Annual Report 2014 - PT Argha Karya Prima Industry Tbk

Transcription

PT Argha Karya Prima Industry Tbk
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1
DAFTAR ISI
Contents
2
4
Vision & Mission
33 Komposisi Pemegang Saham
Composition of Shareholders
VISI & MISI
34 Entitas anak Perseroan
Subsidiaries of the Company
IKHTISAR DATA KEUANGAN PENTING
34 Kronologi Pencatatan Saham
Financial Highlights
Chronology of Share Listing
35 Lembaga dan Profesi Penunjang
Pasar Modal
LAPORAN MANAJEMEN
Capital Market Institutions and Professional
Support
REPORT FROM MANAGEMENT
8
12 LAPORAN DIREKSI
Board of Directors’ Report
18
36 Perhargaan dan sertifikasi
LAPORAN DEWAN KOMISARIS
Awards and certifications
Board of Commissioners’ Report
PROFIL PERUSAHAAN
38
COMPANY PROFILE
Business Overview per Segment
A Brief History of the Company
The Company's Business Activities and Types of
Products
22 VISI DAN MISI PERUSAHAAN
The Company’s Vision and Mission
23 STRUKTUR ORGANISASI PERSEROAN
Struktur Organisasi Perseroan
24 Dewan Komisaris dan Direksi
Board of Commissioners and Directors
25 DEWAN KOMISARIS
Board of Commissioners
28DIREKSI
Board of Directors
31 Sumber Daya Manusia
Human Resources
MANAGEMENT DISCUSSION & ANALYSIS
40 Tinjauan operasi per segmen
20 RIWAYAT SINGKAT PERSEROAN
21 KEGIATAN USAHA PERSEROAN SERTA JENIS
PRODUK YANG DIHASILKAN
ANALISIS DAN PEMBAHASAN
MANAJEMEN
41 Analisa keuangan
Financial Analysis
48
TATA KELOLA PERUSAHAAN
CORPORATE GOVERNANCE
50 Dewan Komisaris
51Direksi
Board of Directors
53 Rapat Umum Pemegang Saham
Tahunan (RUPST)
Annual General Meeting of Shareholders
(AGMS)
55 RAPAT UMUM PEMEGANG SAHAM LUAR
BIASA (RUPSLB)
Extraordinary General Meeting of Shareholders
(EGMS)
56 KOMITE AUDIT
Audit Committee
58 SEKRETARIS PERSEROAN
Corporate Secretary
59 AUDIT INTERNAL
Internal Audit
61 SISTEM PENGENDALIAN INTERNAL
Internal Control System
62 MANAJEMEN RISIKO USAHA PERSEROAN
Business Management Risks
65 PERKARA PENTING YANG DIHADAPI PERSEROAN
Cases/Claims faced by the Company
65 INFORMASI TENTANG SANKSI ADMINISTRATIF
Information on administrative sanctions
65 INFORMASI MENGENAI KODE ETIK DAN
BUDAYA PERSEROAN
Information regarding the Company's code of ethics
and culture
66 PROGRAM KEPEMILIKAN SAHAM OLEH KARYAWAN
Employee share ownership program
66 SISTEM PELAPORAN PELANGGARAN
Whistleblowing
67 TANGGUNG JAWAB SOSIAL PERSEROAN
Corporate Social Responsibility
69 SURAT PERNYATAAN DEWAN KOMISARIS DAN
DIREKSI
Statement Letter From The Board of Commissioners
And The Board of Directors
70 INFORMASI PERSEROAN
Corporate Information
72
laporan keuangan
FINANCIAL STATEMENTS
VISI DAN MISI
VISION & MISSION
2
VISI
Produsen plastik film yang inovatif dan terpilih.
VISION
The innovative and preferred plastic film producer.
MISI
Untuk Para Pelanggan
Meningkatkan bisnis pelanggan dengan solusi yang inovatif.
MISSION
For Customers
Enhance customers’ respective businesses through
innovative solutions.
Untuk Para Pemegang Saham
Memaksimalkan pertambahan nilai bagi pemegang saham.
For Shareholders
Maximize value for shareholders.
Untuk Para Karyawan
Menjadi tempat pilihan untuk mengembangkan karir di
industri plastik film.
For Employees
Be the choice of career path advancement in the plastic
film industry.
NILAI-NILAI DASAR
VALUES
Integritas
Bersikap dan bertindak secara konsisten sesuai dengan
nilai-nilai, aturan-aturan dan kode etik yang berlaku di
perusahaan untuk mencapai tujuan perusahaan.
Integrity
Consistently behave and act in accordance with values,
rules and code of ethics applied by the Company in order
to achieve Company’s goals.
Profesionalisme
Bertanggung jawab dalam memberikan hasil kerja terbaik
bagi perusahaan.
Professionalism
Responsibility in providing excellent performance for the
Company.
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IKHTISAR DATA KEUANGAN PENTING
FINANCIAL HIGHLIGHTS
(dalam milyar Rupiah, kecuali dinyatakan lain/in billion Rupiah, unless otherwise stated)
Keterangan
Penjualan bersih, net sales
Dec
2014
Dec
2013
Dec
2012
1.945,38
1.663,39
1.509,19
Laba kotor, gross profit
219,39
209,60
191,37
Laba usaha, operating profit
103,53
90,84
86,59
Laba tahun berjalan yang dapat diatribusikan kepada
pemilik entitas induk dan kepentingan non-pengendali,
Profit for the year attributable to owners of the parent
entity and non-controlling interests
34,69
34,62
31,12
Total pendapatan komprehensif, total comprehensive income
16,92
186,07
78,71
16,92
186,07
78,71
2.227,04
2.084,57
1.714,83
920,13
943,61
792,10
Total pendapatan komprehensif yang dapat diatribusikan
kepada pemilik entitas induk dan kepentingan non-pengendali,
Total comprehensive income attributable to owners
ot the parent entity and non-controlling interests
Jumlah aset, total assets
Aset lancar, current assets
Aset tetap bersih, net fixed assets
1.060,73
996,05
807,77
Aset tidak lancar lain, other non-current assets
113,70
8,11
3,49
Jumlah investasi, investments
132,49
136,80
111,47
Kewajiban lancar
812,88
696,17
564,00
Modal kerja bersih, net working capital
107,25
247,44
228,10
Jumlah kewajiban, total liabilities
1.191,20
1.055,23
871,57
Jumlah ekuitas, total equity
1.035,85
1.029,34
843,27
612
612
612
1.692
1.681
1.377
57
57
51
113,19%
135,54%
140,44%
Rata-rata jumlah saham yg beredar (jutaan saham),
Shares outstanding (million shares)
Nilai buku per saham (dalam Rupiah penuh),
Share book value (in full Rupiah amount)
Laba per saham dasar yang dapat diatribusikan
kepada pemilik entitas induk (dalam Rupiah penuh),
Basic earnings per share attributable to owners of
the parent entity (in full Rupiah)
Rasio lancar, current ratio
Rasio kewajiban terhadap aset, debt to total assets ratio
Rasio kewajiban terhadap ekuitas, debt to total equity ratio
53,49%
50,62%
50,83%
115,00%
102,52%
103,36%
Rasio laba terhadap jumlah aset, return on assets
1,56%
1,66%
1,81%
Rasio laba terhadap ekuitas, return on equity
3,35%
3,36%
3,69%
Margin laba kotor, gross profit margin
11,28%
12,60%
12,68%
Margin laba usaha, operating profit margin
5,32%
5,46%
5,74%
1,78%
2,08%
2,06%
Margin laba tahun berjalan yang dapat diatribusikan kepada
pemilik entitas induk dan kepentingan non pengendali,
Profit margin for the year attributable to owners of the parent
entity and non-controlling shareholders
4
HARGA SAHAM 2 TAHUN TERAKHIR/SHARE PRICE FOR THE LAST 2 YEARS
Periode/
Period
Harga/Price
Tertinggi/Highest
Volume Saham (unit)/
Terendah/Lowest
Penutupan/Closing
Shares Volume (unit) *)
Triwulan/
Quarter
I
2014
2013
2014
2013
2014
2013
2014
2013
870
880
680
730
750
850
100.700
559.500
II
820
950
690
730
690
830
36.300
1.238.000
III
800
830
730
810
795
810
59.500
1.000
IV
900
840
700
680
830
810
270.000
16.000
*) untuk pasar reguler dan pasar negosiasi / in regular and negotiation market
Periode/
Period
Jumlah Saham Tercatat (Unit Saham)/
Number of Listed Shares (Share Unit)
Nilai Kapitalisasi Pasar (dalam Rp)
Market Capitalization Amount (in IDR)
Triwulan/
Quarter
2014
2013
2014
2013
I
680.000.000
680.000.000
510.000.000.000
578.000.000.000
II
680.000.000
680.000.000
469.200.000.000
564.400.000.000
III
680.000.000
680.000.000
540.600.000.000
550.800.000.000
IV
680.000.000
680.000.000
564.400.000.000
550.800.000.000
LABA TAHUN BERJALAN YANG DAPAT DI DI ATRIBUSIKAN
KEPADA PEMILIK ENTITAS INDUK & KEPENTINGAN
NON-PENGENDALI, PROFIT FOR THE YEAR ATTRIBUTABLE TO
OWNERS OF THE PARENT ENTITY AND NON-CONTROLLING
INTERESTS
5
LAPORAN
MANAJEMEN
REPORT FROM MANAGEMENT
LAPORAN DEWAN KOMISARIS
Board of Commissioners’ Report
8
Implementasi langkah-langkah
dan kebijakan yang strategis telah memungkinkan
Perseroan untuk mampu bertahan bahkan
meningkatkan kinerja penjualannya di tahun 2014,
dengan pertumbuhan yang mencapai 16,95%
dibandingkan tahun sebelumnya.
Strategic measures and implemented policies,
however, have enabled the Company to endure and
even increase sales performance in 2014, achieving
a growth of 16.95 % over the previous year.
Krisis ekonomi global yang terjadi dalam beberapa tahun
terakhir telah memberikan dampak yang berkelanjutan
terhadap perkembangan ekonomi di tahun ini. Sejak awal
tahun 2014, kondisi perekonomian masih belum menunjukan
tanda-tanda pemulihan yang signifikan, meskipun pada
kuartal II tahun 2014, mulai terlihat adanya gejala perbaikan
di pasar. Namun demikian, pada periode selanjutnya,
berbagai peristiwa penting seperti kelanjutan perlambatan
ekonomi global di negara-negara maju serta konflik di
beberapa belahan penting di dunia telah memicu anjloknya
harga minyak mentah dan komoditas dunia sehingga
menimbulkan tekanan yang tinggi terhadap perkembangan
ekonomi global dan daya beli pasar internasional.
The global economic crisis that had been in motion over
the previous years continued to impact the country’s
economic growth in 2014. Even from the onset of the year,
the economic condition failed to show any significant signs
of recovery, despite some indications of an improving
market during the 2nd quarter of 2014. Unfortunately in the
period that followed, various major events, such as the
relentless deceleration of economies in developed countries
as well as conflicts in key parts of the world, triggered a
plunge in prices of oil and worldwide commodities. These
greatly affected global economic development and the
international markets’ purchasing power.
Sampai dengan akhir tahun 2014, kondisi pasar belum
menunjukan tanda-tanda pemulihan yang berarti. Bahkan,
harapan pasar akan potensi kenaikan suku bunga acuan
Amerika Serikat di tahun 2015 menjadikan mata uang dolar
Amerika Serikat menguat signifikan terhadap hampir seluruh
mata uang dunia. Defisit transaksi berjalan serta
perkembangan kondisi politik dalam negeri menjadikan
posisi mata uang Rupiah semakin terpuruk sehingga daya
beli pasar domestik semakin melemah. Dalam tahun 2014,
pertumbuhan ekonomi nasional yang hanya mencapai
kisaran 5,10% belum mampu memberikan dukungan yang
berarti terhadap perkembangan pasar domestik secara
keseluruhan.
All the way through to the end of 2014, prevailing market
conditions showed no sign of definite recovery. In fact, the
market expectation for the potential increase in US
benchmarked interest rates in 2015 had strengthened the
US Dollar significantly against most currencies around the
world. The deficit in current accounts as well as events in
the country’s political arena worsened the position of the
Indonesian Rupiah, thereby weakening the purchasing
power of the domestic market. The national economic
growth this year averaged 5.10%, which considerably was
not enough to provide significant support for the development
of the domestic market as a whole.
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Pada tahun 2014, Perseroan telah melalui berbagai tantangan
yang berat seiring dengan dinamika perekonomian global
maupun nasional. Namun demikian, implementasi langkahlangkah dan kebijakan yang strategis telah memungkinkan
Perseroan untuk mampu bertahan bahkan meningkatkan
kinerja penjualannya di tahun 2014, dengan pertumbuhan
yang mencapai 16,95% dibandingkan tahun sebelumnya.
In 2014, the Company faced a lot of major challenges that
ran parallel to the dynamics of the global and local, economy.
Strategic measures and implemented policies, however,
have enabled the Company to endure and even increase
sales performance in 2014, achieving a growth of 16.95%
over the previous year.
Dengan pencapaian ini, Dewan Komisaris menyimpulkan
bahwa secara umum, Direksi telah berhasil mencapai
kinerja yang relatif baik di tahun 2014. Kesimpulan ini
terutama ditekankan pada langkah-langkah strategis yang
telah diupayakan oleh Direksi untuk fokus pada peningkatan
pendapatan dan laba Perseroan, dengan mengoptimalkan
sumber daya yang tersedia. Direksi mampu menjaga operasi
pabrik sehingga senantiasa berjalan dengan cukup lancar
dan aman, menempuh langkah-langkah inisiatif untuk
melakukan reorganisasi ke arah yang lebih efisien dan
efektif serta penghematan biaya-biaya operasi secara
menyeluruh. Direksi dapat mengatur segala hal yang
diperlukan dan memulai pelaksanaan perluasan fasilitas
produksi kemasan fleksibel BOPP dan metalizing sehingga
akan siap beroperasi pada tahun 2015 mendatang.
Keseluruhan strategi yang disusun oleh Direksi cukup
mampu mengantisipasi kondisi perekonomian yang sulit
dan gejolak pasar yang terjadi sehingga menjadi landasan
bagi pertumbuhan dan kelanjutan usaha Perseroan di masa
mendatang.
Through this achievement, the Board of Commissioners
generally commends the Board of Directors’ success in
achieving relatively outstanding performance in 2014. This
commendation is emphasized in strategic measures
undertaken by the Board of Directors that focused on
increasing the Company’s revenue and profit by optimizing
existing resources. The Board of Directors managed to
ensure plant operations ran smoothly and securely, and
took the initiative to implement steps in reorganizing
towards a direction that is more efficient and effective
while lowering operational cost as a whole. The Board of
Directors favorably implemented the necessary steps to
produce flexible BOPP packaging and metalizing, including
the expansion of the production plant thereby making it
ready for operation by 2015. The overall strategy developed
by the Board of Directors proved effective in anticipating
the challenging economic conditions and fluctuating
market, hence creating a foundation for growth and
sustainability for the Company’s future.
Dalam tahun 2015 mendatang, kondisi perekonomian dunia
diperkirakan masih bergerak stagnan, dengan kecenderungan
melemah. Menurut data dari Bank Dunia, ekonomi Indonesia
diperkirakan hanya akan tumbuh pada kisaran 5,20%, atau
hanya naik tipis dibandingkan dengan pertumbuhan tahun
2014. Namun demikian, kami berkeyakinan bahwa Perseroan
akan tetap memiliki peluang untuk semakin meningkatkan
daya saing, mengembangkan usaha dan memperkuat
kedudukannya sebagai produsen kemasan fleksibel yang
handal di Indonesia. Kami menilai bahwa rencana kerja,
kebijakan dan langkah-langkah strategis yang disusun oleh
Direksi untuk tahun 2015 mendatang telah mempertimbangkan
berbagai tantangan dan peluang yang akan muncul sehingga
Perseroan akan mampu bertahan sekaligus meraih kinerja
yang lebih baik.
In 2015, the global economic condition is expected to
remain stagnant, and is even highly anticipated to weaken
further. Indonesia’s economy itself is expected to experience
an estimated growth rate of approximately 5.20%, which
is just a very miniscule increase compared to 2014’s growth.
Nevertheless, we remain confident that the Company will
still have the opportunity to strengthen its competitive
advantage, develop the business and enhance its market
position as the most reliable flexible packaging producer
in Indonesia. Our assessment of the business plan, policies
and strategic measures, which were developed by the Board
of Directors for 2015, already takes into consideration
various challenges and opportunities so that the Company
can withstand and emerge successfully with better
performance results.
Dalam tahun 2014, tidak ada perubahan terhadap susunan
anggota Dewan Komisaris Perseroan, dimana tetap
beranggotakan 6 (enam) orang dan susunannya tetap sesuai
dengan hasil keputusan Rapat Umum Pemegang Saham
Tahunan Perseroan tanggal 13 Juni 2013.
In 2014, there were no changes in the structure of the
Company’s Board of Commissioners as it continued to
maintain six (6) members, with the same structure approved
during the Annual General Meeting of Shareholders held
on 13 June 2013.
Berkat komitmen, integritas, profesionalisme dan kerja
keras, maka Perseroan dapat meraih kinerja yang baik di
tahun 2014 ini. Kami, secara tulus menyampaikan
penghargaan dan rasa terima kasih atas seluruh partisipasi
maupun dukungan yang telah diberikan, khususnya kepada
para pemegang saham, mitra usaha, pemangku kepentingan,
Direksi serta segenap karyawan. Kami berkeyakinan bahwa
kerjasama yang positif ini dapat terus berlanjut dengan
harmonis sehingga Perseroan dapat terus berkembang
pada masa-masa mendatang.
As a result of its commitment, integrity, professionalism
and hard work, the Company performed well in 2014. We
would like to express our most sincere gratitude and
appreciation for all the cooperation and support given to
us by our shareholders, business partners, stakeholders,
Directors and employees. We are confident that this
productive cooperation and harmonious relationship shall
continue to bring about the Company’s steady growth
through the future.
Andry Pribadi
Komisaris Utama
President Commissioner
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LAPORAN DIREKSI
BOARD OF DIRECTORS' REPORT
12
"Dari sisi profitabilitas, Perseroan berhasil
membukukan laba kotor dan laba usaha masingmasing sebesar Rp 219,39 milyar dan Rp 103,53
milyar atau meningkat masing-masing sekitar 4,67%
dan 13,97% dibandingkan dengan tahun 2013".
"In terms of profitability, the Company registered
gross profit of IDR 219.39 billion and operating income
amounting to IDR 103.53 billion, an increase of
approximately 4.67% and 13.97% respectively, as
compared to 2013".
Pertumbuhan ekonomi yang melambat masih terjadi di
negara-negara maju, khususnya di kawasan Amerika, Eropa,
Cina dan Jepang serta ketegangan geo-politik yang
berkepanjangan di kawasan Timur Tengah, Rusia dan
Ukrania terus memberikan tekanan kuat terhadap kondisi
ekonomi global secara keseluruhan di tahun 2014 ini.
Anjloknya harga minyak mentah dunia yang terjadi mulai
pertengahan tahun 2014 memberikan imbas negatif terhadap
harga barang-barang komoditi sehingga menimbulkan
gejolak dan ketidakstabilan pada pasar.
The slowing economic growth that had plagued developed
countries, specifically America, Europe, China and Japan,
coupled with the geo-political tension in the Middle East,
Russia and Ukraine continued to strongly impact the overall
global economy in 2014. The world crude oil prices that
began to drastically drop in mid-2014 negatively affected
prices of commodities, thereby resulting to market upheaval
and instability.
Selama tahun 2014, pasar ekspor kemasan fleksibel belum
menunjukan perkembangan yang signifikan, di mana masih
ditandai oleh pelemahan daya beli pasar, yang selanjutnya
memicu tingkat kompetisi yang tinggi antar pelaku industri
sehingga menjadikan harga jual produk cenderung melemah.
Sedangkan untuk pasar domestik, kondisi perekonomian
nasional masih belum mampu mendukung secara optimal
dimana selama tahun 2014 hanya tumbuh terbatas sekitar
5,10% dan dibebani oleh depresiasi nilai tukar Rupiah yang
cukup dalam sehingga sangat mempengaruhi daya beli
pasar.
In 2014, the export market for flexible packaging discouraged
any significant developments in the industry. The previous
year was characterized by erosion of the purchasing power
of the market which in turn led to high levels of competition
among industry players, hence weakening selling prices
as well. Indonesia’s economic condition proved unable to
optimally support the domestic market throughout 2014,
achieving only minimal growth of about 5.10%. The country’s
economy was heavily burdened by the depreciation of the
Rupiah which greatly affected the local market’s purchasing
power.
Memasuki tahun 2014, Direksi telah mengidentifikasi dan
menganalisa perkembangan kondisi perekonomian domestik
dan internasional dengan seksama dan selanjutnya, dengan
dukungan penuh dari para pemegang saham dan Dewan
Komisaris, telah menetapkan beberapa langkah strategis
antara lain:
In early 2014, the Board of Directors prudently identified
and analyzed the development of both domestic and
international economic conditions. With the full support
of the shareholders and the Board of Commissioners, the
Board of Directors implemented several strategic measures,
which include:
13
1. Melanjutkan realisasi ekspansi fasilitas produksi kemasan
fleksibel jenis BOPP dan metalizing, dengan tujuan
untuk mencapai skala ekonomis produksi yang lebih
optimal dan meningkatkan nilai tambah produk yang
dihasilkan, sehingga Perseroan akan semakin kompetitif
di pasar domestik maupun internasional.
2. Melakukan reorganisasi secara menyeluruh sehingga
menghasilkan struktur organisasi yang lebih efisien
dan efektif serta pendelegasian tugas dan wewewang
yang jelas untuk mendukung operasi perusahaan yang
optimal.
3. Menggalakan program efisiensi di setiap aspek produksi
guna menekan biaya produksi secara maksimal, terutama
dari sisi penyempurnaan proses dan efisiensi produksi.
4. Memperkuat portofolio produk dan pasar serta basis
pelanggan dengan melakukan penetrasi ke pasar yang
baru dan potensial antara lain di kawasan Asia, Amerika,
Eropa, Australia dan Afrika.
5. Fokus untuk meningkatkan portofolio penjualan produk
kemasan premium yang memiliki nilai tambah sehingga
dapat memberikan kontribusi yang lebih besar terhadap
peningkatan margin penjualan.
6. Memperluas rantai pasokan bahan baku, khususnya
dari pasar internasional guna mendapatkan pasokan
secara tepat waktu, dengan biaya dan harga yang
kompetitif.
Sepanjang tahun 2014, penerapan langkah-langkah strategis
diatas telah memungkinkan Perseroan untuk mencatat
pertumbuhan yang positif, dimana berhasil membukukan
penjualan bersih sebesar Rp 1.945,38 milyar, selaras dengan
target yang telah dianggarkan sebelumnya untuk tahun 2014.
Kinerja penjualan ini mengalami peningkatan sebanyak 16,95%
dibandingkan dengan penjualan tahun sebelumnya yang
mencapai Rp 1.663,39 milyar. Dari sisi profitabilitas, Perseroan
berhasil membukukan laba kotor dan laba usaha masing-masing
sebesar Rp 219,39 milyar dan Rp 103,53 milyar atau meningkat
masing-masing sekitar 4,67% dan 13,97% dibandingkan dengan
tahun 2013. Laba tahun berjalan yang dapat diatribusikan
kepada pemilik entitas induk dan kepentingan non-pengendali
dibukukan sebesar Rp 34,69 milyar atau mengalami sedikit
peningkatan sebesar 0,20% dibandingkan tahun sebelumnya.
14
1. Continuous efforts in making the expansion of facilities
targeting the production of flexible packaging BOPP
and metalizing types a reality. The objective is to optimize
economies of scale in production and increase the
added value of products that will in turn ensure the
Company’s competitiveness in both domestic and
international markets.
2. Re-organize to establish a more efficient and effective
organizational structure, as well as to properly delegate
tasks and clear authorizations to optimally support the
Company’s operations.
3. Promote an efficiency program in every aspect of
production in order to reduce production costs to a
minimum, especially in terms of improving processes
and ensuring efficient operations.
4. Strengthen the market product and portfolio as well as
expand customer base by penetrating potential new
markets in Asia, America, Europe, Australia and Africa.
5. Focus on increasing the sales portfolio of premium
packaging products with added value in order to make
a greater contribution to growth of sales margins.
6. Expand the supply chain of raw materials, especially
from the international market, with the purpose of
procuring supplies in a timely manner and at competitive
costs or prices.
Throughout 2014, the implementation of strategic steps
mentioned above enabled the Company to achieve positive
growth wherein it managed to record net sales of IDR
1,945.38 billion. The net sales data is in line with the target
set and previously budgeted for the year 2014. This sales
performance represented an increase of 16.95% compared
to the previous year's sales, which recorded IDR 1,663.39
billion. In terms of profitability, the Company registered
gross profit of IDR 219.39 billion and operating income
amounting to IDR 103.53 billion, an increase of approximately
4.67% and 13.97% respectively, as compared to 2013. Profit
for the current financial year attributable to the proprietors
and non-controlling interest was valued at IDR 34.69 billion,
a slight decrease of 0.20% compared to the previous year.
Selama tahun 2014, dalam upaya mencapai kinerjanya,
Perseroan menghadapi beberapa kendala utama yang
disebabkan oleh peningkatan biaya produksi, khususnya
pada biaya energi dan SDM, pelemahan permintaan pasar
yang dipicu oleh krisis global, tingkat kompetisi antar
industri yang tinggi serta gejolak harga bahan baku utama
sebagai dampak dari anjloknya harga minyak dan komoditas
dunia. Disamping itu, apresiasi Dolar Amerika Serikat
terhadap Rupiah yang terjadi di tahun 2014 menyebabkan
daya beli, khususnya pelanggan domestik, semakin menurun
sehingga cenderung menjadikan pasar semakin kompetitif.
Along the path towards target performances, the Company
faced several major roadblocks caused by increases in
production costs, particularly in terms of energy and human
resources. Other obstacles were weakening demands
triggered by the global crisis, heightened level of competition
among industries and the price volatility of main raw
materials that were impacted by the drop in the world price
of oil and commodities. Furthermore, the US Dollar’s
appreciation against the Rupiah created a major dent on
purchasing power, especially for domestic customers. The
Rupiah’s depreciation resulted to high competitiveness in
the market.
Dalam tahun mendatang, kondisi perekonomian dunia
diprediksi masih belum akan mengalami perbaikan yang
berarti. Kawasan Eropa dan Jepang nampaknya masih
belum memberikan tanda-tanda perbaikan ekonomi yang
signifikan di tahun mendatang, yang antara lain ditandai
oleh kelanjutan pelonggaran moneter yang dilakukan oleh
bank sentral masing-masing negara. Negara Cina, yang
merupakan motor kuat penggerak ekonomi Asia dan dunia,
diprediksi hanya akan mengalami pertumbuhan ekonomi
pada kisaran 7% dalam 2 tahun mendatang, dimana angka
tersebut berada dibawah tahun 2014 sebesar 7,4%. Di lain
pihak, Amerika Serikat, walapun masih diliputi ketidakpastian,
sejak akhir tahun 2014 mulai menunjukan data ekonomi
yang membaik, terutama dengan meningkatnya indikator
NFP (Non Farming Payroll) dan menurunnya tingkat
pengangguran, yang selanjutnya akan mungkin membuka
peluang kenaikan suku bunga oleh Federal Reserve Bank
dan penguatan mata uang Dolar Amerika Serikat.
In the coming year, the condition of the world economy is
predicted to remain stagnant, with no significant improvement.
Europe and Japan, which have not exhibited any forward
signs of significant economic growth, continue to experience
constant monetary easing implemented by their respective
central banks. The economic growth of China, usually
viewed as a powerful engine driving the economy in Asia
and the world, is predicted to hover only within the 7%
range in the next two (2) years, a figure below what was
achieved in 2014 at 7.4%. On the other hand, the United
States, even though surrounded by uncertainty, began to
record an improvement in its economic data towards the
end of 2014. The strengthening NFP (Non Farming Payroll)
indicators and decreasing unemployment rate will most
probably open up possibilities for an interest rate hike by
the Federal Reserve Bank and further strengthen the US
Dollar.
15
16
Meskipun demikian, kami tetap melihat peluang yang
menjanjikan untuk pertumbuhan konsumsi kemasan
fleksibel, seiring dengan pertumbuhan sektor konsumtif
yang relatif kuat, yang didukung oleh jumlah populasi
penduduk yang terus akan bertambah. Kebutuhan akan
kemasan fleksibel diperkirakan masih tetap tinggi karena
fungsinya yang belum banyak tergantikan saat ini serta
biayanya yang ekonomis. Kami, bersama dengan segenap
anggota manajemen, telah menetapkan beberapa langkah
strategis guna meningkatkan daya saing Perseroan di tahun
mendatang. Salah satu strategi utama yang akan kami
realisasikan mulai tahun 2015 mendatang adalah mencapai
skala ekonomis produksi yang lebih optimal, dengan
melakukan restrukturisasi atas fasilitas produksi dan
mengoperasikan lini produksi BOPP yang baru. Dengan
demikian, Perseroan akan mampu untuk menjaga kualitas,
efisiensi dan meningkatkan output produksi serta diversifikasi
produk guna memasok kebutuhan pasar yang dinamis
sehingga Perseroan akan memiliki potensi untuk
meningkatkan penjualan dan profitabilitas di tahun-tahun
mendatang.
Despite the prevailing economic conditions, the growth
potential in the consumption of flexible packaging remains
promising, parallel to the development of a relatively strong
consumer sector which is supported by a growing population.
The need for flexible packaging is expected to remain high
mainly because of two (2) very important facts: first, there
is no alternative for it yet, and second, it is still most
economical. We, along with the entire management, have
established several strategic measures to improve the
competitiveness of the Company in the coming year.
Foremost among the main strategies that will be implemented
starting 2015 are optimized production in terms of economies
of scale with a restructured production facility and the
operation of the new BOPP production line. These strategies
have been crafted to enable the Company to maintain
quality and efficiency, increase production output, and
diversify product line in order to supply the demands of a
dynamic market. The end goal provides the Company with
the opportunity to increase sales and profitability in the
coming years.
Melanjutkan komitmen dari tahun-tahun sebelumnya,
kami secara konsisten tetap menjadikan prinsip Tata Kelola
Perusahaan Yang Baik (GCG) sebagai cermin nilai dasar
dan budaya kerja seluruh karyawan dari berbagai tingkatan.
Kami meyakini bahwa konsistensi ini telah memberikan
kemampuan kepada Perseroan untuk bertahan, bahkan
meraih kinerja yang positif meskipun dalam situasi krisis
selama tahun 2014 ini. Implementasi dari GCG telah menjadi
pedoman utama bagi setiap inisiatif kerja yang dilakukan
oleh manajemen dan karyawan Perseroan sehingga
senantiasa selaras dengan kebijakan dan peraturan yang
berlaku, baik internal maupun eksternal. Kami berupaya
In solidifying the commitment nurtured from previous
years, we have consistently adhered to the principles of
Good Corporate Governance (GCG) as a reflection of the
doctrine and values of the work culture practiced by
employees in various levels. We believe this consistency
has provided the Company with the ability to survive, and
even achieve positive results despite the crisis that afflicted
2014. The implementation of GCG has been the main
guiding principle in every initiative executed by the
management and employees of the Company. The Board
ensures that it remains aligned with ruling policies and
memastikan seluruh usaha Perseroan dilakukan sesuai
dengan praktik-praktik GCG terbaik khususnya menyangkut
prinsip transparansi, akuntabilitas, pertanggungjawaban,
independensi dan kewajaran. Selama tahun 2014, penerapan
GCG mendapat dukungan penuh dari Dewan Komisaris,
dengan dibantu oleh Komite Audit dan unit Audit Internal,
yang melakukan fungsi pengawasan terhadap Direksi dan
manajemen Perseroan sehingga setiap kebijakan yang
ditempuh selalu mengarah pada visi, misi dan nilai-nilai
dasar Perseroan serta berada dalam koridor hukum yang
berlaku.
regulations, both internal and external. We seek to ensure
that every aspect of our business runs in accordance with
best corporate governance practices, especially with regards
to principles of transparency, accountability, responsibility,
independence and fairness. Throughout 2014, the Board
of Commissioners fully supported the implementation of
GCG, assisted by the Audit Committee and Internal Audit
unit. Each functions as a distinct monitoring body for the
Company's Board of Directors and management to ensure
that adopted policies will be based on the vision, mission
and values of the Company and run in accordance with
existing laws.
Dalam tahun 2014, tidak ada perubahan terhadap susunan
Direksi Perseroan. Jumlah anggota Direksi tetap sebanyak
5 (lima) orang dengan susunan sesuai dengan hasil keputusan
Rapat Umum Pemegang Saham Tahunan Perseroan tanggal
13 Juni 2013.
In 2014, there was no change to the composition of the
Board of Directors which remained the same with five (5)
members. This retained a similar structure that was decided
upon during the Annual General Meeting of Shareholders,
dated 13 June 2013.
Pada kesempatan ini, perkenankanlah kami untuk
menyampaikan apresiasi yang dalam kepada para pemegang
saham, mitra usaha dan pemangku kepentingan lainnya
atas dukungan penuh yang diberikan selama tahun 2014.
Kami juga ingin menyampaikan penghargaan secara khusus
kepada Dewan Komisaris serta seluruh jajaran manajemen
dan karyawan yang telah memberikan karya dan kontribusi
terbaik untuk kemajuan Perseroan. Dengan dukungan
semua pihak, Perseroan akan dapat meraih pertumbuhan
kinerja yang lebih baik lagi dimasa mendatang.
On this occasion, allow us to express deep appreciation to
our shareholders, business partners and stakeholders who
gave their full support in 2014. We also wish to extend our
special appreciation to the Board of Commissioners, as
well as all management and employees for their hard work
and contribution to the advancement of the Company.
With the support of all parties, the Company will be able
to perform better and scale new heights of growth in the
future.
Wilson Pribadi
Direktur Utama
President Director
17
PROFIL
PERUSAHAAN
COMPANY PROFILE
Riwayat Singkat Perseroan
A Brief History of the Company
20
20
PT Argha Karya Prima Industry Tbk, atau dikenal dengan
Argha, dibentuk pada tahun 1980, merupakan pelopor
industri kemasan fleksibel di Indonesia, dengan lokasi
pabrik di kawasan Citeureup, Bogor, Jawa Barat.
PT Argha Karya Prima Industry Tbk, also known as Argha,
was established in 1980 and is the pioneer of the flexible
packaging industry in Indonesia. Its factory is located in
Citeureup, Bogor within West Java.
Argha memiliki 2 (dua) anak perusahaan yaitu International
Resources (H.K.) Ltd. yang berlokasi di Hongkong, didirikan
tahun 1991 dan merupakan kantor pemasaran yang memiliki
fokus untuk melayani penjualan di wilayah Hongkong dan
Cina. Anak perusahaan lainnya yaitu Stenta Films (M) Sdn.
Bhd. yang berlokasi di Malaysia, didirikan tahun 1993 dan
bergerak dibidang industri film kemasan jenis BOPP (Biaxially
Oriented Polypropylene).
Argha has two (2) subsidiaries: International Resources
(HK) Ltd and Stenta Films (M) Sdn. Bhd. which are located
in Hong Kong and Malaysia respectively. International
Resources (HK) Ltd was established in 1991 as a marketing
representative office that focuses on supporting sales in
Hong Kong and China. Stenta Films (M) Sdn. Bhd., founded
in 1993, engages in the production of BOPP (Biaxially
Oriented Polypropylene) packaging for the film industry.
Saat ini, Argha dan anak perusahaannya telah memiliki
kapasitas produksi terpasang hampir mencapai 100.000
ton per tahun, sehingga menjadikan Perseroan sebagai
salah satu industri kemasan terkemuka di Asia Tenggara.
Currently, Argha and its subsidiaries have installed facilities
with a combined production capacity of nearly 100,000
tonnes per year, thus giving distinction to the Company as
one of the leaders in the packaging industry in Southeast
Asia.
Kegiatan Usaha Perseroan Serta Jenis Produk Yang Dihasilkan
The Company's Business Activities and Types of Products
Sesuai dengan Anggaran Dasar, kegiatan usaha Perseroan
antara lain menjalankan industri barang-barang plastik
jenis film Polypropylene dan Polyethylene Terepthalate.
Produk utama yang dihasilkan Perseroan adalah film
kemasan jenis BOPP (Biaxially Oriented Polypropylene)
dan BOPET (Biaxially Oriented Polyethylene Terepthalate)
atau Polyester, masing-masing dipasarkan dengan merek
dagang ARLENE dan ARETA. Dalam proses produksi,
Perseroan telah mengacu pada beberapa standar
internasional, diantaranya standar manajemen mutu ISO
9001:2008 (Certified) dan Sedex (Supplier Ethical Data
Exchange). Merek dagang ARLENE dan ARETA telah dikenal
luas di dunia, dan banyak digunakan untuk aplikasi kemasan
makanan, rokok, laminasi kertas, label maupun pembungkus
umum lainnya.
In accordance with the Articles of Association, the Company's
business activities include the industrial production of
plastic goods with film types of Polypropylene and
Polyethylene Terepthalate. The Company’s main products
are the packaging film BOPP (Biaxially Oriented Polypropylene)
and BOPET (Biaxially Oriented Polyethylene Terepthalate)
or Polyester types marketed under the trademarks ARLENE
and ARETA respectively. In the production process, the
Company complies with several international standards,
including Quality Management Standard ISO 9001: 2008
(Certified) and Sedex (Supplier Ethical Data Exchange). The
ARLENE and ARETA trademarks are widely recognized in
the world and these are commonly used for the application
of food packaging, cigarettes, paper laminations, labels or
other general wrappers.
21
Visi Dan Misi Perusahaan
The Company’s Vision and Mission
Visi
Vision
Produsen plastik film
yang inovatif dan terpilih.
The innovative and preferred
plastic film producer.
Misi
Mission
Untuk para pelanggan:
Meningkatkan bisnis pelanggan dengan solusi yang inovatif.
Untuk para Pemegang Saham
Memaksimalkan pertambahan nilai bagi pemegang saham.
Untuk Para Karyawan
Menjadi tempat pilihan untuk mengembangkan karir di industri plastik film.
For Customers
Enhance customers’ respective businesses through innovative solutions.
For Shareholders
Maximize value for shareholders.
For Employees
Be the choice of career path advancement in the plastic film industry.
22
Struktur Organisasi Perseroan
Organization Structure Of The Company
SHAREHOLDERS
BOARD OF
COMMISSIONERS
AUDIT COMMITTEE
BOARD OF DIRECTORS
ADVISOR
OPERATION
COMMERCIAL
CORPORATE SERVICE
MARKET R & D
IT & QUALITY MGT.
SYSTEM (QMS)
HR, GA & IR
LEGAL & CORP.
SECRETARY
ENVIRONMENTALHEALTH
& SAFETY (EHS)
23
Dewan Komisaris dan Direksi
Board of Commissioners and Directors
Perseroan memiliki Dewan Komisaris yang beranggotakan
6 (enam) orang, dimana 2 (dua) orang diantaranya menjabat
sebagai Komisaris Independen. Selama tahun 2014, susunan
Dewan Komisaris Perseroan tidak mengalami perubahan,
dimana sesuai dengan hasil keputusan RUPST (Rapat
Umum Pemegang Saham Tahunan) Perseroan pada tahun
2013.
Komisaris Utama/President Commissioner
: Andry Pribadi
Komisaris/Commissioner
: Henry Liem
: Amirsyah Risjad
: Brenna Florence Pribadi
Komisaris Independen/Independent Commissioner
: Johan Paulus Yoranouw
Komisaris Independen/Independent Commissioner
: Widjojo Budiarto
Direksi Perseroan beranggotakan 5 orang, yang terdiri dari
1 (satu) orang Direktur Utama dan 4 (empat) orang Direktur.
Selama tahun 2014, susunan Direksi Perseroan tidak
mengalami perubahan, dimana tetap sesuai dengan hasil
keputusan RUPST (Rapat Umum Pemegang Saham Tahunan)
Perseroan pada tahun 2013.
The Company’s Board of Directors is composed of five (5)
members, consisting of one (1) President Director and four
(4) Directors. Throughout 2014, the BOD structure remained
the same based on what was decided upon during the 2013
Annual General Meeting of Shareholders.
Direktur Utama/President Director
: Wilson Pribadi
Direktur/Director
: Jeyson Pribadi
Direktur/Director
: Edward Djumali
Direktur/Director
: Jimmy Tjahjanto
Direktur/Director
: Folmer Adolf Hutapea
Berikut ini adalah keterangan singkat mengenai masingmasing anggota Dewan Komisaris dan Perseroan:
24
The Company is headed by the Board of Commissioners
comprised of six (6) members, wherein two (2) of its members
are Independent Commissioners. In 2014, there were no
changes in the structure of the Company’s Board of
Commissioners, in line with the decision made during the
2013 Annual General Meeting of Shareholders (AGMS).
The following are brief descriptions regarding each member
of the Board of Commissioners and Directors:
Dewan Komisaris
Andry Pribadi,
Komisaris Utama
Posisi ini dijabat oleh beliau sejak tahun 2003, berdasarkan
keputusan dari Rapat Umum Pemegang Saham Tahunan
(RUPST) Perseroan pada tanggal 27 Juni 2003. Selain jabatan
ini, beliau juga memegang jabatan sebagai Presiden Direktur
PT Sumatra Prima Fibreboard. Beliau merupakan lulusan
dari Stamford College, Singapura.
Andry Pribadi,
Andri Pribadi has held the post of President Commissioner
since 2003, based on the decision of the Annual General
Meeting of Shareholders (AGMS) on 27 June 2003. In
addition, he also holds the position of President Director
in PT Sumatera Prima Fibreboard. He is a graduate of
Stamford College, Singapore.
Henry Liem,
Komisaris
Jabatan ini dipercayakan kepada beliau sejak tahun 1983,
berdasarkan keputusan dari RUPST Perseroan pada tahun
1983. Saat ini, beliau juga memegang jabatan sebagai
Komisaris PT Sanggraha Daksamitra. Beliau telah menempuh
pendidikan di Kilburn Polytechnic, London, Inggris dan
lulus pada 1972.
Henry Liem,
Commissioner
Henry Liem was entrusted with the position of Commissioner
since 1983, based on the decision of the Company’s AGMS
held in the same year. Concurrently, he hold the position
of Commissioner in PT Sanggraha Daksamitra. He graduated
in 1972 from Kilburn Polytechnic located in London, England.
Amirsyah Risjad,
Komisaris
keputusan dari RUPST Perseroan pada tanggal 13 Juni 2013.
Beliau telah memiliki pengalaman lebih dari 15 tahun di
berbagai bidang seperti industri minyak kelapa sawit,
perkebunan, keuangan dan energi. Saat ini, beliau juga
memangku jabatan di beberapa perusahaan antara lain
CEO Ibris Holdings and Risjadson Holding & Investments,
Komisaris Primarindo Finance Corporation, Komisaris PT
Primarindo Argatile, Wakil Presiden Komisaris PT Primarindo
Daya Investama, Komisaris PT Intidaya Sistelindomitra,
Komisaris PT Primarindo Dana Bersama dan Komisaris PT
Primarindo Asia Infrastructure Tbk. Dalam perjalanan karir
profesionalnya, beliau pernah menjabat sebagai Management
Trainee First Pacific Pte.Ltd, Singapore, President Director
PT Risjadson Sejahtera Agrobusiness dan Komisaris PT
Bank RSI. Beliau menempuh pendidikan di Northrop
University, Los Angeles, USA pada tahun 1985 dan meraih
gelar Bachelor of Science dari University of Southern
California, USA pada tahun 1989.
Amirsyah Risjad,
Commissioner
Amirsyah Risjad was appointed Commissioner during the
AGMS held on 13 June 2013 and he has served in that
position ever since . His extensive experience spans over
15 years working in various fields and industries such as
palm oil, agriculture, finance and energy. Currently, he also
holds high ranking posts at several companies, among
others: CEO of Ibris Holdings and Risjadson Holding &
Investments, Commissioner of Primarindo Finance
Corporation, Commissioner of PT Primarindo Argatile, Vice
President Commissioner of PT Primarindo Daya Investama,
Commissioner of PT Intidaya Sistelindomitra, Commissioner
of PT Primarindo Dana Bersama and Commissioner of PT
Primarindo Asia Infrastructure Tbk. In the course of his
professional career, he served as Management Trainee at
First Pacific Pte, Singapore, then as President Director of
PT Risjadson Sejahtera Agrobusiness and Commissioner
of PT Bank RSI. He studied at Northrop University of Los
Angeles, USA in 1985 and graduated with a Bachelor of
Science degree from the University of Southern California,
USA in 1989.
25
Brenna Florence Pribadi,
Komisaris
keputusan dari RUPST Perseroan pada tanggal 13 Juni
2013. Dalam perjalanan karir profesionalnya, beliau pernah
menjabat sebagai Purchasing Head di PT Argha Karya
Prima Industry Tbk dan menjalani Internship di The_Groop
dan Genlux Fashion Magazine, Los Angeles, Amerika Serikat.
Beliau meraih gelar Master of Business Administration
pada tahun 2009 dari DeVry University - Los Angeles,
Amerika Serikat dan Bachelor of Fine Arts pada tahun 2007
dari Art Center College of Design - Los Angeles, Amerika
Serikat.
Brenna Florence Pribadi,
Commissioner
Brenna Florence Pribadi has been serving as Commissioner
since her appointment during the AGMS held last 13 June
2013. In building her professional career, she previously
held the post of Head of Purchasing at PT Argha Karya
Prima Industry Tbk and underwent internship at The_Groop
and Genlux Fashion Magazine in Los Angeles , USA. In
2009, she graduated with a Master of Business Administration
degree from DeVry University - Los Angeles, USA. Two
years prior, she earned her Bachelor of Fine Arts degree
from the Art Center College of Design - Los Angeles, USA.
Johan Paulus Yoranouw,
Komisaris Independen, dan Ketua Komite Audit
Johan Paulus Yoranouw,
Independent Commissioner and Chairman of the Audit
Committee
The Company’s Extraordinary General Meeting of
Shareholders (EGMS), held last 20 December 2001, designated
Johan Paulus Yoranouw as Independent Commissioner
and Chairman of the Audit Committee. Aside from these
posts, he is the National Managing Partner of Public
Accounting Firm Johan Malonda Mustika & Partners. In
his professional career, he served as Chairman of the
Accounting Department of Economics, University of
Tarumanagara, and Internal Management Consultant for
the Salim Group. He became a lecturer in various educational
institutions, such as University of Airlangga, University of
Surabaya, Surabaya Widya Mandala Catholic University,
Atma Jaya Catholic University and University of Tarumanegara.
He also served as a Tax and Management Consultant, and
Auditor for PT SGV Utomo Drs Utomo, Mulia & Co (Arthur
Andersen Indonesia). He earned his Bachelor’s degree in
Economics and Accounting from Airlangga University in
1971, and a Bachelor’s degree in Management from the
University of Airlangga in 1969. Aside from being a member
of the Board of Commissioners, he has also been the
Chairman of the Company’s Audit Committee since May
2002.
keputusan dari Rapat Umum Pemegang Saham Luar Biasa
(RUPSLB) Perseroan pada tanggal 20 Desember 2001.
Selain itu, beliau juga menjabat sebagai National Managing
Partner Kantor Akuntan Publik Johan Malonda Mustika &
Rekan. Karir profesional beliau, antara lain adalah sebagai
Ketua Jurusan Akuntansi Fakultas Ekonomi Universitas
Tarumanegara, serta Internal Management Consultant
Salim Group, sebagai dosen di Universitas Airlangga,
Universitas Surabaya, Universitas Katolik Widya Mandala
Surabaya, Universitas Katolik Atmajaya dan Universitas
Tarumanegara. Beliau juga pernah berkarir sebagai Konsultan
Pajak, Konsultan Manajemen PT SGV Utomo serta Auditor
Drs Utomo, Mulia & Co (Arthur Andersen Indonesia). Beliau
meraih gelar Sarjana Ekonomi di bidang Akuntansi pada
tahun 1971 dari Universitas Airlangga, dan Sarjana di bidang
Manajemen pada tahun 1969 dari Universitas Airlangga.
Selain sebagai anggota Dewan Komisaris, beliau juga
menjabat sebagai ketua Komite Audit Perseroan sejak
bulan Mei 2002. 26
Widjojo Budiarto,
Komisaris Independen
Jabatan ini dipegang beliau sejak tahun 2004, berdasarkan
2004. Beliau telah memiliki pengalaman lebih dari 20 tahun
sebagai penasehat hukum di berbagai bank, grup perseroan
maupun kantor hukum, dan saat ini menjabat sebagai
Advokat dan Konsultan Hukum pasar modal di sebuah
kantor hukum di Jakarta. Beliau lulus dari Common
Professional Examination yang divalidasi oleh the Law
Society of England and Wales dan the Bar Council of
England and Wales, serta pemegang gelar Master of Science
di bidang Finance and Financial Law dari the School of
Oriental and African Studies, University of London, Inggris.
Widjojo Budiarto,
Independent Commissioner
Widjojo Budiarto has been the Company’s Independent
Commissioner since 2004 when he was appointed to the
post during the AGMS held last 25 June 2004. He comes
with over 20 years of formidable experience as a legal
advisor in various banks, companies, as well as law offices.
He currently serves as an Advocate and Legal Consultant
on Capital Market Laws in a Jakarta-based law office. He
passed the Common Professional Examination, which was
validated by the Law Society of England and Wales, and
the Bar Council of England and Wales. He graduated Master
of Science in Finance and Financial Law from the School
of Oriental and African Studies, University of London in
England.
27
Direksi
Board Of Directors
28
Wilson Pribadi,
Direktur Utama
Beliau merupakan salah seorang pendiri Argha, dimana
sejak tahun 2001 telah menjabat sebagai Direktur Utama,
berdasarkan keputusan dari RUPST Perseroan pada tanggal
27 Juni 2001. Sebelumnya, beliau menjabat sebagai Direktur
Pengelola Argha hingga tahun 2000. Jabatan lain yang
diemban beliau adalah Direktur Stenta Films (M) Sdn. Bhd.
Malaysia, Presiden Komisaris PT Sumatra Prima Fibreboard,
Presiden Komisaris PT Swasthi Parama Mulya dan PT
Lumbung Nasional Flour Mill. Beliau meraih gelar Bachelor
of Business Administration pada tahun 1977 dari Sir George
William University, Montreal, Kanada, dan sebelumnya
pada tahun 1974 meraih gelar Bachelor of Computer Science
dari Technische Universität Berlin, Jerman.
Wilson Pribadi,
President Director
Wilson Pribadi is one of the founders of Argha and has
been serving as President Director upon the decision of
the AGMS held on 27 June 2001. Prior to this, he was the
Managing Director of Argha. He held various key positions,
such as: Director of Stenta Films (M) Sdn. Bhd. Malaysia,
President Commissioner of PT Sumatera Prima Fibreboard,
and President Commissioner for both PT Swasthi Parama
Mulya and PT Lumbung National Flour Mill. In 1974, he
graduated with a Bachelor’s degree in Computer Science
from the Technische Universität Berlin, Germany. Then
three years later, he obtained his Bachelor’s degree in
Business Administration from Sir George William University
based in Montreal, Canada.
Jeyson Pribadi,
Direktur
Mulai tahun ini, beliau menjabat sebagai Direktur Pengelola,
yang juga membawahi divisi Teknologi Informasi & QMS,
HR, GA & IR, EHS, Market R&D serta Legal & Corporate
Secretary. Selain itu, beliau juga menjabat sebagai Direktur
PT Swasthi Parama Mulya. Dalam perjalanan karir
profesionalnya, beliau pernah menjalani Internship di
Prudential Financial, Inc, Los Angeles, Amerika Serikat.
Beliau meraih gelar Master of Business Administration Management pada tahun 2006 dari Loyola Marymount
University - Los Angeles, Amerika Serikat dan Bachelor of
Business Administration – Finance & Marketing pada tahun
2004 dari Loyola Marymount University - Los Angeles,
Amerika Serikat.
Jeyson Pribadi,
Director
During the AGMS held last 9 June 2009, Jeyson Pribadi
was appointed Director. At the onset of that year, he took
the post of Managing Director, the scope of which includes
overseeing Information Technology & QMS, HR, GA & IR,
EHS, Market R&D, and Legal & Corporate Secretary Divisions.
In addition, he simultaneously serves as Director of PT
Swasthi Parama Mulya. In the course of his professional
career, he underwent an internship program at Prudential
Financial, Inc. in Los Angeles, USA. In 2004, he studied
Business Administration - Finance & Marketing in Loyola
Marymount University based in Los Angeles, USA. In 2006,
he earned a Master of Business Administration - Management
degree from Loyola Marymount University, also located in
Los Angeles, USA.
Edward Djumali,
Direktur
2000, dan saat ini membawahi divisi Komersial Perseroan.
Beliau pernah berkarir sebagai Direktur pada beberapa
perseroan industri grup Napan, serta menjadi Consultant
& Business Advisor pada Kantor Akuntan Publik Drs Hadi
Sutanto, Price Waterhouse, Indonesia. Beliau meraih gelar
Sarjana Ekonomi di bidang Akuntansi Manajemen pada
tahun 1989 dari Universitas Indonesia, serta Sarjana
Manajemen Marketing pada tahun 1984 dari Universitas
Kristen Djaya, Jakarta.
Edward Djumali,
Director
Edward Djumali has been the Company’s Director since
the 21 June 2000 Annual General Meeting. He is currently
in charge of the Company’s Commercial Division. Previously,
he was a Director in several industrial companies under
the Napan group, as well as a Consultant and Business
Advisor at Drs. Hadi Sutanto, Price Waterhouse, Indonesia.
He graduated from the University of Indonesia in 1989 with
a Bachelor of Economics degree in the field of Management
Accounting, He also possessed a Bachelor’s degree in
Marketing Management obtained from University of Kristen
Djaya, Jakarta in 1984.
Jimmy Tjahjanto,
Direktur
Jabatan ini dipegang beliau sejak tahun 2003, berdasarkan
2003. Saat ini, beliau membawahi divisi Corporate Service
Perseroan dan sebelumnya pernah menjabat sebagai
Financial Controller PT Sumatra Prima Fibreboard, Vice
President - Finance Division Grup Napan, Accounting
Manager di Stenta Films (M) Sdn. Bhd., Malaysia, dan Auditor
Touche Ross International, Indonesia. Beliau meraih gelar
Master of Business Administration pada tahun 1992 dari
University of The East Manila, Filipina, serta Sarjana Ekonomi
di bidang Akuntansi pada tahun 1986 dari Universitas
Tarumanegara, Jakarta.
Jimmy Tjahjanto,
Director
Jimmy Tjahjanto has held this position ever since he was
appointed as Director of the Company during the AGMS
held on 27 June 2003. Currently, he oversees the Company's
Corporate Services Division. Prior to this, he served in
various companies, namely as Financial Controller at PT
Sumatera Prima Fibreboard, Vice President - Finance
Division at Napan Group, Accounting Manager at Stenta
Films (M) Sdn. Bhd., Malaysia, and Auditor at Touche Ross
International, Indonesia. In 1986, he graduated from the
University of Tarumanegara, Jakarta earning a Bachelor of
Economics degree in Accounting. In 1992, he obtained a
Master of Business Administration degree from the University
of the East in Manila, Philippines.
Folmer Adolf Hutapea,
Direktur
Posisi ini dijabat oleh beliau pada tahun 2013, berdasarkan
Beliau telah meniti karir di Argha sejak tahun 1982 dan
saat ini dipercaya untuk membawahi divisi Operasi Perseroan.
Beliau meraih gelar Sarjana Teknik Kimia pada tahun 1982
dari Institut Teknologi Bandung.
Folmer Adolf Hutapea,
Director
Folmer Adolf Hutapea has held the position of Director
since 2013, based on the decision of the AGMS held last
13 June 2013. He actually started his career in Argha way
back in 1982 and is currently entrusted to manage Operations
Division of the Company. He held a degree in Chemical
Engineering, which he earned in 1982 from the Institute
of Technology Bandung.
Selama tahun 2014, para anggota Dewan Komisaris dan
Direksi telah mengikuti beberapa pelatihan yang memiliki
topik-topik antara lain emotional quality management,
strategic goal setting, performance management system,
short interval communication, business process improvement,
teknologi kemasan, kondisi perekonomian dan perbankan
serta kepemimpinan.
In 2014, the members of the Board of Commissioners and
Board of Directors attended several trainings that covered
several topics including, among others, emotional quality
management, strategic goal setting, performance management
system, short intervals of communication, business process
improvement, packaging technology, economic and banking
conditions, and leadership.
29
Berikut adalah uraian mengenai status afiliasi dari masingmasing anggota Dewan Komisaris dan Direksi Perseroan.
30
The following is a description of the affiliation status
concerning each member of the Board of Commissioners
and Board of Directors:
Nama/Name
Jabatan/Title
Status
Andry Pribadi
Komisaris Utama/
Terafiliasi/Affiliated
Henry Liem
Amirsyah Risjad
Brenna Florence Pribadi
Johan Paulus Yoranouw
Komisaris Independen/
Tidak Terafiliasi/
Not Affiliated
Widjojo Budiarto
Komisaris Independen/
Tidak Terafiliasi/
Not Affiliated
Wilson Pribadi
Direktur Utama/ President Director
Jeyson Pribadi
Direktur/Director
Edward Djumali
Direktur/Director
Tidak Terafiliasi/
Not Affiliated
Jimmy Tjahjanto
Direktur/Director
Tidak Terafiliasi/
Not Affiliated
Folmer Adolf Hutapea
Direktur/Director
Tidak Terafiliasi/
Not Affiliated
Sumber Daya Manusia
Human Resources
Pada tanggal 31 Desember 2014, Perseroan, tidak termasuk
anak perusahaan, memiliki jumlah karyawan sebanyak 959
orang. Jumlah ini meningkat sebesar 6,20% jika dibandingkan
dengan periode yang sama pada tahun sebelumnya.
As of 31 December 2014, the Company had a total workforce
of 959 employees. This head count excluded personnel
from its subsidiaries. The number of personnel increased
by 6.20%, compared to the previous year.
Berdasarkan jenjang jabatannya, komposisi karyawan
Perseroan dapat digambarkan sebagai berikut:
Based on individual levels, the composition of the Company's
employees can be described as follows:
Kesuksesan dalam menjalankan rutinitas operasi dan
keberhasilan dalam mencapai visi dan misi Perseroan tidak
lepas dari upaya Perseroan dalam membangun sumber
daya manusia yang kompeten. Guna mewujudkan hal ini,
Perseroan berupaya membangun sumber daya manusia
sejak dini, dimulai dari proses rekruitmen yang cermat,
yang kemudian dilanjutkan dengan program pengembangan
dan pembangunan sumber daya manusia secara
berkesinambungan.
The Company’s success in carrying out routine operations
and pursuing the vision and mission is directly linked to
its valiant efforts to build competent human resources. In
order to accomplish this, the Company initiates to organize
and maintain the competency of its human resources as
early as possible. This begins with a careful recruitment
process, followed by a program of development and human
resource advancement on a routine basis.
Pada tahapan berikutnya, Divisi Sumber Daya Manusia
memiliki komitmen utama untuk melaksanakan programprogram pelatihan secara intensif guna membangun dan
meningkatkan kompetensi karyawan di setiap unit kerja.
Melalui program pelatihan yang sistematis, para karyawan
akan dapat mengasah potensi yang dimiliki, sehingga
diharapkan dapat memberikan solusi cerdas bagi peningkatan
kinerja Perseroan dan pengembangan diri bagi karyawan
yang bersangkutan. Dalam tahun 2014, Perseroan telah
menyelenggarakan beberapa program pelatihan untuk
The next process is characterized by the implementation
of an intensive training program wherein the Human
Resources Division builds and improves the competency
of employees within each work unit. Through a systematic
training program, employees will be able to hone their
potential with two (2) end goals: first, to aid and provide
intelligent solutions for improving the Company's
performance; and second, to enhance self-development
of the concerned employees. In 2014, the Company conducted
several training programs for employees covering various
31
32
para karyawannya, dengan topik-topik yang menyangkut
antara lain:
topics, such as:
1. Emotional Quality Management.
2. Performance Management System.
3. Strategic Goal Setting.
4. Short Interval Communication.
5. Business Process Improvement.
6.Kepemimpinan.
7. Peningkatan mutu.
8. Pelatihan keselamatan kerja, prosedur tanggap darurat
dan HIRAC (Hazard Identification and Risk Assessment
Control).
9. Topik-topik khusus lainnya yang berkaitan langsung
dengan lingkup pekerjaan karyawan, antara lain
manajemen kualitas, rekayasa teknik (engineering),
quality assurance, pengembangan produk, teknologi
informasi, standar Akuntansi, perpajakan, pasar modal,
bahasa Inggris untuk bisnis dan sebagainya.
1. Emotional Quality Management
2. Performance Management System
3. Strategic Goal Setting
4. Short Interval Communication
5. Business Process Improvement
6.Leadership
7. Quality Improvement
8. Safety Training, Emergency Response Procedures and
HIRAC (Hazard Identification and Risk Assessment
Control)
9. Special topics related to the scope of work of employees,
which includes among others, quality management,
engineering (engineering), quality assurance, product
development, information technology, accounting
standards, taxation, capital markets, business English
and many more.
Pada tahun 2014, Perseroan, dengan bantuan konsultan
independen, telah melakukan penelaahan pada sistem
kerja dan sumber daya manusia dalam setiap unit kerja,
guna mendapatkan pemetaan sekaligus mengetahui sumber
kelemahan dalam seluruh struktur organisasi yang ada.
Sebagai hasilnya, pada pertengahan tahun 2014, Perseroan
telah berhasil melaksanakan beberapa perubahan penting,
terutama yang berkaitan dengan perubahan struktur
organisasi yang lebih efisien dan efektif, penyempurnaan
quality objective Perseroan dan performance management
system, perbaikan proses bisnis serta sistem komunikasi
unit kerja dalam bentuk SIC (Short Interval Communication).
In 2014, with the support of an independent consultant,
the Company conducted a review of the work systems and
human resources in each unit of work. The objective was
to identify sources of weakness while mapping out all of
the existing organizational structure. By mid-2014, the
Company was able to successfully implement several
important changes, specifically with regards to the
organizational structure. The resulting changes made the
structure more efficient and effective, and further
strengthened the Company’s objectives for quality and
management system performance, business process
improvement and communication systems unit in the form
of SIC (Short Interval Communication).
Komposisi Pemegang Saham
Composition of Shareholders
Sesuai dengan Daftar Pemegang Saham yang diterbitkan
oleh Biro Administrasi Efek, PT Raya Saham Registra, pada
tanggal 31 Desember 2014, komposisi pemegang saham
Perseroan adalah sebagai berikut:
In accordance with the Registry of Shareholders issued by
the Securities Administration Agency, PT Raya Saham
Registra, the shareholders of the Company as of 31 December
2014 are as follows:
Pemegang Saham/
Shareholders
Jumlah Saham/
% Kepemilikan/
Number of Shares
% Ownership
Asia Investment Limited
117.747.275
19,23%
Shenton Finance Corporation
115.835.001
18,92%
PT Nawa Panduta
92.133.534
15,05%
Morgan Stanley & Co.
73.032.133
11,93%
213.500.057
34,87%
612.248.000
100,00%
Masyarakat dan Lain-lain (masing-masing dengan
kepemilikan < =5%) / Public and Others (each with
ownership < =5%)
Subtotal
Modal saham diperoleh kembali/Treasury Stock
67.752.000
Total
680.000.000
Berdasarkan data pemegang saham diatas, tidak ada anggota
Dewan Komisaris dan Direksi yang tercatat sebagai pemegang
saham.
Based on the data of shareholders above, no member of
the Board of Commissioners and Board of Directors are
listed as shareholders.
Kelompok pemegang saham masyarakat dan lain-lain per
tanggal 31 Desember 2014 sebagai berikut:
Group shareholders and other communities as of 31
December 2014 are as follows:
Pemodal Nasional:
●● Perorangan
: 255
●● Badan Usaha : 110
National Investors:
●● Individual: 255
●● Enterprise: 110
Pemodal Asing:
●● Perorangan : 18
●● Badan Usaha : 67
Foreign Investors:
●● Individual: 18
●● Enterprise: 67
Pemegang saham pengendali Perseroan adalah PT Nawa
Panduta. Pemegang saham PT Nawa Panduta adalah Andry
Pribadi dan Wilson Pribadi.
The Company’s principal shareholder is PT Nawa Panduta.
Shareholders of PT Nawa Panduta are Andry Pribadi and
Wilson Pribadi.
33
Entitas anak Perseroan
Subsidiaries of the Company
Perseroan memiliki 2 (dua) entitas anak dengan detil sebagai
berikut:
The Company has two (2) subsidiaries with details as follows:
Nama/Name
Alamat/Location
Bidang Usaha/
Business
Kepemilikan/
Ownership
Stenta Films (M) Sdn. Bhd.
Lot 10, Jl. P/10, Kawasan Perusahaan Seksyen 10,
43650 Bandar Baru Bangi, Selangor Darul Ehsan,
Malaysia.
Industri kemasan fleksibel
BOPP / BOPP flexible
packaging industry
International Resources
(H.K.) Ltd.
Unit E, 26/F Capital Trade Centre, 62 Tsun Yip Street,
Kwun Tong, Kowloon, Hongkong.
Pemasaran
kemasan fleksibel/
Marketing of fleksibel
packaging
22,95%
98%
Kronologi Pencatatan Saham
Chronology of Share Listing
Perseroan telah mencatatkan sahamnya di Bursa Efek
Indonesia sejak tahun 1992. Perkembangan struktur
permodalan Perseroan dapat dilihat pada tabel berikut ini:
Aksi Korporasi/
Corporate Action
No.
1
Penawaran Umum Perdana kepada masyarakat
The Company has been listed in the Indonesia Stock
Exchange since 1992. The development of the Company's
capital structure can be seen in the following table:
Tahun
Pelaksanaan/
Year of
Implementation
Jumlah Modal (Unit Saham)/
Capital Amount (Share Unit)
Nominal
Saham (Rp)/
Modal Dasar/
Authorized
Capital
Modal Disetor/
Paid up
Capital
1992
125.000.000
80.000.000
1.000
1993
250.000.000
120.000.000
1.000
1994
250.000.000
132.000.000
1.000
1997
500.000.000
352.000.000
500
2003
2.000.000.000
680.000.000
500
Share
Nominal (IDR)
sejumlah 16 juta saham/
Initial Public Offering of 16 million of shares
2
Pembagian saham bonus sejumlah 40 juta saham/
Distribution of 40 million bonus shares
3
Penawaran Umum Terbatas sebanyak 12 juta saham/
Right issue of 12 million shares
4
Pembagian saham bonus sejumlah 44 juta saham
dan pemecahan nominal saham menjadi Rp 500,-/
Distribution of 44 million bonus shares and stock
split into IDR 500 nominal share value
5
Penawaran Umum Terbatas (tanpa HMETD)
sebanyak 328 juta saham/
Right issue of 328 shares (without pre-emptive
right)
34
Lembaga dan Profesi Penunjang Pasar Modal
Capital Market Institutions and Professional Support
1. Kantor Akuntan Publik
1. Public Accounting Firm
KAP Purwantono, Suherman & Surja (member dari Ernst
& Young Global Ltd.)
Gedung Bursa Efek Indonesia Tower 2 Lt. 7
Jl. Jendral Sudirman Kav. 52-53
Jakarta 12190
Purwantono, Suherman & Surja (a member of Ernst &
Young Global Ltd.)
Indonesia Stock Exchange Building Tower 2 Lt. 7
Jakarta 12190
Jasa yang diberikan adalah melakukan audit atas laporan
keuangan Perseroan untuk tahun buku yang berakhir pada
tanggal 31 Desember 2014 dan memberikan pendapat atas
kewajaran penyajian laporan keuangan Perseroan untuk
segala aspek yang material, sesuai dengan Standar Akuntansi
Keuangan yang berlaku di Indonesia. Perseroan telah
menugaskan KAP Purwantono, Suherman & Surja untuk
melakukan audit atas laporan keuangan mulai tahun buku
2010.
The Public Accounting Firm was tasked to render services
in auditing the financial statements of the Company for
the fiscal year ended 31 December 2014, and provide an
opinion on the rationality of the financial statements
presented by the Company covering every material aspect,
in accordance with Financial Accounting Standards applicable
in Indonesia. Purwantono, Suherman & Surja has been
conducting the audit of the Company’s financial statements
since fiscal year 2010.
2. Biro Administrasi Efek
2. Securities Administration Agency
PT Raya Saham Registra
Gedung Plaza Sentral Lantai 2
Jalan Jendral Sudirman Kav 47-48
Jakarta 12930
Central Plaza Building, 2nd Floor
Jakarta 12930
Jasa yang diberikan adalah melakukan proses administrasi
efek, antara lain menyangkut pemeliharaan dan penerbitan
data pemegang saham, kewajiban pelaporan data pemegang
saham kepada otoritas pasar modal dan konsultasi serta
dukungan pelayanan yang menyangkut kegiatan aksi
korporasi. Periode penugasan PT Raya Saham Registra
dilakukan oleh Perseroan secara regular setiap tahun, sejak
tahun 1992.
Since its appointment in 1992, PT Raya Saham Registra
has been regularly rendering services to the Company for
the administrative procedures of stocks, maintenance and
publication of data regarding shareholders, submission of
obligatory reports on shareholder data to capital market
authorities and advisory and support functions related to
corporate action events.
35
Perhargaan dan Sertifikasi
Awards and Certifications
36
Sebagai wujud konsistensi dan kelanjutan prestasi yang
telah diraih tahun 2013 yang lalu, pada tanggal 24 sampai
27 November 2014, tim QCC (Quality Control Circle)
Perseroan, yang bernama Gugus Siliwangi, kembali mengikuti
ajang bergengsi Konvensi Mutu Indonesia ke-30 yang
diadakan di kota Solo yang diselenggarakan oleh PMMI
(Perhimpunan Manajemen Mutu Indonesia). Dalam konvensi
nasional tersebut, Gugus Siliwangi berhasil meraih medali
emas atau peringkat kedua secara keseluruhan. Disamping
itu, tim Quality Assurance Perseroan juga berhasil
mendapatkan perhargaan Sudomo Quality Leadership
Award karena telah berperan aktif dalam memajukan mutu
di lingkungan kerja Perseroan.
As a testament to the Company’s consistency and continuous
achievements throughout 2013, the Company’s QCC (Quality
Control Circle) team, named Gugus Siliwangi, participated
once more in the prestigious Indonesian Quality Convention.
Now on its 30th year, the event was held in Solo held from
24 to 27 November 2014 and was organized by PMMI
(Association of Indonesian Quality Management). In the
national convention, Gugus Siliwangi won a gold medal
and ranked second in the over-all event. In addition to this,
the Company's Quality Assurance team also managed to
bag the Sudomo Quality Leadership Award for having
played an active role in advancing the quality of the Company’s
work environment.
Dalam menjalankan proses bisnisnya, Perseroan telah
mengacu kepada beberapa sertifikasi internasional antara
lain manajemen mutu ISO 9001:2008, serta keanggotaan
Sedex (Supplier Ethical Data Exchange). Di akhir thaun
2014, Perseroan tengah melakukan persiapan untuk proses
menuju standarisasi FSMS (Food Safety Management
System) ISO 22000.
In carrying out its business procedures, the Company
complies with several international certifications including
ISO 9001: 2008, as well as membership Sedex (Supplier
Ethical Data Exchange). Towards the year-end, the Company
conducted preparations for the standardization process
FSMS (Food Safety Management System), ISO 22000.
37
ANALISIS DAN
PEMBAHASAN MANAJEMEN
MANAGEMENT DISCUSSION & ANALYSIS
40
Tinjauan operasi per segmen
Business Overview per Segment
Jenis produk dan kapasitas produksi
Type of product and production capacity
Perseroan memiliki fasilitas produksi untuk menghasilkan
kemasan fleksibel jenis BOPP (Biaxially Oriented
Polypropylene) dan BOPET (Biaxially Oriented Polyethylene
Terepthalate) atau Polyester, dengan lokasi pabrik di kawasan
Citeureup, Bogor, Jawa Barat. Disamping itu, Perseroan
juga memiliki anak perusahaan, Stenta Films (M) Sdn. Bhd.,
yang beroperasi di Malaysia dan memproduksi kemasan
fleksibel jenis BOPP. Total kapasitas produksi terpasang
yang dimiliki Perseroan mencapai hampir 100.000 ton per
tahun.
The Company owns production facilities that can produce
BOPP (Biaxially Oriented Polypropylene) and BOPET
(Biaxially Oriented Polyethylene Terepthalate) or Polyester
types of flexible packaging. The facilities are located in the
Citeureup, Bogor, West Java. Aside from this, the Company
also has subsidiary companies one of which is Malaysiabased Stenta Films (M) Sdn. Bhd. which manufactures BOPP
flexible packaging type. The production facilities built by
the Company can accommodate a total capacity reaching
nearly 100,000 tonnes per year.
Proses produksi
Production Process
Bahan baku utama yang digunakan untuk produksi adalah
resin jenis Polypropylene dan Polyethylene Terepthalate,
yang nantinya dicampur dengan bahan baku copolymer
dan aditif. Kedua jenis kemasan fleksibel BOPP dan BOPET
memilliki proses produksi yang hampir sama. Secara prinsip,
seluruh bahan baku akan dilelehkan dengan menggunakan
extruder dan dicetak dalam bentuk lembaran film tebal,
untuk selanjutnya ditarik secara memanjang dan melebar
sesuai dengan ukuran ketebalan yang dikehendaki. Lembaran
film tersebut kemudian digulung dalam bentuk gulungan
besar (jumbo roll) dan selanjutnya dipotong sesuai dengan
ukuran lebar yang dikehendaki pelanggan.
The main raw materials used for production are the
Polypropylene and Polyethylene Terepthalate types of resin,
which are then mixed with raw copolymer material and
additives. Both flexible packaging types, BOPP and BOPET,
undergo a production process that is almost identical. In
principle, all raw materials will be melted by using the
extruder and printed onto sheets of thick film It will then
be pulled lengthwise and widened to the required size until
reaching the desired thickness. This film sheet is then spun
to form a large roll (jumbo roll) and then cut based on the
desired width of customers.
Perseroan menggunakan mesin-mesin produksi utama
yang menggunakan teknologi dari Jerman, dengan reputasi
yang handal untuk menghasilkan kemasan fleksibel yang
berkualitas. Disamping itu, Perseroan memiliki fasilitas
produksi pendukung berupa mesin metalizing serta coating
film. Mesin-mesin tersebut digunakan untuk proses lanjutan
atau sekunder yang akan memberikan nilai tambah terhadap
produk kemasan fleksibel yang dihasilkan, misalnya dalam
hal meningkatan daya tahan terhadap uap air dan udara
serta memperindah penampilan kemasan. Dengan nilai
tambah yang diberikan, maka produk kemasan jenis ini
dapat memberikan kontribusi yang lebih baik terhadap
margin penjualan Perseroan.
The Company uses leading German-technology production
machines that have a reputation for reliability in producing
top quality flexible packaging. Moreover, the Company is
equipped with production support facilities containing
metalizing machines that produce coating films. These
machines are used for advanced or secondary processing
which in turn provide added value to the flexible packaging
products produced, examples of which are improved
moisture and air resistance, as well as the packaging’s
aesthetic appearance. This added value in product packaging
can contribute and aid in furthering the Company's sales
margins.
Analisa keuangan
Financial Analysis
Pendapatan
Revenue
Untuk tahun 2014, Perseroan mencatat pendapatan bersih
sebesar Rp 1.945,38 milyar atau meningkat 16,95%
dibandingkan dengan pendapatan bersih tahun 2013
sebesar Rp 1.663,39 milyar. Peningkatan ini terjadi karena
Perseroan berhasil meningkatkan volume penjualan,
khususnya untuk pelanggan di pasar domestik. Disamping
itu, faktor apresiasi kurs mata uang USD terhadap Rupiah
juga berperan atas peningkatan pendapatan ini, karena
sebagian besar penjualan Perseroan didominasi dalam
mata uang USD.
For 2014, the Company recorded a net income of IDR
1,945.38 billion, an increase of 16.95% compared to the
previous year’s net income which amounted to IDR 1,663.39
billion. This growth can be attributed to the increased
volume of sales, particularly for customers in the domestic
market. Since most of the Company's sales are denominated
in US Dollars, the currency’s appreciation against the Rupiah
also contributed to the increase in revenue.
Profitabilitas
Profitability
Laba kotor dan laba usaha yang dibukukan Perseroan di
tahun 2014 mencapai masing-masing Rp 219,39 milyar
dan Rp 103,53 milyar atau secara nilai, meningkat masingmasing sekitar 4,67% dan 13,97% dibandingkan dengan
tahun 2013 yang mencapai Rp 209,60 milyar dan Rp 90,84
milyar. Namun jika dibandingkan terhadap pendapatan
bersih, margin laba kotor mengalami penurunan dari 12,60%
di tahun 2013 menjadi 11,28% di tahun 2014, yang terutama
disebabkan oleh tingginya harga pokok penjualan akibat
fluktuasi harga bahan baku utama dan kenaikan biaya
produksi, khususnya pada biaya energy, SDM, biaya
pengemasan dan biaya pengapalan. Sebagai konsekuensinya,
margin laba usaha juga menurun dari 5,46% di tahun 2013
menjadi 5,32% di tahun 2014. Pos laba tahun berjalan yang
dapat diatribusikan kepada pemilik entitas induk dan
kepentingan non-pengendali tahun 2014 dibukukan sebesar
Rp 34,69 milyar atau mengalami kenaikan tipis sebanyak
0,20% jika dibandingkan dengan tahun 2013 yang mencapai
Rp 34,62 milyar.
In 2014, the Company’s gross profit and operating income
amounted to IDR 219.39 billion and IDR 103.53 billion
respectively, each corresponding to an increase of about
4.67% and 13.97% compared with the 2013 figures which
reached IDR 209.60 billion and IDR 90.84 billion. When
compared to the net income, however, the gross profit
margin decreased from 12.60% in 2013 to 11.28% in 2014,
primarily due to higher cost of sales resulting from price
fluctuations of major raw materials and the rise in production
expenditures, especially in energy, human resources,
packaging and freight costs. As a consequence, the operating
profit margin also decreased from 5.46% in 2013 to 5.32%
in 2014. Post profit for the current fiscal year attributable
to owners of the parent company and non-controlling
interests was recorded at IDR 34.69 billion, or a slight
decrease of 0.64% if compared to fiscal year 2013, which
was recorded at IDR 34.62 billion.
Total pendapatan komprehensif yang dapat diatribusikan
kepada pemilik entitas induk dan kepentingan nonpengendali, jumlahnya menurun dari Rp186,07 milyar pada
2013 menjadi Rp 16,92 milyar di tahun 2014, sebagai dampak
dari menurunnya pendapatan komprehensif lain setelah
dikurangi pajak sebesar Rp169,22milyar.
Total comprehensive income attributable to owners of the
parent company and non-controlling interests decreased
from IDR 186.07 billion in 2013 to IDR 16.92 billion in 2014.
As an impact of a decrease in other comprehensive income
net of taxes, the total value amounted to IDR 169.22 billion.
41
42
Aset, Liabilitas dan Ekuitas
Assets, Liabilities and Equity
Pada tahun 2014, Perseroan membukukan total aset sebesar
Rp 2.227,04 milyar atau naik sekitar 6,83% dibandingkan
dengan tahun sebelumnya sebesar Rp 2.084,57 milyar.
Kenaikan tersebut terutama disebabkan adanya peningkatan
jumlah pos aset tidak lancar 2014 sekitar 14,55% atau
sebesar Rp 165,95 milyar.
The Company recorded total assets valued at IDR 2,227.04
billion, an increase of 6.83% compared to the previous
year’s value of IDR 2,084.57 billion. This increase was mainly
due to the rise of non-current assets in 2014 by as much
as 14.55%, amounting to approximately IDR 165.95 billion.
Total liabilitas Perseroan tahun 2014 tercatat sebesar Rp.
1.191,20 milyar atau naik sekitar 12,88% dibandingkan
dengan tahun 2013 yang mencapai Rp 1.055,23 milyar.
Kenaikan ini disumbangkan oleh peningkatan liabilitas
jangka pendek, terutama dari kenaikan pos hutang usaha
sebesar Rp 238,93 milyar dibandingkan dengan tahun
sebelumnya. Liabilitas jangka panjang tahun 2014 mengalami
kenaikan sebesar Rp 19,26 milyar dibandingkan dengan
tahun sebelumnya, terutama akibat dari kenaikan pos
pinjaman jangka panjang sebesar Rp 9,85 milyar dibandingkan
dengan tahun 2013.
The Company’s total liabilities in 2014 was booked at IDR
1,190.20 billion, an increase of 12.88% compared to that of
2013 which registered IDR 1,055.23 billion. The contributing
factor points to the increase in short-term liabilities,
specifically from the Company’s account payables which
grew to IDR 238.93 billion from 2013. Long-term liabilities
also moved upwards at IDR 19.26 billion from the previous
year, primarily due to increased long-term loans that
amounted to IDR 9.85 billion as compared to 2013.
Untuk tahun 2014, ekuitas Perseroan mengalami peningkatan
sebesar Rp 6,51 milyar atau 0,63% dibandingkan tahun
sebelumnya, terutama akibat peningkatan saldo laba tahun
2014 sebesar Rp 24,30 milyar dibandingkan tahun 2013.
For 2014, The Company's equity increased by IDR 6.51
billion or 0.63% from the previous year. This is mainly due
to the increase in retained earnings which amounted to
IDR 24.30 billion.
Arus kas
Cash flow
Di tahun 2014, arus kas dari aktivitas operasi mengalami
surplus sebesar Rp 374,35 milyar terutama berasal dari
penerimaan pelanggan sebesar Rp 1.961,99 milyar. Arus
kas dari aktivitas investasi mengalami defisit sebesar Rp
188,38 milyar terutama karena pengeluaran Perseroan
untuk aset tetap sebesar Rp 118,59 milyar, yang sebagian
besar untuk membiayai perluasan lini produksi BOPP dan
metalizing film. Arus kas pendanaan tahun 2014 mengalami
defisit sebesar Rp 201,38 milyar terutama karena Perseroan
melakukan pembayaran atas pinjaman jangka pendek dan
jangka panjang sebesar masing-masing Rp 133,54 milyar
dan Rp 51,08 milyar serta pembayaran beban keuangan
sebesar Rp 44,92 milyar.
In 2014, cash flow from operating activities generated a
surplus of IDR 374.35 billion, owing primarily to customer
receivables worth IDR 1,961.99 billion. Cash flow from
investment activities experienced a deficit of IDR 188.38
billion due to expenses in the Company's fixed assets which
amounted to IDR 118.59 billion. Fixed asset expenses can
be attributed to financing that went into the expansion of
production lines and metalizing BOPP films. Cash flow for
financing/funding also posted a deficit of IDR 201.38 billion,
largely because of payments made by the Company for
short and long term loans, amounting to IDR 133.54 billion
and IDR 51.08 billion respectively, as well as payment for
other financial expenses worth IDR 44.92 billion.
Kemampuan membayar hutang
Ability to pay debts
Pada tahun 2014, Perseroan memiliki hutang bank jangka
pendek yang berasal dari Bank Mega, Bank CIMB Niaga,
Bank ANZ Indonesia, Standard Chartered Bank dan Bank
CTBC Indonesia, dengan saldo pinjaman per tanggal 31
Desember 2014 sebesar ekuivalen Rp 345,22 milyar. Selain
itu, Perseroan juga memiliki hutang bank jangka panjang
dari UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB
Niaga, Bank CIMB Niaga – unit usaha Syariah, BCA Finance
dan Dipo Star Finance, dengan saldo pinjaman per tanggal
31 Desember 2014 sebesar ekuivalen Rp 281,74 milyar.
Untuk tahun buku 2014, beberapa rasio keuangan Perseroan,
khususnya rasio lancar dan nilai kekayaan bersih berwujud
berada dibawah standar yang ditetapkan dalam perjanjian
kredit dengan pihak perbankan. Namun demikian, selama
tahun 2014, Perseroan memiliki tingkat kolektibilitas lancar,
baik untuk pembayaran pokok maupun bunga dari seluruh
hutang bank diatas. Hal tersebut dapat ditinjau dari kinerja
rasio keuangan yang memadai selama tahun 2014 antara
lain:
In 2014, the Company received short-term loans from Bank
Mega, Bank CIMB Niaga, Bank ANZ Indonesia, Standard
Chartered Bank and Bank CTBC Indonesia. The loan balance
as of 31 December 2014 was equivalent to IDR 345.22 billion.
Also, the Company received several long-term bank loans
from UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB
Niaga, Bank CIMB Niaga – Sharia business unit, BCA Finance
and Dipo Star Finance with loan balance equivalent to IDR
281.74 billion as of 31 December 2014. For fiscal year 2014,
the Company's financial ratios, particularly the current ratio
and tangible net worth, were still below the standards set
forth in the credit agreement with the banks. Throughout
2014, some of the financial ratios, particularly current ratio
and tangible net worth were below the requirements stated
on the bank loan agreements. Nevertheless, the Company
had a good standing rate of collectability, both for payment
of the entire principal and interest on bank loans. This can
be seen from the year’s satisfactory performance of the
financial ratios which include:
●●
●●
●●
Rasio lancar sebesar 113,19%, yang menunjukan bahwa
Perseroan memiliki kemampuan likuiditas yang relatif
baik untuk melunasi seluruh kewajiban jangka pendeknya.
Rasio kewajiban terhadap modal sebesar 115,00%, yang
mengindikasikan indikasi bahwa jumlah modal yang
dimiliki Perseroan masih mencukupi jika dibandingkan
dengan fasilitas kredit yang diperoleh.
Rasio kewajiban terhadap total aset sebesar 53,49%,
sehingga Perseroan memiliki besaran nilai aset yang
memadai untuk menutupi seluruh hutang yang
dimilikinya.
●●
●●
●●
The current ratio of 113.19% indicated that the Company
has a relatively good liquidity standing to repay all
short-term liabilities.
The ratio of liabilities to equity amounted to 115.00%,
an indication that the amount of capital owned by the
Company is still sufficient in comparison with the loan
obtained.
With the ratio of liabilities to total assets amounting to
53.49%, the Company showed that its value of assets
is adequate to cover and absorb the entire debt.
43
44
Perseroan berhasil menekan tingkat piutang usaha dari
Rp 415,42 milyar di tahun 2013 menjadi Rp 398,82 milyar
di tahun 2014, sebagai hasil dari pengontrolan yang ketat
terhadap pengiriman barang dan komitmen pembayaran
yang baik dari para pelanggan. Tingkat kolektibilitas atas
sebagian besar piutang usaha pihak ketiga di tahun 2014
berada dalam status lancar. Hal tersebut dapat dipantau
dari komposisi umur piutang usaha pihak ketiga Perseroan
untuk tahun 2014 sebagai berikut:
The company managed to reduce the level of accounts
receivable from IDR 415.42 billion in 2013 to IDR 398.82
billion in 2014. This reduction came as a result of stricter
controls implemented in the delivery of goods, and client
commitment for good payment standing. The collectability
of accounts receivable from the majority of third parties
in 2014 can be considered to be of good standing. This can
be monitored from the periodic composition of the Company's
account receivables from third parties for the year 2014,
which are as follows:
Belum jatuh tempo: Rp 233,58 milyar
Telah jatuh tempo : ●● 0-30 hari Rp 100,16 milyar
●● 31-60 hari Rp 46,98 milyar
●● 61-90 hari Rp 10,21 milyar
●● > 91 hari Rp
7,72 milyar
Current portion: IDR 233.58 billion
Due portion:
●● 0-30 days to IDR 100.16 billion
●● 31-60 days IDR 46.98 billion
●● 61-90 days IDR 10.21 billion
●● > 91 days IDR 7.72 billion
Terlihat bahwa hanya 1,94% dari total piutang usaha yang
telah berumur diatas 91 hari. Meskipun telah lewat jatuh
tempo, sampai saat ini, status pembayaran atas seluruh
porsi piutang usaha tersebut masih terus berjalan sehingga
tidak dikategorikan sebagai piutang bermasalah.
The above data shows that only 1.94% of the total accounts
receivable are over 91 days old. Although currently overdue,
the payment status of the entire portion of the account
receivables is still considerably active and does not merit
to be categorized as troubled or bad debts.
Struktur permodalan
The capital structure
Tidak ada perubahan yang mendasar dari manajemen
Perseroan sehubungan dengan tujuan, kebijakan maupun
proses dalam struktur permodalan tahun 2014, yaitu
memelihara rasio modal yang sehat untuk mendukung
bisnis, mengamankan akses terhadap pendanaan pada
biaya secara wajar dan optimal serta memberikan imbal
hasil yang maksimal bagi pemegang saham. Di tahun 2014,
pembiayaan struktur permodalan Perseroan terutama
berasal dari pinjaman bank dalam maupun luar negeri
serta pembiayaan dari pemasok dengan memperoleh termin
pembayaran yang lebih panjang. Perseroan tidak memiliki
kewajiban surat hutang lainnya. Dengan rasio hutang
terhadap modal sebesar 113,19%, maka kondisi hutang dan
permodalan Perseroan masih tergolong cukup sehat.
In 2014, there were no principal changes from the Company's
management with respect to objectives, policies and
processes in its capital structure. Healthy capital ratios were
maintained to support the business, which means securing
access to finance at reasonable costs, and optimal and
maximum yield for shareholders. The financing of the
Company's capital structure is mainly derived from domestic
as well as international bank loans, as well as financing
from suppliers to obtain longer payment terms. The Company
has no obligation other than debt securities. With a debt
to equity ratio of 113.19%, the condition of the Company's
debt and capital is still fairly sound.
Ikatan untuk investasi barang modal
Bond for capital investments
Dalam kuartal pertama tahun 2014, Perseroan telah melunasi
kewajiban pembayaran uang muka kepada para pemasok
untuk keperluan pembelian mesin dan peralatan fasilitas
produksi kemasan fleksibel BOPP dan Metalizing. Investasi
barang modal ini dibiayai oleh DZ Bank melalui skema
kredit ekspor dari Jerman dan kredit investasi dari Bank
CIMB Niaga, yang seluruhnya diberikan dalam mata uang
Dolar Amerika Serikat. Atas pinjaman bank tersebut, risiko
Perseroan terhadap fluktuasi mata uang dapat ditekan
seminim mungkin karena Perseroan memiliki telah nilai
lindung natural terhadap fluktuasi mata uang Dolar Amerika
Serikat, mengingat pendapatan Perseroan juga didominasi
dalam mata uang yang sama.
In the first quarter of 2014, the Company settled liabilities
through advanced payments to suppliers for purchasing
machinery and equipment for BOPP flexible packaging
production facilities and metalizing. These capital investments
were financed by DZ Bank through export credits from the
German bank and investment loans Bank CIMB Niaga,
which are entirely denominated in US Dollars. This protects
the Company against the risk of currency fluctuations. By
reducing the risk to a minimum, the Company will have
natural hedging against fluctuations in the US dollar, given
that the Company's revenues are also denominated in the
same currency.
Informasi dan fakta material setelah tanggal
laporan keuangan 2014
Material facts and information after the Financial
Year 2014
Setelah tanggal laporan keuangan tahun 2014, dapat
diungkapkan bahwa Perseroan tidak memiliki informasi
maupun kejadian atau fakta yang bersifat material, yang
mungkin dapat mempengaruhi kelancaran dan kelangsungan
operasi Perseroan di masa mendatang.
As of the date when financial statements were issued and
presented, it can be disclosed that the Company does not
have information, events or facts that are material which
may affect the flow and continuity of the Company’s
operations in the future.
Pemasaran
Marketing
Perseroan telah merealisasikan penjualan sebesar Rp
1.945,38 milyar pada tahun 2014, yang sejalan dengan target
anggaran yang telah ditetapkan sebelumnya. Pencapaian
hasil ini tidak terlepas dari penerapan strategi pemasaran
Perseroan yang fokus pada pasar domestik dimana masih
memiliki permintaan yang relatif baik, walaupun cenderung
melemah akibat dampak krisis global. Selain itu, Perseroan
secara aktif memperluas jangkauan penjualan ke ceruk
pasar ekspor yang potensial, khususnya di wilayah Afrika,
Asia, Timur Tengah dan Eropa. Konsistensi mutu dan
pengembangan produk-produk baru terus dilaksanakan
sehingga dapat memberikan nilai tambah bagi produk
pelanggan.
In 2014, the Company achieved sales worth IDR 1,945.38
billion, which is in line with budget targets that have been
previously set. This achievement is a direct result of thorough
application of the Company's marketing strategies that
focus on the domestic market wherein it still has a relatively
good demand despite tendency to weaken due to the
impact of the global crisis. The Company is also actively
expanding its sales reach towards potential niche export
markets, particularly in Africa, Asia, the Middle East and
Europe. The Company is committed to provide consistent
quality and continuously develop new products in order
to provide added value to customers' needs.
45
46
Prospek usaha
Business Prospects
Meskipun pertumbuhan ekonomi global cenderung tidak
mengalami perbaikan yang berarti, namun pasar kemasan
fleksibel masih cukup potensial, terutama didukung oleh
pertumbuhan sektor konsumtif yang relatif kuat. Indonesia,
meskipun pertumbuhan ekonomi pada tahun-tahun
mendatang diperkirakan hanya naik tipis pada kisaran
5,20%, namun tetap merupakan pasar yang sangat
menjanjikan, dengan populasi penduduk lebih dari 250
juta jiwa sehingga mendorong pertumbuhan tingkat
konsumtif yang relatif tinggi.
Even though the global economy lacked significant
improvements, the flexible packaging industry still possess
high potential, especially since it is supported by growth
in the relatively strong consumer sector. Despite expectations
of conservative economic growth ranging from 5.20% in
the coming years, Indonesia remains a very promising
market. Its population of over 250 million boosts the growth
rate characterized by relatively high consumption.
Untuk pasar ekspor, diperkirakan akan mengalami stagnasi,
dengan kecenderungan melemah, terutama akibat daya
beli pasar yang kurang mendukung, gejolak harga dan
tingkat kompetisi industri yang semakin tinggi. Ceruk pasar
internasional potensial yang harus dicermati terutama dari
kawasan Asia dan Afrika. Namun demikian, ada beberapa
hal yang harus diwaspadai, terutama penambahan kapasitas
produksi kemasan fleksibel dunia yang dapat memicu
kondisi kelebihan pasokan di pasar dan tingkat kompetisi
industri yang semakin tinggi akibat penerapan zona bebas
Asean secara penuh dalam beberapa tahun mendatang.
The export market, on the other hand, is expected to
stagnate with a tendency to weaken, primarily due to
unfavorable market conditions beset by diminishing
purchasing power, price volatility and heightening level of
competition within the industry. Potential niche markets
in the international scene should be observed mainly Asia
and Africa. Likewise, there are other important issues to
monitor, especially the growing flexible packaging production
capacity that can trigger the condition of oversupply in the
global market and more intense level of industry competition
arising from the full implementation of the ASEAN free
zone within the next few years.
Kebijakan deviden
Dividend policy
Kebijakan untuk pembagian deviden dan besarannya
ditentukan sepenuhnya dalam RUPS, dengan
mempertimbangkan beberapa faktor, antara lain perolehan
laba bersih pada tahun buku yang bersangkutan, kondisi
arus kas dan ekonomi serta rencana investasi di periode
mendatang. Sesuai dengan hasil keputusan RUPST pada
tanggal 23 Mei 2014, Perseroan membagikan deviden tunai
sebesar Rp 10.408.216.000,- atau sekitar 30,00% dari total
laba bersih tahun buku 2013. Sedangkan untuk tahun buku
2012, RUPST memutuskan untuk tidak membagi dividen
kepada para pemegang saham, dimana laba bersih digunakan
untuk cadangan khusus, memperkuat struktur modal kerja
dan investasi Perseroan.
The policy for distribution of dividends including amount
is determined entirely during the GMS. The policy takes
into account several factors including the Company’s net
profit for the fiscal year, cash flow and economic conditions,
as well as investment plans for the coming period. In
accordance with the decision of the AGM on 23 May 2014,
the Company distributed cash dividends amounting to IDR
10.408.216.000 or approximately 30.00% of the total net
income for the 2013 fiscal year. During the 2012 fiscal year,
the AGM decided not to distribute dividends to the
shareholders. The net income was used for special reserves,
and to strengthen the structure of the Company's working
capital and investment.
Informasi material dan transaksi benturan
kepentingan
Material information and conflict of interest in
transactions
Dalam tahun 2014, Perseroan tidak melakukan aksi korporasi
yang tergolong sebagai transaksi material ataupun transaksi
yang mengandung benturan kepentingan.
In 2014, the Company did not undertake any corporate
action classified as material transactions or transactions
with conflict of interest.
Perubahan kebijakan Akuntansi
Changes in Accounting Policy
Perseroan melakukan penyusunan dan penyajian laporan
keuangan berdasarkan Standar Akuntansi Keuangan di
Indonesia yang mencakup Pernyataan Standar Akutansi
Keuangan (PSAK) dan Interpretasi Standar Akuntansi
Keuangan (ISAK) yang diterbitkan oleh Dewan Standar
Akuntansi Keuangan (DSAK), Ikatan Akuntan Indonesia
dan peraturan yang terkait dengan penyajian dan
pengungkapan laporan keuangan yang telah dikeluarkan
oleh Otoritas Jasa Keuangan. Seluruh perincian dari
kebijakan-kebijakan Akuntansi ini dapat dilihat secara
terperinci dalam catatan laporan keuangan Perseroan tahun
2014, khususnya pada butir 2.
The Company prepared and presented financial statements
in accordance with the Financial Accounting Standards in
Indonesia which include a Statement of Financial Accounting
Standards (SFAS) and the Interpretation of Financial
Accounting Standards (IFAS) issued by the Financial
Accounting Standards Board (DSAK), Indonesian Institute
of Accountants, and regulations related to the presentation
of and disclosure of the financial statements that have
been issued by the Financial Services Authority (OJK). The
entire details of these accounting policies can be viewed
in the notes to the financial statements of the Company
in 2014, particularly in point 2.
47
TATA KELOLA
PERUSAHAAN
CORPORATE GOVERNANCE
50
Implementasi tata kelola perusahaan yang baik menjadi
salah satu agenda penting bagi Perseroan dalam melakukan
aktivitas usahanya. Dalam hal ini, Argha telah mencanangkan
suatu komitmen yang kuat untuk menjadikan prinsip tata
kelola perusahaan yang baik sebagai salah satu akar budaya
kerja sehingga akan mengayomi seluruh karyawan di setiap
jenjang organisasi dalam melaksanakan tugasnya dengan
berlandaskan pada prinsip-prinsip etika, akuntabilitas,
tanggung jawab dan transparansi. Perseroan meyakini
bahwa penerapan tata kelola perusahaan yang baik dan
konsisten akan semakin memberikan nilai tambah
perusahaan, yang berarti dapat memberikan kontribusi
yang positif bagi para pemegang saham dan pemangku
kepentingan Perseroan dalam jangka panjang.
The implementation of Good Corporate Governance
represents a key agenda of the Company for conducting
its business activities. In this aspect, Argha has declared a
strong commitment to make the principles of Good Corporate
Governance as one of the work culture foundations to be
embraced by all employees in every level of the organization
as they carry out their duties based on the principles of
ethics, accountability, responsibility and transparency. The
Company believes that consistency in implementing Good
Corporate Governance will enhance added-value to the
company and contribute positively to both shareholders
and stakeholders of the Company in the long term.
Dewan Komisaris
Board Of Commissioners
Secara garis besar, Dewan Komisaris memiliki tugas untuk
mengawasi dan memberikan nasihat, masukan serta
pengarahan kepada Direksi untuk mengarahkan operasi
Perseroan menuju kepada visi dan misi yang telah ditetapkan.
Tugas pokok Dewan Komisaris tercantum dalam Anggaran
Dasar Perseroan, khususnya pada pasal 15. Dewan Komisaris
membantu dalam menelaah dan menyetujui keputusan
serta tindakan strategis yang diusulkan oleh Direksi,
menyetujui dan memastikan pelaksanaan rencana kerja
tahunan Direksi, memantau praktik manajemen risiko
yang ditempuh Direksi, mengevaluasi kinerja Direksi secara
periodik, membahas tentang remunerasi Direksi mengevaluasi
dan menindaklanjuti temuan dari Komite Audit dan Audit
Internal serta memonitor implementasi tata kelola perusahaan
yang baik di lingkungan kerja Perseroan. Dalam melaksanakan
fungsinya, Dewan Komisaris harus mematuhi ketentuan
perundang-undangan yang berlaku dan/atau Anggaran
Dasar Perseroan.
From a broader perspective, the Board of Commissioners
(BOC) is mandated to supervise, advise, and provide input
and guidance to the Board for Directors (BOD) regarding
the operations of the Company, directing them towards
the vision and mission that have been established. The
principal tasks of the BOC are written in the Articles of
Association of the Company, specifically in Article 15. The
BOC is to assist in reviewing and approving strategic
decisions and actions proposed by the BOD, approve and
ensure the proper implementation of the BOD’s annual
work plan, monitor risk management practices pursued by
the BOD, evaluate the performance of individual Directors
periodically, discuss the remuneration of Directors in order
to evaluate and follow up the findings of the Audit Committee
and Internal Audit and monitor the implementation of
Good Corporate Governance in the Company's working
environment. In carrying out its functions, the BOC must
comply with applicable regulations, legislation and /or the
Articles of Association.
Penetapan remunerasi anggota Dewan Komisaris dilakukan
berdasarkan keputusan Rapat Umum Pemegang Saham
Tahunan, yang akan menetapkan jumlah maksimum atas
gaji dan/atau tunjangan bagi seluruh anggota Dewan
Komisaris untuk periode 1 tahun. Penetapan jumlah
remunerasi didasari antara lain oleh pencapaian target
kinerja dan kondisi keuangan Perseroan untuk tahun buku
yang bersangkutan, dengan mempertimbangkan kondisi
ekonomi terkini dan kedepan.
Remuneration for the BOC is determined during the General
Meeting of Shareholders, wherein the maximum amount
of annual salaries and/or allowances for all members of
the BOC will be specified. The amount of remuneration is
determined according to, among other specifications, the
achievement of target performances and financial condition
of the Company for the financial year concerned taking
into account current and future economic conditions.
Perseroan tidak memiliki kebijakan khusus yang mengatur
tentang frekuensi rapat Dewan Komisaris. Dalam menjalankan
tugasnya selama tahun 2014, Dewan Komisaris Perseroan
telah melaksanakan 2 (dua) kali rapat bersama dengan
Direksi, dimana dalam setiap rapat, rata-rata dihadiri oleh
3 (tiga) orang anggota Komisaris. Agenda rapat antara lain
membahas tentang hasil kinerja Perseroan, perencanaan
dan pelaksanaan strategi usaha, pengembangan usaha dan
berbagai permasalahan operasi yang lain.
The Company does not have a specific policy governing
the frequency of board meetings. In carrying out its duties
during 2014, the Board of Commissioners conducted two
(2) meetings with the BOD, each meeting was attended by
an average of three (3) members of the BOC. The meetings’
main agenda tackled and discussed the results of the
Company's performance, planning and execution of business
strategies, business development and other operating
concerns.
Direksi
Board of Directors
Direksi memiliki tugas utama untuk memimpin operasi
perusahaan sehari-hari dengan berpedoman pada visi dan
misi perusahaan, serta memelihara dan mempergunakan
aset dan sumber daya perusahaan dengan penuh itikad
baik, professional dan tanggung jawab. Tugas pokok Direksi
Perseroan tercantum dalam Anggaran Dasar, khususnya
pada pasal 12, antara lain menyusun kebijakan strategis,
anggaran dan rencana kerja tahunan yang selanjutnya
disetujui oleh Dewan Komisaris, menerapkan manajemen
risiko dan tata kelola perusahaan yang baik, memimpin
dan mengendalikan Perseroan menuju visi dan misinya,
memanfaatkan, memelihara dan mengurus kekayaan
Perseroan serta meningkatkan efektivitas dan efisiensi
operasi Perseroan.
The Board of Directors’ (BOD) primary duty is to lead the
Company's daily operations based on its vision and mission,
as well as maintain and utilize the assets and resources of
the company with professionalism, responsibility and the
best intentions,. The key tasks of the BOD are listed in the
Company’s Articles of Association, stated in Article 12.
Foremost among the BOD’s responsibilites is to formulate
strategic policy, budget and annual work plans that are
then approved by the Board of Commissioners. The BOD
should also implement sound risk management strategies
and Good Corporate Governance, direct and control the
Company towards its vision and mission, utilize, maintain
and manage the Company's assets, and improve the
effectiveness and efficiency of operations.
Direktur Utama memiliki peran untuk memimpin Perseroan
melalui koordinasi dan kerja sama dengan anggota Direksi
lainnya yang membawahi beberapa divisi, dengan ruang
lingkup dan tanggung jawab sebagai berikut:
The President Director leads the Company by coordinating
and cooperating with other Directors to oversee several
divisions with the following scope and responsibilities:
1. Divisi Operasi, bertanggung jawab atas perencanaan
produksi, kontrol atas persediaan dan gudang,
pemeliharaan, pengembangan dan penyempurnaan
fasilitas produksi serta pengembangan dan kualitas
(quality assurance) produk
1. Operations Division - responsible for production
planning, control over inventory and warehouse,
maintenance, development and improvement of
production facilities, as well as the development and
quality (quality assurance) of products;
2. Divisi Komersial, bertanggung jawab atas pemasaran
produk, pengembangan pasar, sistem administrasi
pemasaran dan layanan purna jual kepada para pelanggan,
baik untuk pasar domestik maupun internasional.
2. Commercial Division - responsible for product marketing,
market development, marketing administration system
and after-sales service to customers, both for domestic
and international markets;
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3. Divisi Pelayanan Korporasi, berperan untuk mendukung
kelancaran bagi operasi Perseroan, meliputi bagian
pembelian, ekspor impor, logistik, akuntansi dan
keuangan serta manajemen akunting dan audit.
3. Corporate Services Division - ensures the Company’s
operations run smoothly, with tasks that cover purchasing,
import-export, logistics, and financial and management
accounting and auditing.
4. Divisi operasi lainnya, yang meliputi bidang Teknologi
Informasi dan QMS (Quality Management System), HR,
General Affairs dan Industrial Relation, Environmental
Health & Safety, Legal & Corporate Secretary serta
Market R&D.
4. Other Operating divisions which includes the field of
Information Technology and QMS (Quality Management
System), HR, General Affairs and Industrial Relations,
Environmental Health and Safety, Legal and Corporate
Secretary, and Market Research and Development.
Penentuan remunerasi Direksi diputuskan melalui Rapat
Umum Pemegang Saham Tahunan, yang dikuasakan kepada
Dewan Komisaris untuk menetapkan jumlah gaji dan/atau
tunjangan seluruh anggota Direksi untuk periode 1 tahun.
Besaran remunerasi ditentukan antara lain berdasarkan
pencapaian target kinerja dan kondisi keuangan Perusahaan
untuk tahun buku yang bersangkutan, dengan
mempertimbangkan juga aspek-aspek ekonomi, baik
domestik maupun internasional.
Remuneration for the BOD is decided during the General
Meeting of Shareholders wherein the BOC is authorized
to determine the amount of annual salary and/or benefits
of all the members of the BOD. The amount of remuneration
is based on the achievement of target performance and
financial condition of the Company for the financial year
concerned. Other points of basis also take into consideration
the economic aspects, both domestic and international.
Perseroan tidak memiliki kebijakan khusus yang menentukan
tentang frekuensi rapat Direksi. Selama tahun 2014, Direksi
telah melaksanakan tugasnya sehari-hari bersama dengan
seluruh angota manajemen serta karyawan Perseroan dan
secara rutin mengadakan rapat dengan frekuensi sedikitnya
3 kali dalam sebulan, dimana dalam setiap rapat, rata-rata
dihadiri oleh 4 (empat) anggota Direksi.
The Company does not have a specific policy that determines
the frequency of meetings of the Board of Directors. During
2014, the Board of Directors carried out their daily duties
along with all members of management and employees of
the Company and regularly held meetings with a frequency
of at least three (3) times a month. Each meeting was
attended by an average of four (4) members of the BOD.
Rapat Umum Pemegang Saham
Tahunan (RUPST)
Annual General Meeting Of
Shareholders (AGMS)
Sesuai dengan Anggaran Dasar, Perseroan menyelenggarakan
RUPST setiap tahun, selambatnya 6 (enam) bulan setelah
tahun buku Perseroan ditutup. Pada tanggal 23 Mei 2014,
Perseroan telah menyelenggarakan RUPST yang memutuskan
beberapa hal penting sebagai berikut:
In accordance with the Articles of Association, the Company
holds an AGMS each year, not later than six (6) months
after the closing of the Company’s fiscal year. On 23 May
2014, the Company organized an AGM to decide upon the
following important points:
1. Menyetujui dan mengesahkan Laporan Tahunan
Perseroan untuk tahun buku 2013, termasuk didalamnya
Laporan Kegiatan Perseroan, Laporan Pengawasan
Dewan Komisaris dan Laporan Keuangan Perseroan
untuk tahun buku 2013 yang telah diaudit oleh Kantor
Akuntan Publik Purwantono, Suherman & Surja (member
dari Ernst & Young Global Limited) sebagaimana ternyata
dari laporannya nomor RPC-5061/PSS/2014 tanggal
19 Maret 2014, selanjutnya memberikan pelunasan dan
pembebasan tanggung jawab sepenuhnya (acquit et
decharge) kepada segenap anggota Direksi dan Dewan
Komisaris Perseroan atas tindakan pengurusan dan
pengawasan yang telah mereka jalankan selama tahun
buku 2013, sejauh tindakan pengurusan dan pengawasan
tersebut tercermin dalam Laporan Tahunan tersebut.
2. a. Menetapkan Laba Bersih atau Laba Tahun Berjalan
Yang Dapat Diatribusikan Kepada Pemilik Entitas
Induk tahun buku 2013 sebesar Rp. 34.660.293.000,digunakan sebagai berikut:
1. To approve and ratify the Company's Annual Report for
the fiscal year 2013, including the Company's Activity
Report, Report of Supervisory Board of Commissioners
and Financial Statements for the financial year 2013 as
audited by Purwantono, Suherman & Surja (a member
of Ernst & Young Global Limited) as stated in the report
number RPC-5061 / PSS / 2014 dated 19 March 2014.
The report further declares, releases and discharges
(acquit et decharge) each member of the Board of
Directors and Board of Commissioners from actions
in the management and supervision rendered during
financial year 2013, as far as management and supervision
measures are reflected in the Annual Report.
i. Sebesar Rp. 2.500.000.000,- disisihkan sebagai
dana cadangan guna memenuhi ketentuan pasal
70 Undang-Undang Perseroan Terbatas nomor
40 Tahun 2007 dan pasal 25 Anggaran Dasar
Perseroan;
ii. Sebesar Rp 10.408.216.000,- atau sekitar 30,0%
dari total Laba Bersih tahun buku 2013 dibagikan
sebagai dividen tunai. Dengan demikian, setiap
saham akan memperoleh dividen tunai sebesar
Rp 17,iii. Sisanya dibukukan sebagai Laba Ditahan, untuk
menunjang kegiatan Perseroan.
i. IDR 2.500.000.000 set aside as a reserve fund
to meet the provisions of Article 70 of the Limited
Liability Company Law number 40 of the year
2007 and article 25 of the Company’s Articles
of Association;
ii. IDR 10,408,216,000 or approximately 30.00%
of the total Net Income for the fiscal year 2013
is to be distributed as cash dividends. Thus,
each share will receive a cash dividend of IDR 17
2. a. Establish Annual Net Income or Profit Attributable
to Owners of the Parent Company for financial year
2013 which amounted to IDR 34,660,293,000 This
shall be used as follows:
iii. The rest is recorded as retained earnings, to
support the activities of the Company.
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b. Memberikan kuasa dan wewenang kepada Direksi
Perseroan untuk melakukan setiap dan semua
tindakan yang diperlukan sehubungan dengan
keputusan tersebut diatas, sesuai dengan peraturan
perundang-undangan yang berlaku.
b. Provide power and authority to the Board of Directors
of the Company to perform each and every action
necessary in line with the above decision and in
accordance with the enforced legislation.
3. a. Menetapkan gaji bagi seluruh anggota Dewan
Komisaris Perseroan untuk tahun 2014 seluruhnya
sebesar kurang lebih Rp 7.000.000.000,- serta
tunjangan lainnya sesuai kebijaksanaan Perseroan,
dan melimpahkan wewenang kepada Dewan
Komisaris Perseroan untuk memutuskan
pengalokasian besar dan jenis pemberian gaji dan
tunjangan lainnya sesuai kebijaksanaan Perseroan
bagi masing-masing anggota Dewan Komisaris
tersebut;
b. Memberikan wewenang kepada Dewan Komisaris
Perseroan untuk menentukan pembagian tugas
dan wewenang serta pengalokasian besar dan jenis
gaji dan tunjangan lainnya bagi anggota Direksi
Perseroan untuk tahun 2014.
3. a. Determine the salaries of the members of the Board
of Commissioners for 2014 amounting to
approximately IDR 7,000,000,000 including other
benefits upon the discretion of the Company, and
delegate authority to the Board of Commissioners
to decide the amount to be allocated and type of
salary and other benefits upon the discretion of the
Company for each member of the Board of
Commissioners;
4. Memberikan wewenang kepada Direksi Perseroan,
dengan persetujuan Dewan Komisaris Perseroan, untuk
menunjuk Kantor Akuntan Publik yang akan mengaudit
Laporan Keuangan Perseroan untuk tahun buku 2014
dan untuk menetapkan honorarium Kantor Akuntan
Publik yang akan ditunjuk tersebut berikut syarat-syarat
penunjukannya.
4. Authorize the Board of Directors, with the approval of
the Board of Commissioners, to appoint a public
accounting firm to audit the Company’s financial
statements for the financial year 2014, and to determine
the fee and terms of appointment for the Public
Accountant.
Keputusan RUPST yang telah direalisasikan pada tahun
buku 2014:
1. Melaksanakan distribusi dividen tunai kepada seluruh
pemegang saham sebesar total Rp 10.408.216.000,pada tanggal 8 Juli 2014
2. Memberikan gaji dan tunjangan lainnya bagi anggota
Dewan Komisaris dan Direksi untuk tahun 2014 sebesar
Rp 14.327.000.000- atau secara total mengalami kenaikan
sebesar 2,11% dibandingkan dengan tahun sebelumnya.
3. Menunjuk KAP Purwantono, Suherman dan Surja
sebagai Akuntan Publik yang akan mengaudit buku
Perseroan tahun 2014, dengan persetujuan Dewan
Komisaris Perseroan.
AGM decisions that have been followed through in fiscal
year 2014:
1. Implemented the distribution of cash dividends to the
shareholders amounting to a total of IDR 10.408.216.000
- on July 8, 2014
2. Provided salaries and other benefits for members of
the Board of Commissioners and Board of Directors
for 2014 amounting to IDR 14.327.000.000 or in total
which increased by 2.11% compared to the previous
year.
3. Appointed Purwantono, Suherman and Surja as the
Public Accountant to audit the books of the Company
in 2014, upon approval of the Board of Commissioners.
b. Authorize the Board of Commissioners to determine
the roles and responsibilities, the amount to be
allocated and the type of salary and other benefits
to members of the Board of Directors for 2014.
Kinerja tahunan Direksi dinilai berdasarkan kemampuan
dalam memimpin jajaran jajaran dibawahnya untuk
melaksanakan tugas-tugasnya, penyusunan strategi dan
rencana kerja untuk jangka pendek dan panjang serta
pencapaian kinerja sesuai dengan target yang ditetapkan.
Selanjutnya Direksi akan mempertanggungjawabkan
pencapaian kinerja tersebut dalam setiap Rapat Umum
Pemegang Saham Tahunan.
The annual performance of the Board of Directors were
assessed in terms of the members’ ability to lead the
subordinate ranks in carrying out their tasks, strategies
and work plans for the short and long term, as well as their
performance in achieving the set targets. Furthermore, the
Board of Directors will be held accountable for the
achievement of the performance during each General
Meeting of Shareholders.
Rapat Umum Pemegang Saham
Luar Biasa (RUPSLB)
Extraordinary General Meeting
of Shareholders (EGMS)
Sesuai dengan Anggaran Dasar, RUPSLB dapat diadakan
setiap saat apabila dianggap perlu oleh Direksi dan/atau
Dewan Komisaris dan/atau pemegang saham. Dalam tahun
2014, Perseroan mengadakan 1 (satu) kali RUPSLB pada
tanggal 23 Mei 2014, yang telah memutuskan beberapa
hal penting sebagai berikut:
In accordance with the Articles of Association, the EGMS
can be held at any time if deemed necessary by the Board
of Directors and/or Board of Commissioners and/or
shareholders. In 2014, the Company held an EGMS once
(1) on 23 May 2014, wherein the following points were
decided upon:
1. Menyetujui untuk menjaminkan kekayaan Perseroan
yang berjumlah lebih dari 50% jumlah kekayaan bersih
Perseroan dalam rangka mendapatkan beberapa fasilitas
pinjaman bagi Perseroan untuk keperluan perluasan
fasilitas produksi BOPP dan Metalizing Film yang baru,
baik yang berasal dari DZ Bank AG, Jerman, PT Bank
CIMB Niaga Tbk dan/atau bank-bank lainnya, baik
yang berasal dari dalam maupun luar negeri dan/atau
pinjaman dari lembaga keuangan dan/atau pihak
Kreditur lainnya yang tidak terafiliasi dengan Perseroan.
1. Agreed to ensure that the Company's assets amounts
to more than 50% of total net assets of the Company
in order to avail of some loan facilities for the Company
for the purpose of expanding production facilities for
BOPP and Metalizing Film, both to be derived from the
DZ Bank AG, Germany, PT Bank CIMB Niaga Tbk and/
or other banks, whether from within or outside the
country and/or loans from financial institutions and/
or other lender parties not affiliated with the Company.
2. Memberikan wewenang dan kuasa kepada Direksi
Perseroan, untuk melakukan semua dan setiap tindakan
yang diperlukan sehubungan dengan keputusan untuk
menjaminkan kekayaan Perseroan yang berjumlah
lebih dari 50% jumlah kekayaan bersih Perseroan
tersebut diatas, sesuai dengan ketentuan peraturan
perundang-undangan yang berlaku
2. Authorized and delegated full power to the Board of
Directors of the Company to implement each and every
step required to fulfill the decision to ensure the
Company's assets totaled more than 50% of total net
assets of the Company mentioned above, in accordance
with the provisions of enforced legislations.
Seluruh keputusan RUPSLB diatas telah direalisasikan oleh
Perseroan pada tahun 2014 untuk keperluan penjaminan
aset di DZ Bank AG dan PT Bank CIMB Niaga dalam rangka
membiayai perluasan fasilitas produksi kemasan fleksibel
jenis BOPP dan metalizing film.
In 2014, the Company implemented all decisions of the
above EGMS for the purpose of guaranteeing the assets
at DZ Bank AG and PT Bank CIMB Niaga. This is to finance
the expansion of production facilities for flexible packaging
and metalizing types of BOPP films.
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Komite Audit
Audit Committee
Untuk membantu penerapan tata kelola perusahaan yang
baik, Dewan Komisaris dibantu oleh Komite Audit khususnya
dalam melaksanakan fungsi pengawasan terhadap operasi
Perseroan serta memastikan efektivitas sistem pengendalian
internal Perseroan. Komite Audit Perseroan dibentuk sejak
tahun 2002, berdasarkan persetujuan dari Dewan Komisaris.
Periode jabatan anggota Komite Audit ditetapkan selama
5 tahun dan dapat dipilih kembali untuk periode selanjutnya.
To assist in the implementation of Good Corporate
Governance, the Audit Committee assists the BOC specifically
in monitoring the Company's operations and ensures the
effectiveness of the Company's internal control system.
The Audit Committee has been established since 2002,
based on the approval of the Board of Commissioners. The
tenure of the Audit Committee members is set for five (5)
years and may be re-elected for the next period.
Perseroan memiliki Komite Audit yang beranggotakan 3
(tiga) orang. Seluruh anggota Komite Audit Perseroan tidak
memiliki hubungan afiliasi dengan Perseroan, anggota
Dewan Komisaris, Direksi maupun pemegang saham utama
dan bukan merupakan pemegang saham Perseroan. Anggota
dari Komite Audit Perseroan terdiri dari:
The Company has an Audit Committee consisting of three
(3) persons. Every member of the Audit Committee does
not have an affiliate relationship with the Company, the
Board of Commissioners, Directors or major shareholders,
and are not shareholders of the Company. Members of the
Audit Committee consist of:
1. Johan Paulus Yoranouw, menjabat sebagai Ketua Komite
Audit, sekaligus sebagai Komisaris Independen Perseroan
sejak tahun 2001.
1. Johan Paul Yoranouw – he has served as Chairman of
the Audit Committee, as well as Independent
Commissioner of the Company since 2001.
2. Willie Tandanu, menjabat sebagai anggota Komite Audit
sejak tahun 2004. Sebelumnya pernah menjabat sebagai
Vice President di Apex Oil & Gas Ltd., Perwakilan dari
Continental Energy Corporation, Kanada, pejabat di
perusahaan multifinance Orix, Crédit Lyonnais dan
Audit Officer di Kantor Akuntan Publik Siddharta &
Siddharta. Meraih gelar Sarjana di bidang Business
Studies, jurusan Keuangan dari Ngee Ann Polytechnic,
Singapura.
2. Willie Tandanu – he has served as member of the Audit
Committee since 2004. He previously worked as Vice
President at Apex Oil & Gas Ltd., representative of
Continental Energy Corporation, Canada, Officer in the
finance companies Orix, Crédit Lyonnais, and Audit
Officer in the Office of the Public Accountant Siddharta
& Siddharta. He holds a Bachelor’s degree in Business
Studies, majoring in finance from Ngee Ann Polytechnic,
Singapore.
3. Iwan Budijanto Suryadi, menjabat sebagai anggota
Komite Audit sejak tahun 2002. Sebelumnya pernah
menjabat sebagai Financial Controller di grup WIM
Cycle dan Auditor Kantor Akuntan Publik KPMG. Meraih
gelar Magister Manajemen dari Universitas Pelita
Harapan, Jakarta.
3. Iwan Budijanto Suryadi – he has served as member of
the Audit Committee since 2002. Previously, he was
Group Financial Controller and Auditor WIM Cycle and
public accounting firm KPMG. He holds a Master of
Management degree from Pelita Harapan University,
Jakarta.
Selama tahun 2014, Komite Audit telah melakukan beberapa
kegiatan utama antara lain:
In 2014, the Audit Committee conducted several major
activities including:
1. Melakukan penelaahan dan pembahasan atas laporan
keuangan Perseroan, baik secara internal maupun
bersama Auditor Eksternal, berdasarkan standar akuntansi
dan peraturan pasar modal yang berlaku.
2. Memberikan masukan kepada Dewan Komisaris mengenai
penunjukan Kantor Akuntan Publik, khususnya dalam
hal independensi, lingkup penugasan, pembebanan
biaya dan sebagainya.
3. Merekomendasikan dan mendorong terbentuknya
system pengendalian internal Perseroan yang efektif.
4. Melakukan kerja sama dengan bagian Audit Internal
guna memberikan masukan pada setiap aspek operasional
Perseroan yang perlu disempurnakan, khususnya yang
menyangkut sistem dan prosedur kerja, kebijakan
Perseroan, aksi untuk perbaikan setiap unit kerja,
Internal Audit Charter dan sebagainya.
5. Melakukan pengawasan atas tindak lanjut yang
dilaksanakan oleh setiap unit kerja yang memerlukan
perbaikan.
6. Melakukan pengawasan atas pelaksanan manajemen
risiko bisnis yang dihadapi Perseroan serta memeriksa
proses dan langkah-langkah yang diambil oleh
manajemen Perseroan dalam rangka mitigasi terhadap
risiko bisnis tersebut.
7. Melakukan penelaahan atas kepatuhan Perseroan
terhadap peraturan perundang-undangan dan hukum
yang berlaku.
1. Reviewed and discussed the financial statements of
the Company, internally and together with the External
Auditor based on accounting standards and prevailing
capital market regulations.
2. Provided feedback to the Board of Commissioners
regarding the appointment of the Public Accountant,
particularly in terms of independence, scope of
assignment, charges and other pertinent matters.
3. Recommended and encouraged the formation of the
Company's internal control systems, and ensured their
effectiveness.
4. Cooperated with the Internal Audit division in order to
provide feedback on any aspect of the Company's
operations that need to be improved, especially with
regards to systems and procedures, and Company's
policies, actions/steps to enhance each unit of work,
the Internal Audit Charter and other relevant matters.
5. Monitored and followed-up the performance of each
unit of work that required improvement.
6. Supervised the implementation of business risk
management faced by the Company and examined the
process and steps taken by the Company's management
in order to evade business risks.
Dalam menjalankan fungsinya, Komite Audit memiliki hak
penuh untuk mengakses semua data-data yang diperlukan
dari setiap unit kerja yang ada di Perseroan. Selama tahun
2014, Komite Audit telah mengadakan pertemuan sebanyak
3 (tiga) kali, yang mana setiap pertemuan rata-rata dihadiri
oleh 2 (dua) orang anggota Komite Audit, termasuk Ketua
Komite Audit.
In carrying out its functions, the Audit Committee has the
absolute right to access all necessary data from each unit
of the Company. During 2014, the Audit Committee met
three (3) times. Each meeting had an average of two (2)
members of the Audit Committee in attendance, including
the Chairman of the Audit Committee.
7. Reviewed the Company's compliance with prevailing
laws and regulations.
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Sekretaris Perseroan
Corporate Secretary
Sekretaris Perseroan memiliki tanggung jawab utama
sebagai penghubung antara Perseroan dengan para
pemegang saham, publik dan otoritas pasar modal. Sekretaris
Perseroan juga bertugas untuk memberikan infomasi
tentang Perseroan yang diperlukan oleh para pemodal dan
publik, mengatur penyelenggaraan aksi korporasi Perseroan
serta menjamin agar Perseroan senantiasa mematuhi
peraturan pasar modal maupun peraturan hukum terkini
yang berlaku. Dalam tahun 2014, beberapa aktivitas yang
dilaksanakan oleh Sekretaris Perseroan antara lain:
The Corporate Secretary’s primary responsibility is to liaise
among the Company, its shareholders, the public and the
capital market authority. The Corporate Secretary is also
tasked with providing information about the Company
whenever required by investors and the public, regulate
the implementation of corporate actions, and ensure the
Company remains in compliance with applicable capital
market regulations and current legal regulations. In 2014,
the Corporate Secretary performed the following assigned
tasks, among other activities:
1. Melakukan keterbukaan infomasi kepada pemegang
saham dan publik melalui Bursa Efek Indonesia (BEI)
dan Otoritas Jasa Keuangan (OJK), antara lain menyangkut
laporan keuangan Perseroan, rencana perluasan fasilitas
produksi, perolehan fasilitas kredit dari pihak perbankan,
keterbukaan informasi tentang RUPST serta paparan
publik.
2. Menjalin komunikasi dengan otoritas pasar modal serta
profesi penunjang modal lainnya, seperti Biro Administrasi
Efek, notaris, konsultan hukum dan penilai aset Perseroan.
3. Mengikuti perkembangan pasar modal dan peraturanperaturan terkini yang berlaku di pasar modal.
4. Memantau kepatuhan Perseroan untuk memenuhi
peraturan hukum dan perundang-undangan yang
berlaku di pasar modal dan peraturan hukum yang
terkait lainnya.
5. Memelihara dan memeriksa daftar pemegang saham
melalui Biro Administrasi Efek Perseroan serta melakukan
pelaporan registrasi pemegang saham dengan
kepemilikan 5% atau lebih.
6. Melakukan koordinasi penyelenggaraan RUPST dan
RUPSLB pada tanggal 23 Mei 2014
7. Melaksanakan paparan publik pada tanggal 29 Desember
2014.
1. Conducted information disclosure for shareholders
and the public through the Indonesia Stock Exchange
(IDX) and the Financial Services Authority (OJK) regarding
the Company's financial statements, planned expansion
of production facilities, acquisition of credit facilities
from banks, information about the AGM and public
exposure, among others.
2. Established communication line with capital market
authorities and other capital support professionals,
such as the registrar, notary, legal consultant and asset
appraisers for the Company.
3. Monitored the development of the capital markets
including current regulations being applied in the capital
markets.
4. Monitored the Company’s compliance in meeting the
laws and regulations enforced in the capital markets
and other related legal regulations.
5. Maintained and checked the list of shareholders through
the Company’s Securities Administration Agency and
reported the registration of shareholders with holdings
of 5% or more.
6. Coordinated the implementation of AGMS and EGMS
on 23 May 2014
7. Performed public expose event on 29 December2014.
Sekretaris Perseroan dijabat oleh Theodorus Leonardi,
berdasarkan surat penunjukan Direksi pada tahun 1999.
Menjabat juga sebagai Kepala Keuangan Perseroan dan
sebelumnya pernah berkarir di PT Intinusa Selareksa Tbk,
grup Nawa Panduta, serta PT Bank Dagang Nasional
Indonesia Tbk. Memperoleh gelar Master of Applied Finance
dari Macquarie University, Sydney, Australia, pada tahun
1997 serta Sarjana Teknik dari Universitas Indonesia pada
tahun 1993.
Theodorus Leonardi holds the position of Corporate
Secretary based on the letter of appointment by the Directors
in 1999. He previously served as the Company's Chief
Financial Officer and built his career by working for PT
Intinusa Selareksa Tbk, Panduta Nawa group, and PT Bank
Dagang Nasional Indonesia Tbk. He earned a Master of
Applied Finance degree from Macquarie University, Sydney,
Australia in 1997 and a Bachelor of Engineering degree
from the University of Indonesia in 1993.
Perseroan belum memiliki kebijakan khusus yang mengatur
tentang masa jabatan untuk Sekretaris Perseroan.
The Company does not have a specific policy governing
the term of office for the Corporate Secretary.
Audit Internal
Internal Audit
Divisi Audit Internal berfungsi untuk menjaga kepatuhan
setiap unit kerja terhadap standar operasi, peraturan dan
sistem pengendalian internal sesuai dengan pedoman yang
telah ditetapkan Perseroan. Perseroan telah memiliki divisi
Audit Internal sejak tahun 1990, yang selanjutnya
disempurnakan pada tahun 2009 dengan berpedoman
pada peraturan Bapepam & LK No. IX.I.7, termasuk
mengukuhkan penunjukan Kepala Unit Audit Internal oleh
Direktur Utama. Kualifikasi dan persyaratan yang ditentukan
bagi Unit Audit Internal Perseroan antara lain:
The Internal Audit Division ensures compliance of each
unit to operating standards, regulations and internal control
systems in accordance with established guidelines of the
Company. The Company’s Internal Audit Division was
established in 1990 and it was further strengthened in
2009 by referring to Bapepam & LK No. IX.I.7 as a guide,
including the appointment of an Internal Audit Chairman
as confirmed by the President Director. The following are
several qualifications and requirements appointed to the
Internal Audit Unit:
●●
●●
●●
●●
Memiliki integritas yang tinggi, jujur, disiplin dan
independen
Memiliki latar belakang, pengetahuan, pendidikan dan/
atau pengalaman dibidang teknis audit dan disiplin
ilmu/bidang operasional yang relevan sesuai cakupan
pekerjaannya.
Memahami peraturan hukum, perundang-undangan
dan pasar modal yang berlaku.
Memiliki pengetahuan yang baik tentang manajemen
risiko dalam pengelolaan operasi Perusahaan serta
praktik tata kelola perusahan yang baik dalam lingkungan
kerja Perusahaan.
●●
High integrity, honesty, discipline and independence
●●
Possess background knowledge, education and/or
experience in auditing technical and scientific disciplines/
fields relevant to the operational scope of work.
●●
Understand the laws and prevailing capital market
regulations.
Have excellent knowledge of risk management in
managing the Company's operations and Good Corporate
Governance practices in the Company's working
environment.
●●
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Struktur dan kedudukan unit Audit Internal berada langsung
dibawah Direksi. Audit Internal akan memberikan laporan
tentang hasil temuan-temuan di lapangan dan saran-saran
perbaikan kepada Direksi, untuk selanjutnya akan
ditindaklanjuti oleh unit kerja yang bersangkutan. Audit
Internal kerap bekerja sama dengan Komite Audit guna
mendiskusikan temuan-temuan baru yang sekiranya perlu
mendapat perhatian dan tindakan perbaikan lebih lanjut,
yang secara keseluruhan berguna untuk peningkatan
kinerja Perseroan.
Within the organizational structure, the position of the
Internal Audit unit sits directly under the Board of Directors.
Internal Audit provides a report containing the findings in
the field and suggestions for improvement to the Board of
Directors which will then be followed up by the unit
concerned. Internal audits often cooperate with the Audit
Committee to discuss new findings which may require
attention and further remedial action. These are all used
for the overall improvement of the Company’s performance.
Kegiatan yang telah dilaksanakan oleh Audit Internal selama
tahun 2014 diantaranya:
1. Memantau dan mengevaluasi sistem pengendalian
intern dan manajemen risiko sesuai dengan kebijakan
Perseroan.
2. Memberikan masukan yang obyektif untuk
penyempurnaan kegiatan yang diperiksa pada semua
tingkatan manajemen.
3. Memantau, menganalisis dan melaporkan kemajuan
pelaksanaan tindak lanjut perbaikan yang telah disarankan
sebelumnya.
4. Melakukan pemeriksaan dan penilaian atas efisiensi
dan efektivitas operasional, antara lain menyangkut
bidang Komersial, Akuntansi, Keuangan, Produksi,
Pembelian, Persediaan, Sumber Daya Manusia dan
kegiatan lainnya.
5. Membuat laporan hasil audit dan menyampaikan laporan
tersebut kepada Direksi dan Dewan Komisaris.
6. Menyusun Audit Charter dan program evaluasi mutu
kegiatan Internal Audit yang dilakukannya.
Activities carried out by the Internal Audit for 2014 include:
Divisi Audit Internal Perseroan dipimpin oleh Benito Sutarna,
dibantu oleh seorang anggota lainnya. Mulai berkarya di
Argha sejak tahun 1990 dan menjabat sebagai ketua divisi
Audit Internal berdasarkan penunjukan dari Direksi pada
tahun 2009. Meraih gelar Sarjana Ekonomi jurusan Akuntansi
dari Universitas Tarumanegara, Jakarta, pada tahun 1982
dan pernah berkarir sebagai Senior Auditor di Kantor
Akuntan Publik SGV Utomo serta Kepala Akuntansi dan
Keuangan di PT Amalgam Corporation.
The Internal Audit Division is headed by Benito Sutarna
who is also assisted by another member. He has been
working with Argha since 1990 and has served as Chairman
of the Internal Audit Division by appointment of the Board
of Directors in 2009. He earned a Bachelor of Economics
degree majoring in Accounting from the University of
Tarumanegara, Jakarta in 1982. He previously worked as
Senior Auditor at SGV Utomo Public Accountant Office
and Head of Accounting and Finance at PT Amalgam
Corporation.
1. Monitored and evaluated the internal control system
and risk management in accordance with Company
policy.
2. Provided objective input for improving activities examined
at all levels of management.
3. Monitored, analyzed and reported on the progress of
implementation of the suggested improvements.
4. Conducted the examination and assessment of
operational efficiency and effectiveness related to the
fields of Commercial, Accounting, Finance, Production,
Purchasing, Inventory, Human Resources and other
activities.
5. Drafted the results of the audit report and submitted
the report to the Board of Directors and Commissioners.
6. Developed an Audit Charter and quality evaluation
program for the activities done by the Internal Audit.
Sistem Pengendalian Internal
Internal Control System
Sistem pengendalian internal Perseroan dilaksanakan oleh
Direksi, divisi Akuntansi dan Keuangan, Audit Internal dan
Komite Audit. Tujuan utama dari penerapan sistem ini
adalah memberikan jaminan yang memadai untuk pencapaian
efisiensi dan efektivitas operasional, kehandalan dan
keakuratan pelaporan keuangan, pengamanan terhadap
aset Perseroan serta kepatuhan terhadap kebijakan dan
peraturan hukum yang berlaku.
The Company's Internal Control System is implemented
by the Board of Directors, Accounting and Finance Division,
Internal Audit and Audit Committee. The main objective
in applying this system is to provide adequate guarantee
in achieving operational efficiency and effectiveness,
reliability and accuracy in financial reporting, safeguard
the Company's assets, and compliance with policies and
applicable laws and regulations.
Selama tahun 2014, sistem pengendalian internal Perseroan
telah berjalan relatif baik dan efektif, sehingga operasi
Perseroan sehari-hari dapat senantiasa berjalan lancar,
tanpa kendala yang berarti. Hal ini tidak terlepas penerapan
kebijakan, sistem maupun prosedur secara ketat, disamping
peran unit Audit Internal, bersama dengan Komite Audit,
yang terus melakukan temuan dan perbaikan secara
berkesinambungan, sehingga setiap kebijakan, sistem
maupun prosedur yang ada dapat terus disempurnakan.
Berkaitan dengan system pengendalian internal ini, Perseroan
telah melakukan beberapa upaya, meliputi:
During 2014, the Company's internal control system has
been running relatively well and effectively, hence the
Company's day-to-day operations can continue to run
smoothly without significant obstacles. This is not attributed
solely to the strict implementation of policies, systems and
procedures but also due to the role of the Internal Audit
unit together with the Audit Committee, which continue
to identify and improve policies, systems and procedures.
In relation to the implementation of the Internal Control
System, the Company has made several efforts , including:
1. Mempertegas visi dan misi serta nilai-nilai dasar,
sehingga semakin jelas dan dipahami sehingga menjadi
akar budaya kerja seluruh tingkatan karyawan.
2. Penyempurnaan terhadap struktur organisasi menjadi
lebih efisien dan efektif serta memiliki tanggung jawab
fungsional yang jelas.
3. Penyempurnaan atas deskripsi pekerjaan untuk setiap
jenjang karyawan dalam divisi kerja yang ada sehingga
lebih mempertegas pendelegasian tugas dan tanggung
jawab setiap karyawan.
4. Pemantauan penggunaan otorisasi atau wewenang
yang jelas untuk melakukan transaksi dari jajaran
manajemen dan Direksi sehingga setiap pengeluaran
biaya operasional dan modal dapat dipertanggungjawabkan
dari sisi keabsahan, kelayakan dan anggaran yang telah
ditetapkan.
5. Penyempurnaan sistem terintegrasi guna mendapatkan
data dan informasi yang lebih akurat dan terkini, sehingga
mendukung pencatatan kinerja operasi dan keuangan
yang akurat serta pengambilan keputusan yang cepat
dan strategis.
1. Reinforced the vision and mission, as well as the
Company values to make it more clear and understandable
as the foundation of the working culture of employees
in all levels.
2. Enhanced the organizational structure to be more
efficient and effective, and clarified responsibilities for
each function.
3. Improved job descriptions for employees in each level
in terms of division of labor so as to reinforce the proper
delegation of tasks and responsibilities.
4. Created a monitoring system for authorization or access
in making transactions from the ranks of management
and the Board of Directors so that any operating costs
and capital expenditure can be justified in terms of
validity, feasibility and allocated budget.
5. Improved on the integrated system that obtains more
accurate and updated data or information in order to
support the operating performances and financial
records that are accurate and can aid in rapid formulation
of strategies and decisions.
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6. Pembentukan komite khusus guna mendeteksi
kelemahan, pemborosan dan penyimpangan operasi
yang terjadi sehingga dapat dilakukan proses pencegahan
dan penyempurnaan selanjutnya.
6. Established a special committee that can detect
weaknesses, waste and irregularities that occur in daily
operations, so as to develop a process for prevention
and further development.
Manajemen risiko usaha
Perseroan
Business Management Risks
Dalam upaya mencapai visi dan misi yang ditetapkan,
Perseroan menghadapi sejumlah risiko usaha yang bersumber
dari internal maupun eksternal dalam melakukan operasinya
sehari-hari. Beberapa jenis risiko usaha mampu dikendalikan
dan diredam oleh Perseroan, namun ada beberapa
diantaranya yang tidak mampu dikendalikan, diantaranya
yang berasal dari kebijakan pemerintah, kondisi moneter
dan ekonomi global maupun force majeur.
In its efforts to achieve the vision and mission, the Company
faces a number of business risks that emanate from both
internal and external factors of daily operations. A number
of business risk types are manageable and can be easily
controlled by the Company. There are some, however, that
are not as controllable such as those involving government
policies, monetary conditions and the global economy, or
in cases of a force majeure.
Berikut adalah sejumlah risiko usaha yang dihadapi Perseroan
dan cara yang ditempuh Perseroan untuk mengelolanya:
The following represent a number of business risks faced
by the Company and how the Company managed them:
1. Risiko persaingan pasar.
1. Risks in market competition.
Pertumbuhan produk-produk konsumtif maupun industri
semakin berkembang pesat, sejalan dengan pertumbuhan
ekonomi di suatu negara, sehingga menjadikan permintaan
kemasan fleksibel semakin meningkat, baik dari dalam
maupun luar negeri. Kebutuhan yang tinggi akan kemasan
fleksibel telah memicu para pelaku industri kemasan
fleksibel untuk meningkatkan kapasitas dan efisiensi
produksi untuk mengantisipasi kebutuhan pasar dengan
harga yang semakin kompetitif. Berlandaskan pada hal
tersebut, Argha telah melaksanakan strategi jitu dengan
memperluas fasilitas produksi BOPP guna memasok pasar
dengan harga yang kompetitif melalui skala ekonomis
produksi yang optimal. Melalui penerapan metoda produksi
yang terkini dan inovatif serta dan perbaikan-perbaikan
di setiap lini produksi, antara lain dengan penerapan metoda
Kaizen yang intensif, Perseroan berhasil mencapai efisiensi
produksi secara optimal. Disamping itu, riset dan
pengembangan yang intensif mampu menghasilkan
produk-produk baru yang dapat memberikan nilai tambah
kepada produk pelanggan. Tim pemasaran Perseroan secara
aktif mencari peluang dan pelanggan baru pada ceruk pasar
yang potensial, sehingga mendukung Perseroan untuk
memiliki diversifikasi pelanggan yang baik.
Consumer products and their related industries are growing
rapidly in line with the economic growth of a country. This
scenario, in turn, contributes highly to increasing demand
for flexible packaging, both from within and outside the
country. The high demand for flexible packaging has
triggered the flexible packaging industry to increase capacity
and production efficiency in anticipation of the needs of
the market and under the banner of more competitive
pricing. Based on this situation, Argha has been implementing
proven strategies to expand BOPP production facilities in
order to supply the market with competitive prices through
economies of scale that optimize production. Through the
implementation of the latest innovative production methods
and improvements in each production line, such as the
application of intensive Kaizen method, the Company
managed to achieve optimal production efficiency. In
addition, constant intensive research and development
can produce new products that provide added value to
customers. The Company's marketing team actively looks
for opportunities and new customers in potential niche
markets, thus supporting the Company diversifying customerbase.
2. Risiko pasokan dan harga bahan baku.
2. Risks in raw materials supply and pricing.
Gejolak harga minyak bumi dunia dan kondisi yang tidak
seimbang pada pasokan dan permintaan di pasar dapat
menimbulkan distorsi pada pasokan bahan baku Perseroan.
Guna menekan risiko tersebut, Argha secara aktif berupaya
melakukan diversifikasi melalui penambahan jumlah
pemasok serta membuka kerja sama komersial dengan
beberapa pemasok utama, khususnya dari pasar internasional.
Hal ini dapat mengurangi ketergantungan Perseroan
sekaligus memberikan jaminan pasokan bahan baku secara
berkelanjutan, dengan harga beli yang lebih kompetitif.
Perseroan juga kerap menggalang kerjasama teknis guna
memberikan masukan kepada para pemasok untuk dapat
memproduksi bahan baku yang lebih efisien dan berkualitas
tinggi untuk dipasok kepada Perseroan.
Oil price fluctuations and conditions in the balance of
supply and demand within the market can lead to distortions
in the Company's supply of raw materials. In order to reduce
the risks, Argha aggressively seeks to diversify by adding
more suppliers as well as opening up commercial cooperation
with several major suppliers, especially from international
markets. This will reduce Company dependence, and further
guarantee a supply of raw materials in a sustainable manner
with a purchase price that is more competitive. The Company
also often engages in technical cooperation by providing
feedback to suppliers so raw materials that are produced
more efficiently and of higher quality can be supplied to
the Company.
3. Risiko keusangan sistem dan teknologi.
3. Risks in system and technology obsolesce.
Sebagai pelopor industri kemasan fleksibel di Asia Tenggara,
Perseroan telah beroperasi selama lebih dari 3 (tiga) dekade,
sehingga beberapa mesin produksi sudah relatif using tua
dan tidak sebanding dengan mesin-mesin produksi baru
yang lebih efisien. Namun demikian, karena Perseroan
tetap melakukan program pemeliharaan dan peremajaan
secara rutin, maka mesin-mesin tersebut dapat digunakan
untuk memproduksi jenis kemasan fleksibel tertentu
sehingga kinerja produksi dari mesin-mesin dapat terjaga
secara optimal.
As a pioneer in the flexible packaging industry in South
East Asia, the Company has already been operating for
more than three (3) decades. Hence, some of the production
machines used are relatively old and incomparable to new
production machines that are more efficient. The Company,
however, still implements maintenance and upgrade
programs on a regular basis so machines are still used to
produce specific types of flexible packaging. Production
performance of machines can therefore be optimally
maintained.
4. Risiko fluktuasi mata uang asing.
4. Risks in fluctuating foreign currency.
Perseroan memiliki jumlah kewajiban yang hampir sebagian
besar di dominasi dalam mata uang Dolar Amerika Serikat
(AS), sehingga fluktuasi terhadap nilai tukar mata uang
tersebut dapat berdampak signifikan pada kinerja keuangan
Perseroan. Guna mengelola risiko tersebut, Perseroan
menjalankan kebijakan nilai lindung natural dengan cara
menetapkan harga jual produknya dengan basis mata uang
Dolar Amerika Serikat. Dengan kebijakan ini, maka kerugian
kurs yang mungkin terjadi akibat fluktuasi mata uang asing
tersebut dapat ditekan serendah mungkin.
Because certain obligations are denominated in US Dollar
(USD) currency, fluctuating exchange rates can have a
significant impact on the financial performance of the
Company. To manage these risks, the Company operates
a policy of natural hedging by setting the selling price of
its products using a base currency of US Dollars. With this
policy, potential losses likely to occur due to foreign currency
fluctuations can be reduced to a minimum level possible.
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5. Risiko kredit.
5. Credit risks.
Perseroan menjual produk dengan memberikan kredit
kepada para pelanggan sehingga berisiko terhadap
munculnya piutang dagang yang tidak tertagih. Sebagai
langkah mitigasi atas risiko ini, Perseroan secara ketat
melakukan analisa kelayakan pemberian kredit kepada
setiap pelanggan, antara lain dengan melakukan peninjauan
ke tempat usaha pelanggan serta pemberian termin
pembayaran dan limit kredit yang disesuaikan sesuai dengan
keperluan dan kemampuan membayar dari masing-masing
pelanggan. Kelayakan ini akan ditinjau secara berkala
sehingga status kredit dan kondisi pelanggan dapat diketahui
sesuai dengan kondisi terkini.
The Company sells products by giving credit to customers
so as to lessen the risk of uncollected accounts receivables.
In order to mitigate this risk, the Company strictly conducts
a feasibility analysis before providing credit to customers.
This analysis involves ocular inspection of the customer’s
place of business, and customizing payment terms and
credit limits according to the needs and ability of each
customer to pay. The process requires periodic review so
that the customer's credit status and conditions can be
determined in accordance with current conditions.
6. Risiko kenaikan suku bunga pinjaman.
6. The risk of increase in interest rates on loans.
Kenaikan tingkat suku bunga pinjaman akan memberikan
pengaruh bagi peningkatan biaya operasional, terutama
dari sisi pembiayaan modal kerja dan biaya modal. Guna
menekan risiko ini, maka Perseroan selalu berupaya mencapai
keseimbangan, khususnya pada komposisi piutang dagang,
persediaan dan hutang dagang sehingga kebutuhan modal
kerja bersih dapat terjaga secara optimal. Selain itu, untuk
menekan biaya modal, Perseroan antara lain berupaya
menekan pembelian barang modal yang tidak mendesak
dan melakukan perawatan fasilitas produksi secara teratur
sehingga dapat mendukung penggantian suku cadang
mesin secara efisien dan efektif.
The increase in the loan interest rate is directly proportional
to rise in operating costs, especially in terms of financing
for working capital and capital costs. In order to reduce
this risk, the Company always seeks to achieve a balance
specifically in the composition of accounts receivables,
inventory and accounts payable so the net working capital
requirements can be optimally maintained. To further
reduce the cost of capital, the Company attempts to reduce
the purchase of capital goods that are not urgent and
performs regular maintenance of production facilities that
can support the replacement of engine spare parts efficiently
and effectively.
Selama ini, pelaksanaan manajemen risiko Perseroan telah
menjalankan cukup memadai. Pengendalian risiko dipimpin
langsung oleh Direksi dan jajaran manajemen, dan
menghasilkan kebijakan dan langkah-langkah strategis
guna menekan, bahkan menghindari setiap risiko usaha
yang muncul di setiap sektor operasi Perseroan. Direksi
dan seluruh jajaran manajemen akan melakukan identifikasi,
analisa dan evaluasi atas setiap kegiatan operasi Perseroan
dan menjadikan manajeman risiko sebagai bagian penting
dari proses pengambilan keputusan sehingga risiko-risiko
usaha yang mungkin dihadapi Perseroan dapat ditekan
serendah mungkin.
Until today, the implementation of risk management has
been running quite well. Risk controls led by the Board of
Directors and the management, plus the development of
policies and strategic measures effectively reduce and even
avoid any business risk that may emerge in any sector of
the Company's operations. The Board of Directors and
management will identify, analyze and evaluate each of
the Company's operations and make risk management an
important part of the decision making process so that the
risks faced by the Company's business may be kept as
minimal as possible.
Perkara penting yang dihadapi
Perseroan
Cases/Claims faced by the
Company
Selama tahun 2014, Perseroan, entitas anak, anggota
Komisaris maupun Direksi yang sedang menjabat tidak
memiliki maupun menghadapi perkara atau gugatan apapun
yang bersifat material dan dapat mempengaruhi kinerja
Perseroan.
In 2014, the Company, its subsidiaries, current Commissioners
and Directors did not encounter cases or claims that are
of importance and/or may affect the performance of the
Company.
Informasi tentang sanksi
administratif
Information on administrative
sanctions
Pada tahun buku 2014, tidak ada sanksi administratif yang
dikenakan oleh otoritas pasar modal dan otoritas lainnya,
baik kepada Perseroan, anggota Dewan Komisaris maupun
Direksi Perseroan.
In the fiscal year 2014, no administrative sanctions were
imposed by capital market authorities and other governing
entities to the Company, the Board of Commissioners and
the Board of Directors.
Informasi mengenai kode etik dan
budaya Perseroan
Information regarding the
Company's code of ethics and
culture
Perseroan telah memiliki Komite Etika yang memiliki tugas
utama untuk merumuskan pokok-pokok kode etik dan
mengawasi penerapannya pada setiap karyawan dari
berbagai tingkatan. Pokok-pokok yang diatur dalam kode
etik antara lain mencakup hal-hal berikut :
The Company has an Ethics Committee which is tasked
to primarily formulate the main points of the code of ethics
and oversee its application by every employee in various
levels. The main points set out in the code of conduct,
among others, include the following:
●●
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Pembukuan Perseroan.
Pertentangan kepentingan.
Surat-surat berharga dan keterangan dari orang dalam
Perusahaan.
Kebijakan susila.
Penggunaan minuman keras/alkohol dan obat-obat
keras.
Pemakaian email dan internet.
Pemakaian barang milik Perseroan.
Hak Kekayaan Intelektual dan informasi rahasia Perseroan.
Setiap bentuk pelanggaran kode etik yang dilaporkan
ataupun terdeteksi akan diproses oleh Komite Etika dan
selanjutnya pelaku pelanggaran akan diberikan sanksi
tegas melalui divisi SDM, sesuai dengan ketentuan yang
berlaku. Dalam kode etik telah dicantumkan pemberlakukan
kode etik untuk setiap jenjang karyawan, termasuk Direksi
dan Dewan Komisaris Perseroan.
●●
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●●
●●
●●
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●●
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Company bookkeeping.
Conflicts of interest.
Important documents and reference letters from the
Company
Social/Ethical policies.
Use of liquor/alcohol and non-medical drugs.
The use of email and Internet.
Use of the Company's property.
Intellectual property and confidential information of
the Company.
Any violation of the code of ethics that are reported or
detected will be processed by the Ethics Committee.
Subsequent offenders will be strictly punished through
the HR department, in accordance with applicable regulations.
The code of conduct includes its application among all
employees at every level, including the Board of Directors
and Commissioners.
65
66
Perseroan juga telah mencanangkan integritas dan
profesionalisme sebagai nilai-nilai dasar dan menjadi
bagian dari budaya kerja yang harus tertanam dalam diri
setiap karyawan, termasuk juga anggota Direksi dan Dewan
Komisaris ketika melaksanakan tugasnya sehari-hari.
The company has also implemented integrity and
professionalism as part of its core values. These values
become part of the culture that should be ingrained in
every employee, including members of the Board of Directors
and Commissioners when carrying out their daily duties.
Program kepemilikan saham oleh
karyawan
Employee share ownership
program
Sampai dengan saat ini, Perseroan belum memiliki kebijakan
yang mengatur program kepemilikan saham bagi karyawan
dan/atau manajemen.
To date, the Company does not have a policy governing a
share ownership program for employees and/or management.
Sistem pelaporan pelanggaran
Whistleblowing
Dalam upaya mendapatkan masukan-masukan dari para
karyawan untuk tujuan perbaikan di setiap aspek operasional,
maka Perseroan menyediakan suatu sistem pengaduan,
pelaporan pelanggaran maupun keluhan, yang dapat
disampaikan oleh karyawan melalui jaringan web internal,
kotak saran, Sekretariat Serikat Pekerja atau kantor Personnel
Officer Perseroan.
In efforts to gather input from employees in order to
implement improvements in every aspect of operations,
the Company implemented a complaints system wherein
violations and complaints can be reported and delivered
by employees through an internal network, suggestion
boxes, Secretariat of the Labor Union or the Company’s
Personnel Officer.
Penanganan laporan pelanggaran dilakukan dengan prosedur
sebagai berikut:
●● Secara periodik, petugas memeriksa laporan-laporan
yang masuk melalui sarana yang telah tersedia.
●● Petugas menampung dan mendiskusikan masalah
laporan tersebut dalam unit Hubungan Industri. Pelapor
akan diperlakukan secara rahasia.
●● Apabila laporan dinilai layak dan wajar serta dipandang
perlu ditindaklanjuti, maka unit Hubungan Industri
Perusahaan akan membahas laporan tersebut kepada
divisi kerja yang terkait. Laporan pelanggaran dapat
dibicarakan sampai ke tingkatan Direksi, tergantung
jenis dan kasusnya.
●● Setelah pengambilan keputusan atas laporan tersebut,
maka divisi terkait akan menindaklanjuti untuk tindakan
perbaikan selanjutnya yang diperlukan dan memantau
perkembangan serta penyelesaiannya.
Reports on violations are handled using the following
procedure:
●● Periodically, officers examine the reports that go through
the facilities that have been implemented.
●● Officers accommodate and discuss the report with the
Industrial Relations unit. The reporter will be treated
confidentially.
●● If the report is considered feasible, reasonable, and
deemed executable, the Industrial Relations unit of the
Company will discuss the report to the involved division.
Reports of violations can be discussed all the way up
to the level of the Board of Directors, depending on
the type and case.
●● After making a decision on the report, the related
divisions will follow up for further corrective actions
and monitor the development and completion.
Tanggung jawab sosial Perseroan
Corporate Social Responsibility
Perseroan sepenuhnya menyadari bahwa kinerja operasi
yang baik, yang telah berjalan selama lebih dari 3 (tiga)
dekade ini merupakan buah sinergi kerjasama yang positif
dengan masyarakat, khususnya di sekitar lokasi pabrik di
kawasan Citeureup. Untuk itu, menjaga keseimbangan
antara praktik bisnis dan kontribusi terhadap pembangunan
masyarakat sekitar merupakan bagian yang tidak terpisahkan
dalam perjalanan sejarah Perseroan. Sejak mulai beroperasi
komersial di tahun 1982, Perseroan Perseroan memiliki
komitmen dan tanggung jawab untuk memberikan nilai
tambah terhadap peningkatan taraf hidup dan kesejahteraan
serta pembangunan masyarakat yang mandiri secara sosial
dan ekonomi.
The Company is fully cognizant of the fact that the good
operating performance, which has been running for more
than three (3) decades, is the fruit of positive working
synergy with the community, particularly within the vicinity
of the C
iteureup factory. Therefore, maintaining a balance
between business practices and contributing to the
development of the surrounding community has become
an integral part of the history of the Company. Since
commercial operations commenced in 1982, the Company
has nurtured a commitment and responsibility to give
added value to improving living standards and welfare, and
developing the surrounding community both socially and
economically.
Implementation of Corporate Social Responsibility covers
various aspects such as social, economic, environment,
product and labor. In 2014, the Company organized several
programs, such as:
Pelaksanaan tanggung jawab sosial Perseroan meliputi
berbagai aspek antara lain sosial, ekonomi, lingkungan
hidup, produk dan ketenagakerjaan. Dalam tahun 2014,
Perseroan telah melaksanakan beberapa program antara lain:
1. Kesejahteraan sosial dan ekonomi masyarakat.
Program yang dilakukan Perseroan antara lain sumbangan
perbaikan jalan dan sembako untuk lingkungan RT/RW
setempat, sumbangan hewan kurban pada Hari Raya,
bantuan penyediaan air bersih khususnya pada musim
kemarau, donor darah, bantuan penyediaan makanan
bergizi di posyandu setempat, penanggulangan penyakit
menular seperti demam berdarah, penyediaan mushola
umum serta bantuan perbaikan untuk tempat ibadah di
lingkungan setempat.
1. The social and economic welfare of society.
This program includes road repairs and basic food donations
for the communities, donation of animals during the
Sacrificial Feast, provision of clean water especially during
the dry season, blood donations, provision of nutritious
food in the local neighborhood health center, eradication
of infectious diseases such as dengue fever, construction
of public prayer house and repair of the place of worship.
2. Lingkungan hidup.
Perseroan secara konsisten telah melakukan pemeliharaan
dan perluasan penghijauan di dalam dan sekitar lingkungan
pabrik, pemantauan dan pemeliharaan kualitas udara
sesuai standar emisi yang ditetapkan, pengelolaan limbah
hasil produksi, konversi air bersih dengan mendaur ulang
2.Environment.
The Company has consistently implemented and expanded
the reforestation program in and around the factory area.
It monitors and maintains appropriate air quality standards
based on acceptable emission. Furthermore, it practices
waste management production, waste water recycling and
67
68
air sisa produksi dan limbah rumah tangga serta pengadaan
sumur resapan.
household waste production. The Company also provides
recharge wells.
3. Praktik ketenagakerjaan.
Perseroan memandang SDM sebagai aset yang sangat
penting sehingga senantiasa berupaya menjamin pemenuhan
seluruh hak, kesejahteraan dan keselamatan kerja para
karyawannya. Untuk itu, Perseroan telah menerapkan
langkah-langkah sebagai berikut:
●● Mengikutsertakan seluruh karyawan dalam program
asuransi tenaga kerja dan kesehatan serta program
dana pensiun karyawan.
●● Penyempurnaan dan penerapan standar keselamatan
di lingkungan kerja karyawan, menyediakan tempat
kerja yang aman dan perangkat keselamatan kerja
antara lain penyumbat telinga, masker, helm, sarung
tangan, sepatu keselamatan dan sebagainya, termasuk
pelatihan-pelatihan bertema keselamatan kerja seperti
5R, tanggap darurat dan HIRAC (Hazard Identification
and Risk Assessment Control).
3. The employment practice.
The Company considers Human Resources a very important
asset. Thus, the Company constantly strives to ensure the
fulfillment of all employee rights, welfare and safety. To
that end, the Company has implemented the following
measures:
●● Registered all employees in the employment insurance
program and health and employee pension plans.
4. Tanggung jawab produk.
Sebagian produk Perseroan digunakan sebagai bahan
kemasan untuk makanan makanan. Untuk itu, Perseroan
terus menerapkan dan menyempurnakan system kontrol
produksi yang ketat, sehingga produk yang dihasilkan
memiliki tingkat higienis yang baik. Beberapa program
yang telah dijalankan meliputi:
●● Pembaharuan standarisasi internasional tentang
manajemen mutu ISO 9001:2008, yang mengatur proses
produksi dan operasi Perseroan.
●● Gugus Kendali Mutu (QCC) dan penerapan metoda
Kaizen secara berkesinambungan, khususnya di area
pabrik untuk peningkatan dan perbaikan mutu produk.
●● Memperkuat praktik 5R (Ringkas, Rapih, Resik, Rawat,
Rajin) secara konsisten di setiap unit kerja Perusahaan.
●● Pemeliharaan dan penyempurnaan sarana produksi
agar terbebas dari serangga dan kotoran.
4. The responsibility of the product.
Most of the Company's products are used for food packaging
materials. Therefore, the Company constantly implements
and enhances a rigorous production control system to
ensure that the resulting products have good level of
hygiene. Several programs that have been implemented
include:
●● Renewal of the international standardization of quality
management ISO 9001: 2008, which govern the process
of production and operations.
●● Quality Circles (QCC) and the consistent application of
the Kaizen method, especially in the area of the
plant
to enhance and improve product quality.
●● Enforced the practice of 5R (Concise, Precise, Practice,
Maintain, Diligence) consistently in each work unit of
the Company.
●● Maintained insect and dirt-free production facilities.
Selama tahun 2014, guna melaksanakan serangkaian
program-program diatas, Perseroan telah mengalokasikan
dana sekitar Rp 5,69 milyar, yang mana sebagian besar
didominasi oleh dana untuk praktik ketenagakerjaan.
In order to carry out the above programs during 2014, the
Company allocated approximately IDR 5.69 billion, which
is largely dominated by funds for employment practices.
●●
Completed and implemented safety standards in the
working environment of employees by creating a safe
workplace. The Company provided occupational safety
devices which include, among others, earplugs, masks,
helmets, gloves, safety shoes and similar items. Trainings
were conducted regarding 5R safety, emergency response
and HIRAC (Hazard Identification and Risk Assessment
Control).
SURAT PERNYATAAN
DEWAN KOMISARIS DAN DIREKSI
TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN 2014
PT ARGHA KARYA PRIMA INDUSTRY TBK
STATEMENT LETTER
FROM THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS
REGARDING WITH THE RESPONSIBILITY OF THE 2014 ANNUAL REPORT OF
PT ARGHA KARYA PRIMA INDUSTRY TBK
Kami yang bertanda tangan dibawah ini menyatakan bahwa semua
We, the undersigned, hereby declare that all information contained in
informasi dalam laporan tahunan PT Argha Karya Prima Industry Tbk
the 2014 Annual Report of PT Argha Karya Prima Industry Tbk has been
tahun 2014 telah dimuat secara lengkap dan bertanggung jawab penuh
fully disclosed and we are responsible for the validity of the content of
atas kebenaran isi laporan tahunan perusahaan.
this Annual Report.
Demikian pernyataan ini dibuat dengan sebenarnya.
This is our declaration, which has been made truthfully.
Jakarta, 28 April 2015
DEWAN KOMISARIS
BOARD OF COMMISSIONERS
Andry Pribadi
Komisaris Utama
Henry Liem
Komisaris
Commissioner
Amirsyah Risjad
Komisaris
Commissioner
Brenna Florence Pribadi
Komisaris
Commissioner
Johan Paulus Yoranouw
Widjojo Budiarto
DIREKSI
BOARD OF DIRECTORS
Wilson Pribadi
Direktur Utama
President Director
Jeyson Pribadi
Direktur
Director
Edward Djumali
Direktur
Director
Jimmy Tjahjanto
Direktur
Director
Folmer Adolf Hutapea
Direktur
Director
69
INFORMASI PERSEROAN
CORPORATE INFORMATION
HEAD OFFICE AND FACTORY
Jl. Pahlawan, Karang Asem Barat, Citeureup 16810
Bogor, Indonesia
Tel. (62-21) 875 2707
Fax. (62-21) 875 0542
E-mail: [email protected]
Website: www.arghakarya.com
REPRESENTATIVE OFFICE
Kompleks Pergudangan Margomulyo Permai Blok E No. 1.
Surabaya, Indonesia.
Tel. (62-31) 748 0781
Fax. (62-31) 748 0782
E-mail: [email protected]
MALAYSIA SUBSIDIARY – OFFICE AND FACTORY
STENTA FILMS (M) SDN. BHD.
Lot. 10, Jl P/10
Kawasan Perusahaan Seksyen, 10,
43650 Bandar Baru Bangi
Selangor Darul Ehsan, Malaysia.
Tel. (60-3) 8924 3388
Fax. (60-3) 8925 3907
Website: www.stentafilms.com.my
HONGKONG SUBSIDIARY – MARKETING OFFICE
INTERNATIONAL RESOURCES (HK) LTD
Room 2101 Hongkong Trade Centre
161-167 Des Voeux Road Central
Hongkong
70
LEMBAGA DAN/ATAU PROFESI PENUNJANG PASAR MODAL/
CAPITAL MARKET SUPPORTING INSTITUTIONS & PROFESSIONAL
SERVICES
Kantor Akuntan Publik/Public Accountant Firm
KAP Purwantono, Suherman & Surja (member dari Ernst
& Young Global Ltd.)
Gedung Bursa Efek Indonesia Tower 2 Lt. 7
Jakarta 12190
Biro Administrasi Efek/Share Registrar
Gedung Plaza Sentral Lantai 2
Jakarta 12930
71
laporan
keuangan
FINANCIAL STATEMENTS
PTArghaKaryaPrimaIndustryTbk
danentitasanaknya/anditssubsidiary
Laporan keuangan konsolidasian tanggal 31 Desember 2014 dan untuk tahun
yang berakhir pada tanggal tersebut beserta laporan auditor independen/
Consolidated financial statements as of December 31, 2014 and for the year
then ended with independent auditors’ report
The original consolidated financial statements included herein
are in the Indonesian language.
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PT ARGHA KARYA PRIMA INDUSTRY Tbk
AND ITS SUBSIDIARY
CONSOLIDATED FINANCIAL STATEMENTS
AS OF DECEMBER 31, 2014 AND
FOR THE YEAR THEN ENDED
WITH INDEPENDENT AUDITORS’ REPORT
Table of Contents
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Independent Auditors’ Report
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Consolidated Statement of Comprehensive
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……………. Consolidated Statement of Cash Flows
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….. Notes to the Consolidated Financial Statements
AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF
FINANCIAL POSITION
As of December 31, 2014
(Expressed in thousands of rupiah,
unless otherwise stated)
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December 31,
Notes ASSETS
CURRENT ASSETS
Cash and cash equivalents
Restricted funds
Short-term investments
Trade receivables
Related parties - net Third parties Other receivables
Inventories - net
Prepaid expenses
Advance payments
Prepaid taxes TOTAL CURRENT ASSETS
NON-CURRENT ASSETS
Estimatedclaims for tax refund
Advance for purchase fixed assets
Investment in associated company
Fixed assets - net
Intangible assets - net
Guarantee deposits
TOTAL NON-CURRENT ASSETS
FW FW GW W
H W IM
J UD UE K LM
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integral part of these consolidated financial statements
taken as a whole.
1
D\DD
AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF FINANCIAL
POSITION (continued)
As of December 31, 2014
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W LIABILITIES AND EQUITY
CURRENT LIABILITIES
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Other payables
Taxes payable
Accrued expenses
Current maturities of
long-term borrowings
TOTAL CURRENT LIABILITIES
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P Q ET LONG-TERM LIABILITIES
Long-term borrowings - net of
current maturities Employee benefits liability - net of
current portion
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TOTAL LONG-TERM LIABILITIES
TOTAL LIABILITIES
EQUITY
Equity Attributable to
Owners of the Parent Entity
Share capital
Authorized - 2,000,000,000
shares at par value of Rp500
(full amount) per share
Issued and fully paid -
680,000,000 shares
Additional paid-in capital - net
Treasury stock
Exchange rate differences from
financial statement translation
Retained earnings
Appropriated
Unappropriated
NetEquity Attributable to
Owners of the Parent Entity
E
Non-controlling Interests
NET EQUITY
TOTAL LIABILITIES AND
EQUITY
NHVHOXUXKDQ
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2
AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT
OF COMPREHENSIVE INCOME
For the Year Ended
December 31, 2014 (Expressed in thousands of rupiah,
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HS NET SALES
HS COST OF GOODS SOLD
S S
HS
HS
S
S
GROSS PROFIT
Selling expenses
General and administrative expenses
Other income
Other expenses
OPERATING PROFIT
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AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME (continued)
For the Year Ended
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NET COMPREHENSIVE INCOME
FOR THE YEAR ATTRIBUTABLE TO:
Owners of the parent entity
Non-controlling interests Net
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BASIC EARNINGS PER SHARE
ATTRIBUTABLE TO OWNERS
OF THE PARENT ENTITY
(full amount)
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4
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Net equity
The original consolidated financial statements included herein are in the Indonesian language.
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Non-controlling
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December 31, 2014
Appropriation of
retained earnings for
general reserve
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for the year
Other comprehensive loss - net
Profit for the year
Appropriation of
retained earnings for
general reserve
Balance as of
December 31, 2013
Total comprehensive income
for the year
Other comprehensive
income - net
Profit for the year
Balance as of
January 1, 2013
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the Year Ended December 31, 2014
(Expressed in thousands of rupiah, unless otherwise stated)
The accompanying notes to the consolidated financial statements form an integral part of these consolidated
financial statements taken as a whole.
(NXLWDV\DQJ'DSDW'LDWULEXVLNDQNHSDGD3HPLOLN(QWLWDV ,QGXNEquity Attributable to Owners of the Parent Entity
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQ
NHXDQJDQ
Exchange
6DOGRODED
rate
Retained earnings
differences
from financial
7HODKGLWHQWXNDQ %HOXPGLWHQWXNDQ
statement
SHQJJXQDDQQ\D
1HWR
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translation
Appropriated
Unappropriated
Net
6DKDP
WUHVXUL
Treasury
stock
37$5*+$.$5<$35,0$,1'8675<7EN'$1(17,7$6$1$.1<$
/$325$13(58%$+$1(.8,7$6.2162/,'$6,$1
8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO'HVHPEHU
'LVDMLNDQGDODPULEXDQUXSLDKNHFXDOLGLQ\DWDNDQODLQ
0RGDOVDKDP
GLWHPSDWNDQ
7DPEDKDQ
GDQGLVHWRU
PRGDO
SHQXK
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Issued and
Additional
fully paid
&DWDWDQ
paid-in capital
- net
Notes
share capital 6DOGRSHU-DQXDUL
/DEDWDKXQEHUMDODQ
3HQGDSDWDQNRPSUHKHQVLIODLQQHWR ET 7RWDOODEDUXJLNRPSUHKHQVLI
WDKXQEHUMDODQ
3HQFDGDQJDQVDOGRODED
VHEDJDLGDQDFDGDQJDQ
XPXP
6DOGRSHU'HVHPEHU
/DEDWDKXQEHUMDODQ
5XJLNRPSUHKHQVLIODLQQHWR
ET /DEDUXJLNRPSUHKHQVLI
WDKXQEHUMDODQQHWR
3HQFDGDQJDQVDOGRODED
VHEDJDLGDQDFDGDQJDQ
XPXP
3HPEDJLDQGLYLGHQNDV
6DOGRSHU'HVHPEHU
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NHXDQJDQNRQVROLGDVLDQVHFDUDNHVHOXUXKDQ
5
The original consolidated financial statements included herein are
in the Indonesian language.
AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
For the Year Ended
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
/$325$1$586.$6.2162/,'$6,$1
'HVHPEHU
'HVHPEHU
$586.$6'$5,$.7,9,7$6
23(5$6,
3HQHULPDDQGDULSHODQJJDQ
3HPED\DUDQNHSDGDSHPDVRN
3HPED\DUDQNHSDGDNDU\DZDQ
3HPED\DUDQXQWXNEHEDQXVDKD
GDQODLQQ\D
3HQHULPDDQGDULSHPED\DUDQXQWXN
SDMDNSHQJKDVLODQQHWR
3HQHULPDDQGDULSHQGDSDWDQ
NHXDQJDQ
.DVQHWRGLSHUROHKGDULGLJXQDNDQ
XQWXNDNWLYLWDVRSHUDVL
$586.$6'$5,$.7,9,7$6
,19(67$6,
3HUROHKDQDVHWWHWDS
8DQJPXNDSHPEHOLDQDVHWWHWDS
3HPED\DUDQXQWXN
LQYHVWDVLMDQJNDSHQGHN
3HQHULPDDQGDULSHPED\DUDQXQWXN
XDQJMDPLQDQ
+DVLOSHQMXDODQDVHWWHWDS
.DVQHWRGLJXQDNDQXQWXN
DNWLYLWDVLQYHVWDVL
$586.$6'$5,$.7,9,7$6
3(1'$1$$1
3HQHULPDDQSLQMDPDQ
MDQJNDSDQMDQJ
3HQHULPDDQSHPED\DUDQSLQMDPDQ
EDQNMDQJNDSHQGHN
3HPED\DUDQSLQMDPDQ
MDQJNDSDQMDQJ
3HPED\DUDQEHEDQNHXDQJDQ
3HQHULPDDQSHQHPSDWDQGDQD\DQJ
GLEDWDVLSHQJJXQDDQQ\D
3HPED\DUDQGLYLGHQNDV
.DVQHWRGLSHUROHKGDULGLJXQDNDQ
XQWXNDNWLYLWDVSHQGDQDDQ
.(1$,.$13(18581$11(72
.$6'$16(7$5$.$6
&DWDWDQ Notes
NHVHOXUXKDQ
CASH FLOWS FROM OPERATING
ACTIVITIES
Receipts from customers
Payments to suppliers
Payments to employees
Payments for operating expenses
and others
Receipts of claim (payment) for
income taxes - net
Finance income received
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING
ACTIVITIES
Acquisitions of fixed assets
Advance for purchase of fixed assets
Payment for short-term investments
Refund (payment) of
guarantee deposits
Proceeds from sale of fixed assets
Net cash used in investing
activities
CASH FLOWS FROM FINANCING
ACTIVITIES
Proceeds oflong-term borrowings Proceeds (repayments)
of short-term bank loans
Repayments oflong-term borrowings
Finance expense paid
Releaseplacement)of restricted funds
Payment of cash dividend
Net cash provided by
(used in) financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
taken as a whole.
6
AND ITS SUBSIDIARY
CONSOLIDATED STATEMENT OF CASH FLOWS
(continued)
For the Year Ended
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
/$325$1$586.$6.2162/,'$6,$1ODQMXWDQ
'HVHPEHU
'HVHPEHU
3(1*$58+1,/$,78.$5$7$6
.$6'$16(7$5$.$6
&DWDWDQ Notes
EFFECT OF EXCHANGE RATE
CHANGES ON CASH AND
CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
.$6'$16(7$5$.$63$'$
$:$/7$+81
.$6'$16(7$5$.$63$'$
$.+,57$+81
CASH AND CASH EQUIVALENTS
AT END OF YEAR
NHVHOXUXKDQ
taken as a whole.
7
AND ITS SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL
STATEMENTS
As of December 31, 2014 and
for the Year Then Ended
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW
1.
8080
GENERAL
a. The Company’s establishment
D 3HQGLULDQ3HUXVDKDDQ
37 $UJKD .DU\D 3ULPD ,QGXVWU\ 7EN
³3HUXVDKDDQ´ GLGLULNDQ GDODP NHUDQJND
8QGDQJXQGDQJ 1R WDKXQ GDQ 1R WDKXQ WHQWDQJ 3HQDQDPDQ 0RGDO 'DODP
1HJHULEHUGDVDUNDQDNWDQRWDULV1RWDQJJDO
0DUHW GDUL 5LGZDQ 6XVHOR 6+ QRWDULV
GL-DNDUWD3HQJHVDKDQGDUL0HQWHUL.HKDNLPDQ
5HSXEOLN ,QGRQHVLD DWDV SHQGLULDQ 3HUXVDKDDQ
WHUVHEXW WHODK GLSHUROHK SDGD WDQJJDO
6HSWHPEHU GHQJDQ 6XUDW .HSXWXVDQ
1R<$ GDQ WHODK GLXPXPNDQ GDODP
%HULWD 1HJDUD 5HSXEOLN ,QGRQHVLD 1R GDQ
7DPEDKDQ1RWDQJJDO$SULO
PT Argha Karya Prima Industry Tbk (the
“Company”) was established within the framework
of Laws No. 6 of 1968 and No. 12 of 1970
regarding Domestic Capital Investment based on
notarial deed No. 108 dated March 7, 1980 of
Ridwan Suselo, S.H., notary in Jakarta. Approval
for the Company’s establishment from the
Ministry of Justice of the Republic of Indonesia
was
obtained
under
decree
No. Y.A.5/406/9 dated September 25, 1981 and
was published in Supplement No. 391 dated
April 2, 1982 of the State Gazette No. 27 of the
Republic of Indonesia.
$QJJDUDQ GDVDU 3HUXVDKDDQ WHODK PHQJDODPL
EHEHUDSD NDOL SHUXEDKDQ WHUDNKLU GHQJDQ DNWD
QRWDULV 1R WDQJJDO -XOL GDUL '5
,UDZDQ6RHURGMR6+ 06LQRWDULV GL-DNDUWD
VHKXEXQJDQ GHQJDQ DQWDUD ODLQ SHUXEDKDQ
DWDX SHQ\HVXDLDQ VHOXUXK $QJJDUDQ 'DVDU
3HUXVDKDDQ WHUKDGDS 8QGDQJXQGDQJ 1R 7DKXQ GDQ 3HUDWXUDQ %DGDQ 3HQJDZDV
3DVDU 0RGDO ³%$3(3$0/.´ 1R ,;- $NWD
SHUXEDKDQ LQL WHODK PHQGDSDW SHUVHWXMXDQ GDUL
0HQWHUL +XNXP GDQ +DN $VDVL 0DQXVLD
5HSXEOLN ,QGRQHVLD GHQJDQ 6XUDW .HSXWXVDQ
1R $+8$+7DKXQ WDQJJDO
2NWREHU
The Company's Articles of Association has been
amended from time to time, with the latest
amendment being made by notarial deed No. 284
dated July 29, 2008 of DR. Irawan Soerodjo,
S.H., M.Si., notary in Jakarta, relating to, among
others, changes in the Company’s Articles of
Association to comply with Law No. 40 Year 2007
and Regulation No. IX.J.1 of the Capital Market
and Financial Institutions Supervisory Agency
(“BAPEPAM-LK”). The latest amendment was
approved by the Ministry of Law and Human
Rights of the Republic of Indonesia under decree
No. AHU-75410.AH.01.02.Year 2008 dated
October 20, 2008.
3HUXVDKDDQ EHUJHUDN GDODP ELGDQJ SURGXNVL
GDQGLVWULEXVLNHPDVDQIOHNVLEHOEHUXSD%LD[LDOO\
2ULHQWHG 3RO\ 3URS\OHQH ³%233´ ILOP
3RO\HVWHU ³3(7´ ILOP &DVW 3RO\ 3URS\OHQH
³&33´ ILOP GDQ 3RO\ $FU\ORQLWULOH ILOP 3DEULN
SHUXVDKDDQ EHUORNDVL GL &LWHXUHXS %RJRU
3HUXVDKDDQ PHPXODL SURGXNVL NRPHUVLDOQ\D
SDGDWDKXQ
The Company is engaged in the production and
distribution of flexible packaging of Biaxially
Oriented Poly Propylene (“BOPP”) film, Polyester
(“PET”) film, Cast Poly Propylene (“CPP”) film
and Poly Acrylonitrile film. Its manufacturing
facilities are located in Citeureup, Bogor. The
Company commenced its commercial operations
in 1982.
37 1DZD 3DQGXWD DGDODK HQWLWDV LQGXN WHUDNKLU
GDUL 3HUXVDKDDQ GDQ (QWLWDV $QDN ³.HORPSRN
8VDKD´ GDQ MXJD HQWLWDV LQGXN ODQJVXQJ GDUL
3HUXVDKDDQ
PT Nawa Panduta is the ultimate parent company
of the Company and Subsidiary (the “Group”) and
it is also the immediate parent company of the
Company.
3HQHUELWDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ
WHODK GLVHWXMXL GDQ GLRWRULVDVL XQWXN WHUELW ROHK
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The issuance of the consolidated financial
statements was approved and authorized by the
Company’s
Board
of
Directors
on
April 9, 2015.
8
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
1.
8080ODQMXWDQ
E 3HQDZDUDQXPXPVDKDP3HUXVDKDDQ
%HUGDVDUNDQ 6XUDW .HWXD %$3(3$0/.
1R 630 WDQJJDO 1RSHPEHU
3HUQ\DWDDQ 3HQGDIWDUDQ 3HUXVDKDDQ
GDODP UDQJND 3HQDZDUDQ 8PXP 3HUGDQD WHODK
GLQ\DWDNDQ HIHNWLI 3DGD WDQJJDO 'HVHPEHU
3HUXVDKDDQ PHQFDWDWNDQ OHPEDU VDKDPQ\D WHUPDVXN VDKDP
SHUGDQD \DQJ GLWDZDUNDQ NHSDGD PDV\DUDNDW
GDUL PRGDO GLWHPSDWNDQ GDQ GLVHWRU SHQXK
GHQJDQ QLODL QRPLQDO 5S DQJND SHQXK
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ODLQQ\D \DQJ GDSDW PHPSHQJDUXKL HIHN \DQJ
GLWHUELWNDQ VHMDN SHQDZDUDQ XPXP SHUGDQD
DGDODKVHEDJDLEHULNXW
$NVLNRUSRUDVL
Corporate action
x 3HQDZDUDQ6DKDP
3HUGDQDInitial Public
Offering
x 3HPEDJLDQVDKDP
ERQXVIssuance of
bonus shares x 3HQDZDUDQ8PXP
7HUEDWDV
387Limited Public
Offering x 3HPEDJLDQVDKDP
ERQXVIssuance of
bonus shares x 3HPHFDKDQQLODL
QRPLQDOVDKDP
Stock split2 for 1
x 3HQLQJNDWDQ0RGDO
WDQSD+DN0HPHVDQ
(IHN7HUOHELK'DKXOX
+0(7'Issuance of
Shares without Preemptive Rights
GENERAL (continued)
b. The Company’s public offering
Based on the letter No. S-1854/PM/1992 dated
November 16, 1992 of the Chairman of
BAPEPAM-LK, the Company’s Registration
Statement on its Initial Public Offering of shares
was declared effective. On December 18, 1992,
the Company listed 80,000,000 shares (including
16,000,000 shares initially offered to the public)
out of its issued and fully paid shares with
nominal value of Rp1,000 (full amount) per share
in the Jakarta Stock Exchange.
The chronology of public offerings and other
capital stock activities after the initial public
offering is as follows:
-XPODK
VDKDP
Share amount
7DQJJDODate
$NXPXODVL
OHPEDUVDKDP
Cumulative
number of shares
-XPODKQRPLQDO
GDODPUXSLDK
Nominal amount
(in rupiah)
'HVHPEHU
December 18, 1992
'HVHPEHU
December 22, 1993
0DUHW
March 1, 1994
$SULO
April 21, 1997
$SULO
April 21, 1997
2NWREHU
October 9, 2003
6HOXUXK VDKDP 3HUXVDKDDQ WHODK WHUFDWDW GL %XUVD (IHN ,QGRQHVLD GDKXOX %XUVD (IHN
-DNDUWD
All of the Company’s shares have been listed
in the Indonesia Stock Exchange (formerly
Jakarta Stock Exchange).
9
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
1.
8080ODQMXWDQ
F 6XVXQDQ(QWLWDV$QDN
5LQFLDQ (QWLWDV $QDN \DQJ GLNRQVROLGDVL SDGD
WDQJJDO 'HVHPEHU GDQ DGDODK
VHEDJDLEHULNXW
GENERAL (continued)
c.
Subsidiary
The details of the consolidated Subsidiary as of
December 31, 2014 and 2013 are as follows:
(QWLWDV$QDN
Subsidiary
'RPLVLOL
Domicile
,QWHUQDWLRQDO5HVRXUFHV
+./WG³,5+.´
$NWLYLWDVXWDPD
Principal activity
+RQJ.RQJ
7DKXQDZDO
RSHUDVL
Year of start of
operations
NHSHPLOLNDQ
% of ownership
3HUGDJDQJDQGDQSHPDVDUDQ
ILOPNHPDVDQIOHNVLEHO
Marketing and trading of
flexible packaging films
7RWDODVHW
Total assets
³´7RWDODVHWVHEHOXPHOLPLQDVLSDGDNRQVROLGDVLTotal assets before elimination in consolidation
³´0XODL-XOL,5+.VHPHQWDUDEHUKHQWLEHURSHUDVLStarting July 2014, IR-HK temporarily stopped operations.
3DGD EXODQ $JXVWXV 3HUXVDKDDQ
PHQGLULNDQ ,5+. GL +RQJ .RQJ GHQJDQ
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VHEHVDU
In August 1991, the Company established IR-HK
in Hong Kong and had 80% ownership. In July
2006, the Company increased its share
ownership in IR-HK by 18% to become 98%.
d.
G 'HZDQ .RPLVDULV GDQ 'LUHNVL .RPLWH $XGLW
VHUWDNDU\DZDQ
Boards of Commissioners and Directors,
Audit Committee and employees
6XVXQDQ 'HZDQ .RPLVDULV GDQ 'LUHNVL
PDQDMHPHQ NXQFL 3HUXVDKDDQ SDGD WDQJJDO
'HVHPEHU GDQ DGDODK VHEDJDL
EHULNXW
The composition of the Company’s Boards of
Commissioners
and
Directors
(the
key
management) as of December 31, 2014 and 2013
was as follows:
'HZDQ.RPLVDULV
.RPLVDULV8WDPD
.RPLVDULV
.RPLVDULV,QGHSHQGHQ
'LUHNVL 'LUHNWXU8WDPD
'LUHNWXU $QGU\3ULEDGL
+HQU\/LHP
$PLUV\DK5LVMDG
%UHQQD)ORUHQFH3ULEDGL
-RKDQ3DXOXV<RUDQRXZ
:LGMRMR%XGLDUWR
:LOVRQ3ULEDGL
(GZDUG'MXPDOL -LPP\7MDKMDQWR
-H\VRQ3ULEDGL
)ROPHU$GROI+XWDSHD
10
Commissioners
Independent Commissioners
Board ofDirectors
President Director
Directors
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
8080ODQMXWDQ
1.
GENERAL (continued)
d.
G 'HZDQ .RPLVDULV GDQ 'LUHNVL .RPLWH $XGLW
VHUWDNDU\DZDQODQMXWDQ
Boards of Commissioners and Directors,
Audit Committee and employees (continued)
6XVXQDQ .RPLWH $XGLW GDQ 6HNUHWDULV
3HUXVDKDDQ SDGD WDQJJDO 'HVHPEHU GDQDGDODKVHEDJDLEHULNXW
The composition of the Company’s Audit
Committee and the Corporate Secretary as of
December 31, 2014 and 2013 were as follows:
.RPLWH$XGLW
.HWXD $QJJRWD
6HNUHWDULV3HUXVDKDDQ
-RKDQ3DXOXV<RUDQRXZ
,ZDQ%XGLMDQWR6XU\DGL :LOOLH7DQGDQX
7KHRGRUXV/HRQDUGL
Audit Committee
Chairman
Members
Corporate Secretary
3HPEHQWXNDQ NRPLWH DXGLW WHODK GLODNXNDQ
VHVXDL GHQJDQ SHUDWXUDQ %$3(3$0/.
1R,;
The formation of the audit committee is in
accordance with the BAPEPAM-LK rule
No. IX.1.5.
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'HVHPEHUGDQWLGDNGLDXGLW
The Group had 959 and 903 permanent
employees (unaudited) as of December 31, 2014
and 2013, respectively.
2.
,.+7,6$5.(%,-$.$1$.817$16,6,*1,),.$1
SUMMARY
POLICIES
OF
SIGNIFICANT
ACCOUNTING
D 'DVDU SHQ\XVXQDQ
NRQVROLGDVLDQ
ODSRUDQ
a.
NHXDQJDQ
Basis of consolidated financial statement
presentation
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GDQ GLVDMLNDQ VHVXDL GHQJDQ 6WDQGDU $NXQWDQVL
.HXDQJDQGL,QGRQHVLD³6$.´\DQJPHQFDNXS
3HUQ\DWDDQ 6WDQGDU $NXQWDQVL .HXDQJDQ
´36$.´ GDQ ,QWHUSUHWDVL 6WDQGDU $NXQWDQVL
.HXDQJDQ ´,6$.´ \DQJ GLNHOXDUNDQ ROHK
'HZDQ 6WDQGDU $NXQWDQVL .HXDQJDQ ³'6$.´
,NDWDQ $NXQWDQ ,QGRQHVLD GDQ SHUDWXUDQ \DQJ
WHUNDLW GHQJDQ SHQ\DMLDQ GDQ SHQJXQJNDSDQ
ODSRUDQ NHXDQJDQ \DQJ GLNHOXDUNDQ ROHK
2WRULWDV-DVD.HXDQJDQ³2-.´
The consolidated financial statements have been
prepared and presented in accordance with
Indonesian Financial Accounting Standards
(“SAK”), which consist of the Statements of
Financial Accounting Standards (“PSAKs”) and
Interpretations
to
Financial
Acccounting
Standards (“ISAKs”) issued by the Financial
Accounting Standards Board (“DSAK”) of the
Indonesian Institute of Accountants, and the
regulations to financial statement presentation
and disclosures issued by the Otoritas Jasa
Keuangan (“OJK”).
11
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
SUMMARY OF SIGNIFICANT
POLICIES (continued)
ACCOUNTING
D 'DVDU SHQ\XVXQDQ ODSRUDQ
NRQVROLGDVLDQODQMXWDQ
a.
NHXDQJDQ
Basis of consolidated financial statement
presentation (continued)
.HFXDOL XQWXN ODSRUDQ DUXV NDV NRQVROLGDVLDQ
ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ GLVXVXQ
EHUGDVDUNDQ NRQVHS DNUXDO GDQ GDVDU
SHQJXNXUDQ GHQJDQ PHQJJXQDNDQ NRQVHS
ELD\D KLVWRULV NHFXDOL XQWXN DNXQ WHUWHQWX \DQJ
GLXNXUGHQJDQPHQJJXQDNDQGDVDUVHSHUWL\DQJ
GLVHEXWNDQGDODPFDWDWDQ\DQJUHOHYDQ
Except for the consolidated statement of cash
flows, the consolidated financial statements have
been prepared using the accrual basis, and the
measurement basis used is historical cost, except
for certain accounts which are measured on the
bases as described in the relevant notes herein.
/DSRUDQ DUXV NDV NRQVROLGDVLDQ \DQJ GLVXVXQ
GHQJDQ PHQJJXQDNDQ PHWRGH ODQJVXQJ
PHQ\DMLNDQ SHQHULPDDQ GDQ SHQJHOXDUDQ NDV
GDQ VHWDUD NDV \DQJ GLNODVLILNDVLNDQ NH GDODP
DNWLYLWDVRSHUDVLLQYHVWDVLGDQSHQGDQDDQ
The consolidated statement of cash flows, which
has been prepared using the direct method,
presents receipts and disbursements of cash and
cash equivalents classified into operating,
investing and financing activities.
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$6 GDQ PDWD XDQJ IXQJVLRQDO (QWLWDV $QDN
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The functional currency of the Company is U.S.
dollar and the functional currency of the
Subsidiary is Hong Kong dollar.
0DWD XDQJ SHODSRUDQ \DQJ GLJXQDNDQ SDGD
ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ DGDODK UXSLDK
³5S´
The reporting currency used in the consolidated
financial statements is the Indonesian rupiah
(“Rp”).
b. Principles of consolidation
E 3ULQVLSNRQVROLGDVL
.HORPSRN 8VDKD PHQHUDSNDQ 36$. 1R 5HYLVL
³/DSRUDQ
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GDQ
/DSRUDQ
.HXDQJDQ
7HUVHQGLUL´
The Group has adopted PSAK No. 4 (Revised
2009), “Consolidated and Separate Financial
Statements”.
6HOXUXK DNXQ GDQ WUDQVDNVL DQWDU SHUXVDKDDQ
\DQJ PDWHULDO WHUPDVXN NHXQWXQJDQ DWDX
NHUXJLDQ \DQJ EHOXP GLUHDOLVDVL MLND DGD
GLHOLPLQDVL
XQWXN
PHQFHUPLQNDQ
SRVLVL
NHXDQJDQ GDQ KDVLO RSHUDVL .HORPSRN 8VDKD
VHEDJDLVDWXNHVDWXDQXVDKD
All material intercompany accounts and
transactions, including unrealized gains or losses,
if any, are eliminated to reflect the financial
position and the results of operations of the
Group as one business entity.
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A subsidiary is fully consolidated from the date of
its acquisition, being the date on which the
Company obtains control, and continues to be
consolidated until the date such control ceases.
Control is presumed to exist if the Company
owns, directly or indirectly through another
subsidiary, more than half of the voting power of
an entity. Control also exists when the Company
owns half or less of the voting power of an entity
when there is:
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(a) power over more than half of the voting rights
by virtue of an agreement with other
investors;
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(b) power to govern the financial and operating
policies of the entity under a statute or an
agreement;
12
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
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ACCOUNTING
b. Principles of consolidation (continued)
(c) power to appoint or remove the majority of
the members of the board of directors or
equivalent governing body and control of the
entity is by that board or body; or
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(d) power to cast the majority of votes at
meetings of the board of directors or
equivalent governing body and control of the
entity is by that board or body.
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Losses of a non-wholly owned subsidiary are
attributed to the Non-controlling Interests (NCI)
even if such losses result in a deficit balance for
the NCI.
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In case of loss of control over a subsidiary, the
Company:
x derecognizes the assets (including goodwill)
and liabilities of the subsidiary;
x derecognizes the carrying amount of any NCI;
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NCI represent the portion of the profit or loss and
net assets of the subsidiary not attributable,
directly or indirectly, to the parent entity, which
are presented in the consolidated statement of
comprehensive income and under the equity
section of the consolidated statement of financial
position, respectively, separately from the
corresponding portion attributable to the owners
of the Company.
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The financial statements of the Subsidiary are
prepared for the same reporting period with the
Company.
x
derecognizes the cumulative translation
differences recorded in equity, if any;
x recognizes the fair value of the consideration
received;
x recognizes the fair value of any investment
retained;
x recognizes any surplus or deficit in profit or
loss; and
x
reclassifies its share of components previously
recognized in other comprehensive income to
profit or loss or retained earnings, as
appropriate.
13
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
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value %LD\D SHUROHKDQ GLWHQWXNDQ GHQJDQ
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method 1LODL UHDOLVDVL QHWR DGDODK WDNVLUDQ
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c.
ACCOUNTING
Cash equivalents
Time deposits with maturities of three months or
less at the time of placement, which are not
restricted nor pledged as collateral, are classified
as “Cash Equivalents”. Cash in banks, which are
restricted and used as collateral for obligations,
are classified as “Restricted Funds”.
d. Short-term investments
Short-term investments are defined as time
deposits with maturities of greater than three
months but not more than one year from the time
of placement, short-term notes payable, mutual
fund, and other money market securities, which
are not restricted nor used as collateral for
obligations.
e.
Transactions with related parties
The Group has transactions with certain related
parties which have related party relationships as
defined under PSAK No. 7 (Revised 2010),
“Related Party Disclosures”.
The transactions with related parties are made
based on terms agreed by the parties. Such
terms may not be the same as those of the
transactions between unrelated parties.
All transactions and balances with related parties
are disclosed in the notes to the consolidated
financial statements.
f.
Inventories
Inventories are stated at the lower of cost or net
realizable value. Cost is determined by the
weighted-average method. Net realizable value is
the estimated selling price in the ordinary course
of business, less the estimated cost of completion
and the estimated cost necessary to make the
sale.
Allowance for inventory losses is provided to
reduce the carrying value of inventories to their
net realizable value.
14
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
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SDOLQJ VHGLNLW WHWDSL WLGDN OHELK GDUL GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH HNXLWDV
equity method GLPDQD SHQ\HUWDDQ GLQ\DWDNDQ
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g.
ACCOUNTING
Prepaid expenses
Prepaid expenses are amortized over the periods
benefited using the straight-line method.
h. Investment in associated company
Investment in associated company wherein the
Company has ownership interest of at least 20%
but not exceeding 50% is accounted for under the
equity method, whereby the cost of such
investment is increased or decreased by the
Company’s share in the net earnings (losses) of
the investee since the date of acquisition; and is
reduced by cash dividends received by the
Company from the investee.
The consolidated statement of comprehensive
income reflects the Company’s share of the
results of operations of the associated company.
Where there has been a change recognized
directly in the equity of the associated company,
the Company recognizes its share of any such
changes and discloses this, when applicable, in
the consolidated statement of changes in equity.
Unrealized gains and losses resulting from
transactions between the Company and the
associated company are eliminated to the extent
of the Company’s interest in the associated
company.
The Company determines whether it is necessary
to recognize an impairment loss on its investment
in
associated
company.
The
Company
determines at each reporting date whether there
is any objective evidence that the investment in
the associated company is impaired. If this is the
case, the Company calculates the amount of
impairment as the difference between the
recoverable amount of the investment in the
associated company and its carrying value, and
recognizes the amount in the consolidated
statement of comprehensive income.
The financial statements of the associated
company are prepared for the same reporting
period with the Group.
15
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
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2.
i.
ACCOUNTING
Fixed assets
The Group uses the cost model for fixed assets
measurement. Fixed assets, exclude land, are
stated at cost less accumulated depreciation and
impairment loss, if any. The cost of fixed assets
includes: (a) purchase price, (b) any costs directly
attributable to bringing the asset to its present
location and condition, and (c) the initial estimate
of the costs of dismantling and removing the item
and restoring the site on which it is located (if
any). Each part of an item of fixed assets with a
cost that is significant in relation to the total cost
of the item should be depreciated separately.
When significant renewals and betterments are
performed, their costs are recognized in the
carrying amount of the fixed assets as a
replacement if the recognition criteria are
satisfied. All other repairs and maintenance costs
that do not meet the recognition criteria are
charged directly to current operations.
Depreciation of fixed assets under direct
ownership is computed using the straight-line
method over the estimated useful lives of the
assets, as follows:
WDKXQyears
WDKXQyears
WDKXQyears
WDKXQyears
WDKXQyears
WDKXQyears
WDKXQyears
WDKXQyears
Buildings
Infrastructure
Machinery and equipment
Electrical installations
Gensets and oil boilers
Factory equipment
Motor vehicles
Furniture and fixtures
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Landrights, including the legal costs incurred at
initial acquisition of landrights, is stated at cost
and not amortized. Specific costs associated with
the extension or renewal of land titles are
recorded and presented as “Intangible Assets” in
the consolidated statement of financial position
and amortized over the legal term of the
landrights or economic life of the land, whichever
period is shorter.
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Machineries used to produce CPP and metallizing
products acquired since 1995 are depreciated on
the unit-of-production basis using the estimated
total production of 75,000 metric tons and 2.4
billion square meters, respectively.
16
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
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2.
i.
ACCOUNTING
Fixed assets (continued)
An item of fixed assets is derecognized upon
disposal or when no future economic benefits are
expected from its use or disposal. Any gain or
loss arising on derecognition of the asset
(calculated as the difference between the net
disposal proceeds and the carrying amount of the
asset) is included in profit or loss in the year the
asset is derecognized.
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Construction in progress is stated at cost and is
presented as part of fixed assets. Cost is reduced
by the amount of net revenue generated from the
sale of finished products during the trial
production run less the related cost of production.
The accumulated costs are reclassified to the
appropriate fixed assets account once the
construction is substantially completed and the
constructed asset is ready for its intended use.
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PDQIDDW GDQ PHWRGH SHQ\XVXWDQ DVHW WHWDS
GLWHODDK GDQ MLND VHVXDL GHQJDQ NHDGDDQ
GLVHVXDLNDQVHFDUDSURVSHNWLI
The fixed assets’ residual values, useful lives and
methods of depreciation are reviewed and
adjusted prospectively, if appropriate, at each
financial year end.
M
j.
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Impairment of non-financial assets
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The Group assesses at the end of each reporting
period whether there is an indication that an asset
may be impaired. If such indication exists, the
recoverable amount is estimated for the individual
asset. If it is not possible to estimate the
recoverable amount of the individual asset, the
Group determines the recoverable amount of the
cash-generating unit (“CGU”) to which the asset
belongs.
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The recoverable amount of an asset (either
individual asset or CGU) is the higher of the
asset’s fair value less costs to sell and its value in
use. Where the carrying amount of the asset
exceeds its recoverable amount, the asset is
considered impaired and is written down to its
recoverable amount. Impairment losses of
continuing operations are recognized in profit or
loss as “impairment losses”. In assessing the
value in use, the estimated net future cash flows
are discounted to their present value using a pretax discount rate that reflects current market
assessments of the time value of money and the
risks specific to the asset.
17
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
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Impairment
(continued)
of
ACCOUNTING
non-financial
assets
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LQGLNDWRUQLODLZDMDU\DQJWHUVHGLD
In determining fair value less costs to sell, recent
market transactions are taken into account, if
available. If no such transactions can be
identified, the Group uses an appropriate
valuation model to determine the fair value of the
asset. These calculations are corroborated by
valuation multiples or other available fair value
indicators.
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Impairment losses, if any, are recognized in profit
or loss under expense categories that are
consistent with the functions of the impaired
assets.
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An assessment is made at the end of each
reporting period as to whether there is any
indication that previously recognized impairment
losses for an asset may no longer exist or may
have decreased. If such indication exists, the
recoverable amount is estimated.
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A previously recognized impairment loss for an
asset is reversed only if there has been a change
in the assumptions used to determine the asset’s
recoverable amount since the last impairment
loss was recognized. If that is the case, the
carrying amount of the asset is increased to its
recoverable amount. The reversal is limited so
that the carrying amount of the asset does not
exceed its recoverable amount, nor exceeds the
carrying amount that would have been
determined, net of depreciation, had no
impairment loss been recognized for the asset in
prior periods. Reversal of an impairment loss is
recognized in profit or loss. After such a reversal,
the depreciation charge on the said asset is
adjusted in future periods to allocate the asset’s
revised carrying amount, less any residual value,
on a systematic basis over its remaining useful
life.
k.
N /LDELOLWDVLPEDODQNHUMD
Employee benefits liability
,PEDODQNHUMDMDQJNDSHQGHN
Short-term employee benefits
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NHUMD MDQJND SHQGHN NHWLND MDVD GLEHULNDQ ROHK
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GLED\DUNDQGDODPZDNWXGXDEHODVEXODQVHWHODK
MDVDWHUVHEXWGLEHULNDQ
The Group recognizes short-term employee
benefits liability when services are rendered and
the compensation for such services are to be paid
within twelve months after the rendering of such
services.
18
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
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projected-unit-credit.
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k.
ACCOUNTING
Employee benefits liability (continued)
Post-employment benefits
The Group provides post-employment benefits to
its employees in conformity with the requirements
of Labor Law No. 13/2003 dated March 25, 2003
(the “Labor Law”). The provision for postemployment benefits is determined using the
projected-unit-credit method.
Actuarial gains or losses are recognized as
income or expense when the net cumulative
unrecognized actuarial gains or losses for each
individual plan at the end of the previous reporting
period exceed 10% of the present value of the
defined benefits obligation at that date.
These gains or losses in excess of the 10%
threshold are recognized on a straight-line basis
over the expected average remaining working
lives of the employees. Further, past service
costs arising from the introduction of a defined
benefit plan or changes in the benefits payable of
an existing plan are required to be amortized over
the period until the benefits concerned become
vested.
The Company and IR-HK participate in national
pension schemes as defined by the laws of the
countries in which they operate. As required by
Indonesian
law,
the
Company
makes
contributions to the state pension scheme,
Jamsostek. The Jamsostek fund is responsible
for the entire insurance claim relating to accidents
involving employees at the work place and for the
entire retirement benefit obligations to the related
employees.
IR-HK makes contributions to the Mandatory
Provident Fund (³MPF”) scheme in Hong Kong,
which is a defined contribution pension scheme.
Contributions to the national pension scheme are
recognized as an expense in the year when the
related service is performed.
19
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
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l.
ACCOUNTING
Provision
A provision is recognized when the Group has a
present obligation (legal or constructive) where,
as a result of a past event, it is probable that an
outflow of resources embodying economic
benefits will be required to settle the obligation
and a reliable estimate can be made of the
amount of the obligation.
The provision is reviewed at each reporting date
and adjusted to reflect the current best estimate.
If it is no longer probable that an outflow of
resources embodying economic benefits will be
required to settle the obligation, the provision is
reversed.
m. Share issuance costs
Expenses incurred in connection with the public
offerings of shares and rights issue are deducted
from the additional paid-in capital derived from
such offerings.
n. Treasury stock
Treasury stock is stated at acquisition cost and
presented under the equity section of the
consolidated statement of financial position. No
gain or loss shall be recognized in profit or loss
on the purchase, sale, issue or cancellation of an
entity’s own equity instruments. The excess of
proceeds from sale of treasury stock over the
related acquisition cost, or vice-versa, is
recognized as an addition to or as a deduction
from additional paid-in capital.
o. Earnings per share
The amount of earnings per share is computed by
dividing profit for the year attributable to the
owners of the parent entity by the weightedaverage number of issued and fully paid shares
outstanding during the year, after considering
treasury stock (Note 2n).
20
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
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ACCOUNTING
p. Revenue and expense recognition
Revenue is recognized to the extent that it is
probable that the economic benefits will flow to
the Group and the revenue can be reliably
measured. Revenue is measured at the fair value
of the consideration received, excluding
discounts, rebates and value added tax.
Revenue from sales is recognized at the time the
significant risks and rewards of ownership of the
goods have passed to the buyer, which time
generally coincides with the delivery and
acceptance of the goods.
For all financial instruments measured at
amortized cost, interest income or expense is
recorded using the Effective Interest Rate (“EIR”),
which is the rate that exactly discounts the
estimated future cash payments or receipts
through the expected life of the financial
instrument or a shorter period, where appropriate,
to the net carrying amount of the financial asset
or liability.
Expenses are recognized as they are incurred.
q.
Transactions
currencies
and
balances
in
foreign
7UDQVDNVL GDODP PDWD XDQJ VHODLQ GRODU $6
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Transactions involving currencies other than U.S.
dollar are recorded in U.S. dollar at the middle
rates of exchange prevailing at the time the
transactions are made.
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WDKXQEHUMDODQ
At the end of the reporting period, monetary
assets and liabilities denominated in other than
U.S. dollar are adjusted to reflect the average
buying and selling rates of exchange quoted by
Bank Indonesia at the closing of the last banking
day of the year. The resulting gains or losses are
credited or charged to current operations.
.XUV \DQJ GLJXQDNDQ DGDODK VHEDJDL EHULNXW
GDODPDQJNDSHQXK
The exchange rates used were as follows (in full
amounts):
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'RODU$PHULND6HULNDW$6
(XUR(URSD(85
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21
United States dollar (US$) 1
European euro (EUR) 1
Malaysian ringgit (RM) 1
Hong Kong dollar (HK$) 1
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
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\DQJ GLDPELO 3HUXVDKDDQ VHKXEXQJDQ GHQJDQ
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SHUDWXUDQ SHUSDMDNDQ \DQJ WHUNDLW GDQ
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22
2.
q.
Transactions and balances
currencies (continued)
ACCOUNTING
in
foreign
Transactions in other foreign currencies (if any)
are considered not significant.
For consolidation purposes, the accounts of the
Company, Subsidiary and associated company
are translated to rupiah using the following
mechanism:
x Assets and liabilities are translated using the
exchange rate at reporting date;
x Revenues and expenses are translated at the
average rates of exchange for the period; and
x Equity accounts are translated at historical
rates.
Any resulting foreign exchange gain or loss is
presented as “Exchange Rate Differences from
Financial
Statement
Translation”
in
the
consolidated statement of financial position.
r.
Income tax
Current income tax
Current income tax assets and liabilities for the
current and prior periods are measured at the
amount expected to be recovered from or paid to
the Tax Office based on the tax rates and tax
laws that are enacted or substantively enacted.
Current tax expense is provided based on the
estimated taxable income for the year. The tax
effects for the year are allocated to current
operations, except for the tax effects from
transactions which are directly charged or
credited to equity. Management periodically
evaluates positions taken by the Company with
respect to situations in which applicable tax
regulations are subject to interpretation and
establishes provisions where appropriate.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
U 3DMDNSHQJKDVLODQODQMXWDQ
3DMDNSHQJKDVLODQNLQLODQMXWDQ
r.
ACCOUNTING
Income tax (continued)
Current income tax (continued)
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GLWHWDSNDQ GHQJDQ 6XUDW .HWHWDSDQ 3DMDN 6.3
GLEHEDQNDQ SDGD RSHUDVL EHUMDODQ NHFXDOL MLND
GLDMXNDQXSD\DSHQ\HOHVDLDQVHODQMXWQ\D
The amounts of additional tax and penalty
imposed through Tax Assessment Letter (SKP)
are recognized as a charge to current operations,
unless further settlement is submitted.
3DMDNSHQJKDVLODQWDQJJXKDQ
Deferred income tax
3HQHODDKDQ GLODNXNDQ SDGD VHWLDS DNKLU SHULRGH
SHODSRUDQ DWDV DVHW SDMDN WDQJJXKDQ \DQJ WLGDN
GLDNXL VHEHOXPQ\D GDQ DVHW SDMDN WDQJJXKDQ
WHUVHEXW GLDNXL VHSDQMDQJ NHPXQJNLQDQ EHVDU
ODED NHQD SDMDN PHQGDWDQJ DNDQ WHUVHGLD
VHKLQJJD DVHW SDMDN WDQJJXKDQ WHUVHEXW
GLSXOLKNDQ
Unrecognized deferred tax assets are reassessed
at the end of each reporting period and are
recognized to the extent that it has become
probable that future taxable income will allow the
deferred tax assets to be recovered.
3DMDN WDQJJXKDQ GLDNXL PHQJJXQDNDQ PHWRGH
OLDELOLWDV DWDV SHUEHGDDQ WHPSRUHU DQWDUD GDVDU
SHQJHQDDQ SDMDN DVHW GDQ OLDELOLWDV GDQ QLODL
WHUFDWDWQ\D GDODP ODSRUDQ NHXDQJDQ SDGD DNKLU
SHULRGHSHODSRUDQ
Deferred income tax is provided using the liability
method on temporary differences between the tax
bases of assets and liabilities and their carrying
amounts for financial reporting purposes at the
end of the reporting period.
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SHUEHGDDQ WHPSRUHU NHQD SDMDN $VHW SDMDN
WDQJJXKDQ GLDNXL XQWXN VHPXD SHUEHGDDQ
WHPSRUHU \DQJ GDSDW GLNXUDQJNDQ GDQ UXJL ILVNDO
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WHPSRUHU \DQJ GDSDW GLNXUDQJNDQ GDQ UXJL ILVNDO
EHOXPGLNRPSHQVDVL
Deferred tax liabilities are recognized for all
taxable temporary differences. Deferred tax
assets are recognized for all deductible temporary
differences and tax losses carry-over, to the
extent that it is probable that taxable income will
be available against which the deductible
temporary differences and the tax losses carryover can be utilized.
1LODL WHUFDWDW GDUL DVHW SDMDN WDQJJXKDQ GLWHODDK
SDGD VHWLDS DNKLU SHULRGH SHODSRUDQ GDQ
GLWXUXQNDQNHWLNDWLGDNODJLWHUGDSDWNHPXQJNLQDQ
EDKZD DNDQ WHUGDSDW ODED NHQD SDMDN \DQJ
PHPXQJNLQNDQ VHPXD DWDX VHEDJLDQ GDUL DVHW
SDMDNWDQJJXKDQWHUVHEXWXQWXNGLUHDOLVDVL
The carrying amount of deferred tax assets is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable income will be available to
allow all or part of the deferred tax assets to be
utilized.
3DMDN WDQJJXKDQ \DQJ WHUNDLW GHQJDQ SRVSRV
\DQJGLDNXLGLOXDUODEDUXJLGLDNXLGLOXDUODEDUXJL
3RV SDMDN WDQJJXKDQ GLDNXL WHUNDLW GHQJDQ
WUDQVDNVL \DQJ PHQGDVDULQ\D EDLN GDODP
SHQGDSDWDQ NRPSUHKHQVLI ODLQ DWDX ODQJVXQJ NH
HNXLWDV
Deferred tax relating to items recognized outside
of profit or loss is recognized outside of profit or
loss. Deferred tax items are recognized in
correlation to the underlying transaction either in
other comprehensive income or directly in equity.
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SDMDN DWDX UXJL SDMDN 3HUXVDKDDQ GLWHQWXNDQ
GDODPPDWDXDQJ\DQJEHUEHGDPDNDSHUXEDKDQ
NXUV PHQLPEXONDQ SHUEHGDDQ WHPSRUHU \DQJ
PHQJDNLEDWNDQ DVHW DWDX OLDELOLWDV SDMDN
WDQJJXKDQ GLDNXL 3DMDN WDQJJXKDQ WHUVHEXW
GLEHEDQNDQDWDXGLNUHGLWNDQGDODPODEDUXJL
The non-monetary assets and liabilities of the
Company are measured in its functional currency.
If the Company’s taxable profit or tax loss is
determined in a different currency, changes in the
exchange rate give rise to temporary differences
that result in a recognized deferred tax liability or
asset. The resulting deferred tax is charged or
credited to profit or loss.
23
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
ACCOUNTING
r.
U
3DMDNSHQJKDVLODQODQMXWDQ
3DMDNSHQJKDVLODQWDQJJXKDQODQMXWDQ
$VHW GDQ OLDELOLWDV SDMDN WDQJJXKDQ VDOLQJ KDSXV
NHWLND WHUGDSDW KDN \DQJ GDSDW GLSDNVDNDQ
VHFDUDKXNXPXQWXNPHODNXNDQVDOLQJKDSXVDVHW
SDMDN NLQL WHUKDGDS OLDELOLWDV SDMDN NLQL GDQ SDMDN
WDQJJXKDQ WHUVHEXW WHUNDLW GHQJDQ HQWLWDV NHQD
SDMDN \DQJ VDPD GDQ RWRULWDV SHUSDMDNDQ \DQJ
VDPD
Income tax (continued)
Deferred income tax (continued)
Deferred tax assets and deferred tax liabilities are
offset if a legally enforceable right exists to set off
current tax assets against current income tax
liabilities and the deferred taxes relate to the
same taxable entity and the same taxation
authority.
s.
V ,QIRUPDVLVHJPHQ
Segment information
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GDUL .HORPSRN 8VDKD \DQJ WHUOLEDW EDLN GDODP
PHQ\HGLDNDQ SURGXNSURGXN WHUWHQWX VHJPHQ
XVDKD DWDX GDODP PHQ\HGLDNDQ SURGXN GDODP
OLQJNXQJDQ HNRQRPL WHUWHQWX VHJPHQ JHRJUDILV
\DQJ PHPLOLNL ULVLNR GDQ LPEDODQ \DQJ EHUEHGD
GDULVHJPHQODLQQ\D
A segment is a distinguishable component of the
Group that is engaged either in providing certain
products (business segment), or in providing
products
within
a
particular
economic
environment (geographical segment), which is
subject to risks and rewards that are different
from those of other segments.
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OLDELOLWDV VHJPHQ WHUPDVXN LWHPLWHP \DQJ GDSDW
GLDWULEXVLNDQ VHFDUD ODQJVXQJ NHSDGD VXDWX
VHJPHQ VHUWD KDOKDO \DQJ GDSDW GLDORNDVLNDQ
GHQJDQ GDVDU \DQJ PHPDGDL XQWXN VHJPHQ
WHUVHEXW 6HJPHQ GLWHQWXNDQ VHEHOXP VDOGR GDQ
WUDQVDNVL DQWDU .HORPSRN 8VDKD GLHOLPLQDVL
VHEDJDLEDJLDQGDULSURVHVNRQVROLGDVL
Segment revenue, expenses, results, assets and
liabilities include items directly attributable to a
segment as well as those that can be allocated on
a reasonable basis to that segment. They are
determined before intra-group balances and intragroup transactions are eliminated.
W
,QVWUXPHQNHXDQJDQ
t.
Financial instruments
1.
$VHWNHXDQJDQ
Financial assets
3HQJDNXDQDZDO
Initial recognition
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NHXDQJDQ \DQJ GLXNXU SDGD QLODL ZDMDU
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PHQHQWXNDQ NODVLILNDVL DVHW NHXDQJDQ SDGD
VDDWSHQJDNXDQDZDO
24
Financial assets are classified as financial
assets at fair value through profit or loss,
loans and receivables, held-to-maturity
investments and available-for-sale financial
assets.
The
Group
determines
the
classification of its financial assets at initial
recognition.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
W ,QVWUXPHQNHXDQJDQODQMXWDQ
$VHWNHXDQJDQODQMXWDQ
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SDGD QLODL ZDMDUQ\D GLWDPEDK GHQJDQ ELD\D
ELD\D WUDQVDNVL NHFXDOL DSDELOD DVHW
NHXDQJDQ GLFDWDW SDGD QLODL ZDMDU PHODOXL
ODEDUXJL
2.
t.
ACCOUNTING
Financial instruments (continued)
1.
Financial assets (continued)
Initial recognition (continued)
All financial assets are recognized initially at
fair value plus transaction costs, except in the
case of financial assets which are recorded at
fair value through profit or loss.
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NXUXQ ZDNWX \DQJ WHODK GLWHWDSNDQ ROHK
SHUDWXUDQ DWDX NHELDVDDQ \DQJ EHUODNX GL
SDVDUSHPEHOLDQVHFDUDUHJXOHUGLDNXLSDGD
WDQJJDOSHUGDJDQJDQVHSHUWLWDQJJDOGLPDQD
.HORPSRN 8VDKD EHUNRPLWPHQ XQWXN
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Purchases or sales of financial assets that
require delivery of assets within a time frame
established by regulation or convention in the
marketplace (regular way purchases) are
recognized on the trade date, i.e., the date
that the Group commits to purchase or sell
the assets.
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SHQGHN UHNVDGDQD GLNDWHJRULNDQ VHEDJDL
DVHW NHXDQJDQ \DQJ GLFDWDW SDGD QLODL ZDMDU
PHODOXLODEDUXJL
As of December 31, 2014, the Group’s
financial assets included cash and cash
equivalents, restricted funds, short-term
investments
mutual
funds,
trade
receivables, other receivables and guarantee
deposits. The Group has determined that all
of these financial assets, except short-term
investments - mutual funds, are categorized
as loans and receivables. Short-term
investments - mutual funds are categorized
as financial assets at fair value through profit
or loss.
3HQJXNXUDQVHWHODKSHQJDNXDQDZDO
Subsequent measurement
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DVHW NHXDQJDQ QRQGHULYDWLI GHQJDQ
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NHXDQJDQ WHUVHEXW GLFDWDW SDGD ELD\D
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GDQ SLXWDQJ GLKHQWLNDQ SHQJDNXDQQ\D DWDX
PHQJDODPL SHQXUXQDQ QLODL VHUWD PHODOXL
SURVHVDPRUWLVDVL
Loans and receivables are non-derivative
financial assets with fixed or determinable
payments that are not quoted in an active
market. Such financial assets are carried at
amortized cost using the effective interest
rate method. Gains or losses are recognized
in profit or loss when the loans and
receivables are derecognized or impaired, as
well as through the amortization process.
25
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
2.
ACCOUNTING
W
t.
,QVWUXPHQNHXDQJDQODQMXWDQ
1.
3HQJKHQWLDQSHQJDNXDQDVHWNHXDQJDQ
Derecognition of financial assets
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NHXDQJDQ DWDX DSDELOD GDSDW GLWHUDSNDQ
XQWXNEDJLDQGDULDVHWNHXDQJDQDWDXEDJLDQ
GDUL NHORPSRN DVHW NHXDQJDQVHMHQLVWHUMDGL
ELOD KDN NRQWUDNWXDO DWDV DUXV NDV \DQJ
EHUDVDOGDULDVHWNHXDQJDQWHUVHEXWEHUDNKLU
DWDX .HORPSRN 8VDKD PHPLQGDKNDQKDN
XQWXN PHQHULPD DUXV NDV \DQJ EHUDVDO GDUL
DVHW NHXDQJDQ WHUVHEXW DWDX PHQDQJJXQJ
OLDELOLWDV XQWXN PHPED\DU DUXV NDV \DQJ
GLWHULPD WHUVHEXW WDQSD SHQXQGDDQ \DQJ
VLJQLILNDQNHSDGDSLKDNNHWLJDPHODOXLVXDWX
NHVHSDNDWDQ SHQ\HUDKDQ GDQ VDODK VDWX
GLDQWDUD D .HORPSRN 8VDKD VHFDUD
VXEVWDQVLDO PHPLQGDKNDQ VHOXUXK ULVLNR GDQ
PDQIDDW DWDV NHSHPLOLNDQ DVHW NHXDQJDQ
WHUVHEXW DWDX E .HORPSRN 8VDKD VHFDUD
VXEVWDQVLDO WLGDN PHPLQGDKNDQ GDQ WLGDN
PHPLOLNL VHOXUXK ULVLNR GDQ PDQIDDW DWDV
NHSHPLOLNDQ DVHW NHXDQJDQ WHUVHEXW QDPXQ
WHODK PHPLQGDKNDQ SHQJHQGDOLDQ DWDV DVHW
WHUVHEXW
A financial asset (or where applicable, a part
of a financial asset or part of a group of
similar financial assets) is derecognized
when: (1) the rights to receive cash flows
from the asset have expired; or (2) the Group
has transferred its rights to receive cash flows
from the asset or has assumed an obligation
to pay the received cash flows in full without
material delay to a third party under a “passthrough” arrangement; and either (a) the
Group has transferred substantially all the
risks and rewards of the asset, or (b) the
Group has neither transferred nor retained
substantially all the risks and rewards of the
asset, but has transferred control of the asset.
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DVHW
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DWDX
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8VDKD PHQJHYDOXDVL VHMDXK PDQD WHWDS
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When the Group has transferred its rights to
receive cash flows from an asset or has
entered into a “pass-through” arrangement, it
evaluates if and to what extent it has retained
the risks and rewards of ownership. When it
has neither transferred nor retained
substantially all the risks and rewards of the
asset nor transferred control of the asset, the
asset is recognized to the extent of the
Group’s continuing involvement in the asset.
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SHPEHULDQ MDPLQDQ DWDV DVHW \DQJ GLWUDQVIHU
GLXNXU VHEHVDU WRWDO WHUHQGDK DQWDUD QLODL
DVHW \DQJ GLWUDQVIHU GDQ QLODL PDNVLPDO GDUL
SHPED\DUDQ \DQJ GLWHULPD \DQJ PXQJNLQ
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Continuing involvement that takes the form of
a guarantee over the transferred asset is
measured at the lower of the original carrying
amount of the asset and the maximum
amount of consideration that the Group could
be required to repay.
26
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
3HQJKHQWLDQ SHQJDNXDQ DVHW NHXDQJDQ
ODQMXWDQ
3DGDVDDWSHQJKHQWLDQSHQJDNXDQDWDVDVHW
NHXDQJDQ VHFDUD NHVHOXUXKDQ PDND VHOLVLK
DQWDUD QLODL WHUFDWDW GDQ WRWDO GDUL
LSHPED\DUDQ \DQJ GLWHULPD WHUPDVXN DVHW
EDUX \DQJ GLSHUROHK GLNXUDQJL GHQJDQ
OLDELOLWDV EDUX \DQJ GLWDQJJXQJ GDQ
LLNHXQWXQJDQ DWDX NHUXJLDQ NXPXODWLI \DQJ
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/LDELOLWDVNHXDQJDQ
3HQJDNXDQDZDO
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OLDELOLWDV NHXDQJDQ \DQJ GLXNXU SDGD QLODL
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MDQJND SDQMDQJ .HORPSRN 8VDKD WHODK
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NHXDQJDQ \DQJ GLXNXU GHQJDQ ELD\D
GLDPRUWLVDVL
27
2.
t.
ACCOUNTING
1.
Derecognition of financial assets (continued)
On derecognition of a financial asset in its
entirety, the difference between the carrying
amount and the sum of (i) the consideration
received, including any new assets obtained
less any new liabilities assumed and (ii) any
cumulative gain or loss which had been
recognized in equity, should be recognized in
the consolidated statement of comprehensive
income.
2.
Financial liabilities
Initial recognition
Financial liabilities are classified as financial
liabilities at fair value through profit or loss,
loans and borrowings, or as derivatives
designated as hedging instruments in an
effective hedge, as appropriate. The Group
determines the classification of its financial
liabilities at initial recognition.
Financial liabilities are recognized initially at
fair value and, in the case of loans and
borrowings, include directly attributable
transaction costs.
As of December 31, 2014, the Group’s
financial liabilities included short-term bank
loans, trade payables, other payables,
accrued expenses, and long-term borrowings.
The Group has determined that all of those
financial liabilities are categorized as financial
liabilities measured at amortized cost.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
2.
ACCOUNTING
W
t.
2.
/LDELOLWDVNHXDQJDQODQMXWDQ
Financial liabilities (continued)
3HQJXNXUDQVHWHODKSHQJDNXDQDZDO
Subsequent measurement
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\DQJ GLXNXU GHQJDQ ELD\D GLDPRUWLVDVL
VHODQMXWQ\D GLXNXU SDGD ELD\D SHUROHKDQ
GLDPRUWLVDVL GHQJDQ PHQJJXQDNDQ PHWRGH
VXNXEXQJDHIHNWLI
After initial recognition, loans and borrowings
are subsequently measured at amortized cost
using the effective interest rate method.
.HXQWXQJDQ DWDX NHUXJLDQ GLDNXL VHEDJDL
ODED UXJL NHWLND OLDELOLWDV WHUVHEXW GLKHQWLNDQ
SHQJDNXDQQ\D VHUWD
PHODOXL SURVHV
DPRUWLVDVL
Gains and losses are recognized in profit or
loss when the liabilities are derecognized as
well as through the amortization process.
3HQJKHQWLDQSHQJDNXDQOLDELOLWDVNHXDQJDQ
Derecognition of financial liability
/LDELOLWDVNHXDQJDQGLKHQWLNDQSHQJDNXDQQ\D
NHWLND OLDELOLWDV WHUVHEXW GLOHSDVNDQ DWDX
GLEDWDONDQDWDXNDGDOXZDUVD
A financial liability is derecognized when the
obligation under the liability is discharged or
cancelled or has expired.
.HWLND OLDELOLWDV NHXDQJDQ \DQJ DGD
GLJDQWLNDQ GHQJDQ OLDELOLWDV NHXDQJDQ ODLQ
GDUL SHPEHUL SLQMDPDQ \DQJ VDPD GHQJDQ
NHWHQWXDQ \DQJ EHUEHGD VHFDUD VXEVWDQVLDO
DWDX WHUGDSDW PRGLILNDVL VHFDUD VXEVWDQVLDO
DWDV SHUV\DUDWDQ GDUL VXDWX OLDELOLWDV
NHXDQJDQ \DQJ DGD PDND SHUWXNDUDQ DWDX
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SHQJDNXDQ OLDELOLWDV NHXDQJDQ EDUX GDQ
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When an existing financial liability is replaced
by another from the same lender on
substantially different terms, or the terms of
an existing liability are substantially modified,
such an exchange or modification is treated
as a derecognition of the original liability and
the recognition of a new liability, and the
difference in the respective carrying amounts
is recognized in the consolidated statement of
comprehensive income.
3.
6DOLQJKDSXVGDULLQVWUXPHQNHXDQJDQ
Offsetting of financial instruments
$VHWNHXDQJDQGDQOLDELOLWDVNHXDQJDQVDOLQJ
KDSXV GDQ QLODL QHWRQ\D GLVDMLNDQ GDODP
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ MLND
GDQ KDQ\D MLND HQWLWDV VDDW LQL PHPLOLNL KDN
\DQJ EHUNHNXDWDQ KXNXP XQWXN PHODNXNDQ
VDOLQJKDSXVDWDVWRWDO\DQJWHODKGLDNXLGDQ
WHUGDSDW PDNVXG XQWXN PHQ\HOHVDLNDQ
VHFDUD QHWR DWDX XQWXN PHUHDOLVDVLNDQ DVHW
GDQ PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHFDUD
EHUVDPDDQ
28
Financial assets and financial liabilities are
offset and the net amount reported in the
consolidated statement of financial position if,
and only if, there is a currently enforceable
legal right to offset the recognized amounts
and there is an intention to settle on a net
basis, or to realize the assets and settle the
liabilities simultaneously.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
1LODLZDMDULQVWUXPHQNHXDQJDQ
1LODL ZDMDU LQVWUXPHQ NHXDQJDQ \DQJ
GLSHUGDJDQJNDQ GL SDVDU DNWLI GLWHQWXNDQ
GHQJDQ PHQJDFX SDGD NXRWDVL KDUJD
SHQDZDUDQ SDVDU ´bid prices´ \DQJ EHUODNX
SDGD SHQXWXSDQ SDVDU SDGD DNKLU SHULRGH
SHODSRUDQ 8QWXN LQVWUXPHQ NHXDQJDQ \DQJ
WLGDN PHPLOLNL SDVDU DNWLI QLODL ZDMDU
GLWHQWXNDQ GHQJDQ PHQJJXQDNDQ WHNQLN
SHQLODLDQ 7HNQLN SHQLODLDQ WHUVHEXW PHOLSXWL
SHQJJXQDDQ WUDQVDNVL SDVDU WHUNLQL \DQJ
GLODNXNDQVHFDUDZDMDU³arm’s-length market
transactions´ UHIHUHQVL DWDV QLODL ZDMDU
WHUNLQL GDUL LQVWUXPHQ ODLQ \DQJ VHFDUD
VXEVWDQWLDO VDPD DQDOLVLV DUXV NDV \DQJ
GLGLVNRQWRDWDXPRGHOSHQLODLDQODLQQ\D
3HQ\HVXDLDQULVLNRNUHGLW
.HORPSRN 8VDKD PHQ\HVXDLNDQ KDUJD GL
SDVDU \DQJ OHELK PHQJXQWXQJNDQ XQWXN
PHQFHUPLQNDQ DGDQ\D SHUEHGDDQ ULVLNR
NUHGLW SLKDN \DQJ EHUWUDQVDNVL DQWDUD
LQVWUXPHQ \DQJ GLSHUGDJDQJNDQ GL SDVDU
WHUVHEXWGHQJDQLQVWUXPHQ\DQJGLQLODLXQWXN
SRVLVL DVHW NHXDQJDQ MLND PHPXQJNLQNDQ
'DODP SHQHQWXDQ QLODL ZDMDU SRVLVL OLDELOLWDV
NHXDQJDQ ULVLNR NUHGLW .HORPSRN 8VDKD
WHUNDLW GHQJDQ LQVWUXPHQ NHXDQJDQ WHUVHEXW
LNXWGLSHUKLWXQJNDQ
%LD\D SHUROHKDQ GLDPRUWLVDVL GDUL
LQVWUXPHQNHXDQJDQ
%LD\DSHUROHKDQGLDPRUWLVDVLGLKLWXQJGHQJDQ
PHQJJXQDNDQ PHWRGH VXNX EXQJD HIHNWLI
GLNXUDQJL FDGDQJDQ SHQXUXQDQ QLODL GDQ
SHPED\DUDQ DWDX SHQJXUDQJDQ SRNRN
3HUKLWXQJDQLQLPHQFDNXSVHOXUXKSUHPLDWDX
GLVNRQWR SDGD VDDW DNXLVLVL GDQ PHQFDNXS
ELD\D WUDQVDNVL VHUWD fee \DQJ PHUXSDNDQ
EDJLDQ WDN WHUSLVDKNDQ GDUL VXNX EXQJD
HIHNWLI
3HQXUXQDQQLODLGDULDVHWNHXDQJDQ
3DGD VHWLDS DNKLU SHULRGH SHODSRUDQ
.HORPSRN 8VDKD PHQJHYDOXDVL DSDNDK
WHUGDSDW EXNWL \DQJ RE\HNWLI EDKZD DVHW
NHXDQJDQ DWDX NHORPSRN DVHW NHXDQJDQ
PHQJDODPLSHQXUXQDQQLODL
29
2. SUMMARY
OF
SIGNIFICANT
t.
ACCOUNTING
4.
Fair value of financial instruments
The fair value of financial instruments that are
traded in active markets is determined by
reference to quoted market bid prices at the
close of business at the end of the reporting
period. For financial instruments where there
is no active market, fair value is determined
by using valuation techniques. Such
techniques may include using recent arm’s
length market transaction, reference to the
current fair value of another instrument that is
substantially the same, discounted cash flow
analysis, or other valuation models.
Credit risk adjustment
The Group adjusts the price in the more
advantageous market to reflect any
differences in counterparty credit risk
between instruments traded in that market
and the ones being valued for financial asset
positions (if applicable). In determining the
fair value of financial liability positions, the
Group's own credit risk associated with the
instrument is taken into account.
5.
Amortized cost of financial instruments
Amortized cost is computed using the
effective interest rate method less any
allowance for impairment and principal
repayment or reduction. The calculation takes
into account any premium or discount on
acquisition and includes transaction costs and
fees that are an integral part of the effective
interest rate.
6.
Impairment of financial assets
The Group assesses at each financial
reporting date whether there is any objective
evidence that a financial asset or a group of
financial assets is impaired.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
2. SUMMARY
OF
SIGNIFICANT
ACCOUNTING
W
t.
6.
3HQXUXQDQ QLODL GDUL DVHW NHXDQJDQ
ODQMXWDQ
Impairment of financial assets (continued)
$VHW NHXDQJDQ GLFDWDW VHEHVDU ELD\D
SHUROHKDQ\DQJGLDPRUWLVDVL
Financial assets carried at amortized cost
8QWXN SLQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ
\DQJ GLFDWDW SDGD ELD\D SHUROHKDQ
GLDPRUWLVDVL .HORPSRN 8VDKD WHUOHELK
GDKXOX PHQHQWXNDQ EDKZD WHUGDSDW EXNWL
RE\HNWLI PHQJHQDL SHQXUXQDQ QLODL VHFDUD
LQGLYLGXDODWDVDVHWNHXDQJDQ\DQJVLJQLILNDQ
VHFDUD LQGLYLGXDO DWDX VHFDUD NROHNWLI XQWXN
DVHW NHXDQJDQ \DQJ WLGDN VLJQLILNDQ VHFDUD
LQGLYLGXDO
For loans and receivables carried at
amortized cost, the Group first assesses
whether objective evidence of impairment
exists individually for financial assets that are
individually significant, or collectively for
financial assets that are not individually
significant.
-LND .HORPSRN 8VDKD PHQHQWXNDQ WLGDN
WHUGDSDW EXNWL RE\HNWLI PHQJHQDL SHQXUXQDQ
QLODL DWDV DVHW NHXDQJDQ \DQJ GLQLODL VHFDUD
LQGLYLGXDO WHUOHSDV DVHW NHXDQJDQ WHUVHEXW
VLJQLILNDQ DWDX WLGDN PDND DVHW WHUVHEXW
GLPDVXNNDQ NH GDODP NHORPSRN DVHW
NHXDQJDQ \DQJ PHPLOLNL NDUDNWHULVWLN ULVLNR
NUHGLW \DQJ VHMHQLV GDQ PHQLODL SHQXUXQDQ
QLODL NHORPSRN WHUVHEXW VHFDUD NROHNWLI $VHW
\DQJ SHQXUXQDQ QLODLQ\D GLQLODL VHFDUD
LQGLYLGXDO GDQ XQWXN LWX NHUXJLDQ SHQXUXQDQ
QLODL GLDNXL DWDX WHWDS GLDNXL WLGDN WHUPDVXN
GDODP SHQLODLDQ SHQXUXQDQ QLODL VHFDUD
NROHNWLI
If the Group determines that no objective
evidence of impairment exists for an
individually assessed financial asset, whether
significant or not, the asset is included in a
group of financial assets with similar credit
risk characteristics, and the group is
collectively assessed for impairment. Assets
that are individually assessed for impairment
and for which an impairment loss is, or
continues to be, recognized are not included
in a collective assessment of impairment.
-LND WHUGDSDW EXNWL REMHNWLI EDKZD NHUXJLDQ
SHQXUXQDQ QLODL WHODK WHUMDGL WRWDO NHUXJLDQ
WHUVHEXW GLXNXU VHEDJDL VHOLVLK DQWDUD QLODL
WHUFDWDW DVHW GHQJDQ QLODL NLQL HVWLPDVL DUXV
NDV PDVD GDWDQJ WLGDN WHUPDVXN HNVSHNWDVL
NHUXJLDQ NUHGLW GL PDVD PHQGDWDQJ \DQJ
EHOXP WHUMDGL 1LODL NLQL HVWLPDVL DUXV NDV
PDVD
GDWDQJ GLGLVNRQWRNDQ GHQJDQ
PHQJJXQDNDQ VXNX EXQJD HIHNWLI DZDO GDUL
DVHW NHXDQJDQ WHUVHEXW -LND SLQMDPDQ \DQJ
GLEHULNDQPHPLOLNLVXNXEXQJDYDULDEHOPDND
WLQJNDW GLVNRQWR \DQJ GLJXQDNDQ XQWXN
PHQJXNXU VHWLDS NHUXJLDQ SHQXUXQDQ QLODL
DGDODKVXNXEXQJDHIHNWLIWHUNLQL
If there is objective evidence that an
impairment loss has occurred, the amount of
the loss is measured as the difference
between the asset’s carrying amount and the
present value of estimated future cash flows
(excluding future expected credit losses that
have not yet been incurred). The present
value of the estimated future cash flows is
discounted at the financial asset’s original
effective interest rate. If a loan has a variable
interest rate, the discount rate for measuring
impairment loss is the current effective
interest rate.
30
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1
ODQMXWDQ
3HQXUXQDQ QLODL GDUL DVHW NHXDQJDQ
ODQMXWDQ
$VHW NHXDQJDQ GLFDWDW VHEHVDU ELD\D
SHUROHKDQ\DQJGLDPRUWLVDVLODQMXWDQ
1LODL WHUFDWDW DWDV DVHW NHXDQJDQ GLNXUDQJL
PHODOXL SHQJJXQDDQ DNXQ FDGDQJDQ
SHQXUXQDQ QLODL GDQ WRWDO NHUXJLDQ \DQJ
WHUMDGL GLDNXL VHEDJDL ODED UXJL 3HQGDSDWDQ
EXQJD VHODQMXWQ\D GLDNXL VHEHVDU QLODL
WHUFDWDW\DQJGLWXUXQNDQQLODLQ\DEHUGDVDUNDQ
VXNX EXQJD HIHNWLI DZDO GDUL DVHW NHXDQJDQ
3LQMDPDQ\DQJGLEHULNDQGDQSLXWDQJEHVHUWD
GHQJDQ FDGDQJDQ WHUNDLW GLKDSXVNDQ MLND
WLGDN WHUGDSDW NHPXQJNLQDQ \DQJ UHDOLVWLV
DWDV SHPXOLKDQ GL PDVD PHQGDWDQJ GDQ
VHOXUXK DJXQDQ WHODK WHUHDOLVDVL DWDX
GLDOLKNDQNHSDGD.HORPSRN8VDKD
-LND SDGD SHULRGH EHULNXWQ\D QLODL HVWLPDVL
NHUXJLDQ SHQXUXQDQ QLODL DVHW NHXDQJDQ
EHUWDPEDK DWDX EHUNXUDQJ NDUHQD SHULVWLZD
\DQJ WHUMDGL VHWHODK SHQXUXQDQ QLODL GLDNXL
PDND NHUXJLDQ SHQXUXQDQ QLODL \DQJ GLDNXL
VHEHOXPQ\D EHUWDPEDK DWDX EHUNXUDQJ
GHQJDQ PHQ\HVXDLNDQ DNXQ FDGDQJDQ
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GLODNXNDQ -XPODK SHPXOLKDQ DVHW NHXDQJDQ
GLDNXL SDGD ODSRUDQ ODED UXJL NRPSUHKHQVLI
NRQVROLGDVLDQ
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1
3HQ\XVXQDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ
.HORPSRN 8VDKD PHQV\DUDWNDQ PDQDMHPHQ XQWXN
PHPEXDW SHUWLPEDQJDQ HVWLPDVL GDQ DVXPVL \DQJ
PHPSHQJDUXKL MXPODK \DQJ GLODSRUNDQ DWDV
SHQGDSDWDQ EHEDQ DVHW GDQ OLDELOLWDV VHUWD
SHQJXQJNDSDQOLDELOLWDVNRQWLQMHQVLSDGDDNKLUWDKXQ
SHODSRUDQ 1DPXQ NHWLGDNSDVWLDQ DVXPVL GDQ
HVWLPDVL LQL GDSDW PHQ\HEDENDQ KDVLO \DQJ
PHPHUOXNDQ SHQ\HVXDLDQ PDWHULDO DWDV QLODL WHUFDWDW
DVHW DWDX OLDELOLWDV \DQJ EHUGDPSDN SDGD PDVD
PHQGDWDQJ
31
2. SUMMARY
OF
SIGNIFICANT
t.
ACCOUNTING
6.
Impairment of financial assets (continued)
Financial assets carried at amortized cost
(continued)
The carrying amount of the financial asset is
reduced through the use of an allowance for
impairment account and the amount of the
loss is recognized in profit or loss. Interest
income continues to be accrued on the
reduced carrying amount based on the
original effective interest rate of the financial
asset. Loans and receivables, together with
the associated allowance, are written off
when there is no realistic prospect of future
recovery and all collateral has been realized
or has been transferred to the Group.
If, in a subsequent period, the amount of the
estimated impairment loss increases or
decreases because of an event occurring
after the impairment was recognized, the
previously recognized impairment loss is
increased or reduced by adjusting the
allowance for impairment account. The
reversal shall not result in the carrying
amount of the financial asset to exceed what
the amortized cost would have been had the
impairment not been recognized at the date
the impairment is reversed. The recovery is
recognized in the consolidated statement of
comprehensive income.
3.
MANAGEMENT’S
USE
OF
ESTIMATES AND ASSUMPTIONS
JUDGMENTS,
The preparation of the Group’s consolidated financial
statements
requires
management
to
make
judgments, estimates and assumptions that affect the
reported amounts of revenues, expenses, assets and
liabilities, and the disclosure of contingent liabilities,
at the end of the reporting period. However,
uncertainty about these assumptions and estimates
could result in outcomes that require a material
adjustment to the carrying amounts of the assets or
liabilities affected in future years.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
D 3HUWLPEDQJDQ
'DODP SURVHV SHQHUDSDQ NHELMDNDQ DNXQWDQVL
.HORPSRN 8VDKD PDQDMHPHQ WHODK PHPEXDW
SHUWLPEDQJDQSHUWLPEDQJDQ EHULNXW LQL \DQJ
WHUSLVDKGDULHVWLPDVLGDQDVXPVL\DQJPHPLOLNL
SHQJDUXKSDOLQJVLJQLILNDQWHUKDGDSMXPODK\DQJ
GLFDWDWGDODPODSRUDQNHXDQJDQNRQVROLGDVLDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
ESTIMATES AND ASSUMPTIONS (continued)
a.
Judgments
In the process of applying the Group’s
accounting policies, management has made the
following judgments, apart from those including
estimations and assumption, which have the
most significant effect on the amounts
recognized in the consolidated financial
statements.
3HQHQWXDQPDWDXDQJIXQJVLRQDO
Determination of functional currency
0DWD XDQJ IXQJVLRQDO GDUL PDVLQJPDVLQJ
HQWLWDV GDODP .HORPSRN 8VDKD DGDODK PDWD
XDQJ GDUL OLQJNXQJDQ HNRQRPL SULPHU GLPDQD
HQWLWDV EHURSHUDVL 0DWD XDQJ WHUVHEXW DGDODK
PDWDXDQJ\DQJPHPSHQJDUXKLSHQGDSDWDQGDQ
EHEDQGDULMDVD\DQJGLEHULNDQ
The functional currency of each of the entities
under the Group is the currency of the primary
economic environment in which each entity
operates. It is the currency that mainly
influences the revenue and cost of rendering
services.
.ODVLILNDVLDVHWGDQOLDELOLWDVNHXDQJDQ
Classification of financial assets and liabilities
.HORPSRN 8VDKD PHQHWDSNDQ NODVLILNDVL DWDV
DVHW GDQ OLDELOLWDV WHUWHQWX VHEDJDL DVHW
NHXDQJDQ GDQ OLDELOLWDV NHXDQJDQ GHQJDQ
SHUWLPEDQJDQELODGHILQLVL\DQJGLWHWDSNDQ36$.
1R 5HYLVL WHUSHQXKL 'HQJDQ
GHPLNLDQDVHWNHXDQJDQGDQOLDELOLWDVNHXDQJDQ
GLDNXL VHVXDL GHQJDQ NHELMDNDQ DNXQWDQVL
.HORPSRN 8VDKD VHSHUWL GLXQJNDSNDQ GDODP
&DWDWDQW
The Group determines the classifications of
certain assets and liabilities as financial assets
and financial liabilities by judging if they meet the
definition set forth in PSAK No. 55 (Revised
2011). Accordingly, the financial assets and
financial liabilities are accounted for in
accordance with the Group’s accounting policies
disclosed in Note 2t.
&DGDQJDQDWDVSHQXUXQDQQLODLSLXWDQJ
Allowance for impairment of receivables
$SDELOD WHUGDSDW EXNWL REMHNWLI EDKZD UXJL
SHQXUXQDQQLODLWHODKWHUMDGLDWDVSLXWDQJXVDKD
.HORPSRN8VDKDPHQJHVWLPDVLFDGDQJDQXQWXN
NHUXJLDQ SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD
\DQJ VHFDUD NKXVXV GLLGHQWLILNDVL VHEDJDL
SLXWDQJ\DQJNHPXQJNLQDQWLGDNGDSDWGLWDJLK
6HEDJDL WDPEDKDQ DWDV FDGDQJDQ WHUKDGDS
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.HORPSRN 8VDKD MXJD PHQHOLWL FDGDQJDQ
SHQXUXQDQ QLODL VHFDUD NROHNWLI WHUKDGDS ULVLNR
NUHGLW GHELWXU PHUHND \DQJ GLNHORPSRNNDQ
EHUGDVDUNDQNDUDNWHULVWLNNUHGLW\DQJVDPDGDQ
PHVNLSXQ WLGDN GLLGHQWLILNDVL VHFDUD VSHVLILN
\DQJ PHPHUOXNDQ FDGDQJDQ WHUWHQWX PHPLOLNL
ULVLNR WLGDN WHUWDJLK \DQJ OHELK EHVDU
GLEDQGLQJNDQ GHQJDQ VDDW DZDO SLXWDQJ
GLEHULNDQNHSDGDGHELWXU
If there is objective evidence that an impairment
loss has been incurred on trade accounts
receivable, the Group recognizes an allowance
for impairment related to the trade accounts
receivable that are specifically identified as
doubtful for collection.
In addition to specific allowance against
individually significant accounts receivable, the
Group also recognizes a collective impairment
allowance against credit exposure of its debtors
which are grouped based on common credit
characteristics, and although not specifically
identified as requiring a specific allowance, have
a greater risk of default than when the accounts
receivable were originally granted to the debtors.
32
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
E (VWLPDVLGDQ$VXPVL
Estimates and Assumptions
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VXPEHU NXQFL ODLQQ\D XQWXN HVWLPDVL
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\DQJ
PHPLOLNL
ULVLNR
VLJQLILNDQ
\DQJ
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QLODL WHUFDWDW DVHW GDQ OLDELOLWDV GDODP SHULRGH
SHODSRUDQEHULNXWQ\DGLMDEDUNDQVHEDJDLEHULNXW
The key assumptions concerning the future and
other key sources of estimation uncertainty at
the end of the reporting period that have a
significant risk of causing a material adjustment
to the carrying amounts of assets and liabilities
within the next financial period are discussed
below:
3HQHQWXDQ QLODL ZDMDU GDUL DVHW GDQ OLDELOLWDV
NHXDQJDQ
Determination of fair value of financial assets
and liabilities
.HWLND QLODL ZDMDU GDUL DVHW NHXDQJDQ GDQ
OLDELOLWDV NHXDQJDQ GLFDWDW GDODP ODSRUDQ SRVLVL
NHXDQJDQNRQVROLGDVLDQWLGDNGDSDWGLDPELOGDUL
SDVDU\DQJDNWLIPDNDQLODLZDMDUQ\DGLWHQWXNDQ
GHQJDQPHQJJXQDNDQWHNQLNSHQLODLDQWHUPDVXN
PRGHO discounted cash flow 0DVXNDQ XQWXN
PRGHO WHUVHEXW GDSDW GLDPELO GDUL SDVDU \DQJ
GDSDW GLREVHUYDVL WHWDSL DSDELOD KDO LQL WLGDN
GLPXQJNLQNDQ VHEXDK WLQJNDW SHUWLPEDQJDQ
GLV\DUDWNDQGDODPPHQHWDSNDQQLODLZDMDU
When the fair value of financial assets and
financial liabilities recorded in the consolidated
statement of financial position cannot be derived
from active markets, their fair value is
determined using valuation techniques including
the discounted cash flow model. The inputs to
these models are taken from observable
markets where possible, but where this is not
feasible, a degree of judgment is required in
establishing fair value.
3HUWLPEDQJDQ WHUVHEXW PHQFDNXS SHQJJXQDDQ
PDVXNDQVHSHUWLULVLNROLNXLGLWDVULVLNRNUHGLWGDQ
YRODWLOLWDV 3HUXEDKDQ GDODP DVXPVL PHQJHQDL
IDNWRUIDNWRU WHUVHEXW GDSDW PHPSHQJDUXKL QLODL
ZDMDUGDULLQVWUXPHQNHXDQJDQ\DQJGLODSRUNDQ
The judgment includes consideration of inputs
such as liquidity risk, credit risk and volatility.
Changes in assumptions about these factors
could affect the reported fair value of financial
instruments.
(VWLPDVL FDGDQJDQ XQWXN SHQXUXQDQ QLODL DWDV
SHUVHGLDDQ
Allowance for inventory losses
&DGDQJDQ
SHQXUXQDQ
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SHUVHGLDDQ
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WHUVHGLD WHUPDVXN QDPXQ WLGDN WHUEDWDV SDGD
NRQGLVL ILVLN SHUVHGLDDQ \DQJ GLPLOLNL KDUJD MXDO
SDVDUHVWLPDVLELD\DSHQ\HOHVDLDQGDQHVWLPDVL
ELD\D\DQJGLSHUOXNDQXQWXNPHQMXDOSHUVHGLDDQ
WHUVHEXW &DGDQJDQ GLHYDOXDVL NHPEDOL GDQ
GLVHVXDLNDQ MLND WHUGDSDW WDPEDKDQ LQIRUPDVL
\DQJ PHPSHQJDUXKL MXPODK \DQJ GLHVWLPDVL
3HQMHODVDQ OHELK ODQMXW GLXQJNDSNDQ GDODP
&DWDWDQIGDQ
Allowance for inventory losses is estimated
based on available facts and circumstances,
including but not limited to, the inventories’ own
physical conditions, their market selling prices,
estimated costs of completion and estimated
costs to be incurred to sell them. The allowance
is re-evaluated and adjusted as additional
information received affects the amount
estimated. Further details are disclosed in
Notes 2f and 9.
33
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
E (VWLPDVLGDQ$VXPVLODQMXWDQ
Estimates and Assumptions (continued)
(VWLPDVLFDGDQJDQSHQXUXQDQQLODLDWDVSLXWDQJ
Estimating
receivables
allowance
for
impairment
of
7LQJNDW FDGDQJDQ \DQJ VSHVLILN GLHYDOXDVL ROHK
PDQDMHPHQ GHQJDQ GDVDU IDNWRUIDNWRU \DQJ
PHPSHQJDUXKL WLQJNDW WHUWDJLKQ\D SLXWDQJ
WHUVHEXW 'DODP NDVXV LQL .HORPSRN 8VDKD
PHQJJXQDNDQ SHUWLPEDQJDQ EHUGDVDUNDQ IDNWD
GDQ VLWXDVL WHUEDLN \DQJ WHUVHGLD WHUPDVXN
WHWDSL WLGDN WHUEDWDV SDGD MDQJND ZDNWX
KXEXQJDQ .HORPSRN 8VDKD GHQJDQ SHODQJJDQ
GDQ VWDWXV NUHGLW SHODQJJDQ EHUGDVDUNDQ
ODSRUDQGDULSLKDNNHWLJDGDQIDNWRUIDNWRUSDVDU
\DQJ WHODK GLNHWDKXL XQWXN PHQJDNXL
SHQFDGDQJDQVSHVLILNXQWXNSHODQJJDQWHUKDGDS
MXPODK \DQJ MDWXK WHPSR XQWXN PHQXUXQNDQ
SLXWDQJ .HORPSRN 8VDKD NH MXPODK \DQJ
GLKDUDSNDQ GDSDW GLWDJLK 3HQFDGDQJDQ VHFDUD
VSHVLILN LQL GLHYDOXDVL NHPEDOL GDQ GLVHVXDLNDQ
MLND WHUGDSDW LQIRUPDVL WDPEDKDQ \DQJ GLWHULPD
\DQJPHPSHQJDUXKLMXPODK\DQJGLHVWLPDVLNDQ
The level of a specific allowance is evaluated by
management on the basis of factors that affect
the collectibility of the accounts. Management
uses judgment based on the best available facts
and circumstances, including but not limited to,
the length of the Group’s relationship with the
customers and the customers’ credit status
based on third-party credit reports and known
market factors, to record specific allowance for
customers against amounts due in order to
reduce the Group’s accounts receivable to
amounts that it expects to collect. This specific
allowance is re-evaluated and adjusted as
additional information received affects the
amounts estimated.
&DGDQJDQ VHFDUD NROHNWLI GLKLWXQJ EHUGDVDUNDQ
SHQJDODPDQ
NHUXJLDQ
KLVWRULV
GHQJDQ
PHQJJXQDNDQ IDNWRU \DQJ EHUYDULDVL VHSHUWL
NLQHUMD KLVWRULV GDUL GHELWXU GDODP JUXS NROHNWLI
GDQSHUWLPEDQJDQDWDVSHQXUXQDQNLQHUMDSDVDU
GL PDQD GHELWXU EHURSHUDVL GDQ NHOHPDKDQ
VWUXNWXUDO \DQJ GLLGHQWLILNDVL DWDX SHQXUXQDQ
NLQHUMDDUXVNDVGDULGHELWXU
Any collective allowance recognized is based on
historical loss experience using various factors
such as historical performance of the debtors
within the collective group and judgments on the
effect of deterioration in the markets in which the
debtors operate and identified structural
weaknesses or deterioration in the cash flows of
debtors.
(VWLPDVLPDVDPDQIDDWDVHWWHWDS
Estimating useful lives of fixed assets
.HORPSRN 8VDKD PHQJHVWLPDVL PDVD PDQIDDW
GDUL DVHW WHWDS EHUGDVDUNDQ XWLOLVDVL GDUL DVHW
\DQJ GLKDUDSNDQ GDSDW GLGXNXQJ GHQJDQ
UHQFDQD GDQ VWUDWHJL XVDKD \DQJ MXJD
PHPSHUWLPEDQJNDQ SHUNHPEDQJDQ WHNQRORJL GL
PDVD GHSDQ GDQ SHULODNX SDVDU (VWLPDVL GDUL
PDVD PDQIDDW DVHW WHWDS DGDODK EHUGDVDUNDQ
SHQHODDKDQ .HORPSRN 8VDKD VHFDUD NROHNWLI
WHUKDGDS SUDNWHN LQGXVWUL HYDOXDVL WHNQLV
LQWHUQDO GDQ SHQJDODPDQ XQWXN DVHW \DQJ
VHWDUD
The Group estimates the useful lives of its fixed
assets based on expected asset utilization as
anchored on business plans and strategies that
also consider expected future technological
developments and market behavior. The
estimation of the useful lives of property and
equipment is based on the Group’s collective
assessment of industry practice, internal
technical evaluation and experience with similar
assets.
34
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
(VWLPDVLPDVDPDQIDDWDVHWWHWDSODQMXWDQ
Estimating useful
(continued)
lives
of
fixed
assets
(VWLPDVL PDVD PDQIDDW GLWHODDK SDOLQJ VHGLNLW
VHWLDSDNKLUWDKXQSHODSRUDQGDQGLSHUEDUXLMLND
HNVSHNWDVL EHUEHGD GDUL HVWLPDVL VHEHOXPQ\D
GLNDUHQDNDQ SHPDNDLDQ GDQ NHUXVDNDQ ILVLN
NHXVDQJDQ VHFDUD WHNQLV DWDX NRPHUVLDO GDQ
KXNXP DWDX SHPEDWDVDQ ODLQ DWDV SHQJJXQDDQ
GDUL DVHW WHWDS 7HWDSL DGDODK PXQJNLQKDVLO GL
PDVD GHSDQ GDUL RSHUDVL GDSDW GLSHQJDUXKL
VHFDUD PDWHULDO ROHK SHUXEDKDQSHUXEDKDQ
GDODP HVWLPDVL \DQJ GLDNLEDWNDQ ROHK
SHUXEDKDQIDNWRUIDNWRU\DQJGLVHEXWNDQGLDWDV
-XPODK GDQ VDDW EHEDQ GLFDWDW VHWLDS WDKXQ
DNDQ WHUSHQJDUXK ROHK SHUXEDKDQ DWDV IDNWRU
IDNWRU GDQ VLWXDVL WHUVHEXW 3HQJXUDQJDQ GDODP
HVWLPDVLPDVDPDQIDDWGDULDVHWWHWDS.HORPSRN
8VDKD DNDQ PHQLQJNDWNDQ EHEDQ RSHUDVL GDQ
PHQXUXQNDQDVHWWLGDNODQFDU\DQJGLFDWDW
The estimated useful lives are reviewed at least
each financial year end and are updated if
expectations differ from previous estimates due
to physical wear and tear, technical or
commercial obsolescence and legal or other
limitations on the use of the fixed assets. It is
possible, however, that future results of
operations could be materially affected by
changes in the estimates brought about by
changes in the factors mentioned above. The
amounts and timing of recorded expenses for
any year will be affected by changes in these
factors and circumstances. A reduction in the
estimated useful lives of the Group’s fixed
assets will increase the recorded operating
expenses and decrease non-current assets.
5HDOLVDVLGDULDVHWSDMDNWDQJJXKDQ
Realizability of deferred tax assets
.HORPSRN 8VDKD PHODNXNDQ SHQHODDKDQ DWDV
QLODL WHUFDWDW DVHW SDMDN WDQJJXKDQ SDGD VHWLDS
DNKLU SHULRGH SHODSRUDQ GDQ PHQJXUDQJL QLODL
WHUVHEXW VDPSDL VHEHVDU NHPXQJNLQDQ DVHW
WHUVHEXW WLGDN GDSDW GLUHDOLVDVLNDQ GLPDQD
SHQJKDVLODQ NHQD SDMDN \DQJ WHUVHGLD
PHPXQJNLQNDQ XQWXN SHQJJXQDDQ VHOXUXK DWDX
VHEDJLDQ GDUL DVHW SDMDN WDQJJXKDQ WHUVHEXW
3HQHODDKDQ .HORPSRN 8VDKD DWDV SHQJDNXDQ
DVHWSDMDNWDQJJXKDQXQWXNSHUEHGDDQWHPSRUHU
\DQJGDSDWGLNXUDQJNDQGLGDVDUNDQDWDVWLQJNDW
GDQ ZDNWX GDUL SHQJKDVLODQ NHQD SDMDN \DQJ
GLHVWLPDVLXQWXNSHULRGHSHODSRUDQEHULNXWQ\D
The Group reviews the carrying amounts of
deferred tax assets at the end of each reporting
period and reduces these to the extent that it is
no longer probable that sufficient taxable income
will be available to allow all or part of the
deferred tax assets to be utilized. The Group’s
assessment on the recognition of deferred tax
assets on deductible temporary differences is
based on the level and timing of forecasted
taxable income of the subsequent reporting
periods.
(VWLPDVL LQL EHUGDVDUNDQ KDVLO SHQFDSDLDQ
.HORPSRN8VDKDGLPDVDODOXGDQHNVSHNWDVLGL
PDVD GHSDQ WHUKDGDS SHQGDSDWDQ GDQ EHEDQ
VHEDJDLPDQDMXJDGHQJDQVWUDWHJLSHUHQFDQDDQ
SHUSDMDNDQGLPDVDGHSDQ7HWDSLWLGDNWHUGDSDW
NHSDVWLDQ EDKZD .HORPSRN 8VDKD GDSDW
PHQJKDVLONDQ SHQJKDVLODQ NHQD SDMDN \DQJ
FXNXS XQWXN PHPXQJNLQNDQ SHQJJXQDDQ
VHEDJLDQ DWDX VHOXUXK EDJLDQ GDUL DVHW SDMDN
WDQJJXKDQWHUVHEXW
The Group’s assessment on the recognition of
deferred tax assets on deductible temporary
differences is based on the level and timing of
forecasted taxable income of the subsequent
reporting periods. This forecast is based on the
Group’s past results and future expectations on
revenues and expenses as well as future tax
planning strategies. However, there is no
assurance that the Group will generate sufficient
taxable income to allow all or part of the deferred
tax assets to be utilized.
35
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
3HQXUXQDQQLODLDVHWQRQNHXDQJDQ
Impairment of non-financial assets
3HQXUXQDQQLODLWHUMDGLNHWLNDQLODLWHUFDWDWVXDWX
DVHW DWDX XQLW SHQJKDVLO NDV PHOHELKL QLODL
WHUSXOLKNDQ\DLWXMXPODK\DQJOHELKWLQJJLDQWDUD
QLODLZDMDUVHWHODKGLNXUDQJLELD\DXQWXNPHQMXDO
GDQQLODLSDNDLQ\D1LODLZDMDUVHWHODKGLNXUDQJL
ELD\D XQWXN PHQMXDO GLKLWXQJ EHUGDVDUNDQ GDWD
\DQJ WHUVHGLD GDUL WUDQVDNVL SHQMXDODQ \DQJ
PHQJLNDW GDQ GLODNXNDQ VHFDUD arm’s length
DWDV DVHW VHMHQLV DWDX KDUJD SDVDU \DQJ GDSDW
GLREVHUYDVL GLNXUDQJL WDPEDKDQ ELD\D XQWXN
PHOHSDVNDQDVHWWHUVHEXW
An impairment exists when the carrying value of
an asset or its cash-generating unit exceeds its
recoverable amount, which is the higher of its
fair value less costs to sell and its value in use.
The fair value less costs to sell calculation is
based on available data from binding sales
transactions in arm’s length transactions of
similar assets or observable market prices less
incremental costs for disposing of the asset. The
value-in-use calculation is based on a
discounted cash flow model.
3HUKLWXQJDQ QLODL SDNDL GLGDVDUNDQ SDGD PRGHO
DUXVNDV\DQJGLGLVNRQWRNDQ'DODPPRGHODUXV
NDV \DQJ GLGLVNRQWRNDQ QLODL \DQJ WHUSXOLKNDQ
VDQJDW VHQVLWLI WHUKDGDS WDULI GLVNRQWR \DQJ
GLJXQDNDQ WHUPDVXN MXJD DUXV NDV PDVXN GL
PDVD \DQJ DNDQ GDWDQJ GDQ WDULI SHUWXPEXKDQ
\DQJ GLJXQDNDQ XQWXN WXMXDQ HNVWUDSRODVL
0DQDMHPHQ
EHUNH\DNLQDQ
EDKZD
WLGDN
GLSHUOXNDQ SHQFDWDWDQ NHUXJLDQ SHQXUXQDQ QLODL
SDGDWDQJJDO'HVHPEHU
The recoverable amount is most sensitive to the
discount rate used for the discounted cash flow
model as well as the expected future cash
inflows and the growth rate used for
extrapolation purposes. Management believes
that no impairment loss is required as of
December 31, 2014.
,PEDODQNHUMD
Employee benefits
%HEDQ GDUL SURJUDP SHQVLXQ PDQIDDW SDVWL GDQ
QLODL NLQL GDUL NHZDMLEDQ SHQVLXQ GLWHQWXNDQ
GHQJDQ PHQJJXQDNDQ PHWRGH SHQLODLDQ
DNWXDULV 3HQLODLDQ DNWXDULV WHUPDVXN PHPEXDW
YDULDVL DVXPVL \DQJ GDSDW EHUEHGD GDUL
SHQJHPEDQJDQ DNWXDO GL PDVD PHQGDWDQJ +DO
LQL PHOLSXWL SHQHQWXDQ WLQJNDW GLVNRQWR WLQJNDW
NHQDLNDQ NRPSHQVDVL GDQ WLQJNDW NHPDWLDQ
'LNDUHQDNDQ NRPSOHNVLWDV GDUL SHQLODLDQ GDQ
NDUDNWHULVWLN MDQJND SDQMDQJQ\D NHZDMLEDQ
PDQIDDW SDVWL VDQJDW VHQVLWLI WHUKDGDS
SHUXEDKDQ DVXPVL WHUVHEXW 6HPXD DVXPVL
GLWHODDKSDGDVHWLDSWDQJJDOSHODSRUDQ
The cost of the defined benefit pension plan and
the present value of the pension obligation are
determined using actuarial valuations. An
actuarial valuation involves making various
assumptions that may differ from actual
developments in the future. These include the
determination of the discount rate, salary growth
rate and mortality rates. Due to the complexities
involved in the valuation and its long-term
nature, a defined benefit obligation is highly
sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting
date.
36
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
,PEDODQNHUMDODQMXWDQ
3DUDPHWHU \DQJ SDOLQJ VHULQJ PHQJDODPL
SHUXEDKDQ DGDODK WLQJNDW GLVNRQWR 'DODP
PHQHQWXNDQ WLQJNDW GLVNRQWR \DQJ VHVXDL
PDQDMHPHQ PHPSHUWLPEDQJNDQ KDVLO SDVDU
SDGD DNKLU SHULRGH SHODSRUDQ SDGD REOLJDVL
SHPHULQWDK GDQ GLHNVWUDSRODVL VHEDJDLPDQD
GLSHUOXNDQ VHSDQMDQJ NXUYD LPEDODQ \LHOG
FXUYH XQWXN PHPHQXKL MDQJND ZDNWX \DQJ
GLKDUDSNDQ GDUL NHZDMLEDQ LPEDODQ SDVWL 0DWD
XDQJ GDQ MDQJND ZDNWX REOLJDVL SHPHULQWDK
NRQVLVWHQ GHQJDQ PDWD XDQJ GDQ HVWLPDVL
MDQJND ZDNWX GDUL NHZDMLEDQ LPEDODQ SDVFD
NHUMD
$QJND NHPDWLDQ GLGDVDUNDQ SDGD 7DEHO
0RUWDOLWDV ,QGRQHVLD 70, 7DEHO
PRUWDOLWDV WHUVHEXW FHQGHUXQJ EHUXEDK KDQ\D
SDGD LQWHUYDO \DQJ VHMDODQ GHQJDQ SHUXEDKDQ
GHPRJUDIL 7LQJNDW NHQDLNDQ SHQJKDVLODQ
GLGDVDUNDQ SDGD LQIODVL \DQJ GLKDUDSNDQ GL
PDVDGHSDQSURGXNWLYLWDVGDQNHPDMXDQQRUPDO
NDU\DZDQ GDODP VXDWX NHORPSRN WHUWHQWX GDQ
SURPRVL
.HORPSRN 8VDKD EHUNH\DNLQDQ EDKZD DVXPVL
PHUHND DGDODK PHPDGDL GDQ WHSDW SHUEHGDDQ
VLJQLILNDQ GDODP SHQJDODPDQ DNWXDO .HORPSRN
8VDKD DWDX SHUXEDKDQ VLJQLILNDQ GDODP DVXPVL
GDSDWPHPSHQJDUXKLVHFDUDPDWHULDOEHEDQGDQ
OLDELOLWDV SHQVLXQ GDQ LPEDODQ NHUMD MDQJND
SDQMDQJ ODLQQ\D 6HPXD DVXPVL GLWHODDK SDGD
VHWLDSWDQJJDOSHODSRUDQ3HQMHODVDQOHELKODQMXW
GLXQJNDSNDQGDODP&DWDWDQNGDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
Employee benefits (continued)
The parameter most subject to change is the
discount rate. In determining the appropriate
discount rate, management considers the
market yields (at the end of the reporting period)
on government bonds, extrapolated as needed
along the yield curve to correspond with the
expected term of the defined benefit obligation.
The currency and term of the government bonds
are consistent with the currency and estimated
term of the post-employment benefit obligations.
The mortality rate is based on Indonesian
Mortality Table (TMI) 2011. The mortality table
tends to change only at intervals in response to
demographic changes. Salary growth rate is
based on expected future inflation, productivity
and normal progress of employees within a
given group and promotions.
While the Group believes that its assumptions
are reasonable and appropriate, significant
differences in the Group’s actual experience or
significant changes in its assumptions may
materially affect the costs of and obligations for
pension and other long-term employee benefits.
All assumptions are reviewed at each reporting
date. Further details are disclosed in
Notes 2k and 20.
37
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1
$6806,2/(+0$1$-(0(1ODQMXWDQ
MANAGEMENT’S
USE
OF
JUDGMENTS,
b.
.HWLGDNSDVWLDQOLDELOLWDVSHUSDMDNDQ
Uncertain tax exposure
'DODP VLWXDVL WHUWHQWX .HORPSRN 8VDKD WLGDN
GDSDW PHQHQWXNDQ VHFDUD SDVWL MXPODK OLDELOLWDV
SDMDN PHUHND SDGD VDDW LQL DWDX PDVD GHSDQ
NDUHQDSURVHVNHEHUDWDQGDQSHPHULNVDDQGDUL
RWRULWDVSHUSDMDNDQ.HWLGDNSDVWLDQWLPEXOWHUNDLW
GHQJDQ LQWHUSUHWDVL GDUL SHUDWXUDQ SHUSDMDNDQ
\DQJ NRPSOHNV GDQ MXPODK GDQ ZDNWX GDUL
SHQJKDVLODQ NHQD SDMDN GL PDVD GHSDQ 'DODP
PHQHQWXNDQ MXPODK \DQJ KDUXV GLDNXL WHUNDLW
GHQJDQ OLDELOLWDV SDMDN \DQJ WLGDN SDVWL
.HORPSRN 8VDKD PHQHUDSNDQ SHUWLPEDQJDQ
\DQJ VDPD \DQJ DNDQ PHUHND JXQDNDQ GDODP
PHQHQWXNDQMXPODKFDGDQJDQ\DQJKDUXVGLDNXL
VHVXDL GHQJDQ 36$. 1R 5HYLVL ³3URYLVL /LDELOLWDV .RQWLQMHQVL GDQ $VHW
.RQWLQMHQVL´.HORPSRN8VDKDPHPEXDWDQDOLVD
XQWXN VHPXD SRVLVL SDMDN WHUNDLW GHQJDQ SDMDN
SHQJKDVLODQ XQWXN PHQHQWXNDQ MLND OLDELOLWDV
SDMDN XQWXN EHEDQ \DQJ EHOXP GLDNXL KDUXV
GLDNXL
In certain circumstances, the Group may not be
able to determine the exact amount of its current
or future tax liabilities due to ongoing objections
and investigations by the taxation authority.
Uncertainties exist with respect to the
interpretation of complex tax regulations and the
amount and timing of future taxable income. In
determining the amount to be recognized in
respect of an uncertain tax liability, the Group
applies similar considerations as it would use in
determining the amount of a provision to be
recognized in accordance with PSAK No. 57
(Revised
2009),
“Provisions,
Contingent
Liabilities and Contingent Assets”. The Group
makes an analysis of all tax positions related to
income taxes to determine if a tax liability for
unrecognized
tax
expense
should
be
recognized.
3DGD WDKXQ 3HUXVDKDDQ PHQMDGL VXE\HN
SHPHULNVDDQSDMDNXQWXNWDKXQSDMDN
In 2014, the Company is subject to tax audit for
fiscal year 2013.
4.
.$6'$16(7$5$.$6
CASH AND CASH EQUIVALENTS
.DVGDQVHWDUDNDVWHUGLULGDUL
Cash and cash equivalents consist of the following:
.DV
'RODU$PHULND6HULNDW
5XSLDK
'RODU+RQJ.RQJ
0DWDXDQJDVLQJODLQQ\D
7RWDONDV
.DVGLEDQN
5HNHQLQJUXSLDK
37%DQN0DQGLUL3HUVHUR7EN
37%DQN&HQWUDO$VLD7EN
37%DQN3HUPDWD7EN
37%DQN2&%&1,637EN
37%DQN0HJD7EN
37%DQN&,0%1LDJD6\DULDK
37%DQN&,0%1LDJD7EN
37%DQN&7%&,QGRQHVLD
37%DQN$1=,QGRQHVLD
6WDQGDUG&KDUWHUHG%DQN
38
Cash on hand
U.S. dollar
Rupiah Hong Kong dollar
Otherforeign currencies Total cash on hand Cash in banks
Rupiah accounts:
PT Bank Mandiri (Persero) Tbk
PT Bank Central Asia Tbk PT Bank Permata Tbk
PT Bank OCBC NISP Tbk PT Bank Mega Tbk PT Bank CIMB Niaga Syariah
PT Bank CIMB Niaga Tbk
PT Bank CTBC Indonesia
PT Bank ANZ Indonesia
Standard Chartered Bank
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
4.
.$6'$16(7$5$.$6ODQMXWDQ
CASH AND CASH EQUIVALENTS (continued)
.DVGLEDQNODQMXWDQ
5HNHQLQJGRODU$PHULND6HULNDW
$6SDGDWDKXQGDQ
$6SDGDWDKXQ
37%DQN0HJD7EN
37%DQN$1=,QGRQHVLD
37%DQN&,0%1LDJD7EN
37%DQN&7%&,QGRQHVLD
37%DQN2&%&1,637EN
8QLWHG2YHUVHDV%DQN/WG
%DQNRI&KLQD+./WG
37%DQN0DQGLUL3HUVHUR7EN
5HNHQLQJHXUR(URSD
(85SDGDWDKXQGDQ
(85SDGDWDKXQ
37%DQN0HJD7EN
37%DQN&,0%1LDJD7EN
5HNHQLQJGRODU+RQJ.RQJ
+.SDGDWDKXQGDQ
+.SDGDWDKXQ
%DQNRI&KLQD+./WG
Cash in banks (continued)
U.S. dollar accounts
(US$1,563,996 in 2014 and
US$2,790,845 in 2013):
PT Bank Mega Tbk
PT Bank OCBC NISP Tbk
United Overseas Bank Ltd.
Bank of China (H.K.) Ltd.
PT Bank Mandiri (Persero) Tbk
European euro accounts
(EUR60,406 in 2014 and
EUR310,098 in 2013):
PT Bank Mega Tbk
PT Bank CIMB Niaga Tbk 7RWDONDVGLEDQN
Hong Kong dollar accounts
(HK$82,233 in 2014 and
HK$340,359 in 2013):
Bank of China (H.K.) Ltd.
Total cash in banks
'HSRVLWREHUMDQJND
'HSRVLWRUXSLDK
37%DQN0HJD7EN
37%DQN&,0%1LDJD7EN
'HSRVLWRGRODU$PHULND6HULNDW
37%DQN2&%&1,637EN
7RWDOGHSRVLWREHUMDQJND
7RWDONDVGDQVHWDUDNDV
.LVDUDQWLQJNDWEXQJDSHUWDKXQXQWXN
GHSRVLWREHUMDQJND
5XSLDK
'RODU$PHULND6HULNDW
Time deposits Rupiah deposits:
PT Bank Mega Tbk
6HOXUXK UHNHQLQJ EDQN GDQ GHSRVLWR EHUMDQJND
WHUVHEXWGLWHPSDWNDQSDGDEDQNSLKDNNHWLJD
U.S. dollar deposit: PT Bank OCBC NISP Tbk
Total time deposits
Total cash and cash equivalents
Ranges ofannual interest rates of
time deposits:
Rupiah
U.S. dollar
All cash in banks and time deposits are placed in
third-party banks.
39
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
5.
'$1$<$1*',%$7$6,3(1**81$$11<$
RESTRICTED FUNDS
'DQD\DQJGLEDWDVLSHQJJXQDDQQ\DWHUGLULGDUL
Restricted funds consist of the following:
.DVGLEDQNGRODU$PHULND6HULNDW
37%DQN&,0%1LDJD7EN
37%DQN0HJD7EN
37%DQN&7%&,QGRQHVLD
37%DQN$1=,QGRQHVLD
7RWDO
Cash in banks - U.S. dollar
PT Bank Mega Tbk
PT Bank ANZ Indonesia Total
.DV GL EDQN \DQJ GLWHPSDWNDQ SDGD 37%DQN &,0%
1LDJD 7EN 37 %DQN 0HJD 7EN 6WDQGDUG &KDUWHUHG
%DQN 37 %DQN &7%& ,QGRQHVLD GDQ 37 %DQN $1=
,QGRQHVLD SLKDN NHWLJD GLEDWDVL SHQJJXQDDQQ\D
VHKXEXQJDQ GHQJDQ SLQMDPDQ MDQJND SHQGHN \DQJ
GLSHUROHKGDULEDQN\DQJVDPD&DWDWDQ
The cash in bank accounts in PT Bank CIMB Niaga
Tbk, PT Bank Mega Tbk, Standard Chartered Bank,
PT Bank CTBC Indonesia and PT Bank ANZ
Indonesia, third parties, are restricted in relation to
short-term borrowings obtained from the same banks
(Note 15).
.LVDUDQ WLQJNDW EXQJD SHU WDKXQ XQWXN GDQD \DQJ
GLEDWDVL SHQJJXQDDQQ\D DGDODK GLDQWDUD GDQ
Ranges of annual interest rates of restricted funds are
between 0.1% and 1.0%.
,19(67$6,-$1*.$3(1'(.
5LQFLDQDNXQLQLDGDODKVHEDJDLEHULNXW
6.
SHORT-TERM INVESTMENTS
The details of this account are as follows:
1LODL$VHW%HUVLK
3,87$1*86$+$
3LXWDQJXVDKDSLKDNEHUHODVL&DWDWDQ
Net Asset Value
&DGDQJDQSHQXUXQDQQLODL
1HWR
TRADE RECEIVABLES
Trade receivables - related parties (Note 32)
7.
Third parties
Schroder 90 Plus Equity Fund
BNP Paribas Ekuitas
Name of Mutual Fund
Increase (decrease) in net asset value
3HODQJJDQORNDO
3HODQJJDQHNVSRU
3LKDNNHWLJD
6FKURGHU3OXV(TXLW\)XQG
%133DULEDV(NXLWDV
.HQDLNDQSHQXUXQDQQLODLDVHWQHWR
-HQLV5HNVDGDQD
40
Local customer
Export customer
Allowance for impairment
Net
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
7.
3,87$1*86$+$ODQMXWDQ
5LQFLDQXPXUSLXWDQJXVDKDSLKDNEHUHODVL
Aging analysis of trade receivables - related parties:
/DQFDUGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL
7HODKMDWXKWHPSRGDQPHQJDODPL
SHQXUXQDQQLODL
7RWDO
TRADE RECEIVABLES (continued)
Neither past due nor impaired
Past due and impaired
Total
0XWDVL FDGDQJDQ SHQXUXQDQ QLODL SLXWDQJ XVDKD SLKDNEHUHODVL
6DOGRDNKLUWDKXQ
7DKXQ\DQJ%HUDNKLUSDGD
7DQJJDO'HVHPEHU
6DOGRDZDOWDKXQ
3HPXOLKDQFDGDQJDQSHQXUXQDQQLODL
Movements in the allowance for impairment of trade
receivables - related parties:
Balance at beginning of year
Reversal of allowance for impairment
Balance at end of year
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ
SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL
DGDODK FXNXS XQWXN PHQXWXS NHPXQJNLQDQ NHUXJLDQ
DWDVWLGDNWHUWDJLKQ\DSLXWDQJXVDKDWHUVHEXW
Management believes that the allowance for
impairment of trade receivables - related parties is
sufficient to cover possible losses arising from
uncollectible trade receivables.
5LQFLDQ SLXWDQJ XVDKD SLKDN EHUHODVL EHUGDVDUNDQ
MHQLVPDWDXDQJ
Details of trade receivables - related parties based on
currency:
3LXWDQJXVDKDSLKDNEHUHODVL
5XSLDK
'RODU$PHULND6HULNDW
(XUR(URSD
7RWDO
Trade receivables - related parties:
Rupiah
U.S. dollar
European euro
Total
3LXWDQJXVDKDSLKDNNHWLJD
Trade receivables - third parties
3HODQJJDQORNDO
3HODQJJDQHNVSRU
7RWDO
41
Local customers
Export customers
Total
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
7. TRADE RECEIVABLES (continued)
3,87$1*86$+$ODQMXWDQ
5LQFLDQXPXUSLXWDQJXVDKDSLKDNNHWLJD
Aging analysis of trade receivables - third parties:
/DQFDUGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL
7HODKMDWXKWHPSRGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL
KDUL
KDUL
KDUL
!KDUL
7RWDO
Neither past due nor impaired
Past due but not impaired:
0 - 30 days 31 - 60 days 61 - 90 days
> 91 days Total
0DQDMHPHQ EHUNH\DNLQDQ EDKZD VHOXUXK SLXWDQJ
XVDKD SLKDN NHWLJD GDSDW GLWDJLK VHKLQJJD WLGDN
GLSHUOXNDQ DGDQ\D FDGDQJDQ SHQXUXQDQ QLODL XQWXN
DNXQLQL
Management believes that all of trade receivables third parties are collectible in full; therefore, there is
no allowance for impairment for this account.
5LQFLDQ SLXWDQJ XVDKD SLKDN NHWLJD EHUGDVDUNDQ
MHQLVPDWDXDQJ
Details of trade receivables - third parties based on
currency:
3LXWDQJXVDKDSLKDNNHWLJD
'RODU$PHULND6HULNDW
5XSLDK
7RWDO
Trade receivables - third parties:
U.S. dollar
Rupiah
Total
3LXWDQJXVDKDGLMDGLNDQMDPLQDQDWDVSLQMDPDQEDQN
MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ
&DWDWDQGDQ
Trade receivables are pledged as security for shortterm bank loans and long-term borrowings (Notes 15
and 19).
3,87$1*/$,1/$,1
$NXQLQLWHUXWDPDPHUXSDNDQSLXWDQJQRQXVDKDGDUL
SLKDN NHWLJD 3DGD WDQJJDO 'HVHPEHU GDQ
PDQDMHPHQ .HORPSRN 8VDKD EHUNH\DNLQDQ
EDKZD VHOXUXK SLXWDQJ ODLQODLQ GDSDW WHUWDJLK
VHKLQJJD WLGDN SHUOX GLODNXNDQ SHQ\LVLKDQ DWDV
SLXWDQJODLQODLQWHUVHEXW
8.
OTHER RECEIVABLES
This account mainly represents non-trade receivables
from third parties. As of December 31, 2014 and
2013, the Group’s management believes that all
other receivables are collectible and no allowance for
impairment is necessary.
42
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
9.
3(56(',$$1
%DKDQEDNX
%DUDQJMDGL
%DUDQJGDODPSURVHV
Spare partGDQEDUDQJODLQQ\D
INVENTORIES
Raw materials
Finished goods
Work-in-process
Spare parts and others
&DGDQJDQSHQXUXQDQQLODLSHUVHGLDDQ
Allowance for inventory losses
1HWR
Net
SHQXUXQDQ QLODL SHUVHGLDDQ DGDODK FXNXS XQWXN
PHQXWXSNHPXQJNLQDQSHQXUXQDQQLODLSHUVHGLDDQ
inventory losses is sufficient to cover the possibility of
decline in value of inventories.
3HUVHGLDDQ GLMDGLNDQ MDPLQDQ XQWXN SLQMDPDQ EDQN
&DWDWDQGDQ
Inventories are pledged as security for short-term
bank loans and long-term borrowings (Notes 15
and 19).
3HUVHGLDDQ WHODK GLDVXUDQVLNDQ GHQJDQ QLODL
SHUWDQJJXQJDQ VHEHVDU $6 DWDX VHWDUD
GHQJDQ 5S SDGD WDQJJDO 'HVHPEHU
GDQ $6 DWDX VHWDUD GHQJDQ
5S SDGD WDQJJDO 'HVHPEHU 0DQDMHPHQEHUNH\DNLQDQEDKZDQLODLSHUWDQJJXQJDQ
DVXUDQVL WHUVHEXW WHODK PHPDGDL XQWXN PHQXWXS
NHPXQJNLQDQNHUXJLDQ\DQJWLPEXOGDULSHUVHGLDDQ
Inventories were insured for a total coverage of
US$22,500,000 or equivalent to Rp279,900,000 as
of December 31, 2014, and US$27,000,000 or
equivalent to Rp329,103,000 as of December 31,
2013. Management believes that the insurance
coverage is adequate to cover possible losses on the
inventories.
%,$<$',%$<$5',08.$
%LD\D GLED\DU GL PXND WHUXWDPD WHUGLUL GDUL ELD\D
GLED\DU GL PXND DWDV DVXUDQVL VHZD GDQ ODLQQ\D NH
EHUEDJDLSLKDNNHWLJD
8$1*08.$
8DQJ PXND WHUXWDPD WHUGLUL GDUL XDQJ PXND XQWXN
SHPEHOLDQ ORNDO GDQ LPSRU GDQ XDQJ PXND XQWXN
NHSHUOXDQRSHUDVLRQDO.HORPSRN8VDKD
10. PREPAID EXPENSES
Prepaid expenses consist mainly of
insurance, rent and others to third parties.
prepaid
11. ADVANCE PAYMENTS
Advance payments consist mainly of advances for
local and import purchases, and advances related
with the Group’s operations.
43
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
12. TAXATION
3(53$-$.$1
D 3DMDNGLED\DUGLPXND
a.
3HUXVDKDDQ
3DMDNSHQJKDVLODQEDGDQ
3DMDN3HUWDPEDKDQ1LODL
³331´PDVXNDQQHWR
7RWDO
Prepaid taxes
Company:
Corporate income tax:
2013
2012
2011
2010
Value Added Tax (“VAT”) - input - net
Total
b.
E (VWLPDVLWDJLKDQSDMDN
3HUXVDKDDQ
3DMDNSHQJKDVLODQEDGDQ
7RWDO
Estimated claims for tax refund
Company:
Corporate income tax:
2014
2013
Total
c.
F 8WDQJSDMDN
3HUXVDKDDQ
3DMDNSHQJKDVLODQ
3DVDO
3DVDO
3DVDO
7RWDO
Taxes payable
Company:
Income taxes (PPh)
Article 4(2)
Article 21
Articles 23/26
Total
G %HEDQSDMDNSHQJKDVLODQ
d.
%HEDQSDMDNSHQJKDVLODQ
.LQL
3HQ\HVXDLDQ
7DQJJXKDQ
7RWDO
7DQJJDO'HVHPEHU
Income tax expense
44
Income tax expense
Current
Adjustment
Deferred
Total The original consolidated financial statements included herein are
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
12. TAXATION (continued)
3(53$-$.$1ODQMXWDQ
e.
H 3DMDNNLQL
5HNRQVLOLDVL DQWDUD ODED VHEHOXP SDMDN
SHQJKDVLODQ VHSHUWL \DQJ GLVDMLNDQ GDODP
ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ
GHQJDQ HVWLPDVL SHQJKDVLODQ NHQD SDMDN UXJL
ILVNDO3HUXVDKDDQDGDODKVHEDJDLEHULNXW
The reconciliation between profit before income
tax, as shown in the consolidated statement of
comprehensive income, and the Company’s
estimated taxable income (tax loss) is as follows:
7DQJJDO'HVHPEHU
/DEDVHEHOXPSDMDN
SHQJKDVLODQSHUODSRUDQODED
UXJLNRPSUHKHQVLINRQVROLGDVLDQ
Current tax
Profit before income tax
per consolidated statement of
comprehensive income
5XJL(QWLWDV$QDN
VHEHOXPSDMDNSHQJKDVLODQGDQ
GDPSDNGDULHOLPLQDVL
NRQVROLGDVLDQWDUSHUXVDKDDQ
Loss of Subsidiary
before income tax and reversal of
inter-company consolidation
eliminations
Translation effect on
financial statements
Company’s profit (loss) before
income tax
(IHNWUDQVODVLDWDV
ODSRUDQNHXDQJDQ
/DEDUXJL3HUXVDKDDQVHEHOXP
SDMDNSHQJKDVLODQ
'LWDPEDKGLNXUDQJLEHGDWHWDS
Add (deduct) permanent differences:
%HEDQ\DQJWLGDNGDSDW
GLNXUDQJNDQ
3HQGDSDWDQEXQJD\DQJ
GLNHQDNDQSDMDNILQDO
'LWDPEDKGLNXUDQJL
EHGDWHPSRUHU
Non-deductible expenses
Interest income subject to
final tax
Add (deduct) temporary differences:
3HQ\LVLKDQFDGDQJDQSHQXUXQDQ
QLODLSHUVHGLDDQQHWR
3HQ\LVLKDQEHEDQ
LPEDODQNHUMDQHWR
3HQ\XVXWDQDVHWWHWDS
%DJLDQODEDQHWR
HQWLWDVDVRVLDVL
3HPXOLKDQFDGDQJDQSHQXUXQDQ
QLODLSLXWDQJXVDKD
(VWLPDVLSHQJKDVLODQNHQD
SDMDNUXJLILVNDO3HUXVDKDDQ
VHEHOXPSHQJJXQDDQUXJLILVNDO
5XJLILVNDO
(VWLPDVLSHQJKDVLODQNHQD
SDMDNUXJLILVNDO3HUXVDKDDQ
45
Provision for inventory
losses - net
Provision for employee
benefits expense - net
Depreciation of fixed assets
Share in net earnings of
associated company
Reversal of allowance for
impairment of trade receivables
Estimated taxable income
(tax loss) of the Company before
utilization of tax loss carry-over
Tax loss carry-over
(tax loss) of the Company
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(53$-$.$1ODQMXWDQ
H 3DMDNNLQLODQMXWDQ
e.
Current tax (continued)
3HUKLWXQJDQ EHEDQ SDMDN NLQL GDQ HVWLPDVL
WDJLKDQ SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ
7DQJJDO'HVHPEHU
(VWLPDVLSHQJKDVLODQNHQDSDMDN
UXJLILVNDO3HUXVDKDDQ
The computations of the Company’s current tax
expense and its estimated corporate income tax
refundable are as follows:
%HEDQSDMDNNLQLGLKLWXQJGHQJDQ WDULISDMDN\DQJEHUODNX
3DMDNSHQJKDVLODQGLED\DUGLPXND 3DVDO
3DVDO
3DVDO
(tax loss) of the Company
Current tax expense - calculated at
current tax rate (25%)
7RWDO
(VWLPDVLWDJLKDQ
SDMDNSHQJKDVLODQ
EDGDQ3HUXVDKDDQ
Prepayments of income taxes:
Article 22
Articles 23/26
Article 25
Total
Estimated corporate income tax
refundable of the Company
3DGD WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ
NRQVROLGDVLDQ
3HUXVDKDDQ
EHOXP
PHQ\DPSDLNDQ 6XUDW 3HPEHULWDKXDQ 7DKXQDQ
637DWDVSDMDNSHQJKDVLODQEDGDQWDKXQ
NHSDGD .DQWRU 3DMDN 0DQDMHPHQ 3HUXVDKDDQ
PHQ\DWDNDQ EDKZD 637 SDMDN SHQJKDVLODQ
EDGDQ WDKXQ DNDQ GLODSRUNDQ VHVXDL
GHQJDQSHUKLWXQJDQSDMDNGLDWDV
As of the date of the completion of the
consolidated financial statements, the Company
has not yet submitted its 2014 corporate income
tax return to the Tax Office. The Company’s
management has declared that the Company’s
2014 corporate income tax will be reported
based on the computation above.
(VWLPDVL UXJL ILVNDO 3HUXVDKDDQ XQWXN WDKXQ
VHEDJDLPDQD GLVHEXWNDQ GL DWDV VHVXDL
GHQJDQMXPODK\DQJWHUFDQWXPGDODP637SDMDN
SHQJKDVLODQ EDGDQ WDKXQ \DQJ GLODSRUNDQ
NH.DQWRU3DMDN
The Company’s estimated tax loss for 2013, as
stated above, conforms with the amount
reported to the Tax Office in its 2013 corporate
income tax return.
'DODP UDQJND UHVWLWXVL NHOHELKDQ SHPED\DUDQ
SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ
VHEHVDU5S'LUHNWRUDW-HQGHUDO
3DMDN WHODK PHQ\HOHVDLNDQ SHPHULNVDDQ GDQ
PHQHUELWNDQ
6XUDW
.HWHWDSDQ
3DMDN
1R WDQJJDO $SULO \DQJ PHQ\HWXMXL NHOHELKDQ SHPED\DUDQ SDMDN
SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ 3DGD WDQJJDO 0HL 3HUXVDKDDQ WHODK
PHQHULPD KDVLO UHVWLWXVL WDKXQ VHEHVDU
5S
Pursuant to the process of refund for the
overpayment of the Company’s corporate
income
tax
for
2010
amounting
to
Rp11,478,833, the Directorate General of Taxes
completed its examination and issued tax
assessment letter No. 00078/406/10/054/12
dated April 26, 2012, which approved the above
claim for tax refund for 2010. The Company
received the tax refund for 2010 of
Rp10,043,211 on May 31, 2012.
46
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(53$-$.$1ODQMXWDQ
H 3DMDNNLQLODQMXWDQ
3HUXVDKDDQWHODKPHQJDMXNDQEDQGLQJWHUKDGDS
VHEDJLDQ GDUL MXPODK UHVWLWXVL \DQJ WLGDN
GLVHWXMXL ROHK 'LUHNWRUDW-HQGHUDO3DMDNVHEHVDU
5S3DGDWDQJJDO1RYHPEHU
EHUGDVDUNDQ KDVLO .HSXWXVDQ 3HQJDGLODQ 3DMDN
1R3XW330;9$ SDGD WDQJJDO
6HSWHPEHU 3HUXVDKDDQ WHODK
PHQHULPDKDVLOUHVWLWXVLWHUVHEXW
PHQHUELWNDQ
6XUDW
.HWHWDSDQ
3DMDN
SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ 3DGD WDQJJDO 0HL 3HUXVDKDDQ WHODK
PHQHULPD KDVLO UHVWLWXVL WDKXQ VHEHVDU
5S 3DGD WDQJJDO -XQL 'LUHNWRUDW -HQGHUDO 3DMDN PHQHUELWNDQ 6XUDW
.HSXWXVDQ
1R
.HS
:3-.3
WHQWDQJ
SHPEHWXODQ DWDV 6.3/% GLPDQD 3HUXVDKDDQ
PHQGDSDW
WDPEDKDQ
UHVWLWXVL
VHEHVDU
5S 3HUXVDKDDQ WHODK PHQJDMXNDQ
NHEHUDWDQ WHUKDGDS VHEDJLDQ GDUL MXPODK
UHVWLWXVL \DQJ WLGDN GLVHWXMXL ROHK 'LUHNWRUDW
-HQGHUDO3DMDNVHEHVDU5S
PHQHUELWNDQ
6XUDW
.HWHWDSDQ
3DMDN
SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ VHEHVDU 5S 3DGD WDQJJDO -XQL
3HUXVDKDDQWHODKPHQHULPDKDVLOUHVWLWXVL
WDKXQ VHEHVDU 5S VHWHODK
GLNXUDQJL GHQJDQ 6.3.% VHEHVDU 5S
3HUXVDKDDQ WHODK PHQJDMXNDQ NHEHUDWDQ
WHUKDGDS VHEDJLDQ GDUL MXPODK UHVWLWXVL \DQJ
WLGDN GLVHWXMXL ROHK 'LUHNWRUDW -HQGHUDO 3DMDN
VHEHVDU
5S
6HOLVLK
VHEHVDU
5S \DQJ WLGDN GLODNXNDQ EDQGLQJ ROHK
3HUXVDKDDQ GLFDWDW VHEDJDL SHQ\HVXDLDQ DWDV
SDMDN NLQL \DQJ EHUDVDO GDUL WDKXQ SDMDN
VHEHOXPQ\DSDGDWDKXQ
,5+. WLGDN PHQJDNXL EHEDQ SDMDN NLQL NDUHQD
PHQJDODPL UXJL NRPHUVLDO GDQ ILVNDO SDGD
WDKXQGDQ
e.
Current tax (continued)
A part of the difference amounting to
Rp1,092,067 represents the amount not
approved by the Directorate General of Taxes,
on which the Company has submitted its appeal.
On November 24, 2014, as a result of Tax Court
Decision
No.Put.55725/PP/M.XVA/15/2014
dated September 29, 2014, the Company
received the tax refund.
income
tax
for
2011
amounting
to
claim for tax refund for 2011. The Company
received the tax refund for 2011 of
Rp12,536,120 on May 7, 2013. On June 20,
2014, the Directorate General of Taxes issued
Decision
Letter
No.
Kep00040/WPJ.07/KP.0803/2014
concerning
rectification over tax assessment letter on which
the Company received an additional tax refund
amounting to Rp1,057,292. A part of the
difference
amounting
to
Rp11,259,369
represents the amount not approved by the
Directorate General of Taxes, on which the
Company has submitted its objection.
income
tax
for
2012
amounting
to
claim for tax refund for 2012 amounting to
Rp11,927,267. The Company received the tax
refunds for 2012 of Rp11,555,946 on June 5,
2014 (net after deducted with SKPKB amounting
to Rp371,321). A part of the difference
amounting to Rp6,810,651 represents the
amount not approved by the Directorate General
of Taxes, on which the Company has submitted
its objection. The remaining difference of
Rp1,134,180 on which the Company decided not
to submit an appeal was recorded as current tax
adjustment for prior fiscal year in 2014.
IR-HK has not recognized current income tax
since it had losses (commercial and fiscal) in
2014 and 2013.
47
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(53$-$.$1ODQMXWDQ
I 3DMDNWDQJJXKDQ
3HUKLWXQJDQ EHEDQ SDMDN WDQJJXKDQ QHWR
1HWR
7DQJJDO'HVHPEHU
Deferred tax
The computation of the deferred income tax
expense - net is as follows:
3HUXVDKDDQ
0DQIDDWEHEDQSDMDNWDQJJXKDQ 3HUVHGLDDQ
8DQJPXND
%LD\DGLED\DUGLPXND
/LDELOLWDVLPEDODQNHUMD
$VHWWHWDS
%DJLDQODEDQHWRHQWLWDVDVRVLDVL 8DQJPXNDSHPEHOLDQDVHWWHWDS 5XJLILVNDO
$VHWWDNEHUZXMXG
1LODLWHUFDWDWEHEDQGLWDQJJXKNDQ &DGDQJDQSHQXUXQDQ
QLODLSLXWDQJXVDKD
f.
Company
Income tax benefit (expense):
Inventories
Advance payments
Prepaid expenses
Fixed assets
Share in net earnings of associated company
Tax loss
Intangible assets
Carrying value of deferred charges
Allowance for
impairment of trade receivables
Net
5LQFLDQ OLDELOLWDV SDMDN WDQJJXKDQ QHWR DGDODK
VHEDJDLEHULNXW
The details of net deferred tax liabilities are as
follows:
3HUXVDKDDQ
$VHWSDMDNWDQJJXKDQ
,QYHVWDVLSDGDHQWLWDVDVRVLDVL
&DGDQJDQSHQXUXQDQ
QLODLSLXWDQJXVDKD
5XJLILVNDO
/LDELOLWDVSDMDNWDQJJXKDQ
$VHWWHWDS
3HUVHGLDDQ
8DQJPXNDSHPEHOLDQDVHWWHWDS 8DQJPXND
%LD\DGLED\DUGLPXND
$VHWWDNEHUZXMXG
/LDELOLWDVSDMDNWDQJJXKDQQHWR 'HVHPEHUDecember 31,
48
Company
Deferred tax assets
Investment in associated company
Employee benefits liability Allowance for impairment of
trade receivables
Tax loss
Deferred tax liabilities
Fixed assets
Inventories
Advance payments
Prepaid expenses
Intangible assets
Deferred tax liabilities - net
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(53$-$.$1ODQMXWDQ
I
f.
3DMDNWDQJJXKDQODQMXWDQ
Deferred tax (continued)
7RWDOSDMDNWDQJJXKDQ\DQJGLGHELWSDGD³6HOLVLK
NXUVNDUHQDSHQMDEDUDQODSRUDQNHXDQJDQ´SDGD
HNXLWDVDGDODKVHEHVDU5SSDGDWDKXQ
GDQ5SSDGDWDKXQ
Total deferred tax debited to “Exchange rate
differences from financial statements translation”
under equity amounted to Rp3,073,321 in 2014
and Rp25,009,035 in 2013.
3HUXVDKDDQ PHQJDNXL DVHW SDMDN WDQJJXKDQ
KDQ\D DWDV SHUEHGDDQ WHPSRUHU \DQJ GDSDW
WHUSXOLKNDQ GL PDVD GHSDQ 3HQJJXQDDQ DVHW
SDMDN WDQJJXKDQ GLDNXL ROHK 3HUXVDKDDQ
WHUJDQWXQJ DWDV ODED NHQD SDMDN GL PDVD
PHQGDWDQJ\DQJPHOHELKLODED\DQJWLPEXODWDV
SHPXOLKDQSHUEHGDDQWHPSRUHUNHQDSDMDN
The Company recognized deferred tax assets
only for the future recoverable temporary
differences. The utilization of deferred tax assets
recognized by the Company is dependent upon
future taxable income arising from the reversal
of existing taxable temporary differences.
,5+. PHPXWXVNDQ XQWXN WLGDN PHQJDNXL DVHW
SDMDN WDQJJXKDQ NDUHQD NHWLGDNSDVWLDQ DGDQ\D
SHQJKDVLODQNHQDSDMDN \DQJPHPDGDLGLPDVD
PHQGDWDQJ
IR-HK did not recognize deferred tax assets as it
is uncertain that the deferred tax assets will be
recovered from future taxable income within the
prescriptive period.
/DEDNRQVROLGDVLDQVHEHOXP
SDMDNSHQJKDVLODQ
%HEDQSDMDNSHQJKDVLODQGHQJDQ
WDULISDMDN\DQJEHUODNX
3HUEHGDDQWHWDSQHWRGHQJDQWDULI
SDMDN\DQJEHUODNX
(IHNWUDQVODVLDWDV
ODSRUDQNHXDQJDQ
%HEDQSDMDNSHQJKDVLODQ
The reconciliation between the income
expense
calculated
by
multiplying
consolidated income before income tax* by
applicable tax rate of 25% and the income
expense is as follows:
tax
the
the
tax
7DQJJDO'HVHPEHU
/DEDVHEHOXPSDMDN
SHQJKDVLODQSHUODSRUDQODEDUXJL
NRPSUHKHQVLINRQVROLGDVLDQ
5XJL(QWLWDV$QDN
VHEHOXPSDMDNSHQJKDVLODQGDQ
GDPSDNGDULHOLPLQDVL
NRQVROLGDVLDQWDUSHUXVDKDDQ
g.
J 5HNRQVLOLDVL DQWDUD EHEDQ SDMDN SHQJKDVLODQ
GLKLWXQJ GHQJDQ PHQJDOLNDQ ODED NRQVROLGDVLDQ
VHEHOXP SDMDN SHQJKDVLODQ GHQJDQ WDULI SDMDN
\DQJ EHUODNX VHEHVDU GDQ EHEDQ SDMDN
SHQJKDVLODQDGDODKVHEDJDLEHULNXW
49
Profit before income tax
per consolidated statement of
comprehensive income
Loss of Subsidiary
before income tax and reversal of
inter-company consolidation
eliminations
Consolidated income before
income tax*
Income tax expense at the
applicable tax rate
Net permanent differences at the applicable tax rate
Translation effect on
financial statements
Income tax expense
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
13. INVESTMENT IN AN ASSOCIATED COMPANY
,19(67$6,3$'$(17,7$6$626,$6,
$NXQ LQL PHUXSDNDQ LQYHVWDVL 3HUXVDKDDQ \DQJ
GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH HNXLWDV
VHEDJDLEHULNXW
67(17$)LOPV0DOD\VLD
6GQ%KG´67(17$´
67(17$)LOPV0DOD\VLD
6GQ%KG´67(17$´
%DJLDQ
ODEDQHWR
HQWLWDVDVRVLDVL
Equity in net
income of
associated
company
BBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBB 3HQHULPDDQ
GLYLGHQ
Dividend
received
BBBBBBBBBBBBBBBBBBBBBBBBB 3HQHULPDDQ
GLYLGHQ
Dividend
received
1LODLWHUFDWDW
'HVHPEHU
Carrying amount
December 31,
2012
3HUVHQWDVH
NHSHPLOLNDQ
Percentage
of ownership
%DJLDQ
ODEDQHWR
HQWLWDVDVRVLDVL
Equity in net
income of
associated
company
1LODLWHUFDWDW
'HVHPEHU
Carrying amount
December 31,
2013
3HUVHQWDVH
NHSHPLOLNDQ
Percentage
of ownership
This account represents the Company’s investment
which is accounted for under the equity method, with
detail as follows:
BBBBBBBBBBBBBBBBBBBBBBBBB 6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQNHXDQJDQ
1LODLWHUFDWDW
Foreign currency
31 Desember 2014/
translation
Carrying amount
reserves
December 31, 2014
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQNHXDQJDQ
1LODLWHUFDWDW
Foreign currency
31 Desember 2013/
translation
Carrying amount
reserves
December 31, 2013
67(17$ EHUJHUDN GDODP ELGDQJ PDQXIDNWXU %233
ILOP GDQ PHPXODL SURGXNVL NRPHUVLDOQ\D SDGD DZDO
WDKXQ
STENTA is engaged in the manufacture of BOPP
films and commenced its commercial operations in
early 1993.
0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW
SHQXUXQDQ QLODL LQYHVWDVL SDGD HQWLWDV DVRVLDVL SDGD
WDQJJDO'HVHPEHUGDQ
Management believes that no impairment in the value
of the investment in the associated company had
occurred as of December 31, 2014 and 2013.
,QIRUPDVL NHXDQJDQ WDPEDKDQ SDGD WDQJJDO
'HVHPEHU GDQ GDQ XQWXN WDKXQ \DQJ
EHUDNKLU SDGD WDQJJDO WHUVHEXW VHKXEXQJDQ GHQJDQ
HQWLWDVDVRVLDVLDGDODKVHEDJDLEHULNXW
Additional financial information as of December 31,
2014 and 2013 and for the years then ended on the
associated company is as follows:
7RWDODVHW
7RWDOOLDELOLWDV
3HQMXDODQQHWR
/DEDQHWR
50
Total assets
Total liabilities
Net sales
Net income
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
$6(77(7$3
5LQFLDQDVHWWHWDSDGDODKVHEDJDLEHULNXW
14. FIXED ASSETS
The details of fixed assets are as follows:
0XWDVL
3HQDPEDKDQ/
Additions
-DQXDUL/
January 1, 2014
3HQJXUDQJDQ
Deductions
5HNODVLILNDVL/
Reclassifications
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQ
NHXDQJDQ
Exchange
rate
differences
from financial
statement
translation
'HVHPEHU/
December 31, 2014
2014 Movements
1LODLWHUFDWDW
7DQDK %DQJXQDQ
3UDVDUDQD 0HVLQGDQSHUDODWDQ
,QVWDODVLOLVWULN
*HQVHWGDQRLOERLOHU
3HUDODWDQSDEULN
.HQGDUDDQEHUPRWRU
$VHWWHWDSGDODPSHQ\HOHVDLDQ
Carrying value
Land
Buildings
Infrastructure
Factory equipment
Motor vehicles
Construction in progress
$NXPXODVLSHQ\XVXWDQ
%DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ
,QVWDODVLOLVWULN
*HQVHWGDQRLOERLOHU
3HUDODWDQSDEULN
.HQGDUDDQEHUPRWRU
Accumulated depreciation
Buildings
Infrastructure
Factory equipment
Motor vehicles
1LODLEXNXQHWR
0XWDVL
3HQDPEDKDQ/
Additions
-DQXDUL/
January 1, 2013
3HQJXUDQJDQ
Deductions
5HNODVLILNDVL/
Reclassifications
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQ
NHXDQJDQ
Exchange
rate
differences
from financial
statement
translation
'HVHPEHU/
December 31, 2013
Net book value
2013 Movements
1LODLWHUFDWDW
7DQDK %DQJXQDQ
3UDVDUDQD 0HVLQGDQSHUDODWDQ
,QVWDODVLOLVWULN
*HQVHWGDQRLOERLOHU
3HUDODWDQSDEULN
.HQGDUDDQEHUPRWRU
$VHWWHWDSGDODPSHQ\HOHVDLDQ
Carrying value
Land
Buildings
Infrastructure
Factory equipment
Motor vehicles
$NXPXODVLSHQ\XVXWDQ
%DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ
,QVWDODVLOLVWULN
*HQVHWGDQRLOERLOHU
3HUDODWDQSDEULN
.HQGDUDDQEHUPRWRU
1LODLEXNXQHWR
Construction in progress
Buildings
Infrastructure
Factory equipment
Motor vehicles
Net book value
3DGD WDQJJDO 'HVHPEHU DVHW WHWDS GDODP
SHQ\HOHVDLDQ \DQJ WHUXWDPD PHUXSDNDQ EDQJXQDQ
GDQ PHVLQ GLHVWLPDVLNDQ DNDQ VHOHVDL SDGD $JXVWXV
As of December 31, 2014, the construction in
progress that mainly consists of building and
machinery is estimated to be completed in August
2015.
51
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
14. FIXED ASSETS (continued)
$6(77(7$3ODQMXWDQ
%HEDQSHQ\XVXWDQGLEHEDQNDQVHEDJDLEHULNXW
Depreciation expense is charged to the following:
%HEDQSRNRNSHQMXDODQEHEDQSURGXNVL %HEDQXPXPGDQDGPLQLVWUDVL&DWDWDQ
%HEDQSHQMXDODQ
7RWDO
7DQJJDO'HVHPEHU
+DUJDSHUROHKDQ
$NXPXODVLSHQ\XVXWDQ
1LODLEXNXQHWR
+DVLOSHQMXDODQDVHWWHWDS
/DEDUXJLSHOHSDVDQDVHWWHWDS
Cost of goods sold - production expenses
General and administrative expenses
(Note 28)
Selling expenses
Total
The details of the disposal of fixed assets are as
follows:
7DQJJDO'HVHPEHU
5LQFLDQSHOHSDVDQDVHWWHWDSDGDODKVHEDJDLEHULNXW
Cost
Net book value
Proceeds from sale of fixed assets
Gain (loss) on disposal of fixed assets
$VHW WHWDS GLMDGLNDQ MDPLQDQ DWDV SLQMDPDQ EDQN
&DWDWDQGDQ
Fixed assets are used as collateral for short-term
bank loans and long-term borrowings (Notes 15
and 19).
%LD\D SLQMDPDQ \DQJ GLNDSLWDOLVDVL NH GDODP DVHW
WHWDS DGDODK VHEHVDU 5S SDGD WDKXQ \DQJ GLEHEDQNDQ SDGD DNXQ DVHW WHWDS GDODP
SHQ\HOHVDLDQ
Borrowing costs which were capitalized to fixed
assets amounted to Rp1,382,335 in 2014, which is
charged to construction in progress.
$VHW WHWDS WHODK GLDVXUDQVLNDQ GHQJDQ QLODL
SHUWDQJJXQJDQVHEHVDU$6DWDXVHWDUD
GHQJDQ5SGDQ$6DWDX
VHWDUD GHQJDQ 5S PDVLQJPDVLQJ
SDGD WDQJJDO 'HVHPEHU GDQ 0DQDMHPHQ EHUSHQGDSDW EDKZD QLODL SHUWDQJJXQJDQ
DVXUDQVL WHUVHEXW WHODK PHPDGDL XQWXN PHQXWXS
NHPXQJNLQDQ NHUXJLDQ DWDV DVHW WHWDS \DQJ
GLSHUWDQJJXQJNDQ
As of December 31, 2014 and 2013, fixed assets, are
insured for a total coverage of US$158,667,042 or
equivalent to Rp1,973,818,000, and US$157,564,443
or equivalent to Rp1,920,553,000, respectively.
Management believes that the insurance coverage is
adequate to cover the possible losses on the insured
fixed assets.
3DGD WDQJJDO 'HVHPEHU .HORPSRN 8VDKD
PHPLOLNL DVHW WHWDS GHQJDQ MXPODK ELD\D SHUROHKDQ
VHEHVDU $6 DWDX VHWDUD GHQJDQ
5S \DQJ WHODK GLVXVXWNDQ VHFDUD SHQXK
WHWDSLPDVLKGLSHUJXQDNDQ
As of December 31, 2014, the Group has property
and equipment with total cost amounting to
US$42,876,433 or equivalent to Rp82,373,473 which
have been fully depreciated but are still being used.
52
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
14. FIXED ASSETS (continued)
$6(77(7$3ODQMXWDQ
3DGD WDQJJDO 'HVHPEHU .HORPSRN 8VDKD
PHPLOLNL DVHW WHWDS GHQJDQ QLODL ZDMDU \DQJ
GLWHQWXNDQ PHQJJXQDNDQ SHQGHNDWDQ QLODL SDVDU
VHEHVDU5S
3HUXVDKDDQPHODNXNDQSHPED\DUDQGLPXNDNHSDGD
EHEHUDSD SHPDVRN XQWXN SHPEHOLDQ PHVLQ
SHUDODWDQGDQMDVDNRQVWUXNVLEDQJXQDQ6DOGRXDQJ
PXND SHPEHOLDQ SDGD WDQJJDO 'HVHPEHU DGDODKVHEHVDU5SGDQGLVDMLNDQVHEDJDL
³8DQJ PXND SHPEHOLDQ DVHW WHWDS´ SDGD ODSRUDQ
SRVLVLNHXDQJDQNRQVROLGDVLDQ
As of December 31, 2014, the fair value of the
Group’s property and equipment determined under
the
market
value approach amounted to
Rp1,071,696,000.
The Company made advance payments for the
purchase of certain machinery, equipment and
building construction services from several suppliers.
The outstanding balances of the purchase advances
as of December 31, 2014 amounting to
Rp72,441,139, are presented as “Advance for
purchase fixed assets” in the consolidated statement
of financial position.
0DQDMHPHQ MXJD EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW
LQGLNDVL SHQXUXQDQ QLODL DVHW WHWDS SDGD WDQJJDO
'HVHPEHU
Management also believes that there is no indication
of impairment in value of fixed assets as of
December 31, 2014.
3,1-$0$1%$1.-$1*.$3(1'(.
15. SHORT-TERM BANK LOANS
3LQMDPDQEDQNMDQJNDSHQGHNWHUGLULGDUL
Short-term bank loans consist of the following
37%DQN0HJD7EN
37%DQN&,0%1LDJD7EN
37%DQN$1=,QGRQHVLD
37%DQN&7%&,QGRQHVLD
7RWDO
PT Bank Mega Tbk
PTBank CIMB Niaga Tbk
PTBank CTBC Indonesia
Total
a.
D 37%DQN0HJD7EN³0HJD´
PT Bank Mega Tbk (“Mega”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL
SHUMDQMLDQ NUHGLW WDQJJDO 6HSWHPEHU \DQJWHODKPHQJDODPLEHEHUDSDNDOLSHUXEDKDQ
GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO
2NWREHU 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDVNUHGLWGDUL0HJDVHEDJDLEHULNXW
x)DVLOLWDV non-cash loan EHUXSD /& sight GDQ
usance GDQDWDX 6.%'1 GDQDWDX EDQN
JDUDQVL
GDQDWDX
/&
refinancing
83$683$8 GHQJDQ MXPODK PDNVLPXP
VHEHVDU $6 \DQJ WHUVHGLD
VDPSDLGHQJDQWDQJJDO6HSWHPEHU
x)DVLOLWDV demand loan VXEOLPLW /& line
GDQDWDX 6.%'1 GDQDWDX EDQN JDUDQVL
GDQDWDX /& refinancing 83$683$8
GHQJDQ
MXPODK
PDNVLPXP
VHEHVDU
$6 \DQJ WHUVHGLD VDPSDL
GHQJDQWDQJJDO6HSWHPEHU
x )DVLOLWDV SLQMDPDQ UHNHQLQJ NRUDQ GHQJDQ
MXPODK PDNVLPXP VHEHVDU 5S
\DQJ WHUVHGLD VDPSDL GHQJDQ WDQJJDO
6HSWHPEHU
Based on an amendment and reaffirmation of
loan agreement dated September 17, 2009
which has been amended several times, with the
latest
amendment
being
made
on
October 2, 2014, the Company obtained credit
facilities from Mega as follows:
x Non-cash loan facility in the form of L/C sight
and usance and/or SKBDN and/or bank
guarantee
and/or
refinancing
L/C/
UPAS/UPAU facilities for a maximum amount
of US$12,500,000, which is available until
September 17, 2015.
x Demand loan facility sublimit L/C line and/or
SKBDN and/or bank guarantee and/or
refinancing L/C/ UPAS/UPAU facilities for a
maximum amount of US$31,500,000, which is
available until September 17, 2015.
x Overdraft facility for a maximum amount of
Rp10,000,000 which is available until
September 17, 2015.
53
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1%$1.-$1*.$3(1'(.ODQMXWDQ
15. SHORT-TERM BANK LOANS (continued)
a.
D 37%DQN0HJD7EN³0HJD´ODQMXWDQ
PT Bank Mega Tbk (“Mega”) (continued)
3DGD WDKXQ GDQ 3HUXVDKDDQ
PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO
SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN
PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN
SHPEHOLDQEDKDQEDNXGDQDWDXEDUDQJMDGLGDQ
NHJLDWDQRSHUDVLRQDO3HUXVDKDDQ
In 2014 and 2013, the Company used the above
facilities. The proceeds of the loans from these
facilities were used to finance the Company’s
working capital for the purchase of raw materials
and/or finished goods and to finance the
Company’s operating activities.
3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ GDQ
GHQJDQ DVHW \DQJ VDPD \DQJ GLMDPLQNDQ DWDV
SLQMDPDQ MDQJND SDQMDQJ \DQJ GLSHUROHK GDUL
EDQN\DQJVDPD&DWDWDQ
The loans are secured by cash representing 15%
of the used amount of the facility (Note 5) and
the same assets pledged as collateral for longterm borrowings obtained from the same bank
(Note 19).
6DOGR SLQMDPDQ demand loan SDGD WDQJJDO
'HVHPEHU GDQ PDVLQJPDVLQJ
VHEHVDU $6 DWDX VHWDUD GHQJDQ
5S GDQ $6 DWDX VHWDUD
GHQJDQ 5S 3LQMDPDQ LQL GLNHQDNDQ
WLQJNDWEXQJDWDKXQDQVHEHVDUSDGDWDKXQ
GDQ GLDQWDUD GDQ SDGD WDKXQ
The outstanding demand loan as of December
31, 2014 and 2013 amounted to US$12,500,000
or
equivalent
to
Rp155,500,000
and
US$14,500,000 or equivalent to Rp176,740,500,
respectively. The loan bore interest at the annual
rate of 10% in 2014 and at annual rates ranging
from 8% to 10% in 2013.
7LGDN DGD VDOGR SLQMDPDQ UHNHQLQJ NRUDQ SDGD
WDQJJDO 'HVHPEHU GDQ 3LQMDPDQ
LQL GLNHQDNDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUD
GDQ SDGD WDKXQ GDQ GLDQWDUD
GDQSDGDWDKXQ
There was no outstanding overdraft loan as of
December 31, 2014 and 2013. The loan during
the year bore interest at annual rates ranging
from 14% to 14.5% and from 13% to 14% in
2014 and 2013, respectively.
E 37%DQN&,0%1LDJD7EN³&,0%1LDJD´
b.
PT Bank CIMB Niaga Tbk (“CIMB Niaga”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL
SHUMDQMLDQNUHGLWWDQJJDO-XQL\DQJWHODK
PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ GHQJDQ
SHUXEDKDQ
WHUDNKLU
SDGD
WDQJJDO
'HVHPEHU 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDVNUHGLWGDUL&,0%1LDJDVHEDJDLEHULNXW
x )DVLOLWDV /& ,PSRU GDQDWDX 6.%'1 GDQ
DWDX Standby Letter of Credit ³6%/&´
GHQJDQ
MXPODK
PDNVLPXP
VHEHVDU
$6 DWDX MXPODK \DQJ VHWDUD
GDODP PDWD XDQJ ODLQQ\D \DQJ EHUVLIDW
sublimitGHQJDQIDVLOLWDV37.,PSRU \DQJ
WHUVHGLD
VDPSDL
GHQJDQ
WDQJJDO
'HVHPEHU
x )DVLOLWDV 37. ,PSRU GHQJDQ VXEOLPLW GDUL
IDVLOLWDV/&,PSRUGDQDWDX6.%'1GDQDWDX
6%/& GHQJDQ MXPODK PDNVLPXP VHEHVDU
$6 \DQJ WHUVHGLD VDPSDL
GHQJDQWDQJJDO'HVHPEHU
loan agreement dated June 30, 2010 which has
been amended several times, with the latest
amendment being made on December 17, 2014,
the Company obtained credit facilities from
CIMB Niaga as follows:
x Import L/C and/or SKBDN and/or Standby
Letter of Credit (“SBLC”)-2 with a maximum
amount of US$35,000,000 or equivalent in
other currencies, sublimit with PTK Import - 2,
which is available until December 17, 2015.
3DGD WDKXQ GDQ 3HUXVDKDDQ
PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO
SHPEHOLDQ EDKDQ EDNX GDQDWDX SHPED\DUDQ
/&sight\DQJMDWXKWHPSR
In 2014 and 2013, the Company used
the above facilities. The proceeds of the loans
from these facilities were used to finance the
Company’s working capital related to the
purchase of raw materials and/or to pay matured
sight L/C.
x PTK Import - 2 facility sublimit Import L/C
and/or SKBDN and/or SBLC-2 facility for a
maximum amount of US$28,000,000, which is
available until December 17, 2015.
54
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1%$1.-$1*.$3(1'(.ODQMXWDQ
E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´
ODQMXWDQ
3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ GDQ
SLQMDPDQ MDQJND SDQMDQJ \DQJ GLSHUROHK GDUL
EDQN\DQJVDPD&DWDWDQ
6DOGRSLQMDPDQSDGDWDQJJDO'HVHPEHU
GDQ
PDVLQJPDVLQJ
VHEHVDU
$6
DWDX
VHWDUD
GHQJDQ
5S GDQ $6 DWDX VHWDUD
GHQJDQ 5S 3LQMDPDQ LQL GLNHQDNDQ
WLQJNDW EXQJD WDKXQDQ GLDQWDUD GDQ SDGD WDKXQ GDQ WLQJNDW EXQJD WDKXQDQ
GLDQWDUDGDQSDGDWDKXQ
F 37%DQN$1=,QGRQHVLD³$1=´
%HUGDVDUNDQ SHUMDQMLDQ NUHGLW WDQJJDO 0DUHW
\DQJ VHODQMXWQ\D WHODK GLXEDK EHEHUDSD
NDOL GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO
-XOL 3HUXVDKDDQ PHPSHUROHK )DVLOLWDV
3HUGDJDQJDQ 0XOWL 2SVL ³027)´ GDUL $1=
XQWXN
MXPODK
PDNVLPXP
VHEHVDU
$6 3DGD WDQJJDO 0HL 3HUXVDKDDQ
GDQ
$1=
PHQDQGDWDQJDQL
SHUXEDKDQ GDQ SHUQ\DWDDQ NHPEDOL DWDV
SHUMDQMLDQ IDVLOLWDV GLPDQD 3HUXVDKDDQ
PHPSHUROHK IDVLOLWDV 027) XQWXN MXPODK
PDNVLPXP VHEHVDU $6 +DVLO
SHPEHOLDQ EDKDQ EDNX )DVLOLWDV LQL WHUVHGLD
VDPSDL WDQJJDO -DQXDUL 3LQMDPDQ GDUL
IDVLOLWDV LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW
EXQJDWDKXQDQVDPSDLGHQJDQGLDWDV
cost of fund $1= 3LQMDPDQ LQL GLMDPLQ GHQJDQ
NDVVHEHVDUGDULMXPODKSHPDNDLDQIDVLOLWDV
&DWDWDQ
b.
(continued)
The loans are secured by cash representing 15%
of the used amount of the facility (Note 5) and
the same assets pledged as collateral for longterm borrowings obtained from the same bank
(Note 19).
The outstanding loan as of December 31, 2014
and 2013 amounted to US$12,485,000 or
equivalent
to
Rp155,313,400
and
respectively. The loan bore interest at annual
rates ranging from 5.5% to 6.5% in 2014 and
from 6% to 6.5%in 2013.
c.
PT Bank ANZ Indonesia (“ANZ”)
Based on the facility agreement dated March 2,
2011 which was amended several times, with
the latest amendment on July 12, 2013, the
Company obtained Multi Option Trade Facility
(“MOTF”) from ANZ, for a maximum amount of
US$10,000,000. On May 21, 2014, the
Company and ANZ signed the amendment and
restatement to the facility agreement, whereby
the Company obtained MOTF for a maximum
amount of US$10,000,000. The proceeds from
this facility were used to finance the purchase of
raw materials. The facility is available until
January 31, 2015. The loan from the facility
bears interest at the annual rate of 2.75% until
3% above ANZ’s cost of fund. The loan is
secured by cash representing 15% of the used
amount of the facility (Note 5).
GDQPDVLQJPDVLQJVHEHVDU$6
DWDX VHWDUD GHQJDQ 5S GDQ
$6
DWDX
VHWDUD
GHQJDQ
5S
equivalent to Rp29,072,513 and US$3,787,987
or equivalent to Rp46,171,779, respectively.
55
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1%$1.-$1*.$3(1'(.ODQMXWDQ
d.
G 6WDQGDUG&KDUWHUHG%DQN³6&%´
Standard Chartered Bank (“SCB”)
%HUGDVDUNDQSHUMDQMLDQNUHGLWWDQJJDO)HEUXDUL
\DQJ WHODK PHQJDODPL EHEHUDSD NDOL
SHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD
WDQJJDO 'HVHPEHU 3HUXVDKDDQ
PHPSHUROHK IDVLOLWDVIDVLOLWDV GDUL 6&% DQWDUD
ODLQ /& ,PSRU Import Loan Import Invoice
Financing Export Invoice Financing Credit Bills
Negotiated-Discrepant Bond and Guarantee
Shipping Guarantee GHQJDQ MXPODK JDEXQJDQ
PDNVLPXP VHEHVDU $6 +DVLO
VDPSDLWDQJJDO2NWREHU
Based on the facility agreement dated
February 9, 2011 which has been amended
several times, with the latest amendment being
made on December 12, 2014, the Company
obtained facilities from SCB, among others,
Import L/C, Import Loan Import Invoice
FinancingExport Invoice FinancingCredit Bills
Negotiated-Discrepant Bond and Guarantee
and Shipping Guarantee, for a maximum
combined amount of US$5,000,000. The
proceeds from this facility were used to finance
the purchase of raw materials. The facility is
available until October 30, 2015.
The loan from the facility bears interest at the
annual rate of 3% until 3.5% above SCB’s cost
of fund. The loan is secured by cash
representing 15% of the maximum amount of the
facility (Note 5).
3LQMDPDQ GDUL IDVLOLWDV GLNHQDNDQ EXQJD GHQJDQ
WLQJNDWEXQJDWDKXQDQVDPSDLGHQJDQ
GLDWDV cost of fund 6&% 3LQMDPDQ LQL GLMDPLQ
GHQJDQ NDV VHEHVDU GDUL MXPODK IDVLOLWDV
PDNVLPXP&DWDWDQ
and 2013 amounted to US$229,685 or
equivalent to Rp2,857,282 and US$1,527,337 or
equivalent to Rp18,616,717, respectively.
GDQ PDVLQJPDVLQJ VHEHVDU $6
$6
DWDX
VHWDUD
GHQJDQ
5S
e.
H 37%DQN&7%&,QGRQHVLD³&7%&´
PT Bank CTBC Indonesia (“CTBC”)
%HUGDVDUNDQ SHUMDQMLDQ NUHGLW WDQJJDO $SULO
\DQJ WHODK PHQJDODPL SHUXEDKDQ SDGD
WDQJJDO $SULO 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDV 3LQMDPDQ 2PQLEXV /LQH ´2/´ XQWXN
MXPODK PDNVLPXP VHEHVDU $6 +DVLO
VDPSDL WDQJJDO $SULO 3LQMDPDQ GDUL
IDVLOLWDV GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJD
WDKXQDQ GLDQWDUD GDQ SDGD WDKXQ
GDQ WLQJNDW EXQJD WDKXQDQ SDGD
WDKXQ 3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV
VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV
&DWDWDQ
Based on the facility agreement dated April 2,
2013
which
was
amended
on
April 2, 2014, the Company obtained Omnibus
Line (“OL”) facility, for a maximum amount of
US$5,000,000. The proceeds from this facility
were used to finance the purchase of raw
materials. The facility is available until April 2,
2015. The loan from the facility bears interest at
annual rates ranging from 5.3% to 5.5% in 2014
and at the annual rate of 5.3% in 2013. The loan
is secured by cash representing 15% of the used
amount of the facility (Note 5).
GDQ PDVLQJPDVLQJ VHEHVDU $6
$6
DWDX
VHWDUD
GHQJDQ
5S
and 2013 amounted to US$199,183 or
equivalent to Rp2,477,846 and US$1,895,718 or
equivalent to Rp23,106,916, respectively.
%HEDQ EXQJD XQWXN VHOXUXK SLQMDPDQ EDQN MDQJND
SHQGHN SDGD WDKXQ GDQ PDVLQJPDVLQJ
DGDODK VHEHVDU 5S GDQ 5S
GLFDWDW VHEDJDL EDJLDQ GDUL EHEDQ NHXDQJDQ SDGD
ODSRUDQODEDUXJLNRPSUHKHQVLINRQVROLGDVLDQ
Interest expense of all short-term bank loans in 2014
and 2013 amounted to Rp31,356,776 and
Rp21,933,346, respectively, which is recorded as
part of finance expense in the consolidated
56
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
16. TRADE PAYABLES
87$1*86$+$
8WDQJXVDKDNHSDGDSLKDNEHUHODVL
&DWDWDQ
3HPDVRNOXDUQHJHUL
3HPDVRNORNDO
6XEWRWDO
Trade payables to third parties:
Foreign suppliers
Local suppliers
7RWDO
Sub-total
6XEWRWDO
8WDQJXVDKDNHSDGDSLKDNNHWLJD
3HPDVRNOXDUQHJHUL
3HPDVRNORNDO
Trade payables to related parties
(Note 32)
Foreign supplier
Local supplier
Sub-total
Total
5LQFLDQXWDQJXVDKDEHUGDVDUNDQMHQLVPDWDXDQJ
Details of trade payables based on currency:
8WDQJXVDKDNHSDGDSLKDNEHUHODVL
'RODU$PHULND6HULNDW
5XSLDK
6XEWRWDO
8WDQJXVDKDNHSDGDSLKDNNHWLJD
'RODU$PHULND6HULNDW
5XSLDK
0DWDXDQJDVLQJODLQQ\D
6XEWRWDO
7RWDO
Trade payables to related parties:
U.S. dollar
Rupiah
Sub-total
Trade payables to third parties:
U.S. dollar
Rupiah
Other foreign currencies
Sub-total
Total
7LGDN DGD MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ XVDKD
WHUVHEXW
All of the trade payables are unsecured.
87$1*/$,1/$,1
8WDQJODLQODLQWHUXWDPDPHUXSDNDQXWDQJQRQXVDKD
SDGD EHUEDJDL SLKDN NHWLJD 7LGDN DGD MDPLQDQ \DQJ
GLEHULNDQDWDVXWDQJODLQODLQWHUVHEXW
17. OTHER PAYABLES
Other payables mainly represent non-trade payables
to third parties. All of the other payables are
unsecured.
57
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
18. ACCRUED EXPENSES
%(%$1$.58$/
5LQFLDQ GDUL EHEDQ DNUXDO \DQJ VHOXUXKQ\D WHUXWDQJ
The details of accrued expenses, which are all due to
NHSDGDSLKDNNHWLJDDGDODKVHEDJDLEHULNXW
third parties, are as follows
6HZDOLVWULNGDQDLU
/LDELOLWDVLPEDODQNHUMDMDQJNDSHQGHN
2QJNRVDQJNXW
%HEDQEXQJD
/DLQODLQ
7RWDO
3,1-$0$1-$1*.$3$1-$1*
3LQMDPDQMDQJNDSDQMDQJWHUGLULGDUL
Rent, electricity and water
Freight charges
Interest
Others
Total
19. LONG-TERM BORROWINGS
Long-term borrowings consist of the following
3RNRNSLQMDPDQ
D8QL&UHGLW%DQN$*GDKXOX
%D\HULVFKH+\SRXQG
9HUHLQVEDQN$*³8QL&UHGLW´
E37%DQN&,0%1LDJD7EN
F'=%DQN$*
G37%DQN0HJD7EN
H37%DQN&,0%1LDJD7EN
8QLW8VDKD6\DULDK
I 37%&$)LQDQFH
J 37 'LSR6WDU)LQDQFH
7RWDOSRNRNSLQMDPDQ
Principal
a. UniCredit Bank AG (formerly
Bayerische Hypo-und
Vereinsbank AG (“UniCredit”)
b. PTBank CIMB Niaga Tbk
c.DZ Bank AG
d. PT Bank Mega Tbk
e. PTBank CIMB Niaga Tbk Sharia Business Unit
f. PT BCA Finance
g. PT Dipo Star Finance
Total principal
%LD\DSHUROHKDQSLQMDPDQ\DQJ
EHOXPGLDPRUWLVDVL
Unamortized loan
arrangement costs
1HWR
Net
%DJLDQ\DQJMDWXKWHPSRGDODPVDWXWDKXQ D8QL&UHGLW
E37%DQN&,0%1LDJD7EN
F'=%DQN$*
G37%DQN0HJD7EN
H37%DQN&,0%1LDJD7EN
8QLW8VDKD6\DULDK
I 37%&$)LQDQFH
J37 'LSR6WDU)LQDQFH
7RWDOEDJLDQ\DQJMDWXKWHPSR
GDODPVDWXWDKXQ
%DJLDQMDQJNDSDQMDQJ
58
Portion maturing within one year
a. UniCredit
b. PTBank CIMB Niaga Tbk
c.DZ Bank AG
d. PT Bank Mega Tbk
e. PTBank CIMB Niaga Tbk Sharia Business Unit
f. PTBCA Finance
g. PT Dipo Star Finance
Total portion maturing within one year
Long-term portion
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
19. LONG-TERM BORROWINGS (continued)
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
D 8QL&UHGLW
a.
UniCredit
%HUGDVDUNDQ SHUMDQMLDQ SLQMDPDQ VWDQGDU GDQ
SHUMDQMLDQ NHUDQJND NHUMD WDQJJDO $JXVWXV
\DQJ WHODK GLSHUEDKDUXL EHEHUDSD NDOL
GHQJDQ SHUXEDKDQ WHUDNKLU GLODNXNDQ SDGD
WDQJJDO -XOL 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDVSHPELD\DDQNUHGLWHNVSRUGDUL8QL&UHGLW
GHQJDQ
MXPODK
PDNVLPXP
VHEHVDU
$6 +DVLOSHQHULPDDQ GDULSLQMDPDQ
LQLGLJXQDNDQXQWXNPHPELD\DLSHPEHOLDQPHVLQ
%233GDUL%UXFNQHU0DVFKLQHQEDX*PE+&R
.*
Based on standard loan and framework
agreement dated August 25, 2009 which has
amendment being made on July 29, 2010, the
Company obtained export contract finance
facility from UniCredit for a maximum amount of
were used to finance the purchase of BOPP
machineries from Bruckner Maschinenbau
GmbH & Co. KG.
3LQMDPDQ WHUVHEXW WHUKXWDQJ GDODP NDOL
DQJVXUDQVHPHVWHUDQPXODLWDQJJDO-XQL
VDPSDL GHQJDQ WDQJJDO 0DUHW GDODP
MXPODK \DQJ VDPD 3LQMDPDQ LQL GLNHQDNDQ
EXQJD GHQJDQ WLQJNDW EXQJD WDKXQDQ VHEHVDU
GLDWDVVXNXEXQJD/,%25$6EXODQDQ
The loan is repayable in 17 equal consecutive
semi-annual installments starting on June 8,
2010 until March 8, 2019. The loan bears
interest at the annual rate of 2.25% above 6
months’ US$ LIBOR.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ SHQMDPLQDQ
ILGXVLD DWDV PHVLQ GDQ SHUDODWDQ PLOLN
3HUXVDKDDQ\DQJSHUROHKDQQ\DGLELD\DLGHQJDQ
SLQMDPDQLQL&DWDWDQ3DGDWDKXQGDQ
SHPED\DUDQ DQJVXUDQ SLQMDPDQ PDVLQJ
PDVLQJ VHEHVDU $6 6DOGR SLQMDPDQ
SRNRN SDGD WDQJJDO 'HVHPEHU GDQ
PDVLQJPDVLQJ VHEHVDU $6
$6
DWDX
VHWDUD
GHQJDQ
5S
The loan is secured by fiduciary transfer of
ownership of the Company’s future machinery
and equipment financed under this loan facility
(Note 14). In 2014 and 2013, installment
payments amounted to US$2,763,182 each. The
outstanding principal as of December 31, 2014
equivalent
to
Rp171,869,929
and
respectively.
b.
E 37%DQN&,0%1LDJD7EN³&,0%1LDJD´
)DVLOLWDV3LQMDPDQ,QYHVWDVL
Investment Loan Facility
%HUGDVDUNDQ SHUXEDKDQ GDQ SHQHJDVDQ
NHPEDOL SHUMDQMLDQ NUHGLW WDQJJDO -XQL \DQJWHODKPHQJDODPLEHEHUDSDNDOLSHUXEDKDQ
GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO
'HVHPEHU 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDV SLQMDPDQ LQYHVWDVL GDUL &,0% 1LDJD
XQWXNMXPODKPDNVLPXPVHEHVDU$6
loan agreement dated June 30, 2010 which has
amendment being made on December 17, 2014,
the Company obtained an investment loan
facility from CIMB Niaga for a maximum amount
of US$4,000,000.
+DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ
XQWXN PHPELD\DL SHPEDQJXQDQ IDVLOLWDV
SURGXNVL %233 EDUX WHUPDVXN GLGDODPQ\D
SHPEHOLDQ PHVLQ GDQ SHUDODWDQ SDEULN WHUNDLW
3HQDULNDQ DWDV IDVLOLWDV SLQMDPDQ LQYHVWDVL
EHUGDVDUNDQ
SHUNHPEDQJDQ
ILVLN
GDUL
SHPEDQJXQDQ \DQJ GLEXDW ROHK SHQLODL
LQGHSHQGHQ GDQ VXUDW SHQDZDUDQ DWDX WDJLKDQ
GDUL SHPDVRN \DQJ WHODK GLYHULILNDVL ROHK &,0%
1LDJD
The proceeds from this facility were used to
finance the development of the new BOPP
production line, including purchase of the related
machinery and equipment and tools. The
drawdown from this investment loan facility is
based on physical progress of the development
based on report from an independent appraiser
and quotation letter or invoices from suppliers
which are verified by CIMB Niaga.
59
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
b.
E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´
ODQMXWDQ
(continued)
)DVLOLWDV3LQMDPDQ,QYHVWDVLODQMXWDQ
Investment Loan Facility (continued)
3LQMDPDQ WHUVHEXW DNDQ MDWXK WHPSR SDGD
WDQJJDO 6HSWHPEHU GDQ WHUKXWDQJ
GDODPNDOLDQJVXUDQNZDUWDODQ
The loan, which will mature on September 17,
2017, is repayable in 24 quarterly installments.
3DGD WDKXQ GDQ SHPED\DUDQ
DQJVXUDQ SLQMDPDQ PDVLQJPDVLQJ VHEHVDU
$6 GDQ $6 6DOGR GDUL
IDVLOLWDV SLQMDPDQ LQYHVWDVL SDGD WDQJJDO
'HVHPEHU GDQ PDVLQJPDVLQJ
DGDODK VHEHVDU $6 DWDX VHWDUD
GHQJDQ 5S GDQ $6 DWDX
VHWDUDGHQJDQ5S
In 2014 and 2013, installment payments
amounted to US$700,000 and US$500,000,
respectively. As of December 31, 2014 and
2013, the outstanding balance from the
investment
loan
facility
amounted
to
US$2,314,748 or equivalent to Rp28,795,471
and
US$3,014,748
or
equivalent
to
Rp36,746,769, respectively.
3LQMDPDQ GDUL &,0% 1LDJD GLNHQDNDQ EXQJD
GHQJDQ WLQJNDW EXQJD WDKXQDQ VHEHVDU SDGDWDKXQGDQ
The loan from CIMB Niaga bore interest at the
annual rate of 7.50% in 2014 and 2013.
3LQMDPDQLQLGLMDPLQGHQJDQ
x 3HPEHEDQDQ
KDN
WDQJJXQJDQ
DWDV
ELGDQJ KDN DWDV WDQDK +DN *XQD
%DQJXQDQ GHQJDQ MXPODK OXDV NHVHOXUXKDQ
PHWHU SHUVHJL \DQJ WHUOHWDN GL
&LWHXUHXS %RJRU EHULNXW EDQJXQDQ GL
DWDVQ\D GHQJDQ MXPODK QLODL SHUWDQJJXQJDQ
PLQLPXP VHEHVDU 5S GDQ
$6&DWDWDQ
The loans are secured by:
x Registered mortgages of 14 parcels of the
Company’s leasehold land with a total area of
160,012 square meters located in Citeureup,
Bogor, including buildings thereon, with total
minimum pledged value of Rp91,700,000 and
US$5,250,000 (Note 14).
x 3HQMDPLQDQILGXVLDDWDVPHVLQGDQSHUDODWDQ
PLOLN3HUXVDKDDQWLGDNWHUPDVXN PHVLQ GDQ
SHUDODWDQ \DQJ GLSHUROHK PHODOXL IDVLOLWDV
SLQMDPDQ GDUL 8QL&UHGLW GHQJDQ QLODL
SHQMDPLQDQ
VHEHVDU
5S
&DWDWDQ
x The Company’s machinery and equipment
(excluding machinery and equipment financed
under credit facility from UniCredit) pledged
under fiduciary transfer of ownership with
pledged value of Rp605,000,000 (Note 14).
x 3HQMDPLQDQ ILGXVLD DWDV SLXWDQJ XVDKD GDQ
SHUVHGLDDQ PLOLN 3HUXVDKDDQ GHQJDQ QLODL
SHQMDPLQDQ
PDVLQJPDVLQJ
VHEHVDU
$6
GDQ
$6
&DWDWDQGDQ
x The Company’s trade receivables and
inventories pledged under fiduciary transfers
of ownership with pledged values of
US$32,000,000
and
US$55,000,000,
respectively (Notes 7 and 9).
)DVLOLWDV3LQMDPDQ,QYHVWDVL
Investment Loan Facility 2
%HUGDVDUNDQ
SHUMDQMLDQ
NUHGLW
WDQJJDO
)HEUXDUL 3HUXVDKDDQ PHPSHUROHK
IDVLOLWDV SLQMDPDQ LQYHVWDVL GDUL &,0% 1LDJD
XQWXN
MXPODK
PDNVLPXP
VHEHVDU
$6
Based on a loan agreement dated February 27,
2014, the Company obtained investment loan
facility 2 from CIMB Niaga for a maximum
amount of US$13,500,000.
XQWXN PHPELD\DL NRQWHQ ORNDO WHUPDVXN
EDQJXQDQ GDUL LQYHVWDVL XQWXN PHPSHUOXDV
IDVLOLWDV SURGXNVL %233 Line GDQ Metalizing
Film3HQDULNDQDWDVIDVLOLWDVSLQMDPDQLQYHVWDVL
EHUGDVDUNDQ WDJLKDQ GDUL SHPDVRN \DQJ WHODK
GLYHULILNDVLROHK&,0%1LDJD
finance the local content (including building)
from the investment to enlarge the production
facility of BOPP Line 7 and Metalizing Film. The
drawdown from this investment loan facility is
based on invoices from suppliers which are
verified by CIMB Niaga.
60
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
b.
E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´
ODQMXWDQ
(continued)
)DVLOLWDV3LQMDPDQ,QYHVWDVLODQMXWDQ
Investment Loan Facility 2 (continued)
3LQMDPDQ WHUVHEXW DNDQ MDWXK WHPSR SDGD
WDQJJDO 6HSWHPEHU GDQ WHUKXWDQJ
GDODP NDOL DQJVXUDQ NZDUWDODQ GLPXODL GDUL
WDQJJDO0DUHW
The loan, which will mature on September 28,
2021, is repayable in 23 quarterly installments
starting from March 28, 2016.
6DOGR GDUL IDVLOLWDV SLQMDPDQ LQYHVWDVL SDGD
WDQJJDO 'HVHPEHU DGDODK VHEHVDU
$6
DWDX
VHWDUD
GHQJDQ
5S
As of December 31, 2014, the outstanding
balance from the investment loan facility 2
amounted to US$2,819,585 or equivalent to
Rp35,075,637.
)DVLOLWDV LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW
EXQJDWDKXQDQVHEHVDUSDGDWDKXQ
The facility bore interest at the annual rate of 7%
in 2014.
3LQMDPDQLQLGLMDPLQGHQJDQ
x 3HPEHEDQDQ KDN WDQJJXQJDQ DWDV ELGDQJ
KDN DWDV WDQDK +DN *XQD %DQJXQDQ
GHQJDQ MXPODK OXDV NHVHOXUXKDQ PHWHU SHUVHJL \DQJ WHUOHWDN GL &LWHXUHXS
%RJRU EHULNXW EDQJXQDQ GL DWDVQ\D GHQJDQ
MXPODK QLODL SHUWDQJJXQJDQ SHULQJNDW NH
VHEHVDU$6DWDXHNXLYDOHQGDODP
UXSLDK&DWDWDQ
The loan is secured by:
x Registered mortgages on 2 parcels of the
Company’s leasehold land with a total area of
29,845 square meters located in Citeureup,
Bogor, including buildings thereon, with total
pledged value (3rd rank) of US$9,100,000 or
equivalent in rupiah (Note 14).
x 3HQMDPLQDQILGXVLDDWDVPHVLQGDQSHUDODWDQ
PLOLN 3HUXVDKDDQ EDLN \DQJ VHNDUDQJ WHODK
DGD GDQ \DQJ DNDQ DGD GLNHPXGLDQ KDUL
GHQJDQ
QLODL
SHQMDPLQDQ
VHEHVDU
$6 DWDX HNXLYDOHQ GDODP UXSLDK
&DWDWDQ
x The Company’s machinery and equipment,
which are now existing or to be acquired in the
future, pledged under fiduciary transfer of
ownership
with
pledged
value
of
US$7,760,000 or equivalent in rupiah
(Note 14).
c.
F '=%DQN$*´'=´
DZ Bank AG (”DZ”)
%HUGDVDUNDQ SHUMDQMLDQ SLQMDPDQ WDQJJDO
0DUHW3HUXVDKDDQPHPSHUROHKIDVLOLWDV
SLQMDPDQ GDUL '= GHQJDQ MXPODK PDNVLPXP
VHEHVDU $6 +DVLO SHQHULPDDQ
GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL
SHPEHOLDQ PHVLQ %233 /LQH GDUL %UXFNQHU
0DVFKLQHQEDX *PE+ &R .* GDQ PHVLQ
PHWDOL]LQJILOP
Based on a loan agreement dated March 28,
2014, the Company obtained a loan facility from
DZ
for
a maximum
amount
of
US$31,424,915.12. The proceeds of the loan
from this facility were used to finance the
purchase of BOPP Line 7 machineries from
Bruckner Maschinenbau GmbH & Co. KG and
metalizing fim machine.
DQJVXUDQVHPHVWHUDQGDODPMXPODK\DQJVDPD
3LQMDPDQ LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW
EXQJDWDKXQDQVHEHVDUGLDWDVVXNXEXQJD
/,%25EXODQDQ
The loan is repayable in 20 equal consecutive
semi-annual installments. The loan bears
interest at the annual rate of 1.5% above 6
months’ LIBOR.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ SHQMDPLQDQ
ILGXVLD DWDV PHVLQ GDQ SHUDODWDQ PLOLN
3HUXVDKDDQ\DQJSHUROHKDQQ\DGLELD\DLGHQJDQ
SLQMDPDQLQL&DWDWDQ6DOGRSLQMDPDQSRNRN
SDGD WDQJJDO 'HVHPEHU VHEHVDU
$6
DWDX
VHWDUD
GHQJDQ
5S
The loan is secured by fiduciary transfer of
ownership of the Company’s future machinery
and equipment financed under this loan facility
(Note 14). The outstanding principal as of
December 31, 2014 amounted to US$3,063,245
or equivalent to Rp38,106,779.
61
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
G 37%DQN0HJD7EN³0HJD´
%HUGDVDUNDQ SHUXEDKDQ GDQ SHQHJDVDQ
NHPEDOL SHUMDQMLDQ NUHGLW WDQJJDO 6HSWHPEHU
\DQJ WHODK PHQJDODPL EHEHUDSD NDOL
SHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD
WDQJJDO 2NWREHU 3HUXVDKDDQ
PHPSHUROHKIDVLOLWDVSLQMDPDQLQYHVWDVL´7/´
GDUL 0HJD XQWXN MXPODK PDNVLPXP VHEHVDU
5S
XQWXN PHPELD\DL SHPEDQJXQDQ IDVLOLWDV
SURGXNVL %233 EDUX WHUPDVXN GLGDODPQ\D
SHPEHOLDQ PHVLQ GDQ SHUDODWDQ SDEULN WHUNDLW
3HQDULNDQ DWDV IDVLOLWDV LQL DQWDUD ODLQ
EHUGDVDUNDQ
SHUNHPEDQJDQ
ILVLN
GDUL
SHPEDQJXQDQ \DQJ GLEXDW ROHK SHQLODL
LQGHSHQGHQ GDQ VXUDW SHQDZDUDQ DWDX WDJLKDQ
GDULSHPDVRN\DQJWHODKGLYHULILNDVLROHK0HJD
DQJVXUDQNZDUWDODQPXODLWDQJJDO'HVHPEHU
VDPSDL GHQJDQ WDQJJDO 6HSWHPEHU
5S GDQ 5S 6DOGR SLQMDPDQ
SRNRN SDGD WDQJJDO 'HVHPEHU GDQ
PDVLQJPDVLQJVHEHVDU5SGDQ
5S
7/ GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJD
WDKXQDQ DQWDUD GDQ SDGD WDKXQ
GDQ WLQJNDW EXQJD WDKXQDQ DQWDUD GDQSDGDWDKXQ
3LQMDPDQ LQL GLMDPLQ DWDV GDVDU pari passu
SLQMDPDQ\DQJGLSHUROHKGDUL&,0%1LDJD
d.
PT Bank Mega Tbk (“Mega”)
loan agreement dated September 17, 2009
which has been amended several times, with the
latest amendment being made on October 2,
2014, the Company obtained an investment loan
facility (“TL-3”) from Mega for a maximum
amount of Rp42,000,000.
finance the development of the new BOPP
production line, including purchase of the related
machinery and equipment tools. The drawdown
from this term loan facility should be based on
physical progress of the development based on
report from an independent appraiser and
quotation letter or invoice from supplier, which
are verified by Mega.
The loan is repayable in 24 quarterly
installments starting on December 25, 2011 until
September 17, 2017.
In 2014 and 2013, installment payments of the
loan
amounted
to
Rp6,825,000
and
Rp4,725,000, respectively. The outstanding loan
as of December 31, 2014 and 2013 amounted to
Rp25,117,419 and Rp31,942,419, respectively.
The TL-3 loan bore interest at annual rates
ranging from 14% to 14.5% in 2014 and from
13% to 14% in 2013.
The loan is secured, on a pari passu basis, by
the same assets pledged as collateral for loans
obtained from CIMB Niaga.
62
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
H 37 %DQN &,0% 1LDJD 7EN 8QLW 8VDKD
6\DULDK³&,0%1LDJD6\DULDK´
e.
PT Bank CIMB Niaga Tbk - Sharia Business
Unit (“CIMB Niaga Syariah”)
%HUGDVDUNDQ SHUMDQMLDQ SHQ\HGLDDQ IDVLOLWDV
SHPELD\DDQ WDQJJDO 6HSWHPEHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV SHPELD\DDQ
PXUDEDKDK GDUL &,0% 1LDJD 6\DULDK GHQJDQ
MXPODK PDNVLPXP VHEHVDU 5S
)DVLOLWDV SHPELD\DDQ LQL GLJXQDNDQ XQWXN
PHPELD\DL
SHPED\DUDQ
GDODP
UDQJND
SHPEHOLDQ PHVLQPHVLQ NKXVXVQ\D PHVLQ
coating film GDQ SHUDODWDQ ODLQQ\D 3HPELD\DDQ
WHUVHEXW GLED\DU NHPEDOL PHODOXL NDOL
DQJVXUDQ EXODQDQ PXODL WDQJJDO 2NWREHU
VDPSDL GHQJDQ WDQJJDO 6HSWHPEHU
3HPELD\DDQ LQL GLMDPLQ GHQJDQ ILGXVLD
DWDVEDUDQJVHNXUDQJNXUDQJQ\DVHQLODLGHQJDQ
KDUJD PHVLQ GDQDWDX SHUDODWDQ \DQJ GLELD\DL
ROHK&,0%1LDJD6\DULDK
Based on a financing agreement dated
September 29, 2010, the Company obtained
murabahah financing facility from CIMB Niaga
Syariah
for
a
maximum
amount
of
Rp15,000,000. The proceeds of the loan from
this financing facility were used to finance
payments for purchase of machineries, mainly
coating film machine and other equipment. This
financing facility is repayable in 60 monthly
installments starting on October 28, 2011 until
September 28, 2016. This financing facility is
secured by a fiduciary transfer of ownership of
the Company’s machineries and/or equipment
financed under this financing facility.
5SGDQ5S
In 2014 and 2013, installment payments
amounted to Rp2,463,063 and Rp1,883,519,
respectively.
6DOGR SHPELD\DDQ SRNRN GDUL SHPELD\DDQ
PXUDEDKDK SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU 5S
GDQ 5S )DVLOLWDV SHPELD\DDQ LQL
GLNHQDNDQ PDUJLQ NHXQWXQJDQ WHUWHQWX \DQJ
GLVHSDNDWLEHUVDPDROHK3HUXVDKDDQGDQ&,0%
1LDJD 6\DULDK \DQJ EHVDUQ\D VHWDUD GHQJDQ
VHNLWDU SHU WDKXQ SDGD WDKXQ GDQ
As of December 31, 2014 and 2013, the
outstanding loan from the murabahah financing
amounted to Rp5,650,557 and Rp8,113,620,
respectively. This financing facility is subject to
certain profit margin sharing between the
Company and CIMB Niaga Syariah, which is
equivalent to approximately 11.5% per annum in
2014 and 2013.
f.
I 37%&$)LQDQFH
PT BCA Finance
3DGD EXODQ 6HSWHPEHU 3HUXVDKDDQ
PHPSHUROHKIDVLOLWDVNUHGLWGDUL37%&$)LQDQFH
VHEHVDU 5S GHQJDQ EXQJD WDKXQDQ
VHEHVDU SHU WDKXQ 3HUROHKDQ SLQMDPDQ
LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEHOLDQ
NHQGDUDDQ 3LQMDPDQ LQL GLED\DU GHQJDQ FLFLODQ
EXODQDQ GHQJDQ SHPED\DUDQ FLFLODQ WHUDNKLU
SDGDWDQJJDO$JXVWXV
In September 2011, the Company obtained a
credit facility from PT BCA Finance amounting to
Rp1,532,000 with annuity interest of 9.68% per
annum. The proceeds of the loan were used to
finance the acquisition of vehicles. The loan is
payable in monthly installments, with the last
payment being due on August 14, 2015.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ NHQGDUDDQ
\DQJ GLPLOLNL PHODOXL SLQMDPDQ WHUVHEXW
&DWDWDQ 3DGD WDKXQ GDQ SHPED\DUDQDQJVXUDQSLQMDPDQPDVLQJPDVLQJ
VHEHVDU 5S GDQ 5S 3DGD
WDQJJDO 'HVHPEHU GDQ VDOGR
WHUXWDQJ GDUL IDVLOLWDV NUHGLW LQL PDVLQJPDVLQJ
VHEHVDU5SGDQ5S
The loan is collateralized by the vehicles
acquired from the proceeds of the loan
payments amounted to Rp412,636 and
Rp374,717, respectively. As of December 31,
2014 and 2013, the outstanding loan from this
credit facility amounted to Rp298,035 and
Rp710,671, respectively.
63
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
I 37%&$)LQDQFHODQMXWDQ
3DGD EXODQ 2NWREHU 3HUXVDKDDQ
PHPSHUROHKIDVLOLWDVNUHGLWGDUL37%&$)LQDQFH
VHEHVDU 5S GHQJDQ EXQJD DQXLWDV
VHEHVDU SHU WDKXQ 3HUROHKDQ SLQMDPDQ
LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEHOLDQ
NHQGDUDDQ 3LQMDPDQ LQL GLED\DU GHQJDQ FLFLODQ
EXODQDQ GHQJDQ SHPED\DUDQ FLFLODQ WHUDNKLU
SDGDWDQJJDO6HSWHPEHU
VHEHVDU 5S GDQ 5S 3DGD
WDQJJDO 'HVHPEHU GDQ PDVLQJ
PDVLQJ VDOGR WHUKXWDQJ GDUL IDVLOLWDV NUHGLW LQL
DGDODKVHEHVDU5SGDQ5S
J 37'LSR6WDU)LQDQFH
3DGD EXODQ $JXVWXV 3HUXVDKDDQ
PHPSHUROHK IDVLOLWDV NUHGLW GDUL 37 'LSR 6WDU
)LQDQFH VHEHVDU 5S GHQJDQ EXQJD
WDKXQDQ VHEHVDU SHU WDKXQ 3HUROHKDQ
SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL
SHPEHOLDQ NHQGDUDDQ 3LQMDPDQ LQL GLED\DU
GHQJDQ FLFLODQ EXODQDQ GHQJDQ SHPED\DUDQ
FLFLODQWHUDNKLUSDGDWDQJJDO$JXVWXV
VHEHVDU5SGDQ 5S3DGD WDQJJDO
'HVHPEHUGDQVDOGRWHUXWDQJGDUL
IDVLOLWDV NUHGLW LQL PDVLQJPDVLQJ VHEHVDU
5SGDQ5S
%HEDQEXQJDXQWXNVHOXUXKSLQMDPDQMDQJNDSDQMDQJ
SDGD WDKXQ GDQ PDVLQJPDVLQJ DGDODK
VHEHVDU 5S GDQ 5S GLFDWDW
VHEDJDL EDJLDQ GDUL EHEDQ NHXDQJDQ SDGD ODSRUDQ
ODEDUXJLNRPSUHKHQVLINRQVROLGDVLDQ
f.
PT BCA Finance (continued)
In October 2011, the Company obtained a credit
facility from PT BCA Finance amounting to
Rp1,900,000 with annuity interest of 9.68% per
finance the acquisition of a vehicle. The loan is
payment being due on September 6, 2015.
The loan is collateralized by the vehicle acquired
from the proceeds of the loan (Note 14). In 2014
and 2013, installment payments amounted to
Rp507,659 and Rp497,457, respectively. As of
December 31, 2014 and 2013, the outstanding
loan from this credit facility amounted to
Rp414,182 and Rp921,841, respectively.
g.
PT Dipo Star Finance
In August 2013, the Company obtained a credit
facility from PT Dipo Star Finance amounting to
Rp178,150 with annuity interest of 6.42% per
finance the acquisition of vehicles. The loan is
payment being due on August 1, 2016.
The loan is collateralized by the vehicles
acquired from the proceeds of the loan
payments amounted to Rp56,825 and Rp18,148,
respectively. As of December 31, 2014 and
2013, the outstanding loan from this credit
facility amounted to Rp103,177 and Rp160,002,
respectively.
Interest expense of all long-term borrowings in 2014
and 2013 amounted to Rp12,382,206 and
Rp13,670,542, respectively, which is recorded as
part of finance expense in the consolidated
64
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3,1-$0$1-$1*.$3$1-$1*ODQMXWDQ
6HVXDL GHQJDQ SHUV\DUDWDQ GDODP SHUMDQMLDQ
SLQMDPDQ 3HUXVDKDDQ GLZDMLENDQ XQWXN PHPHQXKL
EHEHUDSDEDWDVDQWHUWHQWXDQWDUDODLQPHQGDSDWNDQ
SHUVHWXMXDQ WHUWXOLV WHUOHELK GDKXOX GDUL SLKDN
NUHGLWXU DQWDUD ODLQ GDODP KDO PHUJHU DNXLVLVL
NRQVROLGDVL SHOHSDVDQ DVHW WHWDS XWDPD
SHQMDPLQDQ XWDQJ SLKDN ODLQ SHQMDPLQDQ DVHW VDDW
LQL GDQ PDVD GDWDQJ NHSDGD SLKDN ODLQ SHUXEDKDQ
VWUXNWXU NHSHPLOLNDQ SHUXEDKDQ DNWLYLWDV XVDKD
SHPED\DUDQ SLQMDPDQ SHPHJDQJ VDKDP GDQ
GHNODUDVL GDQ SHPED\DUDQ GLYLGHQ NDV 3HUXVDKDDQ
MXJD GLZDMLENDQ XQWXN PHPHOLKDUD UDVLRUDVLR
NHXDQJDQWHUWHQWX
3DGDWDQJJDO'HVHPEHU3HUXVDKDDQWLGDN
PHPHQXKLUDVLRNHXDQJDQWHUWHQWX\DQJGLV\DUDWNDQ
GDODP SHUMDQMLDQ SLQMDPDQ \DLWX UDVLR ODQFDU GDQ
NHND\DDQ EHUVLK 'DODP NHDGDDQ GHPLNLDQ SDUD
NUHGLWRU GDSDW DWDX PHPSXQ\DL KDN XQWXN
PHQ\DWDNDQ SLQMDPDQSLQMDPDQ WHUVHEXW GDODP
NRQGLVL default GDQ PHPLQWD VHOXUXK MXPODK
SLQMDPDQ PHQMDGL VHJHUD WHUXWDQJ GDQ ZDMLE ED\DU
1DPXQ GHPLNLDQ VDPSDL GHQJDQ WDQJJDO
SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ 3HUXVDKDDQ EHOXP
PHQHULPD VXUDW GDUL SDUD NUHGLWRU \DQJ PHPLQWD
SHPED\DUDQNHPEDOLDWDVVDOGRWHUXWDQJSLQMDPDQ
2OHK NDUHQDQ\D VHVXDL GHQJDQ 6WDQGDU $NXQWDQVL
.HXDQJDQ GL ,QGRQHVLD VHOXUXK SLQMDPDQ MDQJND
SDQMDQJ WHUVHEXW KDUXV GLUHNODVLILNDVL GDQ GLVDMLNDQ
VHEDJDL EDJLDQ GDUL OLDELOLWDV MDQJND SHQGHN SDGD
ODSRUDQSRVLVLNHXDQJDQNRQVROLGDVLDQSDGDWDQJJDO
'HVHPEHU 1DPXQ GHPLNLDQ PDQDMHPHQ
3HUXVDKDDQ PHPXWXVNDQ XQWXN WHWDS PHQ\DMLNDQ
SLQMDPDQ MDQJND SDQMDQJ WHUVHEXW VHEDJDL EDJLDQ
GDUL OLDELOLWDV MDQJND SDQMDQJ VHVXDL GHQJDQ MDGXDO
SHPED\DUDQ EHUGDVDUNDQ SHUMDQMLDQ SLQMDPDQ \DQJ
DGDVHEHOXP3HUXVDKDDQPHQHULPDVXUDWGDULSDUD
NUHGLWRU \DQJ PHPLQWD SHPED\DUDQ NHPEDOL DWDV
VDOGR SLQMDPDQ WHUVHEXW -LND SLQMDPDQ MDQJND
SDQMDQJ WHUVHEXW GLUHNODVLILNDVL GDQ GLVDMLNDQ
VHEDJDL EDJLDQ GDUL OLDELOLWDV MDQJND SHQGHN PDND
MXPODK OLDELOLWDV MDQJND SHQGHN NRQVROLGDVLDQ DNDQ
QDLN VHEHVDU 5S GDQ WRWDO OLDELOLWDV
MDQJND SDQMDQJ NRQVROLGDVLDQ DNDQ WXUXQ GHQJDQ
MXPODK\DQJVDPD
Under the terms and conditions of the covering loan
agreements, the Company is required to comply with
certain restrictive covenants, such as obtaining prior
written approval from the creditors with respect to,
among others, mergers, acquisitions consolidation,
disposal of its major
fixed assets, granting of
guarantees or indemnities, pledging of its present
and future assets, changes in the ownership
structure, changes in the scope of business activities,
payments of loans from shareholders, and
declaration and payment of cash dividend. The
Company is also required to maintain certain financial
ratios.
As of December 31, 2014, the Company does not
meet certain financial ratios required under the loan
agreements, i.e. current ratio and net worth. Under
this condition, the creditors may declare the loans in
default and ask for immediate repayment of all
outstanding debts. However, the Company has not
received any notices from its creditors demanding the
immediate repayment of the outstanding debts.
In accordance with Indonesian Financial Accounting
Standards, all of the long-term borrowings should be
reclassified and presented as part of short-term
liabilities in the consolidated statement of financial
position as of December 31, 2014. However, the
management of the Company decided to present the
long-term borrowings as part of long-term liabilities in
accordance with the payment schedules under the
existing loan agreements, before the Company
receive any notice from its creditors demanding the
immediate repayment of the outstanding debts. If the
long-term borrowings were reclassified and
presented as part of short-term liabilities, the total
consolidated short-term liabilities would have been
increased by Rp223,432,555 and the consolidated
long-term liabilities would have been decreased by
the same amount.
65
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
20. EMPLOYEE BENEFITS LIABILITY
/,$%,/,7$6,0%$/$1.(5-$
3HUXVDKDDQ PHPEHULNDQ LPEDODQ NHUMD NHSDGD
NDU\DZDQ \DQJ WHODK PHQFDSDL XVLD SHQVLXQ QRUPDO
WDKXQ EHUGDVDUNDQ 8QGDQJXQGDQJ 1R ³88.´,PEDODQWHUVHEXWWLGDNGLGDQDL
.RPSRQHQGDULEHEDQLPEDODQNHUMDQHWR\DQJGLDNXL
GDODP ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ
GDQMXPODKOLDELOLWDVLPEDODQNHUMD\DQJGLDNXLGDODP
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ VHSHUWL
GLWHQWXNDQ ROHK 37 %XPL 'KDUPD $NWXDULD DNWXDULD
LQGHSHQGHQ GDODP ODSRUDQQ\D PDVLQJPDVLQJ SDGD
WDQJJDO )HEUXDUL GDQ )HEUXDUL DGDODKVHEDJDLEHULNXW
D %HEDQLPEDODQNHUMDQHWR
The Company provides benefits for its employees
who reach the retirement age of 55 years based on
the provisions of Labor Law No. 13/2003 (“Labor
Law’). The benefits are unfunded.
The components of net employee benefits expense
recognized in the consolidated statement of
comprehensive income and the amounts recognized
in the consolidated statement of financial position for
the employee benefits liability as determined by
PT Bumi Dharma Aktuaria, an independent actuary,
in its reports dated February 5, 2015 and February
15, 2014, respectively, are as follows:
%LD\DMDVDNLQL
%LD\DEXQJD
5XJLODEDDNWXDULD\DQJGLDNXL
$PRUWLVDVLELD\DMDVDODOX\DQJEHOXP
PHQMDGLKDN
3HQJDNXDQVHJHUDELD\DMDVD
ODOXvested
%HEDQLPEDODQNHUMDQHWR
Net employee benefits expense
7DQJJDO'HVHPEHU
a.
Current service cost
Interest cost
Recognized actuarial loss (gain)
Amortization of unvested past
servicecost
Immediate recognition of
past service cost - vested
E /LDELOLWDVLPEDODQNHUMD
1LODLNLQLNHZDMLEDQLPEDODQSDVWL
%LD\DMDVDODOX\DQJEHOXPGLDNXL
EHOXPPHQMDGLKDN
5XJLDNWXDULDEHOXPGLDNXL
b.
Present value of defined benefits
obligation
Unrecognized past service cost -
unvested
Unrecognized actuarial losses
Employeebenefits liability
66
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
20. EMPLOYEE BENEFITS LIABILITY (continued)
/,$%,/,7$6,0%$/$1.(5-$ODQMXWDQ
E /LDELOLWDVLPEDODQNHUMDODQMXWDQ
3HUXEDKDQ OLDELOLWDV LPEDODQ NHUMD DGDODK
VHEDJDLEHULNXW
b.
Movements in the employee benefits liability are
as follows:
7DQJJDO'HVHPEHU
6DOGRSDGDDZDOWDKXQ
%HEDQLPEDODQNHUMDQHWR
WDKXQEHUMDODQ
3HPED\DUDQVHODPDWDKXQEHUMDODQ Employee benefits liability (continued)
Balance at beginning of year
during the year
Benefits paid during the year
%DJLDQMDQJNDSHQGHN
Current portion
Long-term portion
6DOGRSDGDDNKLUWDKXQ
Balance at end of year
%DJLDQMDQJNDSDQMDQJ
%DJLDQ MDQJND SHQGHN GDUL OLDELOLWDV LPEDODQ
NHUMD EHUGDVDUNDQ 88. \DQJ GLVDMLNDQ VHEDJDL
EDJLDQ GDUL EHEDQ DNUXDO PDVLQJPDVLQJ
VHEHVDU 5S GDQ 5S SDGD
WDQJJDO 'HVHPEHU GDQ %DJLDQ
MDQJND SDQMDQJ \DQJ WHUPDVXN GDODP OLDELOLWDV
LPEDODQ
NHUMD
PDVLQJPDVLQJ
VHEHVDU
5S GDQ 5S SDGD WDQJJDO
'HVHPEHUGDQ
The current portion of employee benefits liability
under the Labor Law which presented as part of
accrued expenses amounted to Rp2,756,961
and Rp1,897,246 as of December 31, 2014 and
2013, respectively. The non-current portion
included in employee benefit liability amounted
to Rp16,411,114 and Rp17,11,075 as of
December 31, 2014 and 2013, respectively.
$VXPVLDVXPVL XWDPD \DQJ GLSDNDL GDODP
PHQHQWXNDQ OLDELOLWDV LPEDODQ NHUMD MDQJND
SDQMDQJ SDGD WDQJJDO 'HVHPEHU GDQ
The principal assumptions used in determining
long-term employee benefits liability as of
7LQJNDWGLVNRQWR
SHUWDKXQSHUDQQXP
Discount rate
7LQJNDWNHQDLNDQJDML
SHUWDKXQper annum
Salary increment rate
7DEHOPRUWDOLWDV
70,
Mortality table
8VLDSHQVLXQVHPXDNDU\DZDQGLDQJJDS
Retirement age (all employees are
DNDQSHQVLXQSDGDXVLDSHQVLXQ
WDKXQyears
assumed to retire at their retirement age)
67
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
/,$%,/,7$6,0%$/$1.(5-$ODQMXWDQ
b.
3HUXEDKDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL
Changes in the present value of the defined
benefits obligation are as follows:
SDGDWDQJJDO'HVHPEHU
%LD\DEXQJD
%LD\DMDVDNLQL
3HPED\DUDQ
.HXQWXQJDQDNWXDULDO
SDGDWDQJJDO'HVHPEHU
obligation as of December 31, 2013
%LD\DEXQJD
%LD\DMDVDNLQL
3HPED\DUDQ
.HUXJLDQDNWXDULDO
Interest cost
Payments
Actuarial losses
SDGDWDQJJDO'HVHPEHU
Interest cost
Payments
Actuarial gains
5LQFLDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL GDQ
SHQ\HVXDLDQ\DQJWLPEXOSDGDOLDELOLWDVSURJUDP
SDGD WDQJJDO 'HVHPEHU GDQ SHULRGH
HPSDW WDKXQ VHEHOXPQ\D DGDODK VHEDJDL
EHULNXW
The details of the present value of defined
benefits obligation and experience adjustment
on plan liabilities as of December 31, 2014 and
as of the end of each of the immediately
preceding prior four years are as follows:
Presentvalue ofdefined
benefitsobligation
3HQ\HVXDLDQ
\DQJWLPEXO
SDGDOLDELOLWDV
SURJUDP
Experience adjustment
on plan liabilities
1LODLNLQL
NHZDMLEDQ
LPEDODQSDVWL
68
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
/,$%,/,7$6,0%$/$1.(5-$ODQMXWDQ
b.
3HUXEDKDQ VHEHVDU VDWX SHUVHQWDVH SDGD
WLQJNDW GLVNRQWR SDGD WDQJJDO 'HVHPEHU
GDQ WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO
WHUVHEXWEHUGDPSDNVHEDJDLEHULNXW
One percentage point change in the assumed
discount rate as of December 31, 2014 and for
the year then ended would have had the
following effects:
.HQDLNDQ
$NXPXODVLNHZDMLEDQLPEDODQSDVWL
%LD\DMDVDNLQLGDQEXQJD
Increase
Accumulated defined benefits obligation
Service and interest costs
Decrease
Accumulated defined benefits obligation
Service and interest costs
3HQXUXQDQ
$NXPXODVLNHZDMLEDQLPEDODQSDVWL
%LD\DMDVDNLQLGDQEXQJD
0DQDMHPHQ EHUNH\DNLQDQ EDKZD OLDELOLWDV
LPEDODQ NHUMD WHODK FXNXS VHVXDL GHQJDQ \DQJ
GLV\DUDWNDQROHK88.
Management believes that the employee
benefits liability is sufficient in accordance with
the requirements of the Labor Law.
21. NON-CONTROLING INTEREST
.(3(17,1*$11213(1*(1'$/,
5LQFLDQGDULDNXQLQLDGDODKVHEDJDLEHULNXW
The details of this account are as follows:
7DQJJDO'HVHPEHU
6DOGRSDGDDZDOWDKXQ
%DJLDQUXJLQHWR
6HOLVLKNXUVNDUHQDSHQMDEDUDQ
ODSRUDQNHXDQJDQ
Beginning balance
Share of net loss
Exchange rate difference from
financialstatement translation
6DOGRSDGDDNKLUWDKXQ
Ending balance
69
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
22. SHARE CAPITAL
02'$/6$+$0
6XVXQDQ SHPHJDQJ VDKDP 3HUXVDKDDQ SDGD
WDQJJDO 'HVHPEHU GDQ EHUGDVDUNDQ
SHQFDWDWDQ 37 5D\D 6DKDP 5HJLVWUD ELUR
DGPLQLVWUDVLHIHNDGDODKVHEDJDLEHULNXW
Based on the records maintained by the shares
registrar, PT Raya Saham Registra, the composition
of the Company’s shareholders as of December 31,
2014 and 2013 was as follows:
3HPHJDQJVDKDP
0RGDOGLWHPSDWNDQ
GDQGLVHWRUSHQXK
Issued and fully
-XPODKVDKDP NHSHPLOLNDQ paid share capital
Number of shares % of ownership
5XSLDK
$VLD,QYHVWPHQW/LPLWHG
6KHQWRQ)LQDQFH&RUSRUDWLRQ
371DZD3DQGXWD
0RUJDQ6WDQOH\&R,QWO3/&
/DLQODLQ PDVLQJPDVLQJGHQJDQ
NHSHPLOLNDQNXUDQJGDUL
6XEWRWDO
6DKDPWUHVXUL
Asia Investment Limited
Shenton Finance Corporation
PT Nawa Panduta
Morgan Stanley & Co Intl PLC
Others (each with ownership
of less than 5%)
Sub-total
Treasury stock
Shareholders
7RWDO
Total
%HUGDVDUNDQ SHQFDWDWDQ 37 5D\D 6DKDP 5HJLVWUD
ELURDGPLQLVWUDVLHIHNWLGDNWHUGDSDWDQJJRWD'HZDQ
.RPLVDULV GDQ 'LUHNVL \DQJ PHPSXQ\DL VDKDP
3HUXVDKDDQ SDGD WDQJJDO 'HVHPEHU GDQ
Based on the records maintained by PT Raya Saham
Registra, the shares registrar, as of December 31,
2014 and 2013, there were no Company shares held
by any member of the Boards of Commissioners and
Directors.
%HUGDVDUNDQ NHSXWXVDQ 5DSDW 8PXP 3HPHJDQJ
6DKDP /XDU %LDVD ³5836/%´ \DQJ GLDGDNDQ SDGD
WDQJJDO )HEUXDUL SHPHJDQJ VDKDP
PHQ\HWXMXL UHQFDQD 3HUXVDKDDQ XQWXN PHODNXNDQ
SHPEHOLDQ NHPEDOL (“EX\EDFN”) VDKDPQ\D 3URJUDP
buyback GLODNVDQDNDQ VHODPD SHULRGH \DQJ WLGDN
PHOHELKL EXODQ NH GHSDQ VHMDN WDQJJDO
SHODNVDQDDQ 5836/% 0HODOXL SURJUDP LQL
3HUXVDKDDQ GDSDW PHODNXNDQ buyback PDNVLPXP
VDPSDL GHQJDQ GDUL PRGDO GLWHPSDWNDQ GDQ
GLVHWRU SHQXK 3HUXVDKDDQ PHQJDORNDVLNDQ GDQD
GHQJDQ MXPODK PDNVLPXP 5S \DQJ
EHUDVDO GDUL VDOGR ODED XQWXN PHQGXNXQJ SURJUDP
buybackWHUVHEXW
Pursuant to a resolution in the Extraordinary General
Meeting of Shareholders (“EGMS”) held on
February 19, 2010, the shareholders approved the
Company’s plan to buy back its shares. The shares
buy-back program was exercised within an 18-month
period from the EGMS date. Under the program, the
Company could repurchase up to 10% of its total
issued and fully paid share capital. The Company
allocated funds at the maximum of Rp80,000,000
taken from its retained earnings to support the shares
buy-back program.
3URJUDP buyback VXGDK GLVHOHVDLNDQ SDGD WDQJJDO
$JXVWXV GLPDQD MXPODK VDKDP \DQJ WHODK
GLEHOL NHPEDOL DGDODK VHEDQ\DN VDKDP
VHWDUDGHQJDQGDULPRGDOVDKDPGLWHPSDWNDQ
GDQ GLVHWRU SHQXK GHQJDQ MXPODK SHPEHOLDQ
VHEHVDU 5S 6HOXUXK VDKDP \DQJ GLEHOL
NHPEDOL WHUVHEXW GLFDWDW GDQ GLVDMLNDQ VHEDJDL
³6DKDP7UHVXUL´
The buy-back program ended on August 19, 2011.
The Company had repurchased 67,752,000 shares,
equivalent to 9.96% of its total issued and paid-up
capital, for a total purchase price of Rp79,566,944.
The said repurchased shares are accounted for and
presented as “Treasury Stock”.
70
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
23. ADDITIONAL PAID-IN CAPITAL
7$0%$+$102'$/',6(725
6DOGRDNXQLQLSDGDWDQJJDO'HVHPEHUGDQ
VHEDJDLEHULNXW
The details of the balance of this account as of
3HQDZDUDQXPXPSHUGDQDVDKDP
SDGDKDUJD5SDQJNDSHQXK SHUVDKDP 3HQDZDUDQXPXPWHUEDWDVVDKDP
SDGDKDUJD5SDQJNDSHQXK SHUVDKDP
3HPEDJLDQVDKDPERQXV
%LD\DHPLVLVDKDP
3HQLQJNDWDQ0RGDOWDQSD+DNPHPHVDQ(IHN
7HUOHELK'DKXOX+0(7'VDKDP
SDGDKDUJD5SDQJNDSHQXK SHUVDKDP
1HWR
Initial public issuance of 16,000,000 shares
at Rp3,800 (full amount) per share(1)
Limited offering of 12,000,000 shares at
Rp4,400 (full amount)
per share(1)
Issuance of bonus shares
Share issuance costs
Issuance of shares without
pre-emptive rights (HMETD) of
328,000,000 shares at Rp1,425 (full amount) per share(2)
Net
EHUGDVDUNDQQLODLSDUSHUVDKDP5SDQJNDSHQXK
EHUGDVDUNDQQLODLSDUSHUVDKDP5SDQJNDSHQXK
(1)
based on par value per share of Rp1,000 (full amount)
based on par value per share of Rp500 (full amount)
(2 )
6(/,6,+
.856
.$5(1$
/$325$1.(8$1*$1
24. EXCHANGE
RATE
DIFFERENCES
FINANCIAL STATEMENT TRANSLATION
3(1-$%$5$1
FROM
$NXQ LQL PHUXSDNDQ VHOLVLK NXUV \DQJ WLPEXO GDUL
LSHQMDEDUDQ ODSRUDQ NHXDQJDQ (QWLWDV $QDN GDUL
GRODU+RQJ.RQJNHGRODU$6GDQGDULGRODU$6NH
PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN
8VDKD GDQ LL SHQMDEDUDQ ODSRUDQ NHXDQJDQ
3HUXVDKDDQ GDODP PDWD XDQJ IXQJVLRQDO NH GDODP
PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN
8VDKD
This account represents exchange rate differences
arising from (i) translation of the Subsidiary’s financial
statements from Hong Kong dollar to U.S. dollar and
from U.S. dollar to the Group’s presentation currency;
and (ii) translation of the Company’s functional
currency into the Group’s presentation currency.
25. NET SALES
3(1-8$/$11(72
3HQMXDODQGRPHVWLN
3LKDNNHWLJD
3LKDNEHUHODVL&DWDWDQ
3HQMXDODQHNVSRU
3LKDNNHWLJD
3LKDNEHUHODVL&DWDWDQ
7RWDO
7DQJJDO'HVHPEHU
7LGDN WHUGDSDW SHQMXDODQ NHSDGD VDWX SHODQJJDQ
\DQJ PHOHELKL GDUL WRWDO SHQMXDODQ NRQVROLGDVL
XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO
'HVHPEHUGDQ
Domestic sales
Third parties
Related party (Note 32)
Export sales
Third parties
Related party (Note 32)
Total
There were no sales to any single customer of more
than 10% of the total consolidated sales for each of
the years ended December 31, 2014 and 2013.
71
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
26. COST OF GOODS SOLD
%(%$132.2.3(1-8$/$1
3HPDNDLDQEDKDQEDNX
8SDKODQJVXQJ
%HEDQSURGXNVL
3HUVHGLDDQEDUDQJGDODPSURVHV
3DGDDZDOWDKXQ
3DGDDNKLUWDKXQ
%HEDQSRNRNSURGXNVL
3HUVHGLDDQEDUDQJMDGL
3DGDDZDOWDKXQ
7UDQVIHUGDQODLQODLQ
3DGDDNKLUWDKXQ
%HEDQSRNRNSHQMXDODQ
7DQJJDO'HVHPEHU
Raw materials used
Direct labor
Production expenses
Work-in-process inventory:
At beginning of year
At end of year
Cost of goods manufactured
Finished goods inventory:
At beginning of year
Transfers and others
At end of year
Cost of goods sold
7LGDN WHUGDSDW SHPEHOLDQ GDUL VDWX SHPDVRN \DQJ
PHOHELKL GDUL WRWDO EHEDQ SRNRN SHQMXDODQ
NRQVROLGDVL XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO
'HVHPEHUGDQ
There were no purchases from any single supplier of
more than 10% of the total consolidated cost of
goods sold for each of the years ended December
31, 2014 and 2013.
%(%$13(1-8$/$1
2QJNRVDQJNXW
*DMLGDQNHVHMDKWHUDDQNDU\DZDQ
7UDQVSRUWDVLGDQSHUMDODQDQGLQDV
.RPLVLGDQDVXUDQVL
-DPXDQGDQUHSUHVHQWDVL
%HEDQNODLP
6HZDOLVWULNGDQDLU
3RVWHOHSRQGDQWHOHNV
/DLQODLQ
27. SELLING EXPENSES
7RWDO
7DQJJDO'HVHPEHU
72
Freight charges
Salaries and employee benefits
Transportation and travel
Commissions and insurance
Representation and entertainment
Claim expenses
Post, telephone and telex
Others
Total
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
28. GENERAL AND ADMINISTRATIVE EXPENSES
%(%$18080'$1$'0,1,675$6,
*DMLGDQNHVHMDKWHUDDQNDU\DZDQ
%HEDQEDQN
-DVDSURIHVLRQDOGDQOHJDO
3HQ\XVXWDQ&DWDWDQ
7UDQVSRUWDVLGDQSHUMDODQDQGLQDV
6HZDOLVWULNGDQDLU
-DPXDQGDQUHSUHVHQWDVL
3RVWHOHSRQGDQWHOHNV
$VXUDQVL
/DLQODLQ
7RWDO
7DQJJDO'HVHPEHU
Salaries and employee benefits
Bank charges
Legal and professional fees
Depreciation (Note 14)
Transportation and travel
Representation and entertainment
Post, telephone and telex
Insurance
Others
Total
29. EARNINGS PER SHARE
/$%$3(56$+$0
-XPODK ODED WDKXQ EHUMDODQ \DQJ GLDWULEXVLNDQ
NHSDGD SHPLOLN HQWLWDV LQGXN \DQJ GLJXQDNDQ GDODP
PHQJKLWXQJ ODEDSHU VDKDP GDVDU XQWXN WDKXQ \DQJ
EHUDNKLU SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ
DGDODK
5S
GDQ
5S 5DWDUDWD WHUWLPEDQJ VDKDP EHUHGDU
VHWHODK PHPSHUKLWXQJNDQ VDKDP WUHVXUL \DQJ
GLJXQDNDQ VHEDJDL GHQRPLQDWRU XQWXN PHQJKLWXQJ
ODED SHU VDKDP XQWXN WDKXQ \DQJ EHUDNKLU SDGD
WDQJJDO 'HVHPEHU GDQ DGDODK
VDKDP &DWDWDQ 3HUXVDKDDQ WLGDN
PHPSXQ\DL HIHN \DQJ EHUVLIDW GLOXVLDQ SDGD WDKXQ
GDQ
3(0%(178.$1 6$/'2 /$%$ <$1* 7(/$+
',7(178.$13(1**81$$11<$
The amounts of profit for the year attributable to the
owners of the parent entity which are used in
calculating the basic earnings per share for the years
ended December 31, 2014 and 2013 are
Rp34,708,938 and Rp34,660,293, respectively. The
weighted average number of outstanding shares
(after considering treasury stock) used as the
denominator in computing the earnings per share for
the years ended December 31, 2014 and 2013 is
612,248,000 shares (Note 22). The Company does
not have any dilutive ordinary shares in 2014 and
2013.
30. APPROPRIATION OF RETAINED EARNINGS
'DODPUDQJNDPHPHQXKL8QGDQJXQGDQJ3HUVHURDQ
7HUEDWDV 1R 7DKXQ \DQJ PHQJKDUXVNDQ
SHUXVDKDDQSHUXVDKDDQ
VHFDUD
EHUWDKDS
PHQFDGDQJNDQVHNXUDQJNXUDQJQ\DGDULPRGDO
\DQJ GLWHPSDWNDQ VHEDJDL GDQD FDGDQJDQ XPXP
SDUD SHPHJDQJ VDKDP PHQ\HWXMXL SHQFDGDQJDQ
VHEDJLDQ GDUL VDOGR ODED 3HUXVDKDDQ VHEDJDL
FDGDQJDQ GDQD XPXP VHEHVDU 5S SDGD
WDKXQ GDQ \DQJ PDVLQJPDVLQJ
GLSXWXVNDQ GDODP 5DSDW 8PXP 3HPHJDQJ 6DKDP
7DKXQDQ³5836´WDQJJDO0HLGDQWDQJJDO
-XQL
In compliance with Corporation Law No. 40 Year
2007, which requires companies to set aside, on a
gradual basis, an amount equivalent to at least 20%
of their subscribed capital as general reserve, the
shareholders approved the partial appropriation of
the Company’s retained earnings as general reserve
amounting to Rp2,500,000 each year in 2014 and
2013, which was approved during the Annual
General Meetings of Shareholders (“AGMS”) held on
May 23, 2014 and June 13, 2013, respectively.
73
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
31. DIVIDEND
',9,'(1
'LYLGHQ \DQJ WHODK GLGHNODUDVLNDQ GDQ GLED\DUNDQ
SDGDWDKXQGDQDGDODKVHEDJDLEHULNXW
'LYLGHQ\DQJGLGHNODULVDVL5SSHUVDKDP
SDGDWDKXQGDQ5SQLKLOSHUVDKDP
SDGDWDKXQGDODPMXPODK
UXSLDKSHQXK
3HPED\DUDQGLYLGHQ
WDKXQEHUMDODQ
7DQJJDO'HVHPEHU
Dividend declared and paid in 2014 and 2013 is as
follows:
6$/'2'$175$16$.6,'(1*$13,+$.3,+$.
%(5(/$6,
6DOGR GDQ WUDQVDNVL GHQJDQ SLKDNSLKDN EHUHODVL
D 3LXWDQJXVDKD
Dividend declared - Rp17 per share
in 2014 and Rpnil per share
in 2013 (in full rupiah amount)
Dividend paid
current year
32. BALANCES
AND
RELATED PARTIES
TRANSACTIONS
WITH
Balances and transactions with related parties were
as follows:
a. Trade receivables
370HJDK-D\D7DSH/HVWDUL
67(17$
7RWDO
3HUVHQWDVHWHUKDGDSWRWDODVHW
NRQVROLGDVLDQ
PT Megah Jaya Tape Lestari
STENTA
Total
Percentage to total consolidated
assets
b. Trade payables
E 8WDQJXVDKD
67(17$
7RWDO
3HUVHQWDVHWHUKDGDSWRWDO
OLDELOLWDVNRQVROLGDVLDQ
74
STENTA
Total
liabilities
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
32. BALANCES
AND
TRANSACTIONS
RELATED PARTIES (continued)
6$/'2'$175$16$.6,'(1*$13,+$.3,+$.
%(5(/$6,ODQMXWDQ
WITH
F 3HQMXDODQQHWR
c. Net sales
7DQJJDO'HVHPEHU
67(17$
7RWDO
Total
SHQMXDODQQHWRNRQVROLGDVLDQ
net sales
STENTA
d. Purchase
G 3HPEHOLDQ
67(17$
3HUVHQWDVHWHUKDGDSWRWDOEHEDQ
SRNRNSHQMXDODQNRQVROLGDVLDQ
7DQJJDO'HVHPEHU
STENTA
cost of goods sold
e. Salaries and benefits for key management
H *DMLGDQNHVHMDKWHUDDQPDQDMHPHQNXQFL
'HZDQ.RPLVDULVGDQ'LUHNVL
,PEDODQNHUMDMDQJNDSHQGHN
EHEDQSHQMXDODQGDQEHEDQ
XPXPGDQDGPLQLVWUDVL
NRQVROLGDVLDQ
7DQJJDO'HVHPEHU
Boards of Commissioners and Directors
selling expenses and
general and administrative
expenses
7UDQVDNVLWUDQVDNVL\DQJEHUNDLWDQGHQJDQSHQMXDODQ
NHSDGD GDQ SHPEHOLDQ GDUL SLKDNSLKDN EHUHODVL
GLODNVDQDNDQ GHQJDQ SHUV\DUDWDQ GDQ NRQGLVL \DQJ
VDPDVHSHUWL\DQJGLODNXNDQGHQJDQSLKDNNHWLJD
Transactions relating to sales to and purchases
from related parties were conducted under terms
and conditions similar to those granted to/received
from third parties.
SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL
SDGD WDQJJDO 'HVHPEHU GDQ VHEHVDU
5S DGDODK FXNXS XQWXN PHQXWXS
NHPXQJNLQDQNHUXJLDQDWDVWLGDNWHUWDJLKQ\DSLXWDQJ
XVDKDWHUVHEXW
impairment of trade receivables - related parties
as of December 31, 2014 and 2013 amounting to
Rp231,068 each, is sufficient to cover possible
losses arising from uncollectible trade receivables.
7LGDN WHUGDSDW MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ
XVDKDSLKDNEHUHODVLWHUVHEXW
All of the trade payables - related parties are
unsecured.
+XEXQJDQ GDQ VLIDW VDOGR DNXQWUDQVDNVL GHQJDQ
SLKDNSLKDNEHUHODVLDGDODKVHEDJDLEHULNXW
The relationship and nature of account
balances/transactions with related parties are as
follows:
75
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
32. BALANCES
AND
TRANSACTIONS
RELATED PARTIES (continued)
6$/'2'$175$16$.6,'(1*$13,+$.3,+$.
%(5(/$6,ODQMXWDQ
1R
3LKDNSLKDN%HUHODVL
Related Parties
6LIDW6DOGR$NXQ7UDQVDNVL
Nature of Account Balances/
Transactions
3LXWDQJ XVDKD XWDQJ XVDKD
SHQMXDODQ GDQ SHPEHOLDQTrade
receivables, trade payables, sales,
and purchase
+XEXQJDQRelationship
37 0HJDK -D\D 7DSH
/HVWDUL
.HVDPDDQSHPHJDQJVDKDP
Common shareholders
67(17$
(QWLWDVDVRVLDVL
Associated company
3LXWDQJ XVDKD XWDQJ XVDKD
SHQMXDODQ GDQ SHPEHOLDQTrade
receivables, trade payables, sales,
and purchase
0DQDMHPHQNXQFL
Key management
*DMLGDQNHVHMDKWHUDDQPDQDMHPHQ
NXQFLSalaries and benefits for key
management
WITH
'HZDQ .RPLVDULV
'LUHNVL
Boards
Commissioners
Directors
GDQ
of
and
33. FAIR VALUE OF FINANCIAL INSTRUMENTS
1,/$,:$-$5'$5,,167580(1.(8$1*$1
7DEHO EHULNXW PHQ\DMLNDQ QLODL WHUFDWDW \DQJ
PHQGHNDWL QLODL ZDMDU GDUL LQVWUXPHQ NHXDQJDQ
.HORPSRN8VDKD
'HVHPEHUDecember 31, 2014
1LODLWHUFDWDW
Carrying value
$VHWNHXDQJDQODQFDU
.DVGDQVHWDUDNDV
'DQD\DQJGLEDWDVL
SHQJJXQDDQQ\D
3LXWDQJXVDKD
3LXWDQJODLQODLQ
7RWDODVHWNHXDQJDQODQFDU
7RWDODVHWNHXDQJDQODQFDU
Current financial assets
Restricted funds
Short-term investment
Trade receivables
Other receivables
Non-current financial assets
Guarantee deposits
Total current financial assets
Total current financial assets
Current financial liabilities
Short-term bank loans
Trade payables
Other payables
Accrued expenses
Current maturites of long-term
borrowings
Non-current financial liabilities
Long-term borrowings -
net of current maturities
7RWDOOLDELOLWDVNHXDQJDQ
1LODLZDMDU
Fair value
7RWDOOLDELOLWDVNHXDQJDQ
ODQFDU
/LDELOLWDVNHXDQJDQWLGDNODQFDU
3LQMDPDQMDQJNDSDQMDQJVHWHODK
GLNXUDQJLEDJLDQ\DQJMDWXKWHPSR
GDODPVDWXWDKXQ
1LODLWHUFDWDW
Carrying value
/LDELOLWDVNHXDQJDQODQFDU
3LQMDPDQEDQNMDQJNDSHQGHN
8WDQJXVDKD
8WDQJODLQODLQ
%HEDQDNUXDO
%DJLDQSLQMDPDQMDQJNDSDQMDQJ
\DQJMDWXKWHPSRGDODP
VDWXWDKXQ
1LODLZDMDU
Fair value
$VHWNHXDQJDQWLGDNODQFDU
8DQJMDPLQDQ
The following table sets out the carrying values,
which approximate the fair values, of the Group’s
financial instruments:
76
Total current financial liabilities
Total financial liabilities
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
33. FAIR VALUE
(continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1
ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
1LODL ZDMDU GLGHILQLVLNDQ VHEDJDL MXPODK GLPDQD
LQVWUXPHQ WHUVHEXW GDSDW GLSHUWXNDUNDQ GL GDODP
WUDQVDNVL WHUNLQL DQWDUD SLKDN \DQJ EHUNHLQJLQDQ GDQ
PHPLOLNL SHQJHWDKXDQ \DQJ PHPDGDL PHODOXL VXDWX
WUDQVDNVL \DQJ ZDMDU EXNDQ GDODP SHQMXDODQ \DQJ
GLSDNVDNDQ DWDX SHQMXDODQ OLNXLGDVL 1LODL ZDMDU
GLGDSDWNDQGDULNXRWDVLKDUJDSDVDUPRGHODUXVNDV
GLVNRQWR GDQ PRGHO SHQHQWXDQ KDUJD RSVL \DQJ
VHZDMDUQ\D
Fair value is defined as the amount at which the
instrument could be exchanged in a current
transaction between knowledgeable willing parties in
an arm's length transaction, other than in a forced or
liquidation sale. Fair values are obtained from quoted
market prices, discounted cash flow models and
option pricing models, as appropriate.
.HORPSRN 8VDKD PHQJJXQDNDQ KLUDUNL EHULNXW LQL
XQWXNPHQHQWXNDQQLODLZDMDULQVWUXPHQNHXDQJDQ
x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ SDGD
KDUJD NXRWDVL WLGDN GLVHVXDLNDQ GDODP SDVDU
DNWLIXQWXNDVHWDWDXOLDELOLWDVVHMHQLV
x 7LQJNDW1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN
WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ
PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU
GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ PDXSXQ
WLGDNODQJVXQJ
x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN
WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ
PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU
WLGDN GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ
PDXSXQWLGDNODQJVXQJ
The Group uses the following hierarchy for
determining the fair value of financial instruments:
x Level 1: Fair values measured based on quoted
prices (unadjusted) in active markets for identical
assets or liabilities.
x Level 2: Fair values measured based on valuation
techniques for which all inputs which have a
significant effect on the recorded fair values are
observable, either directly or indirectly.
+LUDUNL QLODL ZDMDU .HORPSRN 8VDKD DGDODK VHEDJDL
EHULNXW
The Group’s fair value hierarchy is as follows:
x Level 3: Fair value measured based on valuation
techniques for which inputs which have a
significant effect on the recorded fair value are
not based on observable market data.
+DUJD3DVDU
\DQJ
GLNXRWDVLNDQ
XQWXNDVHW
GDQOLDELOLWDV
\DQJVDPD
7LQJNDW
Quoted prices
in active
markets for
identical
assets or
liabilities
(Level 1)
7RWDO
$VHWNHXDQJDQODQFDU
Inputs\DQJ
GDSDW
GLREVHUYDVL
VHFDUD
ODQJVXQJ
PDXSXQWLGDN
ODQJVXQJ
7LQJNDW
Significant
and
observable
inputs,
directly or
indirectly
(Level 2)
Inputs\DQJ
VLJQLILNDQ
WHWDSLWLGDN
GDSDW
GLREVHUYDVL
7LQJNDW
Significant
unobservable
inputs
(Level 3)
Non-current
financial liabilities
net of current maturities ,QYHVWDVLMDQJNDSHQGHN
/LDELOLWDVNHXDQJDQWLGDN
ODQFDU
3LQMDPDQMDQJNDSDQMDQJ
6HWHODKGLNXUDQJLEDJLDQ
\DQJMDWXKWHPSRGDODP
VDWXWDKXQ
77
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
33. FAIR VALUE
(continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1
ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
7RWDO
$VHWNHXDQJDQODQFDU
+DUJD3DVDU
\DQJ
GLNXRWDVLNDQ
XQWXNDVHW
GDQOLDELOLWDV
\DQJVDPD
/HYHO
Quoted prices
in active
markets for
identical
assets or
liabilities
(Level 1)
Inputs\DQJ
GDSDW
GLREVHUYDVL
VHFDUD
ODQJVXQJ
PDXSXQWLGDN
ODQJVXQJ
/HYHO
Significant
and
observable
inputs,
directly or
indirectly
(Level 2)
Inputs\DQJ
VLJQLILNDQ
WHWDSLWLGDN
GDSDW
GLREVHUYDVL
(Level 3)/
Significant
unobservable
inputs
(Level 3)
Non-current
financial liabilities
net of current maturities ,QYHVWDVLMDQJNDSHQGHN
/LDELOLWDVNHXDQJDQWLGDN
ODQFDU
6HWHODKGLNXUDQJLEDJLDQ
\DQJMDWXKWHPSRGDODP
VDWXWDKXQ
,QVWUXPHQNHXDQJDQ\DQJGLVDMLNDQGLGDODPODSRUDQ
SRVLVL NHXDQJDQ NRQVROLGDVLDQ GLFDWDW VHEHVDU QLODL
ZDMDU DWDX VHEDOLNQ\D GLVDMLNDQ GDODP MXPODK
WHUFDWDW DSDELOD MXPODK WHUVHEXW PHQGHNDWL QLODL
ZDMDUQ\D DWDX QLODL ZDMDUQ\D WLGDN GDSDW GLXNXU
VHFDUD KDQGDO 0HWRGHPHWRGH GDQ DVXPVLDVXPVL
GL EDZDK LQL GLJXQDNDQ XQWXN PHQJHVWLPDVL QLODL
ZDMDU XQWXN PDVLQJPDVLQJ NHODV LQVWUXPHQ
NHXDQJDQ
Financial instruments presented in the consolidated
statement of financial position are carried at their fair
values, otherwise, they are presented at carrying
values as either these are reasonable approximation
of fair values or their fair values cannot be reliably
measured. The following methods and assumptions
are used to estimate the fair value of each class of
financial instruments:
D$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSHQGHN
a. Short-term financial assets and liabilities
,QVWUXPHQ NHXDQJDQ MDQJND SHQGHN GHQJDQ MDWXK
WHPSR GDODP VDWX WDKXQ DWDX NXUDQJ NDV GDQ
VHWDUD NDV GDQD \DQJ GLEDWDVL SHQJJXQDDQQ\D
SLXWDQJ XVDKD SLXWDQJ ODLQODLQ SLQMDPDQ EDQN
MDQJND SHQGHN XWDQJ XVDKD XWDQJ ODLQODLQ
EHEDQ DNUXDO GDQ EDJLDQ SLQMDPDQ MDQJND
SDQMDQJ \DQJ MDWXK WHPSR GDODP VDWX WDKXQ
PHQGHNDWLQLODLWHUFDWDWQ\DNDUHQDEHUVLIDWMDQJND
SHQGHN
Short-term financial instruments with remaining
maturities of one year or less (cash and cash
equivalents, restricted funds, trade receivables,
other receivables, short-term bank loans, trade
payables, other payables, accrued expenses, and
current maturities of long-term borrowings)
approximate their carrying amounts due to their
short-term nature.
,QYHVWDVL SDGD UHNVDGDQD GLFDWDW VHEHVDU QLODL
ZDMDU \DQJ PHQJDFX SDGD KDUJD NXRWDVL \DQJ
GLSXEOLNDVLNDQSDGDSDVDUDNWLI
The investments in mutual funds are carried at fair
value using the quoted prices published in active
markets.
78
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
33. FAIR VALUE
(continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1
ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
E$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSDQMDQJ
b. Long-term financial assets and liabilities
,QVWUXPHQ NHXDQJDQ MDQJND SDQMDQJ WHUGLUL GDUL
XDQJMDPLQDQGDQSLQMDPDQMDQJNDSDQMDQJ8DQJ
MDPLQDQGLFDWDWVHEHVDUELD\DKLVWRULVNDUHQDQLODL
ZDMDUQ\D WLGDN GDSDW GLXNXU VHFDUD KDQGDO 7LGDN
SUDNWLV XQWXN PHQJHVWLPDVL QLODL ZDMDU GDUL XDQJ
MDPLQDQ NDUHQD WLGDN DGD MDQJND ZDNWX
SHPED\DUDQ \DQJ SDVWL ZDODXSXQ WLGDN
GLKDUDSNDQ XQWXN GLNHPEDOLNDQ GDODP MDQJND
ZDNWX EXODQ VHWHODK WDQJJDO ODSRUDQ SRVLVL
NHXDQJDQNRQVROLGDVLDQ
1LODL ZDMDU GDUL SLQMDPDQ MDQJND SDQMDQJ
GLWHQWXNDQ GHQJDQ PHQGLVNRQWRNDQ DUXV NDV
PDVD GDWDQJ PHQJJXQDNDQ VXNX EXQJD \DQJ
EHUODNX GDUL WUDQVDNVL SDVDU NLQL \DQJ GDSDW
GLDPDWL XQWXN LQVWUXPHQ GHQJDQ SHUV\DUDWDQ
ULVLNRNUHGLWGDQMDWXKWHPSR\DQJVDPD
Long-term financial instruments consist of
guarantee deposits and long-term borrowings. The
guarantee deposits are carried at historical cost
because their fair value cannot be reliably
measured. It is not practical to estimate the fair
value of the guarantee deposits because there are
no fixed repayment terms although they are not
expected to be settled within 12 months after the
consolidated statement of financial position date.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1
0DQDMHPHQULVLNR
,QVWUXPHQ NHXDQJDQ XWDPD .HORPSRN 8VDKD WHUGLUL
GDUL NDV GDQ VHWDUD NDV GDQ SLQMDPDQ .HORPSRN
8VDKDPHPSXQ\DLDVHWGDQOLDELOLWDVNHXDQJDQ\DQJ
ODLQQ\D VHSHUWL SLXWDQJ XVDKD GDQ SLXWDQJ ODLQODLQ
GDQ XWDQJ XVDKD GDQ XWDQJ ODLQODLQ \DQJ PXQFXO
VHFDUDODQJVXQJGDULNHJLDWDQXVDKDQ\D
7XMXDQ XWDPD GDUL LQVWUXPHQ NHXDQJDQ XWDPD
WHUVHEXW DGDODK XQWXN PHQJXPSXONDQ GDQD XQWXN
NHJLDWDQ RSHUDVLRQDO .HORPSRN 8VDKD 7HODK
PHQMDGL NHELMDNDQ .HORPSRN 8VDKD XQWXN WLGDN
PHODNXNDQ SHUGDJDQJDQ DWDV LQVWUXPHQ NHXDQJDQ
\DQJGLPLOLNLQ\D
5LVLNR XWDPD GDUL LQVWUXPHQ NHXDQJDQ .HORPSRN
8VDKD DGDODK ULVLNR WLQJNDW VXNX EXQJD ULVLNR
OLNXLGLWDV ULVLNR NUHGLW ULVLNR PDWD XDQJ DVLQJ GDQ
ULVLNR KDUJD NRPRGLWDV 'LUHNVL PHQHODDK GDQ
PHQ\HWXMXL NHELMDNDQ XQWXN PHQJHOROD PDVLQJ
PDVLQJ ULVLNR \DQJ GLMHODVNDQ VHFDUD GHWDLO VHEDJDL
EHULNXW
34. FINANCIAL RISK MANAGEMENT OBJECTIVES
AND POLICIES
The fair values of long-term borrowings is
determined by discounting future cash flows using
applicable rates from observable current market
transactions for instruments with similar terms,
credit risk and remaining maturities.
Risk management
The Group’s principal financial instruments consist of
cash and cash equivalents and borrowings. The
Group has various other financial assets and
liabilities such as trade and other receivables and
trade and other payables, which arise directly from its
operations.
The main purpose of these financial instruments is to
raise funds for the operations of the Group. It is and
has been the policy of the Group that no trading in
financial instruments shall be undertaken.
The main risks arising from the Group’s financial
instruments are interest rate risk, liquidity risk, credit
risk, foreign currency risk and commodity price risk.
The Board of Directors reviews and approves policies
for managing each of these risks, which are
described in more detail as follows:
79
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
0DQDMHPHQULVLNRODQMXWDQ
D5LVLNRWLQJNDWVXNXEXQJD
5LVLNR WLQJNDW VXNX EXQJD DGDODK ULVLNR EDKZD
QLODL ZDMDU DWDX DUXV NDV GLPDVD GHSDQ GDUL
LQVWUXPHQ NHXDQJDQ DNDQ EHUIOXNWXDVL DNLEDW GDUL
EHUXEDKQ\D VXNX EXQJD SDVDU .HORPSRN 8VDKD
PHQJKDGDSL ULVLNR DWDV SHUXEDKDQ VXNX EXQJD
SDVDU VHKXEXQJDQ GHQJDQ SLQMDPDQ .HORPSRN
8VDKD \DQJ GLNHQDNDQ WLQJNDW VXNX EXQJD
PHQJDPEDQJ
.HORPSRN 8VDKD PHODNXNDQ HYDOXDVL GDQ
SHQJDZDVDQ WHUKDGDS SHUJHUDNDQ VXNX EXQJD
SDVDU XQWXN PHPLQLPDOLVDVL GDPSDN QHJDWLI
WHUKDGDS.HORPSRN8VDKD
6NHGXO EHULNXW PHQXQMXNNDQ VHQVLWLYLWDV WHUKDGDS
SHUXEDKDQ \DQJ PXQJNLQ WHUMDGL SDGD VXNX
EXQJD GLPDQD VHPXD YDULDEHO ODLQQ\D GLDQJJDS
WHWDS WHUKDGDS ODSRUDQ ODED UXJL NRPSUHKHQVLI
NRQVROLGDVLDQ .HORPSRN 8VDKD XQWXN WDKXQ \DQJ
EHUDNKLUSDGDWDQJJDO'HVHPEHU
Risk management (continued)
a. Interest rate risk
Interest rate risk is the risk that the fair value or
future cash flows of a financial instrument will
fluctuate because of changes in market interest
rates. The Group’s exposure to the risk of changes
in market interest rates relates primarily to its
borrowings with floating interest rates.
.HQDLNDQSHQXUXQDQEDVLVSRLQ
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ
WDKXQEHUMDODQGLEXODWNDQ
The Group monitors and evaluates the movements
of relevant interest rates in the financial markets to
minimize the negative effect to the Group.
The following schedule shows sensitivity to a
reasonably possible change in the interest rate,
with all other variables held constant, of the
Group’s consolidated statement of comprehensive
income for the year ended December 31, 2014:
Increase/decrease point basis
Effect on consolidated profit for the year (rounded)
E5LVLNROLNXLGLWDV
b. Liquidity risk
.HORPSRN 8VDKD PHQJHOROD SURILO OLNXLGLWDVQ\D
XQWXNGDSDWPHQGDQDLSHQJHOXDUDQPRGDOQ\DGDQ
PHPED\DU SLQMDPDQ \DQJ MDWXK WHPSR GHQJDQ
PHQMDJD NHFXNXSDQ NDV GDQ NHWHUVHGLDDQ
SHQGDQDDQ PHODOXL MXPODK IDVLOLWDV NUHGLW
EHUNRPLWPHQ\DQJFXNXS
The Group manages its liquidity profile to be able
to finance its capital expenditure and service its
maturing borrowings by maintaining sufficient
cash, and the availability of funding through an
adequate amount of committed credit facilities.
.HORPSRN8VDKDPHQJHYDOXDVLSUR\HNVLDUXVNDV
GDQ DUXV NDV DNWXDO VHFDUD UHJXODU GDQ
PHQFHUPDWL NHDGDDDQ SDVDU NHXDQJDQ VHFDUD
WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ
XQWXN PHQJHMDU LQLVLDWLI SHQJJDODQJDQ GDQD
GLDQWDUDQ\D GDODP EHQWXN SLQMDPDQ EDUX \DQJ
OHELKNRPSHWLWLI
The Group regularly evaluates its projected and
actual cash flow information and continuously
assesses conditions in the financial markets for
opportunities to pursue fund-raising initiatives,
which may include, among others, new competitive
borrowings.
80
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
E5LVLNROLNXLGLWDVODQMXWDQ
7DEHO GL EDZDK LQL PHUXSDNDQ MDGXDO MDWXK WHPSR
OLDELOLWDV NHXDQJDQ .HORPSRN 8VDKD EHUGDVDUNDQ
SHPED\DUDQ NRQWUDNWXDO VHPXOD \DQJ WLGDN
GLGLVNRQWRNDQ
b. Liquidity risk (continued)
The table below summarizes the maturity profile of
the Group’s financial liabilities based on original
contractual undiscounted amounts to be paid:
.XUDQJGDUL
Below
WDKXQyear
3LQMDPDQEDQNMDQJNDSHQGHN Short-term bank loans
8WDQJXVDKDTrade payables
8WDQJODLQODLQOther payables
%HEDQDNUXDO
Accruedexpenses
WDKXQyears WDKXQyears WDKXQyears 3LQMDPDQMDQJNDSDQMDQJ Long-term
borrowings
7RWDOTotal
/HELKGDUL
Over
WDKXQyears
1LODLWHUFDWDW
SDGDWDQJJDO
%LD\DSHUROHKDQ 'HVHPEHU
SLQMDPDQ
Carrying value
Loan arrangement
as of
cost
December 31, 2014 -
F5LVLNRNUHGLW
c. Credit risk
5LVLNRNUHGLW\DQJGLKDGDSLROHK.HORPSRN8VDKD
EHUDVDO GDUL NUHGLW \DQJ GLEHULNDQ NHSDGD
SHODQJJDQ 6HEDJDL ODQJNDK PLWLJDVL DWDV ULVLNR
LQL WHUGDSDW NHELMDNDQ XQWXN PHPDVWLNDQ
SHQMXDODQ SURGXN KDQ\D GLODNXNDQ WHUXWDPD
NHSDGD SHODQJJDQ \DQJ GDSDW GLSHUFD\D GDQ
WHUEXNWL PHPSXQ\DL VHMDUDK NUHGLW \DQJ EDLN +DO
LQLPHUXSDNDQNHELMDNDQ.HORPSRN8VDKDGLPDQD
VHPXD SHODQJJDQ \DQJ DNDQ PHODNXNDQ
SHPEHOLDQ VHFDUD NUHGLW KDUXV PHODOXL SURVHGXU
YHULILNDVLNUHGLW
The Group is exposed to credit risk arising from
the credit granted to its customers. To mitigate this
risk, it has policies in place to ensure that sales of
products are made mainly to creditworthy
customers with proven track record or good credit
history. It is the Group's policy that all customers
who wish to trade on credit are subject to credit
verification procedures.
.HORPSRN 8VDKD PHPLOLNL NHELMDNDQ XQWXN
PHPEHULNDQ EDWDVDQ MXPODK NUHGLW GDQ
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SHODQJJDQ $GDSXQ XQWXN SHODQJJDQ EDUX
.HORPSRN 8VDKD SDGD XPXPQ\D PHQJKDUXVNDQ
PHUHND XQWXN PHPEHULNDQ XDQJ PXND GDQDWDX
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EDUDQJ 6HEDJDL WDPEDKDQ VDOGR SLXWDQJ
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NHPXQJNLQDQSLXWDQJ\DQJWLGDNWHUWDJLK
The Group has policies that limit the amount of
credit exposure and the credit term to be granted
to each customer. In addition, the Group has
policies that require new customers to make full
payment and/or pay sales advances prior to goods
shipment. Moreover, receivable balances are
monitored on an ongoing basis to reduce the
exposure to bad debts.
81
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
F5LVLNRNUHGLWODQMXWDQ
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SHPED\DUDQ GDODP MDQJND ZDNWX \DQJ WHODK
GLEHULNDQ .HORPSRN 8VDKD DNDQ PHQJKXEXQJL
SHODQJJDQ XQWXN PHQLQGDNODQMXWL SLXWDQJ \DQJ
WHODK OHZDW MDWXK WHPSR -LND SHODQJJDQ WLGDN
PHOXQDVL SLXWDQJ \DQJ WHODK MDWXK WHPSR GDODP
MDQJND ZDNWX \DQJ WHODK GLWHQWXNDQ .HORPSRN
8VDKD DNDQ PHODNXNDQ QHJRVLDVL GHQJDQ
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MDQJND ZDNWX DJDU SHODQJJDQ GDSDW PHOXQDVL
VHOXUXK OLDELOLWDVQ\D -LND SHODQJJDQ PDVLK WLGDN
GDSDW PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHWHODK
SHUSDQMDQJDQ MDQJND ZDNWX WHUVHEXW .HORPSRN
8VDKDPHQLQGDNODQMXWLQ\DPHODOXLMDOXUKXNXP
6HKXEXQJDQGHQJDQULVLNRNUHGLW \DQJWLPEXOGDUL
VDOGR SDGD EDQN ULVLNR WHUVHEXW GDSDW PXQFXO
NDUHQD ZDQSUHVWDVL GDUL counterparty .HORPSRN
8VDKD PHPLOLNL NHELMDNDQ XQWXN KDQ\D
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UHSXWDVL\DQJEDLN
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.HORPSRN
8VDKD
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QLODL GRODU $PHULND 6HULNDW WHUKDGDS UXSLDK HXUR
GDQ GRODU +RQJ .RQJ PHQJKDVLONDQ OLQGXQJ QLODL
QDWXUDOXQWXNODMXQLODLWXNDU.HORPSRN8VDKD
c. Credit risk (continued)
When a customer fails to make payment within the
credit term granted, the Group contacts the
customer to act on the overdue receivables. If the
customer does not settle the overdue receivables
within a reasonable time, the Group negotiates
with the customer through, among others, an
extension of the credit term to enable the customer
to repay its payable. If the customer still does not
settle after the extended period, the Group
proceeds to commence legal proceedings.
Depending on the assessment of the Group,
specific provisions may be made if the customer’s
debt is deemed uncollectible.
With respect to credit risk from balances with
banks, credit risk exposure arises from default of
the counterparty. The Group has a policy to place
its funds only in banks with good reputation.
The maximum exposure of the financial
instruments to credit risk is equal to the carrying
values as disclosed in Note 33. As of December
31, 2014 and 2013, all of the Group’s financial
assets that are exposed to credit risk are classified
as neither past due nor impaired, except for trade
receivables as disclosed in Note 7.
d. Foreign currency risk
The Group’s functional currency is the U.S. dollar.
The Group faces non-U.S. dollar exchange risk as
certain of its cash and cash equivalents,
borrowings, sales, the costs of purchases and the
costs of operational expense are denominated in
rupiah.
The Group does not have any formal hedging
policy for non-U.S. dollar exposure. However, in
relation to the matters discussed in the preceding
paragraph, the fluctuations in the exchange rates
between the U.S. dollar and each of the rupiah,
euro and Hong Kong dollar, provide some degree
of natural hedge for the Group’s foreign exchange
exposure.
82
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
G5LVLNRPDWDXDQJDVLQJODQMXWDQ
7DEHO EHULNXW PHQXQMXNNDQ DVHW GDQ OLDELOLWDV NRQVROLGDVLDQ.HORPSRN8VDKDGDODPPDWDXDQJ
VHODLQGRODU$PHULND6HULNDW
d. Foreign currency risk (continued)
The following table shows the Group’s
consolidated non-U.S. dollar-denominated assets
and liabilities:
0DWDXDQJ
DVLQJForeign
currency
$6(7
6HWDUDGHQJDQ
Equivalent in
'RODU$6U.S.Dollar
0DWDXDQJ
DVLQJForeign
currency
6HWDUDGHQJDQ
Equivalent in
'RODU$6U.S.Dollar
ASSETS
5S
(85
+.
5S
(85
+.
5S
5S
Short-term investments
5S
(851LKLOEURNil
5S
(85
Trade receivables:
Related party - net
5S
5S
5S
5S
5S
+.
.DVGDQVHWDUDNDV
3LXWDQJXVDKD
3LKDNEHUHODVLQHWR
3LKDNNHWLJD
3LXWDQJODLQODLQ
8DQJMDPLQDQ
5S
7RWDODVVHW
/,$%,/,7$6
Other receivables
Third parties
Guarantee deposits
5S
5S
(85
/DLQQ\DOthers
5S
5S
(85
/DLQQ\DOthers
5S
(85
/DLQQ\DOthers
5S
(85
/DLQQ\DOthers
Other payables
5S
+.1LKLOHK$Nil
5S
+.
Accrued expenses
5S
Long-term borrowings
Total assets
LIABILITIES
8WDQJXVDKD
3LKDNEHUHODVL
3LKDNNHWLJD
8WDQJODLQODLQ
Trade payables:
Related party
Third parties
%HEDQDNUXDO
5S
7RWDOOLDELOLWDV
$VHWQHWR
83
Total liabilities
Net assets
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
G5LVLNRPDWDXDQJDVLQJODQMXWDQ
d. Foreign currency risk (continued)
-LNDDVHWGDODPPDWDXDQJVHODLQGRODU$6QHWR
.HORPSRN8VDKDSDGDWDQJJDO'HVHPEHU
GLMDEDUNDQ NH GDODP GRODU $6 GHQJDQ
PHQJJXQDNDQ NXUV WHQJDK WDQJJDO $SULO WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ
NRQVROLGDVLDQPDNDDVHWGDODPPDWDXDQJVHODLQ
GRODU$6QHWRDNDQWXUXQVHNLWDU$6
If the Group’s net non-U.S. dollar-denominated
assets as of December 31, 2014 were translated to
U.S. dollar using the middle exchange rate as of
April 9, 2015 (the completion date of the
consolidated financial statements), the net nonU.S. dollar-denominated assets will decrease by
about US$309,883.
3HQMDEDUDQ DVHW GDODP PDWD XDQJ VHODLQ GRODU
$6 VHWHODK GLNXUDQJL OLDELOLWDV GDODP PDWD XDQJ
VHODLQ GRODU $6 WLGDN GDSDW GLWDIVLUNDQ EDKZD
DVHW GDQ OLDELOLWDV GDODP PDWD XDQJ VHODLQ GRODU
$6 WHODK WHODK GDSDW DWDX DNDQ GDSDW
GLNRQYHUVLNDQ NH GRODU $6 GL PDVD GHSDQ
GHQJDQNXUVPDWDXDQJVHODLQGRODU$6WHUKDGDS
GRODU $6 \DQJ EHUODNX SDGD WDQJJDO
'HVHPEHUDWDXSDGDNXUVWXNDUODLQQ\D
The translation of the non-U.S. dollar-denominated
assets, net of non-U.S. dollar-denominated
liabilities, should not be construed as a
representation that these non-U.S. dollardenominated assets and liabilities have been,
could have been, or could in the future be,
converted into U.S. dollar at the prevailing
exchange rate of the non-U.S. dollar to U.S. dollar
as of December 31, 2014 or at any other rate of
exchange.
6NHGXOEHULNXWPHQXQMXNNDQVHQVLWLYLWDVWHUKDGDS
SHUXEDKDQ \DQJ PXQJNLQ WHUMDGL GDODP QLODL WXNDU
GRODU $6 GHQJDQ VHPXD YDULDEHO ODLQQ\D
GLDQJJDS WHWDS WHUKDGDS ODSRUDQ ODED UXJL
NRPSUHKHQVLI NRQVROLGDVLDQ .HORPSRN 8VDKD
XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO
'HVHPEHU
The following schedule demonstrates the
sensitivity to a reasonably possible change in the
U.S. dollar exchange rate, with all other variables
held constant, of the Group’s consolidated
statement of comprehensive income for the year
ended December 31, 2014:
3HUXEDKDQGDODPQLODLWXNDUGRODU$6
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ
WDKXQEHUMDODQGDODPGRODU$6
84
Changes in U.S. dollar exchange rate
Effect on consolidated profit
for the year in U.S. dollar The original consolidated financial statements included herein are
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2
.(8$1*$1ODQMXWDQ
H5LVLNRKDUJDNRPRGLWDV
e. Commodity price risk
'DPSDN ULVLNR KDUJD NRPRGLWDV \DQJ GLKDGDSL
.HORPSRN 8VDKD WHUXWDPD VHKXEXQJDQ GHQJDQ
SHPEHOLDQ EDKDQ EDNX XWDPD \DLWX ELMLK SODVWLN
+DUJD EDKDQ EDNX WHUVHEXW VHFDUD ODQJVXQJ
GLSHQJDUXKL ROHK IOXNWXDVL KDUJD NRPRGLWDV VHUWD
WLQJNDWSHUPLQWDDQGDQSHQDZDUDQGLSDVDU
The Group’s exposure to commodity price risk
relates primarily to the purchase of major raw
materials, such as plastic ore. The prices of this
raw material are directly affected by commodity
price fluctuations and the level of demand and
supply in the market.
.HELMDNDQ .HORPSRN 8VDKD XQWXN PHPLQLPDONDQ
ULVLNR \DQJ EHUDVDOGDUL IOXNWXDVLKDUJDNRPRGLWDV
DGDODK GHQJDQ PHQMDJD WLQJNDW SHUVHGLDDQ ELMLK
SODVWLN VHFDUD RSWLPDO XQWXN PH\DNLQNDQSURGXNVL
\DQJ EHUNHODQMXWDQ .HORPSRN 8VDKD MXJD
PHQFHUPDWL NHDGDDDQ SDVDU NRPRGLWDV VHFDUD
WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ
XQWXN PHQGDSDWNDQ KDUJD SHPEHOLDQ \DQJ SDOLQJ
NRPSHWLWLIEDJL.HORPSRN8VDKD
The Group’s policy is to minimize the risks arising
from the fluctuations in the commodity prices by
maintaining the optimum inventory level of plastic
ore to ensure continuous production. The Group
continuously assesses conditions in the commodity
markets for opportunities to obtain the most
competitive purchase price for its benefit.
3HQJHORODDQPRGDO
Capital management
7XMXDQ .HORPSRN 8VDKD GDODP SHQJHORODDQ
SHUPRGDODQ DGDODK XQWXN PHPSHUWDKDQNDQ
NHODQJVXQJDQ XVDKD .HORPSRN 8VDKD JXQD
PHPEHULNDQ LPEDO KDVLO NHSDGD SHPHJDQJ VDKDP
GDQ PDQIDDWNHSDGDSHPHJDQJNHSHQWLQJDQODLQQ\D
VHUWD PHQMDJD VWUXNWXU PRGDO \DQJ RSWLPDO XQWXN
PHQJXUDQJLELD\DPRGDO
The Group’s objective when managing capital are to
safeguard the Group’s ability to continue as a going
concern in order to provide returns for stockholders
and benefits to other stakeholders and to maintain an
optimum capital structure to minimize the cost of
capital.
6HFDUD EHUNDOD .HORPSRN 8VDKD PHODNXNDQ
SHQLODLDQ XWDQJ XQWXN PHQLODL NHPXQJNLQDQ
SHPELD\DDQ NHPEDOL NHZDMLEDQ \DQJ DGD GHQJDQ
\DQJ EDUX \DQJ PHPLOLNL ELD\D \DQJ OHELK HILVLHQ
\DQJ DNDQ PHQJDUDKNDQ SDGD ELD\D XWDQJ \DQJ
OHELKRSWLPDO
Periodically, the Group conducts debt valuation to
assess possibilities of refinancing existing debts with
new ones which have more efficient cost that will lead
to more optimized cost-of-debt.
6HEDJDL WDPEDKDQ XQWXN SDWXKNHSDGD SHPEDWDVDQ
XWDQJ.HORPSRN8VDKDMXJDPHQMDJDVWUXNWXUPRGDO
SDGDWLQJNDW\DQJGL\DNLQLWLGDNDNDQPHPEDKD\DNDQ
SHULQJNDW NUHGLW GDQ \DQJ KDPSLU VHWDUD GHQJDQ
SHVDLQJQ\D 5DVLR XWDQJ WHUKDGDS HNXLWDV DGDODK
UDVLR \DQJ GLPRQLWRU ROHK PDQDMHPHQ XQWXN
PHQJHYDOXDVL VWUXNWXU PRGDO .HORPSRN 8VDKD GDQ
PHQJNDMLHIHNWLYLWDVXWDQJ.HORPSRN8VDKD
In addition to complying with loan covenants, the
Group also maintains its capital structure at the level
it believes will not risk its credit rating and which is
comparable with that of its competitors. Debt-toequity ratio is a ratio which is monitored by
management to evaluate the Group’s capital
structure and review the effectiveness of the Group’s
debts.
3DGD WDQJJDO 'HVHPEHU GDQ UDVLR
XWDQJ WHUKDGDS HNXLWDV .HORPSRN 8VDKD PDVLQJ
PDVLQJDGDODKVHEHVDUGDQ
As of December 31 and 2013, the Group’s debt-toequity ratio was 0.61 and 0.72, respectively.
35. SEGMENT INFORMATION
,1)250$6,6(*0(1
8QWXN NHSHQWLQJDQ PDQDMHPHQ .HORPSRN 8VDKD
GLJRORQJNDQ PHQMDGL XQLW XVDKD EHUGDVDUNDQ SURGXN
GDQ MDVD GDQ PHPLOLNL GXD VHJPHQ RSHUDVL \DQJ
GLODSRUNDQ\DLWXPDQXIDNWXUGDQGLVWULEXVL
For management purposes, the Group is organized
into business units based on their products and
services and have two reportable operating segments
namely manufacturing and distribution.
85
0DQXIDNWXU
Manufacturing
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,1)250$6,6(*0(1ODQMXWDQ
'LVWULEXVL
Distribution
.RQVROLGDVLDQConsolidated
AND ITS SUBSIDIARY
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
The original consolidated financial statements included herein are in the Indonesian language.
(OLPLQDVLElimination
35. SEGMENT INFORMATION (continued)
External
Inter-segment
NET SALES
Segment assets
OTHER INFORMATION
Profit (loss) for the year
Segment liabilities
Operating profit (loss)
Equity in net earnings (loss) of an
associated company
Finance income
Finance expense
Income tax expense - net
RESULTS
Total net sales
3(1-8$/$11(72
Capital expenditures
Depreciation of fixed assets
and amortization of landrights
+$6,/
(NVWHUQDO $QWDUVHJPHQ
7RWDOSHQMXDODQQHWR
,1)250$6,/$,11<$
/DEDUXJLXVDKD
%DJLDQODEDUXJLQHWRHQWLWDVDVRVLDVL
3HQGDSDWDQNHXDQJDQ
%HEDQNHXDQJDQ
%HEDQSDMDNSHQJKDVLODQQHWR
/DEDUXJLWDKXQEHUMDODQ
$VHWVHJPHQ
/LDELOLWDVVHJPHQ
3HQJHOXDUDQPRGDO
3HQ\XVXWDQDVHWWHWDSGDQDPRUWLVDVL
KDNDWDVWDQDK
86
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
,1)250$6,6(*0(1ODQMXWDQ
35. SEGMENT INFORMATION (continued)
3HQMXDODQEHUGDVDUNDQSDVDU
Sales by market
,QIRUPDVL EHULNXW PHQXQMXNNDQ GLVWULEXVL GDUL
SHQMXDODQ NRQVROLGDVL .HORPSRN 8VDKD EHUGDVDUNDQ
SDVDUJHRJUDILV
The following information shows the distribution of
consolidated sales of the Group by geographical
market:
,QGRQHVLD
$VLDGLOXDU7LPXU7HQJDK
$IULND
(URSD
$PHULND
$XVWUDOLDGDQ6HODQGLD%DUX
7LPXU7HQJDK
7RWDO
7DQJJDO'HVHPEHU
Indonesia
Asia (excluding Middle East) Africa
Europe
America
Australia and New Zealand
Middle East
Total
$VHWEHUGDVDUNDQZLOD\DKJHRJUDILV
Assets by geographical area
,QIRUPDVL EHULNXW PHQXQMXNNDQ QLODL WHUFDWDW DVHW
VHJPHQEHUGDVDUNDQZLOD\DKJHRJUDILVDVHWWHUVHEXW
EHUDGD
The following information shows the carrying amount
of segment assets by geographical area in which the
assets are located:
1LODLWHUFDWDWDVHWVHJPHQ
'HVHPEHU
Carrying amount of segment assets
December 31,
,QGRQHVLD
+RQJ.RQJ
7RWDO
Indonesia
Hong Kong
Total
36. SIGNIFICANT AGREEMENT
3(5-$1-,$13(17,1*
D 3DGD WDQJJDO 0HL 3HUXVDKDDQ
PHQJDGDNDQ SHUMDQMLDQ supply 1R $.3, NRQWUDN HNVSRU GHQJDQ %UXFNQHU
0DVFKLQHQEDX *PE+ &R .* ³%UXFNQHU´
GLPDQD%UXFNQHUVHWXMXXQWXNPHQ\HGLDNDQGDQ
PHQMXDO GDQ 3HUXVDKDDQ VHWXMX XQWXN PHPEHOL
PHVLQ%233GDQSHUDODWDQSHQGXNXQJODLQQ\D
a. On May 17, 2013, the Company entered into
supply contract No. AKPI 2013-001 (export
contract) with Bruckner Maschinenbau GmbH &
Co. KG (“Bruckner”), whereby Bruckner agreed
to supply and sell and the Company agreed to
purchase BOPP machineries and other factory
equipment.
6HODQMXWQ\D
SHUMDQMLDQ
WHUVHEXW
WHODK
PHQJDODPL
SHUXEDKDQ
SDGD
WDQJJDO
1RYHPEHU DQWDUD ODLQ PHQJHQDL
SHUXEDKDQ GDODP NHWHQWXDQ SHPED\DUDQ GDQ
SHUXEDKDQ QLODL NRQWUDN GDUL VHEHOXPQ\D
EHUGHQRPLQDVL
GDODP
(XUR
PHQMDGL
EHUGHQRPLQDVLGDODPGRODU$PHULND6HULNDW
The
contract
was
amended
on
November 25, 2013 relating to, among others,
change in the terms of payment and change in
the total contract value from being previously
denominated in Euro to becoming denominated
in U.S. dollar.
87
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(5-$1-,$13(17,1*ODQMXWDQ
36. SIGNIFICANT AGREEMENT (continued)
E6HKXEXQJDQGHQJDQSHUMDQMLDQSLQMDPDQDQWDUD
3HUXVDKDDQ GHQJDQ '= %DQN $* GDQ XQWXN
PHPHQXKL NHWHQWXDQ 3HUDWXUDQ EDQN ,QGRQHVLD
1R3%, WHUWDQJJDO 0HL WHQWDQJ 3HQHULPDDQ 'HYLVD +DVLO (NVSRU GDQ
3HQDULNDQ 'HYLVD 8WDQJ /XDU 1HJHUL PDND
SDGD WDQJJDO -XOL 37 %DQN 82%
,QGRQHVLD '= %DQN $* GDQ 3HUXVDKDDQ WHODK
PHQDQGDWDQJDQL 3HUMDQMLDQ %DQN ); GLPDQD
37 %DQN 82% ,QGRQHVLD WHODK GLWXQMXN VHEDJDL
%DQN 'HYLVD GDQ XQWXN PHQJDWXU VHOXUXK
WUDQVDNVL GDQSHQFDWDWDQ \DQJGLSHUOXNDQXQWXN
SURVHGXU SHQFDLUDQ EHUGDVDUNDQ 3HUMDQMLDQ
3LQMDPDQDJDUVHVXDLGHQJDQSHUDWXUDQ
b. In connection with the loan agreement between
the Company and DZ Bank AG, and to comply
with
Bank
Indonesia
Regulation
No.16/10/PBI/2014 dated May 14, 2014
regarding Receipt of Export Earnings in Foreign
Exchange and Withdrawal of Offshore Loans in
Foreign Exchange, on July 21, 2014, PT Bank
UOB Indonesia, DZ Bank AG and the Company
entered into an FX Bank Agreement, whereby
PT Bank UOB Indonesia has been appointed as
a Foreign Exchange Bank and to arrange all
transactions and bookings necessary for the
disbursement procedures under the Loan
Agreement to be in line with the regulation.
37. EVENT AFTER THE REPORTING PERIOD
3(5,67,:$6(7(/$+3(5,2'(3(/$325$1
D 3DGD WDQJJDO 0DUHW 3HUXVDKDDQ GDQ
$1= PHQDQGDWDQJDQL SHUXEDKDQ GDQ SHUQ\DWDDQ
NHPEDOL DWDV SHUMDQMLDQ IDVLOLWDV GLPDQD
3HUXVDKDDQ PHPSHUROHK IDVLOLWDV 027) XQWXN
MXPODK PDNVLPXP VHEHVDU $6 +DVLO
VDPSDLWDQJJDO-DQXDUL
a.
On March 16, 2015, the Company and ANZ
signed the amendment and restatement to the
facility agreement, whereby the Company
obtained MOTF for a maximum amount of
were used to finance the purchase of raw
materials. The facility is available until January
31, 2016.
E 3DGD WDQJJDO 0DUHW 3HUXVDKDDQ GDQ
&7%&PHQDQGDWDQJDQLSHUXEDKDQ DWDV SHUMDQMLDQ
IDVLOLWDVGLPDQD3HUXVDKDDQPHPSHUROHKIDVLOLWDV
2/
XQWXN
MXPODK
PDNVLPXP
VHEHVDU
$6 )DVLOLWDV LQL WHUVHGLD VDPSDL
WDQJJDO-XQL
b.
On March 31, 2015, the Company and CTBC
signed the amendment to the facility agreement,
whereby the Company obtained OL for a
maximum amount of US$5,000,000. The facility
is available until June 2, 2015.
3(5.(0%$1*$1
7(5.,1,
0(03(1*$58+,67$1'$5$.817$16,
<$1*
38. RECENT
DEVELOPMENTS
ACCOUNTING STANDARDS
%HULNXW LQL DGDODK EHEHUDSD VWDQGDU DNXQWDQVL \DQJ
WHODK GLVDKNDQ ROHK '6$. \DQJ GLSDQGDQJ UHOHYDQ
WHUKDGDSSHODSRUDQNHXDQJDQ.HORPSRN8VDKDQDPXQ
KDQ\D EHUODNX HIHNWLI XQWXN ODSRUDQ NHXDQJDQ \DQJ
GLPXODLSDGDDWDXVHWHODKWDQJJDO-DQXDUL
AFFECTING
The following are several accounting standards
issued by the DSAK that are considered relevant to
the financial reporting of the Group but are effective
only for financial statements starting on or after
January 1, 2015:
x
36$. 1R 5HYLVL ³3HQ\DMLDQ /DSRUDQ
.HXDQJDQ´ 36$. LQL PHQJXEDK SHQ\DMLDQ
NHORPSRN
SRVSRV
GDODP
3HQJKDVLODQ
.RPSUHKHQVLI /DLQ 3RVSRV \DQJ DNDQ
GLUHNODVLILNDVL NH ODED UXJL GLVDMLNDQ WHUSLVDK GDUL
SRVSRV \DQJ WLGDN DNDQ GLUHNODVLILNDVL NH ODED
UXJL
x PSAK No. 1 (Revised 2013), “Presentation of
Financial Statements”. This PSAK changed the
grouping
of
items
presented
in
Other
Comprehensive Income. Items that can be
reclassified to profit or loss are to be presented
separately from items that will never be
reclassified.
x
36$. 1R 5HYLVL ³,QYHVWDVL SDGD
(QWLWDV $VRVLDVL GDQ 9HQWXUD %HUVDPD´ 36$. LQL
PHQJDWXU SHQHUDSDQ PHWRGH HNXLWDV SDGD
LQYHVWDVL YHQWXUD EHUVDPD GDQ MXJD HQWLWDV
DVRVLDVL
x PSAK No. 15 (Revised 2013), “Investments in
Associates and Joint Venture”. This PSAK
describes the application of the equity method to
investments in joint ventures in addition to
associates.
x
36$. 1R 5HYLVL ³,PEDODQ .HUMD´
36$. LQL PHQJKDSXV PHNDQLVPH NRULGRU GDQ
SHQJXQJNDSDQ DWDV LQIRUPDVL OLDELOLWDV NRQWLQMHQVL
XQWXN
PHQ\HGHUKDQDNDQ
NODULILNDVL
GDQ
SHQJXQJNDSDQ
88
x
PSAK No. 24 (Revised 2013), “Employee
Benefits”. This PSAK removed the corridor
mechanism and contingent liability disclosures and
requires only simple clarifications and disclosures.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
'$1(17,7$6$1$.1<$
&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(5.(0%$1*$1
7(5.,1,
<$1*
0(03(1*$58+,
67$1'$5
$.817$16,
ODQMXWDQ
x 36$. 1R 5HYLVL ³3DMDN 3HQJKDVLODQ´
36$. LQL PHPEHULNDQ WDPEDKDQ SDQGXDQ XQWXN
DVHW DWDX OLDELOLWDV SDMDN WDQJJXKDQ \DQJ EHUDVDO
GDUL DVHW \DQJ WLGDN GLVXVXWNDQ \DQJ GLXNXU
GHQJDQ PHQJJXQDNDQ PRGHO UHYDOXDVL GDQ \DQJ
EHUDVDOGDULSURSHUWLLQYHVWDVL\DQJGLXNXUGHQJDQ
PHQJJXQDNDQPRGHOQLODLZDMDU
x 36$. 1R 5HYLVL ³3HQXUXQDQ 1LODL
$VHW´ 36$. LQL PHPEHULNDQ WDPEDKDQ
SHUV\DUDWDQ SHQJXQJNDSDQ XQWXN VHWLDS DVHW
LQGLYLGXDO WHUPDVXN goodwill DWDX XQLW SHQJKDVLO
NDV \DQJ NHUXJLDQ SHQXUXQDQ QLODL WHODK GLDNXL
DWDXGLEDOLNVHODPDSHULRGH
x 36$.1R5HYLVL³,QVWUXPHQ.HXDQJDQ
3HQ\DMLDQ´ 36$. LQL PHPEHULNDQ WDPEDKDQ
SDQGXDQ DWDV NULWHULD PHQJHQDL KDN \DQJ GDSDW
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ODLQ
89
38. RECENT
DEVELOPMENTS
AFFECTING
ACCOUNTING STANDARDS (continued)
x
PSAK No. 46 (Revised 2014), “Income Taxes”.
This PSAK provides additional guidance for
deferred tax asset or deferred tax liability arising
from a non-depreciable asset measured using the
revaluation model, and from investment property
that is measured using the fair value model.
x
PSAK No. 48 (Revised 2014) “Impairment of
Assets”. This PSAK provides additional disclosure
for
each
individual
asset
(including
goodwill) or a cash-generating unit, for
which
an
impairment
loss
has
been
recognized or reversed during the period.
x
PSAK No. 50 (Revised 2014): “Financial
Instruments:
Presentation”. This PSAK provides more guidance
on the criteria of legally enforceable right to set off
recognized amounts and to settle on a net basis.
x
PSAK No. 55 (2014): “Financial Instruments:
Recognition and Measurement”. This PSAK
provides additional guidance on the criteria of nonexpiration or termination of hedging instrument,
and accounting for financial instruments at the
measurement date and after initial recognition.
x
PSAK No. 60 (2014): “Financial Instruments:
Disclosures”. This PSAK provides additional
guidance on offsetting disclosures with quantitative
and qualitative information, and disclosures on
transfers of financial instruments from one
classification to another.
x PSAK
No.
65,
“Consolidated
Financial
Statements”. This PSAK replaced the portion of
PSAK No. 4 (2009) that addresses the accounting
for consolidated financial statements and
established principles for the presentation and
preparation of consolidated financial statements
when an entity controls one or more other entities.
x PSAK No. 67, “Disclosures of Interest in Other
Entities”. This PSAK includes all of the disclosures
that were previously required in PSAK No. 4
(2009), PSAK No.12 (2009) and PSAK No. 15
(2009). These disclosures relate to an entity’s
interests in other entities.
AND ITS SUBSIDIARY
STATEMENTS
37$5*+$.$5<$35,0$,1'8675<7EN
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&$7$7$1$7$6/$325$1.(8$1*$1
.2162/,'$6,$1
7DQJJDO'HVHPEHUGDQ
3(5.(0%$1*$1
7(5.,1,
<$1*
0(03(1*$58+,
67$1'$5
$.817$16,
ODQMXWDQ
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GLV\DUDWNDQDWDXGLL]LQNDQ
x ,6$. 1R ³3HQLODLDQ .HPEDOL 'HULYDWLI
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NRQWUDNXWDPDGDQGLFDWDWVHEDJDLVXDWXGHULYDWLI
38. RECENT
DEVELOPMENTS
AFFECTING
ACCOUNTING STANDARDS (continued)
x PSAK No. 68, “Fair Value Measurement”. This
PSAK provides guidance on how to measure fair
value when fair value is required or permitted.
x ISAK No. 26 (2014), “Reassessment of Embedded
Derivatives”, adopted from International Financial
Reporting Interpretation Committee (“IFRIC”) 9.
This ISAK provides guidance on the assessment of
whether an embedded derivative is required to be
separated from the host contract and accounted
for as a derivative.
.HORPSRN 8VDKD VHGDQJ PHQJHYDOXDVL GDQ EHOXP
PHQHQWXNDQ GDPSDN GDUL 36$. UHYLVL WHUVHEXW
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The Group is presently evaluating and has not yet
determined the effects of this revised PSAK on the
consolidated financial statements.
5(./$6,),.$6,$.81
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SDGD ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ 'HVHPEHU
39. RECLASSIFICATIONS OF ACCOUNT
Following are the account in the December 31, 2013
which have been reclassified to allow their
comparison
with
the
account
in
the
December
31,
2014
consolidated
financial
statements:
'DULFrom
0HQMDGLTo
%HEDQDNUXDO
Accrued expenses
90
-XPODKAmount

Annual Report 2014 - PT Argha Karya Prima Industry Tbk

Transcription

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