24 November 2022

Elnusa Held Accelerating Collection of Unbilled Receivables Program

Jakarta, November 24, 2022 - PT Elnusa Tbk (Elnusa) in its mission to improve sustainable business continuity carried out a consignment program with the Subholding Upstream (SHU) Group which was held offline in Yogyakarta (7-9/11). This consignment activity is a part of the Accelerating Collection of Unbilled Receivables program, which consists of creating & monitoring aging unbilled receivables, tracking & manage unbilled receivables status movement, monitoring unbilled receivables on a daily basis, FGD internal unbilled receivables, roadshow & reconcile outstanding unbilled receivables, then closed with a concealer.

The event was attended by Elnusa Finance Director Bachtiar Soeria Atmadja, 41 person in charge (PIC) who has the authority to carry out the process of issuing Service Acceptance (SA), Minutes (BA), and Contracts from each zone and region that are members of the SHU Group .

VP Controller Reizky Rahadian Lendra, officially opened the event by conveying a positive response to the implementation of this activity. "The success of carrying out the consignment in semester 1 of 2022 in the previous July which was able to reduce Elnusa's Unbilled Receivable number became the basis for returning to carry out the consignment in semester 2 of 2022. In addition, through this activity let's make it a moment of collaboration and harmonization in collaboration between children. Companies in the SHU Group discuss with each other and are open to each other for the sole purpose of growing together.” Reizky said.

The holding of this event is a form of collaboration between several internal Elnusa functions, namely, the Operations function (Upstream Services and EPCOM Services), the Controller function, the Finance & Treasury function and Elnusa Subsidiaries. The combined functions work together to carry out their respective roles. Among them are preparing reconciliation data that has been recorded in SAP Elnusa, preparing various documents related to the completion of work in operations, issuing invoices, verifying and reporting the results of reconciliation after the consignment activities have been completed.

Elnusa Finance Director Bachtiar Soeria Atmadja, closed this agenda by giving appreciation to the SHU Group who had attended and supported this consignment activity. "On behalf of Elnusa's management, I would like to thank you for the program that has been implemented well. The realization of the Accelerating of Unbilled Receivables program yielded good results and was able to reduce Unbilled Receivables balances, thereby increasing the company's liquidity.”

The results of this consulting activity provide progress on the completion of the realization with an achievement of 111%. These achievements certainly provide useful results for the future and are expected to be used as the room for improvement to realize even better financial governance for the sustainability of Elnusa's business as well as SHU, so that in the end it will be able to support Pertamina's aspirations to become a leading global energy company.

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