Agistya Maharani Joner - 29322324

PT Global Mediacom (BMTR)

Kuis
1 Valuation
PER = Price Per Share/ Earning Per Share
Based on https://indopremier.com/ipotgo/lp-fundamental.php?code=bmtr&quarter=4 & RTI per 3 October 2023

PER of PT BMTR fluctuates from 2017 to 2022. In 2017 to 2019 the PER decline from 16.96 x to 3.79x, then increase again in 2020 to 5.27x. PER is exp
increasing sharply in July 2023 to 10,63x. Per 3 October 2022, the Price Earnings Ratio decrease to 5.31x. An increasing PER often indicates that inves
rupiah of the company's earnings. This can be seen as a bullish sign, suggesting confidence in the company's future earnings potential. The PER is und
undervalued stock category as of October 2022. Price-To-Earnings vs Peers: BMTR is good value based on its Price-To-Earnings Ratio (4.2x) compared
good value based on its Price-To-Earnings Ratio (4.2x) compared to the Asian Media industry average (18.2x).
 PER of PT BMTR fluctuates from 2017 to 2022. In 2017 to 2019 the PER decline from 16.96 x to 3.79x, then increase again in 2020 to 5.27x. PER is exp
increasing sharply in July 2023 to 10,63x. Per 3 October 2022, the Price Earnings Ratio decrease to 5.31x. An increasing PER often indicates that inves
rupiah of the company's earnings. This can be seen as a bullish sign, suggesting confidence in the company's future earnings potential. The PER is und
undervalued stock category as of October 2022. Price-To-Earnings vs Peers: BMTR is good value based on its Price-To-Earnings Ratio (4.2x) compared
good value based on its Price-To-Earnings Ratio (4.2x) compared to the Asian Media industry average (18.2x).

PBV of PT BMTR fluctuates from 2017 to 2021 and remain constant in 2022-2023. The PBV of BMTR as of 3 October 2023 is about 0.30x . BMTR price
which indicated that stock is undervalue. A decreasing PBV can be seen as a bearish sign. It may suggest that investors are less willing to pay a prem
which could reflect concerns about asset quality or doubts about the company's ability to generate value from its assets but an increasing PBV sugges
more for the company's net assets (book value). This can indicate optimism about the company's asset base, potential for future growth, or even a be

2 Company Performance (Moats) -Based on The Warrant Buffet His Tenant Indicator

The assessment based on ratio Financial Report Quarter 3 2022 & 2021 (Sheet Ratio), and also 5 year growth 2019-July 2023 of Growth Margin, Oper
Business Tenets Description
1 Is the business simple and easy to understand? Yes, BMTR is content and advertising-based media, so it is simple and easy
2 Does the business have a consistent operating history? Yes, the business has a consistent operating history. It has been profitable
3 Does the business have favorable long-term prospect? The business has a favorable long-term prospect. The media industry is gro
to capitalize on this growth. The company has a strong brand and a large au
platforms, which will help it to stay ahead of the competition.

Management Tenets
1 Is management rational?
Yes the management is rational, management make a decision based on th
made significant investments in new technologies and platforms, which sug
BMTR has a many of report of investor relation the their website. They pub
financial highlight and financial statement every quartal and period.
2 Is management candid with its shareholders? Global Mediacom's management team is generally considered to be candid
updates on its financial performance and strategic plans. Management also
investor relations events and conference calls. Company also has sharehold

3 Does management resist the institutional imperative? There is some evidence that Global Mediacom's management resists the in
made significant investments in new technologies and platforms, even thou
profits.

Financial Tenets
1 Focus on return on equity, not earnings per share Refer to No.1, BMTR is one of the company that focus on ROE, the ROE is in
company's still have a good ability to return net income using its equity cap
resources efficiently and generating a good return for its shareholders.

2 Calculate shareholders "intrinsic value"
3 Look for companies with high profit margins
4 Make sure the "value added" is greater than 1
Market Tenets
1 What is the "intrinsic value" of the business?
Refer to No.1, BMTR is one of the company that focus on ROE, the ROE is in
company's still have a good ability to return net income using its equity cap
resources efficiently and generating a good return for its shareholders.
The stock market price of BMTR is 282 and the book value pershare is 925,
Intrinsic Value https://site.financialmodelingprep.com/discounted-cash-fl
The profit margin of BMTR is consideres high refer to IS 5yr sheet. The com
50%, Operating margin is about 39% and Net Margin is about 16%.
Calculation of value added is in sheet BS (5YR) and IS (5yr)
The RE Growth is more than 1 and higher than profit Growth
The intrinsic value of a business is the value of the business based on its un
flow, and earnings potential. It is the value that a rational buyer would be w
all of the information about the business and that the buyer was not under
share of 38.26, BMTR is currently trading at a premium to its intrinsic valu
company's future growth prospects.
 The intrinsic value of a business is the value of the business based on its un
flow, and earnings potential. It is the value that a rational buyer would be w
all of the information about the business and that the buyer was not under
share of 38.26, BMTR is currently trading at a premium to its intrinsic valu
company's future growth prospects.

2 Can the business be purchased at a discount to it's market value ? It is possible that BMTR could be purchased at a discount to its market va
prices. There are a number of factors that could lead to a discount. For exa
decline in advertising revenue or a regulatory challenge, its stock price cou

This indicator above is taken from the analysis of BMTR in PPT previously in UTS of Financial Acc and Control:

Point Indicator Y/N

Consistency in earnings
1 Y
Consistency in low debt
Y
Consistency in low spending, capital expenditure
N
Consistency growing earnings
Y
Consistent in profitability
Y
Income Statement
2
Net income consistence growth
Y
%Gross Margin
Y
%Net Margin
Y
Balance Sheet
3
Steady Grow in RE : Profitable & identifies good reinvesting
opportunity Y
 ROE
Y
Return on net tangible assets
N
Years to pay of long term debts
Y
Cash Flow
4
% of Capital expenditure
N

Categorized as a good company. For the improvement, Management should allocate their future capital expenditure more efficient
and also enhance the productivity of its assets to produce more future economic benefit.

3 Growth Story (From News)

There is news circulating that PT Global Mediacom Tbk (BMTR) and PT Media Nusantara Citra Tbk (MNCN) will merge. This news was revealed from a
capital market players, Lukas Setia Atmaja. In his account, he uploaded a photo of value investor Lo Kheng Hong and the boss of MNC Group, Harry Ta
contains a caption noting that one of the triggers for the increase in BMTR and MNCN share prices today, Thursday (28/7/2022), was because there w
during the general meeting of shareholders (GMS). - CNBC News

The prospect of digital growth in Indonesia can be a positive catalyst for PT Global Mediacom Tbk (BMTR) as the parent media issuer in the MNC Grou

MNC Group Chairman Hary Tanoesoedibjo said that internet use is increasingly dominant in Indonesia, thus pushing advertising budgets for advertisin
other hand, the growth of the advertising business on television is seen as experiencing a slowdown.

Hary, who is also the President Director of BMTR, believes that advertising companies will shift advertising budgets towards digital in line with the ma
non-digital or television advertising is seen as growing more slowly.

In 2024, the advertising business will dominate 51 percent digitally, be it on social media, streaming, etc. So advertising spending will run there

BMTR's digital advertising business revenue throughout 2022 experienced growth of 25 percent year-on-year (yoy) to IDR 2.5 trillion, compared to th
Content and IP business revenue also grew 22 percent yoy to IDR 1.79 trillion. -idxchannel.com
The Summary
Indicator Description
Undervalue Based on PER and PBV, the stock of BMTR is undervalue
The company is a wonderful company based on the warren buffet indicato
Wonderful moats
Based on the news, BMTR has a possibility to merge with PT Media Nusant
prospect of digital growth in Indonesia can be a positive catalyst for PT Glo
Having future growth parent media issuer in the MNC Group.
Price-To-Earnings vs Peers: BMTR is good value based on its Price-To-Earnings Ratio (4.2x) compared to the peer average (14.9x).

BMTR is good value based on its Price-To-Earnings Ratio (4.2x) compared to the Asian Media industry ave
en increase again in 2020 to 5.27x. PER is experiencing decline again to 2020 and
. An increasing PER often indicates that investors are willing to pay more for each
ny's future earnings potential. The PER is under 10x which indicates that
on its Price-To-Earnings Ratio (4.2x) compared to the peer average (14.9x). BMTR is
8.2x).
 en increase again in 2020 to 5.27x. PER is experiencing decline again to 2020 and
. An increasing PER often indicates that investors are willing to pay more for each
ny's future earnings potential. The PER is under 10x which indicates that
on its Price-To-Earnings Ratio (4.2x) compared to the peer average (14.9x). BMTR is
8.2x).

f 3 October 2023 is about 0.30x . BMTR price to book value is always under 1
st that investors are less willing to pay a premium for the company's book value,
e from its assets but an increasing PBV suggests that investors are willing to pay
base, potential for future growth, or even a belief that the assets are undervalued.

owth 2019-July 2023 of Growth Margin, Operating Margin and Net Margin in sheet IS (5 yr)
Description
ertising-based media, so it is simple and easy to understand in this technology and media world.
tent operating history. It has been profitable for many years and has grown steadily over time. refer to IS (5yr) sheet
long-term prospect. The media industry is growing in Indonesia and Global Mediacom is well-positioned
he company has a strong brand and a large audience. It is also investing in new technologies and
o stay ahead of the competition.

nal, management make a decision based on the logic and reasonable actions. The company has also
in new technologies and platforms, which suggests that management is thinking about the long term.
f investor relation the their website. They published the corporate update, prospectus, annual reports,
al statement every quartal and period.
ment team is generally considered to be candid with its shareholders. The company provides regular
rmance and strategic plans. Management also engages with shareholders on a regular basis through
conference calls. Company also has shareholder services in their website.
Global Mediacom's management resists the institutional imperative. For example, the company has
in new technologies and platforms, even though these investments may not generate immediate

f the company that focus on ROE, the ROE is increasing from 2017 to 2019 and declining to 2023 but The
bility to return net income using its equity capital. A high ROE indicates that a company is using its
erating a good return for its shareholders.
f the company that focus on ROE, the ROE is increasing from 2017 to 2019 and declining to 2023 but The
bility to return net income using its equity capital. A high ROE indicates that a company is using its
erating a good return for its shareholders.

TR is 282 and the book value pershare is 925,95. It means that the stock price is undervalues
nancialmodelingprep.com/discounted-cash-flow-model/BMTR.JK

consideres high refer to IS 5yr sheet. The company has a high Gross Margin in 2020 to 2022 is about
ut 39% and Net Margin is about 16%.

in sheet BS (5YR) and IS (5yr)

1 and higher than profit Growth

ess is the value of the business based on its underlying fundamentals, such as its assets, liabilities, cash
It is the value that a rational buyer would be willing to pay for the business, assuming that the buyer had
he business and that the buyer was not under any time pressure to buy. Based on the equity value per
ently trading at a premium to its intrinsic value. This suggests that the market is optimistic about the
ospects.
ess is the value of the business based on its underlying fundamentals, such as its assets, liabilities, cash
It is the value that a rational buyer would be willing to pay for the business, assuming that the buyer had
he business and that the buyer was not under any time pressure to buy. Based on the equity value per
ently trading at a premium to its intrinsic value. This suggests that the market is optimistic about the
ospects.

d be purchased at a discount to its market value because the intrinsic value is higher than market
f factors that could lead to a discount. For example, if the company is facing a short-term crisis, such as a
e or a regulatory challenge, its stock price could fall below its intrinsic value.

Remarks
The growth of net income not really significant but it tends to grow and
stable. Only in 2015 the company net income decrease.
Company has a low debt compare to its assets and liabilities

Comparing 10 years capital expenditure shows that the company has big
capex compare to its earnings.
The Company net income tends to fluctuate but categorized as stable

The company profitability tends to fluctuate but not significantly

The company net income tends to fluctuate but not significantly

Good percentage above warren buffet standard

Good percentage above warren buffet standard

Comparing 9 years growth of Retained Earnings. The company's retained

earnings tend to increase.
 The company's ability to earn net income using its equity capital

Company is not efficient in using its earning to generate tangible assets

for the company
Company has a good position that they can pay all of its term less than 4
years (around 2 years)

Company has a big capital expenditure in its PPE. The biggest amount is
from construction in progress addition which estimated to be completed
within 1-2 years, percentage of completion range is 25% to 90% as of

tal expenditure more efficient

N) will merge. This news was revealed from an Instagram upload by one of the
ng Hong and the boss of MNC Group, Harry Tanoesoedibjo. The upload also
y, Thursday (28/7/2022), was because there was information regarding the merger

R) as the parent media issuer in the MNC Group.

hus pushing advertising budgets for advertising companies towards digital. On the

ng budgets towards digital in line with the massive use of the internet. Meanwhile,

. So advertising spending will run there

n-year (yoy) to IDR 2.5 trillion, compared to the end of 2021 of IDR 2.02 trillion.
ock of BMTR is undervalue V
company based on the warren buffet indicator
V
s a possibility to merge with PT Media Nusantara Citra Tbk (MNCN) and the
ndonesia can be a positive catalyst for PT Global Mediacom Tbk (BMTR) as the
NC Group. V
ared to the peer average (14.9x).

red to the Asian Media industry average (18.2x).

PT GLOBAL MEDIACOM
CONSOLIDATED INCOME STATEMENTS
annualized blm di annualize
Year Ended July 2023 2019 2020 2021 2022 June 2023 June 2023

REVENUES 12,936,503 12,064,088 13,976,648 12,233,495 11,816,100 5,908,050

DIRECT COST 5,334,930 5,011,592 6,197,573 5,257,886 5,736,788 2,868,394
GROSS PROFIT 7,601,573 7,052,496 7,779,075 6,975,609 6,079,312 3,039,656
Operating Expenses
General and administrative expenses (2,297,978) (2,264,014) (2,269,890) (2,044,137) (1,976,036) (988,018)
Selling, General and Administrative Expenses (1,561,028) (1,525,589) (1,561,750) (1,557,845) (1,407,714) (703,857)
General and Administrative Expenses (1,200,696) (1,222,877) (1,167,058) (1,158,077) (1,071,568) (535,784)
Selling and Marketing Expenses (360,332) (302,712) (394,692) (399,768) (336,146) (168,073)
Other Expenses (736,950) (738,425) (708,140) (486,292) (568,322) (284,161)
EBITDA 5,303,595 4,788,482 5,509,185 4,931,472 4,103,276 2,051,638
Depreciation and Amortization - General adm and (378,125) (404,258) (454,754) (517,415) (520,830) (260,415)
Depreciation and Amortization - Direct Cost (1,283,914) (1,173,744) (1,195,784) (1,156,871) (1,158,064) (579,032)
EBIT 3,641,556 3,210,480 3,858,647 3,257,186 3,582,446 1,212,191
Loss on foreign exchange - net 211,138 (144,787) (43,774) (192,567) 71,454 35,727
Finance charges (964,328) (872,509) (799,595) (559,133) (786,080) (393,040)
Interest income 42,185 32,418 43,070 54,974 49,008 24,504
Other - net (22,919) (1,317) (1,502) (1,436) 338,622 169,311
PROFIT BEFORE TAX 2,907,632 2,224,285 3,056,846 2,559,024 3,255,450 1,048,693
INCOME TAX EXPENSES (590,195) (423,256) (605,707) (498,168) (195,826) (195,826)
NET INCOME FOR THE PERIOD 2,317,437 1,801,029 2,451,139 2,060,856 3,059,624 852,867
https://emiten.kontan.co.id/perusahaan/102/Global-Mediacom-Tbk

Growth 2020 2021 2022

Revenue - -6.74% 15.85% -12.47%
Operating Income - -9.71% 15.05% -10.49%
Net Income - -22.28% 36.10% -15.92%
NI Growth -261.99% -144.11%

Margins 2020 2021 2022

Gross Margin - 58.46% 55.66% 57.02%
Operating Margin - 41.00% 39.69% 39.42%
Net Margin - 14.93% 17.54% 16.85%

Indonesian Tax

Annualize No Annualize
General and Administrative Expenses 2019 2020 2021 2022 Jun-23 Jun-23
Salaries and allowances 983,839 975,161 909,182 874,341 400,908
Depreciation and amortization 313,221 345,810 427,584 490,323 243,430
Advertising and marketing 360,332 302,712 394,692 399,768 168,073
Professional Fees 112,463 147,416 154,169 150,366 77,555
Rent 104,394 100,300 103,707 133,370 57,321
Other 736,950 738,425 708,140 486,292 284,161
2,611,199 2,609,824 2,697,474 2,534,460 1,231,448

Finance Charges
Interest Expenses 789,313 760,535 667,870 536,733 382,825
Loan emission amortization 64,904 58,448 27,170 27,092 16,985
Others 175,015 111,974 131,725 22,400 10,215
964,328 872,509 799,595 559,133 393,040
depre & amotization 378,125 404,258 454,754 517,415 260,415
di annualize

a
 30-Jun-23 31-Dec-22 31-Dec-21
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Related party 935,614 837,946 792,090
Third parties 528,635 538,958 572,950
Other financial assets - current 279,876 270,041 321,269
Trade accounts receivable

Related parties 22,323 20,831 21,488

Third parties 3,479,005 3,485,301 3,337,694
Other accounts receivable
Related parties 90,033 113,187 118,762
Third parties 380,409 381,263 486,475
Inventories - net 4,076,563 4,085,527 3,771,658
Advances and prepaid expenses 1,096,715 1,099,834 1,053,208
Prepaid taxes 109,897 106,990 104,651
Total Current Assets 10,999,070 10,939,878 10,580,245

NON-CURRENT ASSETS 30-Jun-23 31-Dec-22 31-Dec-21

Deferred tax assets - net 656672 695,323 634,098
Investment advances 1,353,595 1,108,771 1,103,309
Investments in associates 712,549 749,783 762,023
Other financial assets - non-current 835,755 826,887 981,346
Investment properties - net 8,077 8,345 9,059
Right-of-use assets - net 97,322 89,523 84,997

Property and equipment 14,736,445 14,489,640 14,113,058

Goodwill 3,803,237 3,803,237 3,803,237
Intangible assets - net 2,009,776 2,020,914 1,612,784
Land for development 825,154 825,154 92,743
Other assets 367,726 354,734 331,256
Total Non-current Assets 25,406,308 24,972,311 23,527,910

TOTAL ASSETS 36,405,378 35,912,189 34,108,155

LIABILITIES AND EQUITY
CURRENT LIABILITIES
30-Jun-23 31-Dec-22 31-Dec-21
Bank loans 1,216,954 1,135,753 901,418
Trade accounts payable
Related parties 10,605 13,653 16,555
Third parties 755,355 727,048 839,736
Other accounts payable
Related parties 11,164 13,116 25,543
Third parties 230,455 289,009 421,610
Unearned revenues 12,062 19,359 22,990
Taxes payable 94,949 79,559 91,817
Accrued expenses 18,400 16,727 80,623
Customer deposits 13,991 15,188 22,125
Current maturities of long-term liabilities
Long-term loans 1,237,210 999,358 3,100,205
Lease liabilities/finance lease obligation 27,730 29,232 27,978
Bonds payable 1,112,604 1,106,614 1,468,149
Sukuk Ijarah payable 539,223 534,603 505,745
Total Current Liabilities 5,280,702 4,979,219 7,524,494

31-Dec-22 31-Dec-21
NON-CURRENT LIABILITIES

Deferred tax liabilities - net 135,066 156,403 179,894

Long-term liabilities - net of current maturities

Long-term loans 2,175,731 2,834,688 1,775,756

Lease liabilities/Finance lease obligation 59,320 24,287 26,458

Bonds payable 628,176 630,116 441,278

Sukuk Ijarah payable 403,833 406,397 44,858

Employee benefits obligation 240,683 232,162 237,311
Total Non-Current Liabilities 3,642,809 4,284,053 2,705,555

TOTAL LIABILITIES 8,923,511 9,263,272 10,230,049

EQUITY 30-Jun-23 30-Sep-22 31-Dec-21

Equity attributable to the owners of the

Company

Capital stock - Rp100 par value per share

Authorized - 55,750,000,000 shares Issued and
paid-up - 16,583,997,586 shares at September
30, 2022 and December 31, 2021 1,658,400 1,658,400 1,658,400

Additional paid-up capital 1,801,390 1,801,390 1,801,390

Other capital 8,799 8,799 8,799

Equity transaction and change in equity of

subsidiaries -674,799 -646,949 (626,808)
Other components of equity 237,034 229,101 -104,848
Retained earnings

Appropriated 15,000 14,000 13,000

Unappropriated 12,658,063 12,218,905 11,042,535

Total 15,703,887 15,283,646 13,792,468

Less treasury stocks -347,895 -347,895 -347,895

Total Equity attributable to the owners of the

Company 15,355,992 14,935,751 13,444,573
Non-controlling interests 12,125,875 11,713,166 10,433,533
TOTAL EQUITY 27,481,867 26,648,917 23,878,106
TOTAL LIABILITIES AND EQUITY 36,405,378 35,912,189 34,108,155
RE % of revenue 0.11% 0.09%
RE Growth 7.69% 7.69%
 31-Dec-20 31-Dec-19 Fluctuation %

708,899 566,781 45,856 5.79%

196,037 258,974 (33,992) -5.93%
329,481 268,112 (51,228) -15.95%

39,676 50,613 (657) -3.06%

3,340,140 3,155,636 147,607 4.42%

138,812 55,364 (5,575) -4.69%

148,944 108,497 (105,212) -21.63%
3,576,769 3,212,295 313,869 8.32%
1,258,840 1,002,555 46,626 4.43%
121,599 143,308 2,339 2.24%
9,859,197 8,822,135 359,633 3.40%

31-Dec-20 31-Dec-19 Fluctuation %

648,079 535,006 61,225 9.66%
875,079 712,135 5,462 0.50%
186,000 255,695 (12,240) -1.61%
1,127,133 1,537,031 (154,459) -15.74%
9,774 10,488 (714) -7.88%
99,729 0 4,526 5.32%

14,108,866 13,556,208 376,582 2.67%

3,802,818 3,795,284 - 0.00%
1,200,628 600,987 408,130 25.31%
0 0 732,411 789.72%
344,257 329,824 23,478 7.09%
22,402,363 21,332,658 1,444,401 6.14%

32,261,560 30,154,793 1,804,034 5.29%

 Fluctuation %
1,086,663 1,373,947 234,335 26.00%

17,326 73,919 (2,902) -17.53%

802,041 1,148,043 (112,688) -13.42%

16,482 24,980 (12,427) -48.65%

491,674 504,025 (132,601) -31.45%
25,666 34,090 (3,631) -15.79%
121,814 168,759 (12,258) -13.35%
145,726 325,035 (63,896) -79.25%
12,919 14,892 (6,937) -31.35%

1,887,299 1,784,419 (2,100,847) -67.76%

46,511 59,964 1,254 4.48%
327,681 774,435 (361,535) -24.63%
294,060 149,687 28,858 5.71%
5,275,862 6,436,195 (2,545,275) -33.83%

31-Dec-20 31-Dec-19 Fluctuation %

181,465 101,324 (23,491) -13.06%

4,231,580 4,754,180 1,058,932 59.63%

28,200 25,937 (2,171) -8.21%

1,214,590 845,514 188,838 42.79%

253,141 248,900 361,539 805.96%

 292,401 371,337 (5,149) -2.17%
6,201,377 6,347,192 1,578,498 58.34%

11,477,239 12,783,387 (966,777) -9.45%

31-Dec-20 31-Dec-19 Fluctuation % Growth

1,658,400 1,533,451 - 0.00%

1,801,390 1,631,383 - 0.00%

8,799 8,799 - 0.00%

-486,318 -276,384 (20,141) 3.21%

-78,302 -100,215 333,949 -318.51%

12,000 11,000 1,000 7.69%

9,667,598 8,745,473 1,176,370 10.65%
12,583,567 11,553,507 1,491,178 10.81%
-347,895 -485,356 - 0.00%

12,235,672 11,068,151 1,491,178 11.09%

8,548,649 6,303,255 1,279,633 12.26%
20,784,321 17,371,406 2,770,811 11.60%
32,261,560 30,154,793 1,804,034 5.29%
0.10% 0.09%
8.33% 9.09%
15,314,794

14,205,801

35238444
740,701
333.41%
8950240

26288204
856,291 (115,590) -13.50%
 30-Sep-22 31-Dec-21
ASSETS
CURRENT ASSETS
Cash and cash equivalents

Related party 974,563 792,090

Third parties 516,125 572,950

Other financial assets - current 250,781 321,269

Trade accounts receivable - net of allowance for impairment losses
Rp123,276 million at September 30, 2022 and Rp120,207 million at
December 31, 2021

Related parties 18,229 21,488

Third parties 3,396,328 3,337,694

Other accounts receivable - net of allowance for impairment losses

of Rp15,262 million at September 30, 2022 and Rp15,253 million at
December 31, 2021
Related parties 106,153 118,762
Third parties 226,974 486,475

Inventories - net 3,977,475 3,771,658

Advances and prepaid expenses 1,027,379 1,053,208

Prepaid taxes 103,555 104,651
Total Current Assets 10,597,562 10,580,245

NON-CURRENT ASSETS
Deferred tax assets - net 640,417 634,098
Investment advances 1,101,684 1,103,309
Investments in associates 792,523 762,023
Other financial assets - non-current 767,063 981,346
Investment properties - net 8,523 9,059
Property and equipment - net of accumulated depreciation of
Right-of-use
Rp13,238,025assets - net
million at September 30, 2022 and Rp12,157,552 85,790 84,997
million at December 31, 2021 14,381,669 14,113,058
Goodwill 3,803,237 3,803,237
Intangible assets - net 1,961,635 1,612,784
Land for development 780,364 780,364
Other assets 317,977 331,256
Total Non-current Assets 24,640,882 24,215,531

TOTAL ASSETS 35,238,444 34,795,776

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Bank loans 1,079,665 901,418
Trade accounts payable
Related parties 12,052 16,555
Third parties 772,907 839,736
Other accounts payable
Related parties 10,591 25,543
Third parties 305,396 421,610
Unearned revenues 20,920 22,990
Taxes payable 88,510 91,817
Accrued expenses 25,662 80,623
Customer deposits 13,984 22,125
Current maturities of long-term liabilities
Long-term loans 1,063,975 3,100,205
Lease liabilities/finance lease obligation 32,113 27,978
Bonds payable 1,102,151 1,468,149
Sukuk Ijarah payable 533,148 505,745
Total Current Liabilities 5,061,074 7,524,494

WORKING CAPITAL (5,536,488) (3,055,751)

NON-CURRENT LIABILITIES
Deferred tax liabilities - net 146,004 179,894
Long-term liabilities - net of current maturities
Long-term loans 2,425,397 1,775,756
Lease liabilities/Finance lease obligation 28,929 26,458
Bonds payable 632,051 441,278
Sukuk Ijarah payable 406,241 44,858
Employee benefits obligation 250,544 237,311
Total Non-Current Liabilities 3,889,166 2,705,555

TOTAL LIABILITIES 8,950,240 10,230,049

EQUITY
Capital stock - Rp100 par value per share Authorized -
Equity attributable
55,750,000,000 to the
shares owners
Issued of the Company
and paid-up - 16,583,997,586 shares
at September 30, 2022 and December 31, 2021 1,658,400 1,658,400
Additional paid-up capital 1,801,390 1,801,390
Other capital 8,799 8,799
Equity transaction and change in equity of subsidiaries (632,984) (626,808)
Other components of equity 458,450 477,640
Retained earnings
Appropriated 14,000 13,000
Unappropriated 11,893,131 11,042,535
Total 15,201,186 14,374,956
Less treasury stocks (347,895) (347,895)
Total Equity attributable to the owners of the Company 14,853,291 14,027,061
Non-controlling interests 11,434,913 10,538,666

TOTAL EQUITY 26,288,204 24,565,727

TOTAL LIABILITIES AND EQUITY 35,238,444 34,795,776
Fluctuation %

182,473 23.04%

(56,825) -9.92%

(70,488) -21.94%

(3,259) -15.17%

58,634 1.76%

(12,609) -10.62%
(259,501) -53.34%

205,817 5.46%

(25,829) -2.45%
(1,096) -1.05%
17,317 0.16%

6,319 1.00%
(1,625) -0.15%
 30,500 4.00%
(214,283) -21.84%
(536) -5.92%
793 0.93%
268,611 1.90%
- 0.00%
348,851 21.63%
- 0.00%
(13,279) -4.01%
425,351 1.76%

442,668 1.27%

178,247 19.77%

(4,503) -27.20%
(66,829) -7.96%

(14,952) -58.54%
(116,214) -27.56%
(2,070) -9.00%
(3,307) -3.60%
(54,961) -68.17%
(8,141) -36.80%

(2,036,230) -65.68%
4,135 14.78%
(365,998) -24.93%
27,403 5.42%
(2,463,420) -32.74%
 (33,890) -18.84%

649,641 36.58%
2,471 9.34%
190,773 43.23%
361,383 805.62%
13,233 5.58%
1,183,611 43.75%

(1,279,809) -12.51%

- 0.00%
- 0.00%
- 0.00%
(6,176) 0.99%
(19,190) -4.02%

1,000 7.69%
850,596 7.70%
826,230 5.75%
- 0.00%
826,230 5.89%
896,247 8.50%

1,722,477 7.01%
442,668 1.27%
Analysis

Cash and cash equivalent has been increased overall. This account consist of Cash on hand and Cash in Bank.
The company also has a deposits in bank which has interest rates per annum 0,25% and 7,75% in Rupiah and
0,20%-2,38% in USD. In 2022, company add their deposits placement with related party amounted 186.686.

Other financial assets consists of equity securities held for trading, unit linked, mutual funds, and restricted
cash in banks and time deposit. The decrease is mostly come from restricted cash which decline about
48,89% from last year. This restricted cash were used as collaterals.

Consist of advertising and content, pay TV and broadband, and others. The increase of trade account payable
is mostly come from third party which the item is advertising and content rose about 4.57% or about
132,144. The average period of credit sales is 30 days until 90 days. The credit sales through advertising
agency takes longer time to collect than the average credit period since the agency needs to wait for
payment from advertiser before it pays the Group. No interest is charged on trade accounts receivable which
are already due.

Consist of advertising and content, pay TV and broadband, and others. The decrease is mostly from third
party item advertising and content about 66,49% or 280,520.

The inventory consist of program and non program. Program divided into inventory local and import, the
increase is from inventory local which about 1,15% or 63,537. Declining of charges in current year expense
which as a deduction item to inventory in 2022 is also contribute to the increasing of inventories from 2021
to 2022. Inventories for program were not insured against risk of loss from fire of theft because the fair value
of inventories could not be established for the purpose of insurance. In the event of fire and theft, the Group
can request a new copy of the film from distributor, as long as the film is not yet aired and has not yet
expired.

This consists of program advances, prepaid expense and other advances. The decrease is mostly from
declining of prepaid expense about -11,98%. Program advances represent advance payment for purchases of
local and foreign programs and in-house production program.
In December 2021, MVN, a subsidiary, has investment in associated in PT Teknologi Migo Indonesia (MIGO)
with ownership of 40%. The increase is due to additional investment in MIGO amount to 30,500.
The
This Group
account has significant
consists influence in
of Investment in PT MNCconvertible
stocks, Wahana Wisata (MWW)
bonds, although
mandatory the Groupbonds,
exchangeble holds and
less than
20%
restricted cash in bank. Decrease in 2022 come from investment in stock amount to decline 87,913meetings.
of the equity shares in associates and it has less than 20% of the voting power at shareholder or
The investments
10,29%. in MWW
Convertible bondsareandheld primarily
Mandatory for long-term
exchangeble growth
bonds potential,
(PT Sirau Mas since these
Jaya) also companies
decline areto
to 0 due
engaged in the media industry similar to the Group.
the Company divested the subsidiary therefore has not consolidated in the Company and MEB from East
Ocean Asset Co Ltd has been settled in 2022.
There is a slightly increase in Right-of-use assets due to addition of lease asset amount to 18.008. The right
This account
of use represents
asset will impact to the excess
lease of acquisition cost over the Company’s interest in the fair value of the net
liabilities.
assets of subsidiaries acquired. There is no change in the amount of goodwill. In performing goodwill
This accounttesting,
impairment represents land for development
the recoverable amount was owned by PTbyMNC
assessed Movieland
reference Indonesia
to the subsidiary
cashchannel
generating of MSIN
unit’s value in
Intangible
with 21,05 assets
Ha of consists
land of digital
located in PT streaming
MNC Lido platform,
City area, subscriber
Sukabumi, acquisition
Bogor. Thecost,
land will be acquisition
developed ascost,
use.
broadcast
Movielandactivities license andproduction
with an integrated others. Mostly all type ofparticularly
infrastructure intangible assets are increased.
for movie production,Only
OTTchannel
and television
acquisition cost which remain the same with prior year.
drama. The aquisition cost of this land is Rp 92,743, which acquired in 2020. In 2021, the revalued amounted
to Rp 780,364.
Mostly the item of other assets (advances purchase property and equipment,refundable deposit, advances
for operating activities, and others experiencing decrease in amount.

Overall Assets are increasing compare to prior year. The increase mostly from cash and cash equivalent
related party which grow 23,04% (182,473), inventory increase about 5.46% (205,817), property and
equipment 1.90% (268,611), intangible assets (348,851).

Consists of 6 banks.The increase is mostly come from Bank Mayapada (50% increase from prior year) as a
working capital credit facility. There is 2 new bank loans compare to prior year which is from Bank Central
Asia and Bank J Trust Indonesia. The increase in line with the increase of proceed bank loan in cash flows
statement

Trade acc payable consist of transaction with related party and third party. The decrease is in line with the
decrease of cash paid to supplier in cash flows statement.

There is a decrease in taxes payable due to the decrease of Value added tax - net

Due in one year. Consists of 13 banks. The objective of long-tem loan are to fund company project and other
company operating activities

Consists of sustainable bonds 1,2,3 with the A,B,C series. Bonds with fixed interest rate.
Consists of sustainable sukuk ijarah 1,2,3 with the A,B,C series.
The Company offered Sustainable Public
Offering Global Mediacom Sustainable
Bonds II Stage 1 Year 2020 amounting
Rp700,000 million and Rp 600.000.

There is an increase in Retained Earnings 7,7% or 851,696. Dividend paid amounted to 64,661.
 30-Sep-22 31-Dec-21

REVENUES 9,702,885 10,478,741

DIRECT COSTS (5,122,439) (5,625,423)

GROSS PROFIT 4,580,446 4,853,318

General and administrative expenses (1,985,470) (1,875,750)

OPERATING PROFIT 2,594,976 2,977,568
Loss on foreign exchange - net (72,095) (7,710)
Finance charges (423,924) (609,392)
Interest income 48,225 27,729
Other - net 6,411 6,571
PROFIT BEFORE TAX 2,153,593 2,394,766
INCOME TAX EXPENSES (405,750) (486,451)
NET INCOME FOR THE PERIOD 1,747,843 1,908,315
Fluctuation %

(775,856) -7.40%

502,984 -8.94%
(272,872) -5.62%

(109,720) 5.85%
(382,592) -12.85%
(64,385) 835.08%
185,468 -30.43%
20,496 73.92%
(160) -2.43%
(241,173) -10.07%
80,701 -16.59%
(160,472) -8.41%
Analysis

The decrease of the revenue are mostly come from advertising non digital (-16,77%), pay TV and broadband ((-
27,87%), and others (-46,39%). Revenues from customers which individually represent more than 10% of the total
revenues came from PT Wira Pamungkas Pariwara amounting to 10.71% and 11.26% for 2022 and 2021,
respectively. 0.05% and 0.09% of total revenues in 2022 and 2021, respectively, were made with related parties.

Mostly of direct cost item has been decrease especially cost related pay TV and broadband, there is a declining in set
top box expense (-68,65%), service exp (-37,27%), outsourching exp (-8,51%), salary and employee welfare exp (-
23,63%), rental (-2,25%), and others (-29,81%). It means that the company can allocate their cost effective and
efficiently compare to prior year.

Eventhough the cost increase but the increase are mostly from depreciation and amortization 29,58%, advertising
and marketing also increase 20,48%, rent 21,20%, and profesional fee slightly increase 7,15%

There is an decrease of finance charges mostly due to declining in interest expense

Ratio Formula Sep-22 2021 Remarks

Current Ratio Current Asset/Current Liab 209,39% 140,61%

(Currrent Asset -
Quick Ratio Inventory)/Current Liab 131% 90,49%
ROA NI/Total Asset 4,96% 5,48%
ROE NI/Equity 6,65% 7,77%
Net Income / Total Tangible
Assets
Return on net tangible assets 11,53% 12,81%
Debt-to-equity (DER) Total Debt/Equity 34,05% 41,64%
Debt-to-asset Total Debt/Total Assets 25,40% 29,40%
Asset Turnover Revenue/Total Asset 0,28 0,30
Gross Margin Gross Profit/ Revenue 47,21% 46,32% >40% from warren buffet standard
Operating Margin Operating Profit/Revenue 26,74% 28,42% >15% from warren buffet standard
Net Profit Margin Net Profit/Revenue 18,01% 18,21% 10-20% consider good