PT Gudang Garam TBK Dan Entitas Anak

PT GUDANG GARAM Tbk DAN ENTITAS ANAK/
PT GUDANG GARAM Tbk AND SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

30 SEPTEMBER 2014 (Belum audit) DAN 31 DESEMBER 2013 (Audit) / 30 SEPTEMBER 2014 (Unaudited) AND 31 DECEMBER 2013 (Audited)
(Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified )
30 September/ 31 Desember/
Catatan/ September December
ASET Notes 2014 2013 ASSETS
ASET LANCAR CURRENT ASSETS

KAS DAN SETARA KAS 3 1,403,964 1,404,108 CASH AND CASH EQUIVALENTS
PIUTANG USAHA PIHAK KETIGA 4 1,610,411 2,196,086 TRADE RECEIVABLES, THIRD PARTIES
PERSEDIAAN 5 33,521,222 30,241,368 INVENTORIES
PAJAK DIBAYAR DIMUKA 12 403,827 267,241 PREPAID TAXES
BEBAN DIBAYAR DIMUKA 6 516,172 214,580 PREPAID EXPENSES
ASET LANCAR LAINNYA 7 536,015 281,078 OTHER CURRENT ASSETS
TOTAL ASET LANCAR 37,991,611 34,604,461 TOTAL CURRENT ASSETS
ASET TIDAK LANCAR NON-CURRENT ASSETS

ASET TETAP, bersih 8 17,795,721 14,788,915 FIXED ASSETS, net
ASET PAJAK TANGGUHAN, bersih 12 62,943 58,145 DEFERRED TAX ASSETS, net
ASET TIDAK LANCAR LAINNYA 9 729,639 1,318,730 OTHER NON-CURRENT ASSETS
TOTAL ASET TIDAK LANCAR 18,588,303 16,165,790 TOTAL NON-CURRENT ASSETS
TOTAL ASET 56,579,914 50,770,251 TOTAL ASSETS
Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan See Notes to the Consolidated Financial Statements which form an
bagian tak terpisahkan dari laporan keuangan ini. integral part of these financial statements.
PT Gudang Garam Tbk 1


LIABILITAS DAN EKUITAS Notes 2014 2013 LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

PINJAMAN JANGKA PENDEK 10 15,420,619 12,978,791 SHORT-TERM LOANS
UTANG USAHA: 11 TRADE PAYABLES:
Pihak ketiga 2,574,372 788,611 Third parties
Pihak berelasi 22,864 9,823 Related parties
UTANG PAJAK 12 240,790 48,816 TAXES PAYABLE
UTANG CUKAI, PPN DAN EXCISE DUTY, VAT AND
PAJAK ROKOK 13 4,535,242 5,716,498 CIGARETTES TAX PAYABLES
BEBAN AKRUAL 14 144,317 189,163 ACCRUED EXPENSES
LIABILITAS JANGKA PENDEK LAINNYA 15 381,619 362,878 OTHER CURRENT LIABILITIES
TOTAL LIABILITAS JANGKA PENDEK 23,319,823 20,094,580 TOTAL CURRENT LIABILITIES
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

LIABILITAS IMBALAN KERJA 16 1,116,996 1,022,904 EMPLOYEE BENEFITS OBLIGATION
LIABILITAS PAJAK TANGGUHAN, bersih 12 242,111 236,496 DEFERRED TAX LIABILITIES, net
TOTAL LIABILITAS JANGKA TOTAL NON-CURRENT
PANJANG 1,359,107 1,259,400 LIABILITIES
TOTAL LIABILITAS 24,678,930 21,353,980 TOTAL LIABILITIES
EKUITAS EQUITY
MODAL SAHAM, nilai nominal SHARE CAPITAL, par value of

Rp 500 (rupiah penuh) per saham: Rp 500 (whole rupiah) per share:
Modal dasar: Authorized capital:
2.316.000.000 saham 2,316,000,000 shares
Modal ditempatkan dan disetor penuh: Issued and paid-up capital:
1.924.088.000 saham 17 962,044 962,044 1,924,088,000 shares
dipindahkan 962,044 962,044 carry forward


LIABILITAS DAN EKUITAS Notes 2014 2013 LIABILITIES AND EQUITY
pindahan 962,044 962,044 carried forward

AGIO SAHAM 18 53,700 53,700 CAPITAL PAID IN EXCESS OF PAR
SELISIH TRANSAKSI DENGAN PIHAK DIFFERENCE FROM TRANSACTION WITH
NONPENGENDALI 19 (13,109) (13,109) NON-CONTROLLING INTEREST
SALDO LABA: RETAINED EARNINGS:
Dicadangkan 20 200,000 200,000 Appropriated
Belum dicadangkan 30,564,987 28,061,414 Unappropriated
EKUITAS YANG DAPAT DIATRIBUSIKAN KEPADA EQUITY ATTRIBUTABLE TO
PEMILIK ENTITAS INDUK 31,767,622 29,264,049 OWNERS OF THE COMPANY
KEPENTINGAN NONPENGENDALI 133,362 152,222 NON-CONTROLLING INTEREST
TOTAL EKUITAS 31,900,984 29,416,271 TOTAL EQUITY
TOTAL LIABILITAS DAN TOTAL LIABILITIES AND

EKUITAS 56,579,914 50,770,251 EQUITY
Kediri, Oktober/October 2014
HERRY SUSIANTO
Direktur / Director

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PERIODE YANG BERAKHIR 30 SEPTEMBER 2014 DAN 2013 (Belum audit) / PERIOD ENDED 30 SEPTEMBER 2014 AND 2013 (Unaudited)
30 September/ 30 September/
Catatan/ September September
Notes 2014 2013
PENDAPATAN 21 48,189,776 40,016,768 REVENUE

BIAYA POKOK PENJUALAN 22 (38,488,344) (32,089,730) COST OF SALES
LABA BRUTO 9,701,432 7,927,038 GROSS PROFIT
Pendapatan lainnya 47,579 45,030 Other income

Beban usaha 23 (3,524,530) (3,108,976) Operating expenses
Beban lainnya (27,374) (4,951) Other expenses
Laba (rugi) kurs, bersih 157,725 (13,748) Foreign exchange gain (loss), net
LABA USAHA 6,354,832 4,844,393 OPERATING PROFIT
Beban bunga (926,209) (473,834) Interest expense
LABA SEBELUM PAJAK PENGHASILAN 5,428,623 4,370,559 PROFIT BEFORE INCOME TAX
Beban pajak penghasilan 12 (1,361,041) (1,093,184) Income tax expense
LABA / TOTAL PENDAPATAN KOMPREHENSIF PROFIT / TOTAL COMPREHENSIVE

PERIODE BERJALAN 4,067,582 3,277,375 INCOME FOR THE PERIOD
LABA / TOTAL PENDAPATAN KOMPREHENSIF PROFIT / TOTAL COMPREHENSIVE

YANG DAPAT DIATRIBUSIKAN KEPADA: INCOME ATTRIBUTABLE TO:
Pemilik entitas induk 4,042,843 3,236,041 Owners of the Company
Kepentingan nonpengendali 24,739 41,334 Non-controlling interest
4,067,582 3,277,375
Laba per saham (dalam rupiah penuh) 24 2,101 1,682 Earnings per share (in whole rupiah)
Kediri, Oktober/October 2014
HERRY SUSIANTO
Direktur / Director

LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN /

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/

Equity attributable to owners of the Company
Selisih transaksi
Agio dengan pihak
saham / nonpengendali / Kepentingan
Modal Capital Difference from Saldo laba/Retained earnings non Total
saham / paid in transaction with Belum pengendali / ekuitas /
Catatan/ Share excess of non-controlling Dicadangkan/ dicadangkan/ Total / Non-controlling Total
Note capital par interest Appropriated Unappropriated Total interest equity
Balance as of
Saldo 31 Desember 2013 962,044 53,700 (13,109) 200,000 28,061,414 29,264,049 152,222 29,416,271 31 December 2013
Total pendapatan komprehensif Total comprehensive

periode berjalan - - - - 4,042,843 4,042,843 24,739 4,067,582 income for the period
Dividen 25 - - - - (1,539,270) (1,539,270) (43,599) (1,582,869) Dividends
Balance as of
Saldo 30 September 2014 962,044 53,700 (13,109) 200,000 30,564,987 31,767,622 133,362 31,900,984 30 September 2014

LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN /

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/
Equity attributable to owners of the Company
Selisih transaksi
Agio dengan pihak
saham / nonpengendali / Kepentingan
Modal Capital Difference from Saldo laba/Retained earnings non Total
saham / paid in transaction with Belum pengendali / ekuitas /
Catatan/ Share excess of non-controlling Dicadangkan/ dicadangkan/ Total / Non-controlling Total
Note capital par interest Appropriated Unappropriated Total interest equity
Balance as of
Saldo 31 Desember 2012 962,044 53,700 (13,109) 200,000 25,271,948 26,474,583 131,130 26,605,713 31 December 2012
Total pendapatan komprehensif Total comprehensive

periode berjalan - - - - 3,236,041 3,236,041 41,334 3,277,375 income for the period
Perubahan kepemilikan Change of ownership

di entitas anak 1 - - - - - - (1,399) (1,399) in subsidiary
Dividen 25 - - - - (1,539,270) (1,539,270) (32,705) (1,571,975) Dividends
Balance as of
Saldo 30 September 2013 962,044 53,700 (13,109) 200,000 26,968,719 28,171,354 138,360 28,309,714 30 September 2013

LAPORAN ARUS KAS KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF CASH FLOWS

September September
2014 2013
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

OPERASI: ACTIVITIES:
Penerimaan kas dari pelanggan 48,789,868 39,769,429 Cash received from customers
Pembayaran kas kepada pemasok (40,129,473) (34,012,749) Cash paid to suppliers
Pembayaran untuk beban usaha (2,188,874) (2,197,901) Payments for operating expenses
Pembayaran kas kepada karyawan (1,791,373) (1,504,028) Payments to employees
Penerimaan bunga 29,088 26,623 Receipts of interest
Pembayaran bunga (1,000,466) (455,088) Payments of interest
Pembayaran pajak penghasilan badan (1,188,436) (1,068,174) Payments of corporate income tax
Penerimaan lainnya 155,788 11,134 Other cash received
Kas bersih dari Net cash from
aktivitas operasi 2,676,122 569,246 operating activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI: ACTIVITIES:
Perolehan aset tetap (3,556,729) (4,256,469) Acquisition of fixed assets
Penerimaaan kas dari penjualan aset tetap 16,407 38,098 Cash receipt from sale of fixed assets
Kas bersih untuk Net cash used in
aktivitas investasi (3,540,322) (4,218,371) investing activities
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN: ACTIVITIES:
Penerimaan bersih dari Net proceeds from
pinjaman jangka pendek 1,699,500 5,550,000 short-term loans
Pembayaran dividen kepada: Payments of dividends to:
Pemilik entitas induk (1,539,270) (1,539,270) Owners of the Company
Kepentingan nonpengendali (43,599) (32,705) Non-controlling interest
Pembelian saham entitas anak dari pemegang saham Acquisition of subsidiary's shares from non-
nonpengendali - (1,399) controlling interest
Kas bersih dari Net cash from
aktivitas pendanaan 116,631 3,976,626 financing activities
Laba kurs atas kas dan Foreign exchange gain on cash and
setara kas 5,097 14,965 cash equivalents
(Penurunan) kenaikan bersih kas dan Net (decrease) increase in cash and
setara kas (742,472) 342,466 cash equivalents
Kas dan setara kas, awal periode 1,175,317 571,449 Cash and cash equivalents, beginning of period
Kas dan setara kas, akhir periode (Catatan 3) 432,845 913,915 Cash and cash equivalents, end of period (Note 3)

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN/NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
PERIODE YANG BERAKHIR 30 SEPTEMBER 2014 DAN 2013 (Belum Audit) DAN PER 31 DESEMBER 2013 (Audit) /
PERIOD ENDED 30 SEPTEMBER 2014 AND 2013 (Unaudited) AND AS AT 31 DECEMBER 2013 (Audited)
(Dalam jutaan rupiah, kecuali dinyatakan khusus / In millions of rupiah, unless otherwise specified)
1. UMUM 1. GENERAL
PT Gudang Garam Tbk (“Perseroan”), yang semula bernama PT Gudang Garam Tbk (“the Company”), previously named
PT Perusahaan Rokok Tjap “Gudang Garam” Kediri (PT as PT Perusahaan Rokok Tjap “Gudang Garam” Kediri
Gudang Garam), didirikan dengan akte Suroso SH, wakil (PT Gudang Garam), was established by deed of Mr. Suroso
notaris sementara di Kediri, tanggal 30 Juni 1971 No. 10, SH, acting notary public in Kediri, dated 30 June 1971 No.
diubah dengan akte notaris yang sama tanggal 13 Oktober 10, amended by deed of the same notary dated 13 October 1971
1971 No. 13; akte-akte ini disetujui oleh Menteri Kehakiman No. 13; these deeds were approved by the Minister of Justice
dengan No. J.A.5/197/7 tanggal 17 Nopember 1971, under No. J.A.5/197/7 on 17 November 1971, registered at
didaftarkan di Pengadilan Negeri Kediri dengan No. 31/1971 the Kediri Court of Justice under No. 31/1971 and No.
dan No. 32/1971 tanggal 26 Nopember 1971, dan 32/1971 on 26 November 1971, and published in
diumumkan dalam Tambahan No. 586 pada Berita Negara Supplement No. 586 to State Gazette No. 104 of 28
No. 104 tanggal 28 Desember 1971. December 1971.
Perseroan merupakan kelanjutan dari Perusahaan Perorangan The Company is a continuation of a Proprietorship which was
yang didirikan tahun 1958. Pada tahun 1969 berubah status established in 1958. In 1969, the Company changed its legal status
menjadi Firma dan pada tahun 1971 menjadi Perseroan to a Partnership and in 1971 it was further changed its existing
Terbatas. Operasi komersial dimulai tahun 1958. legal entity as a Limited Liability Company. Commercial operation
was commenced in 1958.
Anggaran Dasar Perseroan telah mengalami beberapa kali The Company’s Articles of Association have been amended
perubahan. Perubahan terakhir dilakukan dengan akte notaris several times. The latest amendment was effected by deed of
Dyah Ambarwaty Setyoso, SH tanggal 18 Desember 2008 notary public Dyah Ambarwaty Setyoso, SH dated 18
No. 27 untuk memenuhi ketentuan Undang-Undang No. December 2008 No. 27 to comply with the provisions of
40/2007 tentang Perseroan Terbatas. Company Law No. 40/2007.
Perseroan berdomisili di Indonesia dengan Kantor Pusat di Jl. The Company is an Indonesian domiciled company with its
Semampir II / 1, Kediri, Jawa Timur, serta memiliki pabrik Head Office at Jl. Semampir II / 1, Kediri, East Java, and its
yang berlokasi di Kediri, Gempol, Karanganyar dan plants are located in Kediri, Gempol, Karanganyar and
Sumenep. Perseroan juga memiliki Kantor-kantor Perwakilan Sumenep. The Company also has representative offices,
yaitu Kantor Perwakilan Jakarta di Jl. Jenderal A. Yani 79, which are Jakarta Representative Office at Jl. Jenderal A.
Jakarta dan Kantor Perwakilan Surabaya di Jl. Pengenal 7 – Yani 79, Jakarta and Surabaya Representative Office at Jl.
15, Surabaya, Jawa Timur. Pengenal 7 – 15, Surabaya, East Java.
Sesuai dengan pasal 3 Anggaran Dasarnya, Perseroan In accordance with article 3 of its Articles of Association, the
bergerak di bidang industri rokok dan yang terkait dengan Company is engaged in cigarette industry and other related
industri rokok. cigarette industry activities.
PT Suryaduta Investama merupakan entitas induk terakhir PT Suryaduta Investama is the Company’s ultimate parent.
Perseroan.
Dengan izin Menteri Keuangan No. SI-126/SHM/ By Minister of Finance license No. SI-126/SHM/
KMK.10/1990 tanggal 17 Juli 1990, Perseroan telah KMK.10/1990 dated 17 July 1990, the Company has
melakukan penawaran umum kepada masyarakat melalui publicly offered through the capital market its 57,807,800
pasar modal sejumlah 57.807.800 saham dengan nominal Rp shares at par value of Rp 1,000 (whole rupiah) per share.
1.000 (rupiah penuh) per saham.
Dengan surat PT Bursa Efek Surabaya No. 372/D- By a letter from PT Bursa Efek Surabaya No. 372/D-
129/BES/VIII/90 tanggal 21 Agustus 1990 telah disetujui 129/BES/VIII/90 dated 21 August 1990, 96,204,400 of the
untuk dicatatkan di Bursa Efek Surabaya (“BES”) sebanyak Company’s shares have been agreed to be listed in the
96.204.400 saham Perseroan sejak 27 Agustus 1990. Dengan Surabaya Stock Exchange (“BES”) since 27 August 1990.
surat PT Bursa Efek Jakarta No. S-204/BEJ/VI/92 tanggal 24 By a letter from PT Bursa Efek Jakarta No. S-204/BEJ/VI/92
Juni 1992, telah disetujui untuk dicatatkan di Bursa Efek dated 24 June 1992, the same number of shares have been
Jakarta (“BEJ”) sejumlah saham yang sama. Dengan surat PT agreed to be listed in the Jakarta Stock Exchange (“BEJ”).
Bursa Efek Surabaya No. 48/EMT/LIST/BES/V/94 tanggal By a letter from PT Bursa Efek Surabaya No.

26 Mei 1994 dan surat PT Bursa Efek Jakarta No. S- 48/EMT/LIST/BES/V/94 dated 26 May 1994 and a letter
359/BEJ.I.1/V/1994 tanggal 27 Mei 1994 telah dicatatkan from PT Bursa Efek Jakarta No. S-359/BEJ.I.1/V/1994
lagi sejumlah 384.817.600 saham Perseroan di kedua Bursa dated 27 May 1994, an additional 384,817,600 shares were
tersebut sehingga seluruh saham Perseroan yang beredar saat listed in both Stock Exchanges; accordingly, all of the
itu telah dicatatkan, yaitu 481.022.000 saham. Company’s issued shares at that time, i.e., 481,022,000
shares, have been listed.
Dalam tahun 1996 telah dilakukan pemecahan nilai nominal In 1996, the par value of the shares has been split (“stock
saham (“stock split”) dari Rp 1.000 (rupiah penuh) menjadi split”) from Rp 1,000 (whole rupiah) to Rp 500 (whole
Rp 500 (rupiah penuh) per saham dan pengeluaran satu rupiah) per share and a one-for-one bonus share has been
saham bonus untuk setiap saham yang beredar sehingga distributed; consequently, the number of outstanding shares
jumlah saham beredar bertambah dari 481.022.000 menjadi increased from 481,022,000 to 1,924,088,000. By a letter
1.924.088.000. Dengan surat PT Bursa Efek Jakarta No. S- from PT Bursa Efek Jakarta No. S-039/BEJ.I.2/0596 dated
039/ BEJ.I.2/0596 tanggal 24 Mei 1996 dan surat PT Bursa 24 May 1996 and a letter from PT Bursa Efek Surabaya No.
Efek Surabaya No. 31/EMT/LIST/BES/V/96 tanggal 27 Mei 31/EMT/LIST/BES/V/96 dated 27 May 1996, all of the
1996 seluruh saham Perseroan yang beredar, yaitu sebanyak Company’s issued shares, i.e., 1,924,088,000 shares, have
1.924.088.000 saham, telah dicatatkan di kedua Bursa been listed in both Stock Exchanges.
tersebut.
Terhitung sejak tanggal 30 Nopember 2007, BES telah As of 30 November 2007, BES has effectively been merged
efektif digabung ke dalam BEJ dan selanjutnya BEJ berubah into BEJ and BEJ subsequently changed its name to PT
nama menjadi PT Bursa Efek Indonesia. Bursa Efek Indonesia.
Sesuai dengan surat PT Bursa Efek Surabaya No. JKT- Based on a letter from PT Bursa Efek Surabaya No. JKT-
026/LIST-EMITEN/BES/XI/2007 tanggal 30 Nopember 026/LIST-EMITEN/BES/XI/2007 dated 30 November 2007,
2007 saham Perseroan yang sebelumnya tercatat di BES dan the Company’s shares, 1,924,088,000 shares which were
BEJ sebanyak 1.924.088.000 saham, efektif tercatat dan previously listed in BES and BEJ are listed and traded in
diperdagangkan di Bursa Efek Indonesia terhitung sejak Bursa Efek Indonesia starting from 3 December 2007.
tanggal 3 Desember 2007.
Perseroan memiliki kepemilikan secara langsung dan tidak The Company has direct and indirect ownership in the
langsung pada entitas anak sebagai berikut: following subsidiaries:
Tahun mulai Persentase Total aset

beroperasi kepemilikan/ sebelum eliminasi/
komersial/ Percentage of Total assets
Kegiatan Year ownership before elimination
utama/ commenced 30 September/ 31 Desember 30 September/ 31 Desember
Nama perusahaan/ Alamat/ Principal commercial September /December September /December
Entity's name Address activities operations 2014 2013 2014 2013
Kepemilikan langsung/
Directly-owned
PT Surya Pamenang Jl. Raya Kediri Industri kertas/ 1993 99.99%(*) 99.99%(*) 1,363,084 1,373,210
Kertosono KM.7, Paper industry
desa Ngebrak,
Kediri
PT Surya Madistrindo Jl. Jend. A.Yani Perdagangan/ 2004 99.99%(*) 99.99%(*) 5,629,465 5,307,564
No. 79, Jakarta Trading
PT Graha Surya Media Jl. Semampir II/1, Jasa hiburan/ 2013 99.99%(*) 99.99%(*) 123,512 112,366
Kediri Entertainment
services
PT Surya Air Jl. Sersan KKO Jasa/ 2011 99.99%(*) 99.99%(*) 204,837 204,105
Usman No.27, Services
Kediri
PT Surya Inti Tembakau Jl. Raya Kediri- Industri pengola- (**) 100.00%(***) 100.00%(***) 195,738 154,425
Kertosono, desa han tembakau/
Ngebrak, Kediri Tobacco proces-
sing industry

Kepemilikan tidak langsung melalui/

Indirectly-owned through
PT Surya Madistrindo
PT Surya Andalas Jl. Ujung Tanah No.1, Perdagangan/ 2009 60.00% 60.00% 106,587 96,121
Perkasa Lubuk Begalung, Trading
Padang
PT Surya Babel Jl. Melintas/Toniwen Perdagangan/ 2009 60.00% 60.00% 72,162 79,543
Perkasa No.38, RT 01, RW01, Trading
Kel. Bintang,
Pangkal Pinang,
Bangka
PT Surya Celebes Jl. Galangan Kapal Perdagangan/ 2009 60.00% 60.00% 274,632 290,063
Perkasa No. 5, Ujung Trading
Pandang
PT Surya Indo Jl. Pahlawan Perdagangan/ 2009 60.00% 60.00% 92,062 119,488
Khatulistiwa No.23-25, Trading
Kel. Benua Melayu
Darat, Pontianak
PT Surya Kaltim Jl. Ir. Sutami Blok I Perdagangan/ 2009 60.00% 60.00% 124,682 139,672
Perkasa No. 3, RT 34, Trading
Komplek
Pergudangan,
Samarinda
PT Surya Lampung Jl. Yos Sudarso Perdagangan/ 2009 60.00% 60.00% 248,987 192,821
Perkasa No. 11, Waylunik, Trading
Panjang - Bandar
Lampung
PT Surya Masaindah Jl. R. Soeprapto Perdagangan/ 2009 60.00% 60.00% 32,408 40,953
Perkasa No.32, Powatu, Trading
Kendari
PT Surya Minahasa Jl. Raya Tomohon Perdagangan/ 2009 60.00% 60.00% 281,953 343,064
Perkasa No.28, Winangun, Trading
Manado
PT Surya Printis Jl. Tuanku Tambusai Perdagangan/ 2009 60.00% 60.00% 205,130 240,634
Riau Perkasa No. 37-38, Trading
Pekanbaru
PT Surya Sriwijaya Jl. Soekarno - Hatta Perdagangan/ 2009 60.00% 60.00% 327,513 310,832
Perkasa No. 2553, RT 38, Trading
RW 11, Palembang


PT Surya Madistrindo
PT Surya Lombok Jl. Kutilang 1 No. 9, Perdagangan/ 2009 60.00% 60.00% 99,724 99,249
Perkasa Cakranegara, Trading
Mataram
PT Surya Bima Jl. Gatot Subroto Perdagangan/ 2009 60.00% 60.00% 112,903 112,906
Perkasa Kelurahan Trading
Mautapaga, Bima
PT Surya Kerbaumas Jl. Timor Raya Perdagangan/ 2009 60.00% 60.00% 46,880 57,959
Perkasa Km. 7, Wasapa, Trading
Kupang
PT Surya Raharja Jl. A. Yani Km. 9, Perdagangan/ 2009 60.00% 60.00% 175,391 185,315
Perkasa Banjarmasin Trading
PT Surya Mandala Jl. Kolombeke RT Perdagangan/ 2010 99.97%(*) 99.97%(*) 96,573 151,575
Perkasa 001/RW 01,LK. I, Trading
Kel. Nangalimang,
Kec. Alok,Kab.Sikka,
Maumere
PT Surya Papua Jl. Argapura No.18, Perdagangan/ 2010 60.00% 60.00% 274,220 370,379
Perkasa Jayapura Trading

PT Graha Surya Media
PT Surya Wisata Jl. Semampir II/1, Pengusahaan 1988 99.99%(*) 99.99%(*) 15,273 4,880
Kediri objek wisata/
Tourism industry
(*) 100% kurang 1 (satu) saham. (*) 100% less 1 (one) share.
(**) Sampai akhir September 2014, PT Surya Inti Tembakau (**) Through the end of September 2014, PT Surya Inti Tembakau
belum beroperasi komersial. has not commenced its commercial operations.
(***) 1 (satu) saham dimiliki melalui PT Surya Madistrindo. (***) 1 (one) share was owned through PT Surya Madistrindo.
Dalam bulan Juni 2013, PT Surya Madistrindo In June 2013, PT Surya Madistrindo increased its ownership
meningkatkan kepemilikannya di PT Surya Mandala Perkasa interest in PT Surya Mandala Perkasa by acquiring the
dengan membeli saham dari pemegang saham shares from non-controlling shareholders. Total amount paid
nonpengendali. Jumlah yang dibayarkan untuk membeli to acquire the shares was Rp 1,399 million.
saham tersebut adalah Rp 1.399 juta.
Berdasarkan akte notaris H. Harjono Moekiran SH tanggal Based on the deed of notary public H. Harjono Moekiran SH
16 Januari 2013 No. 75, PT Surya Ayammas Perkasa merger dated 16 January 2013 No. 75, PT Surya Ayammas Perkasa
dengan PT Surya Madistrindo, dimana PT Surya merged into PT Surya Madistrindo, with PT Surya
Madistrindo sebagai entitas yang bertahan dan PT Surya Madistrindo as the surviving entity while PT Surya Ayammas
Ayammas Perkasa bubar demi hukum tanpa harus melalui Perkasa is dissolved by law without necessarily going
proses likuidasi. through the process of liquidation.

Pada akhir September 2014 dan Desember 2013, susunan At the end of September 2014 and December 2013, the
Dewan Komisaris, Direksi dan Komite Audit Perseroan composition of the Company’s Board of Commissioners,
adalah sebagai berikut: Board of Directors and Audit Committee are as follows:
2014 2013
Dewan Komisaris Board of Commissioners
Presiden Komisaris Ny./Mrs. Juni Setiawati Wonowidjojo Ny./Mrs. Juni Setiawati Wonowidjojo President Commissioner
Komisaris-komisaris Tn./Mr. Lucas Mulia Suhardja Tn./Mr. Lucas Mulia Suhardja Commissioners
Tn./Mr. Frank Willem van Gelder (*) Tn./Mr. Frank Willem van Gelder (*)
Tn./Mr. Gotama Hengdratsonata (*)
Direksi Board of Directors
Tn./Mr. Susilo Wonowidjojo Tn./Mr. Susilo Wonowidjojo President Director

Presiden Direktur
Tn./Mr. Heru Budiman Tn./Mr. Heru Budiman Directors
Direktur-direktur
Tn./Mr. Herry Susianto Tn./Mr. Herry Susianto
Tn./Mr. Buana Susilo Tn./Mr. Buana Susilo
Tn./Mr. Fajar Sumeru Tn./Mr. Fajar Sumeru
Tn./Mr. Istata Taswin Siddharta Tn./Mr. Istata Taswin Siddharta
Tn./Mr. Sony Sasono Rahmadi (**) Tn./Mr. Sony Sasono Rahmadi (**)
Audit Committee
Komite Audit
Ketua Tn./Mr. Frank Willem van Gelder Tn./Mr. Frank Willem van Gelder Chairman
Anggota Tn./Mr. Jusuf Halim Tn./Mr. Jusuf Halim Members
Tn./Mr. Bambang Susilo Tn./Mr. Bambang Susilo
(*) Komisaris Independen (*) Independent Commissioners

(**) Independent Director
(**) Direktur Independen
Ada anggota Dewan Komisaris dan Direksi Perseroan juga Certain members of the Company’s Board of Commissioners
merupakan pemegang saham Perseroan (Catatan 17). and Directors are also the shareholders of the Company
(Note 17).
Per akhir September 2014, Perseroan dan entitas anak At the end of September 2014, the Company and subsidiaries
mempekerjakan 46.410 karyawan. employed 46,410 employees.
Laporan keuangan konsolidasian disetujui untuk diterbitkan The consolidated financial statements were authorized for
oleh Direksi pada tanggal 31 Oktober 2014. issuance by the Directors on 31 October 2014.
2. IKHTISAR KEBIJAKAN AKUNTANSI YANG 2. SUMMARY OF SIGNIFICANT ACCOUNTING

PENTING POLICIES
Kebijakan-kebijakan akuntansi yang penting, yang diterapkan The significant accounting policies, consistently applied in the
secara konsisten dalam penyusunan laporan keuangan preparation of the consolidated financial statements were as
konsolidasian adalah sebagai berikut: follows:
a. Dasar penyusunan laporan keuangan konsolidasian a. Basis for preparation of consolidated financial statements
Laporan keuangan konsolidasian disusun sesuai dengan The consolidated financial statements have been prepared in
Standar Akuntansi Keuangan di Indonesia (“SAK”). conformity with the Indonesian Financial Accounting
Standards (“SAK”).

Laporan keuangan konsolidasian, yang disajikan dalam The consolidated financial statements, presented in millions of
jutaan rupiah, disusun atas dasar akrual, kecuali dinyatakan rupiah, are prepared on the accrual basis, unless otherwise
lain. specified.
Laporan arus kas konsolidasian menyajikan perubahan The consolidated statement of cash flows present the changes
dalam kas dan setara kas dari aktivitas operasi, investasi dan in cash and cash equivalents from operating, investing and
pendanaan yang disusun dengan metode langsung. Untuk financing activities and are prepared using the direct method.
tujuan ini, kas dan setara kas disajikan setelah dikurangi For this purpose, cash and cash equivalents are presented net
dengan cerukan. of bank overdrafts.
Penyusunan laporan keuangan konsolidasian sesuai SAK The preparation of consolidated financial statements in
menyebabkan manajemen perlu membuat pertimbangan, conformity with SAK requires the management to make
estimasi dan asumsi yang mempengaruhi penerapan judgements, estimates and assumptions that affect the
kebijakan akuntansi serta jumlah aset, liabilitas, pendapatan application of accounting policies and the reported amounts
dan beban yang dilaporkan. Walaupun estimasi ini dibuat of assets, liabilities, income and expenses. Although these
berdasarkan pengetahuan terbaik manajemen atas kejadian estimates are based on management’s best knowledge of
dan tindakan saat ini, hasil aktual mungkin berbeda dengan current events and activities, actual results may differ from
jumlah yang diestimasi semula. those estimates.
Estimasi dan asumsi yang digunakan ditelaah secara Estimates and underlying assumptions are reviewed on an
berkesinambungan. Revisi atas estimasi akuntansi diakui ongoing basis. Revisions to accounting estimates are
pada periode dimana estimasi tersebut direvisi dan periode recognized in the period in which the estimate is revised and
mendatang yang terdampak oleh revisi estimasi tersebut. in any future periods affected.
b. Prinsip konsolidasi b. Basis of consolidation

Laporan keuangan konsolidasian meliputi laporan keuangan The consolidated financial statements include the financial
Perseroan dan entitas anak. Entitas anak merupakan suatu statements of the Company and subsidiaries. Subsidiaries are
entitas dimana Perseroan memiliki kepemilikan, baik secara entities on which the Company, directly or indirectly, has an
langsung atau tidak langsung sebesar lebih dari setengah ownership interest of more than half of the voting rights or
hak suara atau mampu menentukan kebijakan keuangan dan otherwise has the power to govern the financial and operating
operasional. policies.
Entitas anak dikonsolidasikan sejak tanggal Perseroan Subsidiaries are consolidated from the date on which effective
memperoleh pengendalian secara efektif dan tidak lagi control is obtained by the Company and is no longer
dikonsolidasikan sejak pengendalian tersebut tidak lagi consolidated from the date that control ceased.
dimiliki.
Kebijakan akuntansi yang digunakan dalam laporan The accounting policies adopted in the consolidated financial
keuangan konsolidasian diterapkan secara konsisten oleh statements are consistently applied by the Company and
Perseroan dan entitas anak. subsidiaries.
Transaksi signifikan antara Perseroan dan entitas anak, serta Significant intercompany transactions, balances and
saldo dan keuntungan yang belum direalisasi yang unrealized gains on transactions between the Company and
signifikan dari transaksi tersebut, dieliminasi. subsidiaries are eliminated.
Kepentingan nonpengendali disajikan di ekuitas dalam Non-controlling interest is presented in the consolidated
laporan posisi keuangan konsolidasian, terpisah dari ekuitas statement of financial position within equity, separately from
yang dapat diatribusikan kepada pemilik entitas induk. the equity attributable to the owners of the Company. Profit or
Laba atau rugi dan setiap komponen pendapatan loss and each component of other comprehensive income are
komprehensif lain diatribusikan pada pemilik entitas induk attributed to the owners of the Company and to the non-
dan kepada kepentingan nonpengendali berdasarkan controlling interest based on the ownership interest
proporsi kepemilikan. proportionally.
Perubahan dalam bagian kepemilikan entitas induk pada Changes in a parent’s ownership interest in subsidiaries that
entitas anak yang tidak mengakibatkan hilangnya do not result in the loss of control are accounted for as equity
pengendalian dicatat sebagai transaksi ekuitas. Perbedaan transactions. Any difference between the adjusted carrying
antara jumlah nilai tercatat kepentingan nonpengendali amount of non-controlling interest and the fair value of the
disesuaikan dan nilai wajar imbalan yang diberikan atau consideration paid or received is recognized directly in equity
diterima diakui secara langsung dalam ekuitas yang dapat attributable to the owners of the Company.
diatribusikan pada pemilik entitas induk.
c. Kas dan Setara Kas c. Cash and cash equivalents
Kas dan setara kas Perseroan dan entitas anak meliputi kas, Cash and cash equivalents of the Company and subsidiaries
kas di bank dan deposito berjangka yang jatuh temponya include cash on hand, cash in banks and short-term time
tidak lebih dari tiga bulan dari tanggal perolehannya. deposits with maturities of not more than three months at the
date of acquisition.

Di laporan arus kas konsolidasian, kas dan setara kas In the consolidated statement of cash flows, cash and cash
disajikan setelah dikurangi cerukan. equivalents are presented net of bank overdrafts.
d. Pengakuan pendapatan dan beban d. Revenue and expense recognition
Pendapatan penjualan/jasa dibukukan berdasarkan Revenue from sales/services is recognized based on the
pengiriman barang atau penyerahan jasa kepada pembeli, shipment of goods or delivery of services to buyers, in
sesuai dengan syarat penjualannya. accordance with the terms of sale.
Beban diakui pada saat terjadinya. Expenses are recognized when incurred.
e. Penilaian persediaan e. Inventory valuation

Persediaan dinilai menurut harga yang lebih rendah antara Inventories are valued at the lower of cost or net realizable
biaya perolehan atau nilai bersih yang dapat direalisasi (net value.
realizable value).
Biaya perolehan barang jadi rokok dihitung berdasarkan Cost of cigarette finished goods is computed based on average
biaya produksi rata-rata sebenarnya, ditambah biaya actual production cost, plus cost of packaging and excise duty
pembungkusan dan pita cukai (termasuk PPN) untuk rokok ribbons (including VAT) for cigarettes already packed and
yang telah dibungkus dan diberi pita cukai. provided with excise duty ribbons.
Biaya perolehan barang jadi kertas karton dihitung Cost of paperboard finished goods is computed based on
berdasarkan biaya produksi rata-rata sebenarnya, ditambah average actual production cost, plus cost of packaging.
biaya pembungkusan.
Biaya perolehan barang dagangan dihitung dengan metode Cost of merchandise is computed using the FIFO method.
FIFO.
Biaya perolehan barang dalam pengolahan dihitung Cost of goods in process is computed based on average actual
berdasarkan biaya produksi rata-rata sebenarnya sesuai production cost proportional to their stage of completion.
dengan tingkat penyelesaiannya.
Biaya perolehan bahan baku/pembantu, suku cadang dan Cost of raw/supplementary materials, spare parts and factory
keperluan pabrik dihitung dengan metode rata-rata. supplies is computed using the average method.
Pita cukai dinilai dengan harga beli, sedangkan PPN rokok Excise duty ribbons are valued at purchase price, while the
yang termasuk dalam pita cukai dinilai sebesar 8,4% dari VAT included in the excise duty ribbons is valued at 8.4% of
nilai nominal pita cukai sesuai dengan peraturan the nominal value of the excise duty ribbons in accordance
Pemerintah. with Government regulation.
f. Aset dan liabilitas keuangan f. Financial assets and liabilities

Aset dan liabilitas keuangan diakui saat Perseroan dan Financial assets and liabilities are recognized when the
entitas anak menjadi salah satu pihak dalam ketentuan pada Company and subsidiaries become a party to the contractual
kontrak instrumen tersebut. Aset keuangan dihentikan provisions of the instruments. Financial assets are
pengakuannya saat hak Perseroan dan entitas anak untuk derecognized when the contractual rights of the Company and
menerima arus kas yang berasal dari aset keuangan tersebut subsidiaries to the cash flows from the financial assets expire,
berakhir, atau saat seluruh risiko dan manfaat dari aset or when substantially all risks and rewards of the financial
keuangan tersebut ditransfer secara substansial kepada assets are transferred to another party. Financial liabilities
pihak lain. Liabilitas keuangan dihentikan pengakuannya are derecognized if the obligations of the Company and
saat liabilitas Perseroan dan entitas anak kadaluarsa, atau subsidiaries expire, or are discharged or cancelled.
dilepaskan atau dibatalkan.
Berdasarkan sifat dan tujuan transaksinya, Perseroan dan Based on their nature and purpose, the Company and
entitas anak mengklasifikasikan aset dan liabilitas keuangan subsidiaries classify their financial assets and liabilities into
ke dalam kategori-kategori berikut: the following categories:
a) Aset dan liabilitas keuangan yang diukur pada nilai a) Financial assets and liabilities at fair value through profit
wajar melalui laba-rugi or loss
b) Aset keuangan yang dimiliki hingga jatuh tempo b) Held to maturity investments
c) Pinjaman yang diberikan dan piutang c) Loans and receivables
d) Aset keuangan tersedia untuk dijual d) Available for sale financial assets
e) Liabilitas keuangan lainnya e) Other financial liabilities
Aset keuangan Perseroan dan entitas anak terdiri dari kas The financial assets of the Company and subsidiaries
dan setara kas, piutang usaha dan sebagian aset lancar comprise cash and cash equivalents, trade receivables-third
lainnya, yang diklasifikasikan sebagai “Pinjaman yang parties and part of other current assets, which are classified
diberikan dan piutang”, sedangkan liabilitas Perseroan dan as “Loans and receivables”, whereas the financial liabilities
entitas anak terdiri dari pinjaman jangka pendek, utang of the Company and subsidiaries consist of short-term loans,

usaha, beban akrual, dan liabilitas lainnya, yang trade payables, accrued expenses, and other current
diklasifikasikan sebagai “Liabilitas keuangan lainnya”. liabilities, which are classified as “Other financial
liabilities”.
“Pinjaman yang diberikan dan piutang” pada awal “Loans and receivables” are initially measured at fair value,
pengakuannya diukur sebesar nilai wajar, ditambah biaya plus any significant directly attributable transaction costs.
transaksi signifikan yang dapat diatribusikan secara Subsequent to initial recognition, these financial assets are
langsung. Setelah pengakuan awal, aset keuangan ini diukur measured at amortized cost, net of provision for impairment,
sebesar biaya perolehan diamortisasi, dikurangi dengan when necessary.
penyisihan penurunan nilai, bila diperlukan.
Penyisihan penurunan nilai diakui saat terdapat bukti yang A provision for impairment is recognized when there is
cukup bahwa Perseroan dan entitas anak tidak mampu objective evidence that the Company and subsidiaries will not
menagih sesuai dengan ketentuan awalnya. be able to collect the amounts due according to the original
terms.
“Liabilitas keuangan lainnya” pada pengakuan awalnya “Other financial liabilities” are initially measured at fair
diukur sebesar nilai wajarnya dikurangi dengan biaya value less any significant directly attributable transaction
transaksi signifikan yang dapat diatribusikan langsung. costs. Subsequent to initial recognition, these financial
Setelah pengakuan awal, liabilitas keuangan ini diukur liabilities are measured at amortized cost.
sebesar biaya perolehan diamortisasi.
Aset dan liabilitas keuangan disaling-hapuskan dan nilai Financial assets and liabilities can be set off and presented
bersihnya disajikan di laporan posisi keuangan ketika net in the statement of financial position when there is a legal
terdapat hak yang berkekuatan hukum untuk melakukan right of offset and there is an intention to settle on a net basis,
saling-hapus dan terdapat intensi untuk menyelesaikan nilai or when the asset is realized and the liability settled
secara neto, atau ketika aset tersebut direalisasi dan simultaneously.
liabilitasnya diselesaikan secara simultan.
g. Aset tetap g. Fixed assets
Tanah disajikan dengan biaya perolehan dan tidak Land is presented at acquisition cost and not depreciated.
disusutkan.
Aset tetap selain tanah diukur dengan model biaya Fixed assets other than land are measured using the cost
perolehan, dimana pada pengakuan awalnya diukur sebesar model, i.e., initially measured at cost and subsequently net of
biaya perolehan dan selanjutnya dikurangi akumulasi accumulated depreciation and impairment losses.
penyusutan dan rugi penurunan nilai.
Penyusutan aset tetap selain tanah dihitung dengan metode Depreciation of the fixed assets other than land is applied
garis lurus selama taksiran masa manfaat sebagai berikut: using the straight-line method, over the estimated useful lives
as follows:
Bangunan, jalan dan jembatan 20 - 30 tahun/years Buildings, roads and bridges

Instalasi air dan listrik 10 & 25 tahun/years Water and electrical installations
Mesin dan peralatan 8 - 25 tahun/years Machinery and equipment
Inventaris 4 – 5 tahun/years Furniture and fixtures
Kendaraan bermotor, helikopter Motor vehicles, helicopters
dan peralatannya 4 - 16 tahun/years and related equipments t
Aset dalam penyelesaian merupakan akumulasi dari biaya- Assets under construction represent the accumulated cost of
biaya bahan, peralatan serta biaya lainnya yang berkaitan materials, equipment and other costs directly related to the
langsung dengan penyelesaian aset tetap. Akumulasi biaya construction of the fixed assets. The accumulated cost is
tersebut akan direklasifikasi ke dalam akun aset tetap yang reclassified to the related fixed assets when asset construction
bersangkutan pada saat pekerjaan selesai dan aset tersebut is completed and ready to put into service.
siap untuk digunakan.
Biaya perbaikan dan pemeliharaan dibebankan pada laporan Repair and maintenance costs are charged to consolidated
laba rugi komprehensif konsolidasian. Biaya penambahan statement of comprehensive income. Cost of betterments and
dan pemugaran signifikan yang menambah manfaat renovations that are significant and increase the future
ekonomis masa depan aset dikapitalisasi. economic benefits of the assets are capitalized.
Aset tetap yang sudah tidak digunakan atau yang dijual, Fixed assets which are no longer utilized or sold are removed
dikeluarkan dari kelompok aset tetap yang bersangkutan, from the related group of fixed assets, and the gains (losses)
sedang laba (rugi) yang terjadi dibukukan dalam laporan laba are recorded in the consolidated statement of comprehensive
rugi komprehensif konsolidasian. income.

h. Beban dibayar dimuka h. Prepaid expenses
Beban dibayar dimuka diamortisasi sesuai dengan masa Prepaid expenses are amortized over the benefited periods
manfaat beban yang bersangkutan menggunakan metode using the straight-line method.
garis lurus.
i. Penjabaran valuta asing i. Foreign currencies translation

Mata uang fungsional dan mata uang pencatatan/pelaporan The functional and recording/reporting currency of the
Perseroan dan entitas anak adalah rupiah. Company and subsidiaries is the Indonesian rupiah.
Transaksi dalam valuta asing dijabarkan dalam rupiah Transactions in foreign currencies are translated into rupiah
dengan kurs tanggal transaksi. Pada tanggal pelaporan, saldo at the rates prevailing at transaction date. At the reporting
aset dan liabilitas moneter dalam valuta asing dijabarkan date, balances of monetary assets and liabilities in foreign
dalam rupiah dengan kurs yang berlaku pada tanggal currencies are translated into rupiah at the exchange rates
tersebut. prevailing at that date.
Per akhir September 2014 dan Desember 2013, kurs utama At the end of September 2014 and December 2013, the main
yang digunakan, berdasarkan kurs tengah Bank Indonesia exchange rates used, based on Bank Indonesia middle rates,
adalah sebagai berikut: are as follows:
September December
2014 2013
Rupiah penuh/ Rupiah penuh/
In whole rupiah In whole rupiah
Dolar Amerika Serikat ("USD") 12,212 12,189 United States Dollar ("USD")
Euro ("EUR") 15,495 16,821 Euro ("EUR")
Laba (rugi) kurs, yang telah maupun yang belum direalisasi, Foreign exchange gains (losses), realized and unrealized, are
diakui dalam periode yang bersangkutan. recognized in the related period.
j. Beban pajak penghasilan j. Income tax expense

Beban pajak penghasilan terdiri dari beban pajak kini dan Income tax expense comprises current and deferred taxes
tangguhan, yang diakui dalam laba atau rugi kecuali jika which are recognized in profit or loss except to the extent
pajak tersebut terkait dengan transaksi yang langsung diakui that they relate to items recognized directly in equity or in
dalam ekuitas atau dalam pendapatan komprehensif lainnya. other comprehensive income.
Beban pajak kini dihitung berdasarkan tarif pajak efektif Current tax is calculated on the basis of enacted tax rates or
yang berlaku pada tanggal pelaporan keuangan Perseroan dan substantively enacted at the reporting date of the Company
entitas anak. and subsidiaries.
Perseroan dan entitas anak menerapkan metode aset dan The Company and subsidiaries adopt the asset and liability
liabilitas dalam menghitung beban pajak penghasilannya. method in determining their income tax expense. Under this
Dengan metode ini, aset dan liabilitas pajak tangguhan diakui method, deferred tax assets and liabilities are recognized at
pada setiap tanggal pelaporan sebesar perbedaan temporer each reporting date for temporary differences between the
dalam pencatatan aset dan liabilitas untuk tujuan akuntansi financial and tax basis of assets and liabilities. This method
dan perpajakan. Metode ini mengharuskan pengakuan also requires the recognition of future tax benefits, such as
manfaat pajak di masa yang akan datang, seperti kompensasi tax loss carryforwards, to the extent that realization of such
rugi fiskal, jika kemungkinan realisasi manfaat tersebut di benefits is probable.
masa mendatang cukup besar.
Aset dan liabilitas pajak tangguhan disajikan saling hapus di Deferred tax assets and liabilities are offset in the
laporan posisi keuangan konsolidasian, kecuali jika ini adalah consolidated statement of financial position, except if these
untuk entitas yang berbeda, sesuai dengan penyajian aset dan are for different legal entities, in the same manner the
liabilitas pajak kini. current tax assets and liabilities are presented.
k. Laba per saham k. Earnings per share

Laba per saham dihitung dengan membagi laba periode Earnings per share are computed by dividing the profit for
berjalan yang dapat diatribusikan kepada pemilik entitas the period attributable to owners of the Company with the
induk dengan total rata-rata tertimbang saham beredar/ weighted average of total outstanding/issued shares during
ditempatkan dalam tahun yang bersangkutan. the year.

l. Transaksi dengan pihak-pihak berelasi l. Transactions with related parties
Transaksi dengan pihak-pihak berelasi diungkapkan dalam Transactions with related parties are disclosed in the
laporan keuangan konsolidasian sesuai Pernyataan Standar consolidated financial statements as defined in Financial
Akuntansi Keuangan (“PSAK”) No. 7 (Revisi 2010) tentang Accounting Standards (“PSAK”) No. 7 (Revised 2010),
“Pengungkapan Pihak-pihak Berelasi”. “Related Party Disclosures”.
m. Segmen operasi m. Operating segment

Segmen operasi adalah suatu komponen dari Perseroan dan An operating segment is a component of the Company and
entitas anak yang melakukan aktivitas bisnis yang subsidiaries that engages in business activities from which it
menghasilkan pendapatan dan menimbulkan beban, termasuk may earn revenues and incur expenses, including revenues
pendapatan dan beban terkait dengan transaksi dengan and expenses relating to transactions with other
komponen lain, yang hasil operasinya dikaji ulang secara components, whose operating results are regularly reviewed
regular oleh pengambil keputusan operasional untuk by the chief operating decision maker to make decisions
membuat keputusan tentang sumber daya yang dialokasikan about resources to be allocated to the segment and assess
pada segmen tersebut dan menilai kinerjanya. its performance.
Segmen operasi dilaporkan dengan cara yang konsisten Operating segments are reported in a manner consistent
dengan pelaporan internal yang diberikan kepada pengambil with the internal reporting provided to the chief operating
keputusan operasional. Pengambil keputusan operasional decision maker. Chief of operating decision maker of the
Perseroan dan entitas anak adalah Direksi. Company and subsidiaries is the Board of Directors.
Pelaporan segmen operasi Perseroan dan entitas anak adalah The operating segment reporting of the Company and
berdasarkan segmen bisnis yang terdiri dari rokok, kertas subsidiaries is based on business segments that consist of
karton dan lainnya. cigarettes, paperboards and others.
n. Imbalan kerja n. Employee benefits

Liabilitas yang diakui di laporan posisi keuangan The liabilities recognized in consolidated statement of
konsolidasian adalah nilai kini liabilitas imbalan pasti pada financial position are the present value of the defined
tanggal laporan posisi keuangan sesuai dengan UU 13/2003 benefit obligation as at the statement of financial position
tentang ketenagakerjaan, dimana Perseroan dan entitas anak date in accordance with Law 13/2003 relating to labor
wajib memberikan imbalan kepada karyawannya pada saat regulations, in which the Company and subsidiaries are
pemutusan hubungan kerja atau pada saat karyawan pensiun. required to provide benefits to their employees when their
Imbalan kerja ini diberikan berdasarkan masa kerja dan employment is terminated or when they retire. These
kompensasi karyawan pada saat pemutusan hubungan kerja benefits are primarily based on years of service and
atau pensiun. employees’ compensation at termination or retirement.
Liabilitas atas imbalan pasca-kerja Perseroan dan entitas anak The obligation for post-employment benefits of the
dihitung sebesar nilai kini dari estimasi jumlah imbalan Company and subsidiaries is calculated at present value of
pasca-kerja di masa depan yang timbul dari jasa yang telah estimated future benefits that the employees have earned in
diberikan oleh karyawan pada masa kini dan masa lalu. return for their service in the current and prior periods. The
Perhitungan dilakukan oleh aktuaris independen dengan calculation is performed by an independent actuary using
metode projected unit credit. the projected unit credit method.
Pada saat imbalan berubah, porsi imbalan yang berhubungan When the benefits change, the portion of the benefits that
dengan jasa yang telah diberikan oleh karyawan pada masa relates to past service by employees is reflected in the profit
lalu direfleksikan dalam laba/rugi dengan menggunakan or loss on a straight-line basis over the estimated average
metode garis lurus selama taksiran rata-rata masa kerja remaining vesting period. To the extent that the benefits vest
hingga imbalan menjadi hak karyawan. Apabila imbalan telah immediately, the expense is recognized immediately in profit
menjadi hak karyawan, bebannya diakui segera dalam or loss.
laba/rugi.
Pada saat akumulasi keuntungan atau kerugian aktuaria yang When the cumulative unrecognized actuarial gains or losses
belum diakui pada akhir periode pelaporan sebelumnya at the end of the previous reporting period exceed 10
percent of the present value of the defined benefits
melebihi 10 persen dari nilai kini kewajiban imbalan pasti,
obligation, such gains or losses are recognized in profit or
keuntungan atau kerugian tersebut diakui dalam laba atau
loss, on a straight-line basis over the estimated average
rugi, secara garis lurus selama estimasi rata-rata sisa masa
remaining vesting period. Otherwise, the actuarial gains or
kerja. Selain itu, keuntungan atau kerugian aktuaria tidak losses are not recognized.
diakui.

o. Standar dan Interpretasi akuntansi baru/revisi o. New/revised accounting standards and interpretations
Beberapa standar akuntansi dan interpretasi baru/revisi telah Certain new/revised accounting standards and
diterbitkan tetapi belum efektif untuk periode yang berakhir interpretations have been issued that are not yet effective for
30 September 2014, dan tidak diterapkan dalam penyusunan the period ended 30 September 2014, and have not been
laporan keuangan ini, namun mungkin relevan untuk applied in preparing these financial statements, but may be
Perseroan dan entitas anak: relevant to the Company and subsidiaries:
Efektif berlaku pada atau setelah tanggal 1 Januari 2015/Effective on or after 1 January 2015
- PSAK 1 (Revisi 2013/2013 Revision) : Penyajian Laporan Keuangan/Presentation of Financial Statements
- PSAK 4 (Revisi 2013/2013 Revision) : Laporan Keuangan Tersendiri/Separate Financial Statements
- PSAK 15 (Revisi 2013/2013 Revision) : Investasi pada Entitas Asosiasi dan Ventura Bersama/Investment in Associates and
Joint Ventures
- PSAK 24 (Revisi 2013/2013 Revision) : Imbalan Kerja/Employee Benefits
- PSAK 65 : Laporan Keuangan Konsolidasi/Consolidated Financial Statements
- PSAK 66 : Pengaturan Bersama/Joint Arrangements
- PSAK 67 : Pengungkapan Kepentingan dalam Entitas lain/Disclosure of Interests in Other
Entities
- PSAK 68 : Pengukuran Nilai Wajar/Fair Value Measurement
Saat ini, Perseroan dan entitas anak sedang mengevaluasi dan Currently, Company and subsidiaries are evaluating and
belum menetapkan dampak dari standar dan interpretasi have yet to determine any impact of these issued accounting
akuntansi yang dikeluarkan tersebut terhadap laporan standards and interpretations to the consolidated financial
keuangan konsolidasian. statements.
3. KAS DAN SETARA KAS 3. CASH AND CASH EQUIVALENTS
30 September/ 31 Desember/ 30 September/

September December September
2014 2013 2013
Kas Cash on hand

Rupiah 292,412 256,632 303,582 Rupiah
Valuta asing 379 483 449 Foreign currency
Total kas 292,791 257,115 304,031 Total cash
Bank pihak ketiga: Cash in third parties' banks:

Rupiah Rupiah
PT Bank Negara Indonesia (Persero) Tbk 167,056 305,945 206,031 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Mandiri (Persero) Tbk 79,208 107,379 70,022 PT Bank Mandiri (Persero) Tbk
PT Bank Central Asia Tbk 68,682 66,405 73,581 PT Bank Central Asia Tbk
PT Bank Mega Tbk 66,211 113,102 416,454 PT Bank Mega Tbk
Standard Chartered Bank 43,826 40,555 13,588 Standard Chartered Bank
PT Bank Rakyat Indonesia (Persero) Tbk 29,425 33,761 22,969 PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank UOB Indonesia 15,043 14,634 8,737 PT Bank UOB Indonesia
Deutsche Bank AG 7,377 17,056 6,886 Deutsche Bank AG
PT Bank Internasional Indonesia Tbk 7,324 5,489 2,856 PT Bank Internasional Indonesia Tbk
The Royal Bank of Scotland 6,509 3,942 948 The Royal Bank of Scotland
PT Bank Danamon Indonesia Tbk 5,520 18,191 11,474 PT Bank Danamon Indonesia Tbk
PT Bank Pan Indonesia Tbk 2,892 21,840 1,503 PT Bank Pan Indonesia Tbk
Citibank N.A. 2,865 589 1,322 Citibank N.A.
PT Bank OCBC NISP Tbk 2,348 2,085 2,070 PT Bank OCBC NISP Tbk
PT Bank Pembangunan Daerah PT Bank Pembangunan Daerah
Sumatera Barat 1,551 4,802 1,636 Sumatera Barat
Lain-lain Others
(masing-masing dibawah Rp 1 milyar) 3,481 3,828 3,788 (below Rp 1 billion each)
Total rupiah 509,318 759,603 843,865 Total rupiah

2014 2013 2013
Valuta asing Foreign currency

Citibank N.A. 93,915 86,978 5,976 Citibank N.A.
PT Bank Pan Indonesia Tbk 29,108 639 1,185 PT Bank Pan Indonesia Tbk
Deutsche Bank AG 9,464 16,446 25,675 Deutsche Bank AG
PT Bank Internasional Indonesia Tbk 8,254 522 492 PT Bank Internasional Indonesia Tbk
PT Bank Mega Tbk 3,307 1,374 152 PT Bank Mega Tbk
Standard Chartered Bank 3,080 28,955 9,519 Standard Chartered Bank
The Royal Bank of Scotland 1,826 3,906 2,287 The Royal Bank of Scotland
PT Bank UOB Indonesia 31 1,227 53 PT Bank UOB Indonesia
Lain-lain Others
Total valuta asing 257,338 157,882 79,116 Total foreign currency
Total bank pihak ketiga 766,656 917,485 922,981 Total cash in third parties' banks
Deposito berjangka pada bank pihak ketiga: Time deposits in third parties' banks:
Rupiah Rupiah
PT Bank Mega Tbk 101,247 44,333 4,370 PT Bank Mega Tbk
PT Bank Mayapada Internasional Tbk 50,000 40,000 20,000 PT Bank Mayapada Internasional Tbk
PT Bank Pan Indonesia Tbk 10,030 593 586 PT Bank Pan Indonesia Tbk
Lain-lain Others
Total rupiah 328,203 216,497 153,830 Total rupiah
Valuta asing Foreign currency

PT Bank Permata Tbk 15,085 13,011 12,331 PT Bank Permata Tbk
PT Bank Mega Tbk 1,229 - - PT Bank Mega Tbk
Total valuta asing 16,314 13,011 12,331 Total foreign currency
Total deposito berjangka bank pihak ketiga 344,517 229,508 166,161 Total time deposits in third parties' banks
Kas dan setara kas 1,403,964 1,404,108 1,393,173 Cash and cash equivalents
Cerukan pada bank pihak ketiga: Bank overdraft from third parties' banks:
Rupiah Rupiah
PT Bank Negara Indonesia (Persero) Tbk (383,734) (217,245) (140,182) PT Bank Negara Indonesia (Persero) Tbk
PT Bank Central Asia Tbk (136,657) (3,738) (122,351) PT Bank Central Asia Tbk
PT Bank Mandiri (Persero) Tbk (199,987) - (86,054) PT Bank Mandiri (Persero) Tbk
Deutsche Bank AG (250,741) (7,808) (130,671) Deutsche Bank AG
(971,119) (228,791) (479,258)

Kas dan setara kas per laporan arus kas Cash and cash equivalents in the consolidated
konsolidasian 432,845 1,175,317 913,915 statements of cash flows

2014 2013 2013
Tingkat suku bunga rata-rata per tahun: The average annual interest rates:
Deposito berjangka Time deposits
Rupiah 4.75%-10.25% 4.75%-10.00% 3.50%-8.50% Rupiah
US dollar 3.25% 2.75%-3.25% 2.75%-3.00% US dollar
Cerukan Bank overdraft
Rupiah 8.00%-10.00% 5.75%-9.00% 5.75%-8.20% Rupiah
Lihat Catatan 28 untuk rincian saldo dalam valuta asing. See Note 28 for details of balances in foreign currencies.
4. PIUTANG USAHA PIHAK KETIGA 4. TRADE RECEIVABLES, THIRD PARTIES
Umur piutang usaha pihak ketiga adalah sebagai berikut: The aging of trade receivables, third parties is as follows:
September December
2014 2013
Belum jatuh tempo 1,053,644 1,084,992 Not yet due

Jatuh tempo: Past due:
1 - 30 hari 267,714 771,252 1 - 30 days
31 - 60 hari 42,010 135,106 31 - 60 days
61 - 90 hari 17,756 27,151 61 - 90 days
Lebih dari 90 hari 229,287 177,585 Over 90 days
1,610,411 2,196,086
Per 30 September 2014, piutang usaha pihak ketiga sebesar Rp As of 30 September 2014, trade receivables, third parties
556.767 juta telah jatuh tempo namun tidak mengalami amounted to Rp 556,767 million were past due but not impaired.
penurunan nilai. Hal ini terkait dengan sejumlah pelanggan yang These accounts relate to a number of independent customers
tidak memiliki sejarah gagal bayar. with whom there was no recent history of default.
Manajemen berkeyakinan bahwa semua piutang dapat tertagih Management believes that all receivables are collectible.
sehingga penyisihan penurunan nilai nihil. Therefore, the provision for impairment is nil.
5. PERSEDIAAN 5. INVENTORIES
September December
2014 2013
Barang jadi/dagangan 5,058,605 3,778,575 Finished goods/merchandise inventories

Barang dalam pengolahan 351,228 520,058 Goods in process
Bahan baku/pembantu 25,740,647 21,980,890 Raw/supplementary materials
Pita cukai dan PPN rokok 926,665 2,224,483 Excise duty ribbons and VAT on cigarettes
Suku cadang dan keperluan pabrik 1,353,902 1,143,655 Spare parts and factory supplies
33,431,047 29,647,661
Persediaan dalam perjalanan 90,175 593,707 Inventories in transit
33,521,222 30,241,368
Per 30 September 2014, seluruh persediaan diasuransikan As of 30 September 2014, all inventories were insured against
terhadap risiko kebakaran, pencurian, huru hara, penjarahan dan the risk of fire, theft, riots, civil commotion damage and
bencana alam dengan total pertanggungan sebesar Rp 28.057.549 natural disaster for a total coverage of Rp 28,057,549 million.
juta. Manajemen berkeyakinan bahwa total pertanggungan Management believes that the total insurance coverage is
asuransi ini memadai. adequate.

6. BEBAN DIBAYAR DIMUKA 6. PREPAID EXPENSES
September December
2014 2013
Beban sewa 53,088 43,052 Rent expenses

Beban promosi 28,252 33,420 Promotion expenses
Lainnya 434,832 138,108 Others
516,172 214,580
7. ASET LANCAR LAINNYA 7. OTHER CURRENT ASSETS
September December
2014 2013
Uang muka pembelian persediaan 490,191 238,248 Advances purchase of inventories

536,015 281,078
8. ASET TETAP 8. FIXED ASSETS
30 September/September 2014
Saldo awal/ Reklasifikasi/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reclassifi- Ending
balance Additions Deductions cations balance
BIAYA PEROLEHAN: ACQUISITION COST:

Tanah 394,150 87,898 (1,560) - 480,488 Land
Bangunan, jalan Buildings, roads and
dan jembatan 2,365,162 1,130 (9,057) 1,084,145 3,441,380 bridges
Instalasi air dan Water and electrical
listrik 38,161 - - - 38,161 installations
Mesin dan Machinery and
peralatan 12,373,203 3,063 (6,566) 2,081,059 14,450,759 equipment
Inventaris 1,224,897 46,569 (1,705) 232,330 1,502,091 Furniture and fixtures
Kendaraan bermotor, Motor vehicles,
helikopter dan helicopters and
peralatannya 1,306,840 84,576 (23,442) 80,273 1,448,247 related equipment
17,702,413 223,236 (42,330) 3,477,807 21,361,126
Aset dalam Assets under
penyelesaian 5,598,478 3,892,201 (955) (3,477,807) 6,011,917 construction
23,300,891 4,115,437 (43,285) - 27,373,043
AKUMULASI ACCUMULATED
PENYUSUTAN: DEPRECIATION:
dan jembatan (626,845) (120,271) 9,057 (738,059) bridges
listrik (31,535) (1,085) (32,620) installations
peralatan (6,400,963) (728,919) 3,240 (7,126,642) equipment
Inventaris (829,690) (144,100) 129 (973,661) Furniture and fixtures
peralatannya (622,943) (102,887) 19,490 (706,340) related equipment
(8,511,976) (1,097,262) 31,916 - (9,577,322)
NILAI TERCATAT 14,788,915 17,795,721 CARRYING AMOUNT

31 Desember/December 2013
Saldo awal/ Reklasifikasi/ Saldo akhir/
Beginning Penambahan/ Pengurangan/ Reclassifi- Ending
balance Additions Deductions cations balance
BIAYA PEROLEHAN: ACQUISITION COST:

Tanah 375,468 18,682 - - 394,150 Land
dan jembatan 1,415,691 99 (9,898) 959,270 2,365,162 bridges
listrik 38,161 - - 38,161 installations
peralatan 10,455,422 949 (23) 1,916,855 12,373,203 equipment
Inventaris 1,002,394 22,927 (41,414) 240,990 1,224,897 Furniture and fixtures
peralatannya 1,052,147 97,560 (63,997) 221,130 1,306,840 related equipment
14,339,283 140,217 (115,332) 3,338,245 17,702,413
Aset dalam Assets under
penyelesaian 3,532,464 5,404,259 - (3,338,245) 5,598,478 construction
17,871,747 5,544,476 (115,332) - 23,300,891
AKUMULASI ACCUMULATED
PENYUSUTAN: DEPRECIATION:
dan jembatan (559,573) (73,371) 6,099 - (626,845) bridges
listrik (30,062) (1,473) - - (31,535) installations
peralatan (5,614,169) (786,807) 13 - (6,400,963) equipment
Inventaris (713,950) (155,846) 40,106 - (829,690) Furniture and fixtures
peralatannya (564,667) (90,555) 32,279 - (622,943) related equipment
(7,482,421) (1,108,052) 78,497 - (8,511,976)
NILAI TERCATAT 10,389,326 14,788,915 CARRYING AMOUNT
Aset dalam penyelesaian terdiri dari: Assets under construction consist of:
September December
2014 2013
Bangunan, jalan dan jembatan 610,476 1,305,670 Buildings, roads and bridges
Mesin dan peralatan 5,343,712 4,160,292 Machinery and equipment
Inventaris 37,685 109,562 Furniture and fixtures
Kendaraan bermotor, helikopter dan peralatannya 20,044 22,954 Motor vehicles, helicopters and related equipment
6,011,917 5,598,478
Persentase penyelesaian 5% - 95% 5% - 95% Percentage of completion
Aset dalam penyelesaian pada tanggal 30 September 2014 Assets under construction as of 30 September 2014 are
diharapkan untuk selesai di tahun 2015. expected to be completed in 2015.

September September
2014 2013
Penyusutan dibebankan pada: Depreciation expense was charged to:

Biaya produksi 886,792 690,816 Production costs
Beban usaha 210,470 107,699 Operating expenses
1,097,262 798,515
Per 30 September 2014, sebagian tanah dan bangunan Perseroan As of 30 September 2014, part of the Company’s land and
dengan nilai tercatat Rp 19.012 juta dijaminkan untuk pinjaman buildings at carrying amount of Rp 19,012 million are pledged
jangka pendek dari PT Bank Negara Indonesia (Persero) Tbk as collateral for the short-term loan from PT Bank Negara
(Catatan 10). Indonesia (Persero) Tbk (Note 10).
Per 30 September 2014, seluruh aset tetap (diluar tanah serta As of 30 September 2014, all fixed assets (excluding land,
bangunan dan kendaraan tertentu) dengan nilai tercatat sebesar Rp certain buildings and vehicles) at a total carrying amount of Rp
17.070.004 juta diasuransikan terhadap resiko kebakaran, 17,070,004 million, were insured against the risk of fire, theft,
pencurian, penjarahan dan huru hara, bencana alam dan civil commotion damage and riots, natural disaster and
kecelakaan dengan jumlah pertanggungan sebesar Rp 18.092.561 accident for a total coverage of Rp 18,092,561 million.
juta. Manajemen berkeyakinan bahwa jumlah pertanggungan Management believes that the total insurance coverage is
asuransi ini memadai. adequate.
Dalam bulan Januari – September 2014 dan 2013, Perseroan dan In January – September 2014 and 2013, the Company and
entitas anak menjual aset tetap tertentu sebagai berikut: subsidiaries sold certain fixed assets as follows:
2014 2013
Nilai tercatat (11,369) (32,576) Carrying amount

Hasil penjualan bersih 16,407 38,098 Net proceeds
Laba penjualan aset tetap 5,038 5,522 Gain on sale of fixed assets
Per 30 September 2014, biaya perolehan dari aset tetap yang As of 30 September 2014, the acquisition cost of fully
telah disusutkan penuh tetapi masih digunakan adalah sebesar depreciable assets that were still being used amounted to Rp
Rp 2.618.042 juta. 2,618,042 million.
Per 30 September 2014, nilai jual objek pajak untuk tanah dan As of 30 September 2014, the sale value of the tax object of the
bangunan yang dimiliki Perseroan dan entitas anak adalah Company’s and subsidiaries’ land and buildings amounted to
sebesar Rp 6.463.110 juta. Rp 6,463,110 million.
9. ASET TIDAK LANCAR LAINNYA 9. OTHER NON-CURRENT ASSETS
September December
2014 2013
Uang muka pembelian aset tetap 659,965 1,231,173 Advances for the purchase of fixed assets
729,639 1,318,730

10. PINJAMAN JANGKA PENDEK 10. SHORT-TERM LOANS
September December
2014 2013
Perseroan dan entitas anak memperoleh pinjaman The Company and subsidiaries obtained short-term
jangka pendek dalam mata uang rupiah dari bank- loans in rupiah currency from the following banks:
bank berikut ini:
PT Bank Negara Indonesia (Persero) Tbk 5,883,734 5,217,245 PT Bank Negara Indonesia (Persero) Tbk
PT Bank Mandiri (Persero) Tbk 3,199,987 3,500,000 PT Bank Mandiri (Persero) Tbk
PT Bank Central Asia Tbk 2,126,657 803,738 PT Bank Central Asia Tbk
The Bank of Tokyo - Mitsubishi UFJ, Ltd. 2,000,000 - The Bank of Tokyo - Mitsubishi UFJ, Ltd.
The Royal Bank of Scotland 1,000,000 700,000 The Royal Bank of Scotland
PT Bank Danamon Indonesia Tbk 500,000 1,000,000 PT Bank Danamon Indonesia Tbk
PT Bank Internasional Indonesia Tbk 450,000 1,750,000 PT Bank Internasional Indonesia Tbk
Deutsche Bank AG 250,741 7,808 Deutsche Bank AG
PT Bank Mega Tbk 9,500 - PT Bank Mega Tbk
15,420,619 12,978,791
Tingkat bunga per tahun 8.00% - 12.00% 5.75% - 9.25% Annual interest rates
Pinjaman jangka pendek Perseroan termasuk cerukan, dimana The Company’s short-term loans included bank overdraft,
nilai cerukan pada tanggal 30 September 2014 dan 31 Desember which the amount of bank overdraft as of 30 September 2014
2013, masing-masing sebesar Rp 971.119 juta dan Rp 228.791 and 31 December 2013, amounting to Rp 971,119 million and
juta. Rp 228,791 million, respectively.
Pada akhir September 2014, pinjaman jangka pendek dari PT At the end of September 2014, short-term loan from PT Bank
Bank Negara Indonesia (Persero) Tbk dijamin dengan sebagian Negara Indonesia (Persero) Tbk is guaranteed by part of the
tanah dan bangunan Perseroan dengan nilai tercatat Rp 19.012 Company’s land and buildings with carrying amount of Rp
juta. 19,012 million.
Perjanjian pinjaman jangka pendek yang diperoleh Perseroan The short-term loan agreements entered into by the Company
mencantumkan beberapa pembatasan, antara lain sehubungan include certain restrictions, among other things, on compliance
dengan ketaatan rasio keuangan dan persyaratan administrasi with determined financial ratios and administrative
yang telah ditentukan. requirements.
Informasi mengenai tanggal jatuh tempo dari pinjaman per 30 Information on due dates of outstanding loans as of 30
September 2014 adalah sebagai berikut: September 2014 is as follows:
Kreditur / Lenders Jatuh tempo / Due dates
PT Bank Negara Indonesia (Persero) Tbk 17, 23, 27 Oktober/October 2014 dan/and 27 September 2015
PT Bank Mandiri (Persero) Tbk 8, 17, 18, 22 Desember/December 2014 dan/and 20
Januari/January 2015
PT Bank Central Asia Tbk 17 Oktober/October, 5, 18 Desember/December 2014 dan/and
8 Maret/March 2015
The Bank of Tokyo – Mitsubishi UFJ, Ltd. 17, 24 Oktober/October dan/and 15, 23 Desember/December
2014
The Royal Bank of Scotland 8, 17 dan/and 22 Oktober/October 2014
PT Bank Danamon Indonesia Tbk 17 Oktober/October 2014
PT Bank Internasional Indonesia Tbk 15 dan/and 17 Oktober/October 2014
Deutsche Bank AG 30 April 2015
PT Bank Mega Tbk 28 Agustus/August 2015

11. UTANG USAHA 11. TRADE PAYABLES
Utang usaha terutama berasal dari pembelian bahan Trade payables are mainly originated from purchase of
baku/pembantu. raw/supplementary materials.
September December
2014 2013
Utang usaha pada pihak ketiga 2,574,372 788,611 Trade payables to third parties
Utang usaha pada pihak berelasi (Catatan 26) 22,864 9,823 Trade payables to related parties (Note 26)
2,597,236 798,434
12. PERPAJAKAN 12. TAXATION
a. Pajak dibayar dimuka terdiri dari: a. Prepaid taxes consist of:
September December
2014 2013
Perseroan: Company:
Pajak Pertambahan Nilai 350,220 219,768 Value Added Tax
Entitas anak: Subsidiaries:

Pajak Pertambahan Nilai 28,419 38,060 Value Added Tax
Pajak Penghasilan Badan 25,188 9,413 Corporate Income Tax
53,607 47,473
403,827 267,241
b. Utang pajak terdiri dari: b. Taxes payable consist of:
September December
2014 2013
Perseroan: Company:
Pajak Penghasilan Badan 157,710 513 Corporate Income Tax
Pajak lainnya: Other taxes:
Pasal 21 4,523 4,198 Article 21
Pasal 23/26 4,476 3,853 Article 23/26
Pasal 22 6,354 326 Article 22
173,063 8,890

Pajak Penghasilan Badan 63,567 33,201 Corporate Income Tax
Pajak lainnya 4,160 6,725 Other taxes
67,727 39,926
240,790 48,816

c. Komponen beban (penghasilan) pajak adalah sebagai berikut: c. The components of income tax expense (benefit) are as
follows:
September September
2014 2013
Perseroan: Company:
Kini 1,252,648 1,081,513 Current
Tangguhan 11,080 (1,069) Deferred
1,263,728 1,080,444

Kini 107,576 75,239 Current
Tangguhan (10,263) (62,499) Deferred
97,313 12,740
Konsolidasi: Consolidated:
Kini 1,360,224 1,156,752 Current
Tangguhan 817 (63,568) Deferred
1,361,041 1,093,184
d. Rekonsiliasi antara laba akuntansi konsolidasian sebelum pajak d. The reconciliation between the consolidated accounting
penghasilan dikalikan tarif pajak yang berlaku dengan beban profit before income tax multiplied by the enacted tax rate
pajak adalah sebagai berikut: and income tax expense is as follows:
September September
2014 2013
Laba akuntansi konsolidasian sebelum Consolidated accounting profit before

pajak penghasilan 5,428,623 4,370,559 income tax
Tarif pajak yang berlaku 25% 25% Enacted tax rate
1,357,156 1,092,640
Pengaruh pajak dari perbedaan permanen: Tax effect of permanent differences:
Perseroan 2,607 1,323 Company
Entitas anak 1,278 (779) Subsidiaries
3,885 544
Beban pajak 1,361,041 1,093,184 Income tax expense
e. Rekonsiliasi fiskal Perseroan adalah sebagai berikut: e. The Company’s fiscal reconciliation is as follows:
September September
2014 2013
Laba konsolidasian sebelum pajak penghasilan 5,428,623 4,370,559 Consolidated profit before income tax
Laba sebelum pajak penghasilan entitas anak (384,142) (57,117) Subsidiaries' profit before income tax
Eliminasi transaksi dengan entitas anak 42,205 50,795 Elimination of transactions with subsidiaries
5,086,686 4,364,237
Koreksi fiskal: Fiscal corrections:

Liabilitas imbalan kerja 65,690 61,437 Employee benefits obligation
Laba penjualan aset tetap (11) (2,033) Gain on sale of fixed assets
Penyusutan aset tetap (147,582) (103,871) Depreciation of fixed assets
Sumbangan 9,012 8,536 Donations
Pendapatan bunga dan sewa (14,422) (12,752) Interest and rental income
Laba kena pajak Perseroan 5,010,592 4,326,052 Taxable profit of the Company

f. Perhitungan beban pajak kini dan utang pajak penghasilan f. The calculation of current tax expense and income tax
adalah sebagai berikut: liabilities are as follows:
September December
2014 2013
Laba kena pajak Perseroan 5,010,592 5,750,486 Taxable profit of the Company
Tarif pajak yang berlaku 25% 25% Enacted tax rate
Beban pajak kini Perseroan 1,252,648 1,437,622 Current tax expense of the Company
Pajak dibayar dimuka Perseroan: Prepaid income taxes of the Company:

PPh pasal 22 (181,184) (185,754) Income tax article 22
PPh pasal 23 (33) (14) Income tax article 23
PPh pasal 25 (1,047,566) (1,251,341) Income tax article 25
(1,228,783) (1,437,109)
Utang Pajak Penghasilan Badan pasal 29 Corporate Income Tax payable article 29
Perseroan 23,865 513 of the Company
g. Perbedaan temporer yang membentuk bagian signifikan dari g. The items that give rise to significant portions of the deferred
aset dan liabilitas pajak tangguhan per 30 September 2014 dan tax assets and liabilities as of 30 September 2014 and 31
31 Desember 2013, adalah sebagai berikut: December 2013 are as follows:
September December
2014 2013
Aset pajak tangguhan entitas anak, bersih 62,943 58,145 Deferred tax assets of subsidiaries, net
Aset (liabilitas) pajak tangguhan Perseroan: Deferred tax asset (liabilities) of the Company:
Laba belum terealisasi dalam persediaan 156,828 146,277 Unrealized profits in inventories
Liabilitas imbalan kerja 233,365 216,942 Employee benefits obligation
Aset tetap (620,096) (582,042) Fixed assets
Liabilitas pajak tangguhan Perseroan, bersih (229,903) (218,823) Deferred tax liabilities of the Company, net
Liabilitas pajak tangguhan entitas anak, bersih (12,208) (17,673) Deferred tax liabilities of subsidiaries, net
(242,111) (236,496)
h. Sesuai peraturan perpajakan di Indonesia, Perseroan dan h. Under the taxation laws of Indonesia, the Company and
entitas anak melaporkan/menyetorkan pajak untuk setiap subsidiaries submit/pay individual company tax returns on
perusahaan sebagai suatu badan hukum yang terpisah the basis of self-assessment. The tax authorities may assess
berdasarkan sistem self-assessment. Fiskus dapat or amend taxes within the statute of limitations, under
menetapkan atau mengubah pajak-pajak tersebut dalam prevailing regulations.
batas waktu yang ditentukan sesuai dengan ketentuan
yang berlaku.
13. UTANG CUKAI, PPN DAN PAJAK ROKOK 13. EXCISE DUTY, VAT AND CIGARETTES
TAX PAYABLES
September December
2014 2013
Pita cukai 3,599,843 5,072,777 Excise duty ribbons

PPN dan Pajak rokok 935,399 643,721 VAT and cigarettes tax
4,535,242 5,716,498

14. BEBAN AKRUAL 14. ACCRUED EXPENSES
September December
2014 2013
Beban bunga 80,826 155,083 Interest expense

Beban pemasaran 26,728 5,934 Marketing expenses
Lain-lain 36,763 28,146 Miscellaneous
144,317 189,163
15. LIABILITAS JANGKA PENDEK LAINNYA 15. OTHER CURRENT LIABILITIES
September December
2014 2013
Utang pembelian aset tetap 187,003 199,004 Payables for the purchase of fixed assets
Uang jaminan distributor 147,009 132,311 Distributors' guarantee deposits
381,619 362,878
16. IMBALAN KERJA 16. EMPLOYEE BENEFITS
Liabilitas imbalan kerja yang dicatat di laporan posisi keuangan The employee benefits obligation reflected in the consolidated
konsolidasian adalah sebagai berikut: statements of financial position are as follows:
September December
2014 2013
Nilai kini kewajiban imbalan pasti 1,133,949 1,054,940 Present value of defined benefit obligation
Kerugian aktuaria dan beban jasa lalu yang Unrecognized actuarial losses and past
belum diakui, non-vested (16,953) (32,036) service cost, non-vested
1,116,996 1,022,904
Perhitungan atas liabilitas imbalan pasca-kerja per 30 September Calculation of obligation for post-employment benefits as of 30
2014 dan 31 Desember 2013 dilakukan oleh PT Towers Watson September 2014 and 31 December 2013 were performed by PT
Purbajaga sebagai aktuaris independen dengan asumsi Towers Watson Purbajaga as an independent actuary with
utama sebagai berikut: main assumptions as follows:
September December
2014 2013
Tingkat diskonto per tahun 9.00% 9.00% Discount rate per annum
Tingkat kenaikan kompensasi per tahun 7.50% 7.50% Future compensation increases per annum

Mutasi nilai kini kewajiban imbalan pasti adalah sebagai berikut: Movement in the present value of the defined benefit obligation
are as follows:
September December
2014 2013
Nilai kini kewajiban imbalan pasti, Present value of defined benefit obligation,
awal tahun 1,054,940 1,342,133 beginning of the year
Biaya jasa kini 66,410 122,166 Current service cost
Biaya bunga 68,375 81,666 Interest cost
Imbalan yang dibayarkan (55,900) (96,950) Benefit paid
Kerugian/(keuntungan) aktuaria 124 (394,075) Actuarial losses/(gain)
Nilai kini kewajiban imbalan pasti, Present value of defined benefit obligation,
akhir periode 1,133,949 1,054,940 ending of the period
Mutasi liabilitas imbalan kerja di laporan posisi keuangan Movement in the employee benefits obligation in the
konsolidasian adalah sebagai berikut: consolidated statements of financial position are as follows:
September December
2014 2013
Liabilitas imbalan pasca-kerja, Obligation for post-employment

awal tahun 1,022,904 881,200 benefits, beginning of year
Beban imbalan pasca-kerja selama Post-employment benefits expense
periode berjalan 149,992 238,654 recognized during the period
Imbalan yang dibayar selama tahun berjalan (55,900) (96,950) Benefits paid during the year
Liabilitas imbalan pasca-kerja, Obligation for post-employment benefits,
akhir periode 1,116,996 1,022,904 ending of the period
Beban imbalan pasca-kerja yang diakui dalam laporan laba rugi Post-employment benefits expense recognized in the
komprehensif konsolidasian adalah sebagai berikut: consolidated statements of comprehensive income are as
follows:
September September
2014 2013
Biaya jasa kini 66,410 87,817 Current service cost

Biaya bunga 68,375 60,486 Interest cost
(Keuntungan)/kerugian aktuaria yang diakui (220) 9,457 Recognized actuarial (gain)/losses
Amortisasi beban jasa lalu 15,427 15,725 Amortization of past service cost
149,992 173,485
Dibebankan pada: Charged to:

Biaya produksi 72,266 85,670 Production costs
Beban usaha 77,726 87,815 Operating expenses
149,992 173,485
Informasi historis: Historical information:

2013 2012 2011 2010 2009
Nilai kini kewajiban Present value of defined

imbalan pasti 1,054,940 1,342,133 1,169,059 1,025,692 788,967 benefit obligation
Penyesuaian liabilitas Experience adjustments
program (129,796) (27,983) (23,026) 47,475 63,821 arising on plan liabilities

17. MODAL SAHAM 17. SHARE CAPITAL
Modal dasar: Authorized capital:

Jumlah saham 2,316,000,000 saham/shares Number of shares
Nilai nominal per saham (dalam rupiah penuh) Rp 500 Par value per share (in whole rupiah)
Total nominal Rp 1,158,000 juta/million Total par value
Modal ditempatkan dan disetor penuh: Issued and paid-up capital:
Jumlah saham 1,924,088,000 saham/shares Number of shares
Total nominal Rp 962,044 juta/million Total par value
Susunan pemegang saham Perseroan per 30 September 2014 dan The composition of the Company’s shareholders as of 30
31 Desember 2013 adalah sebagai berikut: September 2014 and 31 December 2013 is as follows:
Jumlah saham/ Total nominal/

Pemegang saham Number of shares Par value % Shareholders
Rp juta/million
Ny. Juni Setiawati Wonowidjojo 10,376,800 5,188 0.54 Mrs. Juni Setiawati Wonowidjojo
Tn. Susilo Wonowidjojo 7,325,400 3,663 0.38 Mr. Susilo Wonowidjojo
PT Suryaduta Investama 1,333,146,800 666,574 69.29 PT Suryaduta Investama
PT Suryamitra Kusuma 120,442,700 60,221 6.26 PT Suryamitra Kusuma
Lainnya 452,796,300 226,398 23.53 Others
1,924,088,000 962,044 100.00
18. AGIO SAHAM 18. CAPITAL PAID IN EXCESS OF PAR
Merupakan selisih antara harga penawaran saham Rp 10.250 Represents the premium as a result of the difference between
(rupiah penuh) per saham dengan nilai nominal Rp 1.000 (rupiah offering price of Rp 10,250 (whole rupiah) and par value of
penuh) per saham dari 57.807.800 saham yang dijual dalam masa Rp 1,000 (whole rupiah) per share from 57,807,800 shares
penawaran perdana 21 Juli – 3 Agustus 1990, dimana sejumlah Rp sold during the initial public offering period of 21 July – 3
481.022 juta telah direklasifikasi menjadi modal saham dengan August 1990, of which Rp 481,022 million has been
pengeluaran saham bonus dalam tahun 1996 (Catatan 1). reclassified to share capital through the issuance of bonus
shares in 1996 (Note 1).
19. SELISIH TRANSAKSI DENGAN PIHAK 19. DIFFERENCE FROM TRANSACTION WITH NON-
NONPENGENDALI CONTROLLING INTEREST
Merupakan selisih lebih dari jumlah yang dibayarkan untuk Represents the excess of the amount paid to purchase the
membeli saham dari pemegang saham nonpengendali dengan shares from other non-controlling shareholders over the
nilai tercatat kepentingan nonpengendali yang disesuaikan adjusted carrying amount of the non-controlling interest
(Catatan 1). (Note 1).
20. SALDO LABA DICADANGKAN 20. APPROPRIATED RETAINED EARNINGS
Merupakan penyisihan cadangan wajib yang dibentuk untuk Represents the statutory reserve which was set up to comply
memenuhi ketentuan Undang-Undang Perseroan Terbatas. with the provisions of Indonesian Company Law.

21. PENDAPATAN 21. REVENUE
September September
2014 2013
Merupakan penjualan/pendapatan usaha bersih Represent net sales/operating revenue (after

(setelah dikurangi retur dan potongan penjualan): deduction of sales returns and discounts):
Ekspor: Export:
Sigaret kretek mesin 1,901,074 1,553,204 Machine-made clove cigarettes
Sigaret kretek tangan 4,628 5,342 Hand-rolled clove cigarettes
Kertas karton 180,150 222,587 Paperboard
2,136,971 1,806,862
Lokal: Domestic:
Sigaret kretek tangan 3,562,449 3,986,796 Hand-rolled clove cigarettes
Rokok klobot 31,570 24,559 Klobot (corn silk) clove cigarettes
46,052,805 38,209,906
Total: Total:
Sigaret kretek tangan 3,567,077 3,992,138 Hand-rolled clove cigarettes
Rokok klobot 31,570 24,559 Klobot (corn silk) clove cigarettes
48,189,776 40,016,768
Dalam bulan Januari – September 2014 dan 2013, tidak ada In January - September 2014 and 2013, no sales / operating
penjualan / pendapatan usaha dari pelanggan yang melebihi 10 % revenue earned from any customer exceeded 10% of total
dari total penjualan / pendapatan usaha. sales / operating revenue.
22. BIAYA POKOK PENJUALAN 22. COST OF SALES
September September
2014 2013
Rokok dan kertas karton: Cigarettes and paperboard:
Biaya produksi langsung: Direct production costs:
Bahan baku yang digunakan 10,099,305 8,459,473 Raw materials used
Upah langsung 463,445 501,167 Direct labor
Biaya produksi tak langsung 2,062,016 1,608,904 Indirect production costs
Total biaya produksi 12,624,766 10,569,544 Total production costs
Persediaan awal barang dalam pengolahan 520,058 447,583 Beginning balance of goods in process
Persediaan akhir barang dalam pengolahan (351,228) (404,414) Ending balance of goods in process
Biaya pokok produksi 12,793,596 10,612,713 Cost of goods manufactured
Pita cukai dan PPN rokok 26,649,810 22,401,539 Excise duty ribbons and VAT on cigarettes
39,443,406 33,014,252
Persediaan awal barang jadi/ Beginning balance of finished goods/

dagangan 3,778,575 3,656,062 merchandise inventories
Pembelian barang dagangan 81,082 117,265 Purchase of merchandise inventories
Persediaan akhir barang jadi/ Ending balance of finished goods/
dagangan (5,058,605) (4,790,883) merchandise inventories
Barang jadi untuk promosi dan lain-lain (134,114) (42,563) Finished goods for promotion and others
Biaya pokok penjualan rokok Cost of sales of cigarettes
dan kertas karton 38,110,344 31,954,133 and paperboard
Biaya pokok penjualan lain-lain 378,000 135,597 Cost of other sales
38,488,344 32,089,730

23. BEBAN USAHA 23. OPERATING EXPENSES
September September
2014 2013
BEBAN PENJUALAN: SELLING EXPENSES:
Transportasi, pengangkutan, iklan, promosi dan Transportation, freight, advertising, promotion
beban pemasaran lainnya 984,264 1,120,356 and other marketing expenses
Kompensasi karyawan 599,791 313,094 Employees' compensation
Keperluan kantor, perbaikan dan pemeliharaan 279,796 300,288 Office supplies, repairs and maintenance
Penyusutan aset tetap 58,114 52,059 Depreciation of fixed assets
1,996,490 1,824,377
BEBAN UMUM DAN ADMINISTRASI: GENERAL AND ADMINISTRATIVE EXPENSES:

Kompensasi karyawan 606,819 580,136 Employees' compensation
Perbaikan dan pemeliharaan 248,517 148,662 Repairs and maintenance
Listrik dan air 113,256 93,585 Utilities
Penyusutan aset tetap 152,356 55,640 Depreciation of fixed assets
Keperluan kantor, komunikasi, jasa profesional 39,150 46,755 Office supplies, communication, professional fees
Asuransi 30,570 32,992 Insurance
Perjalanan dinas, akomodasi 59,135 43,743 Travelling, accommodation
Sumbangan, jamuan tamu/atensi relasi, Donations, entertainment,
Pajak Bumi dan Bangunan 20,498 18,123 Tax on Land and Building
1,528,040 1,284,599
3,524,530 3,108,976
24. LABA PER SAHAM 24. EARNINGS PER SHARE
September September
2014 2013
Laba periode berjalan yang dapat diatribusikan 4,042,843 3,236,041 Profit for the period attributable to owners of the
ke pemilik entitas induk (dalam jutaan rupiah) Company (in millions of rupiah)
Total rata-rata tertimbang saham beredar/ Weighted average of total outstanding/
ditempatkan (dalam ribuan saham) 1,924,088 1,924,088 issued shares (in thousands of share)
Laba per saham dasar dan dilusian (dalam rupiah Earnings per share basic and dilutive (in whole
penuh) 2,101 1,682 rupiah)
Perseroan dan entitas anak tidak memiliki efek berpotensi The Company and subsidiaries do not have any dilutive potential
saham yang bersifat dilutif, sehingga laba per saham dasar shares; therefore, diluted earnings per share is equivalent to basic
sama dengan laba per saham dilusian. earnings per share.
25. DIVIDEN 25. DIVIDENDS
Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 24 The Annual General Shareholders’ Meeting of the Company on
Juni 2014 (risalah dibuat oleh notaris Siti Nurul Yuliami, SH, 24 June 2014 (minutes prepared by notary public Siti Nurul
M.Kn) memutuskan untuk membagikan dividen kas sejumlah Rp Yuliami, SH, M.Kn) resolved to declare cash dividends in the
1.539.270 juta [Rp 800 (rupiah penuh) per saham]. amount of Rp 1,539,270 million [Rp 800 (whole rupiah) per
share].
Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 29 The Annual General Shareholders’ Meeting of the Company on
Juni 2013 (risalah dibuat oleh notaris Siti Nurul Yuliami, SH, 29 June 2013 (minutes prepared by notary public Siti Nurul
M.Kn) memutuskan untuk membagikan dividen kas sejumlah Rp Yuliami, SH, M.Kn) resolved to declare cash dividends in the
1.539.270 juta [Rp 800 (rupiah penuh) per saham]. amount of Rp 1,539,270 million [Rp 800 (whole rupiah) per
share].

26. TRANSAKSI PIHAK BERELASI 26. RELATED PARTY TRANSACTIONS
Ikhtisar transaksi Perseroan dan entitas anak dengan pihak - Summary of transactions of the Company and subsidiaries with the
pihak berelasi dalam bulan Januari – September 2014 dan 2013 related parties in January – September 2014 and 2013 are as
adalah sebagai berikut: follows:
Pembelian Purchases
Persentase dari total pembelian /

Jumlah / Amount Percentage from total purchases
2014 2013 2014 2013
PT Surya Zig Zag 141,698 147,476 1.01% 1.44% PT Surya Zig Zag
PT Taman Sriwedari 14,366 9,982 0.10% 0.10% PT Taman Sriwedari
156,064 157,458 1.11% 1.54%
Ikhtisar saldo dengan pihak - pihak berelasi per 30 September Summary of balances with the related parties as of 30 September
2014 dan 31 Desember 2013 adalah sebagai berikut: 2014 and 31 December 2013 are as follows:
Utang usaha Trade payables
Persentase dari total utang usaha /

Jumlah / Amount Percentage from total trade payables
30 September/ 31 Desember/ 30 September/ 31 Desember/
September December September December
2014 2013 2014 2013
PT Surya Zig Zag 22,742 9,755 0.88% 1.23% PT Surya Zig Zag
PT Taman Sriwedari 122 68 0.01% 0.01% PT Taman Sriwedari
22,864 9,823 0.89% 1.24%
Kompensasi Compensation
Total kompensasi (imbalan kerja jangka pendek) direksi dan Total compensation (short-term employee benefits) of the
komisaris Perseroan pada akhir September 2014 dan 2013 adalah Company’ directors and commissioners at the end of September
masing-masing sebesar Rp 41.186 juta dan Rp 40.676 juta. 2014 and 2013 were Rp 41,186 million and Rp 40,676 million,
respectively.
Rincian sifat hubungan dengan pihak - pihak berelasi adalah Details of the nature of relationships with related parties are as
sebagai berikut: follows:
Pihak-pihak berelasi / Related parties Sifat hubungan / Nature of relationship
PT Surya Zig Zag Dimiliki oleh pemegang saham akhir yang sama/
Owned by the same ultimate shareholders
PT Taman Sriwedari Dimiliki oleh pemegang saham akhir yang sama/
Owned by the same ultimate shareholders
Komisaris dan Direksi/Commissioners and Directors Personil manajemen kunci/Key management personnel

27. INFORMASI SEGMEN 27. SEGMENT INFORMATION
Kertas
Rokok / karton / Lain-lain / Eliminasi / Konsolidasi /
Cigarettes Paperboard Others Eliminations Consolidated
PENDAPATAN REVENUE
Pihak eksternal 47,453,050 728,722 8,004 - 48,189,776 External customers
Antar segmen - 315,720 42,748 (358,468) - Inter-segment
Total pendapatan 47,453,050 1,044,442 50,752 (358,468) 48,189,776 Total revenue
LABA PROFIT
Laba segmen 6,290,193 48,929 5,370 10,340 6,354,832 Segment Profit
Beban bunga (926,146) (63) (926,209) Interest expense
Laba sebelum pajak Profit before
penghasilan 5,428,623 income tax
Beban pajak penghasilan (1,361,041) Income tax expense
Laba periode berjalan 4,067,582 Profit for the period
ASET DAN ASSETS AND

Aset segmen 54,779,689 1,363,084 524,087 (86,946) 56,579,914 Segment assets

Liabilitas segmen 24,526,129 189,639 38,644 (75,482) 24,678,930 Segment liabilities
INFORMASI SEGMEN OTHER SEGMENT

LAINNYA INFORMATION
Perolehan aset tetap 4,003,239 18,138 94,060 - 4,115,437 Capital expenditures

Penyusutan 1,059,321 24,923 13,018 - 1,097,262 Depreciation
Informasi geografis Geographical information

Indonesia Di luar Indonesia / Total
Outside Indonesia
Penjualan / pendapatan usaha Sales / operating revenue
Rokok 45,496,229 1,956,821 47,453,050 Cigarettes
Kertas karton 548,572 180,150 728,722 Paperboard
Lain-lain 8,004 - 8,004 Others
46,052,805 2,136,971 48,189,776
Aset Assets
Rokok 54,747,239 - 54,747,239 Cigarettes
Kertas karton 1,308,588 - 1,308,588 Paperboard
56,579,914 - 56,579,914

Kertas
Rokok / karton / Lain-lain / Eliminasi / Konsolidasi /
Cigarettes Paperboard Others Eliminations Consolidated
PENDAPATAN REVENUE
Pihak eksternal 39,362,273 650,581 3,914 - 40,016,768 External customers
Antar segmen 65 375,076 31,282 (406,423) - Inter-segment
Total pendapatan 39,362,338 1,025,657 35,196 (406,423) 40,016,768 Total revenue
LABA PROFIT
Laba segmen 4,704,884 137,779 10,890 (9,160) 4,844,393 Segment Profit
Beban bunga (473,834) (473,834) Interest expense
Laba sebelum pajak Profit before
penghasilan 4,370,559 income tax
Beban pajak penghasilan (1,093,184) Income tax expense
Laba periode berjalan 3,277,375 Profit for the period
ASET DAN ASSETS AND
Aset segmen 49,020,811 1,373,210 470,895 (94,665) 50,770,251 Segment assets

Liabilitas segmen 21,151,342 237,798 37,702 (72,862) 21,353,980 Segment liabilities
INFORMASI SEGMEN OTHER SEGMENT
LAINNYA INFORMATION
Perolehan aset tetap 3,904,459 13,327 120,564 - 4,038,350 Capital expenditures

Penyusutan 766,305 22,424 9,786 - 798,515 Depreciation
Informasi geografis Geographical information

Indonesia Di luar Indonesia / Total
Outside Indonesia
Penjualan / pendapatan usaha Sales / operating revenue
Rokok 37,777,998 1,584,275 39,362,273 Cigarettes
Kertas karton 427,994 222,587 650,581 Paperboard
38,209,906 1,806,862 40,016,768
Aset Assets
Rokok 48,969,707 - 48,969,707 Cigarettes
Kertas karton 1,332,327 - 1,332,327 Paperboard
50,770,251 - 50,770,251

28. INSTRUMEN KEUANGAN 28. FINANCIAL INSTRUMENTS
Klasifikasi dan nilai wajar Classification and fair value

Per akhir September 2014 dan Desember 2013, instrumen At the end of September 2014 and December 2013, financial
keuangan Perseroan dan entitas anak adalah sebagai berikut: instruments of the Company and subsidiaries consist of the
following:
September December
2014 2013
Aset keuangan Financial assets
Pinjaman yang diberikan dan piutang: Loans and receivables:
Kas dan setara kas 1,403,964 1,404,108 Cash and cash equivalents
Piutang usaha pihak ketiga 1,610,411 2,196,086 Trade receivables, third parties
Aset lancar lainnya 45,824 42,830 Other current assets
3,060,199 3,643,024
Liabilitas keuangan Financial liabilities

Liabilitas keuangan lainnya: Other financial liabilities:
Pinjaman jangka pendek 15,420,619 12,978,791 Short-term loans
Utang usaha 2,597,236 798,434 Trade payables
Beban akrual 144,317 189,163 Accrued expenses
Liabilitas jangka pendek lainnya 381,619 362,878 Other current liabilities
18,543,791 14,329,266
Kecuali kas dan setara kas dan pinjaman jangka pendek, seluruh Except for cash and cash equivalents and short-term loans,
aset dan liabilitas keuangan lainnya tidak mengandung bunga. all other financial assets and liabilities are non-interest
bearing.
Seluruh aset dan liabilitas keuangan Perseroan dan entitas anak All financial assets and liabilities of the Company and
diharapkan dapat terealisasi atau diselesaikan dalam waktu dekat. subsidiaries are expected to be realized or settled in near
Nilai tercatat diperkirakan mendekati nilai wajar, karena dampak term. The carrying amounts approximate the fair values, as
dari diskonto tidak signifikan. the impact of discounting is not significant.
Manajemen risiko keuangan Financial risk management
Risiko utama yang timbul dari aset dan liabilitas keuangan The main risks arising from the financial assets and liabilities
Perseroan dan entitas anak adalah risiko kredit, risiko likuiditas of the Company and subsidiaries are credit risk, liquidity risk
dan risiko pasar. and market risk.
Risiko kredit Credit risk
Risiko kredit Perseroan dan entitas anak terutama dari simpanan The credit risk of the Company and subsidiaries mainly from
di bank dan risiko kerugian apabila pelanggan gagal memenuhi deposits with banks and risk of loss if customers fail to
liabilitas kontraktual mereka. discharge their contractual obligations.
Perseroan dan entitas anak meminimalisir risiko kredit dari The Company and subsidiaries minimize credit risk from
simpanan di bank dengan menyimpan dana hanya pada bank deposits with banks by placing their funds only in banks of
yang memiliki reputasi baik. good standing.
Perseroan dan entitas anak meminimalisir risiko kredit dari The Company and subsidiaries minimize credit risk from
piutang dengan menetapkan uang jaminan dan batasan jumlah receivables by obtaining guarantee deposits and setting credit
piutang yang dapat diberikan. Risiko ini juga dijaga dengan limits. This risk is also managed by ongoing monitoring over
pengawasan berkesinambungan atas jumlah dan status the balance and collectability of the receivables.
ketertagihan piutang tersebut.
Tidak terdapat risiko kredit yang terpusat secara signifikan There is no significant concentration of credit risk as the
karena Perseroan dan entitas anak memiliki banyak pelanggan Company and subsidiaries have a large number of customers
tanpa adanya pelanggan individu yang signifikan. without any significant individual customer.

Eksposur maksimum Perseroan dan entitas anak atas risiko kredit Maximum exposure of the Company and subsidiaries to credit
adalah sebesar nilai tercatat bersih dari tiap aset keuangan di risk is represented by net carrying amount of each financial
laporan posisi keuangan konsolidasian. assets in the consolidated statements of financial position.
Risiko likuiditas Liquidity risk
Perseroan dan entitas anak dapat terekspos terhadap risiko The Company and subsidiaries would be exposed to liquidity
likuiditas apabila ada perbedaan waktu signifikan antara risk if there is a significant mismatch in the timing of
penerimaan piutang dengan penyelesaian utang dan pinjaman. collection of receivables and the settlement of payables and
borrowings.
Perseroan dan entitas anak mengelola risiko likuiditas dengan The Company and subsidiaries manage the liquidity risk by
pengawasan proyeksi arus kas dan arus kas aktual secara ongoing monitoring over the projected and actual cash flows,
berkesinambungan, serta menjaga kecukupan kas dan setara kas as well as the adequacy of cash and cash equivalents and
dan fasilitas pinjaman yang tersedia. Risiko ini juga available credit facilities. This risk is also minimized by
diminimalisir dengan mengelola berbagai sumber pembiayaan managing diversified funding resource from reliable high
dari para pemberi pinjaman yang dapat diandalkan. quality lenders.
Berikut ini adalah jatuh tempo kontraktual dari liabilitas The following are the contractual maturities of financial
keuangan per 30 September 2014: liabilities as of 30 September 2014:
Antara
3 bulan dan
Arus kas Kurang dari 1 tahun/
Nilai tercatat/ kontraktual/ 3 bulan/ Between
Carrying Contractual Less than 3 months and
amount cash flows 3 months 1 year
Pinjaman jangka pendek 15,420,619 15,648,478 15,587,012 61,466 Short-term loans

Utang usaha 2,597,236 2,597,236 2,593,733 3,503 Trade payables
Beban akrual 144,317 144,317 144,317 - Accrued expenses
Liabilitas jangka pendek lainnya 381,619 381,619 218,904 162,715 Other current liabilities
Risiko Pasar Market risk

Risiko pasar Perseroan dan entitas anak meliputi risiko tingkat The Company’s and subsidiaries’ market risk consist of
bunga dan risiko mata uang. interest rate risk and currency risk.
1. Risiko tingkat bunga 1. Interest rate risk
Risiko tingkat bunga Perseroan dan entitas anak berasal dari The interest rate risk of the Company and subsidiaries
simpanan di bank dan fasilitas pinjaman yang didasarkan was resulted from deposits with banks and credit
pada tingkat bunga mengambang. facilities, which are based on floating interest rates.
Perseroan meminimalisir risiko tingkat bunga dari fasilitas The Company minimizes the interest rate risk from credit
pinjaman dengan mendapatkan fasilitas pinjaman dari facilities by maintaining credit facilities from diversified
berbagai pemberi pinjaman dan pengawasan pergerakan lenders and monitoring the market interest rate risk
tingkat bunga pasar. Perseroan mengelola risiko ini dengan movement. The Company manages this by using a fix
penggunaan tingkat bunga tetap untuk tiap pinjaman yang interest rate for each borrowing which will be agreed at
disepakati pada tanggal penarikan atau perpanjangan. the date of any drawdown or roll over.
Pada tanggal 30 September 2014, jika suku bunga pada As of 30 September 2014, if the interest rates at that date
tanggal tersebut lebih rendah/tinggi 25 basis poin dengan had been 25 basis points lower/higher with all other
semua variabel lain tetap, maka laba untuk periode berjalan variables held constant, profit for the period would have
lebih tinggi/rendah sebesar Rp 26.830 juta. been Rp 26,830 million higher/lower.
2. Risiko mata uang 2. Currency risk
Transaksi pembelian aset tetap dan persediaan menyebabkan Purchases of fixed assets and inventories expose the
Perseroan dan entitas anak terekspos risiko nilai tukar mata Company and subsidiaries to foreign exchange rate risk.
uang asing. Risiko ini dikurangi dengan melakukan penjualan The risk is reduced by carrying out export sales.
ekspor.

Perseroan dan entitas anak memonitor dan mengelola risiko The Company and subsidiaries monitor and manage the
ini dengan menyepadankan liabilitas keuangan dalam mata risk by matching the foreign currency financial liabilities
uang asing dengan aset keuangan dalam mata uang asing with relevant foreign currency financial assets and buying
terkait dan melakukan pembelian mata uang asing saat foreign currencies at spot rate when necessary.
diperlukan.
Per akhir September 2014 dan Desember 2013, eksposur bersih At the end of September 2014 and December 2013, the net
terhadap perubahan nilai tukar mata uang asing Perseroan dan exposure to fluctuation in foreign currencies of the Company
entitas anak adalah sebagai berikut: and subsidiaries was as follows:
Ekuivalen
dengan jutaan
rupiah/
Equivalent in
Lainnya/ millions
USD EUR Others*) of rupiah
Aset Assets
Kas dan setara kas 15,807,699 5,220,114 8,519 274,031 Cash and cash equivalents
Piutang usaha pihak ketiga 31,668,743 187,559 - 389,645 Trade receivables, third parties
Total aset 47,476,442 5,407,673 8,519 663,676 Total assets
Liabilitas Liabilities
Utang usaha (10,381,006) (1,791,935) (322,940) (158,482) Trade payables
Beban akrual (193,793) - - (2,367) Accrued expenses
Liabilitas jangka pendek
lainnya (461,445) (5,717,495) (1,663,901) (114,545) Other current liabilities
Total liabilitas (11,036,244) (7,509,430) (1,986,841) (275,394) Total liabilities
Eksposur bersih 36,440,198 (2,101,757) (1,978,322) 388,282 Net exposure
Ekuivalen
dengan jutaan
rupiah/
Equivalent in
Lainnya/ millions
USD EUR Others*) of rupiah
Aset Assets
Kas dan setara kas 13,135,063 658,837 15,671 171,376 Cash and cash equivalents
Piutang usaha pihak ketiga 42,990,046 305,184 - 529,139 Trade receivables, third parties
Total aset 56,125,109 964,021 15,671 700,515 Total assets
Liabilitas Liabilities
Utang usaha (6,888,496) (331,172) (54,327) (90,197) Trade payables
Beban akrual (186,278) - - (2,270) Accrued expenses
Liabilitas jangka pendek
lainnya (170,477) (7,842,710) (1,878,434) (156,900) Other current liabilities
Total liabilitas (7,245,251) (8,173,882) (1,932,761) (249,367) Total liabilities
Eksposur bersih 48,879,858 (7,209,861) (1,917,090) 451,148 Net exposure
* Aset dan liabilitas dalam valuta asing lainnya disajikan dalam * Assets and liabilities denominated in other foreign currencies
jumlah yang setara dengan USD dengan menggunakan kurs are presented in USD equivalents using the exchange rates
pada tanggal laporan posisi keuangan. prevailing at the statements of financial position date.

Pada tanggal 30 September 2014, jika rupiah menguat/melemah As of 30 September 2014, if rupiah had
5% terhadap USD, dengan seluruh variabel lain tetap, maka laba strengthened/weakened 5% against USD, with all other
untuk periode berjalan lebih rendah/tinggi sebesar Rp 15.782 variables held constant, profit for the period would have been
juta. Rp 15,782 million lower/higher.
Pada tanggal 30 September 2014, jika rupiah menguat/melemah As of 30 September 2014, if rupiah had
5% terhadap EUR, dengan seluruh variabel lain tetap, maka laba strengthened/weakened 5% against EUR, with all other
untuk periode berjalan lebih tinggi/rendah sebesar Rp 1.221 juta. variables held constant, profit for the period would have been
Rp 1,221 million higher/lower.
Manajemen risiko permodalan Capital risk management

Tujuan Perseroan dan entitas anak dalam mengelola permodalan The objectives of the Company and subsidiaries in managing
adalah untuk melindungi kemampuannya mempertahankan capital are to safeguard its ability to continue as a going
kelangsungan usaha agar dapat memaksimalkan imbal hasil bagi concern so that they can maximize the return for shareholders
pemegang saham dan manfaat bagi pemangku kepentingan and benefits for other stakeholders.
lainnya.
Perseroan dan entitas anak mengelola struktur permodalan dan The Company and subsidiaries manage optimum capital
imbal hasil bagi pemegang saham secara optimal dengan structure and returns for shareholders by taking into
mempertimbangkan kebutuhan modal masa depan dan efisiensi consideration future capital needs and capital efficiency. In
modal. Dalam rangka mempertahankan atau menyesuaikan order to maintain or adjust the capital structure, the
struktur permodalan, Perseroan dan entitas anak dapat Company and subsidiaries may adjust the amount of
menyesuaikan jumlah dividen yang dibayar kepada pemegang dividends paid to shareholders or sell assets to reduce debts.
saham atau menjual aset untuk mengurangi utang.
Perseroan dan entitas anak memonitor modal dengan dasar rasio The Company and subsidiaries monitor capital on the basis of
utang terhadap modal. Rasio ini dihitung dengan membagi total the debt to equity ratio. This ratio is calculated as total
liabilitas dengan total ekuitas. Per akhir September 2014 dan 31 liabilities divided by total equity. At the end of September
Desember 2013, rasio utang terhadap modal adalah masing- 2014 and 31 December 2013, debt to equity ratio were 77%
masing 77% dan 73%. and 73%, respectively.
29. IKATAN 29. COMMITMENTS
Pada akhir September 2014, Perseroan dan entitas anak At the end of September 2014, the Company and subsidiaries
mempunyai ikatan-ikatan sehubungan dengan pembelian had various import/local purchase commitments for inventories
impor/lokal atas persediaan, total seluruhnya ekuivalen Rp with a total value of equivalent Rp 739,467 million.
739.467 juta.
Pada akhir September 2014, Perseroan mempunyai ikatan At the end of September 2014, the Company had various
sehubungan dengan pembelian impor/lokal aset tetap, total import/local purchase commitments for fixed assets with a total
seluruhnya ekuivalen Rp 1.882.524 juta. value of equivalent Rp 1,882,524 million.
Pada akhir September 2014, Perseroan mempunyai fasilitas At the end of September 2014, the Company has unused
pinjaman jangka pendek yang dapat diperpanjang (“revolving”) revolving credit facilities from PT ANZ Panin Bank, Citibank
yang belum terpakai dari PT ANZ Panin Bank, Citibank N.A., PT N.A., PT Bank DBS Indonesia, PT Bank Danamon Indonesia
Bank DBS Indonesia, PT Bank Danamon Indonesia Tbk, PT Bank Tbk, PT Bank Internasinal Indonesia Tbk, PT Bank Mandiri
Internasinal Indonesia Tbk, PT Bank Mandiri (Persero) Tbk dan (Persero) Tbk and The Hongkong and Shanghai Banking
The Hongkong and Shanghai Banking Corporation Limited yang Corporation Limited with a total amount of Rp 6,650,000
seluruhnya berjumlah Rp 6.650.000 juta. million.
Pada akhir September 2014, Perseroan juga mempunyai fasilitas At the end of September 2014, the Company has also unused
cerukan yang belum terpakai dari PT Bank Negara Indonesia overdraft facilities from PT Bank Negara Indonesia (Persero)
(Persero) Tbk, PT Bank Central Asia Tbk, Citibank N.A., PT Tbk, PT Bank Central Asia Tbk, Citibank N.A., PT Bank
Bank Mandiri (Persero) Tbk, Deutsche Bank AG dan The Royal Mandiri (Persero) Tbk, Deutsche Bank AG and The Royal Bank
Bank of Scotland yang seluruhnya berjumlah Rp 1.379.621 juta of Scotland with a total amount of Rp 1,379,621 million and
dan USD 9.467.690. USD 9,467,690.

Pada akhir September 2014, Perseroan juga mempunyai fasilitas At the end of September 2014, the Company has also unused
Letter of Credit yang belum terpakai dari PT Bank Negara Letter of Credit facilities from PT Bank Negara Indonesia
Indonesia (Persero) Tbk, The Royal Bank of Scotland, Deutsche (Persero) Tbk, The Royal Bank of Scotland, Deutsche Bank AG,
Bank AG, PT Bank Mandiri (Persero) Tbk dan The Hongkong and PT Bank Mandiri (Persero) Tbk and The Hongkong and
Shanghai Banking Corporation Limited yang seluruhnya Shanghai Banking Corporation Limited with a total amount of
berjumlah USD 119.664.176. USD 119,664,176.
Pada akhir September 2014, pada entitas anak PT Surya At the end of September 2014, the subsidiary PT Surya
Pamenang terdapat fasilitas Letter of Credit yang belum terpakai Pamenang has unused Letter of Credit facilities from Standard
dari Standard Chartered Bank, Deutsche Bank AG dan The Royal Chartered Bank, Deutsche Bank AG and The Royal Bank of
Bank of Scotland yang seluruhnya berjumlah USD 22.862.751. Scotland with a total amount of USD 22,862,751. These Letter
Fasilitas Letter of Credit tersebut dijamin dengan corporate of Credit facilities are secured by corporate guarantee from the
guarantee dari Perseroan. Company.

PT Gudang Garam TBK Dan Entitas Anak

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PT GUDANG GARAM Tbk DAN ENTITAS ANAK/

PT GUDANG GARAM Tbk AND SUBSIDIARIES

LAPORAN POSISI KEUANGAN KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

ASET LANCAR CURRENT ASSETS

TOTAL ASET LANCAR 37,991,611 34,604,461 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS

TOTAL ASET TIDAK LANCAR 18,588,303 16,165,790 TOTAL NON-CURRENT ASSETS

TOTAL ASET 56,579,914 50,770,251 TOTAL ASSETS

PT Gudang Garam Tbk 1

LAPORAN POSISI KEUANGAN KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

TOTAL LIABILITAS 24,678,930 21,353,980 TOTAL LIABILITIES

MODAL SAHAM, nilai nominal SHARE CAPITAL, par value of

PT Gudang Garam Tbk 2

LAPORAN POSISI KEUANGAN KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

pindahan 962,044 962,044 carried forward

TOTAL LIABILITAS DAN TOTAL LIABILITIES AND

Kediri, Oktober/October 2014

PT Gudang Garam Tbk 3

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

PENDAPATAN 21 48,189,776 40,016,768 REVENUE

LABA BRUTO 9,701,432 7,927,038 GROSS PROFIT

Pendapatan lainnya 47,579 45,030 Other income

LABA USAHA 6,354,832 4,844,393 OPERATING PROFIT

Beban bunga (926,209) (473,834) Interest expense

Beban pajak penghasilan 12 (1,361,041) (1,093,184) Income tax expense

LABA / TOTAL PENDAPATAN KOMPREHENSIF PROFIT / TOTAL COMPREHENSIVE

LABA / TOTAL PENDAPATAN KOMPREHENSIF PROFIT / TOTAL COMPREHENSIVE

Kediri, Oktober/October 2014

PT Gudang Garam Tbk 4

LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN /

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/

Total pendapatan komprehensif Total comprehensive

Dividen 25 - - - - (1,539,270) (1,539,270) (43,599) (1,582,869) Dividends

PT Gudang Garam Tbk 5

LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN /

Total pendapatan komprehensif Total comprehensive

Perubahan kepemilikan Change of ownership

Dividen 25 - - - - (1,539,270) (1,539,270) (32,705) (1,571,975) Dividends

PT Gudang Garam Tbk 6

LAPORAN ARUS KAS KONSOLIDASIAN / CONSOLIDATED STATEMENTS OF CASH FLOWS

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PT Gudang Garam Tbk 7

PT Gudang Garam Tbk 8

Tahun mulai Persentase Total aset

PT Gudang Garam Tbk 9

Kepemilikan tidak langsung melalui/

PT Gudang Garam Tbk 10

Kepemilikan tidak langsung melalui/

Kepemilikan tidak langsung melalui/

PT Gudang Garam Tbk 11

Direksi Board of Directors

Tn./Mr. Susilo Wonowidjojo Tn./Mr. Susilo Wonowidjojo President Director

(*) Komisaris Independen (*) Independent Commissioners

2. IKHTISAR KEBIJAKAN AKUNTANSI YANG 2. SUMMARY OF SIGNIFICANT ACCOUNTING

PT Gudang Garam Tbk 12

b. Prinsip konsolidasi b. Basis of consolidation

PT Gudang Garam Tbk 13

d. Pengakuan pendapatan dan beban d. Revenue and expense recognition

() Komisaris Independen () Independent Commissioners