Table of PT BRI Ventura Investama Performance (Productivity) (in IDR million) Description 2023 2022 Growth (Nominal) (%) Total Asset 2,672,050 2,176,790 495,260 22.75% Total Investment 1,950,988 1,969,349 (18,361) (0.93%) Net Profit 4,364 39,629 (35,265) (88.99%) Non Performing Investment (NPI) (%) 1,63 2,38 - (0,75) In 2023 BRI Ventures recorded total assets of IDR2.67 trillion, an increase of IDR495.26 billion or 22.75% compared to 2022. This increase came from additional capital and an increase in total investment consisting of new shares (new deployment) and an increase in value of share investment. Total investment in 2023 reached IDR1.95 trillion, a decrease of 0.93% compared to 2022. During 2023, BRI Ventures invested in 4 (four) investees and was able to record a net profit of IDR4.36 billion. During 2023, BRI Ventures will also succeed in improving the quality of its productive assets. This was shown by the Non-Performing Investment (NPI) ratio in 2023 of 1.63%. PT BRI Ventura Investama Strategy in 2023 The condition of the venture capital business throughout 2023 is filled with uncertainty, this can be seen from the decline in global funding of ±40% (yoy). With this reduction in funding, most startups are making efficiency efforts through layoffs (PHK) policies. To be able to survive in facing these conditions, the BVI has made various efforts, including: 1. Optimize exit opportunities by considering the Internal Rate of Return (IRR) target and potential gain. In 2023, BVI has succeeded in full exit for Investee Nium with a total gain of IDR60.63 billion or an IRR of 44.65%. 2. BVI has committed to supporting the growth of Indonesian startup businesses through participation agreements in the Merah Putih Fund funding. 3. As an alternative source of income, BVI has piloted financing through a debut venture for the existing investee, namely Andalin, amounting to IDR495 million. This is considered quite prospective, amidst market conditions that have not yet improved. To maintain portfolio quality and mitigate investment risks, BVI has monitored the quality and runway of investees as well as carried out internal audits and submitted monitoring reports to the regulator periodically. PT BRI Ventura Investama Competitive Advantage and Innovation To date, BRI Ventures has successfully managed 2 (two) Venture Funds, namely Dana Ventura Nusantara I (DVSN I) and Dana Ventura Nusantara II (DVSN II). During 2023, BRI Ventures invested in shares through Venture Funds to 2 (two) investees and successfully carried out fundraising (capital calls) from 2 (two) Limited Partners. Apart from that, during the 2023 period BRI Ventures through DVSN II successfully implemented the accelerator program namely “Kiqani Labs”. This program was attended by 14 (fourteen) selected Indonesian startups operating in the fashion, beauty and food and beverage industries. Business Prospect and Strategy for PT BRI Ventura Investama in 2024 In 2024, BRI Ventures will focus its investment activities on companies/startups in the fintech and non-fintech sectors that have the potential to increase capabilities, have a positive impact on business, and open access to new ecosystems for the BRI Group. In investing in startups with main business activities that are not in the financial sector (non-fintech), BRI Ventures uses venture fund instruments. In order to realize BRI Ventures’ vision of becoming the leading Venture Capital Company in Indonesia, BRI Ventures is developing alternative investment products/ instruments to complement the existing Capital Stack that can be offered to BRI Ventures’ target investees. This initiative began with the formation of the Sembrani Nusantara I Venture Fund which focuses on the “EARTH” sector (education, agromaritime, retail, transport, health). BRI Ventures is also actively exploring non-conventional opportunistic sectors such as Direct to Consumer (D2C) through the Sembrani Nusantara II Venture Fund together with investors and other strategic partners. Apart from that, new funds will continue to be developed that have funding instruments that suit appetite and varying risk levels, such as thematic funds. PT Bank Rakyat Indonesia (Persero) Tbk. 2023 Annual Report 252
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