonggowarsito Director

Susunan Dewan Komisaris dan Direksi Perseroan pada tanggal 31 Desember 2017 adalah sebagai berikut:

The composition of the Company’s Boards of Commissioners and Directors as of 31 December 2017 are as follows:

Dewan Komisaris Board of Commissioners Komisaris Utama Sng Seow Wah President Commissioner Komisaris merangkap Komisaris

Independen

Djoko Sudyatmiko Commissioner concurrently as

Independent Commissioner Komisaris merangkap Komisaris

Independen

Krisna Wijaya Commissioner concurrently as

Independent Commissioner Komisaris Eng Heng Nee Philip Commissioner Komisaris Muliadi Rahardja Commissioner Komisaris Willy Suwandi Dharma Commissioner

Dewan Direksi Board of Directors Direktur Utama Hafid Hadeli President Director Direktur Ho Lioeng Min Director Direktur I Dewa Made Susila Director Direktur Cornel Hugroseno Director Direktur merangkap Direktur

Independen Swandajani Gunadi Director concurrently

as Independent Director

e. Dewan Pengawas Syariah e. Sharia Supervisory Board

Susunan Dewan Pengawas Syariah pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The composition of the Sharia Supervisory Board as of 31 December 2018 and 2017 are as follows:

Ketua Prof. Dr. H. Fathurrahman Djamil, MA Chairman Anggota Dr. Noor Ahmad, MA Member Anggota Dr. Oni Sahroni, MA Member









f. Komite Audit dan Manajemen Risiko f. Audit and Risk Management Committee

Susunan Komite Audit pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The composition of the Audit Committee as of 31 December 2018 and 2017 are as follows:

Ketua Krisna Wijaya Chairman Anggota Richard Steven Dompas Member Anggota Christine Tjen Member

Susunan Komite Manajemen Risiko pada tanggal 31 Desember 2018 adalah sebagai berikut:

The composition of the Risk Management Committee as of 31 December 2018 are as follows:

Ketua Eng Heng Nee Philip Chairman Anggota Djoko Sudyatmiko Member Anggota Muliadi Rahardja Member

Susunan Komite Manajemen Risiko pada tanggal 31 Desember 2017 adalah sebagai berikut:

The composition of the Risk Management Committee as of 31 December 2017 are as follows:

Ketua Eng Heng Nee Philip Chairman Anggota Djoko Sudyatmiko Member

g. Berdasarkan Surat Keputusan Direksi Perseroan

No. 036/ADMF/BOD/X/17 tanggal 15 Oktober 2017, Sekretaris Perusahaan pada tanggal 31 Desember 2018 dan 2017 adalah Perry Barman Slangor.

g. Based on Directors’ Decision Letter of the Company No. 036/ADMF/BOD/X/17 dated 15 October 2017, the Corporate Secretary as of 31 December 2018 and 2017 is Perry Barman Slangor.

h. Berdasarkan Surat Keputusan Bersama Direksi

dan Dewan Komisaris Perseroan No. 013/ADMF/BOD/VII/18 tanggal 11 Juli 2018 dan No. 037/ADMF/BOD/X/17 tanggal 19 Oktober 2017, Kepala Unit Audit Internal Perseroan pada tanggal 31 Desember 2018 dan 2017 masing-masing adalah Haryadwi Saputra Kartawidjaja dan Ingrid Sri Komala Dewi.

h. Based on Joint Decision Letter of the Board of Directors and Commissioners of the Company No. 013/ADMF/BOD/VII/18 dated 11 July 2018 and No. 037/ADMF/BOD/X/17 dated 19 October 2017, the Head of Internal Audit Unit as of 31 December 2018 and 2017 are Haryadwi Saputra Kartawidjaja and Ingrid Sri Komala Dewi, respectively.

i. Pada tanggal 31 Desember 2018 dan 2017, Perseroan

mempunyai 13.397 (2017: 13.470) karyawan tetap; dan 5.696 (2017: 5.384) karyawan tidak tetap.

i. As of 31 December 2018 and 2017, the Company has 13,397 (2017: 13,470) permanent employees; and 5,696 (2017: 5,384) non-permanent employees.

j. Manajemen bertanggungjawab atas penyusunan

laporan keuangan Perseroan yang diotorisasi untuk terbit oleh Dewan Direksi pada tanggal 28 Januari 2019.

j. Management is responsible for the preparation of the financial statements of the Company which were authorised for issuance by the Board of Directors on 28 January 2019.

2. KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN 2. SIGNIFICANT ACCOUNTING POLICIES

Kebijakan akuntansi yang signifikan, yang diterapkan dalam penyusunan laporan keuangan Perseroan pada tanggal dan untuk tahun yang berakhir 31 December 2018 dan 2017 adalah sebagai berikut:

The significant accounting policies, applied in the preparation of the Company’s financial statements as of and for the years ended 31 December 2018 and 2017 were as follows:








2. KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN (lanjutan)

2. SIGNIFICANT ACCOUNTING POLICIES (continued)

a. Pernyataan kepatuhan a. Statement of compliance

Laporan keuangan pada tanggal 31 Desember 2018 dan 2017 disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia yang diterbitkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia dan Dewan Standar Akuntansi Syariah Ikatan Akuntan Indonesia serta peraturan regulator Pasar Modal No. VIII.G.7 tentang “Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik”.

The financial statements as of 31 December 2018 and 2017 are prepared and presented in accordance with Indonesian Financial Accounting Standards as issued by the Financial Accounting Standard Board of Indonesian Institute of Accountants and the Sharia Financial Accounting Standard Board of Indonesian Institute of Accountants and the Capital Market Regulation No. VIII.G.7 regarding “Emitent or Public Company’s Financial Statements Presentation and Disclosure Guidelines”.

b. Dasar penyusunan dan penyajian laporan

keuangan b. Basis for preparation and presentation of the

financial statements

Laporan keuangan, kecuali laporan arus kas, disusun atas dasar akrual dan berdasarkan konsep nilai historis, kecuali untuk instrumen keuangan derivatif yang diukur pada nilai wajar dan utang atas kewajiban imbalan pasti yang diakui sebesar nilai kini kewajiban imbalan pasti dikurangi dengan kerugian aktuarial yang belum diakui ditambah beban jasa lalu yang belum diakui.

The financial statements, except the statement of cash flows, were prepared on the accrual basis and under the historical cost concept, except for derivative financial instruments which are measured at fair value and the liability for defined benefit obligations which is recognised at the present value of the defined benefit obligations less the unrecognised actuarial losses, plus unrecognised past service cost.

Laporan arus kas disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas ke dalam aktivitas operasi, investasi dan pendanaan.

The statement of cash flows are prepared based on the direct method by classifying cash flows on the basis of operating, investing and financing activities.

Seluruh angka dalam laporan keuangan ini dibulatkan menjadi dan disajikan dalam jutaan Rupiah yang terdekat, kecuali dinyatakan lain.

Figures in the financial statements are rounded to and expressed in millions of Rupiah, unless otherwise stated.

Dalam penyusunan laporan keuangan sesuai dengan Standar Akuntansi Keuangan di Indonesia, dibutuhkan pertimbangan, estimasi dan asumsi yang mempengaruhi:

The preparation of the financial statements in conformity with Indonesian Financial Accounting Standards requires the use of judgments, estimates and assumptions that affect:

- penerapan kebijakan akuntansi; - jumlah aset dan liabilitas yang dilaporkan, dan

pengungkapan atas aset dan liabilitas kontinjensi pada tanggal laporan keuangan;

- jumlah pendapatan dan beban yang dilaporkan selama periode pelaporan.

- the application of accounting policies; - the reported amounts of assets and liabilities and

disclosure of contingent assets and liabilities at the date of the financial statements;

- the reported amounts of income and expenses during the reporting period.

Walaupun estimasi ini dibuat berdasarkan pengetahuan terbaik manajemen atas kejadian dan tindakan saat ini, hasil aktual mungkin berbeda dengan jumlah yang diestimasi semula.

Although these estimates are based on management’s best knowledge of current events and activities, actual results may differ from those estimates.

Estimasi dan asumsi yang digunakan ditelaah secara berkesinambungan. Revisi atas estimasi akuntansi diakui pada periode dimana estimasi tersebut direvisi dan periode-periode yang akan datang yang dipengaruhi oleh revisi estimasi tersebut.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.










b. Dasar penyusunan dan penyajian laporan

keuangan (lanjutan) b. Basis for preparation and presentation of the

financial statements (continued)

Secara khusus, informasi mengenai hal-hal penting yang terkait dengan ketidakpastian estimasi dan pertimbangan penting dalam penerapan kebijakan akuntansi yang memiliki dampak yang signifikan terhadap jumlah yang diakui dalam laporan keuangan dijelaskan dalam Catatan 3.

In particular, information about significant areas of estimation uncertainty and critical judgments in applying accounting policies that have significant effect on the amount recognised in the financial statements are described in Note 3.

Mata uang penyajian yang digunakan dalam penyusunan laporan keuangan ini adalah mata uang Rupiah, yang merupakan mata uang fungsional.

The presentation currency used in the financial statements is Rupiah, which is the functional currency.

c. Perubahan kebijakan akuntansi c. Changes in accounting policies

Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia dan Dewan Standar Akuntansi Syariah-Ikatan Akuntansi Syariah telah menetapkan PSAK dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang berlaku efektif pada tanggal 1 Januari 2018 sebagai berikut:

The Financial Accounting Standard Board of Indonesia Institute of Accountants and the Sharia Financial Accounting Standard Board of Indonesia Institute of Accountant has set SFAS and Interpretation of SFAS (IFAS) which are effective as at 1 January 2018 as follows:

- PSAK 69 “Agrikultur” - Amandemen PSAK 2 “Laporan Arus Kas tentang

Prakarsa Pengungkapan” - Amandemen PSAK 13 "Properti Investasi tentang

Pengalihan Properti Investasi" - Amandemen PSAK 16 “Aset Tetap”

- Amandemen PSAK 46 “Pajak Penghasilan tentang

Pengakuan Aset Pajak Tangguhan untuk Rugi yang Belum Direalisasi”

- Amandemen PSAK 53 "Pembayaran Berbasis Saham tentang Klasifikasi dan Pengukuran Transaksi Pembayaran Berbasis Saham"

- Penyesuaian Tahunan PSAK 15 “Investasi pada Entitas Asosiasi dan Ventura Bersama”

- Penyesuaian Tahunan PSAK 67 “Pengungkapan Kepentingan dalam Entitas Lain”

- SFAS 69 “Agriculture” - The Amendments to SFAS 2 “Statements of Cash

Flows about Disclosure Initiative” - The Amendments to SFAS 13 "Investment Property

about Transfers of Investment Property" - The Amendments to SFAS 16 “Property, Plant and

Equipment” - The Amendments to SFAS 46 “Income Tax about

Deferred Tax Assets Recognition for Unrealised Loss”

- The Amendments to SFAS 53 "Share-based Payments about Classification and Measurement of Share-based Payment Transactions"

- Annual Improvements to SFAS 15 “Investments in Associates and Joint Ventures”

- Annual Improvements to SFAS 67 “Disclosures of Interests in Other Entities”

Implementasi dari standar-standar tersebut tidak

menghasilkan perubahan kebijakan akuntansi Perseroan dan tidak memiliki dampak yang signifikan terhadap jumlah yang dilaporkan di tahun berjalan atau tahun sebelumnya.

The implementation of the above standards did not result in changes to the Company’s accounting policies and had no significant impact on the amounts reported for current or prior financial years.

d. Aset dan liabilitas keuangan d. Financial assets and liabilities

d.1. Klasifikasi d.1. Classification

Perseroan mengklasifikasikan aset dan liabilitas keuangan ke dalam klasifikasi tertentu yang mencerminkan sifat dari informasi dan mempertimbangkan karakteristik dari aset dan liabilitas keuangan tersebut. Klasifikasi ini dapat dilihat pada tabel berikut:

The Company classifies the financial assets and liabilities into classes that reflects the nature of information and take into account the characteristic of those financial assets and liabilities. The classification can be seen in the table below:










d. Aset dan liabilitas keuangan (lanjutan) d. Financial assets and liabilities (continued)

d.1. Klasifikasi (lanjutan) d.1. Classification (continued)

Kategori/Categories Golongan/Classes Sub-golongan/

Sub-classes

Aset keuangan/ Financial assets

Pinjaman yang diberikan dan piutang/Loans and receivables

Kas dan kas di bank/Cash on hand and in banks

Kas di bank/Cash in banks

Piutang pembiayaan konsumen/Consumer financing receivables

Piutang pembiayaan murabahah/Murabahah financing receivables

Piutang sewa pembiayaan/Finance lease receivables

Piutang lain-lain/Other receivables

Piutang karyawan/Employee receivables

Piutang komisi asuransi/Insurance commission receivables

Piutang klaim asuransi/Insurance claims receivables

Derivatif lindung nilai/Hedging derivatives

Lindung nilai atas arus kas/Hedging instruments in cash flow hedges

Aset derivatif - lindung nilai atas arus kas/Derivatives assets - hedging instruments in cash flow hedges

Tersedia untuk dijual/Available for sale

Investasi dalam saham/Investment in shares

Liabilitas keuangan/

Financial liabilities

Liabilitas keuangan yang diukur dengan biaya perolehan diamortisasi/Financial liabilities at amortised cost

Pinjaman yang diterima/Borrowings

Beban yang masih harus dibayar/Accrued expenses

Bunga yang masih harus dibayar/Accrued interest

Bagi hasil sukuk mudharabah yang masih harus dibayar/Accrued revenue sharing for mudharabah bonds

Marjin mudharabah yang masih harus dibayar/Accrued mudharabah margin

Utang obligasi/Bonds payable

Utang lain-lain/Other payables

Utang kepada dealer/Payable to dealers

Utang premi asuransi/Insurance premium payables

Sukuk mudharabah/Mudharabah bonds

Derivatif lindung nilai/Hedging derivatives

Lindung nilai atas arus kas/Hedging instruments in cash flow hedges

Liabilitas derivatif - lindung nilai atas arus kas/Derivatives liabilities - hedging instruments in cash flow hedges











d.2. Pengakuan d.2. Recognition

Perseroan pada awalnya mengakui aset keuangan dan liabilitas keuangan pada tanggal perolehan.

The Company initially recognises financial assets and financial liabilities on the date of origination.

Perseroan menggunakan akuntansi tanggal penyelesaian ketika mencatat transaksi aset keuangan.

The Company uses settlement date accounting when recording financial assets transactions.

Pada saat pengakuan awal, aset keuangan atau liabilitas keuangan Perseroan diukur pada nilai wajar ditambah/dikurangi biaya transaksi yang dapat diatribusikan secara langsung atas perolehan aset keuangan atau penerbitan liabilitas keuangan. Pengukuran aset keuangan dan liabilitas keuangan setelah pengakuan awal tergantung pada klasifikasi aset keuangan dan liabilitas keuangan tersebut.

At initial recognition, the Company’s financial assets or financial liabilities are measured at fair values plus/minus transaction costs that are directly attributable to the acquisition of financial assets or issuance of financial liabilities. The subsequent measurement of financial assets and financial liabilities depends on their classification.

Biaya transaksi hanya meliputi biaya-biaya yang dapat diatribusikan secara langsung untuk perolehan suatu aset keuangan atau penerbitan suatu liabilitas keuangan dan merupakan biaya tambahan yang tidak akan terjadi apabila instrumen keuangan tersebut tidak diperoleh atau diterbitkan. Untuk aset keuangan, biaya transaksi ditambahkan pada jumlah yang diakui pada awal pengakuan aset, sedangkan untuk liabilitas keuangan, biaya transaksi dikurangkan dari jumlah utang yang diakui pada awal pengakuan kewajiban. Biaya transaksi tersebut diamortisasi selama umur instrumen berdasarkan metode suku bunga efektif dan dicatat sebagai bagian dari pendapatan pembiayaan konsumen, marjin murabahah dan sewa pembiayaan untuk biaya transaksi sehubungan dengan aset keuangan dan sebagai bagian dari beban bunga untuk biaya transaksi sehubungan dengan liabilitas keuangan.

Transaction costs include only those costs that are directly attributable to the acquisition of a financial asset or issuance of a financial liability and they are incremental costs that would not have been incurred if the instrument had not been acquired or issued. In the case of financial assets, transaction costs are added to the amount recognised initially, while for financial liabilities, transaction costs are deducted from the amount of debt recognised initially. Such transaction costs are amortised over the terms of the instruments based on the effective interest method and are recorded as part of consumer financing, murabahah margin and finance leases income for transaction costs related to financial assets and as part of interest expenses for transaction costs related to financial liabilities.

Setelah pengakuan awal, pinjaman dan piutang dicatat pada biaya perolehan diamortisasi (lihat Catatan 2d.5) dengan menggunakan metode suku bunga efektif, sedangkan aset keuangan tersedia untuk dijual yang tidak memiliki harga kuotasi dicatat pada biaya perolehan.

Subsequent to initial recognition, loans and receivables are measured at amortised cost (see Note 2d.5) using the effective interest method, while available-for-sale of unquoted financial assets are measured at cost.

Setelah pengakuan awal, liabilitas keuangan dicatat pada biaya perolehan diamortisasi (lihat Catatan 2d.5) dengan menggunakan metode suku bunga efektif.

Subsequent to initial recognition, financial liabilities are measured at amortised cost (see Note 2d.5) using the effective interest method.











d.3. Penghentian pengakuan d.3. Derecognition

Perseroan menghentikan pengakuan aset keuangan pada saat hak kontraktual atas arus kas yang berasal dari aset keuangan tersebut kadaluwarsa, atau pada saat Perseroan mentransfer seluruh hak untuk menerima arus kas kontraktual dari aset keuangan dalam transaksi dimana Perseroan secara substansial telah mentransfer seluruh risiko dan manfaat atas kepemilikan aset keuangan yang ditransfer. Setiap hak atau kewajiban atas aset keuangan yang ditransfer yang timbul atau yang masih dimiliki oleh Perseroan diakui sebagai aset atau liabilitas secara terpisah.

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when the Company transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any rights and obligations in transferred financial assets that is created or retained by the Company is recognised as a separate asset or liability.

Perseroan menghentikan pengakuan liabilitas keuangan pada saat kewajiban yang ditetapkan dalam kontrak dilepaskan atau dibatalkan atau kadaluwarsa.

The Company derecognises a financial liability when its contractual obligations are discharged or cancelled or expired.

Dalam transaksi dimana Perseroan secara substansial tidak memiliki atau tidak mentransfer seluruh risiko dan manfaat atas kepemilikan aset keuangan, Perseroan menghentikan pengakuan aset tersebut jika Perseroan tidak lagi memiliki pengendalian atas aset tersebut. Hak dan kewajiban yang timbul atau yang masih dimiliki dalam transfer tersebut diakui secara terpisah sebagai aset atau liabilitas. Dalam transfer dimana pengendalian atas aset masih dimiliki, Perseroan tetap mengakui aset yang ditransfer tersebut sebesar keterlibatan berkelanjutan, yang ditentukan oleh besarnya perubahan nilai aset yang ditransfer.

In transactions where the Company neither retains nor transfers substantially all the risks and rewards of ownership of a financial asset, the Company derecognises the asset if it does not retain control over the asset. The rights and obligations retained in the transfer are recognised separately as assets and liabilities as appropriate. In transfers where control over the asset is retained, the Company continues to recognise the asset to the extent of its continuing involvement, determined by the extent to which it is exposed to changes in the value of the transferred asset.

Perseroan menghapusbukukan saldo piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan pada saat Perseroan menentukan bahwa aset tersebut tidak dapat ditagih lagi. Penerimaan atau pemulihan kembali atas aset keuangan yang telah dihapusbukukan diakui sebagai pendapatan lain-lain.

The Company writes-off a consumer financing receivable, murabahah financing receivable and finance lease receivables when the Company determines that the asset is uncollectible. Collection or recovery of financial assets which had been written-off is recorded as other income.

d.4. Saling hapus d.4. Offsetting

Aset keuangan dan liabilitas keuangan saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan jika, dan hanya jika, Perseroan memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut dan berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan. Hak yang berkekuatan hukum bukan bersifat kontinjen untuk suatu peristiwa dimasa depan dan harus dapat dipaksakan secara hukum baik dalam situasi bisnis yang normal, atau dalam peristiwa gagal bayar, atau peristiwa kepailitan, atau kebangkrutan dari Perseroan atau pihak lawan.

Financial assets and financial liabilities shall be offset and the net amount is presented in the statement of financial position when and only when, the Company has a legally enforceable right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The legally enforceable right must not be contingent on future events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy of the Company or the counterparty.

Pendapatan dan beban disajikan dalam jumlah neto hanya jika diperkenankan oleh standar akuntansi.

Income and expense are presented on a net basis only when permitted by accounting standards.











d.5. Pengukuran biaya perolehan diamortisasi d.5. Amortised cost measurement

Biaya perolehan diamortisasi dari aset keuangan atau liabilitas keuangan adalah jumlah aset atau liabilitas keuangan yang diukur pada saat pengakuan awal dikurangi pembayaran pokok, ditambah atau dikurangi dengan amortisasi kumulatif dengan menggunakan metode suku bunga efektif, dikurangi penyisihan kerugian penurunan nilai.

The amortised cost of a financial asset or financial liability is the amount at which the financial asset or liability is measured at initial recognition, minus principal repayments, plus or minus the cumulative amortisation using the effective interest method, minus any reduction for impairment.

d.6. Pengukuran nilai wajar d.6. Fair value measurement

Nilai wajar adalah harga yang akan diterima untuk menjual suatu aset atau harga yang akan dibayar untuk mengalihkan suatu liabilitas dalam transaksi teratur (orderly transaction) antara pelaku pasar (market participants) pada tanggal pengukuran di pasar utama atau, jika tidak terdapat pasar utama, di pasar yang paling menguntungkan dimana Perseroan memiliki akses pada tanggal tersebut. Nilai wajar liabilitas mencerminkan risiko wanprestasinya.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal market or, in its absence, the most advantageous market to which the Company has access at that date. The fair value of a liability reflects its non-performance risk.

Jika tersedia, Perseroan mengukur nilai wajar instrumen keuangan dengan menggunakan harga kuotasi di pasar aktif untuk instrumen tersebut. Suatu pasar dianggap aktif jika harga kuotasi sewaktu-waktu dan secara berkala tersedia dan mencerminkan transaksi pasar yang aktual dan rutin dalam suatu transaksi yang wajar.

When available, the Company measures the fair value of an instrument using quoted prices in an active market for that instrument. A market is regarded as active if quoted prices are readily and regularly available and represent actual and regularly occurring market transactions on an arm's length basis.

Jika pasar untuk suatu instrumen keuangan tidak aktif, Perseroan menentukan nilai wajar dengan menggunakan teknik penilaian. Teknik penilaian mencakup penggunaan transaksi pasar terkini yang dilakukan secara wajar oleh pihak-pihak yang memahami, berkeinginan, dan jika tersedia, referensi atas nilai wajar terkini dari instrumen lain yang secara substansial sama, penggunaan analisa arus kas yang didiskonto dan penggunaan model penetapan harga opsi (option pricing model). Teknik penilaian yang dipilih memaksimalkan penggunaan input pasar, dan meminimalkan penggunaan taksiran yang bersifat spesifik dari Perseroan, memasukkan semua faktor yang akan dipertimbangkan oleh para pelaku pasar dalam menetapkan suatu harga dan konsisten dengan metodologi ekonomi yang diterima dalam penetapan harga instrumen keuangan. Input yang digunakan dalam teknik penilaian secara memadai mencerminkan ekspektasi pasar dan ukuran atas faktor risiko dan pengembalian (risk-return) yang melekat pada instrumen keuangan. Perseroan mengkalibrasi teknik penilaian dan menguji validitasnya dengan menggunakan harga-harga dari transaksi pasar terkini yang dapat diobservasi untuk instrumen yang sama atau atas dasar data pasar lainnya yang tersedia yang dapat diobservasi.

If a market for a financial instrument is not active, the Company establishes fair value using a valuation technique. Valuation techniques include using recent arm's length transactions between knowledgeable and willing parties, and if available, reference to the current fair value of other instruments that are substantially the same, discounted cash flows analysis and option pricing models. The chosen valuation technique makes maximum use of market inputs, relies as little as possible on estimates specific to the Company, incorporates all factors that market participants would consider in setting a price, and is consistent with accepted economic methodologies for pricing financial instruments. Inputs to valuation techniques reasonably represent market expectations and measures of the risk-return factors inherent in the financial instrument. The Company calibrates valuation techniques and tests them for validity using prices from observable current market transactions in the same instrument or based on other available observable market data.











d.6. Pengukuran nilai wajar (lanjutan) d.6. Fair value measurement (continued)

Bukti terbaik atas nilai wajar instrumen keuangan pada saat pengakuan awal adalah harga transaksi, yaitu nilai wajar dari pembayaran yang diberikan atau diterima, kecuali jika nilai wajar dari instrumen keuangan tersebut ditentukan dengan perbandingan dengan transaksi pasar terkini yang dapat diobservasi dari suatu instrumen yang sama (yaitu tanpa modifikasi atau pengemasan ulang), atau berdasarkan suatu teknik penilaian yang variabelnya hanya menggunakan data dari pasar yang dapat diobservasi. Jika harga transaksi memberikan bukti terbaik atas nilai wajar pada saat pengakuan awal, maka instrumen keuangan pada awalnya diukur pada harga transaksi dan selisih antara harga transaksi dan nilai yang sebelumnya diperoleh dari model penilaian diakui dalam laporan laba rugi setelah pengakuan awal tergantung pada masing-masing fakta dan keadaaan dari transaksi tersebut namun tidak lebih lambat dari saat penilaian tersebut didukung sepenuhnya oleh data pasar yang dapat diobservasi atau saat transaksi ditutup.

The best evidence of the fair value of a financial instrument at initial recognition is the transaction price, i.e., the fair value of the consideration given or received, unless the fair value of that instrument is evidenced by comparison with the other observable current market transactions in the same instrument (i.e., without modification or repackaging), or based on a valuation technique whose variables include only data from observable markets. When transaction price provides the best evidence of fair value at initial recognition, the financial instrument is initially measured at the transaction price and any difference between this price and the value initially obtained from a valuation model is subsequently recognised in the statement of profit or loss depending on the individual facts and circumstances of the transaction but not later than when the valuation is supported wholly by observable market data or the transaction is closed out.

Nilai wajar mencerminkan risiko kredit atas instrumen keuangan dan termasuk penyesuaian yang dilakukan untuk memasukkan risiko kredit Perseroan dan pihak lawan, mana yang lebih sesuai. Taksiran nilai wajar yang diperoleh dari model penilaian akan disesuaikan untuk mempertimbangkan faktor-faktor lainnya, seperti risiko likuiditas atau ketidakpastian model penilaian, sepanjang Perseroan yakin bahwa keterlibatan suatu pasar pihak ketiga akan mempertimbangkan faktor-faktor tersebut dalam penetapan harga suatu transaksi.

Fair values reflect the credit risk of the financial instruments and include adjustments to take into account the credit risk of the Company and counterparty where appropriate. Fair value estimates obtained from models are adjusted for any other factors, such as liquidity risk or valuation model uncertainties, to the extent that the Company believes a third-party market participation would take them into account in pricing a transaction.

Perseroan mengukur nilai wajar untuk instrumen keuangan yang diakui pada nilai wajar dengan menggunakan tingkat hirarki berikut ini: - Tingkat 1: Harga kuotasi di pasar yang aktif

untuk instrumen keuangan yang sejenis, - Tingkat 2: Teknik penilaian berdasarkan input

yang dapat diobservasi, - Tingkat 3: Teknik penilaian menggunakan

input signifikan yang tidak dapat diobservasi.

The Company measures fair value for financial instrument recognised at fair values using the following hierarchy level: - Level 1: Quoted market price in an active

market for an identical instrument, - Level 2: Valuation techniques based on

observable inputs, - Level 3: Valuation techniques using significant

unobservable inputs.

e. Kas dan kas di bank e. Cash on hand and in banks

Kas dan kas di bank terdiri dari kas, kas di bank dan deposito berjangka yang jatuh tempo dalam waktu 3 bulan atau kurang sejak tanggal penempatan, sepanjang deposito berjangka tersebut tidak digunakan sebagai jaminan atas pinjaman yang diterima, serta tidak dibatasi penggunaannya.

Cash on hand and in banks consist of cash on hand, cash in banks and time deposits with a maturity period of 3 months or less since the date of placement, as long as these time deposits are not pledged as collaterals for borrowings nor restricted.










f. Akuntansi pembiayaan konsumen, pembiayaan

murabahah dan sewa f. Accounting for consumer financing, murabahah

financing and leases

f.1. Akuntansi pembiayaan konsumen f.1. Accounting for consumer financing

Piutang pembiayaan konsumen diklasifikasikan sebagai pinjaman yang diberikan dan piutang, dan setelah pengakuan awal, dicatat pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif (lihat Catatan 2d.5).

Consumer financing receivables are classified as loans and receivables, and subsequent to initial recognition, are carried at amortised cost using the effective interest method (see Note 2d.5).

Pendapatan pembiayaan konsumen yang belum diakui merupakan selisih antara jumlah keseluruhan pembayaran angsuran yang akan diterima dari konsumen dan jumlah pokok pembiayaan, yang diakui sebagai pendapatan selama jangka waktu kontrak berdasarkan tingkat suku bunga efektif dari piutang pembiayaan konsumen.

Unearned consumer financing income represents the difference between total installments to be received from the consumer and the principal amount financed, which is recognised as income over the term of the contract based on effective interest rate of the related consumer financing receivable.

Penyelesaian kontrak sebelum masa pembiayaan konsumen berakhir diperlakukan sebagai pembatalan kontrak pembiayaan konsumen dan jika terdapat, keuntungan yang timbul diakui dalam laporan laba rugi tahun berjalan.

Early termination of a contract is treated as a cancellation of an existing contract and the resulting gain, if any, is recognised in the current year statement of profit or loss.

Piutang pembiayaan konsumen akan dihapusbukukan setelah menunggak lebih dari 210 hari. Penerimaan dari piutang yang telah dihapusbukukan diakui sebagai pendapatan lain-lain pada saat diterima.

Consumer financing receivables will be written-off when they are overdue for more than 210 days. Recoveries from written-off receivables are recognised as other income upon receipt.

f.2. Akuntansi pembiayaan murabahah f.2. Accounting for murabahah financing

Kontrak murabahah adalah akad jual-beli barang dengan harga jual sebesar biaya perolehan ditambah keuntungan yang disepakati dan Perseroan harus mengungkapkan biaya perolehan barang tersebut kepada konsumen. Pada saat akad murabahah, piutang pembiayaan murabahah diakui sebesar biaya perolehan ditambah keuntungan (marjin). Keuntungan murabahah diakui selama tahun akad berdasarkan pengakuan marjin dari piutang pembiayaan murabahah.

Murabahah contract is sell-buy goods contract with selling price amounting to acquisition cost plus agreed margin, and the Company must disclose the acquisition cost to consumer. When the murabahah contract is signed, murabahah financing receivables are recognised at acquisition cost plus agreed margin. Murabahah margin is recognised over the year of the contract based on margin of the murabahah financing receivables.

Akad murabahah secara substansi merupakan suatu pembiayaan, sehingga pengakuan marjin dilakukan berdasarkan standar yang mengatur pembiayaan, seperti yang disebutkan di kebijakan pembiayaan konsumen.

Substantially, murabahah contract is a financing transaction, so that margin recognition is based on standards which regulate financing transaction, as mentioned in consumer financing policy.

Piutang pembiayaan murabahah akan dihapusbukukan setelah menunggak lebih dari 210 hari. Penerimaan dari piutang yang telah dihapusbukukan diakui sebagai pendapatan lain-lain pada saat diterima.

Murabahah financing receivables will be written-off when they are overdue for more than 210 days. Recoveries from written-off receivables are recognised as other income upon receipt.










f. Akuntansi pembiayaan konsumen, pembiayaan murabahah dan sewa (lanjutan)

f. Accounting for consumer financing, murabahah financing and leases (continued)

f.3. Akuntansi sewa f.3. Accounting for leases

Penentuan apakah suatu perjanjian merupakan perjanjian sewa atau perjanjian yang mengandung sewa didasarkan atas substansi perjanjian pada tanggal awal sewa dan apakah pemenuhan perjanjian tergantung pada penggunaan suatu aset dan perjanjian tersebut memberikan suatu hak untuk menggunakan aset tersebut. Suatu sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Suatu sewa diklasifikasikan sebagai sewa operasi jika sewa tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset.

The determination of whether an arrangement is, or contains a lease is based on the substance of the arrangement at inception date and whether the fulfillment of the arrangement is dependent on the use of a specific asset and the arrangement conveys a right to use the asset. Leases are classified as finance leases if the leases transfer substantially all the risks and rewards incidental to ownership of the leased assets. Leases are classified as operating leases if the leases do not transfer substantially all the risks and rewards incidental to ownership of the leased assets.

Perseroan mengakui aset berupa piutang sewa pembiayaan sebesar jumlah yang sama dengan investasi sewa neto. Penerimaan piutang sewa diperlakukan sebagai pembayaran pokok dan penghasilan sewa pembiayaan. Pengakuan penghasilan sewa pembiayaan didasarkan pada suatu pola yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi neto. Perseroan bertindak sebagai lessor dalam sewa pembiayaan.

The Company recognised assets of financial lease receivable at an amount equal to the net investment in the lease. Lease payment is treated as repayment of principal and financing lease income. The recognition of financing lease income is based on a pattern reflecting a constant periodic rate of return on the Company’s net investment in the financing lease. The Company acts as a lessor in finance leases.

Piutang sewa pembiayaan akan dihapusbukukan setelah menunggak lebih dari 210 hari. Penerimaan dari piutang yang telah dihapusbukukan diakui sebagai pendapatan lain-lain pada saat diterima.

Finance lease receivables will be written-off when they are overdue for more than 210 days. Recoveries from written-off receivables are recognised as other income upon receipt.

g. Pembiayaan bersama g. Joint financing

Dalam pembiayaan bersama antara Perseroan dan penyedia fasilitas pembiayaan bersama, Perseroan berhak menentukan tingkat bunga/marjin yang lebih tinggi kepada konsumen dibandingkan tingkat bunga/marjin yang ditetapkan dalam perjanjian pembiayaan bersama dengan penyedia fasilitas pembiayaan bersama.

In joint financing arrangements between the Company and the joint financing facility provider, the Company has the right to set higher interest rates/margin to consumer than the interest rates/margin stated in the joint financing agreement with the joint financing facility provider.

Seluruh kontrak pembiayaan bersama yang dilakukan oleh Perseroan merupakan pembiayaan bersama tanpa tanggung renteng (without recourse) dimana hanya porsi jumlah angsuran piutang yang dibiayai Perseroan yang dicatat sebagai piutang pembiayaan konsumen dan piutang pembiayaan murabahah di laporan posisi keuangan (pendekatan neto). Pendapatan pembiayaan konsumen dan pendapatan marjin murabahah disajikan di laporan laba rugi setelah dikurangi dengan bagian yang merupakan hak pihak-pihak lain yang berpartisipasi pada transaksi pembiayaan bersama tersebut.

All joint financing contracts entered by the Company are joint financing without recourse in which only the Company’s financing portion of the total installments is recorded as consumer financing receivables and murabahah financing receivables in the statement of financial position (net approach). Consumer financing income and murabahah margin income is presented in the statement of profit or loss after deducting the portions which belong to other parties participating to these joint financing transactions.










h. Cadangan kerugian penurunan nilai h. Allowance for impairment losses

h.1. Aset keuangan h.1. Financial assets

Pada setiap tanggal pelaporan, Perseroan mengevaluasi apakah terdapat bukti objektif telah terjadinya penurunan nilai atas aset keuangan Perseroan. Aset keuangan mengalami penurunan nilai jika bukti objektif menunjukkan bahwa peristiwa yang merugikan telah terjadi setelah pengakuan awal aset keuangan, dan peristiwa tersebut berdampak pada arus kas masa datang atas aset keuangan yang dapat diestimasi secara handal.

At each reporting date, the Company assesses whether there is objective evidence that the Company's financial assets are impaired. Financial assets are impaired when objective evidence demonstrates that a loss event has occurred after the initial recognition of the financial assets, and that loss event has an impact on the future cash flows on the financial assets that can be estimated reliably.

Bukti objektif bahwa aset keuangan mengalami penurunan nilai meliputi wanprestasi atau tunggakan pembayaran oleh debitur, restrukturisasi piutang oleh Perseroan dengan persyaratan yang tidak mungkin diberikan Perseroan jika debitur tidak mengalami kesulitan keuangan, indikasi bahwa debitur akan dinyatakan pailit, atau data yang dapat diobservasi lainnya yang terkait dengan kelompok aset keuangan seperti memburuknya status pembayaran debitur dalam kelompok tersebut, atau kondisi ekonomi yang berkorelasi dengan wanprestasi atas aset dalam kelompok tersebut.

Objective evidence that financial assets are impaired can include default or delinquency by a borrower, restructuring of a loan by the Company on terms that the Company would not consider if the borrower does not have financial difficulties, indications that a borrower will enter into bankruptcy, or other observable data relating to a group of assets such as adverse changes in the payment status of borrowers in the group, or economic conditions that correlate with defaults in the group of assets.

Perseroan menentukan bukti penurunan nilai atas piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan secara kolektif karena manajemen yakin bahwa piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan ini memiliki karakteristik risiko kredit yang serupa.

The Company determines evidence of impairment for consumer financing receivables, murabahah financing receivables and finance lease receivables at a collective level because the management believes that these consumer financing receivables, murabahah financing receivables and finance lease receivables have similar credit risk characteristics.

Dalam mengevaluasi penurunan nilai secara kolektif, Perseroan menggunakan model statistik (metode vintage) dari tren historis atas probabilitas wanprestasi, waktu pemulihan kembali dan jumlah kerugian yang terjadi, yang disesuaikan dengan pertimbangan manajemen mengenai apakah kondisi ekonomi dan kredit terkini dapat mengakibatkan kerugian aktual yang jumlahnya akan lebih besar atau lebih kecil daripada jumlah yang ditentukan oleh model historis. Tingkat wanprestasi, tingkat kerugian dan waktu yang diharapkan untuk pemulihan di masa datang akan diperbandingkan secara berkala terhadap hasil aktual untuk memastikan estimasi tersebut masih memadai.

In assessing collective impairment, the Company uses statistical modeling (vintage method) of historical trends of the probability of default, timing of recoveries and the amount of loss incurred, adjusted for management's judgment as to whether current economic and credit conditions may cause the actual losses which are likely to be greater or less than suggested by historical modeling. Default rates, loss rates and the expected timing of future recoveries are regularly benchmarked against actual outcomes to ensure that the estimates remain appropriate.

Ketika peristiwa yang terjadi setelah penurunan nilai diakui menyebabkan kerugian penurunan nilai berkurang, kerugian penurunan nilai yang sebelumnya diakui harus dipulihkan dan pemulihan tersebut diakui pada laporan laba rugi.

When a subsequent event causes the amount of impairment loss to decrease, the impairment loss is reversed through the statement of profit or loss.










h. Cadangan kerugian penurunan nilai (lanjutan) h. Allowance for impairment losses (continued)

h.2. Aset non-keuangan h.2. Non-financial assets

Suatu aset mengalami penurunan nilai jika nilai tercatat aset lebih besar daripada nilai yang dapat dipulihkan. Nilai tercatat dari aset non-keuangan ditelaah setiap periode, untuk menentukan apakah terdapat indikasi penurunan nilai. Jika terdapat indikasi penurunan nilai, maka Perseroan akan melakukan estimasi jumlah nilai yang dapat dipulihkan.

Assets are considered as impaired when the carrying value of assets exceed the recoverable amount. The carrying amount of non-financial asset are reviewed each period to determine whether there is any indication of impairment. If any such indication exists, the Company will estimate the assets recoverable amount.

i. Instrumen derivatif untuk tujuan manajemen risiko i. Derivative instrument for risk management purposes

Seluruh instrumen derivatif yang dimiliki Perseroan digunakan untuk tujuan manajemen risiko. Instrumen derivatif ini digunakan untuk lindung nilai eksposur risiko suku bunga dan risiko mata uang Perseroan. Instrumen derivatif untuk tujuan manajemen risiko diukur pada nilai wajar dalam laporan posisi keuangan. Untuk memenuhi persyaratan akuntansi lindung nilai, beberapa kriteria tertentu harus dipenuhi, termasuk adanya dokumentasi formal pada awal lindung nilai.

All derivative instruments held by the Company are for risk management purposes. These derivative instruments are used to hedge the Company’s exposures to interest rate risk and currency risk. Derivative instruments held for risk management are measured at fair value in the statement of financial position. To qualify for hedge accounting, certain criteria are to be met, including formal documentation to be in place at the inception of the hedge.

Pada penetapan awal lindung nilai, Perseroan mendokumentasikan secara formal hubungan antara instrumen lindung nilai dan unsur yang dilindung nilai, termasuk tujuan manajemen risiko dan strategi dalam melaksanakan transaksi lindung nilai, bersamaan dengan metode yang akan digunakan untuk menilai efektivitas hubungan lindung nilai. Perseroan menilai, pada awal hubungan lindung nilai dan juga secara berkesinambungan, apakah instrumen lindung nilai diharapkan akan ‘sangat efektif’ dalam rangka saling hapus atas perubahan nilai wajar atau perubahan arus kas dari unsur yang dilindung nilai sepanjang periode dimana lindung nilai tersebut ditetapkan, dan apakah hasil aktual dari setiap lindung nilai berada dalam kisaran 80-125 persen.

On initial designation of the hedge, the Company formally documents the relationship between the hedging instruments and hedged items, including the risk management objective and strategy in undertaking the hedge transaction, together with the method that will be used to assess the effectiveness of the hedging relationship. The Company makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, whether the hedging instruments are expected to be ‘highly effective’ in offsetting the changes in the fair value or cash flows of the respective hedged items during the period for which the hedge is designated, and whether the actual results of each hedge are within a range of 80-125 percent.

Perubahan nilai wajar instrumen derivatif yang tidak memenuhi kriteria lindung nilai dicatat dalam laporan laba rugi tahun yang bersangkutan. Jika instrumen derivatif dirancang dan memenuhi syarat akuntansi lindung nilai, perubahan nilai wajar yang berkaitan dengan lindung nilai diakui sebagai penyesuaian terhadap unsur yang dilindungi nilainya dalam penghasilan komprehensif lainnya tahun berjalan atau disajikan dalam ekuitas, tergantung pada jenis transaksi dan efektivitas dari lindung nilai tersebut.

Changes in fair value of derivative instruments that do not qualify for hedge accounting are recognised in the current year statement of profit or loss. If derivative instruments are designated and qualify for hedge accounting, changes in fair value of derivative instruments are recorded as adjustments to the hedged items in the current year other comprehensive income or in the equity, depending on the type of hedge transaction represented and the effectiveness of the hedge.










i. Instrumen derivatif untuk tujuan manajemen risiko

(lanjutan) i. Derivative instrument for risk management

purposes (continued)

Perseroan menetapkan derivatif sebagai instrumen lindung nilai atas arus kas apabila instrumen tersebut melindungi nilai variabilitas arus kas yang dapat diatribusikan pada risiko tertentu yang terkait dengan aset atau liabilitas yang telah diakui atau prakiraan transaksi yang kemungkinan besar terjadi. Bagian efektif dari perubahan nilai wajar derivatif yang ditetapkan sebagai instrumen lindung nilai atas arus kas dalam hubungan lindung nilai yang memenuhi kualifikasi ditangguhkan pada keuntungan/(kerugian) kumulatif atas instrumen derivatif untuk lindung nilai arus kas, yang merupakan bagian dari ekuitas. Bagian yang tidak efektif diakui secara langsung pada laporan laba rugi. Jumlah yang ditangguhkan dalam ekuitas direklasifikasi ke dalam laporan laba rugi dalam periode yang sama dimana arus kas yang dilindung nilai mempengaruhi laba atau rugi, dan pada unsur yang sama dalam laporan laba rugi.

The Company designates derivative as the hedging instruments of cash flows hedges where the instrument hedges the variability in cash flows attributable to a particular risk associated with a recognised asset or liability, or a highly probable forecast transaction that could affect profit or loss. The effective portion of changes in the fair value of derivative designated as hedging instruments of cash flows hedges in qualifying hedging relationships is deferred to the cumulative gains/(losses) on derivative instruments for cash flows hedges, which forms part of equity. Any ineffective portion is recognised immediately in the statement of profit or loss. Amounts deferred in equity are reclassified to the statement of income as a reclassification adjustment in the same period as the hedged cash flows affect profit or loss, and in the same line item in the statement of profit or loss.

Ketika instrumen lindung nilai kadaluarsa atau dijual, dihentikan, dilaksanakan, atau tidak lagi memenuhi kriteria akuntansi lindung nilai, keuntungan atau kerugian kumulatif yang ditangguhkan di ekuitas tetap diakui pada keuntungan/(kerugian) kumulatif atas instrumen derivatif untuk lindung nilai arus kas dan direklasifikasi ke laporan laba rugi ketika unsur yang dilindung nilai diakui dalam laporan laba rugi.

When the hedging instrument expires or sold, terminated, exercised, or no longer qualifies for hedge accounting, the cumulative amount deferred in equity remains in the cumulative gains/(losses) on derivative instruments for cash flows hedges, and is subsequently reclassified to the statement of profit or loss when the hedged item is recognised in the statement of profit or loss.

Ketika suatu prakiraan transaksi lindung nilai tidak lagi diharapkan akan terjadi, jumlah yang ditangguhkan dalam ekuitas diakui segera dalam laporan laba rugi.

When a forecast hedged transaction is no longer expected to occur, the amount deferred in equity is recognised immediately in the statement of profit or loss.

j. Beban dibayar dimuka j. Prepaid expenses

Beban dibayar dimuka dibebankan selama masa manfaat dengan menggunakan metode garis lurus.

Prepaid expenses are amortised over the period of benefits using the straight-line method.

Beban dibayar dimuka berupa sewa dan renovasi bangunan sewa diamortisasi selama masa sewa.

Prepaid expenses for rent and building renovation for rental offices are amortised over the period of rent.

k. Investasi dalam saham k. Investment in shares

Investasi dalam saham diklasifikasikan sebagai aset keuangan tersedia untuk dijual (lihat Catatan 2d.1).

Investment in shares are classified as available-for-sale financial asset (see Note 2d.1).

Dividen kas yang diterima atas investasi dalam saham diakui sebagai pendapatan lain-lain.

Cash dividends received from investment in shares is recognised as other income.










l. Aset tetap l. Fixed assets

Aset tetap pada awalnya dinyatakan sebesar harga perolehan. Setelah pengukuran awal, aset tetap diukur dengan model biaya, dicatat pada harga perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai.

Fixed assets are initially recognised at acquisition cost. After initial measurement, fixed assets are measured using the cost model, carried at cost less any accumulated depreciation and accumulated impairment losses.

Harga perolehan mencakup harga pembelian dan semua beban yang terkait secara langsung untuk membawa aset tersebut ke lokasi dan kondisi yang diperlukan untuk memungkinkan aset tersebut beroperasi sebagaimana ditentukan oleh manajemen.

Acquisition cost includes purchase price and any costs directly attributable to bring the assets to the location and condition necessary for it to be capable of operating in the manner intended by management.

Tanah dinyatakan sebesar harga perolehan dan tidak disusutkan.

Land is stated at cost and not depreciated.

Penyusutan aset tetap selain tanah dihitung dengan menggunakan metode garis lurus untuk mengalokasikan harga perolehan hingga mencapai nilai sisa sepanjang estimasi masa manfaatnya sebagai berikut:

Depreciation of fixed assets other than land are calculated on the straight-line method to allocate their cost to their residual values over their estimated useful lives as follows:

Tahun/

Years Persentase/ Percentage

Bangunan 20 5,00% Buildings Perabotan, perlengkapan dan

peralatan kantor

3 - 5

20,00% - 33,33% Furniture, fixtures and

office equipment Kendaraan bermotor 5 20,00% Motor vehicles

Beban perbaikan dan pemeliharaan dibebankan ke dalam laporan laba rugi tahun dimana beban-beban tersebut terjadi. Pengeluaran yang memperpanjang masa manfaat aset atau yang memberikan tambahan manfaat ekonomis dikapitalisasi dan disusutkan.

Repairs and maintenance are charged to the statement of profit or loss during the year in which they are incurred. Expenditures that extend the future life of assets or provide further economic benefits are capitalised and depreciated.

Jumlah tercatat aset tetap dihentikan pengakuannya pada saat pelepasan atau ketika tidak terdapat lagi manfaat ekonomi masa depan yang diekspektasikan dari penggunaan atau pelepasannya.

The carrying amount of fixed assets are derecognised upon disposal or when there is no longer a future economic benefit expected from its use or disposal.

Apabila aset tetap dihentikan pengakuannya (tidak digunakan lagi atau dijual), maka nilai tercatat dan akumulasi penyusutannya dikeluarkan dari laporan posisi keuangan, dan keuntungan atau kerugian yang terjadi diakui dalam laporan laba rugi tahun berjalan.

When fixed assets are derecognised (retired or disposed of), their carrying values and the related accumulated depreciation are removed from the statement of financial position, and the resulting gains or losses are recognised in the current year statement of profit or loss.

Akumulasi beban konstruksi aset tetap dikapitalisasi sebagai aset dalam penyelesaian. Beban tersebut direklasifikasi ke aset tetap pada saat proses konstruksi selesai dan siap digunakan. Penyusutan mulai dibebankan pada tanggal yang sama.

The accumulated costs of the construction of fixed assets are capitalised as construction in progress. These costs are reclassified to fixed assets when the construction is completed and ready for their intended use. Depreciation is charged from such date.

Apabila nilai tercatat aset tetap lebih besar dari nilai yang dapat dipulihkan, nilai tercatat aset tersebut diturunkan menjadi sebesar nilai yang dapat dipulihkan kembali, yang ditentukan sebagai nilai tertinggi antara harga jual neto dan nilai pakai.

When the carrying amount of fixed assets is greater than its estimated recoverable amount, it is written down to its recoverable amount which is determined at the higher of net selling price or value in use.










l. Aset tetap (lanjutan) l. Fixed assets (continued)

Pada setiap akhir tahun, nilai residu, umur manfaat dan metode penyusutan dikaji ulang dan disesuaikan secara prospektif jika diperlukan.

At the end of each year, residual values, useful lives and method of depreciation are reviewed and adjusted prospectively, if appropriate.

m. Aset tak berwujud m. Intangible assets

Aset tak berwujud terdiri dari perpanjangan hak atas tanah dan perangkat lunak yang dibeli oleh Perseroan.

Intangible assets consist of extension of land rights and software acquired by the Company.

m.1. Perpanjangan hak atas tanah m.1. Extension of land rights

Biaya pengurusan perpanjangan atau pembaruan hak atas tanah diakui sebagai aset tak berwujud dan diamortisasi menggunakan metode garis lurus sepanjang periode hak tanah.

The cost of obtaining an extension or renewal of land rights are recognised as intangible assets and amortised using straight-line method over the period of the land right.

m.2. Perangkat lunak m.2. Software

Perangkat lunak pada awalnya dinyatakan sebesar harga perolehan. Setelah pengakuan awal, aset tak berwujud diukur menggunakan model biaya, dicatat sebesar biaya perolehannya dikurangi akumulasi amortisasi dan akumulasi kerugian penurunan nilai.

Software is initially recognised at acquisition cost. After initial recognition, intangible assets are measured using cost model, stated at cost less accumulated amortisation and accumulated impairment losses.

Pengeluaran selanjutnya untuk perangkat lunak akan dikapitalisasi hanya jika pengeluaran tersebut menambah manfaat ekonomi di masa mendatang untuk aset yang bersangkutan. Semua pengeluaran lainnya dibebankan pada saat terjadinya.

Subsequent expenditure on software assets is capitalised only when it increases the future economic benefits embodied in the specific asset to which it relates. All other expenditures are expensed as incurred.

Amortisasi diakui dalam laporan laba rugi dengan menggunakan metode garis lurus sepanjang estimasi masa manfaatnya, dimulai dari tanggal perangkat lunak tersebut tersedia untuk dipakai. Estimasi masa manfaat perangkat lunak adalah lima tahun.

Amortisation is recognised in the statement of profit or loss on a straight-line method over the estimated useful life of the software, from the date that it is available for use. The estimated useful life of software is five years.

Metode amortisasi, estimasi masa manfaat dan nilai residual ditelaah pada setiap akhir tahun pelaporan dan disesuaikan jika dianggap tepat.

Amortisation method, useful lives and residual values are reviewed at each financial year-end and adjusted, if appropriate.

n. Pengakuan pendapatan dan beban n. Income and expense recognition

n.1. Pendapatan pembiayaan konsumen, marjin

murabahah, pendapatan sewa pembiayaan, pendapatan bunga dan beban bunga

n.1. Consumer financing income, murabahah margin, financing leases income, interest income and interest expenses

Pendapatan pembiayaan konsumen, marjin murabahah, pendapatan sewa pembiayaan, pendapatan bunga dan beban bunga diakui dengan menggunakan metode suku bunga efektif.

Consumer financing income, murabahah margin, financing leases income, interest income and interest expense are recognised using the effective interest method.

Perseroan mendapatkan komisi dari asuransi kendaraan bermotor yang dibayar oleh konsumen. Perlakuan akuntansi untuk pendapatan komisi asuransi tersebut sama seperti perlakuan akuntansi untuk biaya transaksi yang teratribusi langsung (lihat Catatan 2d).

The Company earns commissions from the insurance of motor vehicles which is paid by the consumer. The accounting treatment for the insurance commission income is the same as accounting treatment for transaction costs which are directly attributable (see Note 2d).










n. Pengakuan pendapatan dan beban (lanjutan) n. Income and expense recognition (continued)

n.1. Pendapatan pembiayaan konsumen, marjin

murabahah, pendapatan sewa pembiayaan, pendapatan bunga dan beban bunga (lanjutan)

n.1. Consumer financing income, murabahah margin, financing leases income, interest income and interest expenses (continued)

Pengakuan beban provisi yang dibayar dimuka sehubungan dengan pinjaman yang diterima dan beban emisi efek utang yang diterbitkan ditangguhkan dan diamortisasi selama jangka waktu pinjaman yang diterima dan efek utang yang diterbitkan tersebut dengan menggunakan metode suku bunga efektif dan dicatat sebagai bagian dari beban bunga dan keuangan.

Upfront fees related to the borrowings and issuance costs of debt securities are deferred and amortised over the terms of the related borrowings and debt securities issued using the effective interest method and are recorded as part of interest expenses and financing charges.

Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi pembayaran dan penerimaan kas di masa datang selama perkiraan umur dari aset keuangan atau liabilitas keuangan (atau, jika lebih tepat, digunakan periode yang lebih singkat) untuk memperoleh nilai tercatat dari aset keuangan atau liabilitas keuangan. Pada saat menghitung suku bunga efektif, Perseroan mengestimasi arus kas di masa datang dengan mempertimbangkan seluruh persyaratan kontraktual dalam instrumen keuangan tersebut, tetapi tidak mempertimbangkan kerugian di masa mendatang.

The effective interest rate is the rate that exactly discounts the estimated future cash payments and receipts through the expected life of the financial asset or financial liability (or, where appropriate, a shorter period) to the carrying amount of the financial asset or financial liability. When calculating the effective interest rate, the Company estimates future cash flows considering all contractual terms of the financial instrument, but not future credit losses.

Perhitungan suku bunga efektif mencakup seluruh fees dan costs yang diterima atau dibayarkan yang merupakan bagian tak terpisahkan dari suku bunga efektif, termasuk biaya transaksi.

The calculation of the effective interest rate includes all fees and costs received or paid that are an integral part of the effective interest rate, including transaction costs.

Pendapatan marjin pembiayaan murabahah diakui berdasarkan metode anuitas selama jangka waktu kontrak.

Margin income from murabahah financing is recognised using the annuity method over the term of the respective contracts.

n.2. Pendapatan lain-lain n.2. Other income

Pendapatan administrasi adalah pendapatan atas jasa pembiayaan konsumen, pembiayaan murabahah atau sewa pembiayaan yang ditagihkan kepada debitur pada saat fasilitas pembiayaan disetujui dan/atau pada saat jatuh tempo angsuran. Pendapatan administrasi diakui selama jangka waktu pembiayaan.

Administration income is income from consumer financing, murabahah financing or finance lease services that are charged to customers when financing facilities are approved and/or installment due date. Administration income are recognised over the term of financing.

Pendapatan denda keterlambatan dikenakan kepada konsumen yang menunggak diakui pada saat realisasi.

Late charges income charged to overdue consumers is recognised when realised.

Pendapatan pinalti dikenakan kepada konsumen yang menyelesaikan kontrak sebelum masa pembiayaan berakhir diakui pada saat realisasi.

Penalty income charged to consumers who terminated their contracts before financing period ends is recognised when realised.










o. Imbalan kerja o. Employees’ benefits

o.1. Imbalan kerja jangka pendek Imbalan kerja jangka pendek diakui pada saat terutang kepada karyawan berdasarkan metode akrual.

o.1. Short-term employees’ benefits

Short-term employees’ benefits are recognised when they are owed to the employees based on an accrual method.

o.2. Imbalan kerja jangka panjang dan imbalan pasca-kerja

o.2. Long-term and post-employment benefits

Imbalan kerja jangka panjang dan imbalan pasca-kerja, seperti pensiun, uang pesangon, uang penghargaan dan imbalan lainnya, dihitung berdasarkan “Peraturan Perseroan” yang telah sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003 (“UU 13/2003”).

Long-term and post-employment benefits, such as pension, severance pay, service pay and other benefits, are calculated in accordance with “Company Regulation” which is in line with Labour Law No. 13/2003 (“Law 13/2003”).

Perseroan menerapkan PSAK No. 24: Imbalan Kerja.

The Company applies SFAS No. 24: Employee Benefits.

Kewajiban imbalan pasca-kerja yang diakui di laporan posisi keuangan dihitung berdasarkan nilai kini dari estimasi kewajiban imbalan pasca-kerja di masa depan yang timbul dari jasa yang telah diberikan oleh karyawan pada masa kini dan masa lalu, dikurangi dengan nilai wajar aset neto dana pensiun. Perhitungan dilakukan oleh aktuaris independen dengan metode projected-unit-credit.

The obligation for post-employment benefits recognised in the statement of financial position is calculated at present value of estimated future benefits that the employees have earned in return for their services in the current and prior years, deducted by any plan assets. The calculation is performed by an independent actuary using the projected-unit-credit method.

Ketika imbalan pasca-kerja berubah, porsi kenaikan atau penurunan imbalan sehubungan dengan jasa yang telah diberikan oleh karyawan pada masa lalu dibebankan atau dikreditkan ke dalam laporan laba rugi. Imbalan pasca-kerja yang telah menjadi hak karyawan diakui segera sebagai beban dalam laporan laba rugi.

When the post-employment benefits change, the portion of the increased or decreased benefits relating to past services by employees is charged or credited to the statement of profit or loss. To the extent that the benefits vest immediately, the expense is recognised immediately in the statement of profit or loss.

Keuntungan atau kerugian aktuarial yang timbul dari penyesuaian dan perubahan dalam asumsi-asumsi aktuarial langsung diakui seluruhnya melalui penghasilan atau beban komprehensif lainnya pada tahun dimana keuntungan/(kerugian) aktuarial terjadi.

Actuarial gains or losses arising from experience adjustments and changes in actuarial assumptions are directly fully recognised to other comprehensive income or expense in the year when such actuarial gains/(losses) occur.

Perseroan telah memiliki program pensiun imbalan pasti yang mana Perseroan membayar iuran ke dana pensiun lembaga keuangan yang dihitung berdasarkan persentase tertentu dari penghasilan tetap yang diterima karyawan yang sudah memenuhi kriteria yang ditetapkan Perseroan. Iuran dibebankan ke dalam laporan laba rugi pada saat terhutang.

The Company also has a defined benefit pension program where the Company pays contributions to a financial institution pension plan which is calculated at a certain percentage of fixed income of employees who meet the Company’s criteria. The contributions are charged to the statement of profit or loss as they become payable.










o. Imbalan kerja (lanjutan) o. Employees’ benefits (continued)

o.3. Imbalan kerja jangka panjang lainnya o.3. Other long-term employment benefits

Perseroan memberikan imbalan kerja jangka panjang lainnya berupa tunjangan cuti besar yang ditentukan sesuai dengan Peraturan Perseroan. Perkiraan beban imbalan ini dihitung dan diakui sepanjang masa kerja karyawan dengan menggunakan metode yang diterapkan dalam menghitung kewajiban imbalan pasca-kerja. Kewajiban ini dihitung minimum satu tahun sekali oleh aktuaris independen. Imbalan kerja jangka panjang lainnya yang telah menjadi hak karyawan diakui segera sebagai beban dalam laporan laba rugi.

The Company provides other long-term employment benefits in the form of long service leave award which is determined in compliance with the Company’s Regulation. The expected costs of these benefits are calculated and recognised over the year of employment, using a method which is applied in calculating obligation for post-employment benefits. These obligations are calculated minimum once a year by an independent actuary. Other long term employment benefits that are vested, are immediately recognised as expense in the statement of profit or loss.

o.4. Pesangon pemutusan kontrak kerja o.4. Termination benefits

Pesangon pemutusan kontrak kerja terutang ketika karyawan dihentikan kontrak kerjanya sebelum usia pensiun normal. Perseroan mengakui pesangon ketika Perseroan menunjukkan komitmennya untuk memutuskan kontrak kerja dengan karyawan berdasarkan suatu rencana formal terperinci yang kecil kemungkinannya untuk dibatalkan. Pesangon yang akan dibayarkan dalam waktu lebih dari 12 bulan setelah tanggal laporan posisi keuangan didiskontokan untuk mencerminkan nilai kini.

Termination benefits are payable when the employment of an employee is terminated before the normal retirement age. The Company recognises termination benefits when it demonstrates its commitment to terminate the employment of employees according to a detailed formal plan and the possibility to withdraw the plan is remote. Benefits falling due more than 12 months after the statement of financial position date are discounted to reflect its present value.

p. Utang obligasi p. Bonds payable

Obligasi yang diterbitkan dicatat sebesar nilai nominal dikurangi saldo diskonto yang belum diamortisasi. Biaya emisi sehubungan dengan penerbitan obligasi diakui sebagai diskonto dan dikurangkan langsung dari hasil emisi untuk menentukan hasil emisi neto obligasi yang diterbitkan tersebut.

Bonds issued are presented at nominal value net of unamortised discounts. Issuance costs in connection with the bonds issuance are recognised as discounts and directly deducted from the proceeds of bonds issuance to determine the net proceeds of the bonds issued.

Utang obligasi diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif setelah pengakuan awalnya. Diskonto diamortisasi selama jangka waktu obligasi tersebut dengan menggunakan metode suku bunga efektif (lihat Catatan 2n.1).

Bonds payable issued are measured at amortised cost using effective interest method after initial recognition. The discounts are amortised over the period of the bonds using the effective interest method (see Note 2n.1).










q. Perpajakan q. Taxation

Beban pajak terdiri dari beban pajak kini dan beban pajak tangguhan. Beban pajak diakui pada laporan laba rugi kecuali untuk bagian yang langsung diakui di komponen ekuitas lainnya, dimana beban pajak yang terkait dengan bagian tersebut diakui di penghasilan komprehensif lain.

Income tax expense comprises of current and deferred tax. Income tax expense is recognised in the statement of profit or loss except to the extent it relates to items recognised directly in other equity components, in which case it is recognised in other comprehensive income.

Beban pajak kini adalah hutang pajak yang ditentukan berdasarkan laba kena pajak untuk tahun yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku atau yang secara substansial telah berlaku pada tanggal pelaporan.

Current tax expense is the expected tax payable on the taxable income for the current year which is calculated using tax rates enacted or substantively enacted at reporting date.

Perseroan menerapkan metode aset dan liabilitas dalam menghitung beban pajaknya. Dengan metode ini, aset dan liabilitas pajak tangguhan diakui setiap tanggal pelaporan sebesar perbedaan temporer aset dan liabilitas untuk tujuan akuntansi dan tujuan pajak. Metode ini juga mengharuskan pengakuan manfaat pajak di masa akan datang, seperti kompensasi rugi fiskal, jika kemungkinan realisasi manfaat tersebut di masa mendatang cukup besar (probable). Tarif pajak yang berlaku atau yang secara substansial telah berlaku pada tahun realisasi aset dan liabilitas pajak tangguhan, digunakan dalam menentukan pajak penghasilan tangguhan.

The Company adopts the asset and liability method in determining its income tax expense. Under this method, deferred tax assets and liabilities are recognised at each reporting date for temporary differences between the accounting and tax bases of assets and liabilities. This method also requires the recognition of future tax benefits, such as tax loss carry forwards, to the extent that realisation of such benefits is probable. Currently enacted or substantially enacted tax rates at the year of deferred tax assets or liabilities realised, are used in the determination of deferred income tax.

Aset pajak tangguhan diakui apabila terdapat kemungkinan besar bahwa jumlah laba fiskal pada masa datang akan memadai untuk mengkompensasi perbedaan temporer yang menimbulkan aset pajak tangguhan tersebut.

Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available to compensate the temporary differences which resulted in such deferred tax assets.

Perubahan terhadap kewajiban perpajakan dicatat pada saat diterimanya surat ketetapan pajak, atau apabila dilakukan keberatan dan/atau banding, ketika hasil keberatan dan/atau banding sudah diputuskan.

Amendments to taxation obligations are recorded when tax assessment letter is received, or if an objection and/or appeal is applied, when the results of the objection and/or appeal are determined.

Aset pajak kini dan liabilitas pajak kini saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan jika, dan hanya jika, Perseroan memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui tersebut dan berniat untuk menyelesaikan secara neto atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara simultan.

Current tax assets and current tax liabilities shall be offset and the net amount is presented in the statement of financial position when and only when, the Company has a legal enforceable right to set off the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously.

q.1. Pajak final q.1. Final tax

Peraturan perpajakan di Indonesia mengatur beberapa jenis penghasilan dikenakan pajak yang bersifat final. Pajak final yang dikenakan atas nilai bruto transaksi tetap dikenakan walaupun atas transaksi tersebut pelaku transaksi mengalami kerugian.

Tax regulation in Indonesia determined that certain taxable income is subject to final tax. Final tax applied to the gross value of transactions is applied even when the parties carrying the transaction incur losses.

Pajak final tidak termasuk dalam lingkup yang diatur oleh PSAK No. 46: “Pajak Penghasilan”. Oleh karena itu, Perseroan menyajikan beban pajak final sehubungan dengan deposito dan giro sebagai pos tersendiri.

Final tax is not included in the scope of SFAS No. 46: “Income Taxes”. Therefore, the Company present all of the final tax arising from time deposits and current account as separate line item.










r. Sukuk mudharabah r. Mudharabah bonds

Perseroan pada awalnya mengakui sukuk mudharabah pada saat sukuk mudharabah diterbitkan sebesar nominalnya.

The Company initially recognises mudharabah bonds on the date of issuance of mudharabah bonds at the nominal amount.

Setelah pengakuan awal, sukuk mudharabah dicatat pada biaya perolehan.

Subsequent to initial recognition, mudharabah bonds are measured at cost.

Biaya transaksi sehubungan dengan penerbitan sukuk mudharabah diakui secara terpisah dari sukuk mudharabah. Biaya transaksi diamortisasi menggunakan metode garis lurus selama jangka waktu sukuk mudharabah dan dicatat sebagai bagian dari beban keuangan.

Transaction cost related to the issuance of mudharabah bonds are recognised separately from mudharabah bonds. Transaction cost are amortised over the term of mudharabah bonds using straight-line method and are recorded as part of financing charges.

Sukuk mudharabah disajikan sebagai bagian dari liabilitas dan biaya transaksi sehubungan penerbitan sukuk mudharabah disajikan dalam aset sebagai beban dibayar dimuka.

Mudharabah bonds are presented as a part of liabilities and the transaction cost related to the issuance of mudharabah bonds are presented on assets as a part of prepaid expenses.

s. Laba per saham s. Earnings per share

Laba per saham dihitung dengan membagi laba tahun berjalan dengan jumlah rata-rata tertimbang jumlah lembar saham yang beredar selama tahun berjalan.

Earnings per share is computed by dividing current year income by the weighted average number of outstanding shares during the current year.

Laba per saham dilusian adalah sama dengan laba per saham dasar dikarenakan Perseroan tidak memiliki saham dilusian atau instrumen.

Diluted earnings per share is the same with basic earnings per share as the Company does not have dilutive shares or instrument.

t. Transaksi dengan pihak berelasi t. Transaction with related parties

Perseroan melakukan transaksi dengan pihak berelasi. Sesuai dengan PSAK 7 “Pengungkapan Pihak-Pihak Berelasi”, yang dimaksud dengan pihak yang berelasi adalah orang atau entitas yang berelasi dengan entitas pelapor sebagai berikut:

The Company has transactions with related parties. The definition of related parties used is in accordance with the SFAS 7 “Related Party Disclosures”, the meaning of related party is a person or entity that is related to a reporting entity as follow:

a. Orang atau anggota keluarga terdekatnya berelasi

dengan entitas pelapor jika orang tersebut: i. memiliki pengendalian atau pengendalian

bersama terhadap entitas pelapor; ii. memiliki pengaruh signifikan terhadap entitas

pelapor; atau iii. personal manajemen kunci entitas pelapor

atau entitas induk pelapor.

a. A person or a close member of that person’s family is related to a reporting entity if that person: i. has control or joint control over the reporting

entity; ii. has significant influence over the reporting

entity; or iii. is member of the key management personnel

of the reporting entity or a parent of the reporting entity.










t. Transaksi dengan pihak berelasi (lanjutan) t. Transaction with related parties (continued)

b. Suatu entitas berelasi dengan entitas pelapor jika

memenuhi hal-hal sebagai berikut: i. entitas dan entitas pelapor adalah anggota dari

kelompok usaha yang sama (artinya entitas induk, entitas anak dan entitas anak berikutnya terkait dengan entitas lain);

ii. suatu entitas adalah entitas asosiasi atau ventura bersama bagi entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, dimana entitas lain tersebut adalah anggotanya);

iii. kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama;

iv. suatu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga;

v. entitas tersebut adalah suatu program imbalan pasca-kerja untuk imbalan kerja dari suatu entitas pelapor atau entitas yang terkait dengan entitas pelapor;

vi. entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam butir (a);

vii. orang yang diidentifikasi, dalam butir (a) (i) memiliki pengaruh signifikan terhadap entitas atau anggota manajemen kunci entitas (atau entitas induk dari entitas).

b. An entity is related to a reporting entity if any of the following conditions applies: i. the entity and the reporting entity are

members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

ii. one entity is an associate or joint venture of the other entity (or an associate or joint venture of member of a company of which the other entity is a member);

iii. both entities are joint ventures of the same

third party; iv. one entity is a joint venture of a third entity and

the other entity is an associate of the third entity;

v. the entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity;

vi. the entity controlled or jointly controlled by a person identified in (a);

vii. a person identified in (a) (i) has significant

influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Jenis transaksi dan saldo dengan pihak-pihak berelasi, yang dilakukan berdasarkan persyaratan usaha pada umumnya dan telah disetujui oleh kedua belah pihak, dimana persyaratan tersebut mungkin tidak sama dengan transaksi lain yang dilakukan dengan pihak-pihak yang tidak berelasi, diungkapkan dalam catatan atas laporan keuangan.

The nature of transactions and balances of accounts with related parties which are conducted based on commercial terms and agreed by both parties, whereby such terms may not be the same as those of the transactions between unrelated parties, are disclosed in the notes to the financial statements.

Jenis transaksi dan saldo dengan pihak-pihak berelasi diungkapkan pada Catatan 35.

The nature of transactions and balances of accounts with related parties are disclosed in the Note 35.

u. Penjabaran mata uang asing u. Foreign currency translation

Transaksi-transaksi dalam mata uang asing dijabarkan ke dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal transaksi. Pada tanggal pelaporan, aset dan liabilitas moneter dalam mata uang asing dijabarkan ke dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal laporan posisi keuangan.

Transactions denominated in foreign currencies are translated into Rupiah at the exchange rates prevailing at the date of the transaction. At the reporting date, monetary assets and liabilities denominated in foreign currencies are translated into Rupiah using the exchange rates prevailing at the statement of financial position date.

Keuntungan dan kerugian selisih kurs yang timbul dari transaksi dalam mata uang asing dan dari penjabaran aset dan liabilitas moneter dalam mata uang asing, diakui pada laporan laba rugi tahun berjalan.

Exchange gains and losses arising from transactions in foreign currencies and from the translation of foreign currency monetary assets and liabilities are recognised in the current year statement of profit or loss.

Pada tanggal 31 Desember 2018, kurs nilai tukar yang digunakan adalah kurs tengah Reuters sebesar Rp14.380 (2017: Rp13.568) (nilai penuh) untuk 1 Dolar Amerika Serikat (USD).

As of 31 December 2018, the exchange rates used are Reuters’ middle rate of Rp14,380 (2017: Rp13,568) (full amount) for 1 United States Dollar (USD).










v. Program kompensasi jangka panjang v. Long-term compensation program

Perseroan, sesuai persetujuan PT Bank Danamon Indonesia Tbk, memberikan program kompensasi jangka panjang kepada Direksi dan karyawan Perseroan yang memenuhi persyaratan. Program ini diberikan berdasarkan pencapaian target tertentu perusahaan dan peringkat kerja perorangan. Beban kompensasi dihitung berdasarkan nilai uang yang dikeluarkan Perseroan untuk membeli saham dan diamortisasi selama masa tunggu.

The Company, with approval from PT Bank Danamon Indonesia Tbk, provides long-term compensation program to the Company’s Board of Directors and eligible employees. The program is granted based on achievement of certain corporate measurements and individual performance rating. The compensation expense is calculated based on the amount of money paid by the Company to buy the share and is amortised during the holding period.

w. Segmen operasi w. Operating segments

Segmen operasi adalah suatu komponen dari entitas yang terlibat dalam aktivitas bisnis yang mana memperoleh pendapatan dan menimbulkan beban, termasuk pendapatan dan beban terkait dengan transaksi dengan komponen lain dari entitas yang sama, yang hasil operasinya dikaji ulang secara regular oleh pengambil keputusan operasional untuk membuat keputusan tentang sumber daya yang dialokasikan pada segmen tersebut dan menilai kinerjanya, dan tersedia informasi keuangan yang dapat dipisahkan. Hasil segmen yang dilaporkan kepada pengambil keputusan operasional termasuk bagian yang dapat diatribusikan secara langsung kepada segmen dan juga yang dapat dialokasikan dengan basis yang wajar.

An operating segment is a component of the entity that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the entity’s components, whose operating results are reviewed regularly by the chief operating decision maker to make decisions about resources allocated to the segment and assess its performance, and for which discrete financial information is available. Segment results that are reported to the chief operating decision maker include items directly attributable to a segment as well as those that can be allocated on a reasonable basis.

Perseroan mengelola kegiatan usahanya dan mengidentifikasi segmen yang dilaporkan berdasarkan jenis produk dan wilayah geografis.

The Company manages its business activities and identifies its segments reported based on product categories and geographic area.

Perseroan menentukan dan menyajikan segmen operasi berdasarkan informasi yang secara internal diberikan kepada pengambil keputusan operasional.

The Company determines and presents operating segments based on the information that is internally provided to the chief operating decision maker.








3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN 3. USE OF ESTIMATES AND JUDGMENTS

Pengungkapan ini merupakan tambahan atas pembahasan tentang manajemen risiko keuangan (lihat Catatan 36).

These disclosures supplement the financial risk management disclosures (see Note 36).

a. Sumber utama ketidakpastian estimasi a. Key sources of estimation uncertainty

a.1. Cadangan kerugian penurunan nilai asset

keuangan a.1. Allowance for impairment losses on financial

assets

Evaluasi atas kerugian penurunan nilai aset keuangan yang dicatat pada biaya perolehan diamortisasi dijelaskan di Catatan 2h.1.

Evaluation for impairment on financial assets accounted for at amortised cost is described in Note 2h.1.

Evaluasi cadangan kerugian penurunan nilai secara kolektif mencakup kerugian kredit yang melekat pada portofolio piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan dengan karakteristik ekonomi yang serupa ketika terdapat bukti objektif bahwa telah terjadi penurunan nilai piutang dalam portofolio tersebut. Dalam menentukan perlunya untuk membentuk cadangan kerugian penurunan nilai secara kolektif, manajemen mempertimbangkan beberapa faktor seperti kualitas kredit, besarnya portofolio, konsentrasi kredit dan faktor-faktor ekonomi. Dalam mengestimasi cadangan yang dibutuhkan, asumsi-asumsi dibuat untuk menentukan model kerugian bawaan dan untuk menentukan parameter input yang diperlukan, berdasarkan pengalaman historis dan keadaan ekonomi saat ini. Ketepatan dari cadangan ini bergantung pada asumsi model dan parameter yang digunakan dalam penentuan cadangan kerugian penurunan nilai secara kolektif.

Evaluation on collective impairment allowance covers credit losses inherent in portfolios of consumer financing receivables, murabahah financing receivable and finance lease receivables with similar economic characteristics when there is objective evidence to suggest that there is impairment in the receivables portofolio. In assessing the need for allowance for collective impairment losses, management considers several factors such as credit quality, portfolio size, credit concentrations and economic factors. In order to estimate the required allowance, assumptions are made to define the way inherent losses are modelled and to determine the required input parameters, based on historical experience and current economic conditions. The accuracy of the allowance depends on the model assumptions and parameters used in determining allowance for collective impairment losses.

a.2. Penentuan nilai wajar a.2. Determining fair values

Dalam menentukan nilai wajar atas aset keuangan dan liabilitas keuangan dimana tidak terdapat harga pasar yang dapat diobservasi, Perseroan menggunakan teknik penilaian seperti dijelaskan pada Catatan 2d.6. Untuk instrumen keuangan yang jarang diperdagangkan dan tidak memiliki harga yang transparan, nilai wajarnya menjadi kurang objektif dan karenanya, membutuhkan tingkat pertimbangan (judgment) yang beragam, tergantung pada likuiditas, konsentrasi, ketidakpastian faktor pasar, asumsi penentuan harga dan risiko lainnya yang mempengaruhi instrumen tertentu.

In determining the fair value for financial assets and financial liabilities for which there is no observable market price, the Company uses the valuation techniques as described in Note 2d.6. For financial instruments that are traded infrequently and have less price transparency, the fair value is less objective, and requires varying degrees of judgment depending on liquidity, concentration, uncertainty of market factors, pricing assumptions and other risks affecting the specific instrument.

a.3. Pensiun a.3. Pension

Program-program pensiun ditentukan berdasarkan perhitungan aktuarial. Perhitungan aktuarial menggunakan asumsi-asumsi seperti tingkat diskonto, tingkat pengembalian aset, tingkat kenaikan penghasilan, tingkat kematian, tingkat pengunduran diri, dan lain-lain.

Pension programs are determined based on actuarial valuation. The actuarial valuation involves assumptions such as discount rate, expected rate of returns on plan assets, salary increase rate, mortality rate, resignation rate, and others.








3. PENGGUNAAN ESTIMASI DAN PERTIMBANGAN(lanjutan)

3. USE OF ESTIMATES AND JUDGMENTS (continued)

b. Pertimbangan akuntansi yang penting dalam

menetapkan kebijakan akuntansi Perseroan b. Critical accounting judgments in applying the

Company’s accounting policies

Pertimbangan akuntansi yang penting dalam menetapkan kebijakan akuntansi Perseroan meliputi penilaian instrumen keuangan.

Critical accounting judgments made in applying the Company’s accounting policies include valuation of financial instruments.

Kebijakan akuntansi Perseroan untuk pengukuran nilai wajar dibahas di Catatan 2d.6.

The Company’s accounting policy on fair value measurements is discussed in Note 2d.6.

Perseroan mengukur nilai wajar dengan menggunakan hirarki dari metode berikut ini:

The Company measures fair values using the following hierarchy of methods:

Tingkat 1

Harga kuotasi di pasar yang aktif untuk instrumen keuangan yang sejenis.

Level 1 Quoted market price in an active market for an identical instrument.

Tingkat 2

Teknik penilaian berdasarkan input yang dapat diobservasi. Termasuk dalam kategori ini adalah instrumen keuangan yang dinilai dengan menggunakan harga kuotasi di pasar aktif untuk instrumen yang serupa; harga kuotasi untuk instrumen keuangan yang serupa di pasar yang kurang aktif; atau teknik penilaian lainnya dimana seluruh input signifikan yang digunakan dapat diobservasi secara langsung ataupun tidak langsung dari data yang tersedia di pasar.

Level 2 Valuation techniques based on observable inputs. This category includes instruments valued using quoted market prices in active markets for similar instruments; quoted prices for similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

Tingkat 3

Teknik penilaian yang menggunakan input signifikan yang tidak dapat diobservasi. Termasuk dalam kategori ini adalah semua instrumen keuangan dimana teknik penilaiannya menggunakan input yang bukan merupakan data yang dapat diobservasi dan input yang tidak dapat diobservasi tersebut dapat memiliki dampak signifikan terhadap penilaian instrumen keuangan. Termasuk dalam kategori ini adalah instrumen yang dinilai berdasarkan harga kuotasi untuk instrumen yang sejenis dimana terdapat penyesuaian signifikan yang tidak dapat diobservasi atau asumsi-asumsi yang diperlukan untuk mencerminkan selisih antara instrumen keuangan yang diperbandingkan.

Level 3 Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs could have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.








4. KAS DAN KAS DI BANK 4. CASH ON HAND AND IN BANKS

2018 2017

Kas Cash on handRupiah 249.599 220.471 Rupiah

Kas di bank Cash in banksPihak ketiga Third parties

Rupiah RupiahPT Bank Central Asia Tbk 78.654 87.056 PT Bank Central Asia TbkPT Bank Negara Indonesia (Persero) Tbk 40.113 117.871 PT Bank Negara Indonesia (Persero) TbkPT Bank Pan Indonesia Tbk 30.065 2.229 PT Bank Pan Indonesia TbkPT Bank Mega Tbk 29.756 13.015 PT Bank Mega TbkPT Bank Rakyat Indonesia (Persero) Tbk 204 39.955 PT Bank Rakyat Indonesia (Persero) TbkPT Bank Pembangunan Daerah PT Bank Pembangunan Daerah

Jawa Barat & Banten Tbk 145 740 Jawa Barat & Banten TbkPT Bank Mandiri (Persero) Tbk 72 4.455 PT Bank Mandiri (Persero) TbkPT Bank Sumitomo Mitsui Indonesia 5 1.670 PT Bank Sumitomo Mitsui IndonesiaPT Bank Syariah Mandiri - 1.000 PT Bank Syariah Mandiri Lain-lain (masing-masing di bawah Rp500) 517 1.491 Others (each below Rp500)

179.531 269.482 Dolar Amerika Serikat United States DollarPT Bank Central Asia Tbk PT Bank Central Asia Tbk

(lihat Catatan 40) 538 509 (see Note 40)

180.069 269.991

Pihak berelasi Related partiesRupiah RupiahPT Bank Danamon Indonesia Tbk 1.259.522 1.731.183 PT Bank Danamon Indonesia TbkPT Bank DBS Indonesia 20 29 PT Bank DBS IndonesiaMUFG Bank, Ltd. 7 - MUFG Bank, Ltd.

1.259.549 1.731.212 Dolar Amerika Serikat United States DollarPT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia Tbk

(lihat Catatan 40) 107 44 (see Note 40)

1.259.656 1.731.256

1.689.324 2.221.718

Tingkat suku bunga setahun untuk kas di bank dalam Rupiah berkisar 0,75% - 2,15% pada tahun 2018 dan 2017.

Interest rates per annum for cash in banks in Indonesian Rupiah ranged from 0.75% - 2.15% in 2018 and 2017.

Rata-rata tertimbang tingkat suku bunga efektif kas di bank dalam Rupiah per tahun adalah 0,84% (2017: 0,82%) pada tanggal 31 Desember 2018.

The weighted average effective interest rate of cash in banks in Indonesian Rupiah per annum was 0.84% (2017: 0.82%) as of 31 December 2018.

Tidak ada saldo kas dan kas di bank yang dibatasi penggunaannya pada tanggal 31 Desember 2018 dan 2017.

There is no cash on hand and in banks that is restricted as of 31 December 2018 and 2017.

Lihat Catatan 35 untuk rincian saldo dan transaksi dengan pihak berelasi.

Refer to Note 35 for details of balances and transactions with related parties.

Informasi mengenai klasifikasi dan nilai wajar kas dan kas di bank diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of cash on hand and in banks is disclosed in Note 37.








5. PIUTANG PEMBIAYAAN KONSUMEN 5. CONSUMER FINANCING RECEIVABLES

2018 2017

Piutang pembiayaan konsumen - bruto Consumer financing receivables - grossPihak ketiga 59.259.783 45.588.013 Third partiesPihak berelasi 1.925 - Related parties

59.261.708 45.588.013

Pendapatan pembiayaan konsumenyang belum diakui Unearned consumer financing incomePihak ketiga (13.497.646) (10.060.401) Third partiesPihak berelasi (181) - Related parties

(13.497.827) (10.060.401)

45.763.881 35.527.612

Dikurangi: Less:Bagian piutang pembiayaan Portion of consumer financing

konsumen yang dibiayai pihak receivables financed by relatedberelasi - neto (21.307.410) (17.747.326) parties - net

24.456.471 17.780.286

Cadangan kerugian penurunan nilai Allowance for impairment lossesPihak ketiga (1.196.021) (841.184) Third partiesPihak berelasi (46) - Related parties

(1.196.067) (841.184)

Piutang pembiayaan konsumen - neto 23.260.404 16.939.102 Consumer financing receivables - net

Pada tanggal 31 Desember 2018, piutang pembiayaan konsumen bruto di atas termasuk biaya transaksi yang terkait langsung dengan pemberian pembiayaan konsumen masing-masing sebesar Rp289.152 (2017: Rp206.694) (lihat Catatan 2d.2).

As of 31 December 2018, the gross consumer financing receivables above include transaction costs directly attributable to the origination of consumer financing accounts amounting to Rp289,152 (2017: Rp206,694) (see Note 2d.2).

Rata-rata jangka waktu kontrak pembiayaan konsumen pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The average period of consumer financing contracts as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 44 bulan/months 43 bulan/months CarsSepeda motor 27 bulan/months 26 bulan/months MotorcyclesBarang durable 12 bulan/months 12 bulan/months Durable goodsLainnya 19 bulan/months 19 bulan/months Others

Angsuran piutang pembiayaan konsumen bruto yang akan diterima dari konsumen sesuai dengan tanggal jatuh temponya adalah sebagai berikut:

The installments of gross consumer financing receivables, which will be collected from consumers in accordance with the due dates are as follows:

2018 2017

< 1 tahun 29.002.971 25.366.839 < 1 year1 - 2 tahun 17.590.450 12.312.407 1 - 2 years> 2 tahun 12.668.287 7.908.767 > 2 years

Jumlah piutang pembiayaan konsumen - bruto 59.261.708 45.588.013 Total consumer financing receivables - gross








5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES (continued)

Rata-rata tertimbang tingkat suku bunga efektif piutang pembiayaan konsumen per tahun pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The weighted average effective interest rate of consumer financing receivables per annum as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 18,28% 17,78% CarsSepeda motor 30,82% 29,38% MotorcyclesBarang durable 47,48% 49,04% Durable goodsLainnya 37,59% 37,56% Others

Pengelompokan piutang pembiayaan konsumen bruto menurut jumlah hari tunggakan adalah sebagai berikut:

The breakdown of gross consumer financing receivables based on overdue days is as follows:

2018 2017

Tidak ada tunggakan 47.586.108 35.449.848 No past due1 - 90 hari 10.654.095 9.467.831 1 - 90 days91 - 120 hari 338.657 199.846 91 - 120 days121 - 180 hari 456.614 327.441 121 - 180 days> 180 hari 226.234 143.047 > 180 days

Piutang pembiayaan konsumen - bruto 59.261.708 45.588.013 Consumer financing receivables - gross

Pengelompokan piutang pembiayaan konsumen menurut debitur disajikan pada Catatan 36.

Classification of consumer financing receivables based on debtor is presented in Note 36.

Rincian pendapatan pembiayaan konsumen yang belum diakui adalah sebagai berikut:

Details of unearned consumer financing income are as follows:

2018 2017

Pembiayaan sendiri 9.854.148 7.267.345 Self financing

Dibiayai pihak berelasi 3.643.679 2.793.056 Financed by related parties

13.497.827 10.060.401

Perubahan cadangan kerugian penurunan nilai adalah sebagai berikut:

The movements of the allowance for impairment losses were as follows:

2018 2017

Saldo pada awal tahun Balance at beginning of yearPihak ketiga 841.184 724.515 Third partiesPihak berelasi - 1 Related parties

841.184 724.516

Penyisihan/(pemulihan) selama tahun berjalan Provision/(recovery) during the yearPihak ketiga 1.422.904 955.143 Third partiesPihak berelasi 46 (1) Related parties

1.422.950 955.142

2.264.134 1.679.658 Penghapusan piutang Receivables written-off

Pihak ketiga (1.068.067) (838.474) Third parties

Saldo pada akhir tahun 1.196.067 841.184 Balance at end of year








5. PIUTANG PEMBIAYAAN KONSUMEN (lanjutan) 5. CONSUMER FINANCING RECEIVABLES (continued)

Piutang pembiayaan konsumen dievaluasi untuk penurunan nilai atas dasar seperti yang dijelaskan pada Catatan 2h.1.

Consumer financing receivables are evaluated for impairment on the basis described in Note 2h.1.

Piutang pembiayaan konsumen yang telah direstrukturisasi pada tanggal 31 Desember 2018 sebesar Rp436.920 (2017: Rp212.250).

Restructured consumer financing receivables as of 31 December 2018 amounted to Rp436,920 (2017: Rp212,250).

Piutang pembiayaan konsumen pada tanggal 31 Desember 2018 sebesar Rp5.943.297 (2017: Rp4.753.923) dan sebesar Rp4.719.500 (2017: Rp4.564.500) masing-masing digunakan sebagai jaminan atas pinjaman yang diterima (lihat Catatan 15) dan utang obligasi (lihat Catatan 17).

Consumer financing receivables as of 31 December 2018 amounting to Rp5,943,297 (2017: Rp4,753,923) and amounting to Rp4,719,500 (2017: Rp4,564,500) were used as collateral to borrowings (see Note 15) and bonds payable (see Note 17), respectively.

Sebagai jaminan atas piutang pembiayaan konsumen kendaraan bermotor yang diberikan, Perseroan menerima jaminan dari konsumen berupa Bukti Pemilikan Kendaraan Bermotor (“BPKB”) atas kendaraan bermotor yang dibiayai Perseroan.

For the collateral to the vehicle consumer financing receivables, the Company received the Certificates of Ownership (“BPKB”) of the vehicles financed by the Company.

Manajemen berpendapat bahwa jumlah cadangan kerugian penurunan nilai yang dibentuk cukup untuk menutup kerugian yang mungkin timbul akibat tidak tertagihnya piutang pembiayaan konsumen.

Management believes that the allowance for impairment losses provided is adequate to cover possible losses arising from uncollectible consumer financing receivables.



Informasi mengenai klasifikasi dan nilai wajar piutang pembiayaan konsumen diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of consumer financing receivables is disclosed in Note 37.

Pembiayaan bersama Joint financing

Perseroan melakukan kerjasama pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk dan PT Adira Quantum Multifinance (dalam likuidasi).

The Company entered into joint financing with PT Bank Danamon Indonesia Tbk and PT Adira Quantum Multifinance (in liquidation).

a. PT Bank Danamon Indonesia Tbk a. PT Bank Danamon Indonesia Tbk

Lihat Catatan 35 untuk transaksi pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk.

See Note 35 for joint financing transaction with PT Bank Danamon Indonesia Tbk.

b. PT Adira Quantum Multifinance (dalam likuidasi) b. PT Adira Quantum Multifinance (in liquidation)

Lihat Catatan 35 untuk transaksi pembiayaan bersama dengan PT Adira Quantum Multifinance (dalam likuidasi) sebelum 15 Agustus 2017.

See Note 35 for joint financing transaction with PT Adira Quantum Multifinance (in liquidation) before 15 August 2017.

Sejak tanggal 15 Agustus 2017, tidak terdapat transaksi pembiayaan bersama dengan PT Adira Quantum Multifinance (dalam likuidasi).

Since 15 August 2017, there is no joint financing transaction with PT Adira Quantum Multifinance (in liquidation).








6. PIUTANG PEMBIAYAAN MURABAHAH 6. MURABAHAH FINANCING RECEIVABLES

2018 2017

Piutang pembiayaan murabahah - bruto 6.481.401 11.840.868 Murabahah financing receivables - grossMarjin murabahah yang belum diakui (1.197.233) (2.531.043) Unearned murabahah margin

5.284.168 9.309.825

Dikurangi: Less:Bagian piutang pembiayaan murabahah yang Portion of murabahah financing receivables

dibiayai pihak berelasi - neto (673.499) (238.112) financed by related parties - net

4.610.669 9.071.713

Cadangan kerugian penurunan nilai (240.167) (491.858) Allowance for impairment losses

Piutang pembiayaan murabahah - neto 4.370.502 8.579.855 Murabahah financing receivables - net

Pada tanggal 31 Desember 2018, piutang pembiayaan murabahah bruto termasuk biaya transaksi yang terkait langsung dengan pemberian pembiayaan murabahah sebesar Rp77.629 (2017: Rp203.267) (lihat Catatan 2d.2).

As of 31 December 2018, the gross murabahah financing receivables include transaction costs directly attributable to the origination of murabahah financing accounts amounting to Rp77,629 (2017: Rp203,267) (see Note 2d.2).

Rata-rata jangka waktu kontrak pembiayaan murabahah pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The average period of murabahah financing contracts as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 47 bulan/months 46 bulan/months CarsSepeda motor 30 bulan/months 29 bulan/months MotorcyclesLainnya 35 bulan/months 30 bulan/months Others Angsuran piutang pembiayaan murabahah bruto yang akan diterima dari konsumen sesuai dengan tanggal jatuh temponya adalah sebagai berikut:

The installments of gross murabahah financing receivables, which will be collected from consumers in accordance with the due dates are as follows:

2018 2017

< 1 tahun 4.003.473 7.273.173 < 1 year1 - 2 tahun 1.644.281 3.381.834 1 - 2 years> 2 tahun 833.647 1.185.861 > 2 yearsJumlah piutang pembiayaan murabahah - Total murabahah financing receivables -

bruto 6.481.401 11.840.868 gross

Rata-rata tertimbang tingkat suku bunga efektif piutang pembiayaan murabahah per tahun pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The weighted average effective interest rates of murabahah financing receivables per annum as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 17,60% 17,83% CarsSepeda Motor 27,74% 27,08% MotorcyclesLainnya 15,86% 40,90% Others








6. PIUTANG PEMBIAYAAN MURABAHAH (lanjutan) 6. MURABAHAH FINANCING RECEIVABLES (continued)

Pengelompokan piutang pembiayaan murabahah bruto menurut jumlah hari tunggakan adalah sebagai berikut:

The breakdown of gross murabahah financing receivables based on overdue days is as follows:

2018 2017

Tidak ada tunggakan 4.847.492 8.713.275 No past due1 - 90 hari 1.479.438 2.825.281 1 - 90 days91 - 120 hari 49.771 81.610 91 - 120 days121 - 180 hari 69.413 151.289 121 - 180 days> 180 hari 35.287 69.413 > 180 days

Piutang pembiayaan murabahah - bruto 6.481.401 11.840.868 Murabahah financing receivables - gross

Pengelompokan piutang pembiayaan murabahah menurut debitur disajikan pada Catatan 36.

Classification of murabahah financing receivables based on debtor is presented in Note 36.

Rincian marjin murabahah yang belum diakui adalah sebagai berikut:

Details of unearned murabahah margin are as follows:

2018 2017

Pembiayaan sendiri 1.075.620 2.485.763 Self financing

Dibiayai pihak berelasi 121.613 45.280 Financed by related parties

1.197.233 2.531.043


The movements of the allowance for impairment losses were as follows:

2018 2017

Saldo pada awal tahun Balance at beginning of yearPihak ketiga 491.858 480.609 Third partiesPihak berelasi - 1 Related parties

491.858 480.610

Penyisihan/(pemulihan) selama tahun berjalan Provision/(recovery) during the yearPihak ketiga 337.316 692.542 Third partiesPihak berelasi - (1) Related parties

337.316 692.541

829.174 1.173.151 Penghapusan piutang Receivables written-off

Pihak ketiga (589.007) (681.293) Third parties

Saldo pada akhir tahun 240.167 491.858 Balance at end of year

Piutang pembiayaan murabahah dievaluasi untuk penurunan nilai atas dasar seperti yang dijelaskan pada Catatan 2h.1.

Murabahah financing receivables are evaluated for impairment on the basis described in Note 2h.1.

Piutang pembiayaan murabahah pada tanggal 31 Desember 2018 sebesar Rp145.833 (2017: Rp260.417) dan Rp384.000 (2017: Rp300.500) masing-masing digunakan sebagai jaminan atas pinjaman yang diterima (lihat Catatan 15) dan jaminan sukuk mudharabah (lihat Catatan 20).

Murabahah financing receivables as of 31 December 2018 amounting to Rp145,833 (2017: Rp260,417) and amounting to Rp384,000 (2017: Rp300,500) were used as collateral to borrowings (see Note 15) and mudharabah bonds (see Note 20), respectively.








6. PIUTANG PEMBIAYAAN MURABAHAH (lanjutan) 6. MURABAHAH FINANCING RECEIVABLES (continued)

Sebagai jaminan atas piutang pembiayaan murabahah kendaraan bermotor yang diberikan, Perseroan menerima jaminan dari konsumen berupa Bukti Pemilikan Kendaraan Bermotor (“BPKB”) atas kendaraan bermotor yang dibiayai Perseroan.

For the collateral to the vehicle murabahah financing receivables, the Company received the Certificates of Ownership (“BPKB”) of the vehicles financed by the Company.

Manajemen berpendapat bahwa jumlah cadangan kerugian penurunan nilai yang dibentuk cukup untuk menutup kerugian yang mungkin timbul akibat tidak tertagihnya piutang pembiayaan murabahah.

Management believes that the allowance for impairment losses provided is adequate to cover possible losses arising from uncollectible murabahah financing receivables.

Informasi mengenai klasifikasi dan nilai wajar piutang pembiayaan murabahah diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of murabahah financing receivables is disclosed in Note 37.

Pembiayaan bersama Joint financing

Perseroan melakukan kerjasama pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk (lihat Catatan 35).

The Company entered into joint financing with PT Bank Danamon Indonesia Tbk (see Note 35).

7. PIUTANG SEWA PEMBIAYAAN 7. FINANCE LEASE RECEIVABLES

2018 2017

Piutang sewa pembiayaan - bruto Finance leases receivables - grossPihak ketiga 289.879 443.509 Third partiesPihak berelasi 285 11.953 Related parties

290.164 455.462

Nilai residu yang terjamin Guaranteed residual valuePihak ketiga 113.742 204.966 Third partiesPihak berelasi 120 2.729 Related parties

113.862 207.695

Pendapatan sewa pembiayaan yangbelum diakui Unearned financing lease incomePihak ketiga (41.755) (59.208) Third partiesPihak berelasi (30) (1.819) Related parties

(41.785) (61.027)

Simpanan jaminan Security depositsPihak ketiga (113.742) (204.966) Third partiesPihak berelasi (120) (2.729) Related parties

(113.862) (207.695)

Cadangan kerugian penurunan nilai Allowance for impairment lossesPihak ketiga (7.487) (14.250) Third partiesPihak berelasi (14) (563) Related parties

(7.501) (14.813)

Piutang sewa pembiayaan - neto 240.878 379.622 Finance leases receivables - net

Pada tanggal 31 Desember 2018, piutang sewa pembiayaan bruto termasuk biaya transaksi yang terkait langsung dengan pemberian pembiayaan sewa sebesar (Rp707) (2017: Rp877) (lihat Catatan 2d.2).

As of 31 December 2018, the gross finance lease receivables include transaction costs directly attributable to the origination of finance lease accounts amounting to (Rp707) (2017: Rp877) (see Note 2d.2).








7. PIUTANG SEWA PEMBIAYAAN (lanjutan) 7. FINANCE LEASE RECEIVABLES (continued)

Rata-rata jangka waktu kontrak sewa pembiayaan pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The average period of finance lease contracts as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 48 bulan/months 47 bulan/months CarsSepeda motor 36 bulan/months 34 bulan/months Motorcycles Angsuran piutang sewa pembiayaan bruto yang akan diterima dari konsumen sesuai dengan tanggal jatuh temponya adalah sebagai berikut:

The installments of gross finance lease receivables, which will be collected from consumers in accordance with the due dates are as follows:

2018 2017

< 1 tahun 139.259 306.325 < 1 year1 - 2 tahun 89.651 104.415 1 - 2 years> 2 tahun 61.254 44.722 > 2 years

Jumlah piutang sewa pembiayaan - bruto 290.164 455.462 Total finance lease receivables - gross

Rata-rata tertimbang tingkat suku bunga efektif piutang sewa pembiayaan per tahun pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The weighted average effective interest rates of finance lease receivables per annum as of 31 December 2018 and 2017 are as follows:

2018 2017

Mobil 16,62% 15,95% CarsSepeda Motor 22,07% 23,57% Motorcycles Pengelompokan piutang sewa pembiayaan bruto menurut jumlah hari tunggakan adalah sebagai berikut:

The breakdown of gross finance lease receivables based on overdue days was as follows:

2018 2017

Tidak ada tunggakan 237.809 298.387 No past due1 - 90 hari 45.605 142.567 1 - 90 days91 - 120 hari 1.642 4.335 91 - 120 days121 - 180 hari 4.358 7.439 121 - 180 days> 180 hari 750 2.734 > 180 days

Piutang sewa pembiayaan - bruto 290.164 455.462 Finance lease receivables - gross








7. PIUTANG SEWA PEMBIAYAAN (lanjutan) 7. FINANCE LEASE RECEIVABLES (continued)


The movements of the allowance for impairment losses are as follows:

2018 2017

Saldo pada awal tahun Balance at beginning of yearPihak ketiga 14.250 29.802 Third partiesPihak berelasi 563 738 Related parties

14.813 30.540

Penyisihan/(pemulihan) selama tahun berjalan Provision/(recovery) during the yearPihak ketiga 4.184 13.907 Third partiesPihak berelasi (549) (175) Related parties

3.635 13.732

18.448 44.272 Penghapusan piutang Receivables written-off

Pihak ketiga (10.947) (29.459) Third parties


Piutang sewa pembiayaan dievaluasi untuk penurunan nilai atas dasar seperti yang dijelaskan pada Catatan 2h.1.

Finance lease receivables are evaluated for impairment on the basis described in Note 2h.1.

Pada saat perjanjian sewa pembiayaan dimulai, lessee memberikan simpanan jaminan. Simpanan jaminan ini akan digunakan sebagai pembayaran pada akhir masa sewa pembiayaan, bila hak opsi dilaksanakan lessee. Apabila lessee tidak melaksanakan hak opsinya untuk membeli aset sewa pembiayaan tersebut maka simpanan jaminan dikembalikan kepada lessee sepanjang memenuhi ketentuan dalam perjanjian sewa pembiayaan.

At the time of execution of the finance lease agreements, the lessees pay security deposits. The security deposits are used as the final installment at the end of the finance lease period, if the lessees exercise the option to purchase the leased asset. If the lessees do not exercise the purchase option, the security deposit will be returned to the lessees as long as it meets the conditions in the finance lease agreements.

Manajemen berpendapat bahwa jumlah cadangan kerugian penurunan nilai yang dibentuk cukup untuk menutup kerugian yang mungkin timbul akibat tidak tertagihnya piutang sewa pembiayaan.

Management believes that the allowance for impairment losses provided is adequate to cover possible losses arising from uncollectible finance lease receivables.



Informasi mengenai klasifikasi dan nilai wajar piutang sewa pembiayaan diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of finance lease receivables is disclosed in Note 37.

8. BEBAN DIBAYAR DIMUKA 8. PREPAID EXPENSES

2018 2017

Pihak ketiga Third partiesSewa 176.496 181.868 RentRenovasi bangunan 25.834 22.089 Building renovationTunjangan karyawan 12.744 18.920 Employees’ allowancesEmisi sukuk mudharabah 1.245 1.530 Mudharabah bonds issuanceLain-lain 56.281 16.220 Others

272.600 240.627

Pihak berelasi Related partiesPremi asuransi kesehatan 33.122 33.177 Health insurance premium

305.722 273.804








8. BEBAN DIBAYAR DIMUKA (lanjutan) 8. PREPAID EXPENSES (continued)



9. PIUTANG LAIN-LAIN 9. OTHER RECEIVABLES

2018 2017

Pihak ketiga Third partiesPiutang agen pembayaran 45.162 108.171 Payment channel receivablesPiutang karyawan 36.983 40.499 Employee receivablesKlaim asuransi 24.246 18.011 Insurance claimsPiutang komisi asuransi 14.992 13.902 Insurance commission receivablesLain-lain - neto 19.653 23.642 Others - net

141.036 204.225

Pihak berelasi Related partiesPiutang komisi asuransi 49.572 43.641 Insurance commission receivablesPiutang karyawan 5.801 6.558 Employee receivablesPiutang agen pembayaran 3 1.334 Payment channel receivables

55.376 51.533

196.412 255.758

Manajemen berpendapat bahwa jumlah cadangan kerugian penurunan nilai atas piutang lain-lain dari pihak ketiga yang dimasukkan sebagai “lain-lain” pada tanggal 31 Desember 2018 sebesar Rp1.695 (2017: Rp1.109) cukup untuk menutupi kerugian yang mungkin timbul akibat tidak tertagihnya piutang lain-lain dari pihak ketiga.

Management believes that allowance for impairment losses of other receivables from third parties included in “others” as of 31 December 2018 amounting to Rp1,695 (2017: Rp1,109) is adequate to cover possible losses from uncollectible other receivables from third parties.

Manajemen berpendapat bahwa seluruh piutang lain-lain dapat tertagih.

Management believes that all other receivables are fully collectible.



Informasi mengenai klasifikasi dan nilai wajar piutang karyawan, piutang klaim asuransi dan piutang komisi asuransi diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of employee receivables, insurance claims receivables and insurance commission receivables are disclosed in Note 37.








10. ASET/LIABILITAS DERIVATIF 10. DERIVATIVE ASSETS/LIABILITIES

2018 2017

Aset derivatif Derivative assets

Pihak ketiga Third partiesPT Bank BNP Paribas Indonesia 93.878 36.385 PT Bank BNP Paribas IndonesiaPT Bank OCBC NISP Tbk 42.223 17.419 PT Bank OCBC NISP TbkPT Bank Maybank Indonesia Tbk 39.578 - PT Bank Maybank Indonesia TbkPT Bank ANZ Indonesia 23.672 13.134 PT Bank ANZ IndonesiaPT Bank CIMB Niaga Tbk - 8.838 PT Bank CIMB Niaga TbkMUFG Bank, Ltd. - 9.904 MUFG Bank, Ltd.

199.351 85.680

Pihak berelasi Related parties

MUFG Bank, Ltd. 54.205 - MUFG Bank, Ltd.

253.556 85.680

Liabilitas derivatif Derivative liabilitiesPihak ketiga Third parties

PT Bank OCBC NISP Tbk 101.616 828 PT Bank OCBC NISP TbkPT Bank ANZ Indonesia 70.962 - PT Bank ANZ IndonesiaPT Bank CIMB Niaga Tbk 48.328 3.943 PT Bank CIMB Niaga Tbk

PT Bank UOB Indonesia 17.064 - PT Bank UOB Indonesia

PT Bank BNP Paribas Indonesia - 1.727 PT Bank BNP Paribas Indonesia

MUFG Bank, Ltd. - 709 MUFG Bank, Ltd.

237.970 7.207

Pada tanggal 31 Desember 2018, Perseroan mempunyai beberapa kontrak cross currency swap dengan pihak ketiga yang belum jatuh tempo dengan PT Bank OCBC NISP Tbk, PT Bank ANZ Indonesia, PT Bank BNP Paribas Indonesia, PT Bank CIMB Niaga Tbk, PT Bank Maybank Indonesia Tbk dan PT Bank UOB Indonesia.

As of 31 December 2018, the Company has several outstanding cross currency swap contracts with third parties which are PT Bank OCBC NISP Tbk, PT Bank ANZ Indonesia, PT Bank BNP Paribas Indonesia, PT Bank CIMB Niaga Tbk, PT Bank Maybank Indonesia Tbk and PT Bank UOB Indonesia.

Perseroan melakukan kontrak cross currency swap dengan tujuan lindung nilai atas risiko fluktuasi arus kas yang ditimbulkan oleh kurs mata uang dan tingkat suku bunga atas pinjaman yang diterima.

The Company entered into cross currency swap contracts to hedge the risk of fluctuations in cash flows arising from exchange rates and interest rates on borrowing.

Perubahan atas nilai wajar dari kontrak cross currency swap yang ditetapkan sebagai instrumen lindung nilai, yang secara efektif menghapus variabilitas arus kas dari pinjaman terkait dicatat di ekuitas. Nilai ini kemudian diakui dalam laporan laba rugi sebagai penyesuaian atas laba atau rugi selisih kurs dan beban bunga pinjaman terkait yang dilindungi nilai pada periode yang sama dimana selisih kurs dan beban bunga tersebut di akui pada perkiraan laba rugi.

Changes in the fair value of the cross currency swap contract designated as hedging instruments that effectively offset the variability of cash flows associated with the borrowings are recorded in equity. The amounts are subsequently recognised to the profit or loss as adjustments of the exchange rate differences and interest payments related to the hedged borrowings in the same period in which the related exchange rate differences and interest payments affect profit or loss.

Perincian dari kontrak - kontrak tersebut pada tanggal 31 Desember 2018 adalah sebagai berikut:

The details of these contracts as at 31 December 2018 are as follow:


PT

AD

IRA

DIN

AM

IKA

MU

LT

I FIN

AN

CE

Tb

k

CA

TA

TA

N A

TA

S L

AP

OR

AN

KE

UA

NG

AN

P

ada

tan

gg

al 3

1 D

esem

ber

20

18 d

an 2

017

, u

ntu

k t

ahu

n-t

ahu

n y

an

g b

erak

hir

pad

a ta

ng

gal

te

rseb

ut

(Dis

ajik

an d

alam

juta

an

Ru

pia

h,

ke

cua

li d

inya

taka

n la

in)

N

OT

ES

TO

TH

E F

INA

NC

IAL

ST

AT

EM

EN

TS

A

s o

f 31

Dec

emb

er 2

018

and

201

7,

for

the

year

s th

en e

nd

ed

(

Exp

ress

ed

in m

illio

ns o

f R

up

iah

,

un

less

oth

erw

ise

sta

ted

)

* T

idak

dia

udit

*U

naud

ited

56

10

. A

SE

T/L

IAB

ILIT

AS

DE

RIV

AT

IF (

lanj

uta

n)

10

. D

ER

IVA

TIV

E A

SS

ET

S/L

IAB

ILIT

IES

(co

ntin

ued)

Sis

a n

ilai

ko

ntr

ak/

Ase

t (l

iab

ilita

s) d

eriv

atif

/

P

erio

de

kon

trak

/Co

ntr

act

per

iod

R

emai

nin

g c

on

trac

t va

lue

Der

ivat

ive

asse

t (l

iab

iliti

es)

Pih

ak la

wan

/ C

ou

nte

rpar

ty

Nil

ai k

on

trak

/ C

on

trac

t va

lue

Aw

al/S

tart

A

khir

/En

d

2018

20

17

2018

20

17

C

ross

cu

rren

cy a

nd

in

tere

st r

ate

swap

25

Sep

tem

ber/

25

Mar

et/

PT

Ban

k B

NP

Par

ibas

Indo

nesi

a U

SD

40.

000.

000

Sep

tem

ber

2017

M

arch

201

9 U

SD

40.

000.

000

US

D 4

0.00

0.00

0 48

.185

12

.050

30

Jan

uari/

30

Jul

i/

P

T B

ank

BN

P P

arib

as In

done

sia

US

D 2

5.00

0.00

0 Ja

nuar

y 20

18

July

201

9 U

SD

25.

000.

000

- 28

.335

-

17 O

ktob

er/

17 A

pril/

P

T B

ank

BN

P P

arib

as In

done

sia

US

D 2

0.00

0.00

0 O

ctob

er 2

017

Apr

il 20

19

US

D 2

0.00

0.00

0 U

SD

20.

000.

000

17.3

58

(385

)

23

Agu

stus

/ 23

Feb

ruar

i/

P

T B

ank

BN

P P

arib

as In

done

sia

US

D 2

0.00

0.00

0 A

ugus

t 201

6 F

ebru

ary

2018

-

US

D 2

0.00

0.00

0 -

6.54

4

21

Sep

tem

ber/

21

Mar

et/

PT

Ban

k B

NP

Par

ibas

Indo

nesi

a U

SD

40.

000.

000

Sep

tem

ber

2016

M

arch

201

8 -

US

D 4

0.00

0.00

0 -

10.2

56

11 O

ktob

er/

11 A

pril/

P

T B

ank

BN

P P

arib

as In

done

sia

US

D 2

0.00

0.00

0 O

ctob

er 2

016

Apr

il 20

18

- U

SD

20.

000.

000

- 7.

535

18 J

anua

ri/

18 J

uli/

PT

Ban

k B

NP

Par

ibas

Indo

nesi

a U

SD

10.

000.

000

Janu

ary

2017

Ju

ly 2

018

- U

SD

10.

000.

000

- (1

.342

)

25

Okt

ober

/ 25

Okt

ober

/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 4

0.00

0.00

0 O

ctob

er 2

018

Oct

ober

202

1 U

SD

40.

000.

000

- (5

1.27

6)

-

25

Jul

i/ 26

Jul

i/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 3

5.00

0.00

0 Ju

ly 2

018

July

202

1 U

SD

32.

083.

333

- (5

.934

) -

31 O

ktob

er/

29 O

ktob

er/

PT

Ban

k O

CB

C N

ISP

Tbk

U

SD

30.

000.

000

Oct

ober

201

8 O

ctob

er 2

021

US

D 3

0.00

0.00

0 -

(38.

178)

-

23 O

ktob

er/

23 A

pril/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 2

5.00

0.00

0 O

ctob

er 2

017

Apr

il 20

19

US

D 2

5.00

0.00

0 U

SD

25.

000.

000

21.8

22

(828

)

21

Feb

ruar

i/ 21

Agu

stus

/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 2

5.00

0.00

0 F

ebru

ary

2018

A

ugus

t 201

9 U

SD

25.

000.

000

- 20

.401

-


PT

AD

IRA

DIN

AM

IKA

MU

LT

I FIN

AN

CE

Tb

k

CA

TA

TA

N A

TA

S L

AP

OR

AN

KE

UA

NG

AN

P

ada

tan

gg

al 3

1 D

esem

ber

20

18 d

an 2

017

, u

ntu

k t

ahu

n-t

ahu

n y

an

g b

erak

hir

pad

a ta

ng

gal

te

rseb

ut

(Dis

ajik

an d

alam

juta

an

Ru

pia

h,

ke

cua

li d

inya

taka

n la

in)

N

OT

ES

TO

TH

E F

INA

NC

IAL

ST

AT

EM

EN

TS

A

s o

f 31

Dec

emb

er 2

018

and

201

7,

for

the

year

s th

en e

nd

ed

(

Exp

ress

ed

in m

illio

ns o

f R

up

iah

,

un

less

oth

erw

ise

sta

ted

)

* T

idak

dia

udit

*U

naud

ited

57

10

. A

SE

T/L

IAB

ILIT

AS

DE

RIV

AT

IF (

lanj

uta

n)

10

. D

ER

IVA

TIV

E A

SS

ET

S/L

IAB

ILIT

IES

(co

ntin

ued)

Sis

a n

ilai

ko

ntr

ak/

Ase

t (l

iab

ilita

s) d

eriv

atif

/

P

erio

de

kon

trak

/Co

ntr

act

per

iod

R

emai

nin

g c

on

trac

t va

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Der

ivat

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asse

t (l

iab

iliti

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Pih

ak la

wan

/ C

ou

nte

rpar

ty

Nil

ai k

on

trak

/ C

on

trac

t va

lue

Aw

al/S

tart

A

khir

/En

d

2018

20

17

2018

20

17

C

ross

cu

rren

cy a

nd

in

tere

st r

ate

swap

27

Jul

i/ 27

Jul

i/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 2

5.00

0.00

0 Ju

ly 2

018

July

202

1 U

SD

22.

916.

667

- (6

.228

) -

12 J

anua

ri/

12 J

anua

ri/

PT

Ban

k O

CB

C N

ISP

Tbk

U

SD

30.

000.

000

Janu

ary

2015

Ja

nuar

y 20

18

- U

SD

2.5

00.0

00

- 2.

509

22 N

ovem

ber/

22

Mei

/

P

T B

ank

OC

BC

NIS

P T

bk

US

D 4

5.00

0.00

0 N

ovem

ber

2016

M

ay 2

018

- U

SD

45.

000.

000

- 14

.910

21

Nov

embe

r/

22 N

ovem

ber/

P

T B

ank

AN

Z I

ndon

esia

U

SD

40.

000.

000

Nov

embe

r 20

18

Nov

embe

r 20

21

US

D 4

0.00

0.00

0 -

(32.

783)

-

30 J

anua

ri/

30 J

uli/

PT

Ban

k A

NZ

Ind

ones

ia

US

D 2

0.00

0.00

0 Ja

nuar

y 20

18

July

201

9 U

SD

20.

000.

000

- 23

.672

-

31 O

ktob

er/

29 O

ktob

er/

PT

Ban

k A

NZ

Ind

ones

ia

US

D 2

0.00

0.00

0 O

ctob

er 2

018

Oct

ober

202

1 U

SD

20.

000.

000

- (2

4.54

4)

-

14

Nov

embe

r/

15 N

ovem

ber/

P

T B

ank

AN

Z I

ndon

esia

U

SD

20.

000.

000

Nov

embe

r 20

18

Nov

embe

r 20

21

US

D 2

0.00

0.00

0 -

(13.

635)

-

23 A

gust

us/

23 F

ebru

ari/

PT

Ban

k A

NZ

Ind

ones

ia

US

D 2

0.00

0.00

0 A

ugus

t 201

6 F

ebru

ary

2018

-

US

D 2

0.00

0.00

0 -

5.59

4

18

Okt

ober

/ 18

Apr

il/

PT

Ban

k A

NZ

Ind

ones

ia

US

D 2

0.00

0.00

0 O

ctob

er 2

016

Apr

il 20

18

- U

SD

20.

000.

000

- 6.

191

27 A

pril/

27

Apr

il/

PT

Ban

k A

NZ

Ind

ones

ia

US

D 2

5.00

0.00

0 A

pril

2015

A

pril

2018

-

US

D 4

.166

.667

-

1.34

9

21

Nov

embe

r/

22 N

ovem

ber/

P

T B

ank

CIM

B N

iaga

Tbk

U

SD

30.

000.

000

Nov

embe

r 20

18

Nov

embe

r 20

21

US

D 3

0.00

0.00

0 -

(25.

261)

-


PT

AD

IRA

DIN

AM

IKA

MU

LT

I FIN

AN

CE

Tb

k

CA

TA

TA

N A

TA

S L

AP

OR

AN

KE

UA

NG

AN

P

ada

tan

gg

al 3

1 D

esem

ber

20

18 d

an 2

017

, u

ntu

k t

ahu

n-t

ahu

n y

an

g b

erak

hir

pad

a ta

ng

gal

te

rseb

ut

(Dis

ajik

an d

alam

juta

an

Ru

pia

h,

ke

cua

li d

inya

taka

n la

in)

N

OT

ES

TO

TH

E F

INA

NC

IAL

ST

AT

EM

EN

TS

A

s o

f 31

Dec

emb

er 2

018

and

201

7,

for

the

year

s th

en e

nd

ed

(

Exp

ress

ed

in m

illio

ns o

f R

up

iah

,

un

less

oth

erw

ise

sta

ted

)

* T

idak

dia

udit

*U

naud

ited

58

10

. A

SE

T/L

IAB

ILIT

AS

DE

RIV

AT

IF (

lanj

uta

n)

10

. D

ER

IVA

TIV

E A

SS

ET

S/L

IAB

ILIT

IES

(co

ntin

ued)

Sis

a n

ilai

ko

ntr

ak/

Ase

t (l

iab

ilita

s) d

eriv

atif

/

P

erio

de

kon

trak

/Co

ntr

act

per

iod

R

emai

nin

g c

on

trac

t va

lue

Der

ivat

ive

asse

t (l

iab

iliti

es)

Pih

ak la

wan

/ C

ou

nte

rpar

ty

Nil

ai k

on

trak

/ C

on

trac

t va

lue

Aw

al/S

tart

A

khir

/En

d

2018

20

17

2018

20

17

C

ross

cu

rren

cy a

nd

in

tere

st r

ate

swap

15

Okt

ober

/ 15

Okt

ober

/

P

T B

ank

CIM

B N

iaga

Tbk

U

SD

20.

000.

000

Oct

ober

201

8 O

ctob

er 2

021

US

D 2

0.00

0.00

0 -

(23.

067)

-

11 O

ktob

er/

11 A

pril/

P

T B

ank

CIM

B N

iaga

Tbk

U

SD

20.

000.

000

Oct

ober

201

6 A

pril

2018

-

US

D 2

0.00

0.00

0 -

7.52

1

17

Apr

il/

17 A

pril/

P

T B

ank

CIM

B N

iaga

Tbk

U

SD

25.

000.

000

Apr

il 20

15

Apr

il 20

18

- U

SD

4.1

66.6

67

- 1.

317

18 J

anua

ri/

18 J

uli/

PT

Ban

k C

IMB

Nia

ga T

bk

US

D 3

0.00

0.00

0 Ja

nuar

y 20

17

July

201

8 -

US

D 3

0.00

0.00

0 -

(3.9

43)

22 S

epte

mbe

r/

22 M

aret

/

M

UF

G B

ank,

Ltd

. U

SD

30.

000.

000

Sep

tem

ber

2017

M

arch

201

9 U

SD

30.

000.

000

US

D 3

0.00

0.00

0 36

.404

9.

904

17 O

ktob

er/

17 A

pril/

M

UF

G B

ank,

Ltd

. U

SD

20.

000.

000

Oct

ober

201

7 A

pril

2019

U

SD

20.

000.

000

US

D 2

0.00

0.00

0 17

.801

(7

09)

PT

Ban

k M

ayba

nk In

done

sia

21

Feb

ruar

i/ 21

Agu

stus

/

T

bk

US

D 2

5.00

0.00

0 F

ebru

ary

2018

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*Tidak diaudit *Unaudited 59

10. ASET/LIABILITAS DERIVATIF (lanjutan) 10. DERIVATIVE ASSETS/LIABILITIES (continued)

Kerugian kumulatif yang timbul dari perubahan nilai wajar instrumen derivatif pada tanggal 31 Desember 2018 sebesar (Rp60.984) (2017: (Rp41.821)) disajikan sebagai “(Kerugian)/keuntungan kumulatif atas instrumen derivatif untuk lindung nilai arus kas - neto” sebagai bagian “Ekuitas” pada laporan posisi keuangan dan akan diakui dalam laporan laba rugi pada saat realisasinya.

The cumulative losses arising from the changes in fair values of the derivative instruments as of 31 December 2018 amounting to (Rp60,984) (2017: (Rp41,821)) were presented as “Cumulative (losses)/gain on derivative instruments for cash flows hedges - net” under the “Equity” section in the statement of financial position and will be recognised in the statement of profit or loss upon its realisation.

Pada tanggal 31 Desember 2018 dan 2017, jumlah yang telah direklasifikasi dari ekuitas ke laporan laba rugi tahun berjalan adalah sebagai berikut:

As of 31 December 2018 and 2017, the total amount which had been reclassified from equity to the current year profit or loss are as follows:

2018 2017

Jumlah yang telah direklasifikasi dari ekuitas The amount had been reclassified from equityke laba selisih kurs-bersih 153.131 43.154 to net profit on foreign exchange

Jumlah yang telah direklasifikasi dari ekuitas The amount had been reclassified from equityke beban bunga dan keuangan (186.487) (237.031) to interest expense and financing charges

(33.356) (193.877)

Jumlah laba rugi selisih kurs yang direklasifikasi dari ekuitas dikompensasikan di laporan laba rugi terhadap laba rugi selisih kurs dari pinjaman yang diterima, yang terkait dengan lindung nilai. Beban bunga dan keuangan yang di reklasifikasi dari ekuitas adalah swap cost untuk mengubah bunga mengambang menjadi bunga tetap.

The foreign exchange gain or loss reclassified from equity is offset against the foreign exchange gain or loss from related hedged borrowings in the profit or loss. The interest and financing charges reclassified from equity represent swap cost to convert the floating-rate interest into fixed-rate interest financing charges.

11. INVESTASI DALAM SAHAM 11. INVESTMENT IN SHARES

Pada bulan April 2009, Perseroan melakukan investasi dalam saham pada PT Adira Quantum Multifinance (dalam likuidasi), pihak berelasi, sebesar Rp100, dengan persentase kepemilikan sebesar 1%.

In April 2009, the Company invested in shares of stocks of PT Adira Quantum Multifinance (in liquidation), a related party, amounting to Rp100, representing 1% ownership interest.

Pada bulan Juli 2009, para pemegang saham PT Adira Quantum Multifinance (dalam likuidasi) memutuskan untuk meningkatkan modal ditempatkan dan modal disetor penuh menjadi sebesar Rp100.000 dan membagikan dividen saham sebesar Rp35.000. Perseroan memperoleh dividen saham sebesar Rp350 dan melakukan penambahan investasi dalam saham pada PT Adira Quantum Multifinance (dalam likuidasi) sebesar Rp550.

In July 2009, PT Adira Quantum Multifinance’s (in liquidation) shareholders decided to increase its issued and fully paid shares to Rp100,000 and agreed to declare stock dividends amounting to Rp35,000. The Company obtained stock dividends amounting to Rp350 and made an additional investment in shares of stocks of PT Adira Quantum Multifinance (in liquidation) amounting to Rp550.

Pada tanggal 31 Desember 2018 dan 2017, persentase kepemilikan saham pada PT Adira Quantum Multifinance (dalam likuidasi) adalah sebesar 1% dengan nilai tercatat sebesar Rp650.

As of 31 December 2018 and 2017, the percentage ownership interest in PT Adira Quantum Multifinance (in liquidation) is 1% with the carrying value of Rp650.

Pada tahun 2017, PT Adira Quantum Multifinance (dalam likuidasi) telah menghentikan kegiatan operasional dan dalam proses dilikuidasi, berdasarkan RUPSLB PT Adira Quantum Multifinance (dalam likuidasi) yang dituangkan dalam Akta Pernyataan Keputusan Pemegang Saham No.126 tanggal 22 Agustus 2017 yang dibuat di hadapan Hasbullah Abdul Rasyid, S.H., M.Kn., Notaris di Jakarta. Sampai dengan tanggal laporan keuangan ini diterbitkan, PT Adira Quantum Multifinance (dalam likuidasi) masih sedang dalam proses penyelesaian likuidasi.

In 2017, PT Adira Quantum Multifinance (in liquidation) has terminated its operation and in the liquidation process, based on the EGMS of PT Adira Quantum Multifinance (in liquidation) as stipulated in Deed of Shareholders Resolution No.126 dated 22 August 2017 by Hasbullah Abdul Rasyid, S.H., M.Kn., Notary in Jakarta. As of the issuance date of the financial statements, PT Adira Quantum Multifinance (in liquidation) is still in the process of liquidation.








11. INVESTASI DALAM SAHAM (lanjutan) 11. INVESTMENT IN SHARES (continued)



Informasi mengenai klasifikasi dan nilai wajar investasi dalam saham diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of investment in shares is disclosed in Note 37.

12. ASET TETAP 12. FIXED ASSETS

Saldo awal/Beginning Penambahan/ Pelepasan/ Reklasifikasi/ Saldo akhir/

balance Additions Disposals Reclassifications Ending balance

Harga perolehan Acquisition costTanah 72.292 - - - 72.292 LandBangunan 39.199 399 - 4.948 44.546 BuildingsPerabotan, perlengkapan Furniture, fixtures and

dan peralatan kantor 575.168 72.147 (27.037) - 620.278 office equipmentKendaraan bermotor 44.412 25.153 (13.165) - 56.400 Motor vehicles

731.071 97.699 (40.202) 4.948 793.516

Bangunan dalampenyelesaian 198 4.750 - (4.948) - Building in progress

731.269 102.449 (40.202) - 793.516

Akumulasi penyusutan Accumulated depreciationBangunan (21.565) (2.027) - - (23.592) BuildingsPerabotan, perlengkapan Furniture, fixtures and

dan peralatan kantor (481.692) (48.965) 26.695 - (503.962) office equipmentKendaraan bermotor (19.586) (9.245) 8.357 - (20.474) Motor vehicles

(522.843) (60.237) 35.052 - (548.028)

Nilai buku neto 208.426 245.488 Net book value

2018

Saldo awal/Beginning Penambahan/ Pelepasan/ Reklasifikasi/ Saldo akhir/balance Additions Disposals Reclassifications Ending balance

Harga perolehan Acquisition costTanah 72.292 - - - 72.292 LandBangunan 33.709 5.490 - - 39.199 BuildingsPerabotan, perlengkapan Furniture, fixtures and

dan peralatan kantor 566.002 33.675 (24.509) - 575.168 office equipmentKendaraan bermotor 44.767 10.827 (11.182) - 44.412 Motor vehicles

716.770 49.992 (35.691) - 731.071

Bangunan dalampenyelesaian - 198 - - 198 Building in progress

716.770 50.190 (35.691) - 731.269

Akumulasi penyusutan Accumulated depreciationBangunan (19.857) (1.708) - - (21.565) BuildingsPerabotan, perlengkapan Furniture, fixtures and

dan peralatan kantor (452.598) (52.943) 23.849 - (481.692) office equipmentKendaraan bermotor (19.352) (8.276) 8.042 - (19.586) Motor vehicles

(491.807) (62.927) 31.891 - (522.843)


2017








12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)

Pada tanggal 31 Desember 2017, persentase penyelesaian atas bangunan dalam penyelesaian adalah 3% dan telah selesai pada tahun 2018.

As of 31 December 2017, the percentage of completion of building in progress is 3% and has completed in 2018.

Pada tanggal 31 Desember 2017, penambahan nilai perolehan aset tetap termasuk aset pengampunan pajak dengan nilai wajar sebesar Rp6.750 (lihat Catatan 21).

As of 31 December 2017, the additions of fixed assets include tax amnesty asset with fair value amounted Rp6,750 (see Note 21).

Seluruh aset tetap Perseroan merupakan aset kepemilikan langsung.

All of the Company’s fixed assets are direct ownership assets.

Hak atas tanah berupa sertifikat Hak Guna Bangunan (HGB) dengan jangka waktu masa penggunaan akan berakhir antara tahun 2025 sampai dengan tahun 2044. Manajemen berpendapat bahwa hak kepemilikan atas tanah tersebut dapat diperbaharui atau diperpanjang pada saat jatuh tempo.

The land rights are in the form of certificate of Hak Guna Bangunan (HGB), which will be due from 2025 to 2044. Management believes that the land rights can be renewed or extended upon expiration.

Rincian keuntungan atas pelepasan aset tetap adalah sebagai berikut:

Details of gain on disposal of fixed assets are as follows:

2018 2017

Hasil pelepasan aset tetap 5.405 4.328 Proceeds from disposal of fixed assetsNilai buku aset tetap (5.150) (3.800) Book value of fixed assets

Laba atas pelepasan aset tetap 255 528 Gain on disposal of fixed assets

Keuntungan atas pelepasan aset tetap diakui sebagai bagian dari “Pendapatan Lain-lain” pada laporan laba rugi.

Gain on disposal of fixed assets is recognised as part of “Other Income” in the statement of profit or loss.

Pada tanggal 31 Desember 2018, aset tetap, kecuali tanah, telah diasuransikan kepada PT Asuransi Adira Dinamika, pihak berelasi, terhadap risiko kerugian kebakaran, kebanjiran dan risiko lainnya dengan nilai pertanggungan sejumlah Rp157.958 (2017: Rp161.363). Manajemen berpendapat bahwa nilai pertanggungan tersebut sudah memadai untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

As of 31 December 2018, fixed assets, except for land, were insured with PT Asuransi Adira Dinamika, a related party, against losses arising from fire, flood and other risks with a total insurance coverage amounting to Rp157,958 (2017: Rp161,363). Management believes that the coverage is adequate to cover possible losses from such risks.

Pada tanggal 31 Desember 2018, aset tetap dengan harga perolehan sebesar Rp408.517 (2017: Rp366.638) telah disusutkan penuh dan masih digunakan oleh Perseroan.

As of 31 December 2018, fixed assets with acquisition cost amounting to Rp408,517 (2017: Rp366,638) have been fully depreciated and are still being used by the Company.

Tidak ada aset tetap yang dijadikan jaminan pada tanggal 31 Desember 2018 dan 2017.

There were no fixed assets pledged as collateral as of 31 December 2018 and 2017.

Tidak ada beban bunga pinjaman yang dikapitalisasi sebagai aset tetap pada tahun 2018 dan 2017.

There were no interest expenses from borrowings which were capitalised to fixed assets in 2018 and 2017.

Berdasarkan evaluasi manajemen Perseroan, tidak terdapat kejadian atau perubahan keadaan yang mengindikasikan adanya penurunan nilai aset tetap Perseroan pada tanggal 31 Desember 2018 dan 2017.

Based on management’s assessment, there are no events or changes in circumstances which may indicate an impairment in value of fixed assets as of 31 December 2018 and 2017.

Estimasi nilai wajar aset tetap Perseroan (tanah dan bangunan berdasarkan nilai jual objek pajak) pada tanggal 31 Desember 2018 sebesar Rp159.426 (2017: Rp157.612).

The estimated fair value of the Company’s fixed assets (land and building based on tax object sale value) as of 31 December 2018 amounted to Rp159,426 (2017: Rp157,612).








13. ASET TAK BERWUJUD 13. INTANGIBLE ASSETS

Saldo awal/ Penambahan/ Pelepasan/ Reklasifikasi/ Saldo akhir/Beginning balance Additions Disposals Reclassifications Ending balance

Harga perolehan Acquisition costPerangkat lunak 256.089 17.738 - 28.701 302.528 SoftwarePerangkat lunak dalam Software under

penyelesaian 16.186 28.563 - (28.701) 16.048 developmentPerpanjangan hak

atas tanah 1.743 - - - 1.743 Extension of land rights

274.018 46.301 - - 320.319

Akumulasi Accumulatedamortisasi amortisationPerangkat lunak (167.504) (32.429) - - (199.933) SoftwarePerpanjangan hak

atas tanah (470) (85) - - (555) Extension of land rights

(167.974) (32.514) - - (200.488)


2018

Saldo awal/ Penambahan/ Pelepasan/ Reklasifikasi/ Saldo akhir/Beginning balance Additions Disposals Reclassifications Ending balance

Harga perolehan Acquisition costPerangkat lunak 197.020 15.552 - 43.517 256.089 SoftwarePerangkat lunak dalam Software under

penyelesaian 26.857 32.846 - (43.517) 16.186 developmentPerpanjangan hak

atas tanah 1.743 - - - 1.743 Extension of land rights

225.620 48.398 - - 274.018

Akumulasi Accumulatedamortisasi amortisationPerangkat lunak (144.912) (22.592) - - (167.504) SoftwarePerpanjangan hak

atas tanah (358) (112) - - (470) Extension of land rights

(145.270) (22.704) - - (167.974)


2017

14. ASET LAIN-LAIN 14. OTHER ASSETS

2018 2017

Uang jaminan 43.719 10.945 Security depositsUang muka 24.644 43.447 Advance paymentsLain-lain - 85 Others

68.363 54.477








15. PINJAMAN YANG DITERIMA 15. BORROWINGS

2018 2017

Pihak ketiga Third partiesRupiah RupiahPT Bank Pan Indonesia Tbk 1.920.139 2.300.000 PT Bank Pan Indonesia TbkPT Bank Mandiri (Persero) Tbk 745.833 91.667 PT Bank Mandiri (Persero) TbkPT Bank DKI 483.112 400.000 PT Bank DKIPT Bank UOB Indonesia 374.810 - PT Bank UOB IndonesiaPT Bank Central Asia Tbk 333.333 932.377 PT Bank Central Asia TbkPT Bank Nationalnobu Tbk 50.000 99.955 PT Bank Nationalnobu TbkPT Bank BCA Syariah 41.667 37.500 PT Bank BCA SyariahPT Bank Mega Tbk - 699.211 PT Bank Mega TbkPT Bank Pembangunan Daerah Jawa Barat PT Bank Pembangunan Daerah Jawa Barat

dan Banten Tbk - 100.000 dan Banten TbkPT Bank Panin Dubai Syariah Tbk - 83.333 PT Bank Panin Dubai Syariah Tbk

3.948.894 4.744.043

Dolar Amerika Serikat United States DollarBNP Paribas (Singapore) - Sindikasi 7.829.198 1.953.061 BNP Paribas (Singapore) - Syndicated

11.778.092 6.697.104

Pihak berelasi Related partiesRupiah RupiahPT Bank Danamon Indonesia Tbk - 800.000 PT Bank Danamon Indonesia Tbk

Dolar Amerika Serikat United States DollarPT Bank DBS Indonesia - Sindikasi - 3.047.182 PT Bank DBS Indonesia - Syndicated

- 3.847.182

11.778.092 10.544.286

Pada tanggal 31 Desember 2018, pinjaman yang diterima termasuk beban transaksi yang terkait langsung dengan pinjaman yang diterima sebesar Rp8.314 (2017: Rp32.828) (lihat Catatan 2d.2).

As of 31 December 2018, the borrowings include transaction costs directly attributable to the origination of borrowings amounting to Rp8,314 (2017: Rp32,828) (see Note 2d.2).

Rata-rata tertimbang tingkat suku bunga efektif per tahun atas pinjaman yang diterima pada tanggal 31 Desember 2018 adalah 8,18% (2017: 7,89%).

The weighted average effective interest rate per annum on borrowings as of 31 December 2018 was 8.18% (2017: 7.89%).

Rincian dari pinjaman yang diterima adalah sebagai berikut:

The detail of borrowings are as follows:

Nama Bank/ Bank Name

Fasilitas/ Facility

Batas maksimum kredit/

Maximum credit limit

Perjanjian terakhir/ Latest agreement

Suku bunga kontraktual/ Contractual interest rate

Awal/Start Akhir/End 2018 2017 Cicilan pokok/

Principal installment

PT Bank Pan Indonesia Tbk I 1.500.000


24 September/ September 2018 - -

Pembayaran penuh pada saat jatuh tempo/Bullet

payment on maturity date

II 500.0005 Oktober/

October 2018 5 Februari/

February 2020 8,75% - Setiap satu bulan sekali/

Monthly basis

III 3.000.00023 Maret/

March 2016 23 Maret/

March 2020 - 9,25% - 9,95%



IV 3.000.00023 Maret/


March 2021 8,70% - 8,80% 8,70% - 8,80%



V 2.500.00023 Maret/


March 2022 7,70% - 8,75% - Setiap satu bulan sekali/

Monthly basis








15. PINJAMAN YANG DITERIMA (lanjutan) 15. BORROWINGS (continued)

Rincian dari pinjaman yang diterima adalah sebagai berikut (lanjutan):

The detail of borrowings are as follows (continued):


Fasilitas/ Facility







PT Bank Mandiri (Persero) Tbk I 1.000.000

6 Juni/ June 2018

6 Juni/ June 2019 8,10% -

Setiap satu bulan sekali/ Monthly basis

II 500.0009 November/

November 2017 9 Agustus/

August 2019 7,60% - 8,10% 8,10% Setiap satu bulan sekali/

Monthly basis

III 500.00017 Mei/

May 2018 17 November/

November 2019 7,60% - Setiap satu bulan sekali/

Monthly basis

PT Bank DKI I 200.00021 Desember/

December 2016 21 Maret/

March 2018 - 8,80% Setiap tiga bulan sekali/

Quarterly basis

II 200.00015 Juni/

June 2017 15 September/

September 2018 8,70% 8,60 - 8,70%



III 200.00021 Agustus/ August 2017

21 Februari/ February 2019 8,60% 8,60%



IV 200.00019 Desember/

December 2018 20 Agustus/ August 2019 5,25% - 6,75% 6,05% - 6,20%



V 200.00020 Agustus/ August 2018

20 Desember/ December 2020 8,30% -


VI 500.00019 Desember/

December 2018 20 Februari/

February 2021 - - Setiap satu bulan sekali/

Monthly basis

VII 200.00019 Desember/

December 2018 19 April/

April 2021 8,50% - Setiap satu bulan sekali/

Monthly basis PT Bank UOB Indonesia I 500.000

13 Juli/ July 2018

13 April/ April 2020 9,00% -

Setiap tiga bulan sekali/ Quarterly basis

PT Bank Central Asia Tbk I 1.000.000

27 Mei/ May 2015

31 Desember/ December 2018 - -


II 500.00021 Agustus/ August 2018

14 Maret/ March 2019 5,30% 5,30% - 8,00%



III 1.500.00010 Juni/

June 2016 31 Desember/

December 2019 - 8,75% - 9,50% Setiap satu bulan sekali/

Monthly basis

IV 2.000.00016 Juni/

June 2017 31 Mei/

May 2021 8,00% - 8,50% 8,25% - 8,50% Setiap satu bulan sekali/

Monthly basis

V 700.00021 Agustus/ August 2018

21 Februari/ February 2022 - -


PT Bank Nationalnobu Tbk I 100.000


24 November/ November 2018 8,20% 8,20% - 8,80%



II 50.00023 November/

November 2017 31 Maret/

March 2019 8,20% -



PT Bank BCA Syariah I 200.00016 Oktober/

October 2018 13 Juni/

June 2020 8,10% - 8,60% 8,60% - 9,25% Setiap satu bulan sekali/

Monthly basis

PT Bank Mega Tbk I 1.100.00026 Januari/

January 2017 26 Januari/

January 2019 8,50% - 8,75% 8,50% - 8,75%











Rincian dari pinjaman yang diterima adalah sebagai berikut (lanjutan):

The detail of borrowings are as follows (continued):


Fasilitas/ Facility







PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk I 250.000

11 September/ September 2017

11 Maret/ March 2019 8,69% 8,69%


payment on maturity date PT Bank Panin Dubai Syariah Tbk I 190.000


16 Juni/ June 2019 - 9,50%


II 200.00010 Mei/


November 2020 8,80% 8,80% Setiap satu bulan sekali/

Monthly basis

PT Bank Sumitomo Mitsui Indonesia I 500.000


28 Februari/ February 2018 - 7,10% - 8,20%



PT Bank KEB Hana Indonesia I 300.000


2 April/ April 2018 - -



II 200.00017 Juni/

June 2016 17 Juni/

June 2018 - 9,15% Setiap satu bulan sekali/

Monthly basis The Hongkong and Shanghai Banking Cooperation, Ltd. I 400.000

16 September/ September 2014

15 Juni/ June 2019 7,20% 6,20%



PT Bank Danamon Indonesia Tbk I 770.000


31 Januari/ January 2019 6,00% - 7,85% 6,00% - 8,00%



Citibank, N.A., Indonesia I 600.000

4 April/ April 2016

9 Februari/ February 2019 6,70% - 7,00% 7,40% - 8,00%


payment on maturity date BNP Paribas (Singapore) – Syndicated I USD 100.000.000


30 April/ April 2018 3,10% - 3,51% 2,58% - 3,12%

Setiap tiga bulan sekali/ Quarterly basis

II USD 250.000.0004 September/

September 2017 4 September/

September 2019 2,22% - 3,55% 2,22% - 2,57%



III USD 300.000.00024 Mei/


November 2021 3,24% - 3,55% - Setiap tiga bulan sekali/

Quarterly basis PT Bank DBS Indonesia – Syndicated I USD 225.000.000

20 Juli/ July 2016

20 Juli/ July 2018 2,51% - 3,56% 2,02% - 2,84%



MUFG Bank, Ltd. I USD 75.000.00015 Mei/

May 2018 15 September/

September 2019 - 2,11% - 2,46%



JP Morgan Chase Bank, N.A. I USD 20.000.000


18 Oktober/ October 2018 6,50% 6,15% - 6,86%











Untuk pinjaman BNP Paribas (Singapore) sindikasi fasilitas I, BNP Paribas (Singapore) bertindak sebagai mandated lead arrangers, BNP Paribas cabang Singapore sebagai agent dan PT Bank BNP Paribas Indonesia bertindak sebagai security agent. BNP Paribas (Singapore) dan The Korea Development Bank (Singapore) bertindak sebagai original lenders.

For BNP Paribas (Singapore) syndicated borrowing facility I, BNP Paribas (Singapore) acted as mandated lead arrangers, BNP Paribas, Singapore branch acted as agent and PT Bank BNP Paribas Indonesia acted as security agent. BNP Paribas (Singapore) and The Korea Development Bank (Singapore) acted as original lenders.

Untuk pinjaman BNP Paribas (Singapore) sindikasi fasilitas II, Barclays Bank PLC, MUFG Bank, Ltd., BNP Paribas (Singapore) dan DBS Bank Ltd. bertindak sebagai mandated lead arrangers, BNP Paribas (Singapore) sebagai agent dan PT Bank BNP Paribas Indonesia bertindak sebagai security agent. BNP Paribas (Singapore), MUFG Bank, Ltd., cabang Jakarta, Barclays Bank PLC, DBS Bank Ltd, State Bank of India (Singapore), PT Bank SBI Indonesia, Bank of Taiwan (Singapore), The Korea Development Bank, The Korea Development Bank (Singapore), National Bank of Abu Dhabi P.J.S.C. (Singapore), Bank of Baroda (Singapore), Cathay United Bank, Far Eastern International Bank, Ltd., The Gunma Bank, Ltd., Land Bank of Taiwan (Singapore), Mega International Commercial Bank Co., Ltd., cabang Offshore Banking, Taipei Fubon Commercial Bank Co., Ltd. (Singapore), The Chugoku Bank, Ltd. (Hong Kong), E. SUN Commecial Bank, Ltd. (Singapore), The Export-Import Bank of the Republic of China, First Commercial Bank, Ltd. (Singapore), Hua Nan Commecial Bank, Ltd., cabang Offshore Banking, Hua Nan Commercial Bank, Ltd. (Singapore), Jih Sun International Bank, Ltd., PT Bank Shinhan Indonesia, Shinsei Bank, Limited, Taiwan Shin Kong Commercial Bank, The Shanghai Commercial & Savings Bank, Ltd., cabang Offshore Banking, Sunny Bank, Ltd. bertindak sebagai original lenders.

For BNP Paribas (Singapore) syndicated borrowing facility II, Barclays Bank PLC, MUFG Bank, Ltd., BNP Paribas (Singapore) dan DBS Bank Ltd. acted as mandated lead arrangers, BNP Paribas (Singapore), acted as agent and PT Bank BNP Paribas Indonesia acted as security agent. BNP Paribas (Singapore), MUFG Bank, Ltd., Jakarta branch, Barclays Bank PLC, DBS Bank Ltd, State Bank of India (Singapore), PT Bank SBI Indonesia, Bank of Taiwan (Singapore), The Korea Development Bank, The Korea Development Bank (Singapore), National Bank of Abu Dhabi P.J.S.C. (Singapore), Bank of Baroda (Singapore), Cathay United Bank, Far Eastern International Bank, Ltd., The Gunma Bank, Ltd., Land Bank of Taiwan (Singapore), Mega International Commercial Bank Co., Ltd., Offshore Banking branch, Taipei Fubon Commercial Bank Co., Ltd. (Singapore), The Chugoku Bank, Ltd. (Hong Kong), E. SUN Commecial Bank, Ltd. (Singapore), The Export-Import Bank of the Republic of China, First Commercial Bank, Ltd. (Singapore), Hua Nan Commecial Bank, Ltd., Offshore Banking branch, Hua Nan Commercial Bank, Ltd. (Singapore), Jih Sun International Bank, Ltd., PT Bank Shinhan Indonesia, Shinsei Bank, Limited, Taiwan Shin Kong Commercial Bank, The Shanghai Commercial & Savings Bank, Ltd., Offshore Banking branch, Sunny Bank, Ltd. acted as original lenders.

Untuk pinjaman BNP Paribas (Singapore) sindikasi fasilitas III, Australia and New Zealand Banking Group Limited, BNP Paribas (Singapore), Citigroup Global Markets Singapore PTE. Ltd., DBS Bank Ltd. dan MUFG Bank Ltd. bertindak sebagai mandated lead arrangers, BNP Paribas cabang Singapore sebagai agent dan PT Bank BNP Paribas Indonesia bertindak sebagai security agent. Australia And New Zealand Banking Group Limited, BNP Paribas (Singapore), Citibank N.A. (Hong Kong), DBS Bank Ltd., MUFG Bank Ltd. (Jakarta), Bank of Baroda (Singapore), The Korea Development Bank, The Korea Development Bank (Singapore), Sumitomo Mitsui Trust Bank Limited (Singapore), Bank of China (Hong Kong) Limited (Jakarta), Bank of Taiwan (Singapore), Mega International Commercial Bank Co. Ltd., Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank Ltd., Hua Nan Commercial Bank Ltd. (Singapore), Land Bank of Taiwan (Singapore), The Nishi-Nippon City Bank Ltd., Cathay United Bank, E.SUN Commercial Bank Ltd. (Singapore), The Gunma Bank Ltd., The Hyakugo Bank Ltd., Jih Sun International Bank Ltd., Sunny Bank Ltd., Taishin International Bank Co. Ltd., Taiwan Business Bank, Bank of Panhsin, The Hokkoku Bank Ltd. (Singapore) bertindak sebagai original lenders.

For BNP Paribas (Singapore) syndicated borrowing facility III, Australia and New Zealand Banking Group Limited, BNP Paribas (Singapore), Citigroup Global Markets Singapore PTE. Ltd., DBS Bank Ltd. and MUFG Bank Ltd. acted as mandated lead arrangers, BNP Paribas Singapore branch acted as agent and PT Bank BNP Paribas Indonesia acted as security agent. Australia And New Zealand Banking Group Limited, BNP Paribas (Singapore), Citibank N.A. (Hong Kong), DBS Bank Ltd., MUFG Bank Ltd. (Jakarta), Bank of Baroda (Singapore), The Korea Development Bank, The Korea Development Bank (Singapore), Sumitomo Mitsui Trust Bank Limited (Singapore), Bank of China (Hong Kong) Limited (Jakarta), Bank of Taiwan (Singapore), Mega International Commercial Bank Co. Ltd., Far Eastern International Bank, First Commercial Bank, Hua Nan Commercial Bank Ltd., Hua Nan Commercial Bank Ltd. (Singapore), Land Bank of Taiwan (Singapore), The Nishi-Nippon City Bank Ltd., Cathay United Bank, E.SUN Commercial Bank Ltd. (Singapore), The Gunma Bank Ltd., The Hyakugo Bank Ltd., Jih Sun International Bank Ltd., Sunny Bank Ltd., Taishin International Bank Co. Ltd., Taiwan Business Bank, Bank of Panhsin, The Hokkoku Bank Ltd. (Singapore) acted as original lenders.









Untuk pinjaman PT Bank DBS Indonesia sindikasi fasilitas I, BNP Paribas (Singapore) dan DBS Bank, Ltd., bertindak sebagai mandated lead arrangers, PT Bank DBS Indonesia sebagai agent dan PT Bank DBS Indonesia bertindak sebagai security agent. BNP Paribas (Singapore), DBS Bank, Ltd., Bank of America N.A., (Jakarta), The Korea Development Bank, The Korea Development Bank (Singapore), PT Bank UOB Indonesia, Bank of Taiwan (Singapore), First Commercial Bank, Hua Nan Commercial Bank, Ltd. (Singapore), Hua Nan Commercial Bank, Ltd. (Offshore), Land Bank of Taiwan (Singapore), Land Bank of Taiwan (Offshore), State Bank of India (Singapore), Sumitomo Mitsui Trust Bank, Ltd. (Singapore), CTBC Bank Co., Ltd. (Singapore), Far Eastern International Bank, PT Bank Sumitomo Mitsui Indonesia, Taiwan Business Bank (Offshore), Taiwan Shin Kong Commercial Bank, Bank Sinopac (Offshore), Chang Hwa Commercial Bank Ltd., (Singapore), E.SUN Commercial Bank, Ltd. (Singapore), The Export – Import Bank of the Republic of China, Jih Sun International Bank, Mega International Commercial Bank Co., Ltd. (Offshore), Sunny Bank, Ltd., Taipei Fubon Commercial Bank Co., Ltd. (Singapore), Taiwan Cooperative Bank Co., (Offshore), Bank of Panhsin dan PT Bank Rakyat Indonesia (Persero) Tbk (New York Agency) bertindak sebagai original lenders.

For PT Bank DBS Indonesia syndicated borrowing facility I, BNP Paribas (Singapore) and DBS Bank, Ltd., acted as mandated lead arrangers, PT Bank DBS Indonesia acted as agent and PT Bank DBS Indonesia acted as security agent. BNP Paribas (Singapore), DBS Bank, Ltd., Bank of America N.A., (Jakarta), The Korea Development Bank, The Korea Development Bank (Singapore), PT Bank UOB Indonesia, Bank of Taiwan (Singapore), First Commercial Bank, Hua Nan Commercial Bank, Ltd. (Singapore), Hua Nan Commercial Bank, Ltd. (Offshore), Land Bank of Taiwan (Singapore), Land Bank of Taiwan (Offshore), State Bank of India (Singapore), Sumitomo Mitsui Trust Bank, Ltd. (Singapore), CTBC Bank Co., Ltd. (Singapore), Far Eastern International Bank, PT Bank Sumitomo Mitsui Indonesia, Taiwan Business Bank (Offshore), Taiwan Shin Kong Commercial Bank, Bank Sinopac (Offshore), Chang Hwa Commercial Bank Ltd. (Singapore), E.SUN Commercial Bank, Ltd., (Singapore), The Export – Import Bank of the Republic of China, Jih Sun International Bank, Mega International Commercial Bank Co., Ltd (Offshore), Sunny Bank, Ltd., Taipei Fubon Commercial Bank Co., Ltd. (Singapore), Taiwan Cooperative Bank Co., (Offshore), Bank of Panhsin dan PT Bank Rakyat Indonesia (Persero) Tbk (New York Agency) acted as original lenders.

Pinjaman yang diterima dari PT Bank Central Asia Tbk (fasilitas II), Citibank, N.A., Indonesia, The Hongkong and Shanghai Banking Corporation, Ltd., PT Bank Sumitomo Mitsui Indonesia, PT Bank Nationalnobu Tbk, PT Bank BCA Syariah, JP Morgan Chase Bank, N.A., PT Bank KEB Hana Indonesia, PT Bank Danamon Indonesia Tbk dan MUFG Bank, Ltd., merupakan fasilitas pinjaman modal kerja berulang.

The borrowings from PT Bank Central Asia Tbk (facility II), Citibank, N.A., Indonesia, The Hongkong and Shanghai Banking Corporation, Ltd., PT Bank Sumitomo Mitsui Indonesia, PT Bank Nationalnobu Tbk, PT Bank BCA Syariah, JP Morgan Chase Bank, N.A., PT Bank KEB Hana Indonesia, PT Bank Danamon Indonesia Tbk and MUFG Bank, Ltd., are revolving working capital facilities.

Seluruh pinjaman yang diterima oleh Perseroan digunakan untuk modal kerja. Selama pinjaman belum dilunasi, Perseroan tidak diperkenankan antara lain, menjual, memindahkan dan mengalihkan jaminan, melakukan investasi, melakukan penggabungan usaha atau mengikat diri sebagai penjamin, kecuali dengan pemberitahuan/persetujuan tertulis terlebih dahulu dari kreditur. Perseroan juga diharuskan untuk mempertahankan rasio-rasio keuangan tertentu.

All of the Company’s borrowings are used for working capital purposes. During the period that the loan is still outstanding, the Company is not allowed to, among others, sell, transfer and assign the collateral, make an investment, enter into a merger or act as a guarantor, except with notification to/prior written consent from creditor. The Company is also required to maintain certain financial ratios.

Pada tanggal 31 Desember 2018, saldo pinjaman yang diterima dalam mata uang Dolar Amerika Serikat sebesar USD545.000.000 (2017: USD370.833.333), termasuk bunganya telah dilindung nilai dengan kontrak cross currency swap (lihat Catatan 10 dan 40).

As of 31 December 2018, the outstanding balance of the borrowings denominated in United States Dollar amounted to USD545,000,000 (2017: USD370,833,333), including the interest which was hedged by cross currency swap (see Note 10 and 40).

Pada tahun 2018 dan 2017, amortisasi beban provisi atas pinjaman yang diterima yang dibebankan ke laporan laba rugi diungkapkan pada Catatan 30.

In 2018 and 2017, amortisation of provision expenses on borrowings was charged to the statement of profit or loss are disclosed in Note 30.









Pada tanggal 31 Desember 2018, seluruh fasilitas pinjaman, kecuali fasilitas pinjaman dari PT Bank Danamon Indonesia Tbk, Citibank, N.A, Indonesia dan MUFG Bank, Ltd., dijamin dengan piutang pembiayaan konsumen dan piutang pembiayaan murabahah (lihat Catatan 5 dan 6). Pada tanggal 31 Desember 2017, seluruh fasilitas pinjaman, kecuali fasilitas pinjaman dari PT Bank DKI , Citibank, N.A, Indonesia, PT Bank Danamon Indonesia Tbk dan PT Bank KEB Hana Indonesia, dijamin dengan piutang pembiayaan konsumen dan piutang pembiayaan murabahah (lihat Catatan 5 dan 6).

As of 31 December 2018, all of the loan facilities, except loan facilities from PT Bank Danamon Indonesia Tbk, Citibank, N.A, Indonesia, and MUFG Bank, Ltd., are secured by consumer financing receivables and murabahah financing receivables (see Note 5 and 6). As of 31 December 2017, all of the loan facilities, except loan facilities from PT Bank DKI, Citibank, N.A, Indonesia, PT Bank Danamon Indonesia Tbk and PT Bank KEB Hana Indonesia, are secured by consumer financing receivables and murabahah financing receivables (see Note 5 and 6).

Pembayaran bunga dan pokok pinjaman telah dibayarkan oleh Perseroan sesuai dengan jadwal.

Interest and principal loan payments have been paid by the Company on schedule.

Pada tanggal 31 Desember 2018, Perseroan telah memenuhi seluruh persyaratan yang disebutkan dalam perjanjian fasilitas-fasilitas pinjaman ini.

As of 31 December 2018, the Company has complied with all the requirements mentioned in the loan facility agreements.



Informasi mengenai klasifikasi dan nilai wajar pinjaman yang diterima diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of borrowings are disclosed in Note 37.

16. BEBAN YANG MASIH HARUS DIBAYAR 16. ACCRUED EXPENSES

2018 2017

Pihak ketiga Third partiesPromosi 281.882 322.171 PromotionBunga 189.455 105.469 InterestPerolehan pembiayaan konsumen 75.979 55.815 Acquisition cost of consumer financingBagi hasil sukuk mudharabah 2.417 2.378 Revenue sharing for mudharabah bondsMarjin mudharabah 510 973 Mudharabah marginTransformasi organisasi - 66.173 Organisation transformationLain-lain 242.974 104.778 Others

793.217 657.757

Pihak berelasi Related partiesPremi asuransi kesehatan 32.338 32.914 Health insurance premiumBunga 2.905 39.502 InterestBagi hasil sukuk mudharabah 157 157 Revenue sharing mudharabah bondsPremi asuransi aset tetap 51 395 Insurance premium of fixed assets

35.451 72.968

828.668 730.725

Akun lain-lain terdiri dari beban operasional lainnya yang masih harus dibayar.

Others consist of other operating expenses accruals.



Informasi mengenai klasifikasi dan nilai wajar beban bunga, bagi hasil sukuk mudharabah dan marjin murabahah yang masih harus dibayar diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of accrued interest expenses, revenue sharing for mudharabah bonds and murabahah margin are disclosed in Note 37.








17. UTANG OBLIGASI 17. BONDS PAYABLE

2018 2017

Nilai nominal: Nominal value:

Obligasi Berkelanjutan II Tahap I Continuing Bonds II Phase IPihak ketiga - 851.000 Third parties

Obligasi Berkelanjutan II Tahap II Continuing Bonds II Phase IIPihak ketiga - 479.900 Third partiesPihak berelasi - 10.100 Related parties

- 490.000

Obligasi Berkelanjutan II Tahap III Continuing Bonds II Phase IIIPihak ketiga 440.000 450.000 Third partiesPihak berelasi 10.000 - Related parties

450.000 450.000

Obligasi Berkelanjutan II Tahap IV Continuing Bonds II Phase IVPihak ketiga 88.000 88.000 Third parties

Obligasi Berkelanjutan III Tahap I Continuing Bonds III Phase IPihak ketiga 203.000 909.000 Third partiesPihak berelasi 35.000 70.000 Related parties

238.000 979.000

Obligasi Berkelanjutan III Tahap II Continuing Bonds III Phase IIPihak ketiga 255.000 923.000 Third partiesPihak berelasi 22.000 22.000 Related parties

277.000 945.000

Obligasi Berkelanjutan III Tahap III Continuing Bonds III Phase IIIPihak ketiga 1.003.000 973.000 Third partiesPihak berelasi 25.000 55.000 Related parties

1.028.000 1.028.000

Obligasi Berkelanjutan III Tahap IV Continuing Bonds III Phase IVPihak ketiga 850.000 857.000 Third partiesPihak berelasi 15.000 8.000 Related parties

865.000 865.000

Obligasi Berkelanjutan III Tahap V Continuing Bonds III Phase VPihak ketiga 1.022.000 1.890.000 Third partiesPihak berelasi 79.000 124.000 Related parties

1.101.000 2.014.000

Obligasi Berkelanjutan III Tahap VI Continuing Bonds III Phase VIPihak ketiga 505.000 728.000 Third partiesPihak berelasi 13.000 41.000 Related parties

518.000 769.000

Obligasi Berkelanjutan IV Tahap I Continuing Bonds IV Phase IPihak ketiga 904.000 1.165.000 Third partiesPihak berelasi 80.000 135.000 Related parties

984.000 1.300.000

Obligasi Berkelanjutan IV Tahap II Continuing Bonds IV Phase IIPihak ketiga 1.406.000 - Third partiesPihak berelasi 224.000 - Related parties

1.630.000 -

Obligasi Berkelanjutan IV Tahap III Continuing Bonds IV Phase IIIPihak ketiga 2.160.000 - Third partiesPihak berelasi 100.000 - Related parties

2.260.000 -








17. UTANG OBLIGASI (lanjutan) 17. BONDS PAYABLE (continued)

2018 2017

Nilai nominal (lanjutan): Nominal value (continued):

Dikurangi: Less:Biaya emisi obligasi yang belum diamortisasi (17.093) (17.835) Unamortised bonds issuance costs

Utang obligasi - neto 9.421.907 9.761.165 Bonds payable - net

Dikurangi: Less:Bagian yang jatuh tempo dalam waktu satu

tahun 2.832.277 4.225.967 Current portion

Bagian yang jatuh tempo lebih dari satu tahun 6.589.630 5.535.198 Non-current portion

Amortisasi biaya emisi obligasi yangdibebankan ke laporan laba rugi Amortisation of bonds issuance costs charged to(lihat Catatan 30) 13.213 11.419 the statements of profit or loss (see Note 30)

Sesuai dengan perjanjian perwaliamanatan obligasi, Perseroan memberikan jaminan fidusia berupa piutang pembiayaan konsumen (lihat Catatan 5) dan rasio jumlah pinjaman terhadap ekuitas tidak melebihi ketentuan, yaitu maksimal 10:1. Selain itu, selama pokok obligasi belum dilunasi, Perseroan tidak diperkenankan, antara lain melakukan penggabungan usaha kecuali dilakukan pada bidang usaha yang sama serta menjual atau mengalihkan lebih dari 40% aset Perseroan yang bukan piutang pembiayaan konsumen.

According to the trustee bonds agreement, the Company provides collateral with fiduciary transfer of consumer financing receivables (see Note 5) and debt to equity ratio should not exceed the provision, at maximum 10:1. Moreover, during the time that the bonds principals are still outstanding, the Company is not allowed to, among others, merge unless performed on the same business and sell or assign more than 40% of the Company’s non-consumer financing receivables assets.

Pada tanggal 31 Desember 2018, Perseroan telah melakukan pembayaran bunga obligasi sesuai dengan jatuh tempo yang telah ditetapkan dalam perjanjian perwaliamanatan dan telah memenuhi seluruh persyaratan yang disebutkan dalam perjanjian perwaliamanatan. Jumlah pokok utang obligasi telah dibayarkan sesuai dengan tanggal jatuh tempo obligasi yang bersangkutan.

As of 31 December 2018, the Company had paid the bonds interest on schedule as stated in the trustee agreement and complied with all the requirements mentioned in the trustee agreement. Total principal of bonds have been paid in accordance with the respective bonds’ maturity date.

Pada tanggal 31 Desember 2018 and 2017, seluruh obligasi Perseroan mendapat peringkat idAAA dari PT Pemeringkat Efek Indonesia (Pefindo).

As of 31 December 2018 and 2017, all of the Company’s bonds are rated AAA by PT Pemeringkat Efek Indonesia (Pefindo).

Beban bunga atas utang obligasi pada tahun 2018 sebesar Rp850.178 (2017: Rp898.031) (lihat Catatan 30).

The interest expenses of bonds payable in 2018 amounted to Rp850,178 (2017: Rp898,031) (see Note 30).

Rata-rata tertimbang tingkat suku bunga efektif per tahun atas utang obligasi pada tanggal 31 Desember 2018 sebesar 8,49% (2017: 8,91%).

The weighted average effective interest rate per annum on bonds payable as of 31 December 2018 was 8.49% (2017: 8.91%).



Informasi mengenai klasifikasi dan nilai wajar utang obligasi diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of bonds payable is disclosed in Note 37.








18. UTANG LAIN-LAIN 18. OTHER PAYABLES

2018 2017

Pihak ketiga Third partiesUtang kepada dealer 253.104 691.873 Payables to dealersPremi asuransi 27.273 23.802 Insurance premiumTitipan konsumen 23.108 49.930 Customers depositsPengurusan fidusia 14.316 41.958 Fiduciary feesPerolehan aset tetap 1.997 3.540 Fixed assets acquisitionLain-lain 29.856 36.654 Others

349.654 847.757

Pihak berelasi Related partiesPremi asuransi 163.957 144.559 Insurance premiumPemulihan dari piutang yang dihapus- Recovery of written off receivables from

bukukan porsi pembiayaan bersama 20.344 8.786 joint financing portionDenda keterlambatan porsi pembiayaan

bersama 4.512 4.166 Late charges from joint financing portionUtang kepada dealer 81 - Payables to dealers

188.894 157.511

538.548 1.005.268

Utang kepada dealer merupakan liabilitas Perseroan kepada dealer atas nasabah-nasabah yang telah memperoleh persetujuan kredit dari Perseroan dan pihak dealer telah menyerahkan kendaraan yang dibiayai kepada konsumen tersebut.

Payables to dealers represent the Company’s liabilities to dealers for the approved consumer financing contracts and the dealers have delivered the vehicles to the customers.



Informasi mengenai klasifikasi dan nilai wajar utang kepada dealer dan utang premi asuransi diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of payables to dealers and insurance premium payables is disclosed in Note 37.

19. PERPAJAKAN 19. TAXATION

a. Pajak dibayar dimuka a. Prepaid tax

2018 2017

Surat ketetapan pajak 341.512 - Tax assessment letter

b. Utang pajak b. Taxes payable

2018 2017

Pajak pertambahan nilai 6.282 5.196 Value added taxPasal 21 16.377 12.734 Article 21Pasal 23 dan 26 5.962 4.557 Articles 23 and 26Pasal 29 1.036 2.694 Article 29Pasal 4(2) 517 4.997 Article 4(2)

30.174 30.178








19. PERPAJAKAN (lanjutan) 19. TAXATION (continued)

c. Beban pajak penghasilan c. Income tax expense

2018 2017

Kini 727.153 741.822 Current Surat ketetapan pajak 15.495 - Tax assessment letterTangguhan (73.342) (29.010) Deferred

669.306 712.812

Rekonsiliasi antara laba sebelum beban pajak penghasilan, sebagaimana yang disajikan dalam laporan laba rugi dengan laba kena pajak adalah sebagai berikut:

Reconciliation between income before income tax expense, as shown in the statement of profit or loss and taxable income is as follows:

2018 2017

Laba sebelum beban pajak penghasilan 2.484.569 2.121.962 Income before income tax expense

Beda temporer: Temporary differences:Kesejahteraan karyawan dan biaya Accrued employees’ welfare

lainnya yang masih harus dibayar 217.542 97.424 and other expensesBiaya transaksi terkait perolehan Transaction costs related to acquisition

piutang pembiayaan konsumen 49.301 337.175 of consumer financing receivablesImbalan kerja karyawan 45.704 98.691 Employees’ benefitsPenghapusan piutang Write-off of consumer financing

pembiayaan konsumen, piutang receivables, murabahahpembiayaan murabahah dan financing receivables andpiutang sewa pembiayaan 36.425 (480.425) finance leases receivables

Penyisihan kerugian penurunan Provision for impairment losses nilai piutang lain-lain 585 (83) from other receivables

Beban dibayar dimuka atas provisi dan Prepaid expenses related to provisionadministrasi pinjaman yang diterima 155 4.100 and administration fees of borrowings

Penyisihan kerugian penurunan Provision for impairment losses onnilai sewa pembiayaan - 33 finance leases

Pemasaran (40.399) (9.869) MarketingPenyusutan aset tetap (14.398) 8.699 Depreciation of fixed assetsPenyisihan kerugian penurunan Provision for impairment losses

nilai piutang pembiayaan on consumer financingkonsumen dan piutang receivables and murabahahpembiayaan murabahah (1.544) 60.293 financing receivables

2.777.940 2.238.000

Beda permanen: Permanent differences:Beban yang tidak dapat dikurangkan 151.687 128.327 Non-deductible expensesPajak final atas pendapatan jasa Final tax of interest income from

giro dan deposito berjangka 5.253 2.367 current accounts and time depositsPenghapusan piutang Write-off of consumer

pembiayaan konsumen, piutang financing receivables, murabahahpembiayaan murabahah, financing receivables,piutang sewa pembiayaan finance leases receivablesdan piutang lain-lain - 610.425 and other receivables

Pendapatan jasa giro dan Interest income from currentdeposito berjangka (26.266) (11.833)

130.674 729.286

Laba kena pajak 2.908.614 2.967.286 Taxable income

Beban pajak penghasilan 727.153 741.822 Income tax expenseDikurangi: pajak dibayar dimuka (726.117) (739.128) Less: prepaid taxes

Utang pajak penghasilan 1.036 2.694 Income tax payable









c. Beban pajak penghasilan (lanjutan) c. Income tax expense (continued)

Laba kena pajak hasil rekonsiliasi untuk tahun 2018 akan digunakan sebagai dasar dalam pengisian Surat Pemberitahuan Tahunan (SPT) Tahunan PPh Badan Perseroan. Laba kena pajak hasil rekonsiliasi untuk tahun 2017 sesuai dengan SPT Tahunan PPh Badan Perseroan.

Reconciliation of taxable income which resulted from the year 2018 will be used as basis in submission of the Company’s Annual Corporate Income Tax Return. Taxable income which resulted from reconciliation the year 2017 conforms with the Company’s Annual Corporate Income Tax Return.

Rekonsiliasi atas beban pajak penghasilan dengan perkalian laba sebelum beban pajak penghasilan dan tarif pajak maksimum yang berlaku adalah sebagai berikut:

The reconciliation between income tax expense and income before income tax expense multiplied by the maximum marginal tax rate was as follows:

2018 2017

Laba sebelum beban pajak penghasilan 2.484.569 2.121.962 Income before income tax expenseDikurangi: pendapatan bunga yang Less: net interest income subjected

dikenakan pajak final (21.013) (9.466) to final tax

2.463.556 2.112.496

Tarif pajak maksimum 25% 615.889 528.124 Marginal statutory income tax rate of 25%Perbedaan permanen dengan tarif pajak 25% 37.922 184.688 Permanent differences at 25% tax rateSurat ketetapan pajak 15.495 - Tax assessment letter

Beban pajak penghasilan 669.306 712.812 Income tax expense









d. Aset/(liabilitas) pajak tangguhan - neto d. Deferred tax asset/(liabilities) - net

Dikreditkan keekuitas dari

(Dibebankan)/ pendapatandikreditkan ke komprehensif

laba tahun lain/ berjalan/ Credited to

(Charged)/ equity from Saldo awal/ credited to other Saldo akhir/Beginning income for comprehensive Endingbalance the year income balance

Aset pajak tangguhan: Deferred tax assets:Kesejahteraan karyawan

dan biaya lainnya yang Accrued employees’ welfaremasih harus dibayar 78.397 54.386 - 132.783 and other expenses

Imbalan kerja yangmasih harus dibayar 179.774 11.425 (63.728) 127.471 Accrued employees’ benefits

Pemasaran 81.693 (10.100) - 71.593 MarketingCadangan kerugian Allowance for impairment

penurunan nilai atas losses on consumerpiutang pembiayaan financing receivables,konsumen, piutang murabahah financingpembiayaan murabahah dan receivables andpiutang sewa pembiayaan 59.199 8.720 - 67.919 finance lease receivables

Pendapatankomprehensif lain 13.939 - 6.388 20.327 Other comprehensive income

Cadangan kerugian Allowance for impairmentpenurunan nilai losses on otherpiutang lain-lain 277 147 - 424 receivables

Dividen saham 88 - - 88 Stock dividend

413.367 64.578 (57.340) 420.605

Liabilitas pajak tangguhan: Deferred tax liabilities:Penyusutan aset tetap (12.058) (3.600) - (15.658) Depreciation of fixed assetsBiaya transaksi terkait

perolehan piutang Transaction costs related topembiayaan acquisition of consumerkonsumen (13.473) 12.325 - (1.148) financing receivables

Beban dibayar dimuka Prepaid expenses related toatas administrasi dan administration andprovisi pinjaman provisionyang diterima (39) 39 - - fees of borrowings

(25.570) 8.764 - (16.806)

Aset pajak tangguhan - neto 387.797 73.342 (57.340) 403.799 Deferred tax assets - net

2018









d. Aset/(liabilitas) pajak tangguhan - neto (lanjutan) d. Deferred tax asset/(liabilities) - net (continued)

Dikreditkan keekuitas dari

(Dibebankan)/ pendapatandikreditkan ke komprehensif

laba tahun lain/ berjalan/ Credited to

(Charged)/ equity from Saldo awal/ credited to other Saldo akhir/Beginning income for comprehensive Endingbalance the year income balance

Aset pajak tangguhan: Deferred tax assets:Kesejahteraan karyawan

dan biaya lainnya yang Accrued employees’ welfaremasih harus dibayar 54.041 24.356 - 78.397 and other expenses

Imbalan kerja yangmasih harus dibayar 118.429 24.673 36.672 179.774 Accrued employees’ benefits

Pemasaran 84.160 (2.467) - 81.693 MarketingCadangan kerugian Allowance for impairment

penurunan nilai atas losses on consumerpiutang pembiayaan financing receivables,konsumen, piutang murabahah financingpembiayaan murabahah dan receivables andpiutang sewa pembiayaan 164.224 (105.025) - 59.199 finance lease receivables

Pendapatankomprehensif lain 3.049 - 10.890 13.939 Other comprehensive income

Cadangan kerugian Allowance for impairmentpenurunan nilai losses on otherpiutang lain-lain 298 (21) - 277 receivables

Dividen saham 88 - - 88 Stock dividend

424.289 (58.484) 47.562 413.367

Liabilitas pajak tangguhan: Deferred tax liabilities:Penyusutan aset tetap (14.233) 2.175 - (12.058) Depreciation of fixed assetsBiaya transaksi terkait

perolehan piutang Transaction costs related topembiayaan acquisition of consumerkonsumen (97.767) 84.294 - (13.473) financing receivables

Beban dibayar dimuka Prepaid expenses related toatas administrasi dan administration andprovisi pinjaman provisionyang diterima (1.064) 1.025 - (39) fees of borrowings

(113.064) 87.494 - (25.570)

Aset pajak tangguhan - neto 311.225 29.010 47.562 387.797 Deferred tax assets - net

2017









e. Sengketa pajak e. Tax disputes

Pada tanggal 4 Juli 2018, Perseroan menerima Surat Ketetapan Pajak (SKP) untuk tahun fiskal 2016. Berdasarkan SKP tersebut, Kantor Pajak menetapkan kurang bayar atas Pajak Penghasilan Pasal 21 (“PPh Pasal 21”), Pajak Penghasilan Pasal 23/26 (“PPh Pasal 23/26”), Pajak Pertambahan Nilai (“PPN”) dan Pajak Penghasilan Badan dengan jumlah keseluruhan Rp364.058. Hasil pemeriksaan tersebut telah disetujui Manajemen Perseroan, kecuali ketetapan kurang bayar Pajak Penghasilan Badan sebesar Rp292.138 dan ketetapan kurang bayar PPN sebesar Rp49.374 (termasuk denda) yang telah dibayar dan dicatat sebagai pajak dibayar dimuka. Pada tanggal 24 September 2018, Perseroan telah mengajukan surat keberatan atas penetapan Pajak Penghasilan Badan dan PPN yang tercantum dalam Surat Ketetapan Pajak Kurang Bayar. Hasil pemeriksaan yang telah disetujui Manajemen Perseroan masing-masing sebesar Rp21.073 untuk Pajak Penghasilan Badan, Rp1.167 untuk PPh Pasal 21, Rp117 untuk PPh Pasal 23/26 dan Rp189 untuk PPN Luar Negeri telah dibayar dan dibebankan ke laporan laba rugi tahun 2018. Sampai dengan tanggal laporan keuangan ini, Perseroan belum menerima Keputusan atas keberatan yang diajukan oleh Perseroan.

On 4 July 2018, the Company received Tax Assessment Letters for the fiscal year 2016. Based on the Assessment Letters, the Tax Office confirmed the underpayment of Article 21 Income Tax, Withholding Tax articles 23/26, Value Added Tax (“VAT”), and Corporate Income Tax aggregating Rp364,058. The result of the audit was agreed by the Company’s Management, except for the assessment on the underpayment of Corporate Income Tax of Rp292,138 and the VAT underpayment assessment of Rp49,374 (including penalty) which also subsequently paid and recorded as prepaid tax. On 24 September 2018, the Company has submitted the objection letter for the assessment of Corporate Income Tax and VAT as mentioned in the Underpayment Tax Assessment Letters. The tax assessment which was agreed by the Company’s Management of Rp21,073 for Corporate Income Tax, Rp1,167 for Article 21 Income Tax, Rp117 for Withholding Tax articles 23/26 and Rp189 for Overseas VAT has been paid and was charged on 2018 profit or loss, respectively. Until date of this financial statements, the Company has not yet received Decision on objection filed by the Company.

f. Administrasi f. Administration

Sesuai dengan peraturan perpajakan di Indonesia, Perseroan melaporkan/menyetorkan pajak berdasarkan sistem self-assessment. Fiskus dapat menetapkan atau mengubah pajak-pajak tersebut dalam jangka waktu tertentu sesuai dengan peraturan yang berlaku.

Under the taxation laws of Indonesia, the Company reports/pays tax on the basis of self-assessment. The tax authorities may assess or amend taxes within the statute of limitations under prevailing regulations.








20. SUKUK MUDHARABAH 20. MUDHARABAH BONDS

2018 2017

Nilai nominal: Nominal value:

Sukuk Mudharabah Berkelanjutan II Continuing Mudharabah Bonds IITahap I Phase IPihak ketiga - 59.000 Third parties

Sukuk Mudharabah Berkelanjutan II Continuing Mudharabah Bonds IITahap II Phase IIPihak ketiga 56.000 56.000 Third parties

Sukuk Mudharabah Berkelanjutan II Continuing Mudharabah Bonds IITahap III Phase IIIPihak ketiga 112.000 386.000 Third parties

Sukuk Mudharabah Berkelanjutan III Continuing Mudharabah Bonds IIITahap I Phase IPihak ketiga 70.000 160.000 Third partiesPihak berelasi 40.000 40.000 Related parties

Sukuk Mudharabah Berkelanjutan III Continuing Mudharabah Bonds IIITahap II Phase IIPihak ketiga 490.000 - Third parties

Jumlah - neto 768.000 701.000 Total - net

Dikurangi: Less:Bagian yang jatuh tempo dalam waktu

satu tahun 441.000 423.000 Current portion

Bagian yang jatuh tempo lebih dari satu tahun 327.000 278.000 Non-current portion

Sesuai dengan perjanjian perwaliamanatan sukuk mudharabah, Perseroan memberikan jaminan fidusia berupa piutang pembiayaan murabahah (lihat Catatan 6) dan rasio jumlah pinjaman terhadap ekuitas tidak melebihi ketentuan, yaitu maksimal 10:1. Selain itu, selama pokok sukuk mudharabah belum dilunasi, Perseroan tidak diperkenankan, antara lain melakukan penggabungan usaha kecuali dilakukan pada bidang usaha yang sama serta menjual atau mengalihkan lebih dari 40% aset Perseroan yang bukan piutang pembiayaan konsumen.

According to the trustee mudharabah bonds agreement, the Company provides collateral with fiduciary transfer of murabahah financing receivables (see Note 6) and debt to equity ratio should not exceed the provision, at maximum 10:1. Moreover, during the time that the mudharabah bonds principals are still outstanding, the Company is not allowed to, among others, merge unless performed on the same business and sell or assign more than 40% of the Company’s non-consumer financing receivables assets.

Pendapatan bagi hasil sukuk mudharabah dihitung berdasarkan perkalian antara nisbah bagi hasil dengan marjin yang diperoleh Perseroan dari hasil pembiayaan murabahah.

Revenue sharing for mudharabah bonds is calculated by multiplication of revenue sharing ratio and margin that the Company acquired from murabahah financing.

Perseroan telah melakukan pembayaran bagi hasil sesuai dengan jatuh tempo yang telah ditetapkan dalam perjanjian perwaliamanatan dan telah memenuhi seluruh persyaratan yang disebutkan dalam perjanjian perwaliamanatan. Jumlah pokok sukuk mudharabah telah dibayarkan sesuai dengan tanggal jatuh tempo sukuk mudharabah obligasi yang bersangkutan.

The Company has paid the revenue sharing on schedule as stated in the trustee agreement and complied with all the requirements mentioned in the trustee agreement. Total principal of mudharabah bonds have been paid in accordance with the respective mudharabah bonds’ maturity date.

Pada tanggal 31 Desember 2018 dan 2017, seluruh sukuk mudharabah Perseroan mendapat peringkat idAAA(sy) dari PT Pemeringkat Efek Indonesia (Pefindo).

As of 31 December 2018 and 2017, all of the Company’s mudharabah bonds are rated AAA(sy) by PT Pemeringkat Efek Indonesia (Pefindo).








20. SUKUK MUDHARABAH (lanjutan) 20. MUDHARABAH BONDS (continued)

Bagi hasil atas sukuk mudharabah pada tahun 2018 sebesar Rp60.438 (2017: Rp40.321).

The revenue sharing for mudharabah bonds in 2018 amounted to Rp60,438 (2017: Rp40,321).

Informasi mengenai klasifikasi dan nilai wajar sukuk mudharabah diungkapkan pada Catatan 37.

Information with respect to the classification and fair value of mudharabah bonds is disclosed in Note 37.

21. MODAL SAHAM DAN TAMBAHAN MODAL DISETOR 21. SHARE CAPITAL AND ADDITIONAL PAID-IN CAPITAL

Pemegang saham Perseroan pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

The Company’s shareholders as of 31 December 2018 and 2017 are as follows:

2018 dan/and 2017

Pemegang saham

Jumlah saham yang ditempatkan dan disetor penuh/ Number of shares

issued and fully paid

Persentase kepemilikan/

Percentage of ownership

Jumlah/ Total

Shareholders

PT Bank Danamon Indonesia Tbk 920.700.000 92,07% 92.070 PT Bank Danamon Indonesia Tbk PT Asuransi Adira Dinamika 4.204.800 0,42% 420 PT Asuransi Adira Dinamika Lain-lain (masing-masing dengan

kepemilikan di bawah 5%) 75.095.200

7,51% 7.510

Others (each owns below 5%)

1.000.000.000 100,00% 100.000

Dari komposisi pemegang saham Perseroan di atas, tidak terdapat kepemilikan saham oleh Komisaris dan Direksi Perseroan.

Based on the Company’s shareholders composition above, there is no ownership of shares by Commissioners and Directors of the Company.

Pada tahun 2017, terdapat penyesuaian tambahan modal disetor sebesar Rp6.750 (lihat Catatan 12).

In 2017, there is an adjustment on additional paid-in capital amounting to Rp6,750 (see Note 12).

22. PENGGUNAAN LABA NETO 22. APPROPRIATION OF NET INCOME

Pada tanggal 20 April 2018, para pemegang saham menyetujui untuk membagikan dividen kas sebesar Rp704.500 atau Rp705 (nilai penuh) per saham dan menambah cadangan umum sebesar Rp14.092. Dividen kas dibayarkan pada tanggal 23 Mei 2018.

On 20 April 2018, the shareholders agreed to declare cash dividends amounting to Rp704,500 or Rp705 (full amount) per share and to add to the general reserve of Rp14,092. Cash dividends were paid on 23 May 2018.

Pada tanggal 17 Mei 2017, para pemegang saham menyetujui untuk membagikan dividen kas sebesar Rp505.000 atau Rp505 (nilai penuh) per saham dan menambah cadangan umum sebesar Rp10.093. Dividen kas dibayarkan pada tanggal 16 Juni 2017.

On 17 May 2017, the shareholders agreed to declare cash dividends amounting to Rp505,000 or Rp505 (full amount) per share and to add to the general reserve of Rp10,093. Cash dividends were paid on 16 June 2017.

Pada tahun 2018 dan 2017 Perseroan telah membentuk cadangan umum masing-masing sejumlah Rp145.460 dan Rp131.368 sesuai dengan Undang-undang Republik Indonesia No. 1/1995 yang telah digantikan dengan Undang-undang No. 40/2007 efektif tanggal 16 Agustus 2007 tentang Perseroan Terbatas, yang mengharuskan perseroan di Indonesia untuk membuat penyisihan cadangan umum sebesar sekurang-kurangnya 20% dari jumlah modal yang ditempatkan dan disetor penuh. Undang undang tersebut tidak mengatur jangka waktu untuk penyisihan cadangan umum minimum tersebut.

In 2018 and 2017, the Company had a general reserve amounting to Rp145,460 and Rp131,368, respectively, in accordance with Law of the Republic of Indonesia No. 1/1995 which had been replaced by the Law No. 40/2007 effective on 16 August 2007 regarding the Limited Liability Company, which requires Indonesian companies to set up a general reserve amounting to at least 20% of the Company’s issued and paid up share capital. There is no definite period of time over which this amount should be provided.








23. (KERUGIAN)/KEUNTUNGAN KUMULATIF ATAS INSTRUMEN DERIVATIF UNTUK LINDUNG NILAI ARUS KAS

23. THE CUMULATIVE (LOSSES)/GAIN ON DERIVATIVE INSTRUMENTS FOR CASH FLOWS HEDGES

Perubahan (kerugian)/keuntungan kumulatif atas instrumen derivatif untuk lindung nilai arus kas yang merupakan bagian efektif dari akumulasi perubahan bersih nilai wajar instrumen lindung nilai arus kas yang terkait dengan transaksi lindung nilai yang belum mempengaruhi laba rugi adalah sebagai berikut:

The movements of the cumulative (losses)/gain on derivative instruments for cash flows hedges which is an effective portion of the cumulative net change in the fair value of cash flows hedging instruments related to hedged transactions that have not yet affected the profit and loss are as follows:

2018 2017

Saldo awal tahun berjalan - Balance at the beginning of the year - sebelum pajak penghasilan tangguhan (55.760) (12.199) before deferred income tax

Bagian efektif dari perubahan nilai wajar (25.551) (43.561) Effective portion of changes in fair value

(81.311) (55.760) Aset pajak tangguhan

(lihat Catatan 19) 20.327 13.939 Deferred tax asset (see Note 19)

Saldo akhir tahun berjalan - Balance at the end of the year -setelah pajak penghasilan tangguhan (60.984) (41.821) after deferred income tax

24. LABA PER SAHAM – DASAR 24. EARNINGS PER SHARE – BASIC

Laba per saham dihitung dengan membagi laba tahun berjalan dengan rata-rata tertimbang jumlah lembar saham yang beredar pada tahun bersangkutan.

Earnings per share is calculated by dividing income for the year by the weighted average number of shares outstanding during the year.

2018 2017

Laba tahun berjalan 1.815.263 1.409.150 Income for the year

Rata-rata tertimbang jumlah Weighted average number ofsaham yang beredar 1.000.000.000 1.000.000.000 shares outstanding

Laba per saham - dasar Earnings per share - basic(dinyatakan dalam nilai Rupiah penuh) 1.815 1.409 (expressed in full amount of Rupiah)

Perseroan tidak memiliki instrumen yang memberikan dampak efek dilusi pada laba per saham dasar.

The company does not have instrument that gives impact of dilution effect on basic earning per share.

25. PENDAPATAN PEMBIAYAAN KONSUMEN 25. CONSUMER FINANCING INCOME

2018 2017

Pendapatan pembiayaan konsumen Consumer financing incomePihak ketiga 9.220.666 7.206.738 Third partiesPihak berelasi 225 - Related parties

Dikurangi: Less:Bagian pendapatan yang dibiayai pihak

berelasi sehubungan dengan transaksi Portion of funds financed by relatedpembiayaan bersama (2.353.948) (2.246.505) parties in relation to joint financing

6.866.943 4.960.233








25. PENDAPATAN PEMBIAYAAN KONSUMEN (lanjutan) 25. CONSUMER FINANCING INCOME (continued)

Pada tahun 2018, amortisasi biaya transaksi yang diakui sebagai pengurang dari pendapatan pembiayaan konsumen sebesar Rp271.712 (2017: Rp599.059).

In 2018, the amortisation of transaction costs recognised as a reduction to consumer financing income amounted to Rp271,712 (2017: Rp599,059).



26. MARJIN MURABAHAH 26. MURABAHAH MARGIN

2018 2017

Marjin murabahah 1.601.257 2.361.134 Murabahah margin

Dikurangi: Less:Bagian pendapatan yang dibiayai pihak berelasi

sehubungan dengan transaksi pembiayaan Portion of funds financed by related partiesbersama (55.904) (5.020) in relation to joint financing

1.545.353 2.356.114

Pada tahun 2018, amortisasi biaya transaksi yang diakui sebagai pengurang dari marjin murabahah konsumen sebesar Rp162.214 (2017: Rp353.292).

In 2018, the amortisation of transaction costs recognised as a reduction to consumer murabahah margin amounted to Rp162,214 (2017: Rp353,292).



27. PENDAPATAN SEWA PEMBIAYAAN 27. FINANCE LEASES INCOME

2018 2017

Pendapatan sewa pembiayaan Finance leases incomePihak ketiga 43.599 96.769 Third partiesPihak berelasi 1.148 2.264 Related parties

44.747 99.033

Pada tahun 2018, amortisasi biaya transaksi yang diakui sebagai pengurang dari pendapatan sewa pembiayaan masing-masing sebesar (Rp723) (2017: Rp5.304).

In 2018, the amortisation of transaction costs recognised as a reduction to finance leases income amounted to (Rp723) (2017: Rp5,304).










28. PENDAPATAN LAIN-LAIN 28. OTHER INCOME

2018 2017

Pihak ketiga Third partiesAdministrasi 779.124 794.581 AdministrationDenda keterlambatan 593.258 619.656 Late chargesPemulihan dari piutang yang dihapusbukukan 208.386 186.609 Recovery of written-off receivablesPinalti 85.866 92.995 PenaltyBunga deposito berjangka 3.107 685 Interest on time depositsJasa giro 2.765 2.093 Interest on current accountsLain-lain 6.844 13.041 Others

1.679.350 1.709.660

Pihak berelasi Related partiesKomisi asuransi, sponsorship dan lainnya 26.968 2.774 Insurance commission, sponsorship and othersJasa giro 17.312 9.055 Interest on current accountsBunga deposito berjangka 3.082 - Interest on time deposits

47.362 11.829

1.726.712 1.721.489



29. BEBAN GAJI DAN TUNJANGAN 29. SALARIES AND BENEFITS EXPENSES

2018 2017

Pihak ketiga Third partiesGaji dan tunjangan 1.715.230 1.682.209 Salaries and allowanceImbalan pasca-kerja karyawan 142.263 66.980 Post-employment benefitsPelatihan dan pendidikan 63.182 40.497 Training and education

1.920.675 1.789.686

Pihak berelasi Related partiesGaji dan tunjangan 102.446 92.938 Salaries and allowanceImbalan pasca-kerja karyawan 8.236 9.943 Post-employment benefits

110.682 102.881

2.031.357 1.892.567

Beban gaji dan tunjangan kepada Direksi pada tahun 2018 sebesar Rp36.084 (2017: Rp33.986). Beban gaji dan tunjangan kepada Komisaris pada tahun 2018 sebesar Rp6.762 (2017: Rp5.697).

Salaries and benefits expenses for Directors in 2018 amounted to Rp36,084 (2017: Rp33,986). Salaries and benefits expenses for Commissioners in 2018 amounted to Rp6,762 (2017: Rp5,697).










30. BEBAN BUNGA DAN KEUANGAN 30. INTEREST EXPENSE AND FINANCING CHARGES

2018 2017

Pihak ketiga Third partiesBunga atas utang obligasi (lihat Catatan 17) 804.469 859.956 Interest on bonds payable (see Note 17)Bunga atas pinjaman yang diterima 743.198 574.503 Interest on borrowingsBagi hasil pinjaman mudharabah 30.206 42.991 Revenue sharing for mudharabah loans

Amortisation of mudharabah bondsAmortisasi biaya emisi sukuk mudharabah 2.180 1.120 issuance costBeban provisi dan administrasi Provision and administration

pinjaman mudharabah 344 729 expenses on mudharabah loan

1.580.397 1.479.299

Pihak berelasi Related partiesBunga atas pinjaman yang diterima 111.563 278.687 Interest on borrowingsBunga atas utang obligasi (lihat Catatan 17) 45.709 38.075 Interest on bonds payable (see Note 17)

157.272 316.762

1.737.669 1.796.061

Amortisasi biaya emisi obligasi yang diterbitkan pada tahun 2018 sebesar Rp13.213 (2017: Rp11.419) dicatat sebagai bagian dari bunga atas utang obligasi, sedangkan amortisasi beban provisi atas pinjaman yang diterima pada tahun 2018 sebesar Rp28.479 (2017: Rp29.363) dicatat sebagai bagian dari bunga atas pinjaman yang diterima.

The amortisation of bonds issuance costs in 2018 amounting to Rp13,213 (2017: Rp11,419) was recorded as part of interest on bonds payable, while amortisation of provision expenses on borrowings in 2018 amounting to Rp28,479 (2017: Rp29,363) was recorded as part of interest on borrowings.



31. BEBAN UMUM DAN ADMINISTRASI 31. GENERAL AND ADMINISTRATIVE EXPENSES

2018 2017

Pihak ketiga Third partiesBeban kantor 544.968 481.658 Office expensesBeban sewa 197.016 189.478 Rental expensesTransportasi 74.742 60.596 TransportationJasa penerimaan angsuran 73.180 63.750 Installment collection feesPerbaikan dan pemeliharaan 67.614 59.520 Repairs and maintenancePenyusutan aset tetap Depreciation of fixed assets (lihat Catatan 12) 60.237 62.927 (see Note 12) Perangko dan materai 51.212 43.070 Postage and stamp dutiesAmortisasi aset tak berwujud Intangible assets amortisation (lihat Catatan 13) 32.514 22.704 (see Note 13) Percetakan dan dokumentasi 26.628 23.568 Printing and documentationAdministrasi bank 6.473 8.810 Bank administrationLain-lain 226.920 90.161 Others

1.361.504 1.106.242

Pihak berelasi Related partiesAsuransi aset tetap 1.099 558 Fixed assets insurance

1.362.603 1.106.800










32. BEBAN PEMASARAN 32. MARKETING EXPENSES

2018 2017

Pemasaran dealer 681.663 413.645 Dealer marketingPemasaran konsumen 41.244 24.256 Customer marketing

722.907 437.901

33. BEBAN LAIN-LAIN 33. OTHER EXPENSES

2018 2017

Penyisihan kerugian penurunan nilai Provision for impairment lossespiutang lain-lain 2.598 - from other receivables

Beban transformasi organisasi - 71.800 Organisation transformation expense

Lain-lain 17.713 8.042 Others

20.311 79.842

Pada tahun 2017, Perseroan melakukan program transformasi organisasi secara keseluruhan. Atas inisiatif ini, Perseroan diharapkan dapat beroperasi lebih efisien untuk menjamin pertumbuhan bisnis yang berkelanjutan. Beban transformasi organisasi meliputi biaya pesangon.

In 2017, the Company has implemented organisation transformation programs as a whole. From these initiatives, the Company is expected to be more efficient in order to ensure the sustainability of the business growth. Organisation transformation expenses include severance expenses.

34. LIABILITAS IMBALAN KERJA 34. EMPLOYMENT BENEFITS LIABILITIES

2018 2017

Imbalan kerja jangka pendek 354.999 314.771 Short-term employee benefitsImbalan pasca-kerja 473.271 615.150 Post-employment benefitsImbalan kerja jangka panjang lainnya 36.613 37.768 Other long-term employment benefits

864.883 967.689

Imbalan kerja jangka pendek Short-term employee benefits

2018 2017

Bonus, THR, insentif, gaji, dan lain-lain Accrued bonus, THR, incentive, yang masih harus dibayar 354.999 314.771 salaries, and others

Imbalan pasca-kerja Post-employment benefits

Sejak 16 Mei 2007, Perseroan menyelenggarakan program pensiun imbalan pasti untuk karyawan tetap yang sudah memenuhi kriteria yang ditetapkan Perseroan dan dikelola serta diadministrasikan oleh PT Asuransi Jiwa Manulife Indonesia.

Since 16 May 2007, the Company has defined benefit pension program covering its qualified permanent employees who meet the Company’s criteria, managed and administered by PT Asuransi Jiwa Manulife Indonesia.

Pada tanggal 31 Desember 2018, iuran karyawan yang dibayarkan oleh Perseroan adalah sebesar 3% dari penghasilan tetap karyawan.

As of 31 December 2018, the employees’ contribution paid by the Company was 3% of the employees’ salaries.

Pada tahun 2018, imbalan pasti yang diakui sebagai “beban gaji dan tunjangan” pada laporan laba rugi sebesar Rp18.186 (2017: Rp15.803).

In 2018, the defined benefit are recognised as “salaries and benefits expenses” in the statement of profit or loss amounting to Rp18,186 (2017: Rp15,803).








34. LIABILITAS IMBALAN KERJA (lanjutan) 34. EMPLOYMENT BENEFITS LIABILITIES (continued)

Imbalan pasca-kerja (lanjutan) Post-employment benefits (continued)

Sesuai dengan UU Ketenagakerjaan No. 13/2003 (“UU13/2003”), Perseroan wajib memberikan imbalan pasca-kerja kepada karyawannya pada saat pemutusan hubungan kerja atau pada saat karyawan menyelesaikan masa kerjanya. Imbalan pasca-kerja ini diberikan terutama berdasarkan masa kerja dan kompensasi karyawan pada saat pemutusan hubungan kerja atau selesainya masa kerja.

In accordance with Labour Law No.13/2003 (“Law 13/2003”), the Company is required to provide post-employment benefits to its employees when their employment is terminated or when they retire. These benefits are primarily based on years of service and the employees’ compensation at termination or retirement.

Liabilitas imbalan pasca-kerja pada tanggal 31 Desember 2018 dihitung oleh aktuaris independen tertanggal 8 Januari 2019, PT Mercer Indonesia, dengan menggunakan metode Mercer Pension Discount Yield Curve. Liabilitas imbalan pasca-kerja pada tanggal 31 Desember 2017 dihitung oleh aktuaris independen tertanggal 19 Januari 2018, PT Towers Watson Purbajaga, dengan menggunakan metode Projected Unit Credit.

The post-employment benefits liabilities as of 31 December 2018 is calculated by an independent actuary dated 8 January 2019, PT Mercer Indonesia, using the Mercer Pension Discount Yield Curve method. The post-employment benefits liabilities as of 31 December 2017 is calculated by an independent actuary dated 19 January 2018, PT Towers Watson Purbajaga, using the Projected Unit Credit method.

Perubahan nilai kini kewajiban imbalan pasca kerja adalah sebagai berikut:

The movements of the present value of obligation for post- employment benefits are as follows:

2018 2017

Saldo pada awal tahun 615.150 419.059 Balance at beginning of year

Beban jasa kini 81.597 52.109 Current service cost

Beban bunga 44.809 37.512 Interest expensePengukuran kembali: Remeasurement:- Perubahan dalam asumsi keuangan (232.632) 165.602 Change in financial assumptions -- Penyesuaian pengalaman kewajiban (22.280) (18.917) Experience adjustment on obligation -Imbalan yang di bayar (13.373) (10.782) Benefits paidKeuntungan kurtailmen - (29.433) Curtailment gain


Jumlah yang diakui pada laporan laba rugi adalah sebagai berikut:

The amounts recognised in the statements of profit or loss are as follows:

2018 2017


Beban bunga 44.809 37.512 Interest expense

Beban yang diakui pada tahun berjalan 126.406 89.621 Expense to be recognised in the current year









Imbalan pasca-kerja (lanjutan) Post-employment benefits (continued) Asumsi-asumsi utama yang digunakan oleh aktuaria independen adalah sebagai berikut:

The major assumptions used by the independent actuary are as follows:

2018 2017

Asumsi ekonomi: Economic assumptions: Tingkat diskonto per tahun 8,75% 7,25% Annual discount rate Tingkat kenaikan penghasilan dasar per

tahun

9,50%

11,00%

Annual salary growth rate

Asumsi lainnya: Other assumptions: Usia pensiun normal 55 tahun/years Normal retirement age Tingkat pengunduran peserta 9,00% sampai dengan usia 25 tahun, 7,5% per tahun pada usia

sampai dengan 26 berkurang hingga 0,5% per tahun pada usia 54 tahun/9.00% up to age 25, 7.5% per annum at age 26

decrease linearly to 0.5% per annum at age 54

Resignation rate

Tingkat kematian Tabel mortalita Indonesia/Mortality table Indonesia 2011 (TMI’11)

Mortality rate

Tingkat cacat 10% dari TMI’11/10% from TMI’11 Disability rate

Durasi rata-rata tertimbang dari liabilitas program pensiun imbalan pasti pada tanggal 31 Desember 2018 adalah 13,34 tahun (2017: 14,32 tahun).

The weighted average duration of the defined benefit pension obligation as of 31 December 2018 is 13.34 years (2017: 14.32 years).

Sensitivitas dari kewajiban manfaat pasti terhadap perubahan asumsi aktuaria adalah sebagai berikut:

The sensitivity of defined benefit obligation to changes in the weighted assumptions is as follow:

2018

Dampak atas kewajiban imbalan pasti/ Impact on defined benefit obligation

Perubahan asumsi/Change in assumption

Kenaikan asumsi/Increase in assumption

Penurunan asumsi/Decrease

in assumption

Asumsi ekonomi: Economic assumptions:

Tingkat diskonto per tahun 1,00% (51.199) 59.549 Annual discount rate Tingkat kenaikan penghasilan dasar

per tahun

1,00%

67.215

(58.686)


2017





in assumption

Asumsi ekonomi: Economic assumptions:

Tingkat diskonto per tahun 1,00% (76.714) 90.701 Annual discount rate

Tingkat kenaikan penghasilan dasar per tahun

1,00%

96.841

(83.562)










Imbalan pasca-kerja (lanjutan) Post-employment benefits (continued)

Analisa sensitivitas didasarkan pada perubahan atas satu asumsi aktuarial dimana asumsi lainnya dianggap konstan. Dalam prakteknya, hal ini jarang terjadi dan perubahan beberapa asumsi mungkin saling berkorelasi. Dalam perhitungan sensitivitas kewajiban imbalan pasti atas asumsi aktuarial utama, metode yang sama (perhitungan nilai kini kewajiban imbalan pasti dengan metode Projected Unit Credit di akhir periode) telah diterapkan seperti dalam perhitungan kewajiban pensiun yang diakui dalam laporan posisi keuangan.

The sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated with the Projected Unit Credit method at the end of the reporting period) has been applied as when calculating the pension liability recognised within the statements of financial position.

Analisis jatuh tempo yang diharapkan dari manfaat pensiun yang tidak terdiskonto adalah sebagai berikut:

Expected maturity analysis of undiscounted pension benefits are as follows:

2018 2017

Dalam waktu 10 tahun 367.327 329.677 Within next 10 years

Dalam waktu 10-20 tahun 2.275.046 2.530.979 Within 10-20 yearsDalam waktu 20-30 tahun 2.210.413 2.991.081 Within 20-30 yearsDalam waktu 30-40 tahun 101.666 112.092 Within 30-40 years

Imbalan kerja jangka panjang lainnya Other long-term employment benefits

Imbalan jangka panjang lainnya dalam bentuk penghargaan pengabdian didiskontokan ke nilai kini.

Other long-term employment benefits include service award is discounted to present value.

Liabilitas imbalan jangka panjang lainnya pada tanggal 31 Desember 2018 dihitung oleh aktuaris independen tertanggal 8 Januari 2019, PT Mercer Indonesia, dengan menggunakan metode Mercer Pension Discount Yield Curve. Liabilitas imbalan pasca-kerja pada tanggal 31 Desember 2017 dihitung oleh aktuaris independen tertanggal 19 Januari 2018, PT Towers Watson Purbajaga, dengan menggunakan metode Projected Unit Credit.

The other long-term liability benefits liabilities as of 31 December 2018 is calculated by an independent actuary dated 8 January 2019, PT Mercer Indonesia, using the Mercer Pension Discount Yield Curve method. The post-employment benefits liabilities as of 31 December 2017 was calculated by an independent actuary dated 19 January 2018, PT Towers Watson Purbajaga, using the Projected Unit Credit method.

Perubahan nilai kini kewajiban imbalan kerja jangka panjang lainnya adalah sebagai berikut:

The movements of the present value of obligation for post-employment benefits are as follows:

2018 2017

Saldo pada awal tahun 37.768 32.936 Balance at beginning of year


Beban bunga 2.731 2.592 Interest expensePengukuran kembali: Remeasurement:- Perubahan dalam asumsi keuangan (6.648) 4.925 Change in financial assumptions -- Penyesuaian pengalaman kewajiban 690 (1.473) Experience adjustment on obligation -Imbalan yang di bayar (4.228) (4.607) Benefits paidKeuntungan kurtailmen - (1.613) Curtailment gain










Imbalan kerja jangka panjang lainnya (lanjutan) Other long-term employment benefits (continued) Jumlah yang diakui pada laporan laba rugi adalah sebagai berikut:

The amounts recognised in the statements of profit or loss are as follows:

2018 2017


Beban bunga 2.731 2.592 Interest expensePengukuran kembali yang diakui Remeasurements

selama tahun berjalan (5.958) 3.452 recognised during the year

Beban yang diakui pada tahun berjalan 3.073 11.052 Expense to be recognised in the current year

Sensitivitas dari kewajiban manfaat pasti terhadap perubahan asumsi aktuaria adalah sebagai berikut:

The sensitivity of defined benefit obligation to changes in the weighted assumptions is as follow:

2018





in assumption

Asumsi ekonomi: Economic assumptions: Tingkat diskonto per tahun 1,00% (1.841) 2.029 Annual discount rate

Tingkat kenaikan penghasilan dasar per tahun 1,00% 1.996 (1.845)


2017





in assumption

Asumsi ekonomi: Economic assumptions: Tingkat diskonto per tahun 1,00% (2.208) 2.451 Annual discount rate

Tingkat kenaikan penghasilan dasar per tahun 1,00% 2.547

(2.339)


Analisa sensitivitas didasarkan pada perubahan atas satu asumsi aktuarial dimana asumsi lainnya dianggap konstan. Dalam prakteknya, hal ini jarang terjadi dan perubahan beberapa asumsi mungkin saling berkorelasi. Dalam perhitungan sensitivitas kewajiban imbalan pasti atas asumsi aktuarial utama, metode yang sama (perhitungan nilai kini kewajiban imbalan pasti di akhir periode) telah diterapkan seperti dalam penghitungan kewajiban pensiun yang diakui dalam laporan posisi keuangan.

The sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur and changes in some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions, the same method (present value of the defined benefit obligation calculated at the end of the reporting period) has been applied as when calculating the pension liability recognised within the statements of financial position.

Analisis jatuh tempo yang diharapkan dari manfaat pensiun yang tidak terdiskonto adalah sebagai berikut:

Expected maturity analysis of undiscounted pension benefits are as follows:

2018 2017

Dalam waktu 10 tahun 60.006 79.129 Within next 10 years

Dalam waktu 10-20 tahun 71.239 144.423 Within 10-20 yearsDalam waktu 20-30 tahun 11.344 20.428 Within 20-30 years








35. SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI

35. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Berikut adalah rincian sifat hubungan dengan pihak berelasi: The nature of relationships with related parties is

summarised as follows:

Pihak berelasi/ Related parties

Sifat dari hubungan/ Nature of relationship

Sifat dari transaksi/ Nature of transaction

PT Bank Danamon Indonesia Tbk Perusahaan induk/Parent company

Kerjasama pembiayaan, pinjaman, kas di bank dan pembelian obligasi/Financing cooperation, borrowing, cash in bank and purchase of bonds.

PT Asuransi Adira Dinamika Dimiliki oleh pemegang saham pengendali yang

sama, manajemen kunci yang sama dan pemegang saham/Owned by the same controlling shareholder, the same key management and shareholder

Kerjasama asuransi kendaraan pembiayaan konsumen, asuransi aset tetap Perseroan, asuransi kesehatan dan pembelian obligasi dan sukuk/Insurance cooperation in respect of motor vehicles under consumer financing, insurance of the Company’s fixed assets, health insurance and purchase of bonds and sukuk.

PT Adira Quantum Multifinance (dalam likuidasi/in liquidation)

Dimiliki oleh pemegang saham pengendali yang sama/Owned by the same controlling shareholder

Investasi dalam saham dan kerjasama pembiayaan/Investment in shares and financing cooperation.

DBS Bank (Singapore), Ltd. Dimiliki oleh pemegang saham akhir yang

sama/Owned by the same ultimate shareholder

Pembelian obligasi/Purchase of bonds.

PT Bank DBS Indonesia Dimiliki oleh pemegang saham akhir yang

sama/Owned by the same ultimate shareholder Kas di bank, pinjaman sindikasi dan pembelian obligasi/Cash in bank, syndicated borrowing and purchase of bonds.

MUFG Bank, Ltd. (terhitung sejak 2018/since 2018)

Pemegang saham perusahaan induk/The shareholder of parent company

Kas di bank, pinjaman dan kontrak derivatif/Cash in bank, borrowing and derivative contract.

PT General Integrated Company Dimiliki oleh salah satu Komisaris Perusahaan

Induk/Owned by one Commissioner of Parent Company

Utang kepada dealer/Payables to dealers.

Personil manajemen kunci/ Key management personnel

Direktur, komisaris dan pejabat eksekutif /Directors, commissioners and executive employees

Kontrak pembiayaan konsumen, murabahah dan sewa, serta pembayaran gaji dan tunjangan direktur, komisaris dan pejabat eksekutif/Consumer, murabahah and lease financing contract, and allowances paid to directors, commissioners and executive employees.

Berdasarkan perjanjian pembiayaan bersama pada

tanggal 30 April 2004 dan diubah pada tanggal 14 Februari 2017, Perseroan dan PT Bank Danamon Indonesia Tbk setuju untuk melakukan kerjasama pemberian fasilitas pembiayaan bersama kepada konsumen. Porsi pembiayaan PT Bank Danamon Indonesia Tbk adalah maksimal sebesar 99% dari jumlah pembiayaan dan porsi Perseroan minimum sebesar 1% dari jumlah pembiayaan. PT Bank Danamon Indonesia Tbk menentukan tingkat bunga pada tahun 2018 berkisar antara 10,99% - 15,60% (2017: 9,88% - 14,46%).

Based on the joint financing agreement dated 30 April 2004, which was amended on 14 February 2017, the Company and PT Bank Danamon Indonesia Tbk agreed to enter into a joint financing facility agreement for consumer financing. The portion of receivables financed by PT Bank Danamon Indonesia Tbk is maximum at 99% of the balance to be financed and the portion of receivables financed by the Company is minimum at 1% of the balance to be financed. PT Bank Danamon Indonesia Tbk charged interest rates per annum in 2018 ranging from 10.99% - 15.60% (2017: 9.88% - 14.46%).

Berdasarkan perjanjian wakalah pembiayaan bersama pada tanggal 14 September 2017, Perseroan dan PT Bank Danamon Indonesia Tbk setuju untuk melakukan kerjasama pemberian fasilitas pembiayaan bersama kepada konsumen. Porsi pembiayaan PT Bank Danamon Indonesia Tbk adalah maksimal sebesar 99% dari jumlah pembiayaan dan porsi Perseroan minimum sebesar 1% dari jumlah pembiayaan. PT Bank Danamon Indonesia Tbk menentukan tingkat bunga pada tahun 2018 berkisar antara 10,99% - 15,60% (2017: 10,02% - 13,81%).

Based on the wakalah agreement dated 14 September 2017, the Company and PT Bank Danamon Indonesia Tbk agreed to enter into a joint financing facility agreement for consumer. The portion of receivables financed by PT Bank Danamon Indonesia Tbk is maximum at 99% of the balance to be financed and the portion of receivables financed by the Company is minimum at 1% of the balance to be financed. PT Bank Danamon Indonesia Tbk charged interest rates per annum in 2018 ranging from 10.99% - 15.60% (2017: 10.02% - 13.81%).

Perseroan memperoleh fasilitas pinjaman modal kerja berulang dari PT Bank Danamon Indonesia Tbk.

The Company has a revolving working capital facility from PT Bank Danamon Indonesia Tbk.

Perseroan memiliki kas di bank pada PT Bank Danamon Indonesia Tbk (lihat Catatan 4).

The Company has cash in bank at PT Bank Danamon Indonesia Tbk (see Note 4).








35. SALDO DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (lanjutan)

35. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (continued)

Berdasarkan perjanjian pembiayaan bersama pada

tanggal 1 September 2015, Perseroan dan PT Adira Quantum Multifinance (dalam likuidasi) setuju untuk melakukan kerjasama pemberian fasilitas pembiayaan bersama kepada konsumen. Porsi pembiayaan PT Adira Quantum Multifinance (dalam likuidasi) adalah maksimal sebesar 99% dari jumlah pembiayaan dan porsi Perseroan minimum sebesar 1% dari jumlah pembiayaan. PT Adira Quantum Multifinance (dalam likuidasi) menentukan tingkat bunga pada tahun 2017 berkisar antara 17,26% - 19,50%.

Based on the joint financing agreement dated 1 September 2015, the Company and PT Adira Quantum Multifinance (in liquidation) agreed to enter into a joint financing facility agreement for consumer financing. The portion of receivables financed by PT Adira Quantum Multifinance (in liquidation) is maximum at 99% of the balance to be financed and the portion of receivables financed by the Company is minimum at 1% of the balance to be financed. PT Adira Quantum Multifinance (in liquidation) charged interest rates per annum in 2017 ranging from 17.26% - 19.50%.

Pada tanggal 15 Agustus 2017, Perseroan mengadakan perjanjian jual beli atas piutang pembiayaan konsumen dengan PT Adira Quantum Multifinance (dalam likuidasi) (pihak berelasi). Perseroan membeli piutang pembiayaan bersama (Joint Finance) porsi PT Adira Quantum Multifinance (dalam likuidasi) dengan harga pembelian sebesar Rp68.267. Perseroan telah menyelesaikan transaksi tersebut dan telah membayar lunas pembelian tersebut pada tanggal 15 Agustus 2017.

As of 15 August 2017, the Company entered into sale and purchase agreement of consumer financing receivables with PT Adira Quantum Multifinance (in liquidation) (related party). The Company purchased joint financing receivables portion of PT Adira Quantum Multifinance (in liquidation) with purchase price amounted to Rp68,267. The Company has completed the transaction and paid on 15 August 2017.

PT Asuransi Adira Dinamika dan Perseroan

mengadakan perjanjian kerjasama, dimana Perseroan telah menunjuk PT Asuransi Adira Dinamika untuk menyediakan perlindungan asuransi atas kendaraan bermotor yang dibeli konsumen dengan pembiayaan Perseroan dan menyediakan perlindungan asuransi atas aset tetap.

PT Asuransi Adira Dinamika and the Company entered into a cooperation agreement, whereby the Company appointed PT Asuransi Adira Dinamika to provide insurance coverage for consumers’ motor vehicles which are financed by the Company and to provide insurance coverage for fixed assets.

Perseroan juga menunjuk PT Asuransi Adira Dinamika

untuk menyediakan asuransi kesehatan untuk karyawan Perseroan.

The Company has also appointed PT Asuransi Adira Dinamika to provide health insurance for the Company’s employees.

Perseroan memperoleh fasilitas pinjaman modal kerja

dari DBS Bank (Singapore), Ltd., MUFG Bank, Ltd. dan PT Bank DBS Indonesia (lihat Catatan 15).

The Company has working capital facilities from DBS Bank (Singapore), Ltd., MUFG Bank, Ltd. and PT Bank DBS Indonesia (see Note 15).

Perseroan memiliki kontrak derivatif dengan MUFG

Bank, Ltd. (lihat Catatan 10). The Company has derivative contract with MUFG Bank,

Ltd. (see Note 10).

PT General Integrated Company merupakan salah satu dealer dalam menyalurkan kendaraan bermotor kepada konsumen yang telah memperoleh persetujuan kredit dari Perseroan.

PT General Integrated Company is one of the dealers in delivering motor vehicles to consumers who have received consumer financing contracts approval from Company.

Perseroan memiliki kas di bank pada MUFG Bank, Ltd.

dan PT Bank DBS Indonesia (lihat Catatan 4). The Company has cash in bank at MUFG Bank, Ltd.

and PT Bank DBS Indonesia (see Note 4).

Personil manajemen kunci adalah orang-orang yang mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin, dan mengendalikan aktivitas Perseroan, secara langsung atau tidak langsung. Personil manajemen kunci Perseroan terdiri dari Direktur, Komisaris, dan pejabat ekskutif Perseroan, perusahaan induk (PT Bank Danamon Indonesia Tbk), dan pihak berelasi lainnya.

Key management personnel are those people who have the authority and responsibility to plan, lead, and control activities of the Company, directly or indirectly. Key management personnel consists of Directors, Commissioners, and executive employees of the Company, parent company (PT Bank Danamon Indonesia Tbk), and other related parties.










Seluruh transaksi yang signifikan dengan pihak-pihak berelasi dilakukan dengan persyaratan dan kondisi usaha pada umumnya yang mungkin tidak sama sebagaimana dilakukan dengan pihak ketiga.

All significant transactions with related parties are conducted under commercial terms and condition which may not be similar to those conducted with third parties.

Saldo dan transaksi dengan pihak berelasi adalah sebagai berikut:

Balances and transactions with related parties are as follows:

a. Kas dan kas di bank (lihat Catatan 4) a. Cash on hand and in banks (see Note 4)

2018 2017

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk 1.259.629 1.731.227 PT Bank Danamon Indonesia Tbk

Pihak berelasi lainnya: Other related parties:PT Bank DBS Indonesia 20 29 PT Bank DBS IndonesiaMUFG Bank, Ltd. 7 - MUFG Bank, Ltd.

1.259.656 1.731.256

Persentase terhadap total aset 4,00% 5,87% Percentage to total assets

b. Piutang pembiayaan konsumen (lihat Catatan 5) b. Consumer financing receivables (see Note 5)

2018 2017

Personil manajemen kunci dari perusahaaninduk: Key management personnels of parent company:Piutang pembiayaan konsumen - bruto 1.291 - Consumer financing receivables - grossPendapatan pembiayaan konsumen yang

belum diakui (119) - Unearned consumer financing incomeCadangan kerugian penurunan nilai (29) - Allowance for impairment losses

1.143 -

Personil manajemen kunci dari Perseroan: Key management personnels of the Company:Piutang pembiayaan konsumen - bruto 598 - Consumer financing receivables - grossPendapatan pembiayaan konsumen yang


523 -

Personil manajemen kunci dari pihakberelasi lainnya: Key management personnels of other related parties:Piutang pembiayaan konsumen - bruto 36 - Consumer financing receivables - grossPendapatan pembiayaan konsumen yang


32 -

1.698 -

Persentase terhadap total aset 0,01% - Percentage to total assets










Saldo dan transaksi dengan pihak berelasi adalah sebagai berikut (lanjutan):

Balances and transactions with related parties are as follows (continued):

c. Piutang sewa pembiayaan (lihat Catatan 7) c. Finance leases receivables (see Note 7)

2018 2017

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk PT Bank Danamon Indonesia TbkPiutang sewa pembiayaan - bruto 285 11.953 Finance leases receivables - grossNilai residu yang terjamin 120 2.729 Guaranteed residual valueSimpanan jaminan (120) (2.729) Security depositsPendapatan sewa pembiayaan yang

belum diakui (30) (1.819) Unearned finance leases incomeCadangan kerugian penurunan nilai (14) (563) Allowance for impairment losses

241 9.571


d. Beban dibayar dimuka (lihat Catatan 8) d. Prepaid expenses (see Note 8)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 33.122 33.177 PT Asuransi Adira Dinamika


e. Piutang lain-lain (lihat Catatan 9) e. Other receivables (see Note 9)

2018 2017


Personil manajemen kunci dari Perseroan 5.801 6.558 Key management personnel of the CompanyPerusahaan induk: Parent company:

PT Bank Danamon Indonesia Tbk 3 1.334 PT Bank Danamon Indonesia Tbk

55.376 51.533


Tidak terdapat kerugian penurunan nilai atas piutang lain-lain dari personil manajemen kunci selama tahunberjalan, dan tidak ada cadangan khusus yang dibuat untuk kerugian penurunan nilai atas piutang lain-lain daripersonil manajemen kunci dan anggota keluarga dekat mereka pada akhir tahun.

No impairment losses of other receivables from key management personnel during the year, and no specific allowance has been made for impairment losses of other receivables from key management personnel and their immediate family at the end of the year.

f. Aset derivatif (lihat Catatan 10) f. Derivative asset (see Note 10)

2018 2017

Pihak berelasi lainnya: Other related parties:MUFG Bank, Ltd. 54.205 - MUFG Bank, Ltd.

Persentase terhadap total aset 0,17% - Percentage to total assets












g. Investasi dalam saham (lihat Catatan 11) g. Investment in shares (see Note 11)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Adira Quantum Multifinance PT Adira Quantum Multifinance(dalam likuidasi) 650 650 (in liquidation)


h. Pinjaman yang diterima (lihat Catatan 15) h. Borrowings (see Note 15)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Bank DBS Indonesia - 3.047.182 PT Bank DBS Indonesia

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk - 800.000 PT Bank Danamon Indonesia Tbk

- 3.847.182

Persentase terhadap jumlah liabilitas - 16,20% Percentage to total liabilities

i. Beban yang masih harus dibayar (lihat Catatan 16) i. Accrued expenses (see Note 16)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 34.966 34.683 PT Asuransi Adira DinamikaDBS Bank (Singapore), Ltd. 148 473 DBS Bank (Singapore), Ltd.PT Bank DBS Indonesia 97 36.844 PT Bank DBS Indonesia

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk 240 968 PT Bank Danamon Indonesia Tbk

35.451 72.968

Persentase terhadap total liabilitas 0,14% 0,31% Percentage to total liabilities

j. Utang obligasi (lihat Catatan 17) j. Bonds payable (see Note 17)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 447.000 243.000 PT Asuransi Adira DinamikaDBS Bank (Singapore), Ltd. 53.000 119.000 DBS Bank (Singapore), Ltd.PT Bank DBS Indonesia 40.000 95.100 PT Bank DBS Indonesia

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk 63.000 8.000 PT Bank Danamon Indonesia Tbk

603.000 465.100













k. Utang lain-lain (lihat Catatan 18) k. Other payables (see Note 18)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 163.957 144.559 PT Asuransi Adira DinamikaPT General Integrated Company 81 - PT General Integrated Company


188.894 157.511


l. Sukuk Mudharabah (lihat Catatan 20) l. Mudharabah bonds (see Note 20)

2018 2017


Persentase terhadap jumlah liabilitas 0,16% 0,17% Percentage to total liabilities

m. Pendapatan pembiayaan konsumen (lihat Catatan 25) m. Consumer financing income (see Note 25)

2018 2017

Personil manajemen kunci dari Key management personnels ofperusahaan induk 146 - parent company

Personil manajemen kunci Key management personnelsdari Perseroan 73 - of the Company

Personil manajemen kunci dari pihak Key management personnels of otherberelasi lainnya 6 - related parties

225 -

Persentase terhadap total pendapatan 0,00% - Percentage to total income

n. Pendapatan sewa pembiayaan (lihat Catatan 27) n. Finance leases income (see Note 27)

2018 2017


Persentase terhadap total pendapatan 0,01% 0,02% Percentage to total income












o. Pendapatan lain-lain (lihat Catatan 28) o. Other income (see Note 28)

2018 2017



47.362 11.829

Persentase terhadap total pendapatan 0,47% 0,13% Percentage to total income

p. Beban gaji dan tunjangan (lihat Catatan 29) p. Salaries and benefits expenses (see Note 29)

2018 2017

Personil manajemen kunci dari Perseroan: Key management personnels of the Company:Imbalan kerja jangka pendek 101.242 91.163 Short-term employees' benefitsImbalan pasca-kerja 5.935 5.806 Post-employment benefitsPesangon pemutusan kontrak kerja 2.301 4.137 Termination benefitsPembayaran berbasis saham 993 1.579 Stock plan compensationImbalan kerja jangka-panjang lainnya 211 196 Other long-term employees' benefits

110.682 102.881

Persentase terhadap total beban 1,44% 1,47% Percentage to total expenses

q. Beban bunga dan keuangan (lihat Catatan 30) q. Interest expense and financing charges

(see Note 30)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Bank DBS Indonesia 93.035 266.097 PT Bank DBS IndonesiaPT Asuransi Adira Dinamika 31.012 19.101 PT Asuransi Adira DinamikaDBS Bank (Singapore), Ltd. 4.785 9.528 DBS Bank (Singapore), Ltd.


157.272 316.762













r. Penyisihan/(pemulihan) kerugian penurunan nilai

piutang pembiayaan konsumen (lihat Catatan 5) r. Provision/(recovery) for impairment losses on

consumer financing receivables (see Note 5)

2018 2017

Personil manajemen kunci dari Key management personnels ofperusahaan induk 29 (1) parent company

Personil manajemen kunci dari Key management personnels ofPerseroan 16 - the Company

Personil manajemen kunci dari Key management personnels of thepihak berelasi lainnya 1 - other related parties

46 (1)


s. Pemulihan kerugian penurunan nilai piutang

pembiayaan murabahah (lihat Catatan 6) s. Recovery for impairment losses on murabahah

financing receivables (see Note 6)

2018 2017

Personil manajemen kunci dari Key management personnels

perusahaan induk - (1) of parent company

Persentase terhadap total beban - 0,00% Percentage to total expenses

t. Pemulihan kerugian penurunan nilai piutang sewa

pembiayaan (lihat Catatan 7) t. Recovery for impairment losses on finance leases

receivables (see Note 7)

2018 2017

Perusahaan induk: Parent company:PT Bank Danamon Indonesia Tbk (549) (175) PT Bank Danamon Indonesia Tbk

Persentase terhadap total beban (0,01%) 0,00% Percentage to total expenses

u. Beban umum dan administrasi (lihat Catatan 31) u. General and administrative expenses (see Note 31)

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 1.099 558 PT Asuransi Adira Dinamika


v. Bagi hasil sukuk mudharabah v. Revenue sharing for mudharabah bonds

2018 2017

Pihak berelasi lainnya: Other related parties:PT Asuransi Adira Dinamika 2.980 157 PT Asuransi Adira Dinamika













w. Premi asuransi kepada PT Asuransi Adira Dinamika

pada tahun 2018 sebesar Rp1.615.338 (2017: Rp1.388.673). Perseroan memperoleh komisi, sponsorship dan lainnya dari PT Asuransi Adira Dinamika pada tahun 2018 sebesar Rp471.276 (2017: Rp382.887).

w. Insurance premiums to PT Asuransi Adira Dinamika in 2018 amounted to Rp1,615,338 (2017: Rp1,388,673). The Company earned commission, sponsorship and others from PT Asuransi Adira Dinamika in 2018 amounting to Rp471,276 (2017: Rp382,887).

36. MANAJEMEN RISIKO KEUANGAN 36. FINANCIAL RISK MANAGEMENT

Pendahuluan dan gambaran umum Introduction and overview Perseroan memiliki eksposur terhadap risiko-risiko atas instrumen keuangan sebagai berikut:

The Company has exposure to the following risks from financial instruments:

Risiko pasar Risiko kredit Risiko likuiditas Risiko operasional

Market risk Credit risk Liquidity risk Operational risk

Kerangka manajemen risiko Risk management framework

Mengingat bahwa penerapan praktik manajemen risiko yang baik dapat mendukung kinerja dari perusahaan pembiayaan, maka manajemen risiko selalu menjadi elemen pendukung penting bagi Perseroan dalam menjalankan bisnisnya. Sasaran dan tujuan utama dari diterapkannya praktik manajemen risiko di Perseroan adalah untuk menjaga dan melindungi Perseroan melalui pengelolaan risiko kerugian yang mungkin timbul dari berbagai aktivitasnya serta menjaga tingkat risiko agar sesuai dengan arahan yang ditetapkan oleh Perseroan.

Considering that implementation of good risk management practices could support the performance of a finance company, risk management would always be an important supporting element for the Company in conducting its business. The target and main purpose of the implementation of risk management practices in the Company is to maintain and protect the Company through managing the risk of losses which could arise from its various activities as well as maintaining risk level in order to match with the direction established by the Company.

Nilai-nilai kepatuhan terhadap peraturan yang ada dan berlaku harus dibudayakan dan melekat pada semua karyawan Perseroan yang dipimpin oleh jajaran manajemen Perseroan. Infrastruktur risiko dibangun melalui tersedianya kebijakan dan proses yang tepat dan sesuai dengan kondisi terkini, pengembangan sistem dan database risiko yang berkelanjutan, serta teknik dan metodologi pengelolaan yang modern. Membangun proses dan kemampuan risiko yang sehat dan kuat adalah sebuah pengkajian yang berkesinambungan terhadap tujuan penanganan risiko serta berbagai aktivitas yang menyangkut penanganan risiko, seperti identifikasi, pengukuran, pemantauan dan pengendalian risiko.

The values of compliance to the existing and prevailing regulations should be cultivated and embedded into all employees of the Company, led by the management of the Company. Risk infrastructure is built through the availability of appropriate policies and processes which are in line with current conditions, continuous development of systems and risk database, as well as modern management techniques and methodologies. Building strong and healthy processes as well as risk capabilities is a continuous assessment on objectives of risks handling as well as various activities involving risks handling, such as identification, measurement, monitoring and controlling risk.








36. MANAJEMEN RISIKO KEUANGAN (lanjutan) 36. FINANCIAL RISK MANAGEMENT (continued)

Kerangka manajemen risiko (lanjutan) Risk management framework (continued)

Fungsi manajemen risiko juga berkewajiban untuk menjaga arahan risiko yang dapat diterima dan disetujui oleh Dewan Komisaris dan Direksi dengan tetap berpedoman dan mampu menyesuaikan diri dengan perkembangan usaha. Tahun ini merupakan kelanjutan dari tahun-tahun sebelumnya terkait dengan “Penerapan Manajemen Risiko secara Konsolidasi bagi Bank yang Melakukan Pengendalian terhadap Perusahaan Anak”, yang dilaksanakan Perseroan dalam kapasitasnya sebagai Entitas Anak dari PT Bank Danamon Indonesia Tbk, pemegang saham pengendali Perseroan. Aktivitas ini mengacu kepada Peraturan Bank Indonesia No. 8/6/PBI/2006 tertanggal 30 Januari 2006, yang mana penerapan manajemen risiko Perseroan merupakan pendekatan terpadu dan konsisten dalam melakukan penelaahan, pengukuran, pemantauan dan pengelolaan risiko terhadap seluruh komponen kelompok Perseroan. Hal ini juga dipertegas oleh POJK No. 17/POJK.03/2014 dan SEOJK No.14/SEOJK.03/2015 mengenai penerapan risiko manajemen terintegrasi untuk konglomerasi keuangan. Lebih lanjut, kemitraan antara Perseroan dengan Perusahaan Induk merupakan hal yang sangat penting, mengingat keduanya menghadapi tantangan regional dan global yang sama dalam mengelola pertumbuhan bisnis yang cepat dan dalam suasana kompetisi yang ketat, namun pada saat yang bersamaan Perseroan harus tetap mampu menyelenggarakan praktik bisnis tersebut berdasarkan dan mengacu kepada prinsip kehati-hatian.

Risk management function is also obliged to maintain the direction of risk that is acceptable and approved by the Boards of Commissioners and Directors so that it would remain guided and capable of adapting with business development. This year is a continuation of previous years in terms of the "Implementation of Consolidated Risk Management for Banks Performing Control on Subsidiary Companies", which is implemented by the Company in its capacity as the Subsidiary of PT Bank Danamon Indonesia Tbk, the controlling shareholder of the Company. This activity refers to Bank Indonesia Regulation No. 8/6/PBI/2006 dated 30 January 2006, in which the implementation of Company’s risk management is an integrated and consistent approach in conducting review, measurement, monitoring and management of risks to the entire components of the Company’s group. This matter has already been emphasised by POJK No. 17/POJK.03/2014 and SEOJK No.14/SEOJK.03/2015 regarding the implementation of integrated risk management for financial conglomerates. Furthermore, the partnership between the Company and its Parent Company is an important matter, considering both companies face the same regional and global challenges in managing rapid business growth and intense competition atmosphere; however, at the same time the Company must remain capable of conducting the business practices, based upon and in reference to the prudence principle.

Sebagai Perseroan yang bergerak di bidang pembiayaan, manajemen Perseroan memiliki komitmen penuh untuk menerapkan manajemen risiko secara komprehensif yang secara esensi mencakup kecukupan kebijakan, prosedur dan metodologi pengelolaan risiko sehingga kegiatan usaha Perseroan tetap dapat terarah dan terkendali pada batasan risiko yang dapat diterima, serta tetap menguntungkan Perseroan. Direktorat Manajemen Risiko yang berperan secara aktif dalam mengkoordinasikan tindakan-tindakan pencegahan, proaktif dan responsif dengan seluruh karyawan dari berbagai tingkatan yang ada di dalam Perseroan untuk mendukung penerapan manajemen risiko ini, karena semua bagian di dalam Perseroan masing-masing akan memainkan peranan penting.

As a company engaged in financing activities, the Company’s management is fully committed to implement risk management comprehensively, which essentially covers the adequacy of policies, procedures and risk management methodology; hence, the Company's business activities could remain directed and controlled at an acceptable risk limit, at the same time the Company can still be profitable. Risk Management Directorate is playing an active role in coordinating preventive, proactive and responsive actions with all employees from various levels within the Company in order to support the implementation of risk management, because all divisions of the Company will play their respective important roles.

Dalam penerapan manajemen risiko, Perseroan menyadari pentingnya untuk memiliki sebuah mekanisme yang memadai dalam mengakomodasi risiko-risiko yang dihadapi oleh Perseroan. Perseroan memiliki suatu mekanisme yang bertumpu pada 4 (empat) pilar manajemen risiko, yang dapat diuraikan sebagai berikut:

In the implementation of risk management, the Company realises the importance of having an adequate mechanism to accommodate the risks faced by the Company. The Company has a mechanism that is based upon 4 (four) risk management pillars,which could be described as follows:










Pilar 1: Pengawasan Aktif Dewan Komisaris dan Direksi Pillar 1: Active Supervision by Boards of Commissioners and Directors

Pengawasan aktif tersebut tercermin sejak perencanaan bisnis tahunan, yang mencakup:

Active supervision is reflected since the planning of annual business plan, which includes:

Menyetujui dan melakukan evaluasi kebijakan

manajemen risiko secara berkala; Melakukan evaluasi dan menyetujui aktivitas yang

memerlukan persetujuan dari Dewan Komisaris atau Direksi;

Menetapkan kebijakan dan strategi manajemen risiko termasuk penetapan otoritas dalam pemberian batasan serta tinjauan atas kualitas portofolio secara berkala;

Terdapatnya Komite Audit dan Komite Manajemen Risiko sebagai organ Dewan Komisaris dalam melaksanakan fungsi pengawasannya; dan

Membentuk komite yang terkait dengan penerapan

manajemen risiko, yaitu Komite Manajemen Risiko.

Approving and evaluating risk management policies on a regular basis;

Evaluating and approving activities that require approval from the Board of Commissioners or Board of Directors;

Establishing risk management policies and strategies, which include determining the authorisation in limits and reviewing the quality of portfolio on a regular basis;

The presence of the Audit Committee and Risk Management Committee as an organ of the Board of Commissioners in carrying out their supervisory functions; and

Establishing committees in relation to the implementation of risk management, i.e. the Risk Management Committee.

Kerangka konsolidasi manajemen risiko dengan Perusahaan Induk dibentuk dengan menempatkan wakil dari Perusahaan Induk dalam jajaran Dewan Komisaris Perseroan. Kerangka tersebut juga dilaksanakan melalui pemeriksaan kinerja secara berkala oleh Perusahaan Induk terhadap Perseroan, menyangkut kinerja keuangan, pengawasan sistem informasi akuntansi, serta tingkat kesehatan dan profil risiko dari piutang pembiayaan.

The consolidated risk management framework with Parent Company is established through placing representatives from Parent Company in the Board of Commissioners. The framework is also implemented through regular performance assessment by the Parent Company on the Company, concerning the financial performance, monitoring on accounting information system, as well as the level of soundness and risk profile of the Company’s financing receivables.

Pilar 2: Kebijakan dan Penerapan Batasan Pillar 2: Policy and Implementation of Limits Perseroan menyusun kebijakan-kebijakan terkait manajemen risiko yang diperiksa secara berkala dan selalu disesuaikan dengan keadaan usaha terkini. Kebijakan tersebut diterjemahkan ke dalam Prosedur Operasi Standar dan Memo Internal yang disosialisasikan kepada seluruh karyawan. Perseroan juga memiliki kebijakan-kebijakan mengenai batasan persetujuan/otorisasi untuk transaksi kredit maupun yang bukan transaksi kredit.

The Company develops policies related to risk management, which are assessed periodically and aligned constantly to fit the most recent business situation. The policy is translated into Standard Operating Procedures and Internal Memo, which are being socialised to all employees. The Company also has policies regarding limitation on approval/authorisation for both credit and non-credit transactions.

Kerangka konsolidasi manajemen risiko dengan Perusahaan Induk terselenggara mengingat Perseroan mendapatkan persetujuan dari Perusahaan Induk untuk pengajuan batasan baru maupun adanya proses pemeriksaan tahunan atas program kredit. Kebijakan cadangan kerugian penurunan nilai piutang Perseroan juga mengikuti kebijakan penyisihan pada Perusahaan Induk yang sejalan dan patuh terhadap Standar Akuntansi Keuangan di Indonesia.

The consolidated risk management framework with Parent Company is established as the Company obtains approval from Parent Company for proposal of new limits and annual assessment process for credit programs is in place. The Company’s policy in relation with allowance for impairment losses on receivables should also follow the Parent Company's policy, which is in line and in compliance with Indonesian Financial Accounting Standards.

Pilar 3: Identifikasi, Pengukuran, Pengawasan dan Sistem Informasi Manajemen

Pillar 3: Identification, Measurement, Monitoring and Management Information System

Perseroan memiliki perangkat untuk mengidentifikasi, mengukur dan mengawasi risiko terutama risiko kredit dan risiko operasional melalui mekanisme pelaporan dan sistem informasi manajemen yang ada serta melalui pertemuan berkala Komite Audit dan Manajemen Risiko Perseroan. Selain itu, sistem teknologi informasi utama Perseroan mampu menyediakan data/informasi secara cepat dan akurat kepada pihak Manajemen, Perusahaan Induk atau pihak ketiga yang terkait lainnya.

The Company has a set of tools to identify, measure and monitor risks, especially credit risk and operational risk through the existing reporting and management information system mechanism, as well as through the regular meetings of the Company’s Audit and Risk Management Committee. In addition, the Company’s major information technology system is capable of providing data/information instantly and accurately for the Management, Parent Company or other related third parties.










Pilar 3: Identifikasi, Pengukuran, Pengawasan dan Sistem Informasi Manajemen (lanjutan)

Pillar 3: Identification, Measurement, Monitoring and Management Information System (continued)

Kerangka konsolidasi manajemen risiko dengan Perusahaan Induk terlaksana melalui penyampaian paparan risiko Perseroan yang ada secara berkala kepada Komite Manajemen Risiko Perusahaan Induk, termasuk penyampaian laporan berkala terkait aspek kepatuhan, hukum dan lainnya kepada Perusahaan Induk.

The consolidated risk management framework with Parent Company is conducted through the reporting of the Company's risk exposure periodically to the Parent Company’s Risk Management Committee, including the periodic reporting in relation to the compliance, legal and other aspects to the Parent Company.

Pilar 4: Pengendalian Internal Pillar 4: Internal Control Perseroan memiliki Divisi Audit Internal yang secara independen melaporkan proses dan hasil pemeriksaannya kepada Dewan Komisaris dan Direktur Utama. Akuntabilitas dari Divisi Audit Internal mencakup:

The Company has an Internal Audit Division which independently reports on the process and results of assessment to the Board of Commissioners and President Director. The accountability of the Internal Audit Division includes:

Menyediakan penilaian atas kecukupan dan efektivitas

dari semua proses yang ada di dalam Perseroan;

Melaporkan masalah-masalah penting yang terkait dengan proses pengendalian aktivitas-aktivitas di dalam Perseroan, termasuk perbaikan yang potensial terhadap proses-proses tersebut; dan

Providing assessment on the adequacy and effectiveness of all existing processes within the Company;

Reporting on important issues related to the control process of activities within the Company, including potential improvements to these processes; and

Koordinasi dengan fungsi pengendali dan pengawasan

lainnya (manajemen risiko, kepatuhan, hukum dan audit eksternal).

Coordinating with other controlling and supervisory functions (risk management, compliance, legal and external audit).

Kerangka konsolidasi manajemen risiko dengan Perusahaan Induk juga dicerminkan dengan dilaksanakannya audit reguler/audit Teknologi Informasi/audit terintegrasi atas unit-unit di Perseroan oleh Satuan Kerja Audit Internal (SKAI) Perusahaan Induk.

The consolidated risk management framework with Parent Company is also reflected in the implementation of regular audit/Information Technology audit/integrated audit on the business units in the Company by Parent Company’s Internal Audit Unit (SKAI).

Risiko pasar Market risk

Risiko pasar merupakan risiko yang terutama disebabkan karena perubahan tingkat suku bunga, nilai tukar mata uang Rupiah, harga komoditas dan harga modal atau pinjaman, yang dapat membawa risiko bagi Perseroan. Dalam perencanaan usaha Perseroan, risiko pasar yang memiliki dampak langsung kepada Perseroan adalah dalam hal pengelolaan tingkat bunga.

Market risk is the risk which is primarily caused by the changes in interest rates, exchange rate of Rupiah currency, commodity prices and the price of capital or loans, which could bring exposure to the Company. In the Company's business planning, market risk with direct impact to the Company is in terms of interest rates management.

Perubahan tingkat bunga acuan akan menjadi risiko pada saat perubahannya, terutama ketika tingkat bunga dinaikkan, yang menyebabkan kerugian bagi Perseroan sehingga dapat menyebabkan risiko kredit Perseroan meningkat. Untuk itu, Perseroan menerapkan pengelolaan tingkat bunga tetap secara konsisten dengan menyesuaikan tingkat bunga kredit terhadap tingkat bunga pinjaman dan beban dana.

Changes in interest rates would become a risk at the point of change, especially when the interest rate is raised, which would cause losses to the Company, hence resulting in the Company’s increased credit risk. Therefore, the Company consistently implements fixed interest rate management by doing adjustment on lending interest rate and cost of funds.









Risiko pasar (lanjutan) Market risk (continued)

Sumber pendanaan Perseroan berasal dari skema pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk dan PT Adira Quantum Multifinance (dalam likuidasi)*, pinjaman dalam negeri serta pinjaman dari luar negeri.

Source of funding for the Company is from joint financing scheme with PT Bank Danamon Indonesia Tbk and PT Adira Quantum Multifinance (in liquidation)*, as well as from on-shore and off-shore loans.

Salah satu sumber pendanaan Perseroan berasal dari skema pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk dan PT Adira Quantum Multifinance (dalam likuidasi)*, dengan tingkat bunga tetap dan jangka waktu yang sama dengan piutang pembiayaan konsumen dan piutang pembiayaan murabahah.

One of the Company’s sources of funding is from joint financing scheme with PT Bank Danamon Indonesia Tbk and PT Adira Quantum Multifinance (in liquidation)*, with fixed interest rate and matching period with the consumer financing receivable and murabahah financing receivable.

*) Sejak tanggal 15 Agustus 2017, tidak terdapat transaksi pembiayaan bersama dengan PT Adira Quantum Multifinance (dalam likuidasi).

*) Since 15 August 2017, there is no joint financing transaction with PT Adira Quantum Multifinance (in liquidation).

Pinjaman dalam negeri, sebagian besar, dilakukan dalam bentuk obligasi dan sukuk mudharabah dengan tingkat suku bunga/bagi hasil yang tetap. Di samping itu, Perseroan juga mendapat pinjaman secara langsung dari bank dalam negeri.

Most of on-shore loans are in the form of bonds and mudharabah bonds with fixed interest rate/revenue sharing. In addition, the Company also acquires direct loans from domestic banks.

Pinjaman luar negeri merupakan salah satu alternatif yang diambil Perseroan, berdasarkan tingkat likuiditas dalam negeri, yang secara langsung memiliki dampak terhadap tingkat suku bunga pinjaman dalam negeri. Sebagai antisipasi terhadap risiko tingkat suku bunga, Perseroan selalu melakukan kebijakan lindung nilai terhadap pinjaman luar negeri.

Off-shore loans are also one of the funding alternatives taken by the Company, based on domestic liquidity level, which has direct impact to domestic interest rate. To anticipate interest rate risk, the Company always implements hedging policy towards off-shore loans.

Dalam hal risiko nilai tukar, Perseroan akan mengalami eksposur terhadap risiko ini apabila Perseroan memiliki kegiatan usaha yang menggunakan mata uang asing.

Related to currency risk, the Company will be exposed to currency risk if the Company has transactions in foreign currency.

Perseroan memiliki pinjaman luar negeri dalam mata uang asing, dalam hal ini Perseroan sudah melakukan antisipasi terhadap risiko nilai tukar, dengan telah menetapkan kebijakan lindung nilai untuk pinjaman yang diterima dalam mata uang asing.

The Company has off-shore loans in foreign currency and the Company has already anticipated the currency risk by implementing hedging policy for loans in foreign currency.

Pada tanggal 31 Desember 2018, Perseroan memiliki liabilitas keuangan dalam mata uang asing berupa pinjaman yang diterima sebesar USD545.000.000 (2017: USD370.833.333) atau setara dengan Rp7.837.100 (2017: Rp5.031.281) yang telah dilindung nilai melalui instrumen derivatif seperti kontrak cross currency swap (lihat Catatan 10, 15 dan 40).

As of 31 December 2018, the Company has financial liabilities denominated in foreign currency for borrowings amounting to USD545,000,000 (2017: USD370,833,333) or equivalent to Rp7,837,100 (2017: Rp5,031,281) which was hedged by derivative instruments such as cross currency swap contracts (see Note 10, 15 and 40).

Dengan pola aktivitas usaha yang dijalankan Perseroan saat ini, risiko pasar Perseroan adalah minimal. Perseroan tidak mempunyai kegiatan usaha pembiayaan konsumen dalam mata uang asing.

With the pattern of business activity currently operated by the Company, the market risk of the Company is minimal. The Company does not have consumer financing transaction in foreign currency.

Tabel berikut menggambarkan rincian aset dan liabilitas keuangan Perseroan yang dikelompokkan menurut mana yang lebih awal antara tanggal repricing atau tanggal jatuh tempo angsuran untuk melihat dampak perubahan tingkat suku bunga:

The following table summarises the Company’s financial assets and liabilities at carrying amounts, categorised by the earlier of repricing or installment due dates to see the impact of changes in interest rates:









Risiko pasar (lanjutan) Market risk (continued)

< 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

Kas di bank 1.439.725 - - - - - - 1.439.725 Cash in banks

Piutang pembiayaan Consumer financing

konsumen - neto - - 3.466.094 7.805.480 7.141.108 4.847.722 - 23.260.404 receivables - net

Piutang pembiayaan Murabahah financing

murabahah - neto - - 902.039 1.874.574 1.101.265 492.624 - 4.370.502 receivables - net

Piutang sewa Finance leases

pembiayaan - neto - - 35.645 76.480 75.994 52.759 - 240.878 receivables - net

1.439.725 - 4.403.778 9.756.534 8.318.367 5.393.105 - 29.311.509

Liabilitas keuangan Financial liabilities

Pinjaman yang diterima 1.364.899 6.464.299 1.320.833 1.812.090 631.250 184.721 - 11.778.092 Borrowings

Sukuk mudharabah - - - - - - 768.000 768.000 Mudharabah bonds

Utang obligasi - - 330.433 2.501.844 2.910.884 3.678.746 - 9.421.907 Bonds payable

1.364.899 6.464.299 1.651.266 4.313.934 3.542.134 3.863.467 768.000 21.967.999

Dampak dari derivatif

untuk tujuan manajemen Effect of derivative held

risiko (1.364.899) (6.464.299) 1.364.899 3.660.198 1.438.000 1.366.101 - - for risk management

1.439.725 - 1.387.613 1.782.402 3.338.233 163.537 (768.000) 7.343.510

2018

Tingkat bunga mengambang/ Tingkat bunga tetap/ Tidak dikenakan bunga/Non

interest bearing

Floating rate Fixed 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 assetsKas di bank 2.001.247 - - - - - - 2.001.247 Cash in banksPiutang pembiayaan Consumer financing

konsumen - neto - - 3.602.540 5.605.251 4.601.173 3.130.138 - 16.939.102 receivables - netPiutang pembiayaan Murabahah financing

murabahah - neto - - 1.875.513 3.203.839 2.577.060 923.443 - 8.579.855 receivables - netPiutang sewa Finance leases

pembiayaan - neto - - 107.253 145.455 87.728 39.186 - 379.622 receivables - net

2.001.247 - 5.585.306 8.954.545 7.265.961 4.092.767 - 27.899.826

Liabilitas keuangan Financial liabilitiesPinjaman yang diterima 1.174.712 3.825.531 2.387.458 3.156.585 - - - 10.544.286 BorrowingsSukuk mudharabah - - - - - - 701.000 701.000 Mudharabah bonds

Utang obligasi - - 850.865 3.375.101 1.300.738 4.234.461 - 9.761.165 Bonds payable

1.174.712 3.825.531 3.238.323 6.531.686 1.300.738 4.234.461 701.000 21.006.451

Dampak dari derivatifuntuk tujuan manajemen Effect of derivative heldrisiko (1.174.712) (3.825.531) 1.174.712 2.019.296 1.806.235 - - - for risk management

2.001.247 - 1.172.271 403.563 4.158.988 (141.694) (701.000) 6.893.375

2017

Tingkat bunga mengambang/ Tingkat bunga tetap/ Tidak dikenakan bunga/Non

interest bearing

Floating rate Fixed rate









Risiko pasar (lanjutan) Market risk (continued) Analisis sensitivitas Sensitivity analysis Manajemen risiko tingkat suku bunga terhadap limit perubahan tingkat suku bunga dilengkapi dengan pemantauan atas sensitivitas aset dan liabilitas keuangan Perseroan terhadap beberapa skenario suku bunga baku maupun non-baku. Skenario baku yang dilakukan setiap bulan mencakup analisis kenaikan atau penurunan kurva imbal hasil sebesar 100 basis poin (bp).

The management of interest rate risk against interest rate gap limits is supplemented by monitoring the sensitivity of the Company’s financial assets and liabilities to various standard and non-standard interest rate scenarios. Standard scenarios that are considered on a monthly basis include a 100 basis point (bp) parallel rise or fall in all yield curves.

Tabel berikut menunjukkan sensitivitas atas kemungkinan perubahan tingkat suku bunga pasar, dengan variabel lain dianggap konstan, terhadap pendapatan pembiayaan neto:

The following table demonstrates the sensitivity to a reasonably possible change in market interest rates, with all other variables held constant, of the net financing income:

2018 2017

Kenaikan suku bunga dalam 100 basis poin 106.407 97.396 Increase in interest rate in 100 basis pointPenurunan suku bunga dalam 100 basis poin (106.227) (97.228) Decrease in interest rate in 100 basis point

Tabel berikut menunjukkan sensitivitas atas kemungkinan perubahan tingkat suku bunga pasar, dengan variabel lain dianggap konstan, terhadap beban bunga dan keuangan:

The following table demonstrates the sensitivity to a reasonably possible change in market interest rates, with all other variables held constant, of the interest expense and financing charges:

2018 2017

Kenaikan suku bunga dalam 25 basis poin 40.522 41.125 Increase in interest rate in 25 basis pointPenurunan suku bunga dalam 25 basis poin (40.522) (41.125) Decrease in interest rate in 25 basis point

Risiko kredit Credit risk Risiko kredit merupakan risiko utama karena Perseroan bergerak dalam bidang pembiayaan konsumen, dimana Perseroan menawarkan kredit kepada masyarakat yang hendak memiliki kendaraan bermotor maupun barang durable. Secara langsung, Perseroan menghadapi risiko seandainya konsumen tidak mampu memenuhi kewajibannya dalam melunasi kredit sesuai dengan perjanjian yang telah disepakati antara konsumen dengan Perseroan.

Credit risk is a major risk because the Company is engaged in the consumer financing activity, in which the Company offers credit to public who would like to own motor vehicle and durable goods. Directly, the Company faces risks when consumers are not able to fulfill their obligations in paying off loans already agreed upon in the contract between consumers and the Company.

Perseroan secara berkala melakukan identifikasi dan pengukuran risiko kredit berdasarkan indikator-indikator yang relevan terhadap Perseroan serta selalu mengembangkan indikator pengukuran risiko kredit sehingga risiko kredit dapat terukur lebih tajam dan akurat. Perseroan juga senantiasa memantau penerapan kebijakan kredit yang berlaku dan melakukan perubahan-perubahan yang diperlukan, sesuai dengan kondisi yang sekarang dan akan dihadapi oleh Perseroan. Perseroan telah memiliki kebijakan dalam menghadapi risiko ini, yakni dimulai dari proses awal penerimaan aplikasi kredit yang selektif dan ditangani dengan prinsip kehati-hatian, yang mana aplikasi kredit akan melalui proses survei dan analisa kredit untuk kemudian disetujui oleh Komite Kredit.

The Company periodically performs the identification and risk measurement of credit risk based on the indicators relevant to the Company and continuously develops indicators of measuring credit risk to ensure that credit risk can be measured in a more sharp and accurate manner. The Company monitors the implementation of credit policies and performs adjustments as needed, in accordance with current and future conditions to be faced by the Company. The Company has a policy in encountering credit risk, namely starting from the initial receipt of credit application which is handled with prudent principles, then going through survey and credit analysis processes to be approved by the Credit Committee.









Risiko kredit (lanjutan) Credit risk (continued) Perseroan juga menerapkan Pedoman Penerapan Prinsip Mengenal Nasabah yang diatur oleh Peraturan Otoritas Jasa Keuangan No. 22/POJK.04/2014 tentang Prinsip Mengenal Nasabah oleh Penyedia Jasa Keuangan di Sektor Pasar Modal.

The Company also implements the Manual for Implementation of Know Your Customer Principles as regulated in the Financial Service Authority Regulation No. 22/POJK.04/2014 regarding Know Your Customer Principles for Financial Services Institution in Capital Market Sector.

Untuk setiap kategori aset keuangan, Perseroan harus mengungkapkan eksposur maksimum terhadap risiko kredit dan analisa konsentrasi risiko kredit.

For each financial asset category, the Company should disclose maximum exposure to credit risk and concentration of credit risk analysis.

i. Eksposur maksimum terhadap risiko kredit i. Maximum exposure to credit risk

Eksposur Perseroan terhadap risiko kredit hampir seluruhnya berasal dari piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan, dimana eksposur maksimum terhadap risiko kredit sama dengan nilai tercatat.

from the consumer financing receivables, murabahah financing receivables and finance lease receivables, of which the maximum exposure to credit risk equals to the carrying amounts.

ii. Analisis konsentrasi risiko kredit ii. Concentration of credit risk analysis

Konsentrasi risiko kredit timbul ketika sejumlah pelanggan bergerak dalam aktivitas usaha yang sama atau aktivitas dalam wilayah geografis yang sama, atau ketika mereka memiliki karakteristik yang sejenis yang akan menyebabkan kemampuan untuk memenuhi kewajiban kontraktualnya sama-sama dipengaruhi oleh perubahan kondisi ekonomi atau yang lainnya.

Concentrations of credit risk arise when a number of customers are engaged in similar business activities or activities within the same geographic region, or when they have similar characteristics that would cause their ability to meet contractual obligations to be similarly affected by changes in economic or other conditions.

Perseroan bergerak di bidang usaha pembiayaan konsumen yang pelanggannya kebanyakan adalah individu dan tidak terkonsentrasi pada wilayah geografis tertentu.

The Company is currently engaged in consumer financing business which the customers are mainly individuals and they are not concentrated in any specific geographic region.

Tabel berikut menggambarkan jumlah risiko kredit dan konsentrasi risiko atas piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan yang dimiliki Perseroan:

The following table sets out the total credit risk and risk concentration of consumer financing receivables, murabahah financing receivables and finance lease receivables of the Company:

2018 2017

Piutang pembiayaan konsumen - neto Consumer financing receivables - netKorporasi 728.478 475.750 CorporateRitel 22.531.926 16.463.352 Retail

23.260.404 16.939.102

Piutang pembiayaan murabahah - neto Murabahah financing receivables - netKorporasi 56.428 88.565 CorporateRitel 4.314.074 8.491.290 Retail

4.370.502 8.579.855

Piutang sewa pembiayaan - neto Finance leases receivables - netKorporasi 143.594 89.913 CorporateRitel 97.284 289.709 Retail

240.878 379.622









Risiko kredit (lanjutan) Credit risk (continued) Pada tanggal 31 Desember 2018 dan 2017 rincian kualitas piutang pembiayaan berdasarkan evaluasi penurunan nilai sebagai berikut:

The quality of financing receivable based on impairment assessment as of 31 December 2018 and 2017 as follows:

Belum jatuh Jatuh tempotempo dan tidak tetapi tidak

mengalami mengalamipenurunan nilai/ penurunan nilai/ MengalamiNeither past due Past due but penurunan nilai/ Jumlah/

nor impaired non-impaired Impaired Total

Piutang pembiayaan konsumen Consumer financing receivablesMotor baru 9.238.792 2.016.421 225.368 11.480.581 New motorcyclesMotor bekas 1.415.995 427.942 134.124 1.978.061 Used motorcyclesMobil baru 5.336.783 1.078.367 144.809 6.559.959 New carsMobil bekas 1.785.350 468.555 302.735 2.556.640 Used carsLainnya 1.474.987 360.362 45.881 1.881.230 Others

19.251.907 4.351.647 852.917 24.456.471

Cadangan kerugian penurunannilai (828.291) (220.836) (146.940) (1.196.067) Allowance for impairment losses

19.251.907 4.351.647 852.917 23.260.404

Piutang pembiayaan murabahah Murabahah financing receivablesMotor baru 2.085.542 702.269 77.120 2.864.931 New motorcyclesMotor bekas 145.323 78.239 7.980 231.542 Used motorcyclesMobil baru 929.263 300.816 23.036 1.253.115 New carsMobil bekas 177.478 76.691 5.985 260.154 Used carsLainnya 913 14 - 927 Others

3.338.519 1.158.029 114.121 4.610.669

Cadangan kerugian penurunannilai (149.721) (57.233) (33.213) (240.167) Allowance for impairment losses

3.338.519 1.158.029 114.121 4.370.502

Piutang sewa pembiayaan Finance leases receivablesMotor baru 514 114 8 636 New motorcyclesMotor bekas - - 3 3 Used motorcyclesMobil baru 184.604 37.241 3.774 225.619 New carsMobil bekas 16.125 977 5.019 22.121 Used carsLainnya - - - - Others

201.243 38.332 8.804 248.379

Cadangan kerugian penurunannilai (5.027) (1.548) (926) (7.501) Allowance for impairment losses

201.243 38.332 8.804 240.878

2018









Risiko kredit (lanjutan) Credit risk (continued) Pada tanggal 31 Desember 2018 dan 2017 rincian kualitas piutang pembiayaan berdasarkan evaluasi penurunan nilai sebagai berikut (lanjutan):

The quality of financing receivable based on impairment assessment as of 31 December 2018 and 2017 as follows (continued):

Belum jatuh Jatuh tempotempo dan tidak tetapi tidak

mengalami mengalamipenurunan nilai/ penurunan nilai/ MengalamiNeither past due Past due but penurunan nilai/ Jumlah/

nor impaired non-impaired Impaired Total

Piutang pembiayaan konsumen Consumer financing receivablesMotor baru 5.469.812 1.161.110 108.050 6.738.972 New motorcyclesMotor bekas 1.223.684 391.233 36.182 1.651.099 Used motorcyclesMobil baru 4.274.296 1.107.165 207.185 5.588.646 New carsMobil bekas 1.464.768 516.245 76.965 2.057.978 Used carsLainnya 1.388.790 326.626 28.175 1.743.591 Others

13.821.350 3.502.379 456.557 17.780.286


13.821.350 3.502.379 456.557 16.939.102

Piutang pembiayaan murabahah Murabahah financing receivablesMotor baru 4.331.170 1.411.292 161.295 5.903.757 New motorcyclesMotor bekas 416.538 196.078 21.491 634.107 Used motorcyclesMobil baru 1.506.901 479.347 29.258 2.015.506 New carsMobil bekas 350.638 155.631 12.035 518.304 Used carsLainnya 39 - - 39 Others

6.605.286 2.242.348 224.079 9.071.713


6.605.286 2.242.348 224.079 8.579.855

Piutang sewa pembiayaan Finance leases receivablesMotor baru 12.107 1.077 191 13.375 New motorcyclesMotor bekas 1 7 - 8 Used motorcyclesMobil baru 227.924 105.539 8.044 341.507 New carsMobil bekas 11.818 12.631 15.096 39.545 Used carsLainnya - - - - Others

251.850 119.254 23.331 394.435


251.850 119.254 23.331 379.622

2017

Piutang pembiayaan konsumen, piutang pembiayaan murabahah dan piutang sewa pembiayaan yang pembayaran angsurannya menunggak lebih dari 90 hari atau telah direstrukturisasi diklasifikasikan sebagai aset keuangan yang mengalami penurunan nilai.

Consumer financing receivables, murabahah financing receivables and finance leases receivables which installments are overdue for more than 90 days or had been restructured are classified as impaired financial assets.

Sebagai jaminan atas piutang pembiayaan yang diberikan untuk kendaraan bermotor, Perseroan menerima jaminan dari konsumen berupa Bukti Pemilikan Kendaraan Bermotor (“BPKB”) atas kendaraan bermotor yang dibiayai Perseroan.

As collateral to the financing receivables of motor vehicles, the Company receives the Certificates of Ownership (“BPKB”) of the motor vehicles financed by the Company.









Risiko kredit (lanjutan) Credit risk (continued) Analisa umur piutang pembiayaan yang diberikan yang telah jatuh tempo tetapi tidak mengalami penurunan nilai pada tanggal 31 Desember 2018 dan 2017 adalah sebagai berikut:

An aging anaysis of financing receivables that are “past due but not impaired” of 31 December 2018 and 2017 is set out below:

Motor baru/ Motor bekas/New Used Mobil baru/ Mobil bekas/ Lainnya/

motorcycles motorcycles New cars Used cars Others Jumlah/Total

Piutang pembiayaan Consumer financingkonsumen receivables

1-30 hari 1.808.657 380.128 995.228 430.106 318.407 3.932.526 1-30 days30-60 hari 124.001 30.903 45.432 22.210 25.732 248.278 30-60 days

61-90 hari 83.763 16.911 37.707 16.239 16.223 170.843 61-90 days

2.016.421 427.942 1.078.367 468.555 360.362 4.351.647

Piutang pembiayaan Murabahah financingmurabahah receivables

1-30 hari 618.897 69.427 278.687 71.100 - 1.038.111 1-30 days30-60 hari 48.970 5.157 14.049 3.509 14 71.699 30-60 days

61-90 hari 34.402 3.655 8.080 2.082 - 48.219 61-90 days

702.269 78.239 300.816 76.691 14 1.158.029

Piutang sewa Finance leasepembiayaan receivables

1-30 hari 85 - 34.581 843 - 35.509 1-30 days30-60 hari 19 - 1.729 - - 1.748 30-60 days

61-90 hari 10 - 931 134 - 1.075 61-90 days

114 - 37.241 977 - 38.332

2018




1-30 hari 1.048.447 348.530 1.027.707 481.495 294.247 3.200.426 1-30 days30-60 hari 71.790 28.238 49.250 22.978 20.432 192.688 30-60 days

61-90 hari 40.873 14.465 30.208 11.772 11.947 109.265 61-90 days

1.161.110 391.233 1.107.165 516.245 326.626 3.502.379


1-30 hari 1.265.160 173.159 445.548 141.547 - 2.025.414 1-30 days30-60 hari 87.731 14.313 21.527 8.630 - 132.201 30-60 days

61-90 hari 58.401 8.606 12.272 5.454 - 84.733 61-90 days

1.411.292 196.078 479.347 155.631 - 2.242.348


1-30 hari 865 7 96.894 12.557 - 110.323 1-30 days30-60 hari 172 - 6.100 74 - 6.346 30-60 days

61-90 hari 40 - 2.545 - - 2.585 61-90 days

1.077 7 105.539 12.631 - 119.254

2017









Risiko kredit (lanjutan) Credit risk (continued)

Perubahan pada cadangan kerugian penurunan nilai adalah sebagai berikut:

Movements of the allowance for impairment losses are as follows:




Saldo awal 399.148 113.064 178.115 38.230 112.627 841.184 Beginning balancePenambahan 829.887 130.508 236.610 109.649 116.296 1.422.950 AdditionsPenghapusan piutang (549.396) (115.561) (224.463) (77.903) (100.744) (1.068.067) Written-off receivables

Saldo akhir 679.639 128.011 190.262 69.976 128.179 1.196.067 Ending Balance


Saldo awal 368.649 45.363 66.257 11.588 1 491.858 Beginning balancePenambahan 232.103 29.987 55.822 19.385 19 337.316 AdditionsPenghapusan piutang (422.582) (59.539) (82.954) (23.932) - (589.007) Written-off receivables

Saldo akhir 178.170 15.811 39.125 7.041 20 240.167 Ending Balance


Saldo awal 786 - 11.665 2.362 - 14.813 Beginning balancePenambahan (508) - 6.047 (1.904) - 3.635 AdditionsPenghapusan piutang (235) - (10.711) (1) - (10.947) Written-off receivables

Saldo akhir 43 - 7.001 457 - 7.501 Ending Balance

2018 1




Saldo awal 349.114 134.342 169.406 43.848 27.806 724.516 Beginning balancePenambahan 424.700 85.061 215.129 99.380 130.872 955.142 AdditionsPenghapusan piutang (374.666) (106.339) (206.420) (104.998) (46.051) (838.474) Written-off receivables

Saldo akhir 399.148 113.064 178.115 38.230 112.627 841.184 Ending Balance


Saldo awal 363.543 41.913 64.215 10.939 - 480.610 Beginning balancePenambahan 506.962 60.582 94.237 30.759 1 692.541 AdditionsPenghapusan piutang (501.856) (57.132) (92.195) (30.110) - (681.293) Written-off receivables

Saldo akhir 368.649 45.363 66.257 11.588 1 491.858 Ending Balance


Saldo awal 1.410 3 27.616 1.511 - 30.540 Beginning balancePenambahan 263 6 12.432 1.031 - 13.732 AdditionsPenghapusan piutang (887) (9) (28.383) (180) - (29.459) Written-off receivables

Saldo akhir 786 - 11.665 2.362 - 14.813 Ending Balance

2017 1









Risiko kredit (lanjutan) Credit risk (continued)

Berikut ini adalah risiko kredit berdasarkan evaluasi dampak perjanjian saling hapus dan nilai wajar agunan pada tanggal 31 Desember 2018 dan 2017:

The following table sets out the credit risk based on impact of netting agreements and fair value of collaterals as of 31 December 2018 and 2017:

Eksposurmaksimum

kredit/ Nilai wajar PerjanjianMaximum agunan/ saling hapus/

exposure to Fair value of Netting Agunan neto/ Eksposur neto/credit risk collaterals agreements Net collateral Net exposure

Aset keuangan: Financial assets:

Kas dan kas di bank 1.689.324 - - - 1.689.324 Cash on hand and in banksPiutang pembiayaan Consumer financing

konsumen - neto 23.260.404 - - - 23.260.404 receivables - netPiutang pembiayaan Murabahah financing

murabahah - neto 4.370.502 - - - 4.370.502 receivables - netPiutang sewa pembiayaan - Financing leases

neto 240.878 - - - 240.878 receivables - netPiutang karyawan 42.784 - - - 42.784 Employee receivablesPiutang klaim asuransi 24.246 - - - 24.246 Insurance claim receivables

Insurance commissionPiutang komisi asuransi 64.564 - - - 64.564 receivablesAset derivatif 253.556 - (172.578) - 80.978 Derivative assetsInvestasi dalam saham 650 - - - 650 Investment in shares

29.946.908 - (172.578) - 29.774.330

terhadap risiko netting agreements

2018

Nilai wajar agunan dan perjanjian saling hapus/

Fair value of collateral and

Eksposurmaksimum

kredit/ Nilai wajar PerjanjianMaximum agunan/ saling hapus/

exposure to Fair value of Netting Agunan neto/ Eksposur neto/credit risk collaterals agreements Net collateral Net exposure

Aset keuangan: Financial assets:Kas dan kas di bank 2.221.718 - - - 2.221.718 Cash on hand and in banksPiutang pembiayaan Consumer financing

konsumen - neto 16.939.102 - - - 16.939.102 receivables - netPiutang pembiayaan Murabahah financing

murabahah - neto 8.579.855 - - - 8.579.855 receivables - netPiutang sewa pembiayaan - Financing leases

neto 379.622 - - - 379.622 receivables - netPiutang karyawan 47.057 - - - 47.057 Employee receivablesPiutang klaim asuransi 18.011 - - - 18.011 Insurance claim receivables

Insurance commissionPiutang komisi asuransi 57.543 - - - 57.543 receivablesAset derivatif 85.680 - (7.207) - 78.473 Derivative assetsInvestasi dalam saham 650 - - - 650 Investment in shares

28.329.238 - (7.207) - 28.322.031

netting agreements

2017

Nilai wajar agunan dan perjanjian saling hapus/

Fair value of collateral and

terhadap risiko









Risiko kredit (lanjutan) Credit risk (continued) Berikut ini adalah dampak perjanjian saling hapus untuk aset keuangan terhadap laporan posisi keuangan pada tanggal 31 Desember 2018 dan 2017:

The following table sets out the impact of netting agreements for financial assets to the statement of financial position as of 31 December 2018 and 2017:

Jumlah brutoliabilitas

keuangan diakui Jumlah netosaling hapus aset keuangan

dalam laporan disajikan dalamposisi keuangan/ laporan posisi

Jumlah bruto Gross amount of keuangan/aset keuangan financial liabilities Net amount of

diakui/ was recognised financial assets InstrumenGross amount of off-set on the on the statement keuangan/ Agunan kasfinancial assets statement of of financial Financial yang diterima/ Jumlah neto/was recognised financial position position instrument Cash collateral Net amount

Aset derivatif 253.556 - 253.556 172.578 - 80.978 Derivative assets

on the statement of financial position

2018

Jumlah terkait yang tidak salinghapus dalam laporan posisi

keuangan/Related amount was not off-set

Jumlah brutoliabilitas

keuangan diakui Jumlah netosaling hapus aset keuangan

dalam laporan disajikan dalamposisi keuangan/ laporan posisi

Jumlah bruto Gross amount of keuangan/aset keuangan financial liabilities Net amount of

diakui/ was recognised financial assets InstrumenGross amount of off-set on the on the statement keuangan/ Agunan kasfinancial assets statement of of financial Financial yang diterima/ Jumlah neto/was recognised financial position position instrument Cash collateral Net amount

Aset derivatif 85.680 - 85.680 7.207 - 78.473 Derivative assets

on the statement of financial position

2017

Jumlah terkait yang tidak salinghapus dalam laporan posisi

keuangan/Related amount was not off-set

Risiko likuiditas Liquidity risk Risiko likuiditas merupakan risiko, yang mana Perseroan tidak memiliki sumber keuangan yang mencukupi untuk memenuhi kewajibannya yang telah jatuh tempo dan untuk menjalankan usahanya. Sumber pendanaan Perseroan berasal dari skema pembiayaan bersama dengan PT Bank Danamon Indonesia Tbk; pinjaman dalam negeri, baik dalam bentuk pinjaman secara langsung dari bank dalam negeri maupun melalui obligasi dan sukuk mudharabah serta pinjaman luar negeri. Selain itu, dalam pengelolaan risiko likuiditas, Perseroan telah membentuk Komite Aset dan Kewajiban yang bertugas untuk memantau kondisi dan situasi yang berhubungan dengan likuiditas perseroan serta melakukan tindakan mitigasi jika diperlukan.

Liquidity risk is the risk, whereby the Company does not have sufficient financial resources to discharge its matured liabilities as well as to run its business. Sources of funding of the Company are from joint financing scheme with PT Bank Danamon Indonesia Tbk; on-shore loans, in the form of direct loans as well as bonds and mudharabah bonds and off-shore loans. Moreover, in liquidity risk management, the Company has formed Asset and Liability Committee, whose responsibilities are to monitor conditions and situations related to Company’s liquidity as well as to perform any mitigation, if needed.









Risiko likuiditas (lanjutan) Liquidity risk (continued)

Selama ini, Perseroan memiliki rasio likuiditas yang sehat. Hal ini dapat dilihat dari solvabilitas, yakni pertumbuhan atas kemampuan Perseroan dalam memenuhi liabilitas jangka pendek dan jangka panjangnya. Rasio liabilitas terhadap ekuitas Perseroan pada tanggal 31 Desember 2018 sebesar 3,5 (2017: 4,1). Rasio liabilitas terhadap jumlah aset pada tanggal 31 Desember 2018 sebesar 0,8 (2017 : 0,8).

So far, the Company has a healthy liquidity ratio. This could be seen in the Company’s solvability, i.e. the Company's growing ability to discharge both short-term and long-term liabilities. The ratio of the Company’s liabilities to equity as of 31 December 2018 is 3.5 (2017: 4.1). The ratio of liabilities over assets as of 31 December 2018 is 0.8 (2017: 0.8).

Perseroan juga telah menghitung rasio likuiditas berdasarkan Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014 tertanggal 19 November 2014 tentang Penyelenggaran Usaha Perusahaan Pembiayaan. Current ratio Perseroan pada tanggal 31 Desember 2018 sebesar 123,51% (2017: 112,15%). Cash ratio Perseroan pada tanggal 31 Desember 2018 sebesar 12,59% (2017: 14,36%).

The Company also calculated liquidity ratio based on Financial Service Authority Regulation No. 29/POJK.05/2014 dated 19 November 2014 regarding Conduct of Business of Multifinance Company. The Company’s current ratio as of 31 December 2018 is 123.51% (2017: 112.15%). The Company’s cash ratio as of 31 December 2018 is 12.59% (2017: 14.36%).

Tabel berikut menyajikan sisa umur kontraktual liabilitas keuangan yang tidak didiskontokan Perseroan yang menggambarkan eksposur Perseroan terhadap risiko likuiditas pada tanggal 31 Desember 2018 dan 2017:

The following table summarises the residual contractual maturities of the Company’s undiscounted financial liabilities that shows the Company’s exposure to liquidity risk as of 31 December 2018 and 2017:

< 1 bulan/ 1-3 bulan/ 3-12 bulan/ 1-3 tahun/ > 3 tahun/ Jumlah/month months months years years Total

Pinjaman yang diterima 842.034 1.980.762 5.694.451 3.759.794 - 12.277.041 BorrowingsSukuk mudharabah 1.242 6.167 469.069 264.257 98.027 838.762 Mudharabah bondsUtang obligasi 30.001 488.004 3.012.101 6.009.886 1.415.662 10.955.654 Bonds payable

Utang kepada dealer 253.185 - - - - 253.185 Payables to dealersUtang premi asuransi 191.230 - - - - 191.230 Insurance premium payables

Liabilitas derivatif 59.770 51.780 247.393 313.310 - 672.253 Derivative liabilities

1.377.462 2.526.713 9.423.014 10.347.247 1.513.689 25.188.125

2018

< 1 bulan/ 1-3 bulan/ 3-12 bulan/ 1-3 tahun/ > 3 tahun/ Jumlah/month months months years years Total

Pinjaman yang diterima 1.417.247 2.268.040 5.294.712 1.841.876 - 10.821.875 BorrowingsSukuk mudharabah 1.242 7.261 451.569 236.380 86.055 782.507 Mudharabah bondsUtang obligasi 47.931 1.003.838 3.889.040 4.756.838 1.626.822 11.324.469 Bonds payable

Utang kepada dealer 691.873 - - - - 691.873 Payables to dealersUtang premi asuransi 168.361 - - - - 168.361 Insurance premium payables

Liabilitias derivatif 32.919 33.644 105.294 34.822 - 206.679 Derivative liabilities

2.359.573 3.312.783 9.740.615 6.869.916 1.712.877 23.995.764

2017









Risiko likuiditas (lanjutan) Liquidity risk (continued) Tabel berikut menggambarkan profil perbedaan jatuh tempo atas aset dan liabilitas keuangan Perseroan pada tanggal 31 Desember 2018 dan 2017:

The following table summarises the maturity gap profile of the Company’s financial assets and liabilities as of 31 December 2018 and 2017:

Tidak memilikitanggal jatuh

tempokontraktual/

No contractual < 1 bulan/ 1-3 bulan/ 3-12 bulan/ 1-3 tahun/ > 3 tahun/ Jumlah/maturity month months months years years Total

Aset keuangan Financial assetsKas dan kas di bank - 1.689.324 - - - - 1.689.324 Cash on hand and in banksPiutang pembiayaan Consumer financing

konsumen - bruto - 1.846.037 3.289.552 12.311.935 14.351.733 2.222.210 34.021.467 receivables - grossPiutang pembiayaan Murabahah financing

murabahah - bruto - 418.788 731.820 2.453.040 1.784.757 220.255 5.608.660 receivables - grossPiutang sewa Financing lease

pembiayaan - bruto - 15.468 27.875 96.279 130.571 20.678 290.871 receivables - grossPiutang karyawan - 1.377 2.620 10.788 21.567 6.432 42.784 Employee receivablesPiutang klaim asuransi - 24.246 - - - - 24.246 Insurance claim receivables

Insurance commissionPiutang komisi asuransi - 64.564 - - - - 64.564 receivablesAset derivatif - - 81.950 163.430 - - 245.380 Derivative assetsInvestasi dalam saham 650 - - - - - 650 Investment in shares

650 4.059.804 4.133.817 15.035.472 16.288.628 2.469.575 41.987.946

Liabilitas keuangan Financial liabilitiesPinjaman yang diterima - 842.034 1.980.762 5.694.451 3.759.794 - 12.277.041 BorrowingsSukuk mudharabah - 1.242 6.167 469.069 264.257 98.027 838.762 Sukuk mudharabahUtang obligasi - 30.001 488.004 3.012.101 6.009.886 1.415.662 10.955.654 Bonds payableUtang kepada dealer - 253.185 - - - - 253.185 Payables to dealersUtang premi asuransi - 191.230 - - - - 191.230 Insurance premium payablesLiabilitas derivatif - 59.770 51.780 247.393 313.310 - 672.253 Derivative liabilities

- 1.377.462 2.526.713 9.423.014 10.347.247 1.513.689 25.188.125

Perbedaan jatuh tempo 650 2.682.342 1.607.104 5.612.458 5.941.381 955.886 16.799.821 Maturity gap

2018









Risiko likuiditas (lanjutan) Liquidity risk (continued)

Tabel berikut menggambarkan profil perbedaan jatuh tempo atas aset dan liabilitas keuangan Perseroan pada tanggal 31 Desember 2018 dan 2017 (lanjutan):

The following table summarises the maturity gap profile of the Company’s financial assets and liabilities as of 31 December 2018 and 2017 (continued):

Tidak memilikitanggal jatuh

tempokontraktual/

No contractual < 1 bulan/ 1-3 bulan/ 3-12 bulan/ 1-3 tahun/ > 3 tahun/ Jumlah/maturity month months months years years Total

Aset keuangan Financial assetsKas dan kas di bank - 2.221.718 - - - - 2.221.718 Cash on hand and in banksPiutang pembiayaan Consumer financing

konsumen - bruto - 1.726.899 3.694.010 8.754.923 9.520.738 1.144.367 24.840.937 receivables - grossPiutang pembiayaan Murabahah financing

murabahah - bruto - 834.036 1.761.506 4.411.415 4.125.338 221.914 11.354.209 receivables - grossPiutang sewa Financing lease

pembiayaan - bruto - 45.186 83.435 177.065 140.600 8.299 454.585 receivables - grossPiutang karyawan - 2.850 2.653 10.845 20.479 10.230 47.057 Employee receivablesPiutang klaim asuransi - 18.011 - - - - 18.011 Insurance claim receivables

Insurance commissionPiutang komisi asuransi - 57.543 - - - - 57.543 receivablesAset derivatif - 5.462 31.340 66.044 31.388 - 134.234 Derivative assetsInvestasi dalam saham 650 - - - - - 650 Investment in shares

650 4.911.705 5.572.944 13.420.292 13.838.543 1.384.810 39.128.944

Liabilitas keuangan Financial liabilitiesPinjaman yang diterima - 1.417.247 2.268.040 5.294.712 1.841.876 - 10.821.875 BorrowingsSukuk mudharabah - 1.242 7.261 451.569 236.380 86.055 782.507 Mudharabah bondsUtang obligasi - 47.931 1.003.838 3.889.040 4.756.838 1.626.822 11.324.469 Bonds payableUtang kepada dealer - 691.873 - - - - 691.873 Payables to dealersUtang premi asuransi - 168.361 - - - - 168.361 Insurance premium payablesLiabilitas derivatif - 32.919 33.644 105.294 34.822 - 206.679 Derivative liabilities

- 2.359.573 3.312.783 9.740.615 6.869.916 1.712.877 23.995.764

Perbedaan jatuh tempo 650 2.552.132 2.260.161 3.679.677 6.968.627 (328.067) 15.133.180 Maturity gap

2017

Risiko operasional Operational risk Perseroan juga sangat peduli terhadap risiko operasional, karena permasalahan yang timbul sehubungan dengan risiko ini dapat berdampak dan berpengaruh luas terhadap kinerja Perseroan secara keseluruhan. Secara umum, risiko operasional merupakan risiko yang disebabkan karena ketidakcukupan dan/atau tidak berfungsinya proses internal, kesalahan manusia, kegagalan sistem dan adanya problem eksternal yang mempengaruhi operasional Perseroan secara keseluruhan. Secara umum, Penanganan risiko operasional dalam Perseroan dilakukan dengan 3 (tiga) langkah, yaitu:

The Company is also very concerned about operational risk, because problems arising in relation with this risk could bring significant impact and affect the Company’s overall performance. In general, operational risk is the risk caused by insufficiency and/or malfunction of internal processes, human errors, system failures and external problems that affect the Company's whole operations. In general, the operational risks in the Company are handled through 3 (three) steps as follows:

- Mengidentifikasikan risiko yang melekat dalam setiap

produk dan aktivitas operasional - Mengukur profil risiko Perseroan agar mendapatkan

gambaran dari efektifitas penerapan manajemen risiko serta tingkat kepatuhan terhadap prosedur dan kebijakan yang tersedia

- Mengelola, mengawasi dan mengendalikan risiko dalam bentuk tindakan proaktif sehingga kerugian operasional yang terjadi tidak melewati batasan yang telah ditentukan dan tidak mengganggu jalannya usaha Perseroan

- To identify risks attached to every product and operational activity

- To measure the Company’s risk profile, in order to understand the effectiveness of risk management’s implementation as well as compliance level towards existing procedures and policies

- To manage, monitor, and control risk in the form of proactive actions in order to manage operational loss within specified limit and will not affect the Company’s business









Risiko operasional (lanjutan) Operational risk (continued)

Ketiga langkah di atas merupakan satu kesatuan proses yang tidak terpisahkan. Langkah di atas telah diterjemahkan Perseroan dalam mekanisme manajemen risiko operasional sebagai berikut:

The three steps above is an inseparable unified process. The steps above have been converted to the Company's operational risk management mechanism as follows:

Risk Control Self Assessment (RCSA) Risk Control Self Assessment (RCSA)

RCSA merupakan suatu konsep manajemen risiko yang dibentuk berdasarkan Prosedur Operasi Standar yang berlaku dalam Perseroan, untuk menelaah dan mengukur besarnya potensi risiko-risiko yang berlangsung selama proses internal untuk menghasilkan status risiko operasional, dan dilaporkan secara periodik (semesteran) kepada Perusahaan Induk. Unit kerja yang telah ditetapkan di dalam Perseroan akan melakukan Self Assessment (Unit SA) yang menghasilkan rating RCSA bagi setiap Unit SA.

RCSA is a concept of risk management, which was established based on applicable Standard Operating Procedures in the Company, to examine and measure the extent of potential risk occurring throughout the internal processes in order to generate operational risk status, and is reported periodically (semi-annually) to the Parent Company. The appointed unit within the Company will conduct Self Assessment (Unit SA) which results in RSCA for each Unit SA.

Operational Risk Management System (ORMS) Operational Risk Management System (ORMS)

ORMS merupakan implementasi dari kewajiban Perseroan sebagai Perusahaan Anak dari PT Bank Danamon Indonesia Tbk untuk melakukan pengendalian risiko operasional dengan cara melakukan pencatatan kejadian berisiko pada saat terjadinya kejadian berisiko tersebut, seperti yang diatur di dalam Peraturan Otoritas Jasa Keuangan (POJK) No. 38/POJK.03/2017 perihal “Penerapan Managemen Risiko secara Konsolidasi bagi Bank yang Melakukan Pengendalian terhadap Perusahaan Anak", POJK No. 17/POJK.03/2014 perihal “Penerapan Manajemen Risiko Terintegrasi bagi Konglomerasi Keuangan” serta POJK No. 1/POJK.05/2015 perihal “Penerapan Manajemen Risiko bagi Lembaga Jasa Keuangan Non-Bank”. ORMS adalah sebuah aplikasi intranet berbasis web yang digunakan sebagai alat bantu pengelola risiko operasional yang dirancang agar pencatatan kejadian berisiko dapat dilakukan pada saat terjadinya kejadian berisiko tersebut dan direkam ke dalam database yang terintegrasi dengan PT Bank Danamon Indonesia Tbk sebagai Induk Perusahaan.

ORMS is an implementation of the obligation of the Company as a Subsidiary of PT Bank Danamon Indonesia Tbk to carry out operational risk control by recording risk event at the time this risk event occurred, as regulated in Financial Service Authority Regulation (POJK) No. 38/POJK.03/2017 regarding "Implementation of Consolidated Risk Management for Banks Performing Control on Subsidiary Companies", POJK No. 17/POJK.03/2014 regarding ”Implementation of Risk Management for Financial Conglomerate” and POJK No. 1/POJK.05/2015 regarding “Implementation of Risk Management for Financial Services Institution-Non Bank”. ORMS is a web-based intranet application that is used as an operational risk management tool and is designed for recording the operational risk event at the time of occurrence of this risk event and stored into a database that has been integrated with PT Bank Danamon Indonesia Tbk as Parent Company.

Sebagai pendukung terhadap penerapan manajemen risiko operasional, Perseroan secara terus menerus mengembangkan indikator deteksi risiko operasional yang hasilnya akan dikombinasikan dengan proses pengendalian internal, sehingga dapat membantu Perseroan dalam mendeteksi risiko operasional yang mungkin timbul dan mengambil tindakan yang diperlukan dalam meminimalisir akibat dari risiko operasional.

As support for the implementation of operational risk management, the Company continuously develops risk operational detection indicator, which result will be combined with internal control process, thus can help the Company in detecting operational risk which might occur and take necessary action in minimising the effect of operational risk.









Risiko operasional (lanjutan) Operational risk (continued)

Pengelolaan Kecurangan

Seiring dengan semakin besar suatu perusahaan, dengan proses yang semakin kompleks dan jumlah karyawan yang bertambah, pengendalian internal yang kuat menjadi sebuah isu untuk menutup celah dari sistem internal yang masih terus dalam proses perbaikan. Sebagai anak Perusahaan yang telah memiliki sistem manajemen risiko yang telah terintegrasi dengan Perusahaan Induk, Perseroan ikut menerapkan peraturan Bank Indonesia (BI). Salah satunya adalah Surat Edaran BI No.13/28/DPNP tanggal 9 Desember 2011 tentang Penerapan Strategi Anti Fraud bagi Bank Umum yang secara umum terangkum sebagai berikut:

Prevention: Memuat perangkat dalam rangka mengurangi potensi risiko terjadinya fraud seperti Program Employee & Customer Awareness.

Detection: Memuat perangkat dalam rangka mengidentifikasi dan menemukan kejadian fraud.

Investigation & Recovery: Memuat perangkat yang digunakan untuk menggali informasi serta mengambil tindakan memulihkan kerugian akibat fraud.

Deterrence Strategy: Memuat perangkat yang digunakan menekan tindak fraud sejak dini melalui sosialisasi dan edukasi untuk membangun budaya anti-fraud.

Fraud Management Along with the company’s growth, the process is more complex and the number of employees increases, strong internal control becomes an issue to cover the gap of an internal system that is still in the process of improvement. As a subsidiary that has a risk management system that has been integrated with the parent company, the Company participated to comply with Bank Indonesia’s (BI) regulation. One of the regulations is BI Circular Letter No.13/28/DPNP dated 9 December 2011 on the Application of Anti-Fraud Strategy for Commercial Banks which is generally as follows: Prevention: Provide a device in order to reduce the

potential risk of fraud as Employee & Customer Awareness Program.

Detection: Provide a device in order to identify and discover the incidence of fraud.

Investigation and Recovery: Provide a device to gather information and take action to recover losses due to fraud.

Deterrence Strategy: Provide a device to decrease of fraud early through socialisation and education to build a culture of anti-fraud.

Pengelolaan Kelangsungan Usaha (Business

Continuity Management - BCM)

BCM merupakan proses pengelolaan yang menyeluruh dalam mengidentifikasi dampak yang berpotensi mengancam kelangsungan usaha. BCM menjadi sebuah kerangka dalam membangun ketahanan dan kapabilitas dalam merespon isu atau situasi secara efektif. Dengan demikian, kepentingan para pemangku kepentingan, reputasi Perseroan dan kelangsungan usaha dapat terjaga.

Melalui BCM, Perseroan melakukan identifikasi terhadap aktivitas-aktivitas/kejadian kritikal yang berpotensi terjadi dalam Perseroan, yang mana bila terjadi gangguan pada aktivitas tersebut, dapat mengancam kelangsungan usaha Perseroan. Melalui hasil analisa tersebut, Perseroan menyusun Business Continuity Plan (BCP) yang merupakan kerangka kerja terdokumentasi untuk penanganan dan pemulihan terhadap aktivitas kritikal dalam suatu unit kerja dengan periode waktu yang telah ditetapkan.

Business Continuity Management (BCM)

BCM is a comprehensive management process to identify the impact that potentially threaten business continuity. BCM becomes a framework in building resilience and the capability to respond to issues or situations effectively. Therefore, the interests of stakeholders, the reputation of the Company and business continuity can be maintained.

Through BCM, the Company identified the critical activities/events that can potentially occur in the Company, which in case of disruption in that activities, could threaten the Company’s business continuity. Through the analysis result, the Company prepared a Business Continuity Plan (BCP), which is a documented framework of response and recovery for critical activities in a unit with a predetermined period of time.

Perseroan mengidentifikasi aktivitas-aktivitas operasional kritikal yang ada pada kegiatan usaha Perseroan terletak pada: bagian keuangan, teknologi informasi, penyimpanan BPKB kendaraan dan operasional cabang. Selain itu, Perseroan pun mengidentifikasi bahwa krisis eksternal pun dapat timbul dan berpotensi memberikan dampak pada kelangsungan usaha Perseroan.

The Company identified that the critical operational activities of the Company are located in: finance division, information technology, custodian for BPKB and branch operational. Other than that, the Company also identified that external crisis can arise and affect the Company’s business continuity.








37. ASET DAN LIABILITAS KEUANGAN 37. FINANCIAL ASSETS AND LIABILITIES

Tabel di bawah ini menyajikan nilai tercatat dan nilai wajar dari instrumen keuangan Perseroan:

The following table sets out the carrying amounts and fair values of the Company’s financial instruments:

BiayaNilai wajar - Pinjaman perolehaninstrumen yang diamortisasi

lindung nilai/ diberikan dan Tersedia lainnya/Fair value - piutang/ untuk dijual/ Other Nilai tercatat/

hedging Loans and Available- amortised Carrying Nilai wajar/instruments receivables for-sale cost value Fair value

Aset keuangan Financial assetsCash on hand and

Kas dan kas di bank - 1.689.324 - - 1.689.324 1.689.324 in banksPiutang pembiayaan Consumer financing

konsumen - bersih - 23.260.404 - - 23.260.404 23.486.559 receivables - netPiutang pembiayaan Murabahah financing

murabahah - bersih - 4.370.502 - - 4.370.502 4.369.451 receivables - netPiutang sewa Financing lease

pembiayaan - bersih - 240.878 240.878 247.255 receivables - netPiutang klaim Insurance claim

asuransi - 24.246 - - 24.246 24.246 receivablesPiutang komisi Insurance commission

asuransi - 64.564 - - 64.564 64.564 receivablesPiutang karyawan - 42.784 - - 42.784 37.135 Employee receivablesAset derivatif 253.556 - - - 253.556 253.556 Derivative assetsInvestasi dalam saham - - 650 - 650 650 Investment in shares

Jumlah aset keuangan 253.556 29.692.702 650 - 29.946.908 30.172.740 Total financial assets

Liabilitas keuangan Financial liabilitiesPinjaman yang

diterima - - - 11.778.092 11.778.092 11.745.311 BorrowingsBeban bunga yang

masih harus Accrued interestdibayar - - - 192.360 192.360 192.360 expenses

Bagi hasil sukuk Accrued revenuemudharabah yang sharing formasih harus dibayar - - - 2.574 2.574 2.574 mudharabah bonds

Marjin mudharabahyang masih harus Accrued margindibayar - - - 510 510 510 mudharabah

Utang obligasi - - - 9.421.907 9.421.907 9.476.676 Bonds payableUtang kepada dealer - - - 253.185 253.185 253.185 Payables to dealers

Insurance premiumUtang premi asuransi - - - 191.230 191.230 191.230 payablesLiabilitas derivatif 237.970 - - - 237.970 237.970 Derivative liabilitiesSukuk mudharabah - - - 768.000 768.000 766.470 Mudharabah bonds

Jumlah liabilitaskeuangan 237.970 - - 22.607.858 22.845.828 22.866.286 Total financial liabilities

2018








37. ASET DAN LIABILITAS KEUANGAN (lanjutan) 37. FINANCIAL ASSETS AND LIABILITIES (continued)

Tabel di bawah ini menyajikan nilai tercatat dan nilai wajar dari instrumen keuangan Perseroan (lanjutan):

The following table sets out the carrying amounts and fair values of the Company’s financial instruments (continued):


lindung nilai/ diberikan dan Tersedia lainnya/Fair value - piutang/ untuk dijual/ Other Nilai tercatat/

hedging Loans and Available- amortised Carrying Nilai wajar/instruments receivables for-sale cost value Fair value

Aset keuangan Financial assetsCash on hand and

Kas dan kas di bank - 2.221.718 - - 2.221.718 2.221.718 in banksPiutang pembiayaan Consumer financing

konsumen - bersih - 16.939.102 - - 16.939.102 17.373.145 receivables - netPiutang pembiayaan Murabahah financing

murabahah - bersih - 8.579.855 - - 8.579.855 8.606.837 receivables - netPiutang sewa

pembiayaan - Financing leasebersih - 379.622 - - 379.622 398.855 receivables - net

Piutang klaim Insurance claimasuransi - 18.011 - - 18.011 18.011 receivables

Piutang komisi Insurance commissionasuransi - 57.543 - - 57.543 57.543 receivables

Piutang karyawan - 47.057 - - 47.057 41.790 Employee receivablesAset derivatif 85.680 - - - 85.680 85.680 Derivative assetsInvestasi dalam saham - - 650 - 650 650 Investment in shares

Jumlah aset keuangan 85.680 28.242.908 650 - 28.329.238 28.804.229 Total financial assets

Liabilitas keuangan Financial liabilitiesPinjaman yang

diterima - - - 10.544.286 10.544.286 10.544.286 BorrowingsBeban bunga yang

masih harus Accrued interestdibayar - - - 144.971 144.971 144.971 expenses

Bagi hasil sukuk Accrued revenuemudharabah yang sharing formasih harus dibayar - - - 2.535 2.535 2.535 mudharabah bonds

Marjin mudharabahyang masih harus Accrued margindibayar - - - 973 973 973 mudharabah

Utang obligasi - - - 9.761.165 9.761.165 10.095.510 Bonds payableUtang kepada dealer - - - 691.873 691.873 691.873 Payables to dealers

Insurance premiumUtang premi asuransi - - - 168.361 168.361 168.361 payablesLiabilitas derivatif 7.207 - - - 7.207 7.207 Derivative liabilitiesSukuk mudharabah - - - 701.000 701.000 714.250 Mudharabah Bonds

Jumlah liabilitaskeuangan 7.207 - - 22.015.164 22.022.371 22.369.966 Total financial liabilities

2017

Metode dan asumsi yang digunakan untuk estimasi nilai wajar adalah sebagai berikut:

The following methods and assumptions are used to estimate the fair values:

Nilai wajar kas dan kas di bank, piutang klaim asuransi, piutang komisi asuransi, utang kepada dealer, utang premi asuransi, pinjaman yang diterima dengan tingkat suku bunga tetap dan akan jatuh tempo kurang dari satu tahun, beban bunga yang masih harus dibayar, bagi hasil sukuk mudharabah yang masih harus dibayar dan marjin mudharabah yang masih harus dibayar mendekati nilai tercatat karena jangka waktu jatuh tempo yang singkat atas instrumen keuangan tersebut.

The fair value of cash on hand and in banks, insurance claim receivables, insurance commission receivables, payables to dealers, insurance premium payables, borrowings which bear fixed interest rate and will mature in less than one year, accrued interest expenses, accrued revenue sharing for mudharabah bonds and accrued margin mudharabah approximate their carrying amounts largerly due to short-term mature of these instruments.








37. ASET DAN LIABILITAS KEUANGAN (lanjutan) 37. FINANCIAL ASSETS AND LIABILITIES (continued) Nilai wajar pinjaman yang diterima dengan tingkat suku bunga mengambang mendekati nilai tercatatnya karena tingkat suku bunganya sering ditinjau ulang.

The fair value of floating-rate borrowings approximate their carrying amounts because the interest rate is repriced frequently.

Nilai wajar piutang pembiayaan konsumen, piutang pembiayaan murabahah, piutang sewa pembiayaan, piutang karyawan dan pinjaman yang diterima dengan tingkat suku bunga tetap dan akan jatuh tempo lebih dari satu tahun dinilai menggunakan diskonto arus kas berdasarkan tingkat suku bunga pasar pada tanggal 31 Desember 2018 dan 2017.

The fair value of consumer financing receivables, murabahah financing receivable, finance lease receivables, employee receivables and borrowings which bear fixed interest rate and will mature in more than one year are determined by discounting cash flows using market interest rate of similar instruments as of 31 December 2018 and 2017.

Nilai wajar investasi dalam saham dinilai sebesar biaya perolehannya karena nilai wajarnya tidak dapat diukur secara handal.

The fair value of investment in shares is carried at cost because its fair value cannot be reliably measured.

Nilai wajar utang obligasi dan sukuk mudharabah dinilai menggunakan harga kuotasi pasar untuk obligasi dan sukuk mudharabah Perseroan yang terdaftar di Bursa Efek Indonesia.

The fair value of bonds payable and sukuk mudharabah are calculated using quoted market price for the Company’s bonds and sukuk mudharabah listed in the Indonesia Stock Exchange.

Hirarki nilai wajar instrumen keuangan Fair value hierarchy of financial instruments

Tabel berikut ini merupakan hirarki nilai wajar dari aset/liabilitas keuangan pada tanggal 31 Desember 2018 and 2017:

The table below sets out the fair value hierarchy of the financial assets/liabilities as of 31 December 2018 and 2017:


lindung nilai/ diberikan dan Tersedia lainnya/Fair value - piutang/ untuk dijual/ Other

hedging Loans and Available- amortised Jumlah/instruments receivables for-sale cost Total

Aset keuangan Financial assetsTingkat 2: Level 2:

Piutang pembiayaan Consumer financingkonsumen - bersih - 23.486.559 - - 23.486.559 receivables - net

Piutang pembiayaan Murabahah financingmurabahah - bersih - 4.369.451 - - 4.369.451 receivables - net

Piutang sewa Financing leasepembiayaan - bersih - 247.255 - - 247.255 receivables - net

Piutang karyawan - 37.135 - - 37.135 Employee receivablesAset derivatif 253.556 - - - 253.556 Derivative assets

253.556 28.140.400 - - 28.393.956

Liabilitas keuangan Financial liabilitiesTingkat 1: Level 1:

Utang obligasi - - - 9.476.676 9.476.676 Bonds payableSukuk mudharabah - - - 766.470 766.470 Mudharabah bonds

- - - 10.243.146 10.243.146

Tingkat 2: Level 2:Pinjaman yang diterima - - - 11.745.311 11.745.311 BorrowingsLiabilitas derivatif 237.970 - - - 237.970 Derivative liability

237.970 - - 11.745.311 11.983.281

2018








37. ASET DAN LIABILITAS KEUANGAN (lanjutan) 37. FINANCIAL ASSETS AND LIABILITIES (continued)

Hirarki nilai wajar instrumen keuangan (lanjutan) Fair value hierarchy of financial instruments (continued)

Tabel berikut ini merupakan hirarki nilai wajar dari aset/liabilitas keuangan pada tanggal 31 Desember 2018 and 2017 (lanjutan):

The table below sets out the fair value hierarchy of the financial assets/liabilities as of 31 December 2018 and 2017 (continued):


lindung nilai/ diberikan dan Tersedia lainnya/Fair value - piutang/ untuk dijual/ Other

hedging Loans and Available- amortised Jumlah/instruments receivables for-sale cost Total

Aset keuangan Financial assetsTingkat 2: Level 2:

Piutang pembiayaan Consumer financingkonsumen - bersih - 17.373.145 - - 17.373.145 receivables - net

Piutang pembiayaan Murabahah financingmurabahah - bersih - 8.606.837 - - 8.606.837 receivables - net

Piutang sewa Financing leasepembiayaan - bersih - 398.855 - - 398.855 receivables - net

Piutang karyawan - 41.790 - - 41.790 Employee receivablesAset derivatif 85.680 - - - 85.680 Derivative assets

85.680 26.420.627 - - 26.506.307

Liabilitas keuangan Financial liabilitiesTingkat 1: Level 1:

Utang obligasi - - - 10.095.510 10.095.510 Bonds payableSukuk mudharabah - - - 714.250 714.250 Mudharabah bonds

- - - 10.809.760 10.809.760

Tingkat 2: Level 2:Pinjaman yang diterima - - - 10.544.286 10.544.286 BorrowingsLiabilitas derivatif 7.207 - - - 7.207 Derivative liability

7.207 - - 10.544.286 10.551.493

2017

Pada tanggal 31 Desember 2018 and 2017, tidak ada aset keuangan dan liabilitas keuangan yang ditransfer dari atau ke tingkat 1 dan/atau tingkat 3.

As of 31 December 2018 and 2017, there are no financial assets and financial liabilities transfer out of or into level 1 and/or level 3 .

38. AKTIVITAS INVESTASI NON-KAS 38. NON-CASH INVESTING ACTIVITY

2018 2017

Aktivitas investasi non-kas: Non-cash investing activity:Pengadaan aset tetap 1.997 10.290 Acquisition of fixed asset








39. REKONSILIASI AKTIVITAS PENDANAAN BERSIH 39. NET FINANCING ACTIVITIES RECONCILIATION

Rekonsiliasi dari aktivitas pendanaan adalah sebagai berikut:

Reconciliation from financing activities are as follows:

Pergerakan Pergerakanvaluta asing/ beban transaksi/

Saldo awal/ Movement Changes in Saldo akhir/Beginning Arus kas/ of foreign transaction Endingbalance Cashflow exchange *) cost balance

Pinjaman yang diterima 10.544.286 1.246.627 (37.335) 24.514 11.778.092 BorrowingsUtang obligasi 9.761.165 (340.000) - 742 9.421.907 Bond payablesSukuk mudharabah 701.000 67.000 - - 768.000 Mudharabah bonds

Jumlah liabilitas dari Total liabilities fromaktivitas pendanaan 21.006.451 973.627 (37.335) 25.256 21.967.999 financing activities

2018

Non-cash changesPerubahan non kas/

*) Perseroan telah menerapkan kebijakan lindung nilai untuk pinjaman yang diterima dalam mata uang asing dan memiliki tingkat suku bunga mengambang (lihat Catatan 10 dan 15).

*) The Company has applied hedging policy to borrowings denominated in foreign currencies with floating interest rates (see Notes 10 and 15).

40. ASET/LIABILITAS DALAM MATA UANG ASING 40. ASSET/LIABILITY DENOMINATED IN FOREIGN CURRENCY

Aset dan liabilitas dalam mata uang asing yang dimiliki Perseroan adalah sebagai berikut:

The Company’s assets and liabilities denominated in foreign currency are as follows:

2018 2017

Kas di bank Cash in banksUSD (nilai penuh) 44.890 40.737 USD (full amount)IDR (ekuivalen) 645 553 IDR (equivalent)

Pinjaman yang diterima BorrowingsUSD (nilai penuh) (545.000.000) (370.833.333) USD (full amount)IDR (ekuivalen) (7.837.100) (5.031.281) IDR (equivalent)

Liabilitas neto USD (nilai penuh) (544.955.110) (370.792.596) Net liability USD (full amount)Liabilitas neto IDR (ekuivalen) (7.836.455) (5.030.728) Net liability IDR (equivalent)

Perseroan telah menerapkan kebijakan lindung nilai untuk pinjaman yang diterima dalam mata uang asing dan memiliki tingkat suku bunga mengambang (lihat Catatan 10 dan 15).

The Company has applied hedging policy to borrowings denominated in foreign currencies with floating interest rates (see Notes 10 and 15).

Atas aset dalam mata uang asing, jumlah laba selisih kurs yang diakui dalam laporan laba rugi pada tahun 2018 sebesar Rp20 (2017: Rp769).

For assets denominated in foreign currency, gain on foreign exchange recognised in the statement of profit or loss in 2018, amounted to Rp20 (2017: Rp769).








41. PROGRAM KOMPENSASI JANGKA PANJANG 41. LONG-TERM COMPENSATION PROGRAM

PT Bank Danamon Indonesia Tbk, Perusahaan Induk, telah meluncurkan program Special Share Grant (“SSG”) berupa program saham yang diberikan kepada Senior Executive PT Bank Danamon Indonesia Tbk dan Entitas Anak secara selektif dan telah diberikan pada tanggal 7 Desember 2015.

PT Bank Danamon Indonesia Tbk, Parent Company, has launched the Special Share Grant (“SSG”) program in stock Grant program which was awarded to the Senior Executives of the PT Bank Danamon Tbk and its subsidiaries selectively and has been granted on 7 December 2015.

Karyawan yang memenuhi persyaratan akan dialokasikan sejumlah uang tunai yang langsung digunakan untuk membeli saham PT Bank Danamon Indonesia Tbk Saham dibeli atas nama masing-masing karyawan dengan masa tunggu tiga tahun terhitung mulai tanggal 1 Januari 2016 dan disimpan oleh kustodian independen.

Eligible employees are allocated a certain predetermined amount of cash and directly used to purchase the stocks of PT Bank Danamon Indonesia Tbk The stocks are purchased under the individual employees’ name with three years holding period from 1 January 2016 and is put under an independent custodian.

PT Bank Danamon Indonesia Tbk, Perusahaan Induk, telah meluncurkan Program Insentif Jangka Panjang (“LTIP”) berupa program retensi dalam bentuk kas yang diberikan kepada Senior Executive PT Bank Danamon Indonesia Tbk dan Entitas Anak secara selektif dan telah diberikan pada tanggal 9 Februari 2018, dengan masa tunggu 2 tahun.

PT Bank Danamon Indonesia Tbk, Parent Company, has launched the new Long-Term Incentive Program (“LTIP”) as a retention program in the form of cash which was awarded to the Senior Executives of PT Bank Danamon Indonesia Tbk and its subsidiaries selectively and has been granted on 9 February 2018, with two years vesting period.

Pada tahun 2018, jumlah yang telah dicatat ke laba rugi tahun berjalan sebesar Rp20.283 (2017: Rp1.579).

In 2018, the amount already recorded in the current year's profit and loss amounted to Rp20,283 (2017: Rp1,579).

42. LIABILITAS KONTINJENSI 42. CONTINGENT LIABILITY

Perseroan tidak memiliki liabilitas kontinjensi yang signifikan pada tanggal 31 Desember 2018 dan 2017.

The Company does not have any significant contingent liability as of 31 December 2018 and 2017.

43. KOMITMEN 43. COMMITMENT

Perseroan tidak memiliki komitmen yang signifikan pada tanggal 31 Desember 2018 dan 2017.

The Company does not have significant commitment as of 31 December 2018 and 2017.








44. INFORMASI KEUANGAN TAMBAHAN - UNIT SYARIAH

44. SUPPLEMENTARY FINANCIAL INFORMATION - SHARIA UNIT

2018 2017

ASET ASSETSKas di bank 93.326 13.587 Cash in bank

Piutang pembiayaan murabahah - bruto 6.481.401 11.840.868 Murabahah financing receivables - grossMarjin pembiayaan murabahah yang

belum diakui (1.197.233) (2.531.043) Unearned murabahah financing incomeBagian piutang pembiayaan murabahah yang Portion of murabahah financing receivables

dibiayai pihak berelasi - neto (673.499) (238.112) financed by a related party - netCadangan kerugian penurunan nilai (240.167) (491.858) Allowance for impairment losses

Piutang pembiayaan murabahah - neto 4.370.502 8.579.855 Murabahah financing receivables - net

Beban dibayar dimuka 1.547 1.801 Prepaid expensesPiutang lain-lain - neto 3.909 8.207 Other receivables - netAset lain-lain 31.460 122.356 Other assets

JUMLAH ASET 4.500.744 8.725.806 TOTAL ASSETS

LIABILITAS LIABILITIESDana investasi 2.945.708 6.613.958 Investment fundsSukuk mudharabah 768.000 701.000 Mudharabah bondsBeban yang masih harus dibayar 5.235 5.615 Accrued expensesLiabilitas lain-lain 24.442 57.348 Other liabilities

JUMLAH LIABILITAS 3.743.385 7.377.921 TOTAL LIABILITIES

EKUITAS EQUITYEkuitas 757.359 1.347.885 Equity

JUMLAH LIABILITAS DAN EKUITAS 4.500.744 8.725.806 TOTAL LIABILITIES AND EQUITY








44. INFORMASI KEUANGAN TAMBAHAN - UNIT SYARIAH (lanjutan)

44. SUPPLEMENTARY FINANCIAL INFORMATION - SHARIA UNIT (continued)

2018 2017

PENDAPATAN INCOMEPendapatan marjin 1.545.353 2.356.114 Margin incomePendapatan lain-lain 202.671 239.739 Other income

JUMLAH PENDAPATAN OPERASIONAL 1.748.024 2.595.853 TOTAL OPERATING INCOME

Bagi hasil sukuk dan Revenue sharing for

pinjaman mudharabah (468.207) (828.018) mudharabah bonds and loans

PENDAPATAN OPERASIONAL SETELAH OPERATIONAL INCOME AFTERDISTRIBUSI BAGI HASIL 1.279.817 1.767.835 REVENUE SHARING

BEBAN EXPENSESPenyisihan kerugian penurunan nilai piutang Provision for impairment losses on

pembiayaan murabahah (337.316) (692.541) murabahah financing receivablesGaji dan tunjangan (273.286) (402.391) Salaries and benefitsAdministrasi dan umum (177.743) (233.923) General and administrativePemasaran (39.307) (99.189) MarketingAmortisasi biaya emisi sukuk, mudharabah, Amortisation of mudharabah, bonds issuance,

provisi dan administrasi atas pinjaman provision, and administration expenseyang diterima (2.524) (1.849) of borrowing

Lain-lain (455) (2.377) Others

JUMLAH BEBAN (830.631) (1.432.270) TOTAL EXPENSES

LABA SEBELUM PAJAK PENGHASILAN 449.186 335.565 INCOME BEFORE INCOME TAX EXPENSE

Beban pajak penghasilan (128.472) (117.424) Income tax expense

LABA TAHUN BERJALAN 320.714 218.141 INCOME FOR THE YEAR

45. MANAJEMEN MODAL 45. CAPITAL MANAGEMENT

Tujuan Perseroan dalam mengelola permodalan adalah untuk melindungi kemampuan Perseroan dalam mempertahankan kelangsungan usahanya, sehingga Perseroan tetap memberikan imbal hasil bagi pemegang saham.

The Company’s objective in managing its capital is to keep the Company’s capability in maintaining its going concern, so the Company could distribute the return to shareholders.

Perseroan mempunyai komitmen untuk mengembalikan investasi pemegang saham dalam bentuk dividen kas. Sejak Penawaran Saham Perdana, Perseroan selalu membagikan dividen kepada para pemegang sahamnya secara teratur setiap tahun dan juga telah menetapkan kebijakan dividen minimal sebesar 20% dari laba neto tahun berjalan dengan tetap mempertimbangkan kebutuhan dana Perseroan pada tahun berikutnya dan kebijakan dividen yang diambil oleh PT Bank Danamon Indonesia Tbk selaku pemegang saham pengendali.

The Company has a commitment to deliver return on investment to its shareholders in the form of cash dividend. Since the Initial Public Offering, the Company has consistently distributed dividends to its shareholders every year and has also determined the minimum dividend policy of 20% from current year net income by still considering the Company’s needs of funding in the following year and the dividend policy of PT Bank Danamon Indonesia Tbk as the controlling shareholder.








45. MANAJEMEN MODAL (lanjutan) 45. CAPITAL MANAGEMENT (continued)

Dalam mengelola permodalan, Perseroan melakukan analisa secara bulanan untuk memastikan bahwa Perseroan tetap mengikuti Peraturan Otoritas Jasa Keuangan No. 28/POJK.05/2014 tertanggal 19 November 2014 tentang Perizinan Usaha dan Kelembagaan Perusahaan Pembiayaan dan Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014 tertanggal 19 November 2014 tentang Penyelenggaran Usaha Perusahaan Pembiayaan yang di antaranya mengatur ketentuan sebagai berikut:

In managing capital, the Company conducts monthly analysis to ensure that the Company complies with the Financial Service Authority Regulation No. 28/POJK.05/2014 dated 19 November 2014 regarding Business License of Multifinance Company and Finance Companies and Financial Service Authority Regulation No. 29/POJK.05/2014 dated 19 November 2014 regarding Conduct of Business of Multifinance Company which have some provisions as follows:

Modal disetor Perseroan minimum sebesar Rp100.000, The Company’s paid-up capital at minimum Rp100,000, Rasio permodalan Perseroan minimum 10%, The Company’s equity amounting to minimum 10% of

paid-up capital, Jumlah pinjaman yang dimiliki Perseroan dibandingkan

modal sendiri dan pinjaman subordinasi dikurangi penyertaan maksimum 10 kali, baik untuk pinjaman luar negeri maupun dalam negeri.

The amount of the Company’s loan to equity and subordinated loan deducted by investment is maximum 10 times, both for foreign and domestic loans.

Pada tanggal 31 Desember 2018, rasio permodalan Perseroan sebesar 24,54% (2017: 21,82%).

As of 31 December 2018, the Company’s capital ratio is 24.54% (2017: 21.82%).

Berdasarkan Peraturan Otoritas Jasa Keuangan No. 29/POJK.05/2014 tertanggal 19 November 2014 tentang Penyelenggaran Usaha Perusahaan Pembiayaan, pada tanggal 31 Desember 2018 Perseroan juga telah menghitung rasio rentabilitas di antaranya return on asset sebesar 8,26% (2017:7,60%), return on equity sebesar 29,10% (2017: 26,37%) dan net interest margin sebesar 25,19% (2017: 21,89%).

Based on Financial Service Authority Regulation No. 29/POJK.05/2014 dated 19 November 2014 regarding Conduct of Business of Multifinance Company, as of 31 December 2018 the Company has also calculated rentability ratios, among others, return on asset is 8.26% (2017: 7.60%), return on equity is 29.10% (2017: 26.37%) and net interest margin is 25.19% (2017: 21.89%).

46. SEGMEN OPERASI 46. OPERATING SEGMENT

Perseroan mengelola kegiatan usahanya dan mengidentifikasi segmen yang dilaporkan berdasarkan jenis produk dan wilayah geografis. Laba atau rugi dari masing-masing segmen digunakan untuk menilai kinerja masing-masing segmen. Informasi yang berkaitan dengan segmen usaha utama disajikan sebagai berikut:

The Company manages its business activities and identifies its reported segments based on product categories and geographic area. Profit or loss from each segment is used to measure performance of each segments’ information concerning the main segments are set out as follows:








46. SEGMEN OPERASI (lanjutan) 46. OPERATING SEGMENT (continued)

Barang durabledan lainnya/

Sepeda motor/ Mobil/ Durable goods Jumlah/Motorcycles Cars and others Total

1 1 1 1

Pendapatan pembiayaan Consumer financingkonsumen 3.955.751 2.236.410 674.782 6.866.943 income

Marjin murabahah 1.198.979 346.270 104 1.545.353 Murabahah margin

Pendapatan sewa pembiayaan 1.455 43.292 - 44.747 Financing leases income

Beban bunga dan keuangan (925.302) (792.282) (20.085) (1.737.669) Interest expenses and financing charges

Bagi hasil sukuk mudharabah (54.671) (5.767) - (60.438) Revenue sharing for mudharabah bonds

Laba tahun berjalan 1.619.600 1.010.096 368.551 2.998.247 Income for the year

Penyisihan kerugian Provision forpenurunan nilai impairment lossesPembiayaan konsumen (960.407) (346.259) (116.284) (1.422.950) Consumer financingPembiayaan murabahah (262.090) (75.207) (19) (337.316) Murabahah financingSewa pembiayaan 509 (4.144) - (3.635) Financing leases

Aset 15.593.194 10.621.821 1.756.271 27.971.286 Assets

Liabilitas 11.070.877 11.562.200 110.080 22.743.157 Liabilities

2018

Barang durabledan lainnya/

Sepeda motor/ Mobil/ Durable goods Jumlah/Motorcycles Cars and others Total

1 1 1 1

Pendapatan pembiayaan Consumer financingkonsumen 2.633.032 1.829.540 497.661 4.960.233 income

Marjin murabahah 1.904.543 451.569 2 2.356.114 Murabahah margin

Pendapatan sewa pembiayaan 4.055 94.978 - 99.033 Financing leases income

Beban bunga dan keuangan (865.592) (917.320) (13.149) (1.796.061) Interest expenses and financing charges

Bagi hasil sukuk mudharabah (38.547) (1.774) - (40.321) Revenue sharing for mudharabah bonds

Laba tahun berjalan 1.666.614 400.765 396.427 2.463.806 Income for the year

Penyisihan kerugian Provision forpenurunan nilai impairment lossesPembiayaan konsumen (509.761) (314.509) (130.872) (955.142) Consumer financingPembiayaan murabahah (567.544) (124.996) (1) (692.541) Murabahah financingSewa pembiayaan (269) (13.463) - (13.732) Financing leases

Aset 14.047.483 10.313.836 1.632.634 25.993.953 Assets

Liabilitas 11.128.827 10.799.698 247.265 22.175.790 Liabilities

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46. SEGMEN OPERASI (lanjutan) 46. OPERATING SEGMENT (continued)

Berikut adalah rekonsiliasi laba neto, aset dan liabilitas untuk segmen dilaporkan berdasarkan jenis produk:

The reconciliation of net income, assets and liabilities for reportable segments based on product categories as follows:

2018 2017

Laba untuk segmen dilaporkan 2.998.247 2.463.806 Income for reportable segmentsJumlah yang tidak dialokasikan (1.182.984) (1.054.656) Unallocated amounts


Aset untuk segmen dilaporkan 27.971.286 25.993.953 Assets for reportable segmentsJumlah yang tidak dialokasikan 3.525.155 3.498.980 Unallocated amounts

Aset 31.496.441 29.492.933 Assets

Liabilitas untuk segmen dilaporkan 22.743.157 22.175.790 Liabilities for reportable segmentsJumlah yang tidak dialokasikan 1.725.085 1.571.728 Unallocated amounts

Liabilitas 24.468.242 23.747.518 Liabilities

Berikut adalah rekonsiliasi laba neto, aset dan liabilitas untuk segmen dilaporkan berdasarkan wilayah geografis:

The reconciliation of net income, assets and liabilities for reportable segments based on geographic area as follows:

2018 2017

Laba untuk segmen dilaporkan 2.981.063 2.392.160 Income for reportable segmentsJumlah yang tidak dialokasikan (1.165.800) (983.010) Unallocated amounts


Aset untuk segmen dilaporkan 28.443.648 26.595.018 Assets for reportable segmentsJumlah yang tidak dialokasikan 3.052.793 2.897.915 Unallocated amounts

Aset 31.496.441 29.492.933 Assets

Liabilitas untuk segmen dilaporkan 22.800.643 22.233.646 Liabilities for reportable segmentsJumlah yang tidak dialokasikan 1.667.599 1.513.872 Unallocated amounts

Liabilitas 24.468.242 23.747.518 Liabilities

47. SALING HAPUS 47. OFFSETTING

Pada tanggal 31 Desember 2018 dan 2017, tidak terdapat aset dan liabilitas keuangan yang saling hapus pada laporan posisi keuangan.

As of 31 December 2018 and 2017, there is no financial assets and liabilities that are subject to offsetting in the statements of financial position.

Perseroan memiliki pinjaman dan surat berharga yang diterbitkan yang dijamin dengan fidusia atas piutang pembiayaan konsumen dan murabahah (lihat Catatan 5 dan 6), yang menjadi subyek untuk memenuhi netting arrangements dan perjanjian serupa, yang tidak saling hapus pada laporan posisi keuangan.

The Company has borrowing and securities issued collaterised by fiduciary of consumer and murabahah financing receivable (see Note 5 and 6), which are subject to enforceable netting arrangements and similar agreements, that are not set off in the statements of financial position.








47. SALING HAPUS (lanjutan) 47. OFFSETTING (continued) Perseroan memiliki aset dan liabilitas keuangan derivatif yang tunduk pada perjanjian induk untuk menyelesaikan secara neto, dimana perjanjian antara Perseroan dan pihak counterparty memperbolehkan penyelesaian neto atas aset dan liabilitas keuangan tersebut ketika kedua pihak memilih untuk menyelesaikan dengan dasar neto. Ketika kedua pihak tidak memilih untuk menyelesaikan secara neto, aset dan liabilitas keuangan diselesaikan dengan dasar bruto, akan tetapi masing-masing pihak dalam perjanjian induk mempunyai opsi untuk menyelesaikan jumlah-jumlah tersebut dengan dasar neto pada peristiwa di mana terjadi gagal bayar salah satu pihak.

The Company has derivative assets and liabilities that are subject to enforceable master netting arrangements whereas the agreement between the Company and the counterparty allows for net settlement of the relevant financial assets and liabilities when both elect to settle on a net basis. Otherwise, financial assets and liabilities will be settled on a gross basis. However, each party to the master netting agreement will have the option to settle such amount on a net basis in the event of default of the other party.

48 STANDAR AKUNTANSI YANG TELAH DISAHKAN NAMUN BELUM BERLAKU EFEKTIF

48. ACCOUNTING STANDARD ISSUED BUT NOT YET EFFECTIVE

Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (DSAK-IAI) telah menerbitkan standar baru, amandemen dan interpretasi berikut, namun belum berlaku efektif untuk tahun buku yang dimulai pada 1 Januari 2018 sebagai berikut :

Financial Accounting Standard Board of Indonesian Institute of Accountants (DSAK-IAI) has issued the following new standards, amendments and interpretations, but not yet effective for the financial year beginning 1 January 2018 as follows :

ISAK 33 "Transaksi Valuta Asing dan Imbalan di

Muka" ISAK 34 “Ketidakpastian dalam Perlakuan Pajak

Penghasilan” Amandemen PSAK 24 ”Imbalan Kerja:

Amandemen, Kurtailmen, atau Penyelesaian Program”

Penyesuaian Tahunan 2018 PSAK 22 “Kombinasi Bisnis”

Penyesuaian Tahunan 2018 PSAK 26 “Biaya Pinjaman”

Penyesuaian Tahunan 2018 PSAK 46 “Pajak Penghasilan”

Penyesuaian Tahunan 2018 PSAK 66 “Pengendalian Bersama”

ISFAS 33 "Foreign Currency Transactions and Advance Consideration"

ISFAS 34 “Uncertainty over Income Tax Treatments”

The amendments to SFAS 24 ”Employee Benefits: Plan amendment, Curtailment or Settlement”

Annual Improvement 2018 SFAS 22 “Business combination”

Annual Improvement 2018 SFAS 26 “Borrowing Cost”

Annual Improvement 2018 SFAS 46 “Income Taxes”

Annual Improvement 2018 SFAS 66 “Joint Arrangements”

Standar tersebut akan berlaku efektif pada 1 Januari 2019.

The above standards will be effective on 1 January 2019.

PSAK 71 "Instrumen Keuangan" PSAK 72 "Pendapatan dari Kontrak dengan

Pelanggan" PSAK 73 “Sewa” Amendemen PSAK 15 "Investasi pada Entitas

Asosiasi dan Ventura Bersama: Kepentingan Jangka Panjang pada Entitas Asosiasi dan Ventura Bersama"

Amandemen PSAK 62 “Kontrak asuransi - Menerapkan PSAK 71: Instrumen Keuangan”

Amendemen PSAK 71 "Instrumen Keuangan: tentang Fitur Percepatan Pelunasan dengan Kompensasi Negatif"

SFAS 71 "Financial Instruments" SFAS 72 "Revenue from Contracts with Customers"

SFAS 73 “Leases” The amendments to SFAS 15 "Investments in

Associates and Joint Ventures: Long-term Interests in Associates and Joint Ventures"

The amandements to SFAS 62 "Insurance contract - Implementation of SFAS 71: Financial Instruments”

The amendments to SFAS 71 "Financial Instruments: Prepayment Features with Negative Compensation"



PSAK 112 "Akuntansi Wakaf" SFAS 112 "Accounting for Endowments"










48 STANDAR AKUNTANSI YANG TELAH DISAHKAN NAMUN BELUM BERLAKU EFEKTIF (lanjutan)

48. ACCOUNTING STANDARD ISSUED BUT NOT YET EFFECTIVE (continued)

Pada saat penerbitan laporan keuangan Perseroan masih mempelajari dampak yang mungkin timbul dari penerapan standar baru dan revisi tersebut serta pengaruhnya pada laporan keuangan Perseroan.

As at the authorisation date of these financial statements, the Company is still evaluating the potential impact of these new and revised standards to the Company’s financial statements.


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PT Adira Dinamika Multi Finance TbkThe Landmark I Lantai 26-31Jl. Jenderal Sudirman No. 1Jakarta 12910Phone : +6221 5296 3322, +6221 5296 3232 Facsimile : +6221 5296 4159Website : www.adira.co.id

Annual Report 2018

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