GOTO Loss Swells To 55.98 Percent, Telkom Boncos Investment Of Up To IDR 6.74 Trillion
GOTO illustration (Photo: Doc. Antara)

JAKARTA - The loss of PT GoTo Gojek Tokopedia Tbk (GOTO) has swelled again to Rp40.4 trillion throughout 2022. The loss is estimated to have an impact on investment in GOTO, including PT Telkom Indonesia (Persero) Tbk (TLKM) through PT Telkomsel.

If you look at GOTO's financial statements, GOTO's 2022 net loss swelled by 55.98 percent compared to 2021 which amounted to IDR 25.9 trillion. This is due to several aspects of non-finished or events that have only been carried out once, which do not reflect the company's core business performance.

In fact, his net income shot to IDR 11.3 trillion in 2022, an increase of 120 percent from IDR 5.2 trillion in 2021. Supported by GTV which also jumped 33 percent to IDR 613 trillion.

However, the loss is estimated to have an impact on Telkom, which is a GOTO investor. The TLKM investment began with the signing of a share purchase agreement by Telkomsel to order 29,708 shares of the GOTO conversion worth 150 million US dollars, equivalent to Rp2.1 trillion on May 18, 2021.

Telkomsel also ordered 59,417 additional shares of the share purchase option or US$300 million, equivalent to Rp4.29 trillion.

Quoting Telkom's openness, investment in equity is measured at a fair value through loss profit including Telkomsel GOTO's investment. As of December 31, 2022, Telkomsel assessed the fair value of investment in GOTO using the GOTO stock market value of IDR 91 per share.

The amount of loss that has not been realized from the change in Telkomsel's fair investment value at GOTO on December 31, 2022 is IDR 6.74 trillion. Also, it is presented as an unrealized loss from a reasonable change in the value of investment in the consolidated loss profit report.

As of December 31, 2022, there was a reasonable transfer of value hierarchies over financial assets from level 2 and level 3 to level 1 with the consideration that there was a quoted price in the active market state for identical assets that could be accessed on the measurement date so that these financial assets could be categorized as level 1.

These financial assets are in the form of long-term investments in the form of shares in GOTO amounting to Rp2.16 trillion and at PT Global Sukses Solusi amounting to Rp13 billion.

Profits over fair value measurements recognized in profit loss and other comprehensive consolidated income over the year ending on December 31, 2022, amounted to IDR 282 billion.

The Company noted that investment in equity measured at fair value through profit loss is a long-term investment in the form of shares in various startup companies engaged in information and technology. Telkom Group has no significant influence in the start-up company.


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