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2015

ANNUAL REPORT
Establish the basis for
next growth in front of new era of
competition,
while keep challenging to further operational
excellence and CS improvement
01 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

TABLE OF CONTENTS

02 FINANCIAL HIGHLIGHTS 27 CAPITAL STRUCTURE AND MANAGEMENT POLICY ON CAPITAL


02 STATEMENT OF COMPREHENSIVE INCOME STRUCTURE
03 STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) 28 MATERIAL BINDING FOR CAPITAL GOODS INVESTMENT
04 COMPOSITION OF 2015 NET SALES VALUE 28 MATERIAL INFORMATION AND FACTS AFTER THE REPORTING
04 KEY FINANCIAL RATIOS PERIOD
04 PT ASAHIMAS FLAT GLASS TBK (AMFG)'S SHARE INFORMATION 28 BUSINESS PROSPECTS
28 COMPARISON BETWEEN PROJECTION AT THE BEGINNING OF
05 BOARD OF COMMISSIONERS' REPORT FINANCIAL YEAR WITH THE ACHIEVED RESULTS
05 BOARD OF COMMISSIONERS' SUPERVISION 28 THE COMPANY'S TARGETS IN 2016
05 ASSESSMENT OF THE COMMITTEE PERFORMANCE UNDER BOARD 28 MARKETING
OF COMMISIONERS 30 DIVIDEND POLICY
05 ASSESSMENT OF THE BOARD OF DIRECTORS' PERFORMANCE 30 DIVIDEND PAYMENT
06 A VIEW ON THE COMPANY'S BUSINESS PROSPECTS 30 REALIZATION OF THE USE OF PROCEEDS FROM THE IPO
06 BOARD OF COMMISSIONERS' COMPOSITION 30 MATERIAL INFORMATION ON INVESTMENT, EXPANSION,
06 APPRECIATION TO STAKEHOLDERS DIVESTMENT, ACQUISITION OR DEBT/CAPITAL
30 RESTRUCTURING
07 BOARD OF DIRECTORS' REPORT 30 AMENDMENTS TO LAWS AND REGULATIONS
07 THE COMPANY'S PERFORMANCE CHANGES IN ACCOUNTING POLICY
08 CHALLENGES
08 BUSINESS STRATEGY 31 CORPORATE GOVERNANCE
08 BUSINESS PROSPECTS 31 BOARD OF COMMISSIONERS
09 GOOD CORPORATE GOVERNANCE IMPLEMENTATION 32 BOARD OF DIRECTORS
09 BOARD OF DIRECTORS' COMPOSITION 34 GENERAL MEETING OF SHAREHOLDERS
09 APPRECIATION TO STAKEHOLDERS 36 AUDIT COMMITTEE
38 NOMINATION AND REMUNERATION COMMITTEE
11 COMPANY PROFILE 39 RISK MANAGEMENT AND INSURANCE COMMITTEE
11 THE COMPANY'S NAME AND ADDRESS 39 DISCIPLINE AND COMPLIANCE COMMITTEE
12 THE COMPANY'S BRIEF HISTORY 40 CORPORATE SECRETARY
12 THE COMPANY'S BUSINESS ACTIVITIES AND PRODUCTS 41 CORPORATE INTERNAL AUDIT
13 THE COMPANY'S ORGANIZATIONAL STRUCTURE 42 INTERNAL CONTROL SYSTEM
14 MISSION AND VISION 42 RISK MANAGEMENT SYSTEM
14 BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS 43 SIGNIFICANT CASE
14 BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS 44 ADMINISTRATIVE SANCTIONS
APPOINTMENT IN 2015 44 CODE OF CONDUCT AND CORPORATE CULTURE
15 BOARD OF COMMISSIONERS' PROFILE 44 SHARE OWNERSHIP PROGRAM
16 BOARD OF DIRECTORS' PROFILE 45 WHISTLE BLOWING SYSTEM
19 CHANGES IN THE COMPOSITION OF BOARD OF COMMISSIONERS
AND 46 CORPORATE SOCIAL RESPONSIBILITY &
19 BOARD OF DIRECTORS AFTER THE REPORTING PERIOD ENVIRONMENT
20 HUMAN RESOURCES AND DESCRIPTION OF ITS DEVELOPMENT 46 ENVIRONMENTAL RESPONSIBILITY
20 SHAREHOLDER INFORMATION AND SHARE OWNERSHIP 49 EMPLOYMENT PRACTICES
PERCENTAGE 50 OCCUPATIONAL HEALTH AND SAFETY
21 INFORMATION ON ULTIMATE SHAREHOLDER AND CONTROLLING 51 SOCIAL DEVELOPMENT AND COMMUNITY EMPOWERMENT
SHAREHOLDER 54 OTHER SOCIAL AIDS PROGRAMS
22 COMPANY STRUCTURE UP TO ULTIMATE SHAREHOLDER AS OF 54 THE COMPANY'S PRODUCT LIABILITY
22 DECEMBER 31, 2015 54 CUSTOMER COMPLAINTS FACILITY, NUMBER AND HANDLING
SUBSIDIARIES
22 CHRONOLOGY OF SHARE LISTING AND CHANGES IN 55 STATEMENT OF THE BOARD OF
23 THE NUMBER OF SHARES COMMISSIONERS AND THE BOARD OF
23 CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONS DIRECTORS ON THE RESPONSIBILITY FOR
23 AWARDS AND CERTIFICATIONS THE 2015 ANNUAL REPORT

25 MANAGEMENT'S DISCUSSION AND ANALYSIS FINANCIAL STATEMENTS AND


25 OPERATIONAL REVIEW BY BUSINESS SEGMENT INDEPENDENT AUDITORS' REPORT
26 FINANCIAL PERFORMANCE ANALYSIS
27 SOLVENCY
27 ACCOUNTS RECEIVABLE COLLECTIBILITY
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 02

FINANCIAL HIGHLIGHTS

STATEMENT OF COMPREHENSIVE INCOME AND OTHER COMPREHENSIVE INCOME


For the years ending December 31
((in million Rupiah, unless specially stated.)

2013* 2014* 2015

Net Sales 3,216,480 3,672,186 3,665,989

Cost of Sales (2,488,570) (2,760,739) (2,868,674)

Gross Profit 727,910 911,447 797,315

Expenses (298,535) (348,453) (368,623)

Operating Profit 429,375 562,994 428,692

Finance Income 21,378 42,169 35,571

Profit Before Income Tax 450,753 605,163 464,263

Income Tax Expense (112,395) (141,011) (122,917)

Profit 338,358 464,152 341,346

Other Comprehensive Loss (66,874) (21,845) (17,843)

Total Comprehensive Income 271,484 442,307 323,503

Total number of Outstanding Shares (Million) 434 434 434

Operating Profit Per Share (in full Rupiah) 989 1,297 988

Earnings Per Share (in full Rupiah) 780 1,069 786

Nominal Value Per Share (in full Rupiah) 500 500 500

Net Sales (in billion Rupiah) Operating Profit (in billion Rupiah)

4,000 3,672 600 563


3,666
3,216
500
429 429
3,000
400

2,000 300

200
1,000
100

0 0
2013* 2014* 2015 2013* 2014* 2015

* As restated
03 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

FINANCIAL HIGHLIGHTS

STATEMENT OF FINANCIAL POSITION (BALANCE SHEET)


As of December 31 (in million Rupiah)

Assets 2013* 2014* 2015

Current Assets 1,980,116 2,263,728 2,231,181

Investment at Equity method 1,575 1,575 1,575

Fixed Assets, Net 1,478,147 1,530,836 1,822,896

Deferred Tax Assets 72,445 79,954 75,378

Other Non-Current Assets, Net 29,401 70,032 139,245

Total Assets 3,561,684 3,946,125 4,270,275

Liabilities and Equity 2013* 2014* 2015

Current Liabilities

Bank Loans - - -

Current Liabilities 473,960 398,238 479,376

Total Current Liabilities 473,960 398,238 479,376

Non-Current Liabilities

Employees Benefit Obligation 393,871 446,447 400,676

Total Non-Current Liabilities 393,871 446,447 400,676

Total Liabilities 867,831 844,685 880,052

Equity 2,693,853 3,101,440 3,390,223

Total Liabilities and Equity 3,561,684 3,946,125 4,270,275

Net Working Capital 1,506,156 1,865,490 1,751,805

Total Assets (in billion Rupiah) Total Equity (in billion Rupiah)

4,500 4,270 3,500 3,390


3,946 3,101
4,000 3,562 3,000 2,694
3,500
2,500
3,000

2,500 2,000

2,000
1,500
1,500
1,000
1,000

0 0
2013* 2014* 2015 2013* 2014* 2015

* As restated
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 04

FINANCIAL HIGHLIGHTS

COMPOSITION OF THE 2015 KEY FINANCIAL


NET SALES VALUE RATIOS In % (percentage)

2013* 2014* 2015


EXPORT DOMESTIC
Gross Profit to Net Sales 22.6 24.8 21.7

42% Operating Profit to Net Sales 13.3 15.3 11.7

Operating Profit to Equity 15.9 18.2 12.6


58%
Operating Profit to Total Assets 12.1 14.3 10.0

Profit to Total Assets 9.5 11.8 8.0


AUTOMOTIVE FLAT
GLASS GLASS
Profit to Equity 12.6 15.0 10.1

Current Assets to Current 417.8 568.4 465.4


27% Liabilities

Total Liabilities to Equity 32.2 27.2 26.0


73%
Total Liabilities to Total Assets 24.4 21.4 20.6

PT ASAHIMAS FLAT GLASS TBK (AMFG)'S SHARE INFORMATION


Total Listed Shares : 434,000,000
Period : January - December 2015

Price (Rp) Transaction Market Capitalization


Quarter Volume in million
Highest Lowest Closing (Unit) (Rp)

I 8,600
7.100 7,100
6.425 7,700
7.100 5,040,100
575.400 3,341,800
3.081.400.000.000

II 7,700
7.300 6,750
6.700 7,175
7.150 6,056,700
419.400 3,113,950
3.103.100.000.000

III 7,200
8.825 4,800
6.550 5,800
7.450 2,758,200
2.657.800 2,517,200
3.233.300.000.000

IV 7,450
8.175 5,400
6.250 6,550
8.050 2,515,500
17.987.500 2,842,700
3.493.700.000.000

Period : January - December 2014

Harga (Rp) Transaction Market Capitalization


Quarter Volume in million
Highest Lowest Closing (Unit) (Rp)

I 7,100 6,425 7,100 575,400 3,081,400

II 7,300 6,700 7,150 419,400 3,103,100

III 8,825 6,550 7,450 2,657,800 3,233,300

IV 8,175 6,250 8,050 17,987,500 3,493,700

* As restated
05 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

BOARD OF COMMISSIONERS' REPORT

Dear Shareholders,
We are grateful to God Almighty and feel pleased to have accomplished our supervisory duties on the Board of Directors' performance
in carrying out the Company's management in 2015.

The economic slowdown in 2015 was a reasonably tough challenge for the industry players. National economic condition was strongly
influenced by the global economic condition that was still filled with uncertainties.

The protracted plan to increase interest rate by the Fed and China's deteriorating economic condition were also a concern for the
Indonesian economy. Those external factors directly affected on a decrease in non-oil exports and a significant depreciation of Rupiah,
which in turn adversely affected the Company's market share in the property and automotive sectors as demands in these two sectors
also decreased in 2015.

BOARD OF COMMISSIONERS' SUPERVISION


Throughout 2015, the Board of Commissioners carried out our supervisory function on the policies concerning the Company's
operations. The Board of Commissioners enhanced our supervision by conducting Board of Commissioners meetings and our joint
meetings with the Board of Directors, providing advices on policies and business strategies undertaken by the Board of Directors,
and continuing to oversee and review the implementation of such advices.

In order to improve the effectiveness of Committee's performance under the Board of Commissioners, in 2015, we exercised
restructuring of the Committees, i.e. Risk Management Committee position was changed from under the Board of Commissioners
to become under the Board of Directors; Compliance Committee under the Board of Commissioners was merged with Disciplinary
Committee under the Board of Directors to become Discipline and Compliance Committee under the Board of Directors; and Executive
Committee was dissolved.

The Board of Commissioners also made amendment to Nomination and Remuneration Committee in order to comply with Otoritas
Jasa Keuangan (OJK) Regulation No. 34/POJK.04/2014 by, among others, appointing an independent Commissioner as Chairman of
the Committee.

PERFORMANCE ASSESSMENT OF COMMITTEES UNDER THE BOARD OF COMMISSIONERS


The Committees under the Board of Commissioners has done a very good job in their functions. Audit Committee and Nomination
and Remuneration Committee have reported their duties and responsibilities on a regular basis. These Committees have assisted
the Board of Commissioners in overseeing the Company's operations, including the Board of Directors performance, by, among others,
ensuring the Company's compliance to Good Corporate Governance (GCG) and prevailing regulations. The Board of Commissioners
also continuously evaluates the Company's GCG implementation based on ASEAN Corporate Governance Scorecard and views that
the Company's GCG implementation in 2015 has been improved.

The Board of Commissioners has received and reviewed the Board of Directors' report and the Company's financial statements for
the year ended December 31, 2015 audited by Public Accountants Firm Siddharta Widjaja & Partners (a member firm of KPMG
International). The Board of Commissioners views that the financial statements are already in accordance with the Statements of
Financial Accounting Standards (SFAS) and capital market regulations.

In the 2015 financial year, the Board of Commissioners carried out its duties by performing the following:
i. supervising and advising the Board of Directors concerning their policies;
ii. restructuring the Committees under the Board of Commissioners including approving the Committees' Charter;
iii.giving approval on the Board of Directors' actions that should be approved by the Board of Commissioners,
iv. carrying out the mandates given by the General Meeting of Shareholders (GMS) for:
• determining the amount of remuneration for each member of the Board of Commissioners and Board of Directors by
considering the limits as has been set out in the Annual GMS;
• appointing Public Accountants Firm to audit the Company's books for the 2015 financial year and determining the honorarium
and other requirements.
v. approving the Annual Budget including the 2015 CSR budget.
vi. examining the recommendations made by the Audit Committee and the Nomination and Remuneration Committee.

ASSESSMENT OF THE BOARD OF DIRECTORS' PERFORMANCE


The impact of the global economic slowdown still engulfed throughout 2015, leading to a decline in the demand for the Company's
products both in the property and automotive sectors in the domestic market. These two sectors are the major market of the
Company's business. However, the Board of Commissioners views that the Board of Directors has properly sustained the Company's
positive performance in 2015. The Board of Directors' performance is reflected in the financial statements of the 2015 financial year
where despite the economic downturn, the Company still managed to record Rp 3,67 trillion net sales and Rp429 billion operating
profit, although the figures were lower than those achieved in 2014.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 06

BOARD OF COMMISSIONERS' REPORT

Our appreciation goes to the Board of Directors for their effort in the construction of a new flat glass factory in Cikampek, West Java,
which has been implemented according to the planned schedule. The Board of Commissioners hopes the factory construction can
be completed on time and within the pre-determined budget.

VIEWS ON THE COMPANY'S PROSPECTS


The Board of Commissioners hopes the business prospects in 2016 will be better compared to 2015. A series of Government policies
launched in mid-2015 to stimulate the economic growth is expected to bring positive impacts.

Based on the macro data we collected, the economic growth in 2016 is projected at the level of 5.5% with inflation rate maintained
at the level of 4.7% and rupiah exchange rate assumption against US Dollar amounting to Rp13,400 per USD, while BI Rate is expected
to decline about 25 bps to 50 bps.

The above indicators are expected to have a positive influence on the property and automotive markets, two major markets of the
Company's products, and will certainly strengthen the Company's business performance in 2016.

Furthermore, in welcoming the ASEAN Economic Community (AEC) in early 2016, the Board of Commissioners requests the Board
of Directors to continually improve its efficiency and competitiveness as well as continously make innovations so that the Company's
products can be more competitive in domestic and international markets.

The Board of Commissioners has examined and approved the business projections prepared by the Board of Directors in the 2016
Annual Budget and views that the business projection is presented in a proper and reasonable manner and can be realized in
accordance with the planned targets.

COMPOSITION OF THE BOARD OF COMMISSIONERS


The Annual General Meeting of Shareholders (AGMS) held on June 5, 2015, approved the change of composition of the Board of
Commissioners. Masahiro Takeda was elected as Vice President Commissioner replacing Kimikazu Ichikawa and Tjahjana Setiadhi was
elected as Commissioner replacing Andi Purnomo, each will serve for the term of office ended up to the closing of the Company's
2016 AGMS. The Board of Commissioners would like to thank Kimikazu Ichikawa and Andi Purnomo for having done a good job.

The Company's Board of Commissioners is composed of six (6) members and this composition has complied with OJK Regulation No.
33/POJK.04/2014. Detailed composition and profile of the Board of Commissioners can be seen on the pages describing the Board
of Commissioners and Board of Directors' composition.

APPRECIATION TO STAKEHOLDERS
On this occasion, the Board of Commissioners would like to thank all stakeholders for their assistance and cooperation which have
enabled us to carry out our supervisory function and ensure a consistent implementation of Good Corporate Governance in the
Company.

Our deep appreciation also goes to the Board of Directors, Management and all employees who have worked hard and demonstrated
an exceptional dedication in realizing the mission and vision of the Company. Hopefully, the support given to the Company will sustain
in the coming years.

Closing our Report, we hope that all our measures and efforts are always blessed by God Almighty.

Board of Commissioners

TAN PEI LING MASAHIRO TAKEDA TJAHJANA SETIADHI


President Commissioner Vice President Commissioner Commissioner

TAKEO TAKEI BENYAMIN SUBRATA HIDEYA TANAKA


Commissioner Independent Commissioner Independent Commissioner
07 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

BOARD OF DIRECTORS' REPORT

MAMPEI CHIYODA, President Director E. DAVID SATRIA SOETEDJA, Vice President Director

Dear distinguished Shareholders,


2015 was a year filled with challenges for the Company in terms of the global and national economic conditions. Indonesia's
economy in 2015 grew 4.79%, a slight decrease compared with the 5.02% growth in 2014.

Indonesian economic downturn in 2015 impacted on the weakening of the people's purchasing power, which in turn affected
the property and automotive sectors, the major markets for the Company's products. Nevertheless, despite the economic
downturn, we are grateful that the Company was still able to record a positive result in 2015.

COMPANY'S PERFORMANCE
The decreasing commodity and mining prices in the global market in 2015 and Indonesia's position as one of the exporting
countries contributed to the weakening of the people's purchasing power at home. This was shown by declining sales in the
property and automobile markets, the major markets of the Company's products. The Company recorded Rp3.67 trillion net sales
in 2015 or Rp6 billion lower than the net sales in 2014.

The Company's Flat Glass Business Unit in 2015 recorded Rp 2.67 trillion net sales, or grew 5%, while the Automotive Glass
Business Unit recorded Rp1 trillion net sales or decreased by 12% compared to 2014. This decrease was primarily due to the
declining car sales in the country that affected the demand for the Company's automotive glass.

In 2015, the Company's domestic sales amounted to Rp2.14 trillion or decreased by 10% compared to 2014, while the export
sales reached Rp1.52 trillion, a 18% increase compared to 2014. The Company, equipped with the right marketing strategy and
marketing network, managed to increase its export sales to compensate for the decline in the domestic sales. In addition, the
strengthening exchange rate of USD against the Rupiah also contributed positively to the Company's export sales.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 08

BOARD OF DIRECTORS' REPORT

In 2015, there was a hike in several domestic cost components, i.e. an increase in provincial minimum wage (UMP), raw material
cost and transportation cost. The increase in these costs during the economic slowdown was one of the factors leading to a
decrease in the Company's performance. This can be observed from the breakdown of the Company's performance in 2015
compared to 2014 as follows:
1. Gross profit amounted Rp797 billion or declined by 13% compared to 2014 amounting to Rp 911 billion.
2. Gross profit margin was 22% or down 25% compared to 2014.
3. Operating profit amounted to Rp429 billion or declined by 24% compared to 2014 amounting to Rp 563 billion.
4. Operating profit margin was 12% or down 15% compared to 2014.
5. Income was to Rp341 billion or decreased by 26% compared to 2014 amounting to Rp 464 billion.

In 2014, the Company announced Information Disclosure to the public in connection with the Company's plan to build a new Flat
Glass Factory in Cikampek, West Java, with a total production capacity of 210,000 tons per year and USD154.9 million investment
value.

The factory construction commenced in late 2014 and was on +66% progress by end of 2015. The construction was targeted for
completion in the second half of 2016. The Company expects the factory construction can run well in accordance with the planned
schedule and budget.

CHALLENGES
In the course of realizing its business and operational targets in 2015, the Company encountered several challenges which were
mainly related to external conditions. The challenges were as follows:
1. Slowdown in the growth of the construction and automotive sectors resulted from the economic downturn at home &
overseas;
2. Increase in labor costs due to rising UMP (Regional Minimum Wage) & UMSK (City/Regency Minimum Wage);
3. Increase in the cost of imported raw materials;
4. Increase in the distribution and transportation cost;
5. Increase in glass imports resulted in a stringent competition in the domestic market.

BUSINESS STRATEGIES
In addressing the challenges faced in 2015, the Company made every effort to maintain its performance. The policies carried out
in 2015 were as follows:
1. Strategic Cost Reduction:
• Productivity enhancement;
• Cost production efficiency;
• Avoiding inefficiency.
2. Adjusted the selling price of the Company's products.
3. Increased export sales volume.
4. Continued to improve supply chain quality and became a supplier that was able to provide solutions to optimize the assets
of AGC Group.
5. Participated actively in Business Association activities to give input on the industry conditions and the associated various
policies.

BUSINESS PROSPECT
Entering 2016, the Company will continue to observe economic conditions both at home and abroad. Based on the macroeconomic
basic assumptions used as the basis to prepare the 2016 State Budget Plan, the Government has targeted a 5.5% economic growth
in 2016 and 4.7% inflation assumption. Bank Indonesia rate has also indicated a downward trend in early 2016. In addition, the
government's plan to accelerate infrastructure development in all parts of Indonesia is expected to run according to the plan.
The Company expects all these indicators can be positively correlated to the Company's performance.

Bank Indonesia's policy on BI rate reduction is also expected to stimulate the property and automotive sectors in 2016, which
in turn will encourage a stronger growth of the Company's business.
09 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

BOARD OF DIRECTORS' REPORT

The Company must remain aware of the potential slowdown in the China's economy, which is projected to grow on a slower pace
in 2016 and likely to affect the global economy as well as bring a direct impact on the Company's export performance in 2016.
The Company will continue the efforts to improve its performance.

CORPORATE GOVERNANCE IMPLEMENTATION


The Company continuously strives to comply with Good Corporate Governance (GCG) Roadmap issued at the beginning of 2014
and Corporate Governance Manual for Issuers and Public Companies issued by Otoritas Jasa Keuangan (OJK) in 2015. Throughout
2015, some improvements were made, among others: the mechanism and process of GMS announcement and holding were
adapted to the prevailing regulation and mechanism of GMS order. In addition, the Company also completed Board of Commissioners
Manual, Board of Directors Manual and Nomination and Remuneration Committee Manual in 2015. The Company also adjusted
its Website, a major gateway for stakeholders to access the Company's information, to comply with OJK Regulation.

In order to ensure an effective GCG implementation, in 2015 the Company made adjustments to the Committees under the Board
of Directors. Disciplinary Committee under Board of Directors was developed into the Disciplinary and Compliance Committee.
The Board of Directors also added 1 (one) new Committee, i.e. Risk Management and Insurance Committee. The Company expects
the adjustments to the Committees will encourage a more proper and effective implementation of GCG in the Company. Detailed
information on this GCG implementation can be found in the Corporate Governance chapter.

BOARD OF DIRECTORS' COMPOSITION


The Annual General Meeting of Shareholders (AGMS) on June 5, 2015 at the Hotel Holiday Inn Jakarta Kemayoran decided to
approve the change to the Board of Directors, i.e: to appoint E. David Satria Soetedja as Vice President Director replacing Tjahjana
Setiadhi; to appoint Sadayoshi Shinotsuka, Michitaka Goto and Mohamad Amien respectively as Director for the term of office
up to the closing of the AGMS in 2017. The AGMS also reappointed other Directors who finished his term of office in 2015 with
a term of office up to the closing of the 2017 AGMS. The Board of Directors extends our thanks and appreciation to Tjahjana
Setiadhi, Yoshiki Inoue and Yasushi Kawamoto for having done a good job in executing their duties.

The number and composition of the Board of Directors are already in accordance with the OJK regulation No. 33/POJK.04/2014.
Complete details on the composition and profile of the Board of Directors can be found in the chapter describing about the Board
of Commissioners and Board of Directors composition.

APPRECIATION TO STAKEHOLDERS
On behalf of the Board of Directors, we would like to express our sincere thanks and appreciation to all employees and partners
who have contributed to the Company's sustained development up to date. Our gratitude is also extended o for the support of
all Customers, Suppliers, Principals, Shareholders, Board of Commissioners, committees and all Stakeholders. The Board of
Directors expects this strong cooperation can be continuously enhanced in order to make changes and improvements for us all
on an ongoing basis.

Board of Directors

MAMPEI CHIYODA E. DAVID SATRIA SOETEDJA


President Director Vice President Director
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 10

BOARD OF DIRECTORS

1. MAMPEI CHIYODA, President Director

2. E. DAVID SATRIA SOETEDJA, Vice President Director


8
5 7 10
11 9
3. NAOMASA TANIGUCHI, Director
1 4 6
3 2 4. MITSUHIRO YOSHIKADO, Director

5. SADAYOSHI SHINOTSUKA, Director

6. PRASETYO AJI, Director

7. TJIO FERRY SUSANTO, Director

8. MICHITAKA GOTO, Director

9. MOHAMAD AMIEN, Director

10. TATSUO SUGIYAMA, Director

11. RUSLI PRANADI, Independent Director


11 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

THE COMPANY'S NAME AND ADDRESS

Head Office & Factory in Jakarta


Jl. Ancol IX/5, Ancol Barat
Jakarta Utara 14430, Indonesia
Tel : (62-21) 690 4041 ( 8 lines )
Fax : (62-21) 691 8820, 690 4705
Website : www.amfg.co.id

Head Office & Factory in Sidoarjo


Desa Tanjungsari, Kecamatan Taman
Kabupaten Sidoarjo 61257
Jawa Timur, Indonesia
Tel : (62-31) 788 2383, 788 2135
Fax : (62-31) 788 2842, 788 2149

Head Office & Factory in Cikampek


Bukit Indah Industrial Park, Sektor IA
Blok J-L, Cikampek 41373
Jawa Barat, Indonesia
Tel : (62-264) 351 711 ( hunting)
Fax : (62-264) 351 710
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 12

COMPANY PROFILE

BRIEF HISTORY OF THE COMPANY


A. Establishment
The Company is a Foreign Investment Company (PMA) that was established under the name PT Asahimas Flat Glass Co. Ltd
based on Notarial Deeds No.4 dated October 7, 1971, and No. 9 dated January 6, 1972 passed before Koerniatini Karim,
Notary in Jakarta. The Deeds were already approved by the Minister of Justice of the Republic of Indonesia by virtue of Decree
No.J.A.5/5/19 dated January 17, 1972 and published in the State Gazette No. 18 dated March 3, 1972 and its Supplement
No. 83/1972.

B. Amendments to Articles of Association


The Company's Articles of Association have been amended several times, i.e. the Changed of the Company's name from PT
Asahimas Flat Glass Co., Ltd., to become PT Asahimas Flat glass Tbk based on Notarial Deed no. 73 dated June 26, 1998 that
was passed before Amrul Partomuan Pohan SH, LL.M, notary in Jakarta, and approved by Indonesian Ministry of Justice with
the Decree no. C2-12065.HT.01.04 Th.98 dated August 25, 1998 and published in the State Gazette no. 6510 dated November
24, 1998, Supplement No. 94/1998.

The expansion of the Company's business activity in the glass industry and export import, as set forth in Notarial
Deed No. 54 dated May 28, 2003 executed before Amrul Partomuan Pohan SH, LL.M, Notary in Jakarta, and was approved
by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. C-14423.HT.01.04.TH.2003
dated June 24, 2003 and was published in the State Gazette No. 7532 dated August 26, 2003 and its supplement No. 68/2003.

The Company's Articles of Association were already adjusted to Law No. 40/2007 regarding Limited Liability Companies as
set forth in Notarial Deed No. 1, dated July 1, 2008 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary in Jakarta
and approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. AHU 41881.AH.01.02
year 2008 dated July 17, 2008, published in the State Gazette No. 84 dated October 17, 2008 and its supplement No.
20228/2008.

The Company's Articles of Association were already adjusted to Bapepam & LK Regulation No. IX.J.1 concerning Main Substances
of Articles of Association of the Company Performing Public Offering of Equity Security and Publicly Listed Company as set
forth in the Notarial Deed No. 19, dated February 27, 2009 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary public
in Jakarta and approved by the Minister of Justice and Human Rights of the Republic of Indonesia by virtue of Decree No.
AHU-.AH.01.10.02127 Year 2009 dated March 19, 2009, published in the State Gazette No. 36/2009 and its supplement No.
317/2009.

The most recent amendment to the Company's Articles of Association was set forth in the Notarial Deed No. 45 dated June
5, 2015 by Dr. Irawan Soerodjo SH. MSi. regarding amendments to and representation of the Company's Articles of Association,
including to comply with Otoritas Jasa Keuangan, The Deed was already approved by the Minister of Law and Human Rights
No. AHU-AH.01.03-0946820 dated June 30, 2015, while the publication of the Deed in the State Gazette was still under
process.

C. Change of Status to become Public Company


Based on the Statement Letter of the Chairman of Capital Market Supervisory Agency (“Bapepam”) No. S-1323/PM/1995
dated October 18, 1995, the Company initiated public offering of 86,000,000 shares and since December 18, 2000 all of the
Company's shares have been listed on Bursa Efek Jakarta (now Bursa Efek Indonesia).

THE COMPANY'S BUSINESS ACTIVITIES AND PRODUCTS


Based on its Articles of Association, the Company's intention and objectives are to establish and run glass industry as well as
export-import and quality certification of glass. The Company's products are divided into 2 categories:
• Flat Glass including Mirror Glass
• Safety Glass including Automotive Glass
13 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

THE COMPANY’S ORGANIZATIONAL STRUCTURE

Board of Commissioners

Nomination &
Remuneration Committee Audit Committee Board of Directors

Risk Management & Discipline & Compliance


Insurance Committee Committee

Internal Audit Corporate Secretary


Patikkos Siahaan Christoforus

Flat Glass General Automotive Glass


Division Corporate General Division

Purchase & Logistic Center Corporate Affairs Sales & Marketing Center
E. David Satria Soetedja Christoforus Andreas S. Wirawan

Engineering Center Corporate MIS Quality Assurance Center


Andreas Andre Dadang Sudrajat Sutrisno

Corporate Control &


Sales & Marketing Center Finance Cikampek Factory
M. Amien Bama S. Hadi Samuel N. Setyono

Production Planning & Corporate HRD &


Order Control Office Administration
M. Amien Tjio Ferry Susanto

Quality Assurance Office Corporate HSE Coordination


Sander Liberti Sembiring E. David Satria Soetedja

Jakarta Factory
Richard Andre S.

Sidoarjo Factory
Lilik Roesianto
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 14

COMPANY PROFILE

VISION AND MISSION

The Company's Values of Conduct


To build the world a To become a respectable
1. Pioneering Spirit
better place for manufacturer and global 2. Honesty and Sincerity
living supplier of glass and 3. Cooperation Spirit
its related products. 4. Creative Thinking
5. Responsible

MISSION VISION
BOARD OF COMMISIONERS AND BOARD OF COMMISSIONERS AND
BOARD OF DIRECTORS BOARD OF DIRECTORS APPOINTMENT IN 2015

Composition of the Board of Commissioners and the Board of Masahiro Takeda, Vice President Commissioner
Directors based on Notarial deed No.44 dated June 5, 2015 Started his career at Asahi Glass Co., Ltd., Japan (AGC) in 1982
by Dr.Irawan Soerodjo SH, Msi is as follows: and was appointed as Vice President Commissioner based on
the Company's Annual GMS (AGMS) dated July 5, 2015 replacing
Kimikazu Ichikawa.
Board of Commissioners:
Tjahjana Setiadhi, Commissioner
President Commissioner : TAN PEI LING Started his career at the Company in 1976 and was appointed
Vice President Commissioner : MASAHIRO TAKEDA as Commissioner based on the Company's AGMS dated June
5, 2015 replacing Andi Purnomo.
Commissioner : TJAHJANA SETIADHI
Commissioner : TAKEO TAKEI E. David Satria Soetedja, Vice President director
Independent Commissioner : BENYAMIN SUBRATA Started his career at the Company in1982 and was appointed
Independent Commissioner : HIDEYA TANAKA as Vice President Commissioner based on the Company's AGMS
dated July 5, 2015 replacing Tjahjana Setiadi.

Director Sadayoshi Shinotsuka, Director


Started his career at the Asahi Glass Co., Ltd. Japan (AGC) in
President Director : MAMPEI CHIYODA 1986 and was appointed as Director based on the Company's
Vice President Director : E. DAVID SATRIA SOETEDJA AGMS dated July 5, 2015 replacing Yoshiki Inoue.
Director : NAOMASA TANIGUCHI
Michitaka Goto, Director
Director : MITSUHIRO YOSHIKADO Started his career at the Asahi Glass Co.,Ltd.,Jepang (AGC) in
Director : SADAYOSHI SHINOTSUKA 1990 and was appointed as Director based on the Company's
Director : PRASETYO AJI AGMS dated July 5, 2015 replacing Yasushi Kawamoto.
Director : TJIO FERRY SUSANTO
Director : MICHITAKA GOTO Mohamad Amien, Director
Started his career at the Company in1990 and was appointed
Director : MOHAMAD AMIEN
as Director based on the Company's AGMS dated July 5, 2015
Director : TATSUO SUGIYAMA replacing E. David Satria Soetedja.
Independent Director : RUSLI PRANADI
15 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

BOARD OF COMMISSIONERS' PROFILE

Tan Pei Ling, President Commissioner


Indonesian citizen, born in Jakarta in 1957. Graduated from the University of Portland, Oregon,
USA and earned Bachelor of Business Administration in 1979. Started his career at PT Rodamas
in 1979. Served as the Company's Commissioner from 1989 to 2008.

His first appointment as President Commissioner was legally based on resolution of the AGMS
held on June 6, 2008 replacing Tan Siong Kie. He is affiliated with the Company's shareholder
by serving as Commissioner of PT Rodamas, one of the Company's majority shareholders.

Masahiro Takeda, Vice President Commissioner


Japanese citizen, born in Japan in 1958. Graduated from the Faculty of Law of Osaka University,
Japan. He has been working with Asahi Glass Co.Ltd, Japan (AGC) since 1982 up to the present.

His first appointment as President Commissioner was legally based on the Company's AGMS
dated June 5, 2015 replacing Kimikazu Ichikawa. He is affliated with the Company's shareholder
as employee of Asahi Glass Co Ltd, Japan, one of the Company's majority shareholders.

Tjahjana Setiadhi, Commissioner


Indonesian citizen, born in Cirebon in 1952. Graduated from the Faculty of Physical Engineering,
Institut Teknologi Bandung (ITB). Joined the Company in 1976, served as Director of the Company
from 1997 to 2010.and as Vice President Director up to 2015.

His first appointment as the Company's Commissioner was legally based on the AGMS dated
June 5, 2015 replacing Andi Purnomo. He is not affiliated with members of the Company's Board
of Directors, Board of Commissioners and shareholders.

Takeo Takei, Commissioner


Japanese citizen, born in Tokyo in 1960. Graduated from Hitotsubashi University, majoring in
Economics, in 1984 and earned Master of Business Administration from University Michigan
Ann Arbor in 2001. He has joined AGC since 1984 up to the present.

His first appointment as President Commissioner was legally based on the Company's AGMS
dated June 22, 2012 replacing Masahiro Takeda. He is affliated with the Company's shareholder
as the employee of Asahi Glass Co. Ltd, Japan, one of the Company's majority shareholders.

Benyamin Subrata, Independent Commissioner


Indonesian citizen, born in Jakarta in 1958. Graduated from the University of Sussex, majoring
in Mechanical Engineering in 1980. He joined GUnungSweu Group in 1983, handled Construction
business, property, finance, ritel, manufacture, minings and elecricity. Currently, he also serves
in several other companies including as President Commissioner of PT Puri Usaha Kencana and
PT Puru Energi kencana and also as Commissioner of PT Intidaya Prima Kencana.

His first appointment as the Company's Independent Commissioner was legally based on the
Company's EGMS dated November 9, 2001. He is not affiliated with members of the Company's
Board of Directors, Board of Commissioners and shareholders.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 16

COMPANY PROFILE

Hideya Tanaka, Independent Commissioner


Japanese citizen, born in Chiba, Japan in 1942. Graduated from Nagoya Institute of Technology,
Faculty of Mechanical Engineering in 1965. Currently, he also serves as President Director of PT
Panel Bakti Sinarindo.

His first appointment as Independent Commissioner was legally based on the Company's AGMS
dated November 9, 2001. He is not affiliated with members of the Company's Board of Directors,
Board of Commissioners and shareholders.

Trainings attended by Board of Commissioners Members


On October 2, 2015, several members of the Company's Board of Commissioners attended Competition Law Training Seminar
organized by AGC Japan in Jakarta.

BOARD OF DIRECTORS' PROFILE

Mampei Chiyoda, President Director


Japanese citizen, born in Kyoto, Japan, in 1964. Graduated from Faculty of Economics, Tohku
University, Japan, in 1986. He has been working with Asahi Glass Co., Ltd., Japan since 1986 up
to the present.

His first appointment as President Director was legally based on the Company's AGMS dated
May 31, 2013 replacing Masato Oe. He is not affiliated with members of the Company's Board
of Directors, Board of Commissioners and shareholders.

As President Director, he is responsible for leading and coordinating activities and duties of the
Board of Directors members in general.

E. David Satria Soetedja, Vice President Director


Indonesian citizen, born in Jakarta in 1959. Graduated from Trisakti University, majoring in
Mechanical Engineering in 1985. He has been working with the Company since 1985 up to the
present.

His first appointment as Vice President Director was legally based on the Company's AGMS
dated June 5, 2015 replacing Tjahjana Setiadi. He is not affiliated with members of the Company's
Board of Directors, Board of Commissioners and shareholders.

As Vice President Director, he is responsible for helping organize activities and duties of
the Company's Board of Directors members in general. He is also responsible for overseeing
Purchase & Logistic Center and Corporate Health Safety & Environment activities.

Naomasa Taniguchi, Director


Japanese citizen, born in Shiga, Japan 1963. Graduated from School of Engineering, Kyoto
University, in 1988. He has been working with Asahi Glass Co., Ltd., Japan since 1988 up to the
present.

His first appointment as Vice President Director was legally based on the Company's AGMS
dated June 20, 2014 replacing Takashi Hirorutsu. He is affliated with the Company's shareholder
as the employee of Asahi Glass Co. Ltd, Japan, one of the majority shareholders.

As Director, he is responsible for managing and overseeing the activities of Automotive Glass
Business Unit that is located in Cikampek.
17 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

Mitsuhiro Yoshikado, Director


Japanese citizen, born in Kochi, Japan 1961. Graduated from Kochi National College of Technology
in 1982. He has been working the Asahi Glass Co. Ltd., Japan since 1982 up to the present.

His first appointment as Director was legally based on the Company's AGMS dated May 31, 2013
replacing Mampei Chiyoda. He is affliated with the Company's shareholder as the employee of
Asahi Glass Co., Ltd, Japan, one of the Company's majority shareholders.

As Director, he is responsible for managing Flat Glass Business Unit in Jakarta.

Sadayoshi Shinotsuka, Director


Japanese citizen, born in Chiba, Japan 1965. Graduated from Kisarazhu National College of
Technology in 1986. He has been working with Asahi Glass Co Ltd., Japan since 1986 up to the
present.

His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015
replacing Yoshiki Inoue. He is affliated with the Company's Shareholder as the employee of Asahi
Glass Co. Ltd, Japan, one of the Company's majority shareholders.

As Director, he is responsible for overseeing and carrying out the activities of Flat Glass Factory
construction in Cikampek.

Prasetyo Aji, Director


Indonesian citizen, born in Rembang, Central Java in 1958. Graduated from Institut Teknologi
Sepuluh Nopember (ITS) Surabaya, majoring in Chemical Engineering in 1985. He has been
working with the Company since 1986 up to the present.

His first appointment as Director was based on the Company's EGMS dated June 3, 2005 replacing
Soleh Dagusthani. He is not affiliated with members of the Company's Board of Directors, Board
of Commissioners and shareholders.

As Director, he is responsible for managing and overseeing the activities of Automotive Glass
Business Unit which is located in Cikampek and helping in the Flat Glass Factory construction
project in Cikampek.

Tjio Ferry Susanto, Director


Indonesian citizen, born in Jombang, in 1959. Graduated from Petra Christian University.. He
has been working with the Company since 1986 up to the present.

His first appointment as Director was legally based on the Company's AGMS dated June 24,
2011. He is not affiliated with members of the Company's Board of Directors, Board of
Commissioners and shareholders.

As Director, he is responsible for managing and overseeing the activities of Flat Glass Business
Unit located in Sidoarjo and Corporate HRD & Administration and Corporate MIS.

Michitaka Goto, Director


Japanese citizen, born in Oita, Japan 1966. Graduated from Kyushu University in 1990. He has
been working with Asahi Glass Co., Ltd., Japan since 1990 up to the present.

His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015.
He is affliated with the Company's Shareholder as the employee of Asahi Glass Co. Ltd, Japan,
one of the Company's majority shareholders.

As Director, he is responsible for managing and overseeing the Company's financial activities.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 18

COMPANY PROFILE

Mohamad Amien, Director


Indonesian citizen, born in Pagar Alam, Palembang in 1966. Graduated from Trisakti University,
majoring in Electrical engineering in 1990. He has been working with the Company since 1990
up to the present.

His first appointment as Director was based on the Company's AGMS dated June 5, 2015 replacing
David Satria Soetedja.

As Director, he is responsible for managing flat glass sales and marketing activities. He is also
responsible for Flat Glass and Automotive Glass quality assurance.

Tatsuo Sugiyama, Director


Japanese citizen, born in Japan in 1962. Graduated from Nagoya University in 1986 and earned
his Master of Chemical Engineering. He has been working with Asahi Glass Co., Ltd., Japan since
1990 up to the present.

His first appointment as Director was legally based on the Company's AGMS dated June 20, 2014
replacing Hiroaki Aimu. He is affliated with the Company's shareholder as the employee of Asahi
Glass Co., Ltd., Japan, one of the Company's majority shareholders.

As Director, he for responsible in acting as a liaison of Asahi Glass Co Ltd., Japan, the Company's
majority shareholder, with the Company.

Rusli Pranadi, Independent Director


Indonesian citizen, born in Jakarta in 1958. Graduated from STIE (School of Economics), majoring
in Accountancy in 1993 and passed the State Examination for Accountant Profession in 1995
and earned State Register as an Accountant numbered D-14.772. He has been joining with the
Company since 1981 up to the present.

His first appointment as Director was based on the Company's AGMS dated June 24, 2011 and
was appointed a Independent Director based on the Company's AGMS dated June 20, 2014.
He is not affiliated with members of the Company's Board of Directors, Board of Commissioners
and shareholders.

As Independent Director, he is responsible for managing and overseeing Corporate Affairs


activities.

Training attended by the Board of Directors


Throughout 2015, several members of the Board of Directors attended various trainings, workshops, seminars as follows:

No Name Position Training Materials Venue & Time Organizer

1 Mampei Chiyoda President Director Global Leadership Session, Japan, 1-2 December 2015 Asahi Glass Co.Ltd., Japan
To Level - Up Management Skill
2 Naomasa Taniguchi Director Protecting Your Brand with Cikampek, 7 April 2015 Asahi Glass Co.Ltd., Japan
Trademark
3 Naomasa Taniguchi Director Quality Management System Jakarta, 12 November 2015 Asahi Glass Co.Ltd., Japan
4 Rusli Pranadi Independent Corporate Governance Jakarta, 18-19 August 2015 Otoritas Jasa Keuangan
Director
5. Several BOD Director ISO 9001-2015 Jakarta, 12 November 2015 BSI Group
members
6. Several BOD Director Competition Law Training Jakarta, 12 October 2015 Asahi Glass Co.Ltd., Japan
members Seminar
19 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

CHANGES TO THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS


COMPOSITION AFTER THE FINANCIAL
Up to the end of the financial year and the time limit for the 2015 Annual Report submission, there was no change to the
Company's Board of Commissioners and/or Board of Directors.

HUMAN RESOURCES AND HR DEVELOPMENT


In line with the Company's vision "To become a respectable manufacturer and global supplier of glass and its related products",
the Company should have human resources (HR) that are competent, qualified and fit with its business needs.

The Company believes that human resources are the main asset in supporting its business success, as reflected in the manual
business policy: "Employees are the Source of the Company's Strength".

As the Company's assets, employees must be able to uphold the values that have been fostered by the founders of the Company,
namely: The Pioneering Spirit, Honesty and Sincerity, The Spirit of Cooperation, Creative Thinking and Be Responsible. The
Company believes that implementation of the noble values will generate reliable human resources and produce high quality
products and services in realizing customer satisfaction.

Competency Development
In realizing those expectations, the Company through Training and Monozukuri Center (TMC) under the Corporate HR and
Administration has arranged and implemented an integrated and sustainable human resource development program through a
number of activities that have been arranged in the syllabus materials made by TMC, which consisting of continuous coaching,
training and development programs related to ability, knowledge and leadership. Such activities are expected to improve human
resource capabilities and prepare the Company's future leaders.

In 2015, the Company conducted several human resource development programs, among others:
1. Performing Group Improvement Activities (GIA) as a tool to achieve Key Performance Indicator (KPI) for the employees. This
event was attended by all employees. GIA is divided into three (3) activities, namely:
(i) Kaizen Theme Activity
(ii) Innovation Theme Activity
(iii) Asahimas Improvement System

Several groups were selected to represent the Company to participate in the Kaizen Convention activities in several automotive
companies in Indonesia. In addition, the Company also sent representatives to participate in the Kaizen competition in Japan,
which was attended by all representatives of the AGC Kaizen Group of several countries.

2. Conducting training to increase technical skills of employees guided by experienced staff both local and expatriate. To support
the training, the Company has in place Skill Simulator facilities related to the production and the supporting equipment, to
facilitate the employees in the learning process. In 2015, the training was focused to support the construction of the new
flat glass in Cikampek.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 20

COMPANY PROFILE

3. Continuous trainings starting from recruitment up to retirement preparation with a view to enhance knowledge, skills and
motivation of employees. The Basic Discipline Training was provided for new employees to strengthen disciplinary culture
in the Company.

4. Attended training, workshops and seminars at home and abroad on the basis of management, communication, finance,
quality, human resources, supply chain management, and others.

5. To increase awareness of Occupational Health and Safety (K3) for all employees, the Company provided trainings through
Safety Hazard Simulator, Safety Patrol Simulator for line managers. The Company periodically sent its line managers to Japan
to participate in the Safety Training of Key Persons organized by AGC Japan. This training was very valuable for the employees
because they could enjoy benefits not only at work but also in everyday life. The Company regularly provided training to deal
with emergencies such as fire, earthquake, tsunami, and others.

6. The Company continued to provide leadership training at every position level in the Company. This activity aims to prepare
a cadre of the Company's future leaders through activities such as Team Building, Outbound and Leadership training.

7. The Company also paid attention to the employees entering retirement by giving independent business training and retirement
preparation. The training aimed to give the Company's retiring employees adequate mental and skill preparation for their
retirement.

All activities were carried out at each factory of the Company in Jakarta, Sidoarjo and Cikampek. The Company believes that a
harmonious relationship between the Company and employees is one of the main factors to support its business progress.

As of December 31, 2015, the number of the Company's permanent employees was 2,789 persons.

SHAREHOLDERS NAME AND SHAREHOLDING PERCENTAGE

Shareholders with 5% or above share ownership as of 31 December 2015.

No. Name Total Share Percentage


1 Asahi Glass Co.,Ltd., Japan 190,359,000 43.86%
2 PT Rodamas, Indonesia 177,758,700 40.96%

Shareholdings by Members of the Board of Directors and Board of Commissioners As of December 31, 2015
As of December 31, 2015, there was no member of the Board of Commissioners who owned the Company's shares, while a
member of the Board of Directors namely Mitsuhiro Yoshikado, the Company's Director, owned 20,000 shares or 0.005% of the
total issued shares.

Public Shareholders , Each with Less Than 5% Share Ownership


As of December 31, 2015, public shareholders, each with less than 5% share ownership, amounted to 688 shareholders or 15.18%
consisting of legal entities and individuals both at home and from abroad.

INFORMATION ON MAJORITY SHAREHOLDER AND CONTROLLING SHAREHOLDER

1. Asahi Glass Co., Ltd. ("AGC")


AGC, the owner of 43.86% shares in the Company, is domiciled in 1-5-1 Marunouchi, Chiyoda-ku, Tokyo 100-8405 Japan. AGC
is a public company in Japan, which was listed on the Tokyo Stock Exchange and Osaka Stock Exchange. Established in 1907,
the Company has evolved into the most prominent multinational glass producer in the world market for building glass,
automotive glass, display glass and other related products. At present, aside from glass industry, AGC Group also engages
in fluorine chemical, electronics and energy development industries. AGC Group has global networks and affiliations spreading
across more than 30 countries.

2. PT Rodamas
PT Rodamas, the owner of 40.96% shares in. the Company, is domiciled on Jalan Let. Jend. S. Parman Kav 32-34, Slipi, Jakarta
11480, Indonesia. Established in 1955, PT Rodamas engages in various lines of business in Indonesia with a focus on the
manufacturing industry and the distribution of industrial and consumer products. Rodamas Group controls a vast and important
marketing network spreading all over the country and covering various fields such as consumer products, building materials,
chemical products, packaging and glass cutter.
21 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

COMPANY STRUCTURE UP TO ULTIMATE SHAREHOLDER AS OF DECEMBER 31, 2015

Japan Trustee
Services Bank Ltd.
(Trust Account 9)

2.04%

The Master Trust Nippon


Bank of Japan, Ltd. Life Insurance
(Trust Account) Company

4.68% 2.01%

Meiji Yasuda Life The Asahi Glass


Insurance Company Foundation

4.05% 1.96%

Japan Trustee
Services Bank, Ltd. Mitsubishi Estate
(Trust Account) Co., Ltd.

3.95% 1.91%

The Bank of
Barclays Securities Tokyo-Mitsubishi
Japan Limited UFJ, Ltd.

2.53% 1.74%

Tokio Marine & Lainnya


Nichido Fire (Kurang dari 1%)
Insurance Co., Ltd.

2.39% 72.74%

Christopher Ishak
Tan Pei Ling
Tanuwidjaja Sumarno

5.36% 91.88% 2.76%

PT Rodamas, Indonesia Public Cooperatives Asahi Glass Co.,Ltd., Japan

40.96% 14.86% 0.32% 43.86%

PT Asahimas Flat Glass Tbk

PT Auto Glass Indonesia

99.95%
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 22

COMPANY PROFILE

SUBSIDIARY
PT Auto Glass Indonesia
Head Office: Jl. Danau Sunter Utara Blok J-12, No. 78 dan 79, Sunter Agung, Jakarta Utara
Phone: (62-21) 65 303 300, Fax: (62-21) 651 0018
E-mail: autoglass-jkt1@cbn.net.id, website:www.autoglass.co.id
Branch Office: Jl. Ciputat Raya No.9, Kebayoran Lama, Jakarta Selatan
Phone: (62-21) 750 0911, Fax: (62-21) 765 2134
Line of Business
Replacement and repair services for safety glass of
motor vehicles
Employee
14 persons (as of December 31, 2015)

Issued and Fully Paid Up Capital


Number of
Shareholders Shares Nominal Value
per share (Rp) Amount (Rp) %

PT Asahimas Flat Glass Tbk 1,999 1,000,000 1,999,000,000 99.95%


Samuel Nugroho Setyono 1 1,000,000 1,000,000 0.05%
Total 2,000 2,000,000,000 100

CHRONOLOGY OF SHARE LISTING AND CHANGES OF NUMBER OF SHARES

Initial Public Offering


in 1995 December 31, 2015
Shareholders
Nominal Value Nominal Value
Total Shares Total Shares
Rp Rp
Asahi Glass Co.,Ltd., Japan 174,000,000 87,000,000,000 190,359,000 95,179,500,000
PT Rodamas, Indonesia 174,000,000 87,000,000,000 177,758,700 88,879,350,000
Cooperatives - - 1,374,000 687,000,000
Public 86,000,000 43,000,000,000 64,508,300 32,254,150,000
Total 434,000,000 217,000,000,000 434,000,000 217,000,000,000

Pursuant to the statement of the Chairman of the Capital Market Supervisory Agency ("Bapepam") No. S-1323 / PM / 1995 dated
October 18, 1995, the Company offered 86 million shares or 19.82% listed on the Jakarta Stock Exchange and Surabaya Stock.
Exchange. However, on November 1, 1999 the Company delisted its shares out of the Surabaya Stock Exchange. At present, the
Company's shares are only listed on the Indonesia Stock Exchange.

CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONS


Public Accountants Firm Share Registrar Notary
Siddharta Widjaja & Rekan PT Datindo Entrycom Dr. Irawan Soerodjo, SH, MSi
33rd Floor Wisma GKBI Puri Datindo Jl. K.H. Zainul Arifin No. 2
Jl. Jend. Sudirman Kav. 28 Jl. Jend. Sudirman Kav. 34-35 Komplek Ketapang Indah
Jakarta 10210, Indonesia Jakarta 10220, Indonesia Blok B-2 No. 4-5
Phone: (62-21) 574 1777 Phone: (62-21) 570 9009 Jakarta 11140
Fax : (62-21) 574 2777 Fax : (62-21) 570 9026 Phone: (62-21) 6301511
Fax : (62-21) 6337851
23 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

COMPANY PROFILE

Independent Accountants
Pursuant to the resolution of the AGMS held on June 5, 2015 and the Audit Committee's recommendation, the Company has
agreed to appoint Public Accountants Firm Siddharta Widjaja and Partners, a member firm of KPMG International, to audit the
Company's 2015 Financial Statements. The total costs incurred for the Audit of the Company's 2015 Financial Statements was
Rp1.9 billion.

The Public Accountants Firm (KAP) has completed its task independently according to professional standards of public accountants,
employment agreements and the predefined scope of audit. The KAP did not provide other consulting services to the Company.
The Accountant who signed the Independent Auditors' Report for the 2015 Financial Year is Dra. Tohana Widjaja, MBA, CPA.

AWARDS AND CERTIFICATIONS


Flat Glass Factory - Jakarta
1. In October 2015, received ""PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry.

2. In November 2015, received Certificate of Appreciation from Flat Glass Allliance of the Phlippines inc.

Flat Glass Factory - Sidoarjo


1. In October 2015, received "PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry.

2. In December 2015 received “Award Day 2015” from Bank Indonesia as the Best Information Partner.

Automotive Glass Factory - Jakarta


1. In October 2015, received "PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry.

2. In December 2015, received the following awards from Kaizen Award Toyota Manufacturer Club:
• Gold Medal for Criteria Suggestion System (SS)
• Gold Medal for Criteria Quality Control Circle (QCC)
• The Most Improved Management Award 2015
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 24

COMPANY PROFILE

“Award Day 2015”


from Bank Indonesia as the
Best Information Partner.

Gold Medal for Criteria Gold Medal for Criteria


Suggestion System (SS) Quality Control Circle (QCC)

The Most Improved Management Award 2015


25 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

MANAGEMENT'S DISCUSSION AND ANALYSIS

OPERATIONAL REVIEW BY BUSINESS SEGMENT


Flat Glass
In 2015, total flat glass sales volume increased by 2% compared to the previous year, to become 516 thousand tons. The increase
was coming from 14% increase in export sales volume, while in the domestic market there was 7% decrease in sales volume.

Net Sales were recorded at Rp 2.7 trilion or increased by Rp 130 billion or by 5% compared to 2014. The growth was attributable to
19% increase in the export sales while for domestic market the net sales decreased by 6% compared to 2014.

The global economic condition was still not recovered in 2015 and hit Indonesia's economy. This impacted on the decline in purchasing
power, leading to 15-20% decrease in growth of domestic property, in particular commercial building that is a major segment of flat
glass. A considerable number of property projects were slowing down or temporarily halted. The impact strongly affected the Company,
especially in the second and third quarters of 2015 where the Company's demand for flat glass in the country began to decline.

To cover the declining demand of flat glass in the domestic market, the Company put all efforts to improve its export sales,
among others by continuously making price adjustments and market penetration, especially in Asian countries. The efforts proved
to positively contribute to the increase in the demand of the Company's flat glass and automotive glass raw material compared to
the previous year.

In general, the Company's Flat Glass Business Unit recorded Rp 2.67 trillion net sales or grew by 5% or Rp 130 billion compared with
the Rp 2.54 trillion net sales in 2014. This reflects that the increase in export sales of flat glass can cover the decrease in domestic
demand.

The Company's flat glass factory is located in Ancol, Jakarta and Sidoarjo, East Java with production capacity totaling 570,000 tons
per year. The production capacity will be adjusted with the economic condition and consumption growth, particularly in the domestic
market.

Until the end of 2015, the realization of construction of flat glass factory in Cikampek, Karawang - West Java, with a total production
capacity of 210,000 tons per year was approximately 66% completed. The factory construction is expected to be completed on
schedule in the second semester of 2016.

The Company's Flat Glass Products are used in the glass application in buildings, interiors and as raw material for the manufacturing
of further processed glass and automotive glass. Throughout 2015, there were a number of construction projects using the Company's
flat glass, to name a few: Kirana Commercial Avenue, Cengkareng Business City, Cawang's The Hive 2 , Terminal 3 Ultimate Soekarno
Hatta Airport and others.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 26

MANAGEMENT ANALYSIS AND DISCUSSION

Automotive Glass
In 2015, automotive glass sales volume decreased by
8,570 tons (17%) from the previous sales amounting
to 51,824 tons in 2014. The decrease was due to lower sales
volume in the domestic and export markets, respectively
by 8,077 tons and 493 tons or by 17 % and 11%. The decline was
mainly due to weaker car sales in domestic market. Throughout
2015, car sales in the country amounted to 1,013,291
units, 16% decrease compared to 2014 amounting to 1,208,020
units. The weakening economic condition in Indonesia
resulted in the decline and tightening of the people's
purchasing power. The Company's sales value reached Rp 1 trillion
or decreased by Rp 136 billion (12%) compared to 2014.
This decline was attributable to the weakeaning domestic
sales, declining by 15%. However, export market sales increased by 8% compared to 2014. The increase in export sales was in line
with the strengthening exchange rate of USD against Rupiah which contributed positively to the Company's export sales.

The decline in sales of automotive glass in 2015 was due to the weakening of people's purchasing power as a result of the slowdown
in the national and global economies. The Company continuously strived to make operational improvements with a view to enhance
competitive advantages of its products and maintain existing market share. The Company also continued to meet the availability of
Auto Replacement Glass (ARG) which was on high demand in the domestic and overseas markets.

In 2015, several car manufacturers released their new products, which certainly brought positive impact on the Company's
demand for automotive glass. Several new car models were launched in 2015, to name a few: Honda HRV, Toyota New Innova
and many more. In 2015, the Company continued to introduce high-end technology of automotive glass, such as UV Cut glass,
IR Cut, acoustic and water repellent. The Company provided demos and applications directly to the car customers to get their
feedbacks which were expected to be implemented in the automotive glass products to be produced.

For 2016, the Company will continue product innovation conducted in the previous year such as Melting Snow Windshield for ARG
export and Acoustic Windshield and IR-Cut Windshield for ARG and OEM export markets.

The Company's automotive glass factory is located in Cikampek, West Java, and produces tempered glass and laminated glass.
The current total capacity is 5,000,000 m2 per year or equivalent to the use of glass for 1.5 million car units. Up to now, the capacity
is sufficient to meet the demand in domestic automotive glass. The Company will continue to adjust its capacity in line with
the growth of car sales in the coming years in order to support the growth of the national automotive industry. In 2015, the automotive
glass factory expanded its machine capacity for tempered glass and laminated glass. The expansion was expected to support
the acceleration of production processes in automotive glass business unit.

FINANCIAL PERFORMANCE ANALYSIS

In 2015, the Company recorded net sales of Rp 3.67 trillion or Rp 6 billion decrease compared to 2014. The decrease was
driven by the fall of the Company's domestic sales in 2015 by 10% or amounting to Rp 2.14 trillion compared with Rp 2.38
trillion domestic sales in 2014. The decrease in domestic market was mainly attributable to the slowdown in the national
economy resulting in a decrease in flat glass and automotive glass in the country by 6% and 15% respectively.

The Company's export sales increased to Rp 1.53 trillion or grew Rp 228 billion or 18% from Rp 1.30 trillion in 2014. The increase in
export sales was due to 19% increase in flat glass export sales. Stronger exchange rates of USD against Rupiah also contributed
positively to the selling price of the Company's export products.

In 2015, the Company recorded operating expenses at Rp 369 billion or grew Rp 20 billion compared to 2014 which amounted
to Rp 349 billion. Meanwhile, the Company's cost of sales in 2015 was recorded at Rp 2.87 trillion or rose Rp108 billion (4%)
compared with Rp 2.76 trillion in 2014. The increase in these expenses contributed to a decrease in the Company's gross profit
margin to 22% from 25% in 2014.

The 6% increase in the 2015 operating expenses was mainly caused by increasing of selling expense Rp18 billion or 5% increase
compared to 2014. The Company's total operating profit dropped by 24% from Rp563 billion in 2014 to Rp 429 billion in 2015. The
increase in the operating expenses which was not compensated by the increase in net sales, making the Company's operating profit
margin decreased to 12% or down 3% compared to 2014.
27 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

MANAGEMENT ANALYSIS AND DISCUSSION

In overall, the Company's total profit in 2015 dropped by 26%. The Company recorded Rp 341 billion net income or decreased by
Rp 123 billion compared to 2014 which was recorded at Rp 464 billion.

As of December 31, 2015, total assets were recorded at Rp 4.27 trillion or up Rp 324 billion (8%) compared with Rp 3.95 trillion
total assets posted in 2014. The rise was mainly attributable to the increase in non-current assets by Rp 357 billion (21%)
while current assets dropped by Rp 33 billion (1%) compared to 2014.

The increase in non-current assets was derived from growth of fixed asset growth by Rp 292 billion (19%), other non-current
asset by Rp 35 billion and prepaid taxes by Rp 34 billion. While the decrease in current assets was mainly due to a Rp 176
billion (16%) decrease of cash and cash equivalents and trade receivables by Rp 863 million. The drop in cash and cash
equivalents was mainly due to the financing for flat glass factory construction investment in Cikampek, West Java.

The Company's total liabilities as of December 31, 2015 amounted to Rp 880 billion or increased by Rp 35 billion (4%)
compared to December 31, 2014. The increase was primarily caused by an increase in current liabilities by Rp 81 billion (20%)
and a decrease in non-current liabilities by Rp 46 billion. The hike of current liabilities by Rp 32 billion (13%), accrued
expenses by Rp37 billion (37%) and other current liabilities by Rp18 billion (69%). While the decrease in non-current liabilities
by Rp46 billion (10%) was derived from the decrease in employee benefits obligation.

The Company's total equity as of December 31, 2015 amounted to Rp3.39 trillion or increased by Rp289 billion (9%) compared to
the December 31, 2014 position. The increase was due to the hike of retained earnings as an accumulation of the profit attributale
to owner of the parent entity in the previous year.

The Company's Cash and Cash Equivalents by end 2015 dropped by Rp 176 billion or by 16% compared to 2014. This decrease was
primarily due to the increase in cash used for investment activity compared to cash used in operation activity.

SOLVENCY
As of December 31, 2015, the Company recorded total current assets of Rp 2.23 trillion, while the total current liabilities
amounted to Rp 479 billion. This shows that the Company's ability to pay its current liabilities was very good, reflected
from the 4.7x current ratio. Cash and cash equivalents were recorded at Rp 932 billion, exceeding the Company's
total liabilities amounting to Rp 880 billion. Since 2008 up to date, the Company has not had Bank loans, showing that
the Company's cash was quite adequate to finance operating expenses and investing activities conducted by the Company.
For Cikampek's flat glass factory construction, up to December 31, 2015, the Company still used its internal cash.

ACCOUNTS RECEIVABLE COLLECTIBILITY


At the end of 2015, the Company's ability to collect accounts receivable (collecting period) was relatively good. The
management has evaluated the collectability of each balance of trade receivables and decided that all trade receivables
are collectable and thereby there was no provision for impairment needed and there was no balance of trade receivables use
as collateral.

CAPITAL STRUCTURE AND MANAGEMENT POLICY ON CAPITAL STRUCTURE


2015 % Total Assets 2014
Description (Rp million) (Rp million) % Total Assets

Current Liabilities 479,376 11 398,238 10


Non-Current Liabilities 400,676 9 446,447 11
Total Liabilities 880,052 21 844,685 21
Equity 3,390,223 79 3,101,440 79
Total Assets 4,270,275 100 3,946,125 100

In 2015, the Company's liability ratio dan equity ratio was 21% and 79% respectively. Most of the Company's total liabilities
in 2015 consisted of trade payables and employee benefits obligation. In 2015, the Company's total liabilities grew Rp 35
billion compared to 2014. This increase was due to a increase in trade payables and accrued expenses and a decrease in
employee benefits obligation.

The Company has determined a capital structure policy by always maintaining Debt-to-Equity Ratio (DER) below 75%.
The Company's DER as of December 31, 2015 was 26%. This shows that the Company's capital structure was reasonably
strong.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 28

MANAGEMENT ANALYSIS AND DISCUSSION

MATERIAL COMMITMENT FOR CAPITAL GOODS INVESTMENT


In 2015, the Company had material commitments in the form of agreements with several vendors on construction works in
respect of its plan to build a flat glass factory with a total capacity of 210,000 tons per year with an investment value of USD154.9
million in Cikampek, Karawang, West Java. The factory construction commenced in early 2015 and is estimated to complete in
the second semester of 2016.

The fund used for the investment up to the end of 2015 was still sourced from the Company's internal cash and if needed, the
Company has planned to use external funding such as bank loans, etc.

MATERIAL INFORMATION AND FACT AFTER THE REPORTING DATE OF PUBLIC ACCOUNTANT
There was no material information and fact occurring after the reporting period of the 2015 financial year.

BUSINESS PROSPECT
The Company expects the year 2016 to offer a better business prospect. Despite the slowdown in the country's economy, several
policies launched by the Government in 2015 are expected to be immediately enforced by relevant institutions. Bank Indonesia
has also lowered BI rate to 6.75% in the first quarter of 2016. The lower rate is expected to be immediately followed by lower
rates on Bank loans distributed to people, which will drive the people's economy. In addition, the Government's plan to accelerate
infrastructure development in all parts of Indonesia is expected to run according to the plan. The Company expects all of these
indicators can be positively correlated to the Company's performance in 2016.

The Company expects a better growth of the property and automobile sectors in 2016. It is also expected that the Government
stimulus in several economic policy packages, such as the obviation of luxury tax (PPnBM) on the prices of below Rp20 billion
landed houses and below Rp10 billion apartments, will boost the property sales which is a major market of the Company's flat
glass products.

As for the automotive market, the Company predicts Indonesia's automotive market in 2016 tends to be flat or no different from
this year's accomplishment in line with the people's purchasing power that remains weak. It is expected that the Company can
absorb the GAIKINDO's target of 7% sales increase compared to 2015. The Company also expects to increase its export sales to
compensate the sluggish automotive sales in the domestic market.

Although the growth of the automotive industry in 2016 is not expected to return to normal, in the long term, it continues to
show a positive trend for growth. Some manufacturers have invested in the automotive industry by constructing plants in 2015.
It shows the automotive market in the domestic market will remain bright and is expected to be positively correlated to the
Company's growth.

COMPARISON BETWEEN PROJECTIONS AT THE BEGINNING OF FINANCIAL YEAR AND


THE ACHIEVED TARGETS
In 2015, the Company's net sales amounted to Rp3.67 trillion or almost the same as in 2014. The result was below the net sales
target at the beginning of the fiscal year projected in the range of 7% -10% compared to 2014. This unachieved target was due
to the economic slowdown and increased costs in 2015.

COMPANY'S 2016 TARGETS


The Company's business projection in 2016 is based on the assumption that the country's economic growth will stand at 5.5%.
The Company expects that the growth will be followed by the increase in the growth of the construction and automotive sectors,
the main market of the Company's products. GAIKINDO's target of 7% increase in the 2016 car sales is expected to contribute
to the Company's sales in line with the country's GDP growth. As for profit forecast, it is estimated that the profit growth will
be below the percentage of sales increase due to the continued increase in raw material costs, energy costs particularly gas and
electricity as well as labor costs, which can not fully compensated by the sales increase.

MARKETING
The Company's products are quite well known by Indonesian people because the Company has marketed its products nationally
since 1973. The Company started to penetrate in export markets in 1984. Until now, the Company products have been used by
people in the domestic and overseas market.
29 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

MANAGEMENT ANALYSIS AND DISCUSSION

Flat glass marketing in the domestic market is done by PT Rodamas, which has established a strong distribution network since the
1950s. Having distribution networking in major cities in Indonesia, the Company products can be distributed and used by public in
domestic markets. Meanwhile, the marketing for exports is conducted by an agent in Singapore, namely AGC Asia Pacific
Pte., Ltd., (AAP). By the agent's global market networking, the Company's products are marketed globally.

To support the marketing of its products, the Company continues its product innovation. At the end of 2015, the Company introduced
Sunergy Cool glass which was a further development of Sunergy Clear glass that had been previously marketed. Sunergy Cool glass
is launched to the market in a new color in accordance with the latest trend and also has a better performance than Sunergy Clear
glass. The Company also continues innovating more new products in particular for coated glass for brand development of Sunergy
and Stopsol brands to be introduced in 2016.

For flat glass products in 2015, the Company performed a number of marketing activities, such as introducing new products through
seminars and architecture glass exhibitions in some major cities in Indonesia. The Company in cooperation with other AGC Group
members such as AGC Asia Pacific Pte., Ltd (Singapore), AGC Flat Glass Thailand, AGC Flat Glass Phillipines, Inc participated in the
2015 Glasstech Asia Exhibition taking place on 19 - 21 November 2015 in JIExpo, Kemayoran, Jakarta. In this exhibition, the Company,
collaborating with other AGC Group members, introduced exterior and interior glass products, particularly glass products with added
values and energy saving glass.

To support its products sales, particularly for the project segment, the Company regularly conducted seminars and
gatherings with architects, consultants and building developers in major cities in Indonesia such as Jakarta, Bandung,
Medan, Balikpapan and other cities. This activity was expected to raise awareness of the use of energy-saving glass to
support green building program.

While automotive glass marketing for the OEM market in the Country was aimed to the Sole Agent (ATPM) as car manufacturers in
Indonesia, such as Astra Daihatsu Motor, Toyota Motor Manufacturing Indonesia, Kramayudha Tiga Berlian, Honda Prospect Motor,
Hino Motors Manufacturing Indonesia, Nissan Motor Indonesia, Suzuki Indomobil Motor, Isuzu Astra Motor Indonesia, General Motors
Indonesia and others.

While the marketing for Auto Replacement Glass (ARG) was conducted through the networks of spare parts Division of each ATPM
holder as well as through dealers and sub-dealers networks spreading across Indonesia.

The Company also continued the marketing to ASEAN countries conducted in the previous year both for OEM and ARG markets and
glass for industrial use such as Exavator, Tractor and others in the Japanese market. The Company continued to improve its Low Cost
Green Car (LCGC) glass market of which the demand is expected to continue growing in the future both at domestic and overseas
market. LCGC that is at competitive price, fuel-efficient and with complete features will be enough to make the demand continuously
growing in the future.

Given a massive market in the country, the competition in the automotive glass has got more stringent. Some manufacturers have
been able to offer more competitive prices both for OEM and ARG markets. However, the Company is confident that its
product quality and innovation as well as the services provided will earn the trust of the Company's customers.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 30

MANAGEMENT ANALYSIS AND DISCUSSION

DIVIDEND POLICY
The resolution of Annual GMS held on May 31, 2013 determined that the dividend payment policy effective from the 2013 financial
year was 35% of Net Profit after Tax at the maximum. The amount of dividends to be distributed also depends on the Company's
profits in the current financial year, by taking into account the Company's soundness and future plans and without prejudicing the
right of the Company's General Meeting of Shareholders to determine otherwise in accordance with the provisions of its Articles of
Association.

DIVIDEND PAYMENT
In the Company's Annual GMS dated June 5, 2015, the shareholders approved the payment of cash dividends amounting to
Rp34,720,000,000 or 7.48% of the Company's total net profit for the 2014 financial year. Each shareholder received Rp 80 cash
dividend per share. The cash dividend was paid to shareholders on July 3, 2015.

As for the 2014 financial year, based on the 20 June 2014 Annual GMS resolution, on July 24, 2014 the Company paid cash dividend
to shareholders amounting to Rp 34,720,000,000 or 10.26% of the total net income for the 2013 financial year. Each shareholder
obtained Rp 80 cash dividend per share.

REALIZATION OF THE USE OF PROCEEDS FROM IPO


The Company listed its shares on the Jakarta Stock Exchange (now BEI) and Surabaya Stock Exchange on October 18, 1995
by offering 86,000,000 shares or 19.82%. The Rp210 billion net proceeds from the Company's IPO were already used to
finance the construction of A2 Furnace in Sidoarjo and Automotive Glass Factory in Cikampek that was already completed
in 1997. Reports on the realization of the Use of Proceeds were already reported by the Company to OJK (formerly Bapepam).

MATERIAL INFORMATION ON INVESTMENT, EXPANSION, DIVESTMENT, ACQUISITION OR


DEBT/CAPITAL RESTRUCTURING
There was no approval for new Investment, Expansion, Divestment, Acquisition or Debt/Capital Restructuriing given in the 2015
financial year.

CHANGES IN LAWS AND REGULATIONS


Throughout 2015, there was no change in laws and regulations that significantly influenced the Company and its financial
statements.

CHANGES IN ACCOUNTING POLICY


Since January 1, 2015, the Company adopted the Statement of Financial Accounting Standard (SFAS) No. 24 (Revised 2013)
on Employee Benefits, which provides that the remeasurement of net defined benefit liabilities (eg, actuarial profits and losses)
is recognized immediately in other comprehensive income. Previously, the Company admitted it in the profit or loss using an
approach allowing the suspension of recognition on the actuarial profits and losses.

In addition, when the benefits of a program are changed or a program is curtailed, the impact of changes in benefits with
regard to the past service costs or the curtailment profit or loss will be immediately recognized in the profit loss. Previously,
past service costs that are not yet vested were amortized to profit loss with a straight-line method over the average remaining
period of the expected term of service.

In accordance with the transition provision of the PSAK, the Company applied this change of accounting policy retrospectively
and restated comparative information in the financial statements (see Note 29 to Financial Statements).
31 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

The Company is fully committed to continuously improve and implement Good Corporate Governance (GCG) consisting of Transparency,
Accountability, Responsibility, Independency and Fairness, which have been the guidelines for the Company to run its business. GCG
principles implementation shall mean timely and accurate information disclosures, equal treatment for all stakeholders, clarity of
the functions and responsibilities of the Company's organs, responsibility to the community, the Company's professional management
without pressure from certain parties and compliance to the legislation in force.

With the issuance of GCG roadmap at the beginning of 2014 and the Guidelines for Corporate Governance for public companies by
Otoritas Jasa Keuangan (“OJK”) in 2015, the Company strives to continuously align its Governance Practices with the Roadmap and
Guidelines. One of the improvements made in 2015 was by making the 2014 Annual Report in English edition available in the Company's
website. Other improvements related to GMS implementation mechanism included, the GMS invitation delivery was adjusted from
to 14 days to become 21 days prior to GMS holding; hand-out of GMS rules, which previously was only distributed to participants, it
is now started to be read to the participants. In addition, in 2015 the Company also completed the Charters of the Board of
Commissioners, Board of Directors and the Nomination and Remuneration Committee. The Company's Wesbite as the main gateway
for Stakeholders in obtaining information has also been adjusted with OJK regulation.

Refer to new OJK Regulation No. 33 regarding the Board of Commissioners Meeting, the Board of Directors Meeting as well as the
Board of Commissioners and Board of Directors Joint Meeting as well as OJK Regulation No. 34 regarding membership of the Nomination
and Remuneration Committee, the Company has restructured the numbers of its Committees. The Board of Commissioners dissolved
its 3 (three) committees and currently only has 2 (two) Committees namely the Audit Committee and Nomination and Remuneration
Committee. While the Board of Directors has 2 (two) Committees namely the Disciplinary & Compliance Committee and Risk
Management and Insurance Committee. The Executive Committee, which previously reported to the Board of Commissioners, was
already dissolved. These changes were made because some Committees activities were already represented in the Board of
Commissioners and Board of Directors Joint Meeting.

The Company also continued to perform GCG Self Assessment by referring to the ASEAN Corporate Governance Scorecard
and continued to improve the weaknesses found out from the assessment. The Company expects that the efforts made in
laying the GCG value foundation will correlate in increasing its performance in the long term and increasing the Company's
values for the Stakeholders.

BOARD OF COMMISSIONERS
Pursuant to the Company's Articles of Association, the Board of Commissioners (“BOC”) oversees the Board of Directors'
policies in managing the Company and provides advices to the Board of Directors as well as performing other things specified
in the Articles of Association or determined from time to time by the GMS. Regulation on Public Company's Board of Directors
is stipulated further in OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public
Listed Companies or Public Companies.

Charter and Code Of Conduct


To enhance GCG implementation performance and transparency, in 2015 the Board of Commissioners completed
the Board of Commissioners Charter. The Charter was already approved and signed by the Board of Commissioners.
Contents of this Charter are already in comformity with OJK stipulations, among others: membership, duties, authorities and
obligations, and also the Board's mistakes or negligence in performing its duties, values, working time, board meetings,
reporting and accountability.

While the Board of Commissioners's Code of Conduct is already provided in the Code of Conduct established by the Company
since 2002 and continuously enhanced in line with the development of the Company and the AGC Group. The Code of Conduct
applies to the Company's Board of Commissioners, Board of Directors and Employees. Charter for the Board of Commissioners
and Code of Conduct are already fully disclosed in the Company's website.

Implementation of Board of Commissioners Duties


In 2015, the Board of Commissioners performed its duties by conducting various activities, among others:
1. On April 29, 2015, set the outline on matters that should be regulated in the Board of Commissioners Charter and the Nomination
and Remuneration Committee Charter.
2. On July 31, 2015, approved working capital loan facilities from banks amounting to USD10 million.
3. On August 24, 2015, dissolved several committees under the Board of Commissioners, namely the Compliance Committee; Risk
Management and Insurance Committee; and Executive Committee.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 32

GOOD CORPORATE GOVERNANCE

4. On August 24, 2015, pursuant to the authority delegated by the GMS, the Board of Commissioners appointed the Public Accountants
Firm "Siddharta Widjaja & Partners" to audit the Company's books for the financial year 2015 and approved the audit fees and
other terms and conditions.
5. On December 18, 2015, approved to receive an investment loan facility from banks amounting to USD 60 million.
6. On December 18, 2015, approved the Company's annual working plan and budget in 2016 including 2016 Corporate Social
Responsibility activities budget which was prepared and submitted by the Board of Directors.

Composition of the Board of Commissioners


The number of the Company's Board of Commissioners members as of December 31, 2015 was 6 (six) person including 1
(one) President Commissioner and 2 (two) Independent Commissioners. This is in accordance with OJK Regulation
No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public Listed Companies or Public
Companies. The Board of Commissioners composition based on the resolution of the Company's Annual GMS held on
June 5, 2015, with term of office until the closing of the 2016 AGMS is as follows:

President Commissioner TAN PEI LING


Vice President Commissioner MASAHIRO TAKEDA
Commissioner TJAHJANA SETIADHI
Commissioner TAKEO TAKEI
Independent Commissioner BENYAMIN SUBRATA
Independent Commissioner HIDEYA TANAKA

Procedure and Determination of the Board of Commissioners' Remuneration


On June 5, 2015, the Company's Annual GMS granted authority to the Board of Commissioners to determine the salary and/or benefits
for members of the Board of Commissioners not exceeding USD 750,000 a year. Pursuant to the recommendations from the Company's
Nomination and Remuneration Committee, the Board of Commissioners determined the salary and/or allowances received by all
members of the Board of Commissioners for 2015 amounted to Rp 3,510 million.

Board of Commissioners Meetings


In 2015, the Board of Commissioners held 5 (five) meetings and 2 (two) joint meetings with the Board of Directors. The
attendance of members of the Board of Commissioners in the BOC - BOD Joint Meeting is as follows:

Board of Commissioners Meetings


2015
No. Name Position
29 Apr 25 Jun 25 Aug 25 Oct 25 Dec

1 Tan Pei Ling President Commissioner • • • • •


2 Kimikazu Ichikawa** Vice President Commissioner • - - - -
3 Masahiro Takeda* Vice President Commissioner - • • • •
4 Andi Purnomo** Commissioner • - - - -
5 Tjahjana Setiadhi* Commissioner - • • • •
6 Takeo Takei Commissioner • • • • •
7 Benyamin Subrata Independent Commissioner • • • • •
8 Hideya Tanaka Independent Commissioner • • • • •
* Has been serving since June 5, 2015 • Attending - Not Serving
** No longer in service after June 5, 2015

BOC- BOD Joint Meeting


There were 2 BOC-BOD Joint Meetings held in 2015, i.e: on April 29, 2015 and December 18, 2015. The two meetings were
attended by almost all members of the Board of Commissioners and Board of Directors.

BOARD OF DIRECTORS
The Board of Directors (“BOD”) is the Company's organ fully responsible for ensuring that the Company's management is to
run according to the interests of shareholders and other stakeholders. The Board of Directors reports its accountability for
the performance of its duties to the GMS. In performing its duties, the Board of Directors is given clear authority and
responsibility in accordance with the Company's Articles of Association as referred to prevailing rules and regulations.
33 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

Charter and Code of Conduct


Similar to the Board of Commissioners, in 2015 the Board of Directors has also set BOD Charter and Code of Conduct
prepared based on OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public
Listed Companies or Public Companies. BOD Charter stipulates several matters, among others: membership, duties, authorities
and obligations, mistakes or neglegence in performing duties, values, working time, meetings, reporting and accountability.
This Charter was already approved and signed by all members of the Board of Directors and will be reviewed periodically.

The Company's Code of Conduct applies to the Company's Board of Commissioners, Board of Directors and Employees.
Periodically, the Board of Directors members sign a statement representing that they understand and adhere to the matters set
forth in the Company's Code of Conduct.

Scope of Work and Responsibilities of the Board of Directors


Board of Directors is the Company's Organ in charge and responsible to execute management function in accordance
with the Company's goals and objectives. The segretation of duties and responsibilities of members of Board of Directors is
based on the Board of Directors' decision. Duties and Responsibilities of each member of the Board of Directors are as
follows:
1. President Director is responsible for directing and coordinating the activities and tasks of the members of the Board of
Directors in general.
2. Vice President Director is responsible for:
a. assisting the President Director and performing general tasks of the Board of Directors member;
b. serving as the Director responsible for managing and supervising the activities of Purchase & Logistic Center and Corporate
HSE.
3. Director of Automotive Glass Business Unit is responsible for managing and supervising the operations of Automotive Glass
Business Unit.
4. Director of Flat Glass Business Unit is responsible for managing and supervising the operations of Flat Glass Business Unit.
5. Director of Production is responsible for the development of flat glass factory project in Cikampek.
6. Director of Administration is responsible for managing and coordinating all activities under the Human Resources and Administration
and supervising the operations of Flat Glass Business Unit in Sidoarjo and Corporate MIS.
7. Director of Automotive Glass Production is responsible for assisting the management and supervising the operation of Automotive
Glass Business Unit and the development of Flat Glass project in Cikampek.
8. Director of Finance is responsible for managing the Company's finance.
9. Director of Flat Glass Sales and Marketing is responsible for assisting the sales, marketing and the flat glass quality as well as
supervising the quality of automative glass product.
10. Non Executive Director is responsible for bridging the interest of the majority shareholders and the Company.
11. Independent Director is responsible for managing Corporate Affairs activities.

Procedures and Determination of Remuneration of Board of Directors Based on the Company's Performance
On June 5, 2015, AGMS delegated the authority to determine salaries and/or benefits received by the Board of Directors and Board
of Commissioners. Based on the Nomination and Remuneration Committee's recommendations, the Board of Commissioners
determined the salaries and/or allowances received by all members of the Board of Directors for 2015 amounting to Rp 26,197 million.

In determining salaries and/or allowances of all Members of the Company's Board of Directors, the Board of Commissioners always
takes into account of various factors, one of which is the realization of the Key Performance Indicator (KPI) achievement and the
Company's soundness. The Company's good performance will also provide added value to the performance assessment of the
Company's Board of Directors.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 34

GOOD CORPORATE GOVERNANCE

Board of Directors Meeting


BOD Meeting shall be held at least once in every month while BOC-BOD Joint Meeting shall be carried out periodically at least once
in 4 (four) months. The procedure for holding the Meeting is set in the Board of Directors Guidelines referring to OJK Regulation No
33/POJK.04/2014.

During 2015, the Board of Directors held 12 (twelve) meetings, while the attendance of the Board of Directors members at the
meetings are as follows:

Board of Directors Meeting


Month
No. Name Position
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

1 Mampei Chiyoda President Director • • • • • • • • • • • •


2 Tjahjana Setiadhi** Vice President Director • • • • • - - - - - - -
3 E. David Satria Soetedja*** Vice President Director • • • • • • • • • • • •
4 Naomasa Taniguchi Director • • • • • • • • • • • •
5 Mitsuhiro Yoshikado Director • • • • • • • • • • • •
6 Yoshiki Inoue** Director • • • • • - - - - - - -
7 Sadayoshi Shinotsuka* Director - - - - - • • • • • • •
8 Prasetyo Aji Director • • • • • • • • • • • •
9 Michitaka Goto* Director - - - - - • • • • • • •
10 Yasushi Kawamoto** Director • • • • • - - - - - - -
11 Tjio Ferry Susanto Director • • • • • • • • • • • •
12 Mohamad Amien* Director - - - - - • • • • • • •
13 Tatsuo Sugiyama Director • • • • • • • • • • • •
14 Rusli Pranadi Independent Director • • • • • • • • • • • •

* has been serving since June 5, 2015 • Attending - Not Serving


** no longer served after June 5, 2015
*** served as Director up to June 5, 2015 and started to serve as Vice President Director in June 5, 2015

Board of Directors and Board of Commissioners Joint Meeting


There were 2 (two) BOD-BOC Joint Meetings held in 2015, i.e. on April 29, 2015 and December 18, 2015. The two meetings were
attended by almost all members of the Board of Directors and Board of Commissioners.

GENERAL MEETING OF SHAREHOLDERS


The Company's Annual GMS was held on June 5, 2015 at Hotel Holiday Inn Jakarta Kemayoran, Jakarta. The GMS materials, agenda
and procedures were already in accordance with OJK Regulation No. 32/POJK.04/2014 on the Planning and Holding of the General
Meeting of Shareholders of Public Company.

Announcement and Invitation


GMS Announcement was conducted on April 28, 2015 or 14 (fourteen) days before the GMS Invitation, without calculating the
Announcement date and Invitation date. While the GMS Invitation and agenda including agenda explanation were held on May 13,
2015, or 21 (twenty-one) days prior to the GMS, without calculating the invitation date and the GMS date. The Company also published
curriculum vitae of candidates for members of the Board of Directors and/or members of the Board of Commissioners to be elected
on the Company's website in conjunction with the Invitation on May 13, 2015.

GMS Announcement and Invitation were done through national newspapers in Indonesian language as well as through the Company's
website in two languages and on the Indonesia Stock Exchange's website.

Annual GMS Voting and Votes Counting


Decision making, mechanism, and voting procedures are set in the GMS Rules which being read at the beginning of the GMS holding.
Any Shareholders or proxies have the right to ask and/or submit opinions to the Meeting Chairman before voting for each meeting
agenda.

Whereas in votes counting, each share entitles its owner to cast 1 (one) vote. If a shareholder has more than one share, he/she is
only asked to give one vote and that vote represents all the shares he/she owns or represents.
35 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

2015 GMS Resolution and its Realization


The 2015 Annual GMS resolved 5 proposed agenda through voting mechanism. Details of the resolutions realized in 2015 are as
follows:
1. Approved and endorsed the Company's Annual Report for the 2014 financial year including the Company's Annual Report, Report
on Board of Commissioners Supervisory, and Financial Statements for the 2014 financial year audited by Public Accountants Firm
"Siddharta Widjaja & Rekan” (a member firm of "KPMG International") with "unqualified" opinion as contained in the report
dated March 25, 2015 No. L.14-4324-15/III.25.001; fully discharged the Board of Directors and the Board of Commissioners
(acquit et de charge) from their responsibilities in respect of the management actions and supervisory actions that were alrready
performed, as long as the actions are reflected in the said Annual Report.
2. a. Determined the use of the Company's net income for the 2014 financial year as follows:
i. as much as Rp 34.720.000 will be distributed as cash dividends to the Company's shareholders so that each share will receive
Rp 80 cash dividend.
ii. as much as Rp 4,500,000,000 will be allocated and recorded as statutory reserved fund;
iii.as much as Rp 419,415,000,000 will be recorded as retained earnings to be used to increase the Company's working capital.
b. Granted power and authority to the Company's Board of Directors to perform any and all actions necessary in connection with
the above-mentioned resolutions, in accordance with the prevailing legislation.
3. Delegated authority to the Board of Commissioners, to select and assign public accountants firm to audit the Company's financial
statements for the 2015 Fiscal Year and determine the fees and terms of appointment.
4. a. Released and fully discharged (acquit et de charge) members of the Board of Directors whose terms of ofice ended immediately
after the closing of this meeting, for the management actions and supervisory actions undertaken during their service as
members of the Board of Commissioners and the Board of Directors, as long as their actions are reflected in the Company's
books or records.
b. Approved the change of the Board of Commissioners and Board of Directors composition to be as follows:

President Commissioner TAN PEI LING


Vice President Commissioner MASAHIRO TAKEDA
Commissioner TJAHJANA SETIADHI
Commissioner TAKEO TAKEI
Independent Commissioner BENYAMIN SUBRATA
Independent Commissioner HIDEYA TANAKA

for the term of office until the closing of the AGMS in 2016.

President Director MAMPEI CHIYODA


Vice President Director E. DAVID SATRIA SOETEDJA
Director NAOMASA TANIGUCHI
Director MITSUHIRO YOSHIKADO
Director SADAYOSHI SHINOTSUKA
Director PRASETYO AJI
Director MICHITAKA GOTO
Director TJIO FERRY SUSANTO
Director MOHAMAD AMIEN
Director TATSUO SUGIYAMA
Independent Director RUSLI PRANADI

for the term of office until the closing of the AGMS in 2017.

5 a. Gave authority to the Board of Commissioners to determine the amount of salary and allowances for members of the Board
of Directors, and gave authority to the Board of Commissioner meeting to determine the amount of salary/allowances for
each member of Board of Commissioners for 2015.
b. To determine the amount of salary and/or allowances for all members of the Board of Commissioners, including Independent
Commissioner in USD not exceeding USD 750,000 (per annum).
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 36

GOOD CORPORATE GOVERNANCE

Resolutions of the Extraordinary GMS were as follows:


a. Approved, amended and restated the Company's Articles of Association, including to amend the Articles of Association in
order to adapt to the OJK regulations, as described in the Meeting.
b. Agreed to grant the authority and power to the Board of Directors, with substitution right, to perform any and all measures
required in connection with the resolutions, including but not limited to state the resolutions in a notarial deed, amend
and/or reinstate the Company's Articles of Association in accordance with the resolution (including to reaffirm shareholders
structure in the notarial deed if required), as required by and in accordance with the prevailing legislation, make or order to
make as well as to sign deeds and letters or documents required, and subsequently to apply for approval and/or notify the
resolutions of this Meeting and/or amendments in the Articles of Association, to the relevant institutions as well as perform
any and all necessary measures, in accordance with the applicable rules and regulations.

All resolutions of the Annual GMS and Extraordinary GMS in 2015 are already realized by the Company.

AUDIT COMMITTEE
To support GCG implementation, in 2001 the Board of Commissioners established the Audit Committee, whose term of office shall
be no longer than the term of office of the Board of Commissioners as stipulated in the Company's Articles of Association and can
be reaapointed for only 1 (one) next period.

The Audit Committee consists of four (4) members, including Independent Commissioner who also acts as Chairman, and three (3)
members from independent outsiders. In accordance with the 2015 OJK Regulation No. 55, all members of the Audit Committee have
no affiliation with members of the Board of Commissioners, members of the Board of Directors, or the Company's shareholders.

The latest composition Audit Committee based on the Board of Commissioners Decision No.001/ AMFG.COM/V-2013 dated May 31,
2013 is as follows:
1. Benyamin Subrata (Chairman)
Benyamin Subrata serves concurrently as the Company's Independent Commissioner and Audit Committee Chairman. He completed
his education in Mechanical Engineering in Sussex University, the United Kingdom. For more than 30 years, he has been actively
handling and managing business in construction, property, insurance, retail, industry, mining and electrical power. He has been
serving as Audit Committee Chairman for 2 (two) periods: 2010-2013 and 2013-2016. At present he also serves as Commissioner
and Director of several companies that are not affiliated with the Company.

2. Dr. A. Partomuan Pohan, SH. LL.M (Member)


Dr. A. Partomuan Pohan, SH. LL.M is a graduate of the Faculty of Law of Universitas Sriwijaya (Bachelor's degree), University of
Washington, Seattle-USA (Master's degree) and Airlangga University (Doctorate degree). He has been serving as member of Audit
Committee for 2 (two) periods: 2010 - 2013 and 2013 - 2016. From 1974 to October 2011, he led the office of Public Notary and
Land Deed Officer (PPAT) ”Dr. A. Partomuan Pohan, SH. LL.M”. He is still active as Chairman of the Centre of Company Law and
Notarial Study Foundation (YPPHPN), member of the Board of Experts of Indonesian Listed Companies Association (AEI), and
Secretary of Indonesian Institute of Commissioners and Directors (LKDI) and Lecturer in the Master of Law Study of the University
of Indonesia.

3. Ir. Susanto (Member)


Ir. Susanto has an educational background in Electrical Engineering from Trisakti University, Jakarta, and has worked with the
Company since 1972, he served as Director of the company from 1996 to 2006. He has been serving as Member of the Audit
Committee for 2 (two) periods: 2010-2013 and 2013-2016.

4. Drs. Hariawan Pribadi (Member)


Hariawan Pribadi is a graduate from the Faculty of Economics, Accounting Department of Gajah Mada University. He has a
background in Accounting and Finance. From 1971 to 1976 he worked in the Directorate General of State Finance Supervisory.
From 1976 to 1988 he served as Partner in Public Accountants Firm Hanadi Rahardja and co-member firm at Grant Thornton
International and from 1988 to 1998 as Executive Partner at Public Accountants Firm Hanadi Sudjendro & Partners - member firm
of KPMG. From 1998 to 2002 as Executive Partner at Public Accountants Public Firm Hanadi, Sarwoko & Sanjaja - member firm
of Ernst & Young Global and from 2002 to 2004 as Advisory Board at Public Accountants Firm Prasetio, Sarwoko & Sandjaja -
member firm of Ernst & Young Global. He serves as the Audit Committee Member from 2013 to 2016.
37 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

Duties of Audit Committee


The Audit Committee has task to assist the Board of Commissioners in performing supervisory functions in accordance with the duties
and responsibilities specified in the Audit Committee Charter as follows:
1. To review the financial information that will be published by the Company to the public and/or authorities, among others, Financial
Statements, Financial Projections and other statements relating to the Company's financial information.
2. To review the Company's compliance with laws and regulations related to the Company's activities.
3. To provide independent opinion in the event of disagreements between management and the public accountants (External
Auditor) on the services rendered.
4. To provide recommendations to the Board of Commissioners on the appointment of accountants which are based on independence,
scope of assignment and audit fee.
5. To review the implementation of investigation by the Corporate Internal Audit.
6. To review complaints related to accounting and financial reporting processes of the Company
7. To review and report to the Board of Commissioners on complaints related to the Company.
8. In performing its duties, the Audit Committee keeps confidential the Company's documents, data and information.

Audit Committee Meeting Policy


In accordance with the Audit Committee Charter, the Audit Committee convenes at least four (4) times a year. Throughout 2015,
the Audit Committee convened 15 (fifteen) meetings with the attendance level as follows:

No. of Meetings
Name Position attended
Benyamin Subrata Chairman 9
Dr. A. Partomuan Pohan, SH, LL.M Member 14
Ir. Susanto Member 13
Drs. Hariawan Pribadi Member 15

The agenda of Audit Committee meetings in 2015 is as follows:


1. To review of the Company's 2015 business plan prepared by the Board of Directors.
2. To review the Company's Financial Statements as of December 31, 2014 along with the Company's Management and External
Auditor.
3. To monitor the improvement of the Company's GCG in order to implement ASEAN Corporate Governance Scorecard.
4. To share information regarding Audit Committee Seminar materials held by IKAI (Indonesian Institute of Audit Committee) followed
by the Company's Audit Committee members to the Company's management.
5. To communicate directly with Jakarta's Plant Maintenance Division, Corporate HSE and Flat Glass Sales & Marketing Center as
the implementation of the Audit Committee Charter concerning the Audit Committee Authority.
6. To review several OJK regulations namely the 2014 POJK No. 32, 33, 34 and 35.
7. To review the draft of the Board of Commissioners, Board of Directors and Nomination and Remuneration Committee Charters.
8. To review amendments to the Company's Articles of Association in 2015.
9. To review and give recommendation on the appointment of External Auditors to audit the Company's Financial Statements for
the 2015 financial year.
10. To conduct discussions with the Company's External Auditors on the preparation of audit of the Company's 2015 Financial
Statements.
11. To review results of the examination conducted by the Corporate Internal Audit during 2014.
12. To conduct assessment on Corporate Internal Audit operations.
13. To review of the Company's performance every quarter during 2015.
14. To discuss with management the investments made by the Company.
15. To visit major projects being developed by the Company, namely the construction project of new flat glass factory in Cikampek.
16. To review the Company's business results in 2015.

In performing its supervisory duties, the Audit Committee coordinates with Corporate Internal Audit. The Audit Committee provides
monthly reports in the minutes of meetings to the Board of Commissioners containing information of matters of importance, among
others:
1. The Company's management in 2015 has adhered to the provisions of prevailing laws and regulations.
2. The Company's financial statements of the financial year ending December 31, 2015, are already made in accordance with
Statement of Financial Accounting Standards (SFAS) and Bapepam-LK Regulation No. VIII.G.7 regarding Financials Statement
Presentation and Decision No. KEP-347/BL/2012 regarding amendments to Regulation No. VIII.G.7.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 38

GOOD CORPORATE GOVERNANCE

3. The Company's financial statements for the financial year ending December 31, 2015 are already audited by Public Accountants
Firm Siddharta & Widjaja, member of KPMG International, based on the Auditing Standards established by the Indonesian Public
Accountant Institute with unqualified opinion.
4. Internal control system has functioned effectively

NOMINATION AND REMUNERATION COMMITTEE


In order to improve the application of GCG principles in the Company with regard to the transparency of the Nomination
and Remuneration process and to improve the quality, competency and responsibility of the Board of Directors and
the Board of Commissioners, the Company renewed the composition of the Nomination and Remuneration Committee in
order to conform with OJK Regulation Number 34/POJK.04/2014 on the Issuer and Public Company's Nomination and
Remuneration Committee.

Membership and Term of Office


Pursuant to the stipulations on the Membership and Terms of Office provided in the OJK Regulation No. 34/POJK.04/2014,
the Company dissolved the old Nomination and Remuneration Committee members and based on the Board of Commissioners
Meeting Decision dated June 25, 2015, the Board of Commissioners has decided that the new membership of the Nomination
and Remuneration Committee comprises of 3 (three) persons, all of which are members of the Board of Commissioners
and the chairman is held by an Independent Commissioner, making the Company's Nomination and Remuneration Committee
composition to be as follows:

No. Name Position


1. Benyamin Subrata Chairman (Independen Commissioner)
2. Tan Pei Ling Member (President Commissioner)
3. Tjahjana Setiadhi Member (Commissioner)

Term of office of the Company's Nomination and Remuneration Committee will end at the 2016 Annual GMS or no longer than the
term of office of the Board of Commissioners as set out in the Articles of Association. Profiles of the members of the Nomination and
Remuneration Committee can be seen in the Profiles of the Board of Commissioners.

Nomination and Remuneration Committee Charter


In 2015, the Company's Nomination and Remuneration Committee (NRC) released NRC Charter. The Charter was already approved
and signed by all members and are binding all members of the Nomination and Remuneration Committee. The Charter includes the
provisions on duties and responsibilities, composition and membership structure, procedures and working procedures, committee
meetings, activity reporting system, procedures for replacing members, term of office and values. The Charter should be published
in full on the Company's website, i.e. www.amfg.co.id.

Nomination Function
Based on the NRC Charter, there are four categories related to the nomination function, namely:
1. Provide recommendations to the Board of Commissioners on:
a. Composition of the Board of Directors and/or the Board of Commissioners;
b. Policies and criteria required in the Nomination process;
c. Performance evaluation policy for members of the Board of Directors and/or the Board of Commissioners.
2. Assist the Board of Commissioners in assessing the performance of the Board of Directors and/or the Board of Commissioners
members based on the benchmarks developed as an evaluation.
3. Provide recommendations to the Board of Commissioners regarding capacity building programs for the Board of Directors and/or
the Board of Commissioners members.
4. Propose qualified candidates as the Board of Directors and/or the Board of Commissioners members to the Board of Commissioners
to be submitted to the GMS.

Remuneration Function
Based on the NRC Charter, there are two categories related to remuneration function, namely:
1. Provide recommendations to the Board of Commissioners on:
a. Remuneration structure;
b. Remuneration policy and remuneration amount.
2. Assist the Board of Commissioners in conducting performance appraisal in conformity with the remuneration received by each
member of the Board of Directors and/or the Board of Commissioners.
39 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

Duties and Responsibilities


The Nomination and Remuneration Committee is a committee established by and responsible to the Board of Commissioners to
assist the Board in carrying out its functions and duties related to Nomination and Remuneration of the Board of Directors
and the Board of Commissioners. In performing its duties, the Nomination and Remuneration Committee makes decisions
independently. Since the establishment of the new membership, this Committee has taken several decisions, including:
1. Provide recommendations to the Board of Commissioners on conditions and rules for the Company's Board of Commissioners;
2. Provide recommendations regarding changes to the Board of Commissioners and the Board of Directors and remuneration policy
making for each member of the Board of Commissioners and the Board of Directors;
3. Formulate the contents of the NRC Charter to conform to OJK regulations.

Nomination and Remuneration Committee Meeting


NRC Meeting is held periodically at least once in 4 (four) months. Procedures for holding NRC Meeting has been set out in the NRC
Charter as referred to in OJK regulation No. 34/POJK.04/2014. Since the new Nomination and Remuneration Committee formation,
there have been 2 (two) NRC meetings, i.e. on May 27 and June 25, 2015 with 100% attendance rate of each NRC member.

RISK MANAGEMENT AND INSURANCE COMMITTEE


Risk Management and Insurance Committee is formerly a Committee under the Board of Commissioners, but in line with the
requirements, the Committee is now under the Board of Directors. This Committee is tasked to design a strategic policy and control
the risks that will be encountered by the Company, such as Operational risk, Finance risk, Legal risk, and Hazard risk. Based on the
Board of Directors Decision dated August 26, 2015, the new membership of Risk Management and Insurance Committee comprises
of 9 (nine) members of the Board of Directors, namely:

Chairman Member

Profiles of the members of Risk Management and Insurance Committee can be seen on the Profiles of the Board of Directors. During
2015, this Committee organized 3 (three) meetings on April 13, August 13 and November 5, 2015 with 100% attendance rate. The
Committee also provides advices and recommendations to the Board of Commissioners in respect to the risks on the Company's
assets and wealth that need to be insured.

DISCIPLINE AND COMPLIANCE COMMITTEE


Disciplinary and Compliance Committee is formerly Compliance Committee under the Board of Commissioners and Disciplinary
Committee under the Board of Directors, but in line with the requirements, the two committees were combined into one committee
and is now under the Board of Directors. This committee is responsible for the implementation of the Company's compliance upon
the applicable laws and regulations, including internal regulations existing in the Company. Based on the Board of Directors Decision
dated August 29, 2015, the new membership of Discipline and Compliance Committee comprises of 9 (nine) members of the Board
of Directors as follows:

Chairman Member

Profiles of the members of Discipline and Compliance Committee can be seen in the Profiles of the Company's Board of Directors.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 40

GOOD CORPORATE GOVERNANCE

In 2015, this Committee held 2 (two) meetings, i.e on May 7, 2015 and December 4, 2015, to discuss various issues related to the
Company's compliance in carrying out the operations. Attendance rate of the two meetings was 100%. Important decisions produced
by this Committee are as follows:
1. Evaluation on the implementation of compliance regulatory policies both with capital market regulations and the Company's
internal regulations
2. Evaluation of reports on breaches conducted by employees in 2015 and suggestions to improve the procedure to impose sanctions
for breaches.

CORPORATE SECRETARY
Corporate Secretary plays an important role in creating good communication between the Company
and its shareholders and other stakeholders. The function of Corporate Secretary is to ensure
the dissemination of material information in a timely and accurate manner to all stakeholders.

The Board of Directors has appointed Christoforus as Corporate Secretary by virtue of the
Board of Directors Meeting Decision No. 002 / AMFG-BOD / 04-2014 dated April 30, 2014.
The appointment was already reported to OJK and BEI (IDX) and other capital market
supporting institutions on May 13, 2014, which became effective on May 20, 2014. Christoforus
graduated from Tarumanagara University majoring in Management in 1995, and joined the Company
in 1999. Prior to becoming Corporate Secretary, he has occupied various positions in the Company, most
recently as Assisstant Center Manager in the Purchasing and Logistics.

Corporate Secretary is responsible to the Board of Directors for the matters related to Good Corporate Governance and the Company's
compliance with the prevailing laws and regulations especially the capital market regulations. Several activities carried out by Corporate
Secretary in 2015 include the following:
a. To keep abreast of developments in the capital market and its regulations and give input to the BOD and the BOC to comply with
those regulations.
b. To attend Board of Directors Meetings regularly and prepare minutes of meetings.
c. To organize GMS and Dividends distribution in accordance with the procedures set out in OJKRegulation Number 32/POJK.04/2014.
d. To amend the Articles of Association to comply with OJK's new regulations.
e. To adjust the schedule of BOC Meeting and BOD Meeting as well as BOC-BOD Joint Meetings, help prepare BOC and BOD Charter
to comply with OJK Regulation No. 33/POJK.04/2014.
f. To assist the BOC in adjusting Nomination and Remuneration Committee composition and Charter in line with OJK Regulation
No. 34/POJK.04/2014.
g. To make changes to the contents of the Company's website in order to comply with OJK Regulation No.8 /POJK.04/2015.
h. To continue disseminating the Company's Code of Conduct and Whistleblowing System to all employees.
i. To organize the Company's Public Expose in conjunction with the Investor Summit and Capital Market Expo 2015 in the Indonesia
Stock Exchange Building.
j. To assist the Board of Directors and the Board of Commissioners in adjusting the Company's GCG implementation in line with
OJK Regulation and GCG Guidelines for Public Companies.
k. To welcome visit and teleconference from investors and analysts to know directly the Company's latest development.
l. To perform mandatory reporting to regulators in a timely manner, including annual reports, financial statements, GMS reports,
Advertisement Proof Report, Public Expose, Monthly Report of Securities Holders Registration, Report of Company Debts/Liabilities
in Foreign Exchange and others.

Throughout 2015, Corporate Secretary attended trainings, among others:


1. Discussion on OJK's new Regulations No. 32-36 Year 2014 by OJK.
2. OJK's New Regulations Enforcement by the Capital Market Legal Consultants Association.
3. Code of Conduct of Board of Commissioners and Board of Directors by the Indonesian Corporate Secretary Association.
4. Submission of the Issuer's Financial Statements in accordance with the 2015 SFAS by the Indonesian Central Securities Depository.
5. Corporate Governance Training by OJK.
6. Indonesia National XBRL Conference by the Indonesia Stock Exchange.
7. Public Seminar on Business Competition Supervisory Commission (KPPU)'s Business Competition Examination by the University
of Pelita Harapan.
8. Anti Trust Seminar by Asahi Glass Co. Ltd., Japan.
9. GCG Guidelines for Public Company by OJK.
10. Monthly seminar held by Indonesian Corporate Secretary Association.
41 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

CORPORATE INTERNAL AUDIT


Internal Supervision and Control
The Company's Corporate Internal Audit was established on June 21, 2009. Head of Corporate Internal
Audit is Patikkos Siahaan, pursuant to the Board of Directors Decision No. 002/AMFG-BOD/05-2013 dated
May 29 2013. Previously, the Company's internal control function was named Internal Control Group
and formed in 2000.

Structure and Position of Corporate Internal Audit


The Company's internal supervision and control are evaluated by Corporate Internal Audit chaired by Head
of Corporate Internal Audit who directly reports to the Company's President Director and Vice President Director.

GMS

Board of
Commissioners

Board of
Directors

Audit Corporate
Committee Internal Audit

Flat Glass Corporate Automotive Glass


General Division General Division

Profile of Head of Corporate Internal Audit


Patikkos Siahaan, has been serving as the Company's Head of Corporate Internal Audit since June 1, 2013. He earned his Bachelor
of Accounting from Sekolah Tinggi Ekonomi Indonesia in 1995 and passed his State Exam in Accounting with Accountant State Registry
(RNA - 8419) in 2015, obtained his Qualified Internal Auditor (QIA) Certification No: 3309/QIA/2012 and Chartered Accountant (CA)
Certification in 2013. In addition, he also has an experience as Finance & Accounting Manager at the Company's factory in Cikampek.

Number and Competency of Corporate Internal Audit Employees


By end of December 2015, the Company's Corporate Internal Audit had 3 (three) members, including 1 (one) Head of Corporate
Internal Audit.

To improve competencies and capabilities of Corporate Internal Audit personnel, the Company registered all members of the
Corporate Internal Audit in the Qualified Internal Auditor (QIA) certification program held by “YPIA” Internal Audit Education
Foundation.

Corporate Internal Audit Charter


In accordance with Regulation No. IX.I.7 the Attachment of Bapepam and LK Chairman Decision No. KEP-496/BL/ 2008 regarding the
Establishment and Guidelines for Internal Audit Charter, the Company's President Director and Vice President Director set forth
Internal Audit Charter on November 10, 2009 as the details of the vision and mission as well as functions, duties and responsibilities,
authority and scope of work of the Company's Corporate Internal Audit.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 42

GOOD CORPORATE GOVERNANCE

Duties and Responsibilities based on Corporate Internal Audit Charter


Corporate Internal Audit is tasked to provide assurance and independent and objective consultation in order to increase the Company's
added value and improve the Company's operations by examining, evaluating, giving advice for improvements and increasing the
effectiveness of risk management control and GCG as stipulated in the Corporate Internal Audit Charter, which regulates the duties
and responsibilities of the Corporate Internal Audit as follows:
1. To prepare and implement annual work plan of Internal Audit;
2. To examine and evaluate the implementation of internal control and risk management system in accordance with the Company's
policies;
3. To examine and assess the efficiency and effectiveness in finance, accounting, operations, human resources, marketing and
information technology and all other aspects of the Company's activities.
4. To provide advice for improvements and objective information regarding the activities at all management levels.
5. To prepare audit reports and submit the reports to President Director and Vice President Director as well the Board of Commissioners.
6. To monitor, analyze and report to the Company's President Director and Vice President Director the implementation of follow-
up of the suggested actions for improvements;
7. To work closely with the Audit Committee.
8. To develop programs to evaluate the quality of internal audit activities performed by Corporate Internal Audit.
9. To conduct special audit if necessary.

Corporate Internal Audit Activities in 2015


In 2015, Corporate Internal Audit carried out audits in accordance with the Annual Audit Plan (AABP), approved by the President
Director and Vice President Director, among others:

No. Audit Subject Period


1 Transportation & Delivery Cost in Flat Glass Factory in Jakarta Jan - Feb
2 Special Budget & Work Order in Flat Glass Factory in Sidoarajo Mar - Apr
3 Sales, Accounts Receivable & Terms of Payment in Subsidiary (PT Auto Glass Indonesia) May - Jun
4 Suspense, Advance payment and Petty Cash at the Company's three Factories Jul
5 Payroll Process in Jakarta's Flat Glass Factory Jul - Aug
6 Inventory Sub Material in Cikampek's Otomotive Glass Factory Sep - Oct
7 Inventory Store Good in Jakarta's Flat Glass Factory Oct - Dec
8 Waste Material Management in Jakarta's Flat Glass Factory Nov - Dec

INTERNAL CONTROL SYSTEM


Financial and Operational Control
An effective Internal Control System (“SPI”) is an important component for the Company and a foundation for the Company's healthy
and safe operations. SPI assists the Company in control mechanism such as assets maintainance, impact of loss, and compliance with
legislation.

The Company has formed an effective SPI to assist the Company in obtaining reliable financial information, enhancing the Company's
compliance with the applicable laws and regulations, as well as mitigating the risks of financial and operational losses, fraud and
employee disciplinary violation.

Evaluation of Internal Control System Effectiveness


To evaluate the effectiveness of SPI, the Company has established Corporate Internal Audit (CIA) which serves as Internal Audit Unit.
Result of CIA evaluation becomes a basis for the Management to evaluate SPI effectiveness and determine improvement and
enhancement of systems or policies that allow management to run operational activities more effectively in accordance with Good
Corporate Governance.

RISK MANAGEMENT SYSTEM


The Company's Risk Management System
At the moment, the Company has in place risk management governance infrastructure as well as other supporting elements that
support the system. The Company has formed Risk Management & Insurance Committee that assists the Company in monitoring,
controlling and managing risks. The Committee is responsible for identifying, evaluating, controlling and mitigating the risks faced
by the Company.
43 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

Risk Profile and Management Method


The Company's Risk Management and Insurance Committee has classified four (4) categories of risks in the Company's business, as
follows:
1. Operational Risk
Operational risk includes management of the risks related to:
• Availability of labors
• Availability of raw materials and energy
• Quality of relationships with the communities in the surrounding of the Company's factories.

The Company has undertaken operational risk management by performing the following actions:
• Rearrange the activities related to the Company's main activities.
• Make efficient use of energy and raw materials.
• Improve the quality of a harmonious relationship with the local community through community development programs.
• Conduct a comparative study to other companies with regard to operational activities.

2. Financial Risk
The Company classifies financial risk to include fluctuations in foreign currency exchange rates, changes in laws and regulations
related to finance, risk of a breach in taxation and commitment in implementing Capital Market regulations.

To minimize this risk, in 2015 the Company continued to increase export sales, so that the Company's revenues in foreign currency
can be protected naturally (Natural Hedging). For working capital purposes and investment, the Company has also secured credit
facility from Bank that can be used by the Company when required.

The Company also always keeps abreast of the development of the laws related to finance in order to overcome financial risks
that may emerge.

3. Legal Risks
To manage legal risk, the Company always ensures that all business activities are in compliance with applicable laws and regulations
both domestically and internationally.

The Company continues to conduct regular evaluation on the level of its compliance in running its business. The Company has
in place experienced personnel in the field of law and established cooperation with some legal counsels. The Company also
conducts education and training for management and employees regarding legal knowledge and disseminates new regulations
related to the Company's business activities.

4. Hazard Risk
Hazard Risk may occur at any time and the Company believes that special attention to this matter is necessary. Such risk includes
occupational health and safety, environmental and natural disasters.

To overcome the above risks, in 2015 the Company undertook several efforts, among others:
a. Carrying out dissemination and trainings on occupational health and safety intensively and sustainably. From time to time,
the Company checks the working condition in order to work safely.
b. Conducting health education and regular medical check-up and blood donors.
c. Establishing a standardized measurement system for analyzing waste and disposal proceeds.
d. Forming Emergency Responses Team (ERT) and simulating emergency trainings related to tsunami and earthquake.

Risk Management Evaluation


Risk Management and Insurance Committee together with the Board of Directors perform an evaluation to risk management
based on results of the audit that has been done. Results of this evaluation are informed to related divisions for follow up
and correction.

SIGNIFICANT CASES
Throughout 2015, the Company did not confront any critical material case that involved members of the Board of Commissioners,
Directors and Employees which might affect the Company's condition.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 44

GOOD CORPORATE GOVERNANCE

ADMINISTRATIVE SANCTION
During the 2015 financial year, there was no administrative sanction imposed to the Company, the Board of Commissioners and Board
of Directors, either by capital market authorities.

CODE OF CONDUCT AND CORPORATE CULTURE


The Company has in place Code of Conduct since 2002. As part of AGC Group, the Company has also adopted AGC Group's
global principles since 2008. The value contained in the Code of Conduct has been disseminated to all Company's employees
and management.

Principles of Code of Conduct


The principles contained in the Company's Code of Conduct are as follows:
1. Foundations for Compliance
2. Fair Competition and Antitrust
3. Workplace Health and Safety
4. Environment
5. Respect for People
6. Quality and Safety of Products and Services
7. Reports and Records
8. Insider Trading
0. Company and Third-Party Assets and Confidential Information
10. Conflict of Interest
11. Gifts and Entertainment
12. Relations with Government Officials and Politicians
13. International Trade Controls
14. Confrontation With Anti-Social Powers
15. Audit System

Principles of Corporate Culture


In carrying out all activities both in business activities as well as in behaving, the Company has always underlined the values that have
been embedded by the Company's founders, namely:
1. Pioneering Spirit
2. Honesty and Sincerity
3. Cooperation Spirit
4. Creative Thinking
5. Responsible

These values have become part of all employees and management in carrying out its activities.

Dissemination and Enforcement of Code of Conduct


The Company continues to disseminate its Code of Conduct through communication media owned by the Company. In 2015,
the Company produced an animation video on Code of Conduct with a view to make the Code of Conduct more effective
and the embedded values can be understood by all employees.

Members of the Board of Commissioners, Directors and Employees who violate the Code of Conduct will be given sanctions
in accordance with the prevailing legislation and applicable company regulations.

Enforcement of Code of Conduct


The Company's Code of Conduct applies to all employees, the Board of Directors and Board of Commissioners. Every year, all
employees, Directors and Commissioners always renew their commitment to adhering to the Code of Conduct by signing the
Personal Certificate stating that they have understood the contents of the Code of Conduct and are committed to adhering
to the contents.

STOCK OWNERSHIP PROGRAM


The Company has no stock ownership program for employees and/or management.
45 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

GOOD CORPORATE GOVERNANCE

WHISTLEBLOWING SYSTEM
In order to support its GCG implementation, the Company has provided Whistleblowing System or commonly known as
Helpline Service. This service is addressed to the employees and stakeholders of the Company in order to participate in
improving supervisory function on the breaches that may occur in the Company. For employees and stakeholders who
wish to report indications of corruption, collusion, fraud, bribery, conflict of interest, theft, breach of other material but feel hesitate
or fear his/her identity will be revealed as he/she knows the doer, the person can report it using the Helpline Service
provided by the Company.

How to Report a Breach


The Company has provided facilities to report any breach and irregularities that may be detrimental to the Company through several
means, among others:
• SMS : 0815 898 9999
• Email : pengaduan.asahimas@agc.com
• Facsimile : (021) 6983 7578
• Written correspondence to the Company's address

Protection of the Informant


Each stakeholder is most welcome to make reports of irregularities occurring in the Company. The Company provides protection
to those who report the occurrence of irregularities and breaches. Information submitted to the Helpline Service must be
accountable to avoid any slander on the defendant.

Handling of Complaints and The Party Managing the Complaints


For each information and report from employees or stakeholders, the Company has established a Compliance Team responsible
for handling and managing the submitted information and reports. Compliance Team will act in accordance with the
Company's Complaints Service Standard Operation Procedure (SOP). Compliance Team will attempt to investigate all reports
received equitably and thoroughly and will take appropriate actions. Results of these investigations will be submitted to the
Compliance Committee and also the informant (whistleblower) who provides such information.

Results From Complaints Handling


During 2015, there was no complaint submitted through the Helpline Service; however, it did not mean that there was no violation
occurring in the Company. Despite no complaint/report submitted to the Complaint Service, violations still occurred. The Company
believes that the use of this facility needs to be improved. The Company will continue the dissemination of this Complaint Service
along with Code of Conduct.
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 46

CORPORATE SOCIAL RESPONSIBILITY AND


ENVIRONMENT
Being part of the community, the Company runs its business activities by always striving to contribute and actively participate in
solving various problems that occur in the community. The Company wishes to continue growing and developing along with the
community by creating a harmonious relationship with the community in the vicinity of its business locations. Thus, the Company's
existence can benefit and meet the expectations of stakeholders, i.e. customers, business partners, governments, shareholders,
employees and the surrounding community.

For that reason, the Company conducts corporate social responsibility activities or CSR, which is now already known to the public.
The Company has conducted CSR activities for a long time in nearby locations and outside the Company's business locations. The
Company realizes the importance of giving and sharing, not merely to enhance its reputation, but also to help the Company continuously
grows, develops, and provides sustainable benefits for stakeholders.

The Company realizes that social responsibility is an integral part of its business operations. All of its business activities are
carried out in a responsible manner with a view to bring a positive impact on the community. The Company believes, when all
elements of the society including the business community seriously consider the positive impact of every activity, all parties
will get benefit from it.

In carrying out CSR activities, the Company has set forth CSR policies that become the guideline of CSR implementation activities
across its factories that are located in Jakarta, Sidoarjo and Cikampek, namely:
1. Support for the next generation
Supporting the development of the young generation as the next generation with future and help them pursue their aspirations.
2. Harmonious living with the surrounding communities
Establishing a harmonious relationship and cooperation with the surrounding communities and empower communities in a
sustainable manner.
3. Environment Conservation
Preserving the environment and contributing to overcoming environmental issues and producing products that are environmentally
friendly.

The year 2015 was one of the significant momentums in the Company's journey to continuously contribute to community, with
regard to the expansion of the Company's factory in Cikampek, West Java. The Company has a commitment to remaining consistent
and continuously improving the performance of its CSR activities, including in the the new factory in Cikampek.

Expenses of CSR Activities


In accordance with prevailing laws and regulations, the Company has prepared an action plan and budget for all CSR activities approved
by the Board of Commissioners. For 2015, the Company has incurred approximately Rp1 billion or nearly the same with the total cost
incurred for the Company's CSR activities in 2014.

ENVIRONMENTAL RESPONSIBILITY
In line with its mission "To build the world a better place for living", the Company is obliged to take part in preserving the environment.
To that end, the Company places its commitment to nature and social environment as priority and inseparable from its operating
activities. In a way to realize it, the Company complements its business operations with environmental management documents in
conformity with the governing regulations such as Environmental Impact Assessment (EIA/AMDAL/ANDAL) Document and Environmental
Management Efforts -Environmental Monitoring Efforts Document (UKL-UPL). The aim is to estimate the impact that may be resulted
from business operations, and evaluate and seek the right solutions to overcome. Thus, implementers of those activities have a
guideline to manage the environmental impact at the Company's factories.

Along with the construction of its new factory in Cikampek, the Company remains committed and consistent to adhering to all aspects
related to nature and required permits. It is very important for the Company to keep the construction work run smoothly in order
to meet the predetermined schedule.

As a responsible citizen in creating a better living environment, the Company has in place a policy connected to the environment
namely “Sustainable Contribution to the Earth through activities that are environmental friendly”.

The Company has five principals in running those environmental policies, namely:

1. Continuous improvement based on an integrated Environmental Management System (EMS/SML);


2. Compliance with environmental regulations and requirements of PT Asahimas Flat Glass Tbk
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

3. Performing measures to mitigate environmental impacts and prevent pollution.


4. Developing products, technologies, services and facilities that are environmental friendly.
5. Communicating actively regarding environmental activities with stakeholders.

Green Activities by the Company are translated with the term 3G: Green Factory, Green Operation and Green Product. Elaboration
of the 3G concept by the Company is as follows:

GREEN FACTORY

It has become the Company's commitment to applying the Green Factory concept in its factories environment. To support the creation
of environmental friendly factories, the embodiment of Green Factory is reflected directly in the surrounding environments of the
Company's factories, where many trees and ornamental plants are planted to give a beautiful scene. The trees were planted by
employees and their families in 2010; the growth of the trees has been continuosly monitored and maintained. In addition, in the
water channels within the Company's environment, there are also several species of fish that can be seen with naked eye as means
of water quality monitoring. Healthy and fresh condition of the fish in the water channels indicates that the water in the channels
do not contain harmful chemicals. Factories and offices also have quite good air and sunlight circulation. Some indoor and outdoor
lightings already use LED so that they will be more efficient and durable. In addition, the Company also implements 5-S or 5-R
consistently and continuously, so that all venues both indoors and outside look neat and clean.

In addition to tree planting in the factory environment, the Company's factory located in Jakarta with government agencies and
surrounding community also planted fruit trees, located not far from the Company's Jakarta factory. Currently, fruit trees produce
fruit that has been used by local people and became “Taman Hatinya” park, one of the PKK's model park in district level.

In the 2014-2015 PROPER assessment, the Company's factories in Jakarta, Cikampek, and Sidoarjo were awarded BLUE PROPER from
the Ministry of Environment and Forestry, indicating the compliance of the three factories with the applicable environmental regulations
and management.

GREEN OPERATION

To support Green Operation concept, the Company uses Natural Gas (NG) in the running of flat glass factory operation. By using NG,
the emission will be cleaner and friendlier to the environment compared to using fuel oil. The Company also seeks to reduce CO2
emission unit in several ways, among others by:
1. Reducing fuel consumption
2. Enlarging cullet ratio
3. Increasing efficiency in the delivery process
4. Increasing productivity, and
5. Reducing utility
6. Using environmental friendly materials

The Company's activities related to Green Operation, among others, are as follows:

Waste Management
Currently, waste is a fundamental problem for human life. For that reason, it is important for the Company to help to tackle this
problem. Application of 3R or Reuse, Reduce, and Recycle is still the best way to manage and handle waste both in industry and
society. In waste management, the Company also adopts the 3R program. Reuse means reusing waste that still can be used for the
same function or other functions. Reduce means reducing everything that will result in garbage, such as replacing wood box packing
material into iron pallets, which can be used again after the delivery. Recycle means recycling waste into new products that are useful,
such as reusing cullets from the production process into raw materials. Implementation of the 3R program in the Company's waste
management activities will provide benefits because the waste that has been sorted will be easier to be processed and distributed
to manufacture useful products.

In waste management, the Company has carried out several activities, among others:
1. Provide trash cans on each workspace and open space with three categories: Non-B3 (non-hazardous and nontoxic waste) bins,
Metal bins and B3 (hazardous and toxic waste) bins.
2. Provide Temporary Storage Place of B3 waste from production processes that had permission from BPLHD. Furthermore, this
waste is transported by a company that has a license (manifest) from the Ministry of Environment and Forestry to be transported,
processed and managed.
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

3. The Company in cooperation with the communities around the factories to recycle paper water to be reprocessed into useful
products and recycle waste of dried leaves to be processed into compost.

Water Management
Water is the source of life for human and for the company as well, where water is used in the process of cooling equipment and glass-
washing. Water used by the company are from PAM and water Reverse Osmosis/RO. for that reason, the Company should manage
its use.

To reduce the use of PAM water in its operations, the Company's factory in Jakarta has made recycling process of waste water from
the equipment cooling process and glass washing by mixing the waste water with sea water used as raw material, to be reprocessed
into fresh water by using "Reverse Osmosis / RO" technology. The RO process produces clean water that can be reused as equipment
cooling water and glass washing in the course of production process.

As for wastewater treatment, the Company's flat glass factories in Jakarta and Sidoarjo are already equipped with Wastewater
Management Installation facilities (IPAL). At the IPAL, wastewater is processed through various processes to eliminate or reduce
contaminants (pollutants) contained in the waste so it does not exceed the quality standards. The Company also regularly conducts
laboratory testing and reporting of wastewater to the Environmental Management Agency (BPLHD) and the Ministry of Environment
and Forestry (KLH). For the Compay's automotive glass factory located in Cikampek, waste water management is done through the
IPAL owned by Bukit Indah Industrial Park, and the results are also reported regularly to the local BPLHD and KLH.

To indicate that the quality of waste water from the Company's operations does not exceed the quality standards, quality of the water
is checked on a regular basis in BPLHD. In addition, the Company's Health Safety & Environment (HSE) and QC laboratories routinely
check the water quality in the laboratories owned by the Company.

Energy Saving Campaign


In addition to recycling and water management, the Company also carries out energy-saving campaign to encourage the culture of
electricity, water and paper saving by placing stickers and banners on related objects both inside and outside the rooms of the factory
premises.

Certifications in Environment and Quality Management


In carrying out its mission "To build the world a better place for living" that is aligned with one of its CSR policy of "Preserving the
Environment", the Company continues to raise awareness of the environment by adhering to international standards for Environmental
Management System (EMS/SML). One of the systems that can be used in achieving EMS implementation is ISO 14001: 2004. With
this system, the Company can ensure that the process carried out and the products have met the commitment to the environment,
particularly compliance with the regulations in the field of environment, pollution prevention and commitment to continuous
improvement. The Company's factories in Jakarta, Sidoarjo and Cikampek have obtained environmental certifications namely ISO
14001: 2004 since 2005, with the last audit on this ISO 14001: 2004 certification was done in April 2014 by DNV Malaysia, an
internationally recognized independent agency of ISO audit.

The Company realizes the importance of the environmental management system in the implementation of its business activities. To
enhance SML practices, the Company has determined ISO 14001: 2004 as mandatory training for all employees. To continuously
improve its SML, the Company requires all employees to pay attention to several issues in
the ISO 14001 policy, namely:

1. Employees must know the environmental policy.


2. Employees must know the environmental programs in their respective Departments.
3. Employees must obey the rules/ procedures related to the environment.
4. Employee must deliver inputs or ideas regarding environmental improvement in their respective working places.
5. Employees must participate in the environmental audit conducted on a regular basis.
6. Employees must strive to prevent pollution of the environment in their respective working places.

GREEN PRODUCT

Today the market and consumer demands for products that are environmentally friendly (“Green Product”) continues to increase.
In response to that, the Company continuously creates Green Products. Green Product is defined as a product that must conform
to the environmentally friendly requirements. Nowadays, consumers already have a heightened awareness in the use of Green
Products that are free of chemical elements that can harm health and the environment.
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

In line with such understanding, the Company has launched Green Products of flat glass under the brand “Sunergy”. Sunergy glass
has several advantages: environmentally friendly and energy efficient. This type of glass has a low light reflection and energy efficient
because of the double coating on the glass surface that makes hot air from the outside coming into the room can be minimized so
that the electrical energy for the air conditioner (AC) can be saved. In addition, the Company has also introduced “Lacobel” brand
for interior glass. Lacobel is an interior glass with a variety of color selection and high reflection. Paint colors used by Lacobel contain
no heavy metals nor chemicals that can damage the environment.

The Company has pioneered the first eco-friendly glass products in the domestic market, which are mirror glass products branded
“Miralux” and “Dantalux”, copperless interior glass products that are more resistant to corrosion. These products are different from
the existing products in the market, especially in the country. The Company expects that its environmentally friendly products can
cater the trend of consumer demand for Green Products in line with Government policy that has begun to introduce Green Building
and Green Architecture concepts in construction and property industry.

The Company in cooperation with the Green Building Council Indonesia (GBCI), an independent and non-profit institution fully
committed to community education in applying environmental best practices and facilitate the sustainable transformation of the
global building industry, conducts seminars and trainings for stakeholders including professional in the field of construction service,
building and property industry businesses as well as community who care about the environment, on the Company's products that
are environmentally friendly in terms of raw materials, production processes and production results.

EMPLOYMENT PRACTICES
The existence of strong industrial relations between the Company and all employees is one of the key of business sustainability of
the Company. For that reason, the Company is constantly working to ensure the rights and responsibilities of employees are in
accordance with the laws and Collective Labour Agreement (PKB) as a form of corporate policy in the field of employment.

It is undeniable that reliable Human Resources have become one of the main determinants of the Company's success to date. Managing
nearly 3,000 employees is certainly a challenge for the Company. However, with a high commitment from all levels of employees
with the philosophy of "We are in the same boat, we are AMG", the Company believes the quality of human resources can continue
to be improved and contributed positively to the Company's business activities.

The Company has addressed various employment challenges in terms of fair employment opportunities by conducting the recruitment
of employees regardless of ethnicity, religion, race, class, social level. The recruitment process is conducted by holding the principle
of equality, non- discriminatory, and transparent.

The Company integrates human resources strategy with business planning and organizational leadership that are backed with measures
to strengthen the Company in gaining the best employees/talents and performance-based culture
application, process of developing cadres of future leaders, in creating a strong engagement with employees and maintaining close
industrial relations, in which all are embraced by a strong corporate culture.

To maintain a harmony in the fast growing environmental and organizational changes in the face of competition at the global level,
the Company has strengthened its commitment to consistency and continuity of various programs implementation to improve the
quality of its human resources. Leadership competency development program, from the early stage, is designed with comprehensive
and tiered considerations, ranging from basic competence mastery, managerial capability mastery and leadership with a varied range
of development tools that include training programs, mentoring, rotation, career development, leadership coaching and feedback
sessions, and is reinforced with the Company's corporate culture content. The various processes of human resource capacity
development are intended to produce leaders who are groomed from within balanced personal character, in terms of knowledge,
experience and competency.

In carrying out Employment Practices, the Company always adheres to the Employment Law and its implementing regulations. The
rights and obligations of the Company's employees are stipulated in the PKB between the Company and its Labor Unions. The PKB
has a time limit and is always updated by the Labor Unions and the Company and approved by the Director General of Industrial
Relations and Labor Social Security. A harmonious relationship between the Company and the Labor Unions is also improved by
implanting the principle of partnership relationships, maturity and mutual trust.

The Company in conducting its business activities, continuously complies with the applicable rules and regulations related to
employment, which are provided in its Company Rules and PKB that among others contains the provisions for not employing under
age children, providing wages above the minimum wage in accordance with the minimum wage of province/city/county in every
region of the Company's business and treating all employees equally regardless of their ethnicity, race, religion, class or gender, and
physical condition.
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

Every year, the Company always evaluates the level of increase in minimum wage to be adjusted to current economic conditions.In
addition to the evaluation, the Company also provides a form of recognition to employees by giving fair promotion to good achievers.
Each year, the Company routinely presents Employee Model awards to the selected employees and Monthly Incentive rewards to
the employees based on their best performance.

In addition to the monetary rewards in the form of salary, the Company's employees are also entitled to various facilities and services
that make their lives more prosperous and developing. All employees still get health facility for eye care, hospital inpatient and
outpatient. In addition, the Company provides pre-pension program and trainings for employees who are entering retirement age.
The Company ensures that pensioner can go through smooth transition period from employee to become an entrepreneur. Pre-
pension program among others are entrepreneur seminars, financial planning session and pre-pension conselling. These programs
can give life skills to ensure the well-being of employees after retirement.

OCCUPATIONAL HEALTH AND SAFETY


The Company is highly committed and aware of the importance of complying with the applicable Laws and Regulations including
those which related to occupational safety, health and environmental protection.The Company has in place the Basic Manual of
Occupational Health and Safety that applies to all employees and management of the Company. The manual is intended to make
every employee understand and practice the basic rules of occupational safety and health properly in oder to prevent occupational
injury. The Company also has in place a slogan on Occupational Safety and Health Practice (K3), namely: "No production/activities
without the assurance of occupational health and safety".

In the meantime the Company's K3 policy is as follows:


1. We will improve our Risk Assessment ability to promote the effective use of SMK3,
2. We will continue the safety activity tradition by not making it a routine activity that is repetitive,
3. Managers will treat their subordinates as family members and ensure their occupational safety. We will develop basic safety
principles of equipment and continuously improve the working environment,
4. We will carry out K3 activities as part of production activities by providing necessary support for line management,
5. We will comply with all prevailing legislation and requirements related to K3,
6. We will mobilize proactive participation of employees in all K3 activities through open, honest and fair interaction and communication
in the workplace.

High commitment is also applied by the Company in its new factory construction in Cikampek, by continuously analyzing the risk
of accidents which may occur during the project work in progress and continually carrying out "daily patrol" either a 5-R patrol or a
safety patrol. Therefore, throughout 2015, there was no significant occupational accident in the construction project.

To support the policy, in 2015, the Company conducted several activities, among others:

"Safety First" Campaign


“Safety is Basic” has become a culture in the Company. In carrying out its activities, the Company always puts safety and security
in the first place, meaning that there will be no production if there is no guarantee of security and safety. To increase employee
awareness of the importance of workplace safety, the Company constantly makes reminders on the importance of safety in every
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings
for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees
always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.

Emergency Condition Simulation


In 2015, the Company conducted a series of simulations to anticipate the occurrence of natural disasters and emergencies, such as
floods, earthquakes, leaks of Heavy Oil, SO2 and fire. The purpose of the simulation is to train each employee in the face of natural
disasters and emergencies, as well as to evaluate the facilities and communication systems in emergency situations.

The simulations were carried out by making several scenarios such as a fire in the Company's building, how is the system evacuation
through emergency doors toward the meeting point, how much time taken to evacuate all employees in the work site to the meeting
point. This simulation is needed so that when disaster really strikes, it is expected that all employees already have enough knowledge
to protect themselves and their environment.

Safety Patrol
To ensure safe conditions in the work environment and that every employee carry out security and safety procedures, every day,
heads of all sections are required to conduct patrol. In addition, Safety & 5S Patrol must also be conducted by the management each
month at different locations. Furthermore, a report should be made and evaluation of the findings in the field should be followed
up and coordinated with HSE section and related sections.

Health For Employees


To actualize its concern for the health of all employees, the Company actively takes preventive measures against things can
be detrimental to the health of employees. The Company has been cooperating with several hospitals to provide counseling
and seminars on a regular basis about the diseases that often occur in the community. Every year, the Company also regularly
conducts health checks for all employees such as X-rays, urine test, blood test, blood pressure test and others.The Company
also provides Polyclinic along with doctors and paramedics at each location of its factory. The facility is intended to provide
the employee with a quick services either in normal or emergency conditions.

To maintain health and fitness, once a week the Company's employees play sports, especially badminton, tennis courts, indoor soccer
and morning gymnastics guided by aerobic instructors. The Company also has registered its employees
in BPJS Ketenagakerjaan which provides among others accident insurance, death insurance and old age insurance and BPJS
Kesehatan.

SOCIAL DEVELOPMENT AND COMMUNITY EMPOWERMENT


Empowering individuals and community groups in the communities by providing skills is one of the Company's ways to develop and
empower communities to become more self-sufficient. Therefore, the Company has been doing community development activities,
which include:

Scholarship Program
One of the Company's active roles to improve quality and educational facilities for the community is by providing direct assistance
to the world of education. The assistance is given in the form of scholarships and school equipment for early childhood and elementary
school levels around the Company's factories. In addition, since 1985 to date,
every month the Company helps the distribution of scholarships granted by the
Yayasan Asahi Glass Indonesia (YAGI) for the senior high school level (SMKN 56
Jakarta) and 3 (three) universities in Indonesia, namely Universitas Indonesia,
Institut Teknologi Bandung and Institut Teknologi Surabaya.

YAGI is a non-profit foundation which purpose is providing scholarships for the


best and selected college students. YAGI was founded on July 5, 1983 by Asahi
Glass Co., Ltd., Japan and PT Asahimas Flat Glass Tbk.

In 2015, YAGI provided scholarships to 40 students of SMKN 56 Jakarta and 54


college students from Universitas Indonesia, Institut Teknologi Bandung and
Institut Teknologi Surabaya. The amount of scholarship granted in 2015 was
Rp220 million.
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings
for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees
always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.

Freshwater Fish Farming


In 2015, the Company continued to develop freshwater fish farming program especially freshwater fish, for example catfish, that is
run by the community surrounding the Company's factory in Sidoarjo. Currently, they have developed the cultivation of other
freshwater fish such as red tilapia and carp. The Company sees a quite good potential for the community to farm catfish and other
freshwater fish that can continuously grow. For the freshwater fish farming, the assistance provided by the Company is in the form
of land clearing with leveling, irrigation, making of catfish ponds and feed warehouses, training and maintenance, providing of seedling
and setting the marketing targets. The Company in cooperation with the Food Security Agency of Sidoarjo Regency periodically
provides guidance for the cultivation for the farmers. The Company expects that community can take advantage of unused lands in
the environment so that there will be new freshwater fish ponds which would increase the community's incomes.

Brick Making
Property development growth in most of Cikampek areas makes the need for building materials increase. The good opportunity is
captured by some of the residents in the Purwasari Village to develop a brick-making business. The Company provides assistance for
place renovation and electric machines for the brick-making. The Company also provides a simple bookkeeping training to facilitate
the administration of their business activities recording.

The Company expects this brick-making can continue to thrive in in the community so that it can absorb more labors and the result
can be further improved, which would certainly impact on the community's income.

Mushroom Cultivation
Along with increased insight and awareness of healthy food, the Company has been cooperating with a group of Oyster Mushroom
farmers in the Tamelang village, Cikampek. Oyster Mushroom is one of well-known fungus people like to eat and cultivated by farmers.
There is no doubt that prospect of mushroom cultivation is very good, even up to date, local markets still do not have enough stock
of oyster mushroom. Seeing the potential market and interest of the community surrounding its factory in Cikampek, the Company
helps local communities to undertake oyster mushroom cultivation. The assistance provided by the Company is in arranging a building
as a place for oyster mushroom cultivation. The Company also provides the materials used for oyster mushroom breeding process.
As a result, oyster mushroom harvest has been already underway and the Company also notices that the yields are quite good. The
Company expects that there will be new oyster mushroom nursery-breeding for the community, especially around the Company's
factory so as to assist government programs in terms of alleviation of unemployment as well as increase local community's incomes.

Duck Farming
At present, duck is one of the favorite foods enthused by the community, where its market share is expected to increase. Seeing this
business opportunity, the Company in cooperation with the community of Kalihurip Village, Cikampek, has built a duck breeding farm.
The Company contributes to this activity by making duck cages completed with the fittings, duck seed, food and harvest. It takes 90-
100 days in this duck enlargement process, from seed to harvest. The result already obtained from this duck farming has been quite
satisfactory, although there are still shortcomings and problems, these do not deter the duck breeders. The Company expects that
the duck breeding can continue to thrive in the community so that it can absorb more labors and the result can be further improved,
which would certainly impact on the community's income.

Cake Making Training

The Company's Sidoarjo factory in collaboration with members of Family Welfare Programme (PKK) around the factory organized a
cake making training program. The residents were taught how to make cakes with good quality, taste, appearance and cleanliness
as well as to calculate the basic price. This program was expected to increase local community's income.
53 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

Longan Tree Planting


In line with the Company's CSR policy which is "Living in harmony with the surrounding community and Preserving the environment"
on December 11, 2015, the Company in cooperation with the supplier of one of the raw materials and the village government of
Clering, Donorojo, Jepara, Central Java held a crystal longan tree planting.

This event was attended by the management of the Company, suppliers, community leaders, Village Chiefs and farmers community
in Jepara. In this CSR activities, training was given on the practice of good longan tree planting. No fewer than a hundred people
followed the event with great enthusiasm. People really appreciate the contribution of the Company to their village, this shows a
good relationship between the Company and the communities in the mining of raw materials.

Handover and longan tree-planting by the management of the Company to the community in Clering Village,
Donorojo District, Jepara - Central Java
PT Asahimas Flat Glass Tbk ANNUAL REPORT 2015 54

CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT

OTHER SOCIAL ASSISTANCES


Social assistance provided by the Company not only in the form of empowerment, but also many that had been conducted by the
Company to the community, surrounding its operational areas or the community at large. This social assistance includes, among
others glass donation for places of worship, assistance for religious activities such as Hari Raya, assistance for orphans, assistance
for independence day activities, holding of routine blood donors and others.

THE COMPANY's PRODUCT LIABILITY


With the issue of Law No. 8 of 1999 on Consumer Protection provides certainty to consumers on the quality, quantity and safety of
goods and/ or services acquired on the market so the consumers feel comfortable and safe in using the good or services obtained.
The Company as glass manufacturer pays a great attention to the quality standards of its products. The Company strives hard to
control the quality of its products in order to meet existing quality standards in order to avoid losses that must be borne by the
consumers both in terms of health and safety.

To maintain consistency of quality standards of its products, the Company has obtained ISO 9001: 2008, an international standard
used to establish product and service quality policy and target in order to adjust the quality of these products with customer
requirements or other requirements, and with the quality standards established by the Company supported by a Laboratory equipped
with ISO 17025 certification. The Company provides product information to consumers appropriately which include information on
three matters, i.e:
1. Technical Support
Provide information about the technical data of the Company's glass and its applications on buildings.
2. Product Information
Provide information about the types of glass produced by the Company.
3. Product Availability
Provide information on product availability and recommend contacts of distributors/dealers.

CUSTOMER COMPLAINTS FACILITY, NUMBER AND HANDLING


To handle complaints and inquiries from consumers regarding the Company's products, the Company provides facilities consisting
of electronic mail (marketing email), internet-based IT Claim system and a website that can be used by consumers. The Company
also provides Direct Line Marketing to consumers, so that they can interact directly to find out the Company's products, in terms of
technical data, distributor info and other information. With the direct interaction, the Company seeks to strengthen the relationship
with consumers and customers so that the Company can directly respond to consumers' aspirations and expectations. The service
aims to increase customer satisfaction with the Company's products.

With these facilities, the Company can obtain information from consumers about complaints, questions, suggestions/feedback and
their satisfaction level with the products and services provided by the Company.
55 ANNUAL REPORT 2015 PT Asahimas Flat Glass Tbk

STATEMENT OF
THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS
ON THE RESPONSIBILITY FOR
THE 2015 ANNUAL REPORT

We, the undersigned, declare that all information in the 2015 Annual Report of
PT Asahimas Flat Glass Tbk has been presented in a complete and correct manner and we are fully responsible for
the accuracy of the content of this Annual Report.

This statement is made truthfully

Jakarta, 1 April 2016.

BOARD OF COMMISSIONERS

TAN PEI LING MASAHIRO TAKEDA TJAHJANA SETIADHI


President Commissioner Vice President Commissioner Commissioner

TAKEO TAKEI BENYAMIN SUBRATA HIDEYA TANAKA


Commissioner Independent Commissioner Independent Commissioner

BOARD OF DIRECTORS

MAMPEI CHIYODA E. DAVID SATRIA SOETEDJA


President Director Vice President Director

NAOMASA TANIGUCHI MITSUHIRO YOSHIKADO SADAYOSHI SHINOTSUKA


Director Director Director

PRASETYO AJI TJIO FERRY SUSANTO MICHITAKA GOTO


Director Director Director

MOHAMAD AMIEN TATSUO SUGIYAMA RUSLI PRANADI


Director Director Independent Director
PT ASAHIMAS FLAT GLASS Tbk

ISI/CONTENTS

SURAT PERNYATAAN TANGGUNG JAWAB DIREKSI/DIRECTORS’ STATEMENT OF RESPONSIBILITY

LAPORAN KEUANGAN TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
FINANCIAL STATEMENTS YEARS ENDED 31 DECEMBER 2015 AND 2014: ...... Halaman/Page

LAPORAN POSISI KEUANGAN/STATEMENT OF FINANCIAL POSITION ................................ 1-2

LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN/


STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME .................... 3

LAPORAN PERUBAHAN EKUITAS/STATEMENT OF CHANGES IN EQUITY .......................... 4

LAPORAN ARUS KAS/STATEMENT OF CASH FLOWS ............................................................... 5

CATATAN ATAS LAPORAN KEUANGAN/NOTES TO THE FINANCIAL STATEMENTS ......... 6 - 46

LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT

PT Asahimas Flat Glass Tbk


PT ASAHIMAS FLAT GLASS Tbk
LAPORAN POSISI KEUANGAN/STATEMENT OF FINANCIAL POSITION
31 DESEMBER 2015, 31 DESEMBER 2014, DAN 1 JANUARI 2014/
31 DECEMBER 2015, 31 DECEMBER 2014 AND 1 JANUARY 2014

Catatan/ 31 Desember/31 December 1 Januari/


Dalam jutaan Rupiah Notes 2015 2014* 1 January 2014* In millions of Rupiah

ASET ASSETS

ASET LANCAR CURRENT ASSETS


Kas dan setara kas 4 931.761 1.107.411 861.619 Cash and cash equivalents
Piutang usaha 5 353.443 354.306 378.342 Trade receivables
Piutang lainnya 6 51.485 29.511 22.104 Other receivables
Persediaan 7 861.194 745.048 689.093 Inventories
Pajak dibayar dimuka 21a 18.614 12.691 4.686 Prepaid taxes
Pembayaran dimuka lainnya 8 14.684 14.761 15.661 Other prepayments
Tanah yang dimiliki untuk dijual 10 - - 8.611 Land held for sale
JUMLAH ASET LANCAR 2.231.181 2.263.728 1.980.116 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETS


Aset pajak tangguhan, neto 21g 75.378 79.954 72.445 Deferred tax assets, net
Investasi dengan metode ekuitas 1e 1.575 1.575 1.575 Equity-accounted investment
Pajak yang dapat dikembalikan 21f 34.407 - - Refundable taxes
Aset takberwujud, neto 6.188 6.182 1.415 Intangible asset, net
Aset tetap, neto 10 1.822.896 1.530.836 1.478.147 Fixed assets, net
Aset tidak lancar lainnya 9 98.650 63.850 27.986 Other non-current assets
JUMLAH ASET TIDAK LANCAR 2.039.094 1.682.397 1.581.568 TOTAL NON-CURRENT ASSETS

JUMLAH ASET 4.270.275 3.946.125 3.561.684 TOTAL ASSETS

*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.

PT Asahimas Flat Glass Tbk 1


PT ASAHIMAS FLAT GLASS Tbk
LAPORAN POSISI KEUANGAN (Lanjutan)/STATEMENT OF FINANCIAL POSITION (Continued)
31 DESEMBER 2015, 31 DESEMBER 2014, DAN 1 JANUARI 2014/
31 DECEMBER 2015, 31 DECEMBER 2014 AND 1 JANUARY 2014

Catatan/ 31 Desember/31 December 1 Januari/


Dalam jutaan Rupiah Notes 2015 2014* 1 January 2014* In millions of Rupiah

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES


Utang usaha 11 277.988 245.546 281.500 Trade payables
Utang pajak penghasilan 21b 9.022 15.190 35.657 Income tax payable
Utang pajak lainnya 21c 9.637 10.265 5.991 Other taxes payable
Beban akrual 12 138.521 101.106 93.349 Accrued expenses
Liabilitas jangka pendek lainnya 13 44.208 26.131 57.463 Other current liabilities
JUMLAH LIABILITAS JANGKA
PENDEK 479.376 398.238 473.960 TOTAL CURRENT LIABILITIES

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITY


Liabilitas imbalan kerja 14 400.676 446.447 393.871 Employee benefits obligation

JUMLAH LIABILITAS 880.052 844.685 867.831 TOTAL LIABILITIES

EKUITAS EQUITY

Modal saham, nilai nominal Rp 500


per saham: Share capital, par value of Rp 500
Modal dasar: per share:
600.000.000 saham Authorized capital:
Modal ditempatkan dan disetor 600,000,000 shares
penuh: Issued and paid-up capital:
434.000.000 saham 15 217.000 217.000 217.000 434,000,000 shares
Tambahan modal disetor 16 165.083 165.083 165.083 Additional paid-in capital
Saldo laba: Retained earnings:
Dicadangkan 24 79.000 74.500 71.000 Appropriated
Tidak dicadangkan 2.929.140 2.644.857 2.240.770 Unappropriated
JUMLAH EKUITAS 3.390.223 3.101.440 2.693.853 TOTAL EQUITY

JUMLAH LIABILITAS DAN TOTAL LIABILITIES AND


EKUITAS 4.270.275 3.946.125 3.561.684 EQUITY

*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.

PT Asahimas Flat Glass Tbk 2


PT ASAHIMAS FLAT GLASS Tbk
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN/
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/YEARS ENDED 31 DECEMBER 2015 AND 2014

Tahun yang berakhir pada


31 Desember/Year ended 31
Catatan/ December
Dalam jutaan Rupiah Notes 2015 2014* In millions of Rupiah

Penjualan neto 17 3.665.989) 3.672.186) Net sales

Beban pokok penjualan 18 (2.868.674) (2.760.739) Cost of sales

LABA BRUTO 797.315) 911.447) GROSS PROFIT

Beban lainnya (8.070) (1.819) Other expense


Beban penjualan 19 (356.675) (338.192) Selling expenses
Beban umum dan administrasi 20 (51.637) (42.892) General and administrative expenses
Keuntungan selisih kurs, bersih 47.558) 12.950) Foreign exchange gain, net
Penghasilan lainnya 201) 21.500) Other income
(368.623) (348.453)

LABA USAHA 428.692) ) 562.994) OPERATING PROFIT

Pendapatan keuangan 35.571) 42.169) Finance income

LABA SEBELUM PAJAK 464.263) 605.163) PROFIT BEFORE TAX

(Beban) manfaat pajak penghasilan: 21d Income tax (expense) benefit:


Kini (112.393) (141.238) Current
Tangguhan (10.524) 227) Deferred
(122.917) (141.011)

LABA 341.346) 464.152) PROFIT

RUGI KOMPREHENSIF LAIN OTHER COMPREHENSIVE LOSS


Pengukuran kembali liabilitas imbalan Remeasurements of defined
pasti (23.791) (29.127) benefit liability
Pajak atas rugi komprehensif lain 5.948) 7.282) Tax on other comprehensive loss
JUMLAH RUGI KOMPREHENSIF TOTAL OTHER COMPREHENSIVE
LAIN (17.843) (21.845) LOSS

JUMLAH PENGHASILAN
KOMPREHENSIF 323.503) 442.307) TOTAL COMPREHENSIVE INCOME

Laba per saham (dalam Rupiah penuh) 22 786) 1.069) Earnings per share (in whole Rupiah)

*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.

PT Asahimas Flat Glass Tbk 3


PT ASAHIMAS FLAT GLASS Tbk
LAPORAN PERUBAHAN EKUITAS/STATEMENT OF CHANGES IN EQUITY
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

Saldo laba/Retained earnings Jumlah


Modal saham/ Tambahan modal Tidak ekuitas/
Catatan/ Share disetor/Additional Dicadangkan/ dicadangkan/ Total
Dalam jutaan Rupiah Notes capital paid-in capital Appropriated Unappropriated equity In millions of Rupiah
Saldo 31 Desember 2013, Balance as of
seperti dilaporkan 31 December 2013, as
sebelumnya 217.000 165.083 71.000 2.307.644) 2.760.727) previously reported

Dampak dari perubahan Impact of change in


kebijakan akuntansi 29 - - - (66.874) (66.874) accounting policy

Saldo 31 Desember 2013, Restated balance as of


setelah disajikan kembali 217.000 165.083 71.000 2.240.770) 2.693.853) 31 December 2013

Penghasilan komprehensif - Comprehensive income -


2014 2014
Laba (disajikan kembali) - - - 464.152) 464.152) Profit (as restated)
Rugi komprehensif lain Other comprehensive
(disajikan kembali) - - - (21.845) (21.845) loss (as restated)

Dividen tunai 23 - - - (34.720) (34.720) Cash dividends

Appropriation of retained
Pencadangan wajib atas earnings for statutory
saldo laba 24 - - 3.500 (3.500) -) reserves

Saldo 31 Desember 2014, Restated balance as of


setelah disajikan kembali 217.000 165.083 74.500 2.644.857) 3.101.440) 31 December 2014

Penghasilan komprehensif - Comprehensive income -


2015 2015
Laba - - - 341.346) 341.346) Profit
Other comprehensive
Rugi komprehensif lain - - - (17.843) (17.843) loss

Dividen tunai 23 - - - (34.720) (34.720) Cash dividends

Appropriation of retained
Pencadangan wajib atas earnings for statutory
saldo laba 24 - - 4.500 (4.500) -) reserves

Balance as of
217.000 165.083 79.000 2.929.140) 3.390.223)
Saldo 31 Desember 2015 31 December 2015

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.

PT Asahimas Flat Glass Tbk 4


PT ASAHIMAS FLAT GLASS Tbk
LAPORAN ARUS KAS/STATEMENT OF CASH FLOWS
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

Tahun yang berakhir pada


31 Desember/
Catatan/ Year ended 31 December
Dalam jutaan Rupiah Notes 2015 2014 In millions of Rupiah

ARUS KAS DARI AKTIVITAS OPERASI: CASH FLOWS FROM OPERATING ACTIVITIES:
Penerimaan kas dari pelanggan 3.666.690) 3.694.422) Cash received from customers
Pembayaran kas kepada pemasok (2.442.161) (2.373.919) Cash paid to suppliers
Pembayaran kas untuk kompensasi karyawan (446.251) (451.008) Cash paid for employees’ compensation
Pembayaran kas untuk aktivitas operasi lainnya (296.902) (184.581) Cash paid for other operating activities
481.376) 684.914)

Penerimaan bunga 38.429) 41.041) Interest received


Pembayaran pajak penghasilan (152.968) (161.705) Income tax paid
Kas neto dari aktivitas operasi 366.837) 564.250) Net cash from operating activities

ARUS KAS DARI AKTIVITAS INVESTASI: CASH FLOWS FROM INVESTING ACTIVITIES:
Perolehan aset tetap 10 (531.215) (312.259) Acquisition of fixed assets
Perolehan aset takberwujud (989) (5.092) Acquisition of intangible assets
Hasil penjualan aset tetap 165) 828) Proceeds from sale of fixed assets
Hasil penjualan tanah yang dimiliki untuk dijual 10 -) 29.110) Proceeds from sale of land held for sale
Kas neto yang digunakan untuk aktivitas
investasi (532.039) (287.413) Net cash used in investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN: CASH FLOWS FROM FINANCING ACTIVITY:
Pembayaran dividen kepada pemegang saham/Kas
neto yang digunakan untuk aktivitas Dividends paid to shareholders/Net cash used in
pendanaan 23 (34.720) (34.720) financing activity

Pengaruh dari pergerakan nilai tukar atas kas Effect of currency exchange fluctuations on cash
dan setara kas yang ada 24.272) 3.675) and cash equivalents held

(Penurunan) kenaikan neto kas dan setara kas (175.650) 245.792) Net (decrease) increase in cash and cash equivalents
Kas dan setara kas, awal tahun 1.107.411) 861.619) Cash and cash equivalents, beginning of year
Kas dan setara kas, akhir tahun 931.761) 1.107.411) Cash and cash equivalents, end of year

Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak See Notes to the Financial Statements, which form an integral part
terpisahkan dari laporan keuangan ini. of these financial statements.

PT Asahimas Flat Glass Tbk 5


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN/NOTES TO THE FINANCIAL STATEMENTS
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

1. UMUM 1. GENERAL

a....Pendirian Perseroan a.…..The Company’s establishment

Perseroan didirikan dalam kerangka penanaman The Company was established within the foreign
modal asing berdasarkan Undang-Undang No. 1 tahun capital investment framework of Law No. 1 of 1967
1967 jo. Undang-Undang No. 11 tahun 1970, dengan and Law No. 11 of 1970, by deed of notary public
akta notaris Koerniatini Karim tanggal 7 Oktober Koerniatini Karim dated 7 October 1971 No. 4, as
1971 No.)4, diubah dengan akta notaris yang sama amended by deed of the same notary dated
tanggal 6)Januari 1972 No. 9; akta-akta ini disetujui 6 January 1972 No. 9; these deeds were approved
oleh Menteri Kehakiman dengan No. J.A.5/5/19 by the Minister of Justice under No. J.A.5/5/19
tanggal 17)Januari 1972. Perubahan nama Perseroan dated 17 January 1972. The Company’s name
dari PT)Asahimas Flat Glass Co., Ltd. menjadi changed from PT Asahimas Flat Glass Co., Ltd. to
PT)Asahimas Flat Glass Tbk dilakukan dengan akta PT Asahimas Flat Glass Tbk by deed of notary
notaris Amrul Partomuan Pohan, S.H., LL.M tanggal public Amrul Partomuan Pohan, S.H., LL.M dated
26 Juni 1998 No. 73; akta ini disetujui oleh Menteri 26 June 1998 No..73; this deed was approved by the
Kehakiman dengan No. C2-12065 HT.01.04.Th.1998 Minister of Justice under No. C2-12065
tanggal 25 Agustus 1998 dan diumumkan dalam HT.01.04.Th.1998, on 25.August 1998, as published
Tambahan No.)6509 (untuk menyesuaikan dengan in Supplement No. 6509 (to comply with the
Undang-Undang Perseroan Terbatas No. 1 tahun Corporate Law No. 1 of 1995) and Supplement
1995) dan Tambahan No. 6510 (untuk perubahan No..6510 (concerning the change of the Company’s
nama Perseroan) pada Berita Negara No. 94 tanggal name) to State Gazette No. 94 on 24 November
24)Nopember 1998. 1998.

Anggaran dasar Perseroan telah mengalami beberapa Several amendments have been made to the
kali perubahan. Perubahan terakhir dengan akta Company’s Articles of Association. The latest
notaris Dr. lrawan Soerodjo, SH, MSi tanggal 5 Juni amendment was effected by deed of notary public
2015 No. 45 mengenai perubahan dan pernyataan Dr. 1rawan Soerodjo, SH, MSi. dated 5 June 20I5
kembali Anggaran Dasar Perseroan, termasuk No. 45 regarding changes and restatement the
menyesuaikan dengan peraturan Otoritas Jasa Company’s Articles of Association, including to
Keuangan tentang Pokok-Pokok Anggaran Dasar comply with Financial Services Agency Regulation
Perseroan yang melakukan Penawaran Umum Efek pertaining to the Articles of Association of
Bersifat Ekuitas dan Perusahaan Publik; akta ini telah Companies conducting Public Offerings and Public
diberitahukan kepada Menteri Hukum dan Hak Asasi Companies; this deed has been filed with the
Manusia dengan No. AHU-AH.01.03-0946820, Minister of Law and Human Rights under No AHU-
tanggal 30 Juni 2015. Pengumuman pada Berita AH.01.03-0946820, on 30 June 2015. Publication
Negara sedang dalam proses. in the supplement to State Gazette is still on
process.

Perseroan bergerak dalam bidang industri kaca, ekspor The Company is engaged in the glass industry,
dan impor, dan jasa sertifikasi mutu berbagai jenis export and import, quality certification service for
produk kaca serta kegiatan lain yang berkaitan dengan glass products and other activities related to the
usaha tersebut. Operasi komersial Perseroan dimulai aforementioned businesses. The Company’s
pada bulan April 1973. commercial operations commenced in April 1973.

Perseroan berdomisili di Indonesia dengan Kantor The Company is domiciled in Indonesia and its
Pusat di Jl. Ancol IX/5, Ancol Barat, Jakarta Utara. Head Office is at Jl. Ancol IX/5, West Ancol, North
Pabrik Perseroan berlokasi di Kawasan Industri Jakarta. The Company’s factories are located at
Ancol, Jakarta Utara; di Bukit Indah Industrial Park, Kawasan Industri Ancol, North Jakarta; at Bukit
Cikampek; dan di Tanjung Sari, Sidoarjo, Jawa Indah Industrial Park, Cikampek; and at Tanjung
Timur. Sari, Sidoarjo, East Java.

PT Asahimas Flat Glass Tbk 6


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

1. UMUM (Lanjutan) 1. GENERAL (Continued)

b....Penawaran umum efek Perseroan b.….The Company’s public offering


Sesuai dengan surat Ketua Badan Pengawas Pasar In accordance with the letter from the Chairman of the
Modal (“Bapepam”), No. S-1323/PM/1995 tanggal Capital Market Supervisory Agency (“Bapepam”),
18.Oktober 1995 mengenai “Pemberitahuan No..S-1323/PM/1995 dated 18 October 1995 titled
Efektifnya Pernyataan Pendaftaran”, pada tahun “Notification that the Registration Statement becomes
2000 Perseroan melakukan penawaran umum Effective”, in 2000 the Company had a public offering
kepada masyarakat melalui pasar modal di through the capital market at PT Bursa Efek Jakarta
PT Bursa Efek Jakarta (selanjutnya berubah nama (subsequently named PT Bursa Efek Indonesia), of
menjadi PT Bursa Efek Indonesia), sejumlah 86,000,000 shares with a par value of Rp 500 per
86.000.000 saham dengan nilai nominal Rp 500 per share. Since 18 December 2000, the Company’s issued
saham. Sejak tanggal 18 Desember 2000, saham shares have been listed.
Perseroan yang beredar telah tercatat.

c. Informasi mengenai karyawan, dewan komisaris, c.00, Information about employees, boards of
direksi dan komite audit commissioners, directors and the audit committee
Susunan dewan komisaris, direksi perseroan dan The members of the Company’s boards of
komite audit pada tanggal 31 Desember 2015 dan commissioners, directors and audit committee as of
2014 adalah sebagai berikut: 31 December 2015 and 2014 were as follows:
2015 2014
Dewan Komisaris Board of Commissioners

Presiden Komisaris Tn./Mr. Tan Pei Ling Tn./Mr. Tan Pei Ling President Commissioner
Wakil Presiden Vice President
Komisaris Tn./Mr. Masahiro Takeda Tn./Mr. Kimikazu Ichikawa Commissioner
Komisaris-komisaris Tn./Mr. Tjahjana Setiadhi Tn./Mr. Andi Purnomo Commissioners
Tn./Mr. Takeo Takei Tn./Mr. Takeo Takei

Komisaris Independen Tn./Mr. Benyamin Subrata Tn./Mr. Benyamin Subrata Independent Commissioners
Tn./Mr. Hideya Tanaka Tn./Mr. Hideya Tanaka

Direksi Directors

Presiden Direktur Tn./Mr. Mampei Chiyoda Tn./Mr. Mampei Chiyoda President Director
Wakil Presiden Direktur Tn./Mr. Emanuel David Satria Tn./Mr. Tjahjana Setiadhi Vice President Director
Soetedja
Direktur-direktur Tn./Mr. Naomasa Taniguchi Tn./Mr. Naomasa Taniguchi Directors
Tn./Mr. Mitsuhiro Yoshikado Tn./Mr. Mitsuhiro Yoshikado
Tn./Mr. Sadayoshi Shinotsuka Tn./Mr. Yoshiki Inoue
Tn./Mr. Prasetyo Aji Tn./Mr. Prasetyo Aji
Tn./Mr. Tjio Ferry Susanto Tn./Mr. Tjio Ferry Susanto
Tn./Mr. Mohamad Amien Tn./Mr. Emanuel David
Satria Soetedja
Tn./Mr. Michitaka Goto Tn./Mr. Yasushi Kawamoto
Tn./Mr. Tatsuo Sugiyama Tn./Mr. Tatsuo Sugiyama

Direktur Independen Tn./Mr. Rusli Pranadi Tn./Mr. Rusli Pranadi Independent Director

PT Asahimas Flat Glass Tbk 7


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

1. UMUM (Lanjutan) 1. GENERAL (Continued)


c. Informasi mengenai karyawan, dewan komisaris, c. Information about employees, boards of commissioners,
direksi dan komite audit (Lanjutan) directors and the audit committee (Continued)
2015 2014
Komite Audit Audit Committee

Ketua Komite Audit Tn./Mr. Benyamin Subrata Tn./Mr. Benyamin Subrata Audit Committee Chairman
Anggota Komite Audit Tn./Mr. Dr. H. A. Partomuan Tn./Mr. Dr. H. A. Partomuan Audit Committee members
Pohan, SH. LL.M Pohan, SH. LL.M
Tn./Mr. Ir. Susanto Tn./Mr. Ir. Susanto
Tn./Mr. Drs. Hariawan Pribadi Tn./Mr. Drs. Hariawan Pribadi
Per 31 Desember 2015 dan 2014, Perseroan As at 31 December 2015 and 2014, the Company had
mempekerjakan masing-masing 2.789 dan 2.805 2,789 and 2,805 employees (unaudited), respectively.
karyawan (tidak diaudit).
d. Perseroan merupakan bagian dari kelompok usaha d. The Company is part of Asahi Glass Co., Ltd., Japan
Asahi Glass Co., Ltd., Jepang (“AGC”) yang (“AGC”) that has subsidiaries and affiliates throughout
memiliki entitas anak dan afiliasi di seluruh dunia, the world, and PT Rodamas that has subsidiaries and
dan PT Rodamas yang memiliki entitas anak dan affiliates in certain countries.
afiliasi di beberapa negara.
e. Perseroan memiliki satu entitas anak, PT Auto Glass e. The Company has one subsidiary, PT Auto Glass
Indonesia (“AGI”), dengan persentase kepemilikan Indonesia (“AGI”), with the percentage of ownership of
sebesar 99,95%. AGI berdomisili di Indonesia, 99.95%. AGI is domiciled in Indonesia, engaged in
bergerak dalam bidang jasa perbaikan dan automotive glass repair and installation services. Its
pemasangan kaca otomotif. Operasi komersialnya commercial operations started in April 2001. As of
dimulai sejak April 2001. Per 31 Desember 2015, 31 December 2015, total assets (before elimination) AGI
jumlah aset (sebelum eliminasi) AGI adalah amounted to Rp 6,111 million (unaudited).
Rp 6.111 juta (tidak diaudit).
Jumlah aset, liabilitas, dan hasil operasi AGI AGI’s total assets, liabilities, and results of operations
dianggap tidak material terhadap laporan keuangan are considered not material to the Company’s financial
Perseroan. Karenanya, AGI diperlakukan sebagai statements. Therefore, AGI is accounted for as an
investasi dengan metode ekuitas dan tidak equity-accounted investment and is not consolidated.
dikonsolidasi.

f. Laporan keuangan telah disetujui untuk diterbitkan f. The financial statements were approved for issuance by
oleh Direksi pada tanggal 29 Maret 2016. the Directors on 29 March 2016.

2. DASAR PENYUSUNAN 2. BASIS OF PREPARATION

a. Pernyataan kepatuhan a. Statement of compliance


Laporan keuangan Perseroan telah disusun sesuai The Company’s financial statements have been
dengan Standar Akuntansi Keuangan di Indonesia prepared in accordance with Indonesian Financial
(“SAK”) dan peraturan Bapepam-LK No. VIII.G.7 Accounting Standards (“SAK”) and Bapepam LK’s
“Pedoman Penyajian Laporan Keuangan” regulation No. VIII.G.7 “Guidelines for the Preparation
sebagaimana diubah oleh Keputusan No. KEP- of Financial Statements” as amended by Decree No.
347/BL/2012 “Perubahan atas peraturan No. KEP-347/BL/2012 “Amendment to regulation No.
VIII.G.7”. VIII.G.7”.

PT Asahimas Flat Glass Tbk 8


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

2. DASAR PENYUSUNAN (Lanjutan) 2. BASIS OF PREPARATION (Continued)

b. Dasar pengukuran b. Basis of measurement


Laporan keuangan disusun atas dasar akrual The financial statements are prepared on the accrual
dengan menggunakan konsep nilai historis, kecuali basis using the historical cost concept, except where the
ketika standar akuntansinya mensyaratkan accounting standards require fair value measurement.
pengukuran pada nilai wajar.
c. Laporan arus kas c. Statement of cash flows
Laporan arus kas menyajikan perubahan dalam kas The statement of cash flows presents the changes in
dan setara kas dari aktivitas operasi, investasi, dan cash and cash equivalents from operating, investing,
pendanaan, dan disusun dengan metode langsung and financing activities, and is prepared using the
(direct method). direct method.
d. Mata uang fungsional dan penyajian d. Functional and presentation currency
Laporan keuangan disajikan dalam Rupiah, yang The financial statements are presented in Rupiah,
merupakan mata uang fungsional Perseroan. which is the Company’s functional currency.

e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgments, estimates and assumptions
Penyusunan laporan keuangan Perseroan The preparation of the Company’s financial statements
mengharuskan manajemen untuk membuat requires management to make judgments, estimates and
pertimbangan, estimasi dan asumsi yang assumptions that affect the application of accounting
mempengaruhi penerapan kebijakan akuntansi policies and the reported amounts of assets, liabilities,
serta jumlah aset, liabilitas, pendapatan dan beban income and expenses. Actual results may differ from
yang dilaporkan. Hasil aktual dapat berbeda dari those estimated amounts.
nilai-nilai estimasi tersebut.
Estimasi dan asumsi dasarnya ditelaah secara Estimates and underlying assumptions are reviewed on
berkesinambungan. Revisi atas estimasi diakui an ongoing basis. Revisions to estimates are recognized
secara prospektif. prospectively.
Informasi mengenai ketidakpastian asumsi dan Information about assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material adjustment
material pada tahun berikutnya termasuk di within the following year is included in Note 14,
Catatan 14, pengukuran liabilitas imbalan kerja: measurement of employee benefits obligation: actuarial
asumsi aktuarial. assumptions.
Di tahun 2014, manajemen memperbaharui In 2014, management updated the estimated useful lives
taksiran masa manfaat atas beberapa aset tetap of certain production fixed assets having considered the
untuk produksi dengan mempertimbangkan saat timing of the economic benefits to be received from
manfaat ekonomi yang diterima dari aset tersebut. these assets. This change in estimate has been
Perubahan taksiran ini diterapkan secara accounted for on a prospective basis starting in 2014.
prospektif dimulai dari tahun 2014. Dampak dari The impact of the change to the 2014 results of
perubahan ini tidak material terhadap hasil operasi operations was immaterial.
Perseroan di tahun 2014.

PT Asahimas Flat Glass Tbk 9


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

2. DASAR PENYUSUNAN (Lanjutan) 2. BASIS OF PREPARATION (Continued)


f. Perubahan kebijakan akuntansi f. Changes in accounting policies

Sejak 1 Januari 2015, Perseroan mengadopsi Since 1 January 2015, the Company adopts the
ketentuan Pernyataan Standar Akuntansi Keuangan provisions of Statement of Financial Accounting
(“PSAK”) No. 24 (Revisi 2013), lmbalan Kerja, Standard (“PSAK”) No. 24 (2013 Revision), Employee
dimana pengukuran kembali liabilitas neto imbalan Benefits, where remeasurements of the net defined
pasti (misalnya keuntungan dan kerugian aktuarial) benefit liability (for example, actuarial gains and losses)
diakui segera di penghasilan komprehensif lainnya. are recognized immediately in other comprehensive
Sebelumnya, Perseroan mengakuinya di laba rugi income. Previously, the Company recognized it in profit
menggunakan pendekatan koridor yang or loss using the corridor approach that allowed for
memperbolehkan penangguhan pengakuan atas deferred recognition of actuarial gain and losses.
keuntungan dan kerugian aktuarial.
Sebagai tambahan, ketika manfaat dari suatu In addition, when the benefits of a plan are changed or
program berubah atau suatu program mengalami when a plan is curtailed, the resulting change in benefit
kurtailmen, dampak perubahan manfaat that relates to past service or the gain or loss on
sehubungan dengan biaya jasa lalu atau keuntungan curtailment is recognized immediately in profit or loss.
atau kerugian kurtailmen diakui segera di laba rugi. Previously, non-vested past service cost was amortized
Sebelumnya, biaya jasa lalu yang belum menjadi to profit or loss on a straight line basis over the
hak karyawan diamortisasi ke laba rugi dengan estimated average remaining vesting period.
metode garis lurus selama periode rata-rata sisa
masa kerja ekspektasian.
Sesuai dengan ketentuan transisi dari PSAK In accordance with the transitional provision of the
tersebut, Perseroan menerapkan perubahan PSAK, the Company has applied the change in this
kebijakan akuntansi ini secara retrospektif dan telah accounting policy retrospectively and has restated the
menyajikan kembali informasi komparatif di dalam comparative information presented in these financial
laporan keuangan ini (lihat Catatan 29). statements (see Note 29).

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING ACCOUNTING POLICIES

Kebijakan akuntansi dibawah ini telah diterapkan secara The accounting policies set out below have been applied
konsisten terhadap seluruh periode yang disajikan di consistently to all periods presented in these financial
laporan keuangan ini. statements.

a. 0 Setara kas a. Cash equivalents

Deposito berjangka yang jatuh temponya tidak lebih Time deposits with original maturities of three months
dari tiga bulan sejak tanggal penempatannya or less are considered as cash equivalents.
dianggap sebagai setara kas.

PT Asahimas Flat Glass Tbk 10


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

b. Instrumen keuangan b. Financial instruments


Aset keuangan Perseroan terdiri dari kas dan setara The Company’s financial assets comprise cash and cash
kas, piutang usaha dan piutang lainnya, yang equivalents, trade receivables and other receivables,
dikategorikan sebagai “Pinjaman yang diberikan which are categorized as “Loans and receivables”.
dan piutang”. Liabilitas keuangan Perseroan terdiri Financial liabilities comprise trade payables, accrued
dari utang usaha, beban akrual dan liabilitas jangka expenses and other current liabilities, which are
pendek lainnya, yang dikategorikan sebagai categorized as “Financial liabilities measured at
“Liabilitas keuangan yang diukur pada biaya amortized cost”.
perolehan diamortisasi”.
Aset keuangan yang dikategorikan sebagai Financial assets that are categorized as loans and
pinjaman yang diberikan dan piutang awalnya receivables are initially measured at fair value, plus any
diukur pada nilai wajar, ditambah biaya transaksi directly attributable transaction costs. Subsequent to
yang dapat diatribusikan secara langsung. Setelah initial measurement, they are carried at amortized cost,
pengukuran awal, aset keuangan tersebut dicatat net of provision for impairment, if necessary. Amortized
sebesar biaya perolehan diamortisasi, setelah cost is measured by discounting the asset amounts using
dikurangi penyisihan kerugian penurunan nilai, jika the effective interest rate, unless the effect of discounting
diperlukan. Biaya perolehan diamortisasi diukur would be insignificant. The effective interest rate is the
dengan mendiskontokan nilai aset menggunakan rate that discounts expected future cash flows to the net
suku bunga efektif, kecuali efek diskonto tidak carrying amount, on initial recognition. Interest effects
signifikan. Suku bunga efektif adalah suku bunga from the application of the effective interest method are
yang mendiskontokan arus kas masa depan yang recognized in profit or loss.
diharapkan dengan nilai tercatat neto, pada
pengakuan awal. Efek bunga dari penerapan
metode suku bunga efektif diakui dalam laba atau
rugi.
Penyisihan penurunan nilai diakui untuk aset An impairment provision is recognized for financial
keuangan yang dikategorikan sebagai pinjaman assets that are categorized as loans and receivables
yang diberikan dan piutang bila terdapat bukti when there is objective evidence that the Company will
obyektif bahwa Perseroan tidak akan mampu not be able to recover their carrying amounts according
memulihkan nilai tercatat sesuai dengan ketentuan to the original terms of the instrument. The amount of
awal dari instrumen tersebut. Nilai kerugian the impairment loss is the difference between the
penurunan nilai merupakan selisih antara nilai carrying amount of the financial asset and the present
tercatat aset keuangan dan nilai sekarang dari value of its estimated future cash flows discounted at the
estimasi arus kas yang didiskonto menggunakan original effective interest rate. Changes in the
suku bunga efektif awal. Perubahan penyisihan impairment provision are recognized in profit or loss.
penurunan nilai diakui dalam laba atau rugi.
Liabilitas keuangan awalnya diukur pada nilai Financial liabilities are initially measured at fair value
wajar, dikurangi biaya transaksi yang dapat less any directly attributable transaction costs, and
diatribusikan secara langsung, dan setelahnya subsequently are measured at amortized cost using the
diukur pada biaya perolehan diamortisasi dengan effective interest method.
menggunakan metode suku bunga efektif.
Aset keuangan dan liabilitas keuangan dapat saling Financial assets and liabilities are offset and the net
hapus dan nilai netonya disajikan dalam laporan amount is presented in the statement of financial
posisi keuangan jikalau Perseroan memiliki hak position when there is a legal right of offset and there is
yang berkekuatan hukum untuk melakukan saling an intention to settle on a net basis, or when the asset is
hapus atas jumlah yang telah diakui dan ada niat realized and the liability settled simultaneously.
untuk menyelesaikan secara neto, atau pada saat
aset tersebut direalisasi dan liabilitas tersebut
diselesaikan secara simultan.

PT Asahimas Flat Glass Tbk 11


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

c. Penilaian persediaan c. Inventory valuation


Persediaan dinilai berdasarkan biaya persediaan atau Inventories are valued at the lower of cost or net
nilai realisasi neto, mana yang lebih rendah. Biaya realizable value. Cost of inventories is computed using
persediaan dihitung dengan metode rata-rata. Nilai average method. Net realizable value is the estimated
realisasi neto merupakan estimasi harga jual pada selling price in the ordinary course of business less
aktivitas normal Perseroan dikurangi biaya completion costs and other costs necessary to make the
penyelesaian dan biaya lainnya yang diperlukan sampai goods saleable.
barang siap dijual.
Biaya barang dalam pengolahan pada tanggal Cost of goods in the production process at the reporting
pelaporan termasuk biaya produksi rata-rata sesuai date includes a share of production costs proportional to
dengan estimasi tingkat penyelesaiannya, berdasarkan their estimated stage of completion, based on normal
kapasitas operasi normal. operating capacity.
Penyisihan penurunan nilai persediaan ditetapkan Provision for decline in value of inventory is provided
berdasarkan penelaahan manajemen atas keadaan based on management’s review of the inventory’s status
persediaan pada akhir tahun. at year end.
d.0 Aset tetap d. Fixed assets
Tanah yang diperoleh dengan sertifikat “Hak Guna Lands acquired under “Hak Guna Bangunan” and
Bangunan” dan “Hak Guna Bangunan di atas Hak “Hak Guna Bangunan over Hak Pengelolaan Lahan”
Pengelolaan Lahan” diukur sebesar harga perolehan titles are measured at acquisition cost (include legal and
(termasuk biaya legal dan administrasi untuk administrative costs incurred in transactions to acquire
memperoleh tanah) dan tidak diamortisasi. the land) and are not amortized.

Aset tetap selain tanah dinyatakan sebesar harga Fixed assets other than land are stated at cost less
perolehan dikurangi akumulasi penyusutan dan accumulated depreciation and accumulated impairment
akumulasi kerugian penurunan nilai. losses.
Penyusutan dihitung sejak bulan aset tersebut siap Depreciation is applied from the month such assets are
sesuai dengan tujuan penggunaannya, dengan ready for their intended uses, using the straight-line
metode garis lurus, berdasarkan taksiran masa method over the estimated useful lives of the assets as
manfaat atas aset sebagai berikut: follows:

Bangunan dan sarana 10 & 30 tahun/years Buildings and structures


Tungku peleburan 4 - 13 tahun/years Furnaces
Lapisan tungku peleburan 4 tahun/years Furnace lining
Mesin dan peralatan 2 - 13 tahun/years Machinery and equipment
Roller untuk kaca berpola 3 tahun/years Figured glass rollers
Kendaraan bermotor 5 tahun/years Motor vehicles
Perkakas, palet, perlengkapan dan perabot 2 - 8 tahun/years Tools, pallets, furniture and fixtures
Metode penyusutan dan masa manfaat aset ditelaah Depreciation method and useful lives are reviewed at
dan jika perlu disesuaikan, pada setiap tanggal each reporting date and adjusted if appropriate.
pelaporan.

PT Asahimas Flat Glass Tbk 12


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

d.0 Aset tetap (Lanjutan) d. Fixed assets (Continued)


Aset dalam penyelesaian/instalasi merupakan Assets under construction/installation represent the
akumulasi biaya material, peralatan dan biaya accumulated costs of materials, equipment and other
lainnya yang terkait langsung dengan costs directly related to the construction/installation of
konstruksi/instalasi aset tetap. Akumulasi biaya the fixed assets. The accumulated cost is reclassified to
tersebut akan direklasifikasi ke kategori aset tetap the related category of fixed assets when the
yang bersangkutan pada saat konstruksi/instalasi construction/ installation is completed and the asset is
selesai dan aset tersebut siap untuk digunakan ready for its intended use.
sesuai dengan tujuannya.
Biaya pemeliharaan dan perbaikan diakui dalam Repair and maintenance costs are recognized in profit
laba atau rugi saat terjadinya, sedangkan biaya or loss as incurred, while costs incurred subsequently to
yang selanjutnya timbul untuk menambah atau add to or replace part of the fixed assets are capitalized
mengganti bagian dari aset tetap dikapitalisasi when the recognition criteria are met.
ketika kriteria pengakuan terpenuhi.
e. Aset takberwujud e. Intangible assets
Aset takberwujud yang dibeli, yang terdiri dari Purchased intangible assets, which comprise computer
lisensi piranti lunak komputer, mempunyai masa software licenses, have finite useful lives, and are
manfaat yang terbatas, dan diukur pada harga measured at cost less accumulated amortization and
perolehannya dikurangi akumulasi amortisasi dan accumulated impairment losses. Amortization is
akumulasi penurunan nilai. Amortisasi diakui recognized in profit or loss on a straight-line basis over
dalam laba rugi dengan metode garis lurus the estimated useful lives of 3 to 4 years, from the month
sepanjang taksiran masa manfaat 3 sampai 4 they are available for use.
tahun, sejak bulan dimana aset takberwujud
tersebut siap untuk digunakan.

f. Penurunan nilai aset non-keuangan f. Impairment of non-financial assets

Nilai tercatat aset non-keuangan Perseroan The carrying amounts of the Company’s non-financial
ditelaah pada setiap tanggal pelaporan untuk assets are reviewed at each reporting date to determine
menentukan apakah terdapat indikasi penurunan whether there is any indication of impairment. If any
nilai. Jika terdapat indikasi tersebut maka nilai such indication exists then the asset’s recoverable
terpulihkan aset tersebut diestimasi. amount is estimated.
Rugi penurunan nilai diakui jika nilai tercatat unit An impairment loss is recognized if the carrying amount
penghasil kas melebihi nilai terpulihkannya. Unit of a cash-generating unit exceeds its recoverable
penghasil kas adalah kelompok terkecil aset yang amount. A cash-generating unit is the smallest
dapat diidentifikasi dan menghasilkan arus kas identifiable asset group that generates cash flows that
yang sebagian besar independen dari aset lainnya. largely are independent from other assets. Impairment
Rugi penurunan nilai diakui dalam laba rugi. losses are recognized in profit or loss.

Nilai terpulihkan unit penghasil kas adalah nilai The recoverable amount of a cash-generating unit is the
yang lebih tinggi antara nilai pakai dan nilai wajar greater of its value in use and its fair value less costs of
dikurangi dengan biaya untuk melepas. Dalam disposal. In assessing value in use, the estimated future
menentukan nilai pakai, estimasi arus kas masa cash flows are discounted to their present value using a
depan didiskontokan ke nilai sekarang dengan pre-tax discount rate that reflects current market
menggunakan tingkat diskonto sebelum pajak assessments of the time value of money and the risks
yang mencerminkan penilaian pasar kini atas nilai specific to the cash-generating unit.
waktu uang dan risiko spesifik atas unit penghasil
kas tersebut.

PT Asahimas Flat Glass Tbk 13


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

f. Penurunan nilai aset non-keuangan (Lanjutan) f. Impairment of non-financial assets (Continued)


Rugi penurunan nilai yang diakui pada periode Impairment losses recognized in prior periods are
sebelumnya dievaluasi pada setiap tanggal assessed at each reporting date for any indications that
pelaporan untuk indikasi apakah rugi penurunan the loss has decreased or no longer exists. An
nilai telah berkurang atau tidak ada lagi. Rugi impairment loss is reversed if there has been a change in
penurunan nilai dipulihkan jika terjadi perubahan the estimates used to determine the recoverable amount.
dalam estimasi yang digunakan untuk An impairment loss is reversed only to the extent that the
menentukan nilai terpulihkan. Rugi penurunan cash-generating unit’s carrying amount does not exceed
nilai dipulihkan sebatas nilai tercatat unit the carrying amount that would have been determined,
penghasil kas tersebut yang tidak melebihi nilai net of depreciation or amortization, if no impairment
tercatat yang seharusnya diakui, setelah dikurangi loss had been recognized.
depresiasi atau amortisasi, jika rugi penurunan
nilai tidak diakui.

g. .Aset tidak lancar yang dimiliki untuk dijual g. Non-current assets held for sale

Aset tidak lancar yang diklasifikasikan sebagai Non-current assets that are expected to be recovered
dimiliki untuk dijual jika jumlah tercatatnya akan primarily through sale rather than through continuing
dipulihkan terutama melalui transaksi penjualan use are classified as held for sale. Immediately before
daripada melalui pemakaian berlanjut. Sebelum classification as held for sale, the assets are remeasured
klasifikasi awal aset tidak lancar sebagai dimiliki in accordance with the Company’s accounting policies
untuk dijual, jumlah tercatat aset diukur sesuai for similar assets and subsequently the assets are
dengan kebijakan akuntansi Perseroan untuk aset measured at the lower of their carrying amount and fair
sejenis dan kemudian aset tersebut diukur pada value less costs to sell. The resulting impairment losses
nilai yang lebih rendah antara jumlah tercatat dan are immediately recognized in profit or loss.
nilai wajar setelah dikurangi biaya untuk menjual.
Penurunan nilai atas aset diakui dalam laba atau
rugi.

h... Imbalan kerja h. Employee benefits


Liabilitas atas imbalan kerja dihitung sebesar The obligation for employee benefits is calculated at
nilai kini dari taksiran jumlah imbalan kerja di the present value of estimated future benefits that the
masa depan yang timbul dari jasa yang telah employees have earned in return for their services in
diberikan oleh karyawan pada masa kini dan the current and prior periods. The calculation is
masa lalu. Perhitungan dilakukan oleh aktuaris performed by a qualified actuary using the projected
berkualifikasi dengan metode projected unit unit credit method.
credit.

Sejak 1 Januari 2015, Perseroan mengadopsi Since 1 January 2015, the Company adopts the
ketentuan PSAK No. 24 (Revisi 2013), lmbalan provisions of PSAK No. 24 (2013 Revision), Employee
Kerja, dimana pengukuran kembali liabilitas Benefits, where remeasurements of the net defined
imbalan pasti (misalnya keuntungan dan kerugian benefit liability (for example, actuarial gains and losses)
aktuarial) diakui segera di penghasilan are recognized immediately in other comprehensive
komprehensif lainnya. Sebelumnya, Perseroan income. Previously, the Company recognized it in profit
mengakuinya di laba rugi menggunakan or loss using the corridor approach that allowed for
pendekatan koridor yang memperbolehkan deferred recognition of actuarial gains and losses.
penangguhan pengakuan atas keuntungan dan
kerugian aktuarial.

PT Asahimas Flat Glass Tbk 14


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

h... Imbalan kerja (Lanjutan) h. Employee benefits (Continued)

Sebagai tambahan, ketika manfaat dari suatu In addition, when the benefits of a plan are changed or
program berubah atau suatu program mengalami when a plan is curtailed, the resulting change in benefit
kurtailmen, dampak perubahan manfaat that relates to past service or the gain or loss on
sehubungan dengan biaya jasa lalu atau keuntungan curtailment is recognized immediately in profit or loss.
atau kerugian kurtailmen diakui segera di laba rugi. Previously, non-vested past service cost was amortized
Sebelumnya, biaya jasa lalu yang belum menjadi to profit or loss on a straight line basis over the
hak karyawan diamortisasi ke laba rugi dengan estimated average remaining vesting period.
metode garis lurus selama periode rata-rata sisa
masa kerja ekspektasian.

Sesuai dengan ketentuan transisi dari PSAK In accordance with the transitional provision of the
tersebut, Perseroan menerapkan perubahan PSAK, the Company has applied the change in this
kebijakan akuntansi ini secara retrospektif dan telah accounting policy retrospectively and has restated the
menyajikan kembali informasi komparatif di dalam comparative information presented in these financial
laporan keuangan ini (lihat Catatan 29). statements (see Note 29).

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

Pendapatan dari penjualan produk diukur pada Revenue from sale of products is measured at the fair
nilai wajar imbalan yang diterima atau dapat value of the consideration received or receivable, net of
diterima, setelah dikurangi retur, penyisihan dan returns, allowances and trade discounts. Revenue is
diskon perdagangan. Pendapatan diakui pada saat recognized when persuasive evidence exists that
bukti persuasif ada bahwa risiko dan manfaat significant risks and reward of ownership have been
kepemilikan telah dialihkan secara signifikan transferred to the customer, recovery of the
kepada pelanggan, pemulihan imbalan kemungkinan consideration is probable, the associated costs and
besar akan terjadi, biaya yang terkait dan possible return of products can be measured reliably,
kemungkinan pengembalian produk dapat diukur and there is no continuing management involvement
dengan andal, dan manajemen tidak lagi ikut serta with the products. If it is probable that discounts will be
dalam pengelolaan produk tersebut. Jika besar granted and the amount can be measured reliably, the
kemungkinan bahwa diskon akan diberikan dan discount is recognized as a reduction of revenue when
jumlahnya dapat diukur dengan andal, diskon the sales are recognized.
tersebut diakui sebagai pengurang pendapatan
ketika penjualan diakui.

Pengalihan risiko dan manfaat bervariasi tergantung Transfers of risks and rewards vary depending on the
pada ketentuan-ketentuan dalam setiap kontrak individual terms of the contract of sale. For domestic
penjualan. Untuk penjualan domestik kaca sales of flat glass, the transfers of risks and rewards
lembaran, pengalihan risiko dan manfaat umumnya generally occur when the products exit from the
terjadi pada saat produk keluar dari gudang Company’s warehouse. For domestic sales of
Perseroan. Untuk penjualan domestik kaca otomotif, automotive glass, the transfer of risk and rewards
pengalihan risiko dan manfaat umumnya terjadi generally occurs when the products are received by the
pada saat produk diterima oleh pelanggan. Untuk customers. For export sales, the transfers of risks and
penjualan ekspor, pengalihan risiko dan manfaat rewards generally occurs upon loading the products
umumnya terjadi pada saat produk dimuat ke dalam onto the sea or air carrier.
angkutan laut atau udara.

Beban diakui pada saat terjadinya. Expenses are recognized when incurred.

PT Asahimas Flat Glass Tbk 15


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

j. Penjabaran valuta asing j. Foreign currency translation

Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated into
Rupiah dengan kurs tanggal transaksi. Aset dan Rupiah at the rates of exchange prevailing at
liabilitas moneter dalam mata uang asing dijabarkan transaction date. Monetary assets and liabilities
dalam Rupiah dengan menggunakan kurs yang denominated in foreign currencies are translated to
berlaku pada tanggal pelaporan. Rupiah at the exchange rates at the reporting date.
Laba dan rugi kurs atas aset dan liabilitas moneter The foreign exchange gain and loss on monetary items
merupakan selisih antara biaya perolehan diamortisasi is the difference between amortized cost in Rupiah at
dalam Rupiah pada awal periode, disesuaikan dengan the beginning of the period as adjusted for effective
suku bunga efektif dan pembayaran selama periode interest rate and payments during the period, and the
berjalan dan biaya perolehan diamortisasi dalam mata amortized cost in foreign currency translated into
uang asing yang dijabarkan ke Rupiah dengan Rupiah at the exchange rate at reporting date.
menggunakan kurs pada tanggal pelaporan.
Aset dan liabilitas nonmoneter dalam mata uang asing Non-monetary assets and liabilities denominated in a
yang diukur menggunakan biaya historis dijabarkan foreign currency that are measured at historical cost
menggunakan kurs yang berlaku pada tanggal are translated using the exchange rate at the date of
transaksi. transaction.
Keuntungan dan kerugian kurs atas penjabaran aset Foreign currency gains and losses on retranslation of
dan liabilitas keuangan yang dihasilkan dari aktivitas financial assets and liabilities that arise from
operasi diakui dalam laba rugi. operating activities are generally recognized in profit
or loss.
k. Pendapatan keuangan k. Finance income

Pendapatan yang berasal dari aktivitas pendanaan Income derived from financing activities that does not
yang tidak terkait dengan kegiatan utama Perseroan arise from the Company’s principal activities are
dicantumkan dalam laba rugi sebagai bagian dari reflected in profit or loss as part of “Finance income”.
“Pendapatan keuangan”.
Pendapatan keuangan terdiri dari pendapatan bunga Finance income comprises interest income on funds
atas dana yang diinvestasikan. invested.

l.. Pajak penghasilan l. Income tax


Beban pajak penghasilan terdiri dari pajak kini dan Income tax expense comprises current and deferred
pajak tangguhan penghasilan badan. Pajak kini dan corporate income tax. Current tax and deferred tax are
pajak tangguhan diakui dalam laba atau rugi, kecuali recognized in profit or loss, except to the extent that
jika pajak tersebut terkait dengan kejadian yang they relate to items recognized directly in equity or in
diakui secara langsung di ekuitas atau di penghasilan other comprehensive income.
komprehensif lain.
Pajak kini adalah utang pajak atau pajak yang dapat Current tax is the expected tax payable or refundable
dikembalikan yang diharapkan atas penghasilan atau on taxable income or loss for the year, using tax rates
rugi kena pajak selama tahun berjalan, dengan substantively enacted as of the reporting date, and
menggunakan tarif pajak yang secara substantif telah includes true-up adjustments made to the previous
berlaku pada saat tanggal pelaporan, dan termasuk years’ tax provisions either to reconcile them with the
penyesuaian terhadap cadangan pajak tahun-tahun income tax reported in annual tax return, or to account
sebelumnya baik untuk merekonsiliasi cadangan for differences arising from tax assessments.
tersebut dengan pajak penghasilan yang dilaporkan
dalam SPT Tahunan Pajak Penghasilan, atau untuk
mencatat perbedaan yang timbul dari pemeriksaan
pajak.

PT Asahimas Flat Glass Tbk 16


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

3. .IKHTISAR KEBIJAKAN AKUNTANSI 3. SUMMARY OF SIGNIFICANT


YANG PENTING (Lanjutan) ACCOUNTING POLICIES (Continued)

l.. Pajak penghasilan (Lanjutan) l. Income tax (Continued)


Pajak tangguhan diakui atas semua perbedaan Deferred tax is recognized in respect of temporary
temporer antara nilai tercatat aset dan liabilitas untuk differences between the carrying amounts of assets and
tujuan pelaporan keuangan dan nilai yang digunakan liabilities for financial reporting purposes and the
untuk tujuan perpajakan. Pajak tangguhan di tentukan amounts used for taxation purposes. Deferred tax is
dengan menggunakan tarif pajak yang diharapkan measured at the tax rates that are expected to be
untuk diterapkan terhadap perbedaan temporer pada applied to temporary differences when they reverse,
saat pembalikan, berdasarkan peraturan yang telah based on the laws that have been enacted or
berlaku atau secara substantif berlaku pada saat substantively enacted as of the reporting date. This
tanggal pelaporan keuangan. Metode ini juga method also requires the recognition of future tax
mengharuskan pengakuan manfaat pajak masa depan, benefits, such as tax loss carry forwards, to the extent
seperti kompensasi rugi fiskal, apabila besar that realization of such benefit is probable.
kemungkinan manfaat pajak tersebut dapat direalisasi.

m. Laba per saham m. Earnings per share

Laba per saham dihitung dengan membagi laba tahun Earnings per share is computed by dividing profit for
berjalan dengan jumlah rata-rata tertimbang saham the year by the weighted average of total
beredar/ditempatkan dalam tahun yang bersangkutan. outstanding/issued shares during the year.

n. Transaksi dengan pihak-pihak berelasi n. Transactions with related parties


Dalam laporan keuangan ini, istilah “pihak berelasi” In these financial statements, the term “related party”
digunakan sesuai dengan PSAK No. 7 (Revisi 2010), is used in accordance with PSAK No. 7 (2010
“Pengungkapan Pihak-Pihak Berelasi”. Seluruh Revision), “Related Parties Disclosures”. All
transaksi dan saldo yang signifikan dengan pihak- significant transactions and balances with related
pihak berelasi diungkapkan dalam catatan terlampir. parties are disclosed in the following notes.

o. Informasi segmen o. Segment information

Segmen operasi diidentifikasikan berdasarkan jenis Operating segments are identified based on the nature
usaha (kaca lembaran dan kaca otomotif) dan segmen of their business (flat glass and automotive glass) and
geografis (pasar lokal dan ekspor). Beban yang timbul geographical segments (domestic and export market).
akan dibebankan pada setiap segmen dimana Expenses are charged to each segment wherein the
terjadinya beban. Kebijakan akuntansi diterapkan expenses are incurred. The accounting policies are
secara konsisten di setiap segmen. Seluruh transaksi consistently applied within each segment. Inter-
antar segmen dieliminasi. segment transactions are eliminated.

PT Asahimas Flat Glass Tbk 17


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Kas: Cash on hand:
Rupiah 972 850 Rupiah
Valuta asing 87 135 Foreign currencies
Jumlah kas 1.059 985 Total cash on hand
Kas di bank: Cash in banks:
Akun rupiah: Rupiah accounts:
PT Bank Mandiri (Persero) Tbk 52 152 PT Bank Mandiri (Persero) Tbk
PT Bank Ganesha 676 583 PT Bank Ganesha
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 2.904 121 UFJ Ltd., Jakarta branch
PT Bank Negara Indonesia Tbk 212 204 PT Bank Negara Indonesia Tbk
Deutsche Bank AG, Deutsche Bank AG,
cabang Jakarta 16 21 Jakarta branch
PT Bank Mizuho Indonesia 6 12 PT Bank Mizuho Indonesia
3.866 1.093
Akun valuta asing: Foreign currency accounts:
Deutsche Bank AG, Deutsche Bank AG,
cabang Jakarta 11 13 Jakarta branch
PT Bank Mizuho Indonesia 13 5 PT Bank Mizuho Indonesia
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 103 105 UFJ Ltd., Jakarta branch
127 123

Jumlah kas di bank 3.993 1.216 Total cash in banks


Deposito berjangka di bank: Time deposits in banks:
Akun rupiah: Rupiah accounts:
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 120.810 349.575 UFJ Ltd., Jakarta branch
PT Bank Mizuho Indonesia - 57.425 PT Bank Mizuho Indonesia
PT Bank Mandiri (Persero)Tbk 265.000 295.000 PT Bank Mandiri (Persero) Tbk
385.810 702.000
Akun valuta asing: Foreign currency accounts:
The Bank of Tokyo-Mitsubishi The Bank of Tokyo-Mitsubishi
UFJ Ltd., cabang Jakarta 357.770 206.844 UFJ Ltd., Jakarta branch
PT Bank Mizuho Indonesia 183.129 186.986 PT Bank Mizuho Indonesia
Deutsche Bank AG, Deutsche Bank AG,
cabang Jakarta - 9.380 Jakarta branch
540.899 403.210

Jumlah deposito berjangka di bank 926.709 1.105.210 Total time deposits in banks
931.761 1.107.411

Deposito berjangka menghasilkan Time deposits earned interest at the


bunga pada tarif sebagai berikut: 2015 2014 following rates:
Deposito Rupiah 4,90% - 9,75% 4,95% - 11,25% Deposits in Rupiah
Deposito Dolar Amerika Serikat 0,01% - 0,50% 0,03% - 0,33% Deposits in U.S. Dollar
Deposito Yen Jepang 0,005% - 0,010% 0,005% - 0,030% Deposits in Japanese Yen
Tidak ada saldo kas dan setara kas yang digunakan There are no balances of cash and cash equivalents pledged
sebagai jaminan. as collateral.
Lihat Catatan 26 untuk rincian saldo kas dan setara kas See Note 26 for details of cash and cash equivalents
dalam valuta asing. denominated in foreign currencies.
Tidak ada bank yang merupakan pihak berelasi. None of the banks are related parties.
PT Asahimas Flat Glass Tbk 18
PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

5. PIUTANG USAHA 5. TRADE RECEIVABLES


31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pihak ketiga 94.998 90.882 Unrelated parties

Pihak berelasi: Related parties:


AGC Asia Pacific Pte., Ltd., AGC Asia Pacific Pte., Ltd.,
Singapura 137.510 132.109 Singapore
PT Rodamas, Indonesia 94.639 107.440 PT Rodamas, Indonesia
Asahi Glass Co., Ltd., Jepang 10.306 8.861 Asahi Glass Co., Ltd., Japan
Auto Glass Co., Ltd., Jepang 6.677 4.726 Auto Glass Co., Ltd., Japan
AGC Automotive Philippines Inc. 5.790 6.377 AGC Automotive Philippines Inc.
AGC Automotive China Co., Ltd. 1.640 2.247 AGC Automotive China Co., Ltd.
AGC Automotive (Thailand) Co., AGC Automotive (Thailand) Co.,
Ltd. 569 1.313 Ltd.
Pelanggan lainnya 1.314 351 Other customers
258.445 263.424
353.443 354.306

Rincian piutang usaha dalam


mata uang: Trade receivables by currency type:
Rupiah 189.508 197.761 Rupiah
Valuta asing 163.935 156.545 Foreign currencies
353.443 354.306

Manajemen telah mengevaluasi kolektibilitas dari Management has evaluated the collectability of each
masing-masing saldo piutang usaha dan menetapkan trade receivable balance and has determined that all
bahwa seluruhnya dapat tertagih, sehingga tidak balances remain collectible and therefore, provision for
diperlukan penyisihan penurunan nilai. impairment is not required.

Tidak ada saldo piutang usaha yang digunakan sebagai There are no balances of trade receivables pledged as
jaminan. collateral.

Lihat Catatan 26 untuk rincian saldo piutang usaha dalam See Note 26 for details of trade receivables that are
valuta asing. denominated in foreign currencies.

6. PIUTANG LAINNYA 6. OTHER RECEIVABLES

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Piutang dari pelanggan lokal untuk Receivables from domestic customers to


menjamin pengembalian palet 21.486 4.751 guarantee return of pallets
Piutang karyawan 12.512 11.310 Receivables from employees
Lainnya 17.487 13.450 Other
51.485 29.511

Manajemen telah mengevaluasi kolektibilitas dari semua Management has evaluated the collectability of all other
piutang lainnya dan menetapkan bahwa seluruhnya receivables and has determined that all balances remain
tertagih, sehingga tidak diperlukan penyisihan penurunan collectible and therefore, provision for impairment is not
nilai. required.

PT Asahimas Flat Glass Tbk 19


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

7. PERSEDIAAN 7. INVENTORIES

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Barang jadi 371.856 329.266 Finished goods


Barang dalam produksi 24.764 25.345 Goods in production
Bahan baku 193.295 139.077 Raw materials
Bahan pembantu 65.409 83.947 Supplementary materials
Suku cadang, keperluan pabrik dan
perkakas 144.658 122.298 Spare parts, factory supplies and tools
799.982 699.933
Barang dalam perjalanan 61.212 45.115 Goods in transit
861.194 745.048

Manajemen telah mengevaluasi penurunan nilai Management has evaluated inventory items for impairment
persediaan dan menetapkan bahwa nilai realisasi neto and has determined that the net realizable values of all
dari semua persediaan melebihi jumlah tercatat, sehingga inventory items exceed their carrying amounts and
tidak ada penurunan nilai persedian. therefore, there is no impairment.

Per 31 Desember 2015, persediaan telah diasuransikan As of 31 December 2015, inventories were insured against
terhadap berbagai risiko kerugian dengan jumlah various risks for a total coverage of USD 55,094,524 or
pertanggungan sebesar USD 55.094.524 atau setara equivalent to Rp 760,029 million (2014: USD 55,094,524
dengan Rp 760.029 juta (2014: USD 55.094.524 atau or equivalent to Rp 685,376 million), which in
setara dengan Rp 685.376 juta), yang menurut keyakinan management’s opinion is adequate to cover possible losses
manajemen cukup memadai untuk menutup kemungkinan arising from such risks.
kerugian yang timbul dari risiko-risiko tersebut.

Tidak ada persediaan yang digunakan sebagai jaminan. There are no inventories pledged as collateral.

8. PEMBAYARAN DIMUKA LAINNYA 8. OTHER PREPAYMENTS

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Uang muka pembelian persediaan 3.592 2.933 Advances for inventory purchases
Lainnya 11.092 11.828 Other
14.684 14.761

9. ASET TIDAK LANCAR LAINNYA 9. OTHER NON-CURRENT ASSETS

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Uang muka pembelian aset tetap 62.305 29.711 Advances for fixed asset purchases
Piutang karyawan 20.259 20.255 Employee receivables
Lainnya 16.086 13.884 Other
98.650 63.850

PT Asahimas Flat Glass Tbk 20


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

10. ASET TETAP 10. FIXED ASSETS

2015
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2015 Additions Disposals Reclassifications 31/12/2015 In millions of Rupiah

Harga perolehan Acquisition cost


)
Tanah 374.041 - -) (86.938)** 287.103 Land
Bangunan dan sarana 334.676 586 (468) 34.750) )) 369.544 Buildings and structures
Tungku peleburan 522.142 - (1.658) 1.599) )) 522.083 Furnaces
Mesin dan peralatan 1.986.571 7.009 (12.132) 126.303) )) 2.107.751 Machinery and equipment
Roller untuk kaca berpola 9.367 710 (-) -))) 10.077 Figured glass rollers
Kendaraan bermotor 35.548 2.334 (3.181) -))) 34.701 Motor vehicles
Perkakas, palet, Tools, pallets, furniture
perlengkapan dan perabot 384.259 44.995 (1.446) 3.786) )) 431.594 and fixtures
3.646.604 55.634 (18.885) 79.500) )) 3.762.853
Aset dalam Assets under construction/
penyelesaian/instalasi 77.500 454.407 -) (79.500))) 452.407 installation
3.724.104 510.041 (18.885) -))) 4.215.260
Accumulated
Akumulasi penyusutan depreciation

Bangunan dan sarana (183.363) (11.411) 468 -))) (194.306) Buildings and structures
Tungku peleburan (298.221) (42.398) 244 -))) (340.375) Furnaces
Mesin dan peralatan (1.366.881) (102.772) 11.176 -))) (1.458.477) Machinery and equipment
Roller untuk kaca berpola (7.169) (1.524) - -))) (8.693) Figured glass rollers
Kendaraan bermotor (32.046) (1.915) 3.157 -))) (30.804) Motor vehicles
Perkakas, palet, Tools, pallets, furniture
perlengkapan dan perabot (302.392) (51.881) 1.446 -))) (352.827) and fixtures
(2.190.072) (211.901) 16.491 -))) (2.385.482)

Penyisihan penurunan nilai (3.196) (3.686) - -))) (6.882) Provision for impairment

Jumlah tercatat 1.530.836) 1.822.896) Carrying amount

** Di tahun 2015, Perseroan menemukan bahwa di dalam biaya ** In 2015, the Company found out that in the land development
pematangan tanah yang telah dikapitalisasi ke tanah di tahun cost that has been capitalized to land in 2014, there were
2014, terdapat biaya konstruksi pondasi bangunan, dimana costs to construct building foundation, in which up to
sampai dengan 31 Desember 2015 bangunan terkait masih 31 December 2015 the corresponding building is still under
dalam tahap konstruksi. Karenanya, Perseroan construction. Therefore, the Company reclassified the costs
mengklasifikasikan kembali biaya tersebut ke aset dalam back to assets under construction.
penyelesaian.

2014
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2014 Additions Disposals Reclassifications 31/12/2014 In millions of Rupiah

Harga perolehan Acquisition cost


)
Tanah 254.060 114.670) -) 5.311) 374.041) Land
Bangunan dan sarana 319.096 11.663) (3) 3.920) 334.676) Buildings and structures
Tungku peleburan 522.142 -) -) -) 522.142) Furnaces
Mesin dan peralatan 1.928.008 1.090) (1.346) 58.819) 1.986.571) Machinery and equipment
Roller untuk kaca berpola 7.583 1.784) -) -) 9.367) Figured glass rollers
Kendaraan bermotor 37.255 26) (2.393) 660) 35.548) Motor vehicles
Perkakas, palet, Tools, pallets, furniture
perlengkapan dan perabot 329.452 35.503) (866) 20.170) 384.259) and fixtures
3.397.596 164.736) (4.608) 88.880) 3.646.604)
Aset dalam Assets under construction/
penyelesaian/instalasi 73.714 92.666) -) (88.880) 77.500) installation
3.471.310 257.402) (4.608) -) 3.724.104)

PT Asahimas Flat Glass Tbk 21


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)

2014
Saldo/ Saldo/
Balance Penambahan/ Pelepasan/ Reklasifikasi/ Balance
Dalam jutaan Rupiah 1/1/2014 Additions Disposals Reclassifications 31/12/2014 In millions of Rupiah

Akumulasi penyusutan Accumulated depreciation

Bangunan dan sarana (171.866) (11.499) 2) -) (183.363) Buildings and structures


Tungku peleburan (258.548) (39.673) -) -) (298.221) Furnaces
Mesin dan peralatan (1.269.491) (98.431) 1.041) -) (1.366.881) Machinery and equipment
Roller untuk kaca berpola (5.354) (1.815) -) -) (7.169) Figured glass rollers
Kendaraan bermotor (32.125) (2.314) 2.393) -) (32.046) Motor vehicles
Perkakas, palet, Tools, pallets, furniture
perlengkapan dan perabot (255.779) (47.407) 794) -) (302.392) and fixtures
(1.993.163) (201.139) 4.230) -) (2.190.072)

Penyisihan penurunan nilai -) (3.196) -) -) (3.196) Provision for impairment

Jumlah tercatat 1.478.147) 1.530.836) Carrying amount

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Penyusutan dibebankan pada: Depreciation expense was charged to:


Beban pokok penjualan 200.999 191.267 Cost of sales
Beban penjualan 8.136 6.212 Selling expenses
Beban umum dan administrasi 2.766 3.660 General and administrative expenses
211.901 201.139

Selama tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014, the
Perseroan telah melakukan pelepasan aset tetap sebagai Company disposed of certain fixed assets as summarized
berikut: below:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Nilai buku (2.394) (378) Net book value


Hasil penerimaan neto 165) 828) Net proceeds
(Rugi) Laba (2.229) 450) (Loss) gain

Aset dalam penyelesaian/instalasi terdiri dari: Assets under construction/installation consist of:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Bangunan dan sarana 277.553 751 Buildings and structures


Tungku peleburan 16.273 - Furnaces
Mesin dan peralatan 149.876 67.966 Machinery and equipment
Perkakas, palet, perlengkapan Tools, pallets, furniture
dan perabot 8.705 8.783 and fixtures
452.407 77.500

Per 31 Desember 2015, tahap penyelesaian aset dalam At 31 December 2015, the stages of completion of assets
penyelesaian/instalasi berkisar antara 15% dan 97% under construction/installation were ranging between
(31 Desember 2014: antara 20% dan 95%), dan 15% and 97% (31 December 2014: between 20% and
diperkirakan akan selesai dan direklasifikasi ke masing- 95%), and are expected to be completed and reclassified
masing kelompok aset di tahun 2016. to the related group of assets in 2016.

PT Asahimas Flat Glass Tbk 22


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)

Ditahun 2015, Perseroan mengukur kembali tanah di In 2015, the Company remeasured the land at Cikampek
Cikampek dengan hasil seluas 4.492 meter persegi dari that resulted in 4,492 square meters from previously
sebelumnya 4.602 meter persegi. Pada tanggal 4,602 square meters. As of 31 December 2015, the
31 Desember 2015, Perseroan memiliki hak atas tanah Company owns land area of 1,780,592 square meters
seluas 1.780.592 meter persegi, dengan perincian sebagai with the detail as follows:
berikut:
(i) 1.762.577 meter persegi dimiliki Perseroan (i) 1,762,577 square meters owned by the Company
berdasarkan sertifikat “Hak Guna Bangunan” (HGB) based on land title certificates of “Hak Guna
dan “HGB di atas Hak Pengelolaan Lahan” (HGB di Bangunan” (HGB) and “HGB on Hak Pengelolaan
atas HPL), yang akan berakhir antara tahun 2022 dan Lahan” (HGB on HPL), which will expire between
2044, dan umumnya dapat terus berlanjut, kecuali jika year 2022 and 2044, and are generally expected to
Pemerintah memutuskan untuk merubah peruntukan remain vested and extendable, barring a decision by
atas wilayah tersebut untuk tujuan lain; the Government to rezone the area for other
purpose;
(ii) 7.320 meter persegi sedang dalam proses penyelesaian (ii) 7,320 square meters are in the process of
akte Peralihan Hak; dan completing the deed to transfer the land’s title upon
side land; and
(iii) 10.695 meter persegi sedang dalam proses perolehan (iii)10,695 square meters are in the process of obtaining
sertifikat HGB atas tanah tersebut di Kantor HGB land title certificate at the Land Office.
Pertanahan.

Tanah seluas 790.834 meter persegi dan bangunan di 790,834 square meters of land and the buildings
atasnya digunakan sebagai jaminan kepada Asahi Glass thereon, are pledged to Asahi Glass Co., Ltd., Japan
Co., Ltd., Jepang (pemegang saham, Catatan 25c). (shareholder, Note 25c).

Per 31 Desember 2015, aset tetap kecuali tanah dan aset At 31 December 2015, fixed assets excluding land and
dalam penyelesaian/instalasi, telah diasuransikan terhadap assets under construction/installation, were insured
berbagai risiko kerugian dengan nilai pertanggungan against various risks for a total coverage of
sebesar USD 325.313.970 atau setara dengan Rp 4.487.706 USD 325,313,970 or equivalent to Rp 4,487,706 million
juta (2014: USD 325.313.970 atau setara dengan (2014: USD 325,313,970 or equivalent to Rp 4,046,906
Rp 4.046.906 juta), yang menurut pendapat manajemen million), which in management’s opinion is adequate to
cukup memadai untuk menutup kemungkinan kerugian cover possible losses arising from such risks.
yang timbul dari risiko-risiko tersebut.

Dalam tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014,
Perseroan melakukan pembelian aset tetap (termasuk aset the Company purchased certain fixed assets (including
dalam penyelesaian/instalasi) dari pihak berelasi, sebagai assets under construction/installation) from related
berikut: parties, as follows:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Asahi Glass Co., Ltd., Jepang 89.039 8.674 Asahi Glass Co., Ltd., Japan
AGC Technology Solutions (Thailand) Co., AGC Technology Solutions (Thailand) Co.,
Ltd. 13.742 - Ltd.
AGC Technology Solutions Co., Ltd., Jepang 4.997 12.138 AGC Technology Solutions Co., Ltd., Japan
AGC Automotive (Thailand) Co., Ltd. 1.292 690 AGC Automative (Thailand) Co., Ltd.
PT Rodamas, Indonesia - 69 PT Rodamas, Indonesia
109.070 21.571

Per 31 Desember 2015 dan 2014, saldo sebesar Rp 16.357 At 31 December 2015 and 2014, balances amounting to
juta dan Rp 4.937 juta untuk pembelian aset tetap tertentu Rp 16,357 million and Rp 4,937 million remained unpaid
belum dibayar. for purchases of certain fixed assets.

PT Asahimas Flat Glass Tbk 23


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

10. ASET TETAP (Lanjutan) 10. FIXED ASSETS (Continued)

Per 31 Desember 2015, jumlah harga perolehan dari aset At 31 December 2015, total acquisition cost of fully
tetap yang telah disusutkan penuh tetapi masih digunakan depreciated fixed assets but still in use was Rp 1,214,121
adalah Rp 1.214.121 juta (2014: Rp 1.167.441 juta). million (2014: Rp 1,167,441 million).

Per 31 Desember 2015, nilai wajar tanah dan bangunan At 31 December 2015, the fair value of the Company’s
Perseroan diperkirakan sebesar Rp 7.032.773 juta, yang land and buildings was estimated to be Rp 7,032,773
mana ditentukan terutama berdasarkan nilai jual yang million, which was determined mainly based on the
tertera di pajak atas tanah dan bangunan. selling values as stated in the land and building taxes.

Pada tanggal 1 September 2014, Perseroan telah On 1 September 2014, the Company entered into an
menandatangani perjanjian dengan Asahi Glass Co., Ltd., agreement with Asahi Glass Co., Ltd., Japan
Jepang (pemegang saham) untuk pembangunan pabrik baru (shareholder) for construction of the Company’s new
Perseroan yang terletak di Cikampek, Jawa Barat, factory in Cikampek, West Java, Indonesia. The
Indonesia. Perseroan akan membayar kepada Asahi Glass Company will pay to Asahi Glass Co., Ltd., Japan, a
Co., Ltd., Jepang, biaya konsultasi sebesar 6% dari biaya consulting fee of 6% of the construction expenditure
pembangunan (Catatan 25). (Note 25).

Penurunan nilai aset tetap Fixed assets impairment

Selama tahun 2015, Perseroan membentuk penyisihan During 2015, the Company made a provision for
penurunan nilai aset tetap sebesar Rp 3.686 juta (2014: impairment on fixed assets amounting to Rp 3,686
Rp 3.196 juta), untuk mesin dan peralatan yang nilai million (2014: Rp 3,196 million), for machinery and
tercatatnya melebihi estimasi jumlah terpulihkannya. equipment whose carrying amounts exceeded their
recoverable amounts.

Tanah yang dimiliki untuk dijual Land held for sale

Sesuai dengan keputusan rapat Dewan Komisaris Pursuant to resolution of the Company’s Board of
Perseroan tanggal 30 Oktober 2013, pada tanggal Commissioners on 30 October 2013, as of 31 December
31 Desember 2013, tanah seluas 120.786 meter persegi 2013, a parcel of land measuring 120,786 square meters
dengan nilai buku sebesar Rp 8.611 juta, yang terletak di and carrying amount of Rp 8,611 million, located at
Desa Tanjungsari, Kecamatan Taman, Sidoarjo, Propinsi Desa Tanjungsari, Kecamatan Taman, Sidoarjo, East
Jawa Timur, Indonesia, disajikan sebagai tanah yang Java Province, Indonesia, was designated as Land Held
dimiliki untuk dijual. Di Juni 2014, tanah seluas 110.091 for Sale. In June 2014, a total of 110,091 square meters
meter persegi telah dijual dan sisa seluas 10.695 meter was sold and the remaining 10,695 square meters was
persegi diklasifikasikan kembali sebagai aset tetap. reclassified to fixed assets. The Company recognized a
Perseroan mencatat laba atas penjualan tanah sebesar gain of Rp 20,499 million from this land sale.
Rp 20.499 juta.

PT Asahimas Flat Glass Tbk 24


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

11. UTANG USAHA 11. TRADE PAYABLES


Utang usaha terutama berasal dari pembelian persediaan. Trade payables are mainly originated from purchase of
inventories.
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pihak ketiga 223.630 219.459 Unrelated parties


Pihak berelasi: Related parties:
AGC Soda Corporation, Amerika AGC Soda Corporation, United States
Serikat 34.855 3.054 of America
AGC Technology Solutions Co., Ltd., AGC Technology Solutions Co., Ltd.,
Jepang 7.667 6.099 Japan
AGC Asia Pacific Pte., Ltd., Singapura 4.503 10.578 AGC Asia Pacific Pte., Ltd., Singapore
Asahi Glass Co., Ltd., Jepang 2.305 2.843 Asahi Glass Co., Ltd., Japan
PT Saint Gobain Abrasives Diamas, PT Saint Gobain Abrasives Diamas,
Indonesia 1.966 1.239 Indonesia
AGC Technology Solutions (Kunshan) AGC Technology Solutions (Kunshan)
Co., Ltd., Cina 1.476 - Co., Ltd., China
AGC Technology Solutions (Thailand) AGC Technology Solutions (Thailand)
Co., Ltd., 1.000 - Co., Ltd.,
AGC Automotive (Thailand) Co., Ltd., 223 1.398 AGC Automotive (Thailand) Co., Ltd.,
Pemasok lainnya 363 876 Other suppliers
54.358 26.087

277.988 245.546

Rincian utang usaha dalam mata uang: Trade payables by currency type:
Rupiah 132.670 128.736 Rupiah
Valuta asing 145.318 116.810 Foreign currencies
277.988 245.546

Lihat Catatan 26 untuk rincian saldo utang usaha dalam See Note 26 for details of trade payables that are
valuta asing. denominated in foreign currencies.

12. BEBAN AKRUAL 12. ACCRUED EXPENSES

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pengiriman dan pengangkutan 36.642 28.473 Delivery and transportation


Listrik, air, dan telepon 18.743 20.601 Electricity, water, and telephone
Perbaikan dan perlengkapan lainnya 13.518 1.158 Repair and sundry supplies
Royalti dan komisi penjualan (pihak Royalties and sales commissions
berelasi, Catatan 25) 9.883 12.596 (related parties, Note 25)
Pengepakan dan pembelian umum 8.146 3.354 Packing and general purchase
Kompensasi karyawan 7.887 9.780 Employees’ compensation
Lainnya 43.702 25.144 Other
138.521 101.106

Lihat Catatan 26 untuk rincian saldo beban akrual yang See Note 26 for details of accrued expenses that are payable
terutang dalam valuta asing. in foreign currencies.

PT Asahimas Flat Glass Tbk 25


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

13. LIABILITAS JANGKA PENDEK LAINNYA 13. OTHER CURRENT LIABILITIES

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Utang pembelian aset tetap 16.357 4.937 Payables for fixed asset purchases
Pembayaran diterima dimuka dari
pelanggan 12.488 12.650 Advances received from customers
Lainnya 15.363 8.544 Other
44.208 26.131

Lihat Catatan 26 untuk imbalan saldo liabilitas jangka See Note 26 for details of other current liabilities that
pendek lainnya yang terutang dalam valuta asing. are payable in foreign currencies.

14. LIABILITAS IMBALAN KERJA 14. EMPLOYEE BENEFITS OBLIGATION

Sesuai dengan peraturan Ketenagakerjaan di Indonesia, In accordance with Indonesian labor regulations, the
Perseroan wajib memberikan imbalan pascakerja ke Company is required to provide post-employment
karyawannya pada saat pemutusan hubungan kerja atau benefits to its employees when their employment is
pada saat pensiun. Imbalan tersebut terutama didasarkan terminated or when they retire. These benefits are
pada masa kerja dan kompensasi karyawan pada saat primarily based on years of service and the employees’
pemutusan hubungan kerja atau pensiun. compensation at termination or retirement.
Mulai Februari 2015, Perseroan memiliki program iuran Starting in February 2015, the Company has a defined
pasti yang mencakup karyawan tetap yang memenuhi contribution pension plan covering its qualified
syarat, yang dikelola dan dijalankan oleh PT Asuransi permanent employees, which is managed and
Jiwa Manulife Indonesia. Selama tahun yang berakhir administered by PT Asuransi Jiwa Manulife Indonesia.
31 Desember 2015, Perseroan telah mengkontribusi During the year ended 31 December 2015, the
Rp 55.000 juta terhadap program tersebut. Company contributed Rp 55,000 million to the plan.
Tabel berikut mencerminkan saldo liabilitas imbalan kerja The following table reflects the balance of the
pada tanggal pelaporan, mutasi liabilitas, aset program, obligation for post-employment benefits as of the
dan beban yang diakui selama tahun 2015 dan 2014: reporting dates, as well as the movements in the
obligation, plan asset, and the expense recognized
during 2015 and 2014:
Dalam jutaan Rupiah 2015 2014* In millions of Rupiah
Movement in the defined benefit
Mutasi liabilitas imbalan kerja pasti obligation
Liabilitas imbalan pasti, Defined benefit obligation,
awal tahun 446.447) 393.871) beginning of year

Termasuk di laba rugi Included in profit or loss


Biaya jasa kini 32.880) 30.324) Current service cost
Biaya jasa lalu (79.974) 179) Past service cost
Biaya bunga 35.466) 36.508) Interest cost

Termasuk di penghasilan Included in other comprehensive


komprehensif lain income
Kerugian (keuntungan) aktuarial dari: Actuarial losses (gains) from:
- asumsi keuangan (25.507) 47.965) financial assumption -
- penyesuaian 48.678) (18.838) experience adjustment -

Lainnya Other
Imbalan yang dibayar (42.056) (43.562) Benefits paid
Liabilitas imbalan pasti, akhir tahun 415.934) 446.447) Defined benefit obligation, end of year
*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)

PT Asahimas Flat Glass Tbk 26


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

14. LIABILITAS IMBALAN KERJA 14. EMPLOYEE BENEFITS OBLIGATION


(Lanjutan) (Continued)

Dalam jutaan Rupiah 2015 2014* In millions of Rupiah

Perubahan aset program Changes in plan asset


Fair value of plan asset,beginning
Nilai wajar aset program, awal tahun -) -) of year

Termasuk di laba rugi Included in profit or loss


Pendapatan bunga (811) -) Interest income

Termasuk di penghasilan Included in other comprehensive


komprehensif lain income
Imbal hasil atas aset program tidak Return on plan asset excluding
termasuk pendapatan bunga 620) -) interest income

Lainnya Others
Iuran dari Perseroan (55.000) - Contributions paid by the Company
Imbalan yang dibayar 39.933) - Benefits paid
Nilai wajar aset program, akhir tahun (15.258) - Fair value of plan assets, end of year

Liabilitas imbalan pasti neto 400.676) 446.447 Net defined benefit obligation

Asumsi utama yang digunakan dalam perhitungan aktuaria Principal assumptions used in the actuarial calculations
adalah sebagai berikut: were as follows:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah


Per annum Per annum

Tingkat diskonto 9,00% - 9,30% 8,00% - 8,75% Discount rate


Tingkat kenaikan gaji masa depan 7,00% - 7,70% 7,00% - 12,00% Future salary increase rate

Per 31 Desember 2015, durasi rata-rata tertimbang dari At 31 December 2015, the weighted average duration of
liabilitas imbalan pasti berkisar antara 6,40 dan 20,76 tahun the defined benefit obligation was ranging between 6.40
(31 Desember 2014: antara 6,38 dan 16,23 tahun). and 20.76 years (31 December 2014: between 6.38 and
16.23 years).

Tingkat diskonto digunakan dalam menentukan nilai kini The discount rate is used in determining the present
liabilitas imbalan kerja pada tanggal penilaian. Secara value of the benefit obligation at valuation date. In
umum, tingkat diskonto berkorelasi dengan imbal hasil general, the discount rate correlates with the yield on
pasar atas bunga obligasi pemerintah yang diperdagangkan government bonds that are traded in active capital
di pasar modal aktif pada tanggal pelaporan. markets at reporting date.

Asumsi tingkat kenaikan gaji di masa depan The future salary increase assumption projects the
memproyeksikan liabilitas imbalan kerja dimulai dari benefit obligation starting from the valuation date up to
tanggal penilaian sampai dengan usia pensiun normal. the normal retirement age. The salary increase rate is
Tingkat kenaikan gaji pada umumnya ditentukan dengan generally determined by applying inflation adjustments
memperhitungkan penyesuaian inflasi terhadap tingkat to pay scales and taking account of the length of service.
upah dan bertambahnya masa kerja.

*Disajikan kembali (lihat Catatan 29) *As restated (see Note 29)

PT Asahimas Flat Glass Tbk 27


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

14. LIABILITAS IMBALAN KERJA 14. EMPLOYEE BENEFITS OBLIGATION


(Lanjutan) (Continued)
Analisa sensitivitas Sensitivity analysis
Kemungkinan adanya perubahan pada tanggal pelaporan Reasonably possible changes at the reporting date to
terhadap salah satu asumsi aktuarial terkait, dimana asumsi one of the relevant actuarial assumptions, holding other
lainnya konstan, akan mempengaruhi liabilitas imbalan assumptions constant, would have affected the defined
pasti sebesar jumlah yang ditunjukkan di bawah ini. benefit obligation by the amount shown below.
2015
Kenaikan/ Penurunan/
Increase Decrease

Tingkat dikonto (pergerakan 1%) (31.306) 36.463) Discount rate (1% movement)
Skala gaji (pergerakan 1%) 35.469) (31.086) Salary scale (1% movement)

Walaupun analisa ini tidak memperhitungkan seluruh Although the analysis does not take account of the full
distribusi arus kas yang diharapkan dari program tersebut, distribution of cash flows expected under the plan, it
analisa ini menunjukkan prakiraan sensitivitas dari asumsi does provide an approximation of the sensitivity of the
yang ditampilkan. assumption shown.

15. MODAL SAHAM 15. SHARE CAPITAL

Modal dasar Perseroan adalah sebesar Rp 300 milyar yang The Company's authorized capital amounting to Rp 300
terbagi atas 600.000.000 saham dengan nilai nominal billion consists of 600,000,000 shares at par value of
Rp 500 (dalam angka penuh) per saham dan telah Rp 500 (in full amount) per share, of which 434,000,000
ditempatkan dan disetor penuh sejumlah 434.000.000 shares have been issued and fully paid-up.
saham.

Susunan pemegang saham Perseroan adalah sebagai The composition of the Company’s shareholders was as
berikut: follows:

Jumlah/Amount
(dalam jutaan
Rupiah/
Jumlah saham/ % kepemilikan/ In millions of
Pemegang saham Number of shares % of ownership Rupiah) Shareholders

31 Desember 2015 31 December 2015

Asahi Glass Co., Ltd., Jepang 190.359.000 43,86% 95.180 Asahi Glass Co., Ltd., Japan
PT Rodamas, Indonesia 177.758.700 40,96% 88.879 PT Rodamas, Indonesia
Tn. Mitsuhiro Yoshikado (Direktur) 20.000 0.00% 10 Mr. Mitsuhiro Yoshikado (Director)
Lainnya (masing-masing dengan Other (each with ownership
kepemilikan kurang dari 5%) 65.862.300 15,18% 32.931 of less than 5%)
434.000.000 100,00% 217.000
31 Desember 2014 31 December 2014

Asahi Glass Co., Ltd., Jepang 190.359.000 43,86% 95.180 Asahi Glass Co., Ltd., Japan
PT Rodamas, Indonesia 177.358.500 40,87% 88.679 PT Rodamas, Indonesia
Tn. Mitsuhiro Yoshikado (Direktur) 20.000 0.00% 10 Mr. Mitsuhiro Yoshikado (Director)
Lainnya (masing-masing dengan Other (each with ownership
kepemilikan kurang dari 5%) 66.262.500 15,27% 33.131 of less than 5%)
434.000.000 100,00% 217.000

PT Asahimas Flat Glass Tbk 28


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

16. TAMBAHAN MODAL DISETOR 16. ADDITIONAL PAID-IN CAPITAL

Akun ini merupakan agio saham dikurangi dengan biaya This account represents premium on share capital net of
emisi saham sebagai berikut: share issuance costs as follows:

Dalam jutaan Rupiah In millions of Rupiah

Agio saham 167.700) Premium on share capital


Biaya emisi saham (2.617) Share issuance costs
165.083)

Agio saham berasal dari selisih antara hasil penerimaan Premium on share capital resulted from the difference
dari penawaran umum perdana 86.000.000 saham kepada between proceeds from the initial public offering of
masyarakat pada tahun 1995 dengan harga Rp 2.450 per 86,000,000 shares in 1995 at a price of Rp 2,450 per
saham dengan nilai nominalnya Rp 500 per saham. share and the par value of the issued shares of Rp 500
per share.

17. PENJUALAN NETO 17. NET SALES

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pihak ketiga 840.259 986.929 Unrelated parties

Pihak berelasi: Related parties:


AGC Asia Pacific Pte., Ltd., Singapura 1.358.762 1.051.026 AGC Asia Pacific Pte., Ltd., Singapore
PT Rodamas, Indonesia 1.306.586 1.394.046 PT Rodamas, Indonesia
Asahi Glass Co., Ltd., Jepang 74.184 53.608 Asahi Glass Co., Ltd., Japan
Auto Glass Co., Ltd., Jepang 42.711 45.831 Auto Glass Co., Ltd., Japan
AGC Automotive Philippines Inc. 30.577 36.055 AGC Automotive Philippines Inc.
AGC Automotive China Co., Ltd. 6.290 6.998 AGC Automotive China Co., Ltd.
AGC Automotive (Thailand) Co., Ltd. 4.289 3.885 AGC Automotive (Thailand) Co., Ltd.
AGC Vidros Do Brasil 1.378 1.965 AGC Vidros Do Brasil
PT Auto Glass Indonesia 953 1.114 PT Auto Glass Indonesia
Rodamas Marketing Pte., Ltd., Rodamas Marketing Pte., Ltd.,
Singapura - 90.445 Singapore
Asahi India Glass Ltd. - 284 Asahi India Glass Ltd.
2.825.730 2.685.257

3.665.989 3.672.186

Tidak terdapat penjualan ke pihak ketiga yang jumlahnya There were no sales to unrelated parties that the amount
melebihi 10% dari penjualan neto. exceeded 10% of net sales.

PT Asahimas Flat Glass Tbk 29


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

18. BEBAN POKOK PENJUALAN 18. COST OF SALES

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah


Beban produksi: Production costs:
Bahan baku yang digunakan 1.148.085) 975.636) Raw materials used
Kompensasi karyawan 231.188) 327.218) Employees’ compensation
Gas alam, listrik dan air 828.954) 751.104) Natural gas, electricity and water
Penyusutan aset tetap 200.999) 191.267) Depreciation of fixed assets
Beban produksi lainnya 444.151) 522.180) Other production costs
Jumlah beban produksi 2.853.377) 2.767.405) Total production costs
Persediaan awal barang dalam produksi 25.345) 21.694) Beginning balance of goods in production
Persediaan akhir barang dalam produksi (24.764) (25.345) Ending balance of goods in production
Beban pokok produksi 2.853.958) 2.763.754) Cost of goods manufactured

Persediaan awal barang jadi 329.266) 306.521) Beginning balance of finished goods
Pembelian barang jadi 57.306) 19.730) Purchase of finished goods
Persediaan akhir barang jadi (371.856) (329.266) Ending balance of finished goods
2.868.674) 2.760.739)

Dalam tahun yang berakhir 31 Desember 2015 dan 2014, During the years ended 31 December 2015 and 2014,
Perseroan melakukan pembelian barang dari pihak the Company had purchases of inventories from the
berelasi, sebagai berikut: following related parties:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
AGC Soda Corporation, United States
AGC Soda Corporation, Amerika Serikat 246.229 188.380 of America
AGC Asia Pacific Pte., Ltd., Singapura 53.620 29.107 AGC Asia Pacific Pte., Ltd., Singapore
Asahi Glass Co., Ltd., Jepang 46.188 16.278 Asahi Glass Co., Ltd., Japan
AGC Technology Solutions Co., Ltd., AGC Technology Solutions Co., Ltd.,
Jepang 36.197 48.592 Japan
AGC Technology Solutions (Kunshan) Co., AGC Technology Solutions (Kunshan) Co.,
Ltd., Cina 30.990 1.457 Ltd., China
AGC Automotive (Thailand) Co., Ltd. 20.901 10.711 AGC Automotive (Thailand) Co., Ltd.
AGC Glass Europe, Belgia 12.342 17.508 AGC Glass Europe, Belgium
PT Saint Gobain Abrasives Diamas, PT Saint Gobain Abrasives Diamas,
Indonesia 9.139 13.776 Indonesia
AGC Technology Solutions (Thailand) Co. , AGC Technology Solutions (Thailand) Co. ,
Ltd. 3.352 - Ltd.
AGC Flat Glass (Thailand) Public Co., Ltd. - 4.644 AGC Flat Glass (Thailand) Public Co., Ltd.
Pemasok lainnya 2.214 1.061 Other suppliers
461.172 331.514

Tidak terdapat pembelian barang dari pihak ketiga yang There were no purchases of inventories to unrelated
jumlahnya melebihi 10% dari total pembelian barang. parties that the amount exceeded 10% of total
purchases of inventories.

PT Asahimas Flat Glass Tbk 30


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

19. BEBAN PENJUALAN 19. SELLING EXPENSES

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pengiriman dan pengangkutan 160.416 152.859 Delivery and transportation


Kompensasi karyawan 94.326 81.510 Employees’ compensation
Royalti (pihak berelasi, Catatan 25) 34.864 37.785 Royalties (related parties, Note 25)
Kaca otomotif yang pecah selama Broken automotive glass during
15.853 6.164
pengiriman delivery
Perbaikan dan perlengkapan lainnya 11.423 9.178 Repair and sundry supplies
Penyusutan aset tetap 8.136 6.212 Depreciation of fixed assets
Insentif dan komisi penjualan 2.461 8.099 Sales incentives and commissions
Lainnya 29.196 36.385 Other
356.675 338.192

20. BEBAN UMUM DAN ADMINISTRASI 20. GENERAL AND ADMINISTRATIVE


EXPENSES

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Kompensasi karyawan 38.191 30.855 Employees’ compensation


Penyusutan aset tetap 2.766 3.660 Depreciation of fixed assets
Listrik, air dan telepon 2.137 1.459 Electricity, water and telephone
Perbaikan dan perlengkapan lainnya 736 473 Repair and sundry supplies
Lainnya 7.807 6.445 Other
51.637 42.892

21. PERPAJAKAN 21. TAXATION

a. Pajak dibayar dimuka terdiri dari: a. Prepaid taxes consist of:

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Lebih bayar pajak penghasilan badan Overpayment of 2006


tahun 2006 1.695 1.695 corporate income tax
Pajak Pertambahan Nilai 16.919 10.996 Value Added Tax
18.614 12.691

PT Asahimas Flat Glass Tbk 31


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

21. PERPAJAKAN (Lanjutan) 21. TAXATION (Continued)

a. Pajak dibayar dimuka terdiri dari: (Lanjutan) a. Prepaid taxes consist of: (Continued)
Pada tahun 2008, kantor pajak mengeluarkan surat In 2008, the tax authority assessed additional taxes
kurang bayar atas pajak penghasilan badan Perseroan on the Company’s 2006 corporate income tax return
untuk tahun pajak 2006 sejumlah Rp 5,5 milyar. amounting to Rp 5.5 billion. The Company’s appeal
Perseroan mengajukan banding atas jumlah sebesar for the amount of Rp 1,695 million was denied by the
Rp 1.695 juta yang ditolak oleh pengadilan pajak tax court in 2009, and its request in 2010 for a
pada tahun 2009, dan pengajuan pada tahun 2010 judicial review by the Supreme Court continues to be
untuk peninjauan kembali ke Mahkamah Agung pending as of the reporting date. Payments made
belum selesai sampai dengan tanggal pelaporan. under protest towards this assessment are presented
Pembayaran yang dilakukan terhadap keberatan ini as prepaid taxes, as management believes the
dicatat sebagai pajak dibayar dimuka, karena Company’s tax position is sustainable.
manajemen berkeyakinan bahwa posisi pajak
Perseroan dapat dipertahankan.
b. Utang pajak penghasilan terdiri dari: b. Income tax payable consist of:
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Pajak Penghasilan pasal 25 9.022 11.032) Income tax-article 25
Pajak Penghasilan pasal 29 - 4.158) Income tax-article 29
9.022 15.190)

c. Utang pajak lainnya terdiri dari: c. Other tax payable consist of:
31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Pajak Penghasilan pasal 21 7.064 6.414 Income tax-article 21
Pajak Penghasilan pasal 23, 26 dan 4(2) 2.573 3.851 Income tax-articles 23, 26 and 4(2)
9.637 10.265
d.... Komponen beban pajak penghasilan adalah sebagai d. The components of income tax expense are as follows:
berikut:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Pajak kini (102.422) (141.238) Current


Penyesuaian beban pajak tahun-tahun (9.971) -) Adjustment to previous years’ tax
sebelumnya expenses
Pajak tangguhan (10.524) 227) Deferred
(122.917) (141.011)
e.....Rekonsiliasi beban pajak penghasilan dengan laba e. Income tax expense is reconciled with profit before
sebelum pajak penghasilan adalah sebagai berikut: income tax as follows:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah
Laba sebelum pajak penghasilan 464.263) 605.163) Profit before income tax
Tarif pajak yang berlaku 25%) 25%) Statutory tax rate
116.066) 151.291)
Perbedaan permanen dikalikan Permanent differences
dengan tarif pajak 25% (2.704) (9.694) at 25% tax rate
Penyesuaian beban pajak tahun-tahun Adjustment to previous years’ tax
sebelumnya 9.971) -) expenses
Penyesuaian lainnya (416) (586) Other adjustments
Beban pajak 122.917) 141.011) Income tax expense

PT Asahimas Flat Glass Tbk 32


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

21. PERPAJAKAN (Lanjutan) 21. TAXATION (Continued)

f. . Rekonsiliasi antara laba sebelum pajak dengan laba f. The following reconciles profit before tax with taxable
kena pajak adalah sebagai berikut: profit:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Laba sebelum pajak 464.263) 605.163) Profit before tax

Perbedaan permanen: Permanent differences:


Kesejahteraan karyawan 23.545) 19.540) Employee benefits in-kind
Hasil pemeriksaan pajak 3) 2.352) Tax assessment
Laba penjualan tanah yang Gain on sales of land held
dimiliki untuk dijual -) (20.499) for sale
Pendapatan bunga yang Interest income subject to
dikenakan pajak final (35.768) (42.040) final tax
Lainnya 1.406) 1.871) Other
(10.814) (38.776)

Perbedaan temporer: Temporary differences:


Penyusutan aset tetap 25.801) (24.883) Depreciation of fixed assets
Imbalan kerja (69.564) 23.448) Employee benefits
(43.763) (1.435)

Laba kena pajak 409.686) 564.952) Taxable profit

Laba kena pajak Perseroan tahun 2014 telah sesuai The amount of 2014 taxable profit corresponds with the
dengan SPT Tahunan Pajak Penghasilan tahun yang amount reported in the related annual corporate tax
bersangkutan. return.

Rekonsiliasi utang pajak penghasilan dengan beban Income tax payable is reconciled with current tax
pajak kini, sebagai berikut: expense, as follows:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Beban pajak kini 102.422) 141.238) Current tax expense

Pajak dibayar dimuka: Prepaid taxes:


Pajak Penghasilan pasal 22 (24.654) (18.565) Income tax article 22
Pajak Penghasilan pasal 25 (112.175) (118.515) Income tax article 25
(136.829) (137.080)

(Lebih) kurang bayar pajak (Overpayment) underpayment of current


penghasilan kini (34.407) 4.158) income tax

Utang pajak penghasilan badan Corporate income tax payable


(pasal 29) -) 4.158) (article 29)

PT Asahimas Flat Glass Tbk 33


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

21. PERPAJAKAN (Lanjutan) 21. TAXATION (Continued)

g. Saldo pajak tangguhan yang diakui, dan mutasi g. The recognized deferred tax balances, and the movement
sepanjang tahun berjalan adalah sebagai berikut: thereof during the year were as follows:

Diakui Diakui dalam


dalam laba penghasilan
rugi/ komprehensif
Recognized lain/Recognized in
in profit or other comprehensive
Dalam jutaan Rupiah 2014 loss income 2015 In millions of Rupiah

Aset pajak tangguhan: Deferred tax assets:


Liabilitas imbalan kerja 111.612) (17.391) 5.948 100.169) Employee benefits obligation
Investasi pada metode ekuitas 115) -) - 115) Equity-accounted investment
111.727) (17.391) 5.948 100.284)
Liabilitas pajak tangguhan: Deferred tax liabilities:
Aset tetap (31.119) 6.867) - (24.252) Fixed assets
Aset tidak lancar lainnya (654) -) - (654) Other non-current assets
(31.773) 6.867) - (24.906)

Aset pajak tangguhan 79.954) (10.524) 5.948 75.378) Deferred tax assets

Diakui Diakui dalam


dalam laba penghasilan
rugi/ komprehensif
Recognized lain/Recognized in
in profit or other comprehensive
Dalam jutaan Rupiah 2013 loss income 2014 In millions of Rupiah

Aset pajak tangguhan: Deferred tax assets:


Liabilitas imbalan kerja 98.468) 5.862) 7.282 111.612) Employee benefits obligation
Investasi pada metode ekuitas 115) -) - 115) Equity-accounted investment
98.583) 5.862) 7.282 111.727)
Liabilitas pajak tangguhan: Deferred tax liabilities:
Aset tetap (25.484) (5.635) - (31.119) Fixed assets
Aset tidak lancar lainnya (654) -) - (654) Other non-current assets
(26.138) (5.635) - (31.773)

Aset pajak tangguhan 72.445) 227) 7.282 79.954) Deferred tax assets

Realisasi dari aset pajak tangguhan tergantung pada Realization of the deferred tax assets is dependent upon
laba yang diperoleh Perseroan dalam operasinya. the Company’s profitable operations. Based on historical
Berdasarkan pengalaman masa lampau, manajemen experience, management believes that the Company’s
berpendapat bahwa laba kena pajak Perseroan di masa future taxable income will be sufficient to realize the
yang akan datang cukup untuk memulihkan manfaat benefit of deferred tax assets.
dari aset pajak tangguhan.

PT Asahimas Flat Glass Tbk 34


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

21. PERPAJAKAN (Lanjutan) 21. TAXATION (Continued)

h.. Sesuai peraturan perpajakan di Indonesia, Perseroan h. Under the taxation laws of Indonesia, the Company
melaporkan/menyetorkan pajak-pajaknya berdasarkan submits tax returns on the basis of self-assessment. The tax
sistem self-assessment. Fiskus dapat menetapkan/ authorities may assess or amend taxes within the statute of
mengubah pajak-pajak tersebut dalam batas waktu limitations, under prevailing regulations.
yang ditentukan sesuai dengan ketentuan yang
berlaku.

Manajemen berkeyakinan bahwa akrual atas Management believes that the accruals for tax liabilities
liabilitas pajak cukup untuk semua tahun pajak yang are adequate for all open tax years based on its
masih belum diaudit pajak berdasarkan penelaahan assessment of various factors, including interpretations of
banyak faktor, termasuk interpretasi dari peraturan tax law and prior experience. The assessment relies on
pajak dan pengalaman sebelumnya. Penilaian estimates and assumptions and may involve judgement
dilakukan berdasarkan estimasi dan asumsi dan about future events. New information may become
melibatkan pertimbangan mengenai kejadian di available that causes management to change its judgment
masa mendatang. Informasi baru yang tersedia yang regarding the adequacy of existing tax liabilities. Such
menyebabkan manajemen mengubah pertimbangannya changes to tax liabilities will impact tax expense in the
berkaitan dengan kecukupan liabilitas pajak yang period in which such determination is made.
telah ada. Perubahan terhadap liabilitas pajak akan
berdampak pada beban pajak pada periode dimana
penentuan tersebut ditetapkan.

22. LABA PER SAHAM 22. EARNINGS PER SHARE

2015 2014

Laba tahun berjalan (dalam jutaan Rupiah) 341.346 464.152 Profit for the year (in millions of Rupiah)
Jumlah rata-rata tertimbang saham beredar/ Weighted average number of outstanding/
ditempatkan 434.000.000 434.000.000 issued shares
Laba tahun berjalan per saham Rp 786 Rp 1.069 Earnings per share

23. DIVIDEN TUNAI 23. CASH DIVIDENDS

Rapat Umum pemegang saham tahunan Perseroan tanggal At the annual general meeting of shareholders of the
5 Juni 2015 (risalah dibuat oleh notaris Dr. Irawan Company on 5 June 2015 (minutes prepared by
Soerodjo, S.H., MSi, dengan akta No. 42) memutuskan Dr. Irawan Soerodjo, S.H., MSi, by deed No. 42) it was
untuk membagikan dividen tunai sejumlah Rp 34.720 juta resolved to declare cash dividends in the amount of
[Rp 80 per saham]. Rp 34,720 million [Rp 80 per share].

Rapat Umum pemegang saham tahunan Perseroan tanggal At the annual general meeting of shareholders of the
20 Juni 2014 (risalah dibuat oleh notaris Dr. Irawan Company on 20 June 2014 (minutes prepared by
Soerodjo, S.H., MSi, dengan akta No. 502) memutuskan Dr. Irawan Soerodjo, S.H., MSi, by deed No. 502) it was
untuk membagikan dividen tunai sejumlah Rp 34.720 juta resolved to declare cash dividends in the amount of
[Rp 80 per saham]. Rp 34,720 million [Rp 80 per share].

PT Asahimas Flat Glass Tbk 35


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

24. CADANGAN WAJIB 24. STATUTORY RESERVES

Sesuai ketentuan Undang-undang Perseroan Terbatas In accordance with the provisions of the Corporate Laws
No..1 tahun 1995 dan No. 40 tahun 2007, perseroan No. 1 of 1995 and No. 40 of 2007, a company is required
diwajibkan untuk menyisihkan secara bertahap jumlah to set aside, on a gradual basis, an amount from its net
tertentu dari laba neto sebagai cadangan wajib sampai profit as a statutory reserve until the reserve balance
cadangan tersebut mencapai paling sedikit 20% dari reaches the minimum 20% of its issued capital.
jumlah modal yang ditempatkan.
Pada tanggal 5 Juni 2015 (Catatan 23) pemegang saham On 5 June 2015 (Note 23) the shareholders resolved to
memutuskan untuk menambah dana cadangan wajib increase the statutory reserves appropriation by
sebesar Rp 4.500 juta. Rp 4,500 million.
Pada tanggal 20 Juni 2014 (Catatan 23) pemegang saham On 20 June 2014 (Note 23) the shareholders resolved to
memutuskan untuk menambah dana cadangan wajib increase the statutory reserves appropriation by
sebesar Rp 3.500 juta. Rp 3,500 million.
Jumlah cadangan wajib pada tanggal 31 Desember 2015 Total statutory reserves as of 31 December 2015 and
dan 2014 masing-masing sebesar Rp 79.000 juta dan 2014 amounted to Rp 79,000 million and Rp 74,500
Rp 74.500 juta atau 36% dan 34% dari jumlah modal million, respectively, or approximately 36% and 34% of
yang ditempatkan dan disetor penuh. the issued and fully paid-up capital.

25. INFORMASI MENGENAI PIHAK 25. RELATED PARTY INFORMATION


..BERELASI

a. Ikhtisar transaksi dan saldo yang signifikan dengan a. Summary of significant transactions and balances
pihak-pihak berelasi adalah sebagai berikut: with related parties is as follows:
2015
Entitas sepengendalian/
Pemegang saham/ Entities under common Entitas anak/
Shareholders control Subsidiary
Dalam jutaan Rupiah Jumlah/Amount %*** Jumlah/Amount %*** Jumlah/Amount %*** In millions of Rupiah

Penjualan neto (Catatan 17) 1.380.770 37,66 1.444.007 39,39 953 0,03 Net sales (Note 17)
Purchases of inventories
Pembelian persediaan (Catatan 18) 46.188 3,26 414.984 29,31 - - (Note 18)
Beban penjualan (Catatan 19) 27.497 7,71 7.367 2,07 - - Selling expenses (Note 19)
Saldo piutang usaha Balance of trade receivables
(Catatan 5) 104.945 29,69 153.092 43,31 408 0,12 (Note 5)
Saldo piutang lainnya Balance of other receivables
(Catatan 6) 581 1,13 620 1,20 - - (Note 6)
Purchases of fixed assets
Pembelian aset tetap (Catatan 10) 89.039 17,45 20.031 3,93 - - (Note 10)
Saldo utang usaha Balance of trade payables
(Catatan 11) 2.305 0,83 52.053 18,72 - - (Note 11)
Saldo beban akrual Balance of accrued expenses
(Catatan 12) 6.908 4,99 2.975 2,15 - - (Note 12)
Saldo liabilitas jangka pendek lainnya Balance of other current liabilities
(Catatan 13) 7.932 17,94 - 0,00 - - (Note 13)

*** Persentase terhadap jumlah aset/liabilitas/ .. *** Percentage to the respective total assets/
..penjualan/pembelian/beban yang bersangkutan. ..liabilities/sales/purchases/expenses.

PT Asahimas Flat Glass Tbk 36


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

25. INFORMASI MENGENAI PIHAK 25. RELATED PARTY INFORMATION


..YANG BERELASI (Lanjutan) (Continued)
2014
Entitas sepengendalian/
Pemegang saham/ Entities under common Entitas anak/
Shareholders control Subsidiary
Dalam jutaan Rupiah Jumlah/Amount %*** Jumlah/Amount %*** Jumlah/Amount %*** In millions of Rupiah

Penjualan neto (Catatan 17) 1.447.654 39,42 1.236.489 33,67 1.114 0,03 Net sales (Note 17)
Purchases of inventories
Pembelian persediaan (Catatan 18) 16.278 1,15 315.236 22,29 - - (Note 18)
Beban penjualan (Catatan 19) 27.950 8,26 14.374 4,25 - - Selling expenses (Note 19)
Saldo piutang usaha Balance of trade receivables
(Catatan 5) 116.301 32,83 146.772 41,43 351 0,10 (Note 5)
Saldo piutang lainnya Balance of other receivables
(Catatan 6) 282 0,96 1.872 6,34 - - (Note 6)
Purchases of fixed assets
Pembelian aset tetap (Catatan 10) 8.743 3,40 12.828 4,99 - - (Note 10)
Saldo utang usaha Balance of trade payables
(Catatan 11) 2.843 1,16 23.244 9,47 - - (Note 11)
Saldo beban akrual Balance of accrued expenses
(Catatan 12) 5.766 5,70 6.830 6,76 - - (Note 12)
Saldo liabilitas jangka pendek lainnya Balance of other current liabilities
(Catatan 13) - - 2.071 7,93 - - (Note 13)

*** Persentase terhadap jumlah aset/liabilitas/ .. *** Percentage to the respective total assets/
..penjualan/pembelian/beban yang bersangkutan. .liabilities/sales/purchases/expenses.
b. Kompensasi personil manajemen kunci b. Key management employees compensation
Personil manajemen kunci termasuk anggota Dewan Key management includes members of the Boards of
Komisaris dan Direksi. Berikut ini mencerminkan Commissioners and Directors. The following reflects
kompensasi yang dibayarkan atau terutang kepada compensation paid or payable to key management
personil manajemen kunci: personnel:
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Dewan komisaris: Board of commissioners:


Gaji dan imbalan kerja lainnya 3.510 2.908 Salary and other benefits

Direksi: Directors:
Gaji dan imbalan kerja lainnya 26.197 25.115 Salary and other benefits
c. Pada tanggal 31 Desember 2015 dan 2014, Perseroan c. At 31 December 2015 and 2014, the Company had the
memiliki perjanjian kontraktual dengan pihak following contractual arrangements with related
berelasi sebagai berikut: parties:
Perseroan memperoleh fasilitas kredit modal kerja The Company has obtained working capital loan
dari The Bank of Tokyo – Mitsubishi UFJ Ltd., facilities from The Bank of Tokyo – Mitsubishi UFJ
Jakarta dan Mizuho Corporate Bank Ltd., Singapura Ltd., Jakarta and Mizuho Corporate Bank Ltd.,
(tidak ada saldo pinjaman bank pada tanggal Singapore (no outstanding bank loan as of
31 Desember 2015 dan 2014). Fasilitas pinjaman ini 31 December 2015 and 2014). This facility is partially
sebagian dijamin oleh AGC. Sebagai jaminan untuk guaranteed by AGC. As collateral for AGC, the
AGC, Perseroan menjaminkan hak atas tanah (HGB) Company pledged its HGB land rights located in
yang terletak di Jakarta Utara seluas 154.436 meter North Jakarta of 154,436 square meters, in Cikampek
persegi, di Cikampek seluas 189.285 meter persegi of 189,285 square meters and in Sidoarjo of 447,113
dan di Sidoarjo seluas 447.113 meter persegi, berikut square meters, including buildings thereon. The
bangunan di atasnya. Perseroan membayar biaya Company pays a guarantee fees to AGC at the rates of
penjaminan kepada AGC sebesar 0,5% per tahun dari 0.5% annually of total outstanding bank loans secured
jumlah saldo pinjaman bank yang dijamin oleh AGC. by AGC. No guarantee fees incurred for the years
Tidak terdapat biaya penjaminan untuk tahun yang ended 31 December 2015 and 2014.
berakhir 31 Desember 2015 dan 2014.

PT Asahimas Flat Glass Tbk 37


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

25. INFORMASI MENGENAI PIHAK 25. RELATED PARTY INFORMATION


..YANG BERELASI (Lanjutan) (Continued)

c. Pada tanggal 31 Desember 2015 dan 2014, Perseroan c. At 31 December 2015 and 2014, the Company had the
memiliki perjanjian kontraktual dengan pihak berelasi following contractual arrangements with related
sebagai berikut: (Lanjutan) parties: (Continued)

Perseroan memiliki perjanjian lisensi dengan Asahi The Company has licensing agreements with Asahi
Glass Co., Ltd., Jepang masing-masing untuk Glass Co., Ltd., Japan each to produce flat glass,
produksi kaca lembaran, kaca tempered, modular tempered glass, modular assembly window and
assembly window dan kaca laminated, dan Perseroan laminated glass, under which the Company pays
membayar royalti sebesar 0,5% sampai dengan 2,5% royalties of 0.5% to 2.5% of total net sales. These
dari jumlah penjualan neto. Perjanjian-perjanjian ini agreements expire in periods between May 2015 until
berakhir di periode antara Mei 2015 sampai dengan March 2019, and one of which will be automatically
Maret 2019, dan salah satu perjanjian akan extended for additional consecutive period of one year
diperpanjang secara otomatis untuk periode setiap each. Total royalties incurred for the year ended
satu tahun selanjutnya. Jumlah royalti untuk tahun 31 December 2015 amounted to Rp 27,497 million
yang berakhir 31 Desember 2015 sebesar Rp.27.497 (2014: Rp 27,950 million).
juta (2014: Rp 27.950 juta).
Perseroan memiliki perjanjian lisensi dengan AGC The Company has a licensing agreement with AGC
Glass Europe, Belgia dimana Perseroan memproduksi Glass Europe, Belgium under which the Company
dan menjual produk cermin yang disebut Mirror New manufactures and sells a mirror product called Mirror
Generation (“MNG”). Sesuai dengan perjanjian ini, New Generation (“MNG”). Under this agreement, the
Perseroan membayar royalti sebesar USD 0,075 per Company pays royalties of USD 0.075 per square
meter persegi untuk semua penjualan produk MNG meter for all MNG products sold by the Company.
oleh Perseroan. Jumlah royalti untuk tahun yang Total royalties incurred for the year ended
berakhir 31 Desember 2015 sebesar Rp 604 juta 31 December 2015 amounted to Rp 604 million (2014:
(2014: Rp 1.557 juta). Perjanjian ini telah berakhir Rp 1,557 million). This agreement has expired on
pada tanggal 11 Mei 2015. Dan juga, Perseroan 11 May 2015. In addition, the Company also obtain a
mendapatkan lisensi guna memproduksi dan menjual license to manufacture and sell CVD Coated Glass
produk-produk CVD Coated Glass (CVD CGP). Atas Products (CVD CGP). Under this agreement, the
perjanjian lisensi ini, Perseroan membayar royalti Company pays royalties at 4% of net sales of
sebesar 4% dari jumlah penjualan neto CVD CGP. CVD CGP. This agreement will expire twelve years
Perjanjian ini akan berakhir dua belas tahun sejak from when the first CVD CGP was sold (August
pertama kali CVD CGP dijual (Agustus 2009). Jumlah 2009). Total royalties incurred for the year ended
royalti untuk tahun yang berakhir 31 Desember 2015 31.December 2015 amounted to Rp 6,763 million
sebesar Rp 6.763 juta (2014: Rp 8.278 juta). (2014: Rp 8,278 million).
Perseroan memiliki perjanjian pemasaran dengan The Company has a marketing agreement with
Rodamas Marketing Pte., Ltd., Singapura (“RDM-S”, Rodamas Marketing Pte., Ltd., Singapore (“RDM-S”,
pihak berelasi), dan membayar komisi agen penjualan a related party), under which it pays agency
kepada RDM-S sebesar 5% dari harga FOB dari commission to RDM-S at 5% of the FOB price of
produk yang dijual ke pelanggan. Jumlah komisi product sold to customers. Total commission fees
penjualan untuk tahun yang berakhir 31 Desember incurred for the year ended 31 December 2014
2014 sebesar Rp 4.539 juta. Perjanjian ini telah amounted to Rp 4,539 million. This agreement expired
berakhir pada tanggal 1 Oktober 2014. on 1 October 2014

Pada tanggal 1 September 2014, Perseroan telah On 1 September 2014, the Company entered into an
menandatangani perjanjian dengan Asahi Glass Co., agreement with Asahi Glass Co., Ltd., Japan for
Ltd., Jepang untuk pembangunan pabrik baru construction of the Company’s new factory in
Perseroan yang terletak di Cikampek, Jawa Barat, Cikampek, West Java, Indonesia, that started in late
Indonesia, yang dimulai pada akhir 2014, dan 2014, and is expected to finish in mid of 2016. The
diperkirakan akan selesai pada pertengahan 2016. investment is estimated to be USD 154,936,370, which
Jumlah investasi diperkirakan sebesar was declared in the Disclosure of Information to OJK
USD 154.936.370, sebagaimana dinyatakan di Surat and BEI on 3 September 2014. The Company will pay
Keterbukaan Informasi kepada OJK dan BEI pada to Asahi Glass Co., Ltd., Japan, a consulting fee of 6%
tanggal 3 September 2014. Perseroan akan membayar of the construction expenditure.
kepada Asahi Glass Co., Ltd., Jepang, biaya konsultasi
sebesar 6% dari biaya pembangunan.

PT Asahimas Flat Glass Tbk 38


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

25. SALDO DAN TRANSAKSI DENGAN PIHAK 25. BALANCES AND TRANSACTIONS
YANG BERELASI (Lanjutan) WITH RELATED PARTIES (Continued)

d. Sifat hubungan dan jenis transaksi dengan pihak- d. The nature of the relationship and transactions with
pihak berelasi adalah sebagai berikut: related parties is as follows:

Hubungan relasi/Related parties


Pihak-pihak berelasi/Related parties relationship Transaksi/Transaction

Asahi Glass Co., Ltd., Jepang/Japan Pemegang saham/Shareholder Penjualan, pembelian persediaan, aset
tetap dan royalti/Sales, purchase of
inventories, fixed assets and royalty
PT Rodamas, Indonesia Pemegang saham/Shareholder Pembelian aset tetap dan penjualan/
Purchase of fixed assets and sales
AGC Glass Europe, Belgia/Belgium Entitas sepengendalian/ Pembelian persediaan dan royalti/
Entity under common control Purchase of inventories and royalty
AGC Flat Glass (Thailand) Public Co., Entitas sepengendalian/ Pembelian persediaan/Purchase of
Ltd. Entity under common control inventories
AGC Technology Solutions Co., Ltd., Entitas sepengendalian/ Pembelian persediaan dan aset tetap/
Jepang/Japan Entity under common control Purchase of inventories and fixed
assets
AGC Soda Corporation, Amerika Entitas sepengendalian/ Pembelian persediaan/Purchase of
Serikat/United States of America Entity under common control inventories
AGC Automotive (Thailand) Co., Ltd. Entitas sepengendalian/ Penjualan, pembelian persediaan dan
Entity under common control aset tetap/Sales, purchase of
inventories and fixed assets
AGC Asia Pacific Pte., Ltd., Entitas sepengendalian/ Penjualan dan pembelian persediaan/
Singapura/Singapore Entity under common control Sales and purchase of inventories
PT Saint Gobain Abrasives Diamas, Entitas sepengendalian/ Pembelian persediaan/Purchase of
Indonesia Entity under common control inventories
Rodamas Marketing Pte., Ltd., Entitas sepengendalian/ Penjualan dan komisi penjualan/Sales
Singapura/Singapore Entity under common control and sales commission
Auto Glass Co., Ltd., Jepang/Japan Entitas sepengendalian/ Penjualan /Sales
Entity under common control
Asahi India Glass Ltd. Entitas sepengendalian/ Penjualan dan pembelian persediaan/
Entity under common control Sales and purchase of inventories
AGC Automotive China Co., Ltd. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Automotive Phillipines Inc. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Vidros Do Brasil Ltd. Entitas sepengendalian/ Penjualan/Sales
Entity under common control
AGC Technology Solutions (Kunshan) Entitas sepengendalian/ Pembelian persediaan/Purchase of
Co., Ltd., Cina/China Entity under common control inventories
AGC Technology Solutions (Thailand) Entitas sepengendalian/ Pembelian persediaan dan aset
Co., Ltd. Entity under common control tetap/Purchase of inventories and
fixed assets
PT Auto Glass Indonesia Entitas anak/Subsidiary Penjualan/Sales

PT Asahimas Flat Glass Tbk 39


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

26. ASET DAN LIABILITAS DALAM 26. ASSETS AND LIABILITIES IN


VALUTA ASING FOREIGN CURRENCIES
Aset dan liabilitas dalam valuta asing pada tanggal Assets and liabilities in foreign currencies as of
31 Desember 2015 dan 2014 adalah sebagai berikut : 31 December 2015 and 2014 were as follows:

2015
Valuta Setara
asing/ dengan/
Foreign currencies Equivalent in
ASET Rp juta/million ASSETS

Kas dan setara kas USD 39.033.227 538.463 Cash and cash equivalents
JPY 23.066.057 2.641
Lainnya/Other 9

Piutang usaha USD 11.282.308 155.639 Trade receivables


JPY 23.960.209 2.744
AUD 551.668 5.552

Jumlah aset 705.048 Total assets

LIABILITAS LIABILITIES

Utang usaha USD 9.117.197 125.772 Trade payables


JPY 90.098.954 10.318
EUR 531.179 8.005
Lainnya/Other 1.223

Beban akrual USD 266.605 3.678 Accrued expenses


JPY 2.181.671 250
EUR 14.790 223

Liabilitas jangka pendek lainnya USD 10.228 141 Other current liabilities
JPY 74.077.087 8.483
Jumlah liabilitas 158.093 Total liabilities

JUMLAH ASET NETO 546.955 TOTAL ASSETS, NET

PT Asahimas Flat Glass Tbk 40


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

26. ASET DAN LIABILITAS DALAM 26. ASSETS AND LIABILITIES IN


VALUTA ASING (Lanjutan) FOREIGN CURRENCIES (Continued)

2014
Valuta Setara
asing/ dengan/
Foreign currencies Equivalent in
ASET Rp juta/million ASSETS

Kas dan setara kas USD 32.402.266 403.084 Cash and cash equivalents
JPY 3.624.959 378
Lainnya/Other 6

Piutang usaha USD 11.706.507 145.629 Trade receivables


JPY 21.023.557 2.192
AUD 853.832 8.724

Jumlah aset 560.013 Total assets

LIABILITAS LIABILITIES

Utang usaha USD 7.666.002 95.365 Trade payables


JPY 86.737.415 9.042
EUR 655.096 9.913
Lainnya/Other 2.490

Beban akrual USD 1.159.295 14.422 Accrued expenses


JPY 17.580.138 1.833
EUR 201 3

Liabilitas jangka pendek lainnya USD 34.630 431 Other current liabilities
JPY 12.004.936 1.252
Lainnya/Other 61
Jumlah liabilitas 134.812 Total liabilities

JUMLAH ASET NETO 425.201 TOTAL ASSETS, NET

Penjabaran ke dalam rupiah dilakukan dengan The amounts were translated into rupiah at the middle
menggunakan kurs tengah Bank Indonesia yang berlaku rates of exchange quoted by Bank Indonesia at the
pada tanggal pelaporan (Catatan 28). reporting date (Note 28).

PT Asahimas Flat Glass Tbk 41


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

27. INFORMASI SEGMEN 27. SEGMENT INFORMATION

Segmen usaha Business segments

Perseroan menjalankan dua segmen kegiatan usaha, yaitu The Company has two business segments, namely flat
segmen usaha kaca lembaran dan segmen usaha kaca glass segment and automotive glass segment. Each
otomotif. Masing-masing segmen dipimpin oleh seorang segment is headed by a Director.
Direktur.

Segmen kaca lembaran memproduksi berbagai jenis kaca The flat glass segment produces a broad range of clear
polos, kaca berpola, kaca reflektif dan kaca cermin, yang and tinted glass, figured glass, reflective glass and
terutama digunakan sebagai partisi pembatas, kaca mirror glass, which are used primarily for glass curtain
jendela, kaca untuk konstruksi bangunan dan sebagai walls, window glass, suspended glass in building
bahan baku untuk industri hilir. construction and as raw materials for downstream
industry.

Segmen kaca otomotif memproduksi dua jenis utama The automotive glass segment produces two main types
kaca otomotif, yaitu kaca tempered dan kaca laminated, of automotive glass, tempered glass and laminated
yang terutama digunakan dalam industri otomotif. glass, which are primarily used in the automotive
industry.

Hasil dari operasi tiap segmen usaha adalah sebagai The results of operations of each segment are disclosed
berikut (dalam jutaan Rupiah): below (in millions of Rupiah):

Kaca Otomotif/
Kaca Lembaran/Flat Glass Automotive Glass Eliminasi/Elimination Jumlah/Total
2015 2014 2015 2014 2015 2014 2015 2014*

Penjualan neto: Net sales:


Eksternal 2.665.348 2.535.516) 1.000.641 1.136.670) -) -) 3.665.989) 3.672.186) External
Antar segmen 199.736 219.917) - -) (199.736) (219.917) -) -) Inter segment

Jumlah penjualan
neto 2.865.084 2.755.433) 1.000.641 1.136.670) (199.736) (219.917) 3.665.989) 3.672.186) Total net sales

Beban pokok
penjualan (2.868.674) (2.760.739) Cost of sales

Laba bruto 797.315) 911.447) Gross profit

Beban lainnya (8.070) (1.819) Other expense


Beban penjualan (356.675) (338.192) Selling expenses
General and
Beban umum dan administrative
administrasi (51.637) (42.892) expenses
Keuntungan selisih Foreign exchange gain,
kurs, bersih 47.558) 12.950) net
Pendapatan lainnya 201) 21.500) Other income

Laba usaha 428.692) 562.994) Operating profit

Pendapatan keuangan 35.571) 42.169) Finance income

464.263) 605.163)
Laba sebelum pajak Profit before tax

* Disajikan kembali (lihat Catatan 29) * As restated (see Note 29)

PT Asahimas Flat Glass Tbk 42


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

27. INFORMASI SEGMEN (Lanjutan) 27. SEGMENT INFORMATION (Continued)

Kaca Otomotif/
Kaca Lembaran/Flat Glass Automotive Glass Eliminasi/Elimination Jumlah/Total
2015 2014* 2015 2014* 2015 2014 2015 2014*
Informasi lainnya Other information

Aset segmen 3.305.477 3.113.046 836.399 740.434 - - 4.141.876 3.853.480 Segment assets

Aset yang tidak Unallocated corporate


dialokasikan - - - - - - 128.399 92.645 assets

Jumlah aset 4.270.275 3.946.125 Total assets

Liabilitas segmen 665.817 648.851 195.576 170.379 - - 861.393 819.230 Segment liabilities

Liabilitas yang tidak Unallocated corporate


dialokasikan - - - - 18.659 25.455 liabilities

Jumlah liabilitas 880.052 844.685 Total liabilities

Aset dan liabilitas segmen tidak mencakup aset dan Segment assets and liabilities do not include tax assets
liabilitas pajak. and liabilities.

Segmen geografis Geographical segments

a. Perseroan menjual barangnya pada pasar domestik a. The Company sells its goods in the domestic and
dan global. Di Indonesia, operasi Perseroan dilakukan global markets. In Indonesia, the Company
di tiga wilayah geografis utama: Jakarta, Cikampek operates in three principal geographical areas:
dan Sidoarjo. Jakarta, Cikampek and Sidoarjo.

Di Jakarta, tempat kantor pusat berada, Perseroan In Jakarta, where the head office is located, the
memproduksi dan menjual berbagai jenis produk Company produces and sells a broad range of flat
kaca lembaran. glass products.

Operasi di Sidoarjo pada dasarnya sama dengan yang Operations in Sidoarjo are essentially similar to
di Jakarta, yaitu memproduksi dan menjual berbagai those in Jakarta, which consist of manufacturing
jenis produk kaca lembaran, terutama produk kaca and selling a broad range of flat glass products,
lembaran berkualitas tinggi. especially high quality ones.

Aktivitas operasi dan produksi segmen kaca otomotif The operations and production activities of the
dijalankan di Bukit Indah Industrial Park, Cikampek. automotive glass segment are carried out in Bukit
Indah Industrial Park, Cikampek.

b. Informasi berikut menunjukkan distribusi dari b. The following information shows the distribution of
penjualan Perseroan tanpa memperhatikan tempat sales of the Company regardless of where the goods
diproduksinya barang: were produced:

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Indonesia 2.140.781 2.375.095 Indonesia


Asia 1.294.105 1.056.622 Asia
Australia dan Selandia Baru 164.079 147.211 Australia and New Zealand
Timur Tengah 53.209 43.713 Middle East
Amerika 11.772 28.862 America
Afrika 2.043 20.683 Africa
3.665.989 3.672.186

* Disajikan kembali (lihat Catatan 29) * As restated (see Note 29)

PT Asahimas Flat Glass Tbk 43


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

28. INSTRUMEN KEUANGAN DAN 28. FINANCIAL INSTRUMENT AND


MANAJEMEN RISIKO KEUANGAN FINANCIAL RISK MANAGEMENT

Instrumen keuangan Financial instruments

Nilai tercatat dari aset keuangan yang diakui sebesar The carrying amounts of financial assets that are
biaya perolehan diamortisasi dalam laporan keuangan recognized at amortized cost in the financial statements
lebih kurang sama dengan nilai wajarnya karena approximate their fair value because substantially all of
instrumen keuangan tersebut berjangka waktu pendek. the instruments are short-term in nature.

Manajemen risiko keuangan Financial risk management

Risiko utama yang timbul dari instrumen keuangan The main risks arising from the Company’s financial
Perseroan adalah risiko kredit dan risiko mata uang yang instruments are credit and currency risks that arises in the
timbul dari kegiatan normal. normal course of business.

Manajemen berpendapat bahwa risiko likuiditas Management in view that liquidity risk is minimal,
minimal, dengan mempertimbangkan bahwa Perseroan considering that the Company has sufficient cash and cash
memiliki kas dan setara kas yang cukup untuk membayar equivalents to cover the Company’s current liabilities as of
liabilitas jangka pendek Perseroan pada tanggal 31 December 2015.
31 Desember 2015.

Risiko kredit Credit risk

Manajemen memiliki kebijakan kredit yang ditetapkan Management sets credit limits for each customer and the
untuk setiap pelanggan dan risiko kredit dipantau secara exposure to credit risk is monitored on an ongoing basis by
berkelanjutan dengan mengevaluasi kolektibilitas dari evaluating the collectability of each trade receivables
masing-masing saldo piutang usaha. balance.

Nilai tercatat aset keuangan mencerminkan eksposur The carrying amount of financial assets represents the
kredit akhir. ultimate credit exposure.

Umur piutang usaha pada tanggal pelaporan adalah The aging of trade receivables at reporting dates was as
sebagai berikut: follows:

31 Desember/31 December
Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Belum jatuh tempo 323.628 324.786 Not yet due


Lewat jatuh tempo: Overdue:
1 - 30 hari 26.952 24.478 1 - 30 days
31 - 60 hari 1.576 2.256 31 - 60 days
61 - 90 hari 1.142 2.105 61 - 90 days
Lebih dari 90 hari 145 681 More than 90 days
353.443 354.306

PT Asahimas Flat Glass Tbk 44


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

28. INSTRUMEN KEUANGAN DAN 28. FINANCIAL INSTRUMENT AND


MANAJEMEN RESIKO FINANCIAL RISK
KEUANGAN (Lanjutan) MANAGEMENT (Continued)

Risiko mata uang Currency risk

Perseroan memiliki risiko mata uang sehubungan dengan The Company has exposure to currency risk through
transaksi (pembelian aset tetap dan persediaan dari transactions (purchases of fixed assets and inventories
pemasok luar negeri dan penjualan ekspor) dalam mata from overseas suppliers, and export sales) in currencies
uang selain rupiah. Mata uang yang mempengaruhi other than rupiah. The currencies giving risk to this risk
resiko ini terutama USD, EUR, JPY dan AUD. Lihat are primarily USD, EUR, JPY and AUD. See Note 26 for
Catatan 26 untuk eksposur neto Perseroan terhadap the Company’s net exposure to currency risk.
risiko mata uang.
Manajemen tidak melakukan lindung nilai karena aset The Company does not enter into hedging transactions
dalam valuta asing yang tersedia cukup untuk melunasi since the foreign currency assets are sufficient to settle the
liabilitas dalam valuta asing. foreign currency liabilities.

Pada tanggal pelaporan, saldo aset dan liabilitas moneter At reporting date, balances of monetary assets and
dalam valuta asing dijabarkan dalam rupiah dengan kurs liabilities in foreign currencies are translated into rupiah
yang berlaku pada tanggal tersebut. Kurs utama yang at the exchange rates prevailing at that date. As of
digunakan pada tanggal 31 Desember 2015 dan 2014, 31 December 2015 and 2014, the relevant key exchange
berdasarkan kurs tengah Bank Indonesia adalah sebagai rates used, based on Bank Indonesia middle rates, are as
berikut: follows:
2015 2014
Rp Rp

Dolar Amerika Serikat (USD) 1 13.795 12.440 U.S. Dollar (USD) 1


Dolar Australia (AUD) 1 10.064 10.218 Australian Dollar (AUD) 1
Euro Eropa (EUR) 1 15.070 15.133 European Euro (EUR) 1
Yen Jepang (JPY) 1 114,52 104,25 Japanese Yen (JPY) 1
Menguatnya/melemahnya Rupiah terhadap valuta lain Strengthening/weakening of the Rupiah against other
akan berdampak pada ekuitas dan laba rugi setelah pajak currencies would impact equity and profit or loss after
penghasilan sebesar nilai yang disajikan di bawah. income tax by the amounts shown below. This analysis is
Analisa ini didasarkan pada pergerakan kurs yang based on movement of exchange rate that management
menurut manajemen mungkin terjadi pada tanggal considers as being reasonably possible at reporting dates.
pelaporan. Analisa ini mengasumsikan semua variabel The analysis assumes that all other variables remain
lainnya konstan dan mengabaikan dampak perkiraan constant and ignores any impact of forecasted sales and
penjualan dan pembelian. purchases.

Dalam jutaan Rupiah 2015 2014 In millions of Rupiah

Kenaikan/penurunan 1,5% 6.153 4.783 Strengthening/weakening 1.5%

Pengelolaan modal Capital management

Kebijakan pengelolaan modal Perseroan adalah untuk The Company’s policy is to maintain a strong capital
menjaga struktur modal yang kuat sehingga menjaga structure as to maintain investor, creditor and market
kepercayaan investor, kreditur dan pasar dan juga untuk confidence and to sustain future development of the
mempertahankan perkembangan masa depan dari bisnis Company’s business, including to address the need for
Perseroan, termasuk untuk menanggapi kebutuhan substantial capital expenditure inherently required with
belanja modal yang besar terkait dengan fasilitas respect to refurbishment of production facilities. To
produksi. Dalam usaha untuk menjaga struktur modal maintain optimal structure of capital, management
yang optimal, manajemen dapat menyesuaikan jumlah determine the level of dividends paid to shareholders.
dividen yang dibayarkan kepada pemegang saham.

Tidak ada perubahan yang dilakukan terhadap kebijakan There were no changes made in the Company’s capital
pengelolaan modal Perseroan selama tahun berjalan. management policies during the year.

PT Asahimas Flat Glass Tbk 45


PT ASAHIMAS FLAT GLASS Tbk
CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued)
TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/
YEARS ENDED 31 DECEMBER 2015 AND 2014

29. PENYAJIAN KEMBALI 29. RESTATEMENT

Sebagai hasil dari perubahan kebijakan akuntansi seperti As a result of the change in accounting policy as explained
dijelaskan di Catatan 2f, informasi komparatif yang in Note 2f, the comparative information presented in these
disajikan dalam laporan keuangan ini telah disajikan financial statements have been restated. The following
kembali. Tabel berikut merangkum dampaknya ke table summarize the impacts on the Company’s financial
laporan keuangan Perseroan. statements.

31 Desember/31 December 2014


Dilaporkan
sebelumnya/ Disajikan
As previously Penyesuaian/ kembali/
Dalam jutaan Rupiah reported Adjustments As restated In millions of Rupiah

Laporan posisi keuangan Statement of financial position


Liabilitas imbalan kerja 335.511) 110.936) 446.447) Employee benefit obligation
Aset pajak tangguhan, neto 52.220) 27.734) 79.954) Deferred tax assets, net
Saldo laba-tidak dicadangkan 2.728.059) (83.202) 2.644.857) Retained earnings-unappropriated

Laporan laba rugi dan


penghasilan komprehensif Statement of profit or loss and
lain other comprehensive income
Beban pokok penjualan (2.766.551) 5.812) (2.760.739) Cost of sales
Beban penjualan (338.976) 784) (338.192) Selling expenses
General and administrative
Beban umum dan adminstrasi (43.652) 760) (42.892) expenses
Beban pajak tangguhan 2.066) (1.839) 227) Deferred tax expense
Rugi komprehensif lain, Other comprehensive loss,
setelah pajak -) (21.845) (21.845) net of tax

Laporan posisi keuangan pada tanggal 1 Januari 2014 The statement of financial position as of 1 January 2014
(yang berasal dari laporan posisi keuangan pada tanggal (which was derived from the statement of financial position
31 Desember 2013) juga mencerminkan saldo yang as of 31 December 2013) also reflects restated balances.
dinyatakan kembali.

1 Januari 2014/1 January 2014


Dilaporkan
sebelumnya Disajikan
As previously Penyesuaian/ kembali/
Dalam jutaan Rupiah reported Adjustments As restated In millions of Rupiah

Laporan posisi keuangan Statement of financial position


Liabilitas imbalan kerja 304.706 89.165) 393.871 Employee benefit obligation
Aset pajak tangguhan, neto 50.154 22.291) 72.445 Deferred tax assets, net
Saldo laba-tidak dicadangkan 2.307.644 (66.874) 2.240.770 Retained earnings-unappropriated

Penyajian kembali ini tidak mempengaruhi klasifikasi The restatement does not impact the classification of
jumlah arus kas dari aktivitas operasi, investasi, dan previously reported total cash flow from operating,
pendanaan yang sebelumnya dilaporkan. investing, and financing activities.

PT Asahimas Flat Glass Tbk 46


Corporate Secretary
Jl. Ancol IX / 5, Ancol Barat, Jakarta 14430, Indonesia
• Phone. +62 21 690 4041 • Fax. +62 21 691 8820 / 690 4128

www.amfg.co.id