Consolidated Group 2024 (Revised)
Updated to reflect the separation of Management Fees (8%) from Direct Marketing.
Total Revenue
25.6 Billion
$1.54 Million USD
Net Income
4.4 Billion
$267,279 USD
17.4% Net Margin
Direct Marketing
2.7%
Of Revenue (Revised)
Cash on Hand
4.0 Billion
$242,659 USD
| Consolidated Income Statement (2024) | Amount (IDR) | Amount (USD) | % Rev |
|---|---|---|---|
| TOTAL REVENUE | 25,634,042,008 | $ 1,537,550 | 100% |
| Cost of Goods Sold | (1,545,521,869) | $ (92,701) | 6% |
| GROSS PROFIT | 24,088,520,139 | $ 1,444,849 | 94% |
| Salaries & Wages | (7,962,249,830) | $ (477,582) | 31% |
| Management Fees (8% Flat) | (2,050,723,361) | $ (123,000) | 8.0% |
| Direct Marketing (Estimated) | (698,367,225) | $ (41,892) | 2.7% |
| Depreciation | (2,730,705,720) | $ (163,790) | 11% |
| Rent & Lease | (3,103,246,106) | $ (186,135) | 12% |
| Other Opex | (3,019,512,825) | $ (181,112) | 12% |
| NET INCOME | 4,428,899,297 | $ 265,648 | 17% |
Industry Comparisons (2024)
Benchmarking Liga.Tennis against Global Racquet & Health Club Standards.
Net Profit Margin
Outperforming
Payroll to Revenue
Efficient
Rent & Occupancy Cost
Favorable
Direct Marketing Spend
Efficient
Revision Note: Previously flagged as high (11%), Desi confirmed that 8% is a Management Fee (inter-company charge). Actual external ad spend is 2.7%, which is highly efficient.
Overall Health Score: A
With the clarification of the Management Fee, the P&L structure is cleaner. The core operations are extremely healthy, running efficient labor (31%) and rent (12%) ratios. The 8% fee is an internal mechanism, not 'lost' money to external vendors.
Entity Breakdown (2024)
Performance by individual business unit. Exchange Rate: 16,672 IDR/USD.
| Entity | Role | Revenue (IDR) | Net Income (IDR) | Margin | Net Income (USD) |
|---|---|---|---|---|---|
| 1. BTI (International) | Main Hub | 10,507,597,599 | 1,842,399,519 | 17.5% | $ 110,508 |
| 2. BTS (Sanur) | Facility | 6,678,636,278 | 406,818,857 | 6.1% | $ 24,401 |
| 3. BTC (Clay) | Facility | 3,272,099,375 | 731,307,288 | 22.3% | $ 43,864 |
| 4. Indo Sehat | Padel | 3,239,390,077 | 647,098,181 | 20.0% | $ 38,813 |
| 5. Indo Aktif | Academy | 1,936,318,679 | 801,275,452 | 41.4% | $ 48,061 |
| GROUP TOTAL | 25,634,042,008 | 4,428,899,297 | 17.4% | $ 265,648 |
Analysis & Insights
1. The "Cash Cow" (Indonesia Aktif)
Indo Aktif remains the star performer. With only 1.9 Billion IDR revenue, it generated 800 Million IDR profit (41% margin). This confirms the Academy model is far more capital-efficient than the facility rentals.
2. Management Fee Structure (8%)
Revised: The 2.75 Billion IDR expense previously labeled "Marketing" is actually composed of a fixed 8% Management Fee (approx 2.05 Billion IDR) paid to the central entity. This fee covers Shared Services (HR, Legal, Finance, App Tech). The true marketing spend is only 2.7% of revenue, which is very lean.
3. Shareholder Distributions
Shareholders withdrew over 5 Billion IDR in 2024, which exceeds the Net Income (4.4 Billion). While cash reserves are healthy (4.0 Billion), the owners are aggressively extracting profit rather than retaining earnings for future CAPEX.
Historical Income Statements (2021 - 2024)
Revenue and Profit trends for every entity. Values in IDR Billions.
| Entity | 2021 | 2022 | 2023 | 2024 | Trend |
|---|---|---|---|---|---|
| REVENUE | |||||
| 1. BTI (Intl) | 5.1 B | 6.0 B | 10.1 B | 10.5 B | ▲ Growth |
| 2. BTS (Sanur) | 1.1 B | 5.5 B | 5.8 B | 6.7 B | ▲ Growth |
| 3. BTC (Clay) | - | 0.04 B | 1.5 B | 3.3 B | ▲ Growth |
| 4. Indo Sehat | - | - | 0.3 B | 3.2 B | ▲ Surge |
| 5. Indo Aktif | 3.1 B | 2.7 B | 2.4 B | 1.9 B | ▼ Decline |
| GROUP TOTAL | 9.3 B | 14.2 B | 20.1 B | 25.6 B | ▲ |
| NET INCOME | |||||
| 1. BTI (Intl) | 0.5 B | 2.7 B | 2.0 B | 1.8 B | Stable |
| 2. BTS (Sanur) | (1.7 B) | 0.4 B | 0.3 B | 0.4 B | Stable |
| 3. BTC (Clay) | - | (0.7 B) | (0.3 B) | 0.7 B | ▲ Profit |
| 4. Indo Sehat | - | - | 0.1 B | 0.6 B | ▲ Profit |
| 5. Indo Aktif | 2.8 B | 1.9 B | 1.3 B | 0.8 B | ▼ Decline |
| GROUP TOTAL | 1.6 B | 4.3 B | 3.4 B | 4.4 B | ▲ |
Historical Balance Sheets
Asset tracking. Values in IDR Billions.
| Entity | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|
| TOTAL ASSETS | ||||
| 1. BTI (Intl) | 26.6 B | 22.8 B | 24.0 B | 24.6 B |
| 2. BTS (Sanur) | 26.6 B | 27.0 B | 26.2 B | 24.5 B |
| 3. BTC (Clay) | - | 9.4 B | 9.1 B | 9.8 B |
| 4. Indo Sehat | - | - | 0.2 B | 0.7 B |
| 5. Indo Aktif | 0.3 B | 0.4 B | 0.5 B | 0.4 B |
| GROUP TOTAL | 53.5 B | 59.6 B | 60.0 B | 60.0 B |
| CASH & BANK | ||||
| Group Cash | 1.6 B | 2.3 B | 4.9 B | 4.0 B |
Historical Cash Flows (Estimated)
Indirect method based on Balance Sheet changes.
| Group Consolidated | 2022 | 2023 | 2024 |
|---|---|---|---|
| Net Income | 4.3 B | 3.4 B | 4.4 B |
| + Depreciation | 2.0 B | 2.7 B | 2.7 B |
| +/- Working Capital | (1.9 B) | (0.5 B) | (1.9 B) |
| Operating Cash Flow | 4.4 B | 5.6 B | 5.2 B |
| Investing (Capex) | (2.1 B) | (1.0 B) | (1.1 B) |
| Financing (Dividends) | (1.5 B) | (2.1 B) | (5.1 B) |
| Net Change in Cash | +0.8 B | +2.5 B | -1.0 B |