Corporate Overview:

PT BFI Finance Indonesia Tbk. (“BFI”) was established in 1982 as a finance company which provide
financing for consumer and corporate customer. BFI has 274 outlets across Indonesia and supported
with 9.450 employees as of Dec 2021. Although current condition is not the end of COVID19
pandemic, BFI able to become one of prominent finance company in Indonesia showed by revenue
increment and still become number 4 in term of net revenue 1 as of Dec 2021. On the other hand,
BFI’s market capitalization increased significantly by 111.2% to IDR 18.8 tril compared to Dec 2020.
Position of BFI Amoung its Peers
IDR' mill
Net Revenue Net Revenue Total Assets Total Assets
No Company Name % Change % Change
[FY 2021] [FY 2020] [FY 2021] [FY 2020]
1 PT Federal International Finance 5.952.700,7 4.949.314,6 20% 32.651.237,8 32.585.809,9 0%
2 PT Adira Dinamika Multi Finance Tbk (IDX:ADMF) 4.504.104,2 4.498.696,4 0% 23.725.812,2 29.230.587,4 -19%
3 PT Indomobil Multi Jasa Tbk (IDX:IMJS) 3.727.709,4 3.854.158,4 -3% 24.715.318,5 23.639.939,5 5%
4 PT BFI Finance Indonesia Tbk (IDX:BFIN) 2.848.304,2 2.428.850,2 17% 15.635.691,0 15.200.569,7 3%
5 PT BCA Finance 2.707.430,7 2.216.804,6 22% 8.379.489,3 8.536.103,7 -2%
6 PT Astra Sedaya Finance 2.038.993,7 1.553.004,0 31% 32.619.899,9 31.436.080,0 4%
7 PT Sinar Mas Multifinance 1.953.550,0 1.271.438,2 54% 7.122.829,1 7.997.866,3 -11%
8 PT Bussan Auto Finance 1.661.703,8 724.798,9 129% 11.984.499,6 11.560.247,5 4%
9 PT Oto Multiartha 1.502.610,4 165.977,4 805% 10.708.209,1 14.960.208,1 -28%
10 PT Mandala Multifinance Tbk (IDX:MFIN) 1.286.566,0 1.004.048,6 28% 5.345.279,6 4.210.403,7 27%
11 PT Mandiri Tunas Finance 1.247.980,2 493.981,3 153% 18.711.086,6 18.624.764,4 0%
12 PT Wahana Ottomitra Multiartha Tbk (IDX:WOMF) 878.744,3 884.828,2 -1% 5.151.068,2 5.283.715,4 -3%
13 PT Toyota Astra Financial Services 858.852,4 382.043,0 125% 21.601.764,7 19.333.262,2 12%
14 PT Indomobil Finance Indonesia 851.696,1 987.458,5 -14% 14.177.836,6 13.566.484,2 5%
15 PT Maybank Indonesia Finance 616.035,1 641.600,6 -4% 7.074.582,3 6.879.957,5 3%
16 PT JACCS Mitra Pinasthika Mustika Finance Indonesia 613.923,1 265.086,7 132% 7.720.156,3 9.516.266,2 -19%
17 PT Clipan Finance Indonesia Tbk (IDX:CFIN) 280.997,2 430.116,8 -35% 7.123.882,1 10.917.484,0 -35%
18 PT Buana Finance Tbk (IDX:BBLD) 256.670,2 299.018,8 -14% 3.582.857,0 4.115.905,5 -13%
19 PT Verena Multi Finance Tbk (IDX:VRNA) 235.336,8 192.711,6 22% 2.323.147,1 2.679.928,4 -13%
20 PT Batavia Prosperindo Finance Tbk (IDX:BPFI) 201.621,4 219.786,6 -8% 1.297.605,1 1.472.646,1 -12%
21 PT AB Sinar Mas Multifinance 97.476,4 88.924,0 10% 1.729.336,9 847.100,5 104%
22 PT Radana Bhaskara Finance Tbk (IDX:HDFA) 97.163,0 3.097,3 3037% 1.279.776,5 772.210,5 66%
23 PT KDB Tifa Finance Tbk (IDX:TIFA) 85.731,1 77.811,6 10% 1.396.544,1 1.103.818,8 27%
24 PT Trust Finance Indonesia Tbk (IDX:TRUS) 48.488,7 41.856,1 16% 350.940,3 325.526,1 8%
25 PT Danasupra Erapacific Tbk (IDX:DEFI) 950,2 2.246,5 -58% 73.509,4 83.032,0 -11%

Financial Statement Analysis

BFI still able to record good financial performance although their gross interest income decreased by
12% in 2021. However, as the interest expenses decreased, the net interest income increased by 6%.
In addition, the provision for loan losses also decreased to IDR 434 bil in Dec 2021 from IDR 1.05 trill
in Dec 2020 which made BFI booked net revenue of IDR 2.8 bil in 2021 or increased by 17%
compared to 2020.
Income Statement IDR mill
For the Fiscal Period Ending 12 months 12 months 12 months
(Inc/Dec)
Dec-31-2019 Dec-31-2020 Dec-31-2021
Interest Income 5.052.594 100% 4.357.472 100% 3.852.959 100% -12%
Interest Expense 1.008.160 20% 870.476 20% 570.086 15% -35%
Net Interest Income 4.044.434 80% 3.486.996 80% 3.282.873 85% -6%
Provision For Loan Losses 426.296 8% 1.058.152 24% 434.560 11% -59%
Total Net Revenue 3.618.138 72% 2.428.844 56% 2.848.313 74% 17%

Salaries and Other Empl. Benefits 1.216.813 24% 1.122.266 26% 1.023.279 27% -9%
Cost of Services Provided 704.883 14% 536.151 12% 647.148 17% 21%
Other Exp. 22.593 0% 89.897 2% 75.582 2% -16%
Other Operating Exp. (181.128) -4% (179.236) -4% (298.901) -8% 67%
Total Operating Exp. 1.763.161 35% 1.569.078 36% 1.447.108 38% -8%
Operating Income 1.854.977 0%
37% 859.766 0%
20% 1.401.205 0%
36% 63%
Gain (Loss) On Sale Of Assets 10.731 0% 10.230 0% 9.753 0% -5%
Total Legal Settlements (773.455) -15% 0 0% 0 0% 0%
EBT Incl. Unusual Items 1.092.253 22% 869.996 20% 1.410.958 37% 62%
Income Tax Expense 380.571 8% 168.404 4% 279.620 7% 66%
Net Income to Company 711.682 14% 701.592 16% 1.131.338 29% 61%

1
Net revenue is calculated by total revenue – other income – int. expenses – provision loan losses.
Occasionally, certain items classified as Revenue by the company will be re-classified as other income if it is
deemed to be non-recurring and unrelated to the core business of the firm.
On the other hand, the cost structure might not efficient compared to previous years as the ratio
increased compared to its interest income. However, BFI’s operating income as well as net income in
2021 increased by 63% and 61%, respectively as a result of lower interest expenses and provision for
loan losses.

Lower interest expenses caused by BFI’s total debt decreased from IDR 7.9 trill to IDR 7.3 trill in 2021
with average cost of borrowing 8.3% or 0.2% lower compared to 2020 about 8.5%.
Balance Sheet IDR mill
Balance Sheet as of: Dec-31-2019 Dec-31-2020 Dec-31-2021
ASSETS
Cash And Equivalents 660.032 3% 1.414.691 9% 969.182 6%
Loans And Lease Receivables 17.430.991 91% 12.708.653 84% 13.698.871 88%
Total Assets 19.089.633 100% 15.200.531 100% 15.635.739 100%
Short-term Borrowings 130.029 1% 132.596 1% 48.115 0%
Long-Term Debt 11.488.304 60% 7.773.475 51% 7.276.905 47%
Total Liabilities 13.009.453 68% 8.594.377 57% 8.205.513 52%
Total Equity 6.080.180 32% 6.606.154 43% 7.430.226 48%
Supplemental Items
Total Debt 11.618.333 61% 7.906.071 52% 7.325.020 47%
Net Debt 10.958.301 57% 6.491.380 43% 6.355.838 41%