5
Summary 2021 2022 2023
Gain Before Income Tax 2.166 (1.841) 74
Income Tax Expense (489) (82) (57)
Net (Loss) Gain 1.677 (1.923) 17
Total Profit for the year attributable to:
- Owner of the parent - Non-controling interest
(1.922) (1)
17
Comprehensive Gain (Loss) 1.995 (1.740) 166
Total Comprehensive profit for the yar attributable to:
- Owner of the parent - Non-controling interest
(1.739) (1)
166
Notes: Consolidated, in IDR Million
3. Financial Ratios
Summary 2021 2022 2023
Return on Assets 0,94% (0,97%) 0,01%
Return on Equity 1,55% (1,80%) 0,02%
Profit (Loss) on Sales 0,43% (0,36%) 0,00%
Current Ratio 222,74% 180,50% 175,80%
Liabilities to Equity 0,65 0,86 0,84
Liabilities to Asset 0,39 0,46 0,46
6 Based on the Deed of Decision Statement of the Shareholders of PT Asia Sejahtera Mina No. 13 dated July 10, 2019, made before Notary Sunarni, S.H. located in Jakarta, the position of the authorized capital has been fully placed and paid up as follows:
• PT Indo Kreasi Pratama amounting to 45% (forty-five percent) or 450,000,000 (four hundred fifty million) shares or worth nominal IDR45,000,000,000 (forty-five billion rupiah);
• PT Terang Asia Raya amounting to 30% (thirty percent) or 300,000,000 (three hundred million) shares or worth nominal IDR30,000,000,000 (thirty billion rupiah);
• Public shares amounting to 25% (twenty-five percent) or 250,000,000 (two hundred fifty million) shares or worth nominal IDR25,000,000,000 (twenty-five billion rupiah).
The Composition of Shareholders was subsequently reaffirmed through the decision of the Annual and Extraordinary General Meeting of Shareholders as stated in the Minutes of the Annual and Extraordinary General Meeting of Shareholders of the Limited Liability Company "PT. Asia Sejahtera Mina, Tbk"
Number 31 dated August 27, 2021, before Notary Sonya Natalia, S.H., located in Surabaya.
On December 2, 2019, the Company listed its shares on the Indonesia Stock Exchange (formerly Jakarta Stock Exchange) by conducting an initial public offering of 250,000,000 (two hundred fifty million) shares with a nominal value of IDR100,- (one hundred rupiah) per share at an offer price of IDR110,- (one hundred ten rupiah) per share.
The Additional Paid-in Capital consists of the Additional Paid-in Capital Not Yet Acknowledged amounting to IDR 2,000,000,000 (two billion rupiah), Agio Shares from the Initial Public Offering in 2019 amounting to IDR2,500,000,000 (two billion five hundred million rupiah) reduced by the Issuance Costs from the Initial Public Offering in 2019 amounting to IDR 1,491,916,449 (one billion four hundred ninety-one million nine hundred sixteen thousand four hundred forty-nine rupiah).
Stock Performance
Period
Opening Price (IDR/Share)
Highest Price (IDR/Share
)
Lowest Price (IDR/Share
)
Closing Price (IDR/Share)
Total Outstanding Shares (share)
Trading Volume (share)
Market Capitalization
(IDR Billion) 2023
Q1 270 296 252 260 1.000.000.000 53.400 260
Q2 234 234 234 234 1.000.000.000 200 234
Q3 170 170 170 170 1.000.000.000 - 170
Q4 106 106 106 106 1.000.000.000 - 106
2022
7
Period
Opening Price (IDR/Share)
Highest Price (IDR/Share
)
Lowest Price (IDR/Share
)
Closing Price (IDR/Share)
Total Outstanding Shares (share)
Trading Volume (share)
Market Capitalization
(IDR Billion)
Q1 350 368 350 360 1.000.000.000 3.400 360
Q2 320 320 320 320 1.000.000.000 500 320
Q3 292 292 280 292 1.000.000.000 9.700 292
Q4 286 286 274 278 1.000.000.000 10.600 278
Source: Yahoo Finance
Grafik Kinerja Saham Selama Tahun 2023
Sumber: Yahoo Finance
The Shareholders Composition of the Company as of December 31, 2023 as following table:
Pemegang Saham Nilai Nominal Rp 100 Per Saham Jumlah saham
ditempatkan dan disetor
penuh
Persentase
Kepemilikan Jumlah (Rp)
PT Indo Kreasi Pratama 450.000.000 45 45.000.000.000
PT Sinar Terang Asia Raya 299.927.300 40 29.992.730.000
Masyarakat 250.072.700 25 25.000.000.000
Jumlah 1.000.000.000 100 100.000.000.000
Source: PT Sharestar Indonesia
8 Adi Haryono
(20%)
Indra Boediono (40%)
Robin Setyono (20%)
Venny Haryanti (20%)
Felicia Alim PT Indadi Juver
Lia Tirtasaputra
Juliana Herlani Wijaya Susanto
Indra Widyadharma
Melani Indrawati OngkoWidjojo
PT Indo Kreasi
Pratama (45,00%) PT Sinar Terang
Asia Raya (29,99%)
Public (25,01%) Shareholder Structure
Plan and Realization Use of Fund from Public Offering
Based on the Report of Fund Utilization Realization from the Public Offering submitted by the Company to the Financial Services Authority (OJK) Letter No.003/I/ASM/2020 dated January 15, 2020, stated that the proceeds from the Public Offering amounted to IDR 27,500,000,000 with Offering Costs of Rp 2,150,775,449. Therefore, the Net Proceeds from the Public Offering were IDR 25,349,224,551. Based on these Net Proceeds, the Planned Utilization of Funds was: 1) For BCA Debt Repayment amounting IDR 5,683,886,973; 2) For Working Capital amounting IDR 19,665,337,578. Meanwhile, the Realization was: 1) For BCA Debt Repayment amounting IDR 5,237,079,008; 2) For Working Capital amounting IDR 20,112,145,543.
The Company
9
Board of Commissioner Report
Dear respected stakeholders,
We are grateful to Allah SWT for all the blessings bestowed upon us, allowing PT Asia Sejahtera Mina Tbk to continue operating with relatively good performance, both in terms of operations and finances, amidst the global economic slowdown. Nevertheless, we were able to capitalize on existing opportunities and remain optimistic for the years to come. The Board of Commissioners believes that the Board of Directors has taken good and targeted business steps.
Performance Evaluation of the Board of Directors
Overall, the Board of Commissioners believes that the performance of all members of the Board of Directors in 2022 was good. As one of the largest seaweed exporters in Indonesia, PT Asia Sejahtera Mina Tbk was able to respond to market conditions very well and continue to monitor the global economic growth that is still unstable, as well as the geopolitical conditions of the world and Indonesia.
Throughout 2023, PT Asia Sejahtera Mina successfully maximized its momentum by maintaining its business revenue level and achieving sales of IDR 438 billion. The Board of Commissioners also supervised the formulation and implementation of strategies carried out by the Board of Directors, including the creation of work SOPs and reviewing the work results of each team responsible for the Company's Key Performance Indicators (KPIs).
Strategy & Program 2024
In order to support the national resilience program through the empowerment of coastal communities, the Company has set a number of business strategies to achieve the targets set for 2024. On the corporate side, the Company is securing the supply of raw materials and markets. The Company also continues to optimize all sources of business income and manage and develop Human Resources (HR) to be professional and increase productivity.
In addition, in supporting the downstream program currently being carried out by the Government, the Company plans to process and produce semi-finished raw materials which will increase the Company's income level.
Production & Sales Performance
In 2023, the Company's performance began to improve compared to the previous year. Although the national seaweed production results decreased compared to the previous year. In the marketing and sales field, the Company continues to strive to meet the demand for dried seaweed domestically and internationally, although the price tends to fluctuate. In 2023, the export realization achieved the target, which can be seen from the increase in exports of 18% from the previous year.
10 Financial Performance
In 2023, the Company recorded sales of Rp 438 billion, or a decrease of 19% from 2022. The Company's sales in 2022 reached Rp 540 billion. However, the amount of exports increased. This was due to the fluctuating price of seaweed. The Company's total assets at the end of 2023 were recorded at Rp 197 billion, a decrease of 1% compared to the end of 2022, which was Rp 199 billion. The decline in assets was triggered by the decline in cash and cash equivalents at the end of the year.
Business Development
The year 2023 was a challenging period for the Company due to a combination of a weakening Rupiah against the US Dollar and fluctuating export seaweed prices with a downward trend. The highest average price in the seaweed market was USD 2,880/ton, while the lowest average price was USD 900/ton. These volatile seaweed prices is challenging to the Company to achieve its maximum profit target.
Good Corporate Governance (GCG) and Risk Management
In an effort to continuously enhance the value and culture of the company in line with the fundamental principles of Good Corporate Governance (GCG), which include Transparency, Accountability, Responsibility, Independence, and Fairness, PT Asia Sejahtera Mina has conducted the dissemination of the Company's Code of Ethics together with the involvement of all employees across all levels of the organization at the Head Office and Representative Offices using various methods such as face-to-face and electronic communication to improve understanding and internalization of the expected cultural values. Through the WhatsApp group, the Board of Commissioners regularly monitors the progress of the company's activities. The company's success in achieving operational and financial targets is inseparable from good Corporate Governance (GCG). The company consistently promotes the principles of Corporate Governance to ensure long-term business sustainability. GCG will help ensure that the company is in good condition in terms of operational, legal, and financial aspects, while also preparing the company to compete healthily amidst business challenges and dynamic national economic conditions. PT Asia Sejahtera Mina remains committed to implementing GCG as a fundamental principle in the mechanisms and processes of company management. The company continues to provide quality products with product quality standards, respect in fostering cooperation, and striving for excellence, which are examples of efforts aligned with the fundamental principles of GCG: openness, accountability, responsibility, independence, and equality.
Corporate Social Responsibility (CSR)
Throughout 2023, the implementation of the Company's Corporate Social Responsibility (CSR) Program through partnerships with several cooperatives engaged in seaweed cultivation in the Pangkep and Bantaeng regions of South Sulawesi, the Company provided counseling for the use of modern seaweed cultivation techniques to farmers so that they could produce high-quality seaweed and increase
11 production capacity. Additionally, the company collaborated with cooperatives to ensure the continuity of this program, with the hope that it would improve the coastal community's economy and create a sustainable seaweed supply for the company.
Human Resources
Human Resources (HR) are the most important asset for the Company. The fast-paced business dynamics and internal developments of the Company require the maintenance of competent HR quality so that the Company can grow and face existing challenges. The Board of Commissioners appreciates the management's steps to continuously improve employee competence by implementing various training and development programs, which are considered efforts to maintain the Company's competitiveness in the future and to maintain relationships with suppliers and buyers.
Business Prospect, Plan & Target 2024
The Board of Commissioners fully supports the management's steps in improving the Company's operational performance to support the national resilience program by strengthening the economy of coastal communities and enhancing the competitiveness of national products. To achieve this, the Board of Commissioners has reviewed and studied the business plan developed by the Board of Directors in 2023. The Company plans to penetrate the market and continue selling seaweed in semi-finished form while increasing the number of suppliers and production to ensure the sustainability of the Company's business in the coming years. In efforts to improve production performance in 2024, the Company has established various programs and plans, including the development of seaweed drying methods and the expansion of seaweed cultivation, as well as utilizing warehouse receipts as a form of value protection against market fluctuations. Production efficiency to enhance product competitiveness.
Furthermore, in support of the downstream program currently being implemented by the Government, the Company plans to process and produce semi-finished raw materials, which will increase the Company's revenue. The Board of Commissioners has reviewed the business targets set for the next year and believes that these targets can be achieved with the right business strategy.
Closing
On behalf of the Board of Commissioners, I extend our appreciation to all parties who have contributed to the performance of PT Asia Sejahtera Mina Tbk in 2023. The Board of Commissioners expresses sincere thanks and high appreciation to the Shareholders, Board of Directors, Management, and all employees of PT Asia Sejahtera Mina for their hard work, dedication, and performance demonstrated throughout 2022. The increasingly challenging business environment does not deter our steps and spirit. With commitment, enthusiasm, and high dedication, we believe that in the future years, the company will deliver better performance and continue to achieve milestones to enhance national revenue by increasing seaweed exports.
12 Board of Commissioner PT Asia Sejahtera Mina Tbk,
Bayu Aji
President Commissioner
13
Board of Director Report
Dear respected stakeholders,
Various important achievements and awards that have been achieved by PT Asia Sejahtera Mina throughout 2023 are a special gift that we should be grateful for. Thanks to the grace of God Almighty, this Company that we love and are proud of can grow and develop well. The second semester of 2023 saw an increase in production that had an impact on the Company's performance. The Company took various efficiency steps, product mixes and other strategies to maintain performance. Throughout 2023, the Company continued to strive in order to build a stronger foundation through better operational efficiency to improve the Company's increasingly resilient performance and implement the principles of Good Corporate Governance (GCG).
Strategy & Program 2024
PT Asia Sejahtera Mina is always committed to meeting seaweed needs and supporting national resilience through community empowerment. In addition, the Company also makes every effort to increase exports and improve competitiveness. The Company innovates by modifying equipment and manufacturing machines in order to achieve production efficiency. The Company also secures the supply of raw materials through penetration of other seaweed-producing areas, as well as the management and development of qualified Human Resources (HR) by improving employee competence through training and education. Management is committed to reducing production costs so that it can create products with production costs that can compete in the international market. One of the ways to optimize profits is by selecting quality products.
The Board of Directors formulates strategies and policies to ensure the Company's sustainability. To implement the strategy, the Board of Directors creates work SOPs and reviews the work results of the staff against the Company's goals by reviewing weekly targets.
Production & Sales Performance
The company's export realization in 2023 reached 21,056 tons, an increase of 18% compared to 2022 which reached 17,829 tons. This increase in sales was caused by an increase in demand in export destination countries for seaweed raw materials in 2024. However, on the other hand, nominal sales decreased due to the fluctuating price of seaweed which tended to decrease during 2023. To maintain and increase supply and meet export needs, the company is trying to optimize the potential of other seaweed-producing areas and direct coastal communities in potential areas to plant seaweed. And carry out operational efficiency so that it is expected to be able to improve performance and maintain the sustainability of the Company. In an effort to support the downstreaming program that is being carried out by the Indonesian Government, the Company plans to process and produce semi-finished raw
14 materials, namely Semi Refine Carrageenan (SRC), which is expected to increase the Company's income.
Kinerja Keuangan
The 2023 Financial Statements of PT Asia Sejahtera Mina have been audited by KAP Supoyo, Sutjahjo, Subyantara and Rekan with a "Fair" presentation of the financial statements in all material respects in accordance with Indonesian financial accounting standards. In 2023, the Company managed to obtain a gross profit of Rp 35 billion and a net profit of Rp 17 million in 2023. The Company's total assets decreased, As of the end of 2022, total assets were Rp 196 billion, down 1% from 2022 at Rp 199 billion. The Company's equity at the end of 2023 was Rp 106 billion, which tended to be stagnant compared to 2022.
Project & Business Development
The global economic condition in 2023 is still filled with global uncertainty. However, the demand for seaweed from consumers, especially from abroad, is still relatively consistent. This encourages the Company to strive to meet consumer demand by continuing to develop its business and working with seaweed farmers to supply seaweed needs. Various efforts are made to protect the assets owned by protecting assets using insurance or making repairs to the assets owned. Efforts to increase competitiveness and maintain the sustainability of the Company are continuously carried out by cooperating with stakeholders in the national seaweed industry and large seaweed buyers in the world.
The Company plans to upgrade in the field of technology which will later make it easier for the Company to monitor the harvest results in each seaweed producer center. This technology will also be used to collect Big data in the seaweed industry sector.
Corporate Governance and Risk Management Practices of the Company
The Company has implemented Corporate Governance (GCG) and Risk Management to address the ever-increasing challenges and risks. This is in line with the Company's commitment to create sustainable business strategies that are aligned with the basic principles of GCG, namely Transparancy, Accountablity, Responsibility, Independency & Fairness. The Company strives to implement GCG and Risk Management through Commitments, Policies, Guidelines, Procedures including GCG Commitment, Commitment to the implementation of the Company’s Code of Ethics & Commitment to the Gratification Control. The Company also implements a Risk Management Policy, which focuses on Fluctuations in the Rupiah exchange rate, supplier identification, & screening of buyers. This is done to ensure that the Company only works with credible buyers. The implementation of GCG is a form of the Company's compliance and is a key to maintaining the trust of stakeholders. This is essential for the Company's success.
15 Corporate Social Responsibility
The Company recognizes the importance of implementing a corporate social responsibility program to build harmonious relationships with the surrounding community and stakeholders in the seaweed industry. Through the Partnership Program with several seaweed farming cooperatives in Pangkep and Bantaeng, South Sulawesi, the Company provides training on modern seaweed planting methods to farmers. This helps them produce better quality seaweed and increase production capacity. The Company also collaborates with cooperatives to ensure the sustainability of this program. This is expected to improve the economy of coastal communities while creating a sustainable supply of seaweed for the Company. The Company also actively registers its warehouses as bonded warehouses certified by BAPPEBTI (Commodity Futures Trading Supervisory Agency).
Human Resources
Human Resources (HR) is one of the Company's most valuable assets. HR plays a strategic role in achieving the Company's vision of becoming an international class seaweed export company. Excellent, professional and competent HR is the main element to support the Company's operations which use high technology. Mastery of this technology greatly affects the smooth running of the production process. Therefore, competency-based HR development and developing good employment relations are the Company's strategic focus.
The Company always applies the values of equality in its operational activities and fosters a culture of innovation by providing a forum for employees to channel innovation, ideas, criticism and suggestions to management in order to create progress in the Company.
Business Prospect, Plan & Target 2024
PT Asia Sejahtera Mina remains committed to making business investments, increasing production capacity, developing projects and infrastructure, and strengthening its marketing network in order to continue growing and sustaining its business. This is necessary considering that the company is one of the links in the national product chain where Indonesia is the largest producer of seaweed in the world.
The competition in the seaweed industry in 2023 is predicted to continue the increasing trend from the previous year. The main threats faced will not be much different from 2022, namely business competition, especially with foreign individuals/legal entities operating in Indonesia, natural conditions that cause price fluctuations, and global economic uncertainty.
For this reason, the company has made a mature and sustainable business plan so that production and sales increases can continue to run optimally. In order to improve the achievement of operational performance, the company's Board of Directors will continue to make efforts to maintain good relations with large international buyers and develop a supply base to ensure the availability of seaweed supply.
In addition, in supporting the downstreaming program that is currently being run by the Government,