Professional Documents
Culture Documents
6
LAPORAN MANAJEMEN
REPORT FROM MANAGEMENT
Pasar Modal
Capital Market Institutions and Professional
Support
12 LAPORAN DIREKSI
38
ANALISIS DAN PEMBAHASAN
Board of Directors’ Report
MANAJEMEN
18 PROFIL PERUSAHAAN
COMPANY PROFILE
MANAGEMENT DISCUSSION & ANALYSIS
48
The Company's Business Activities and Types of
Products TATA KELOLA PERUSAHAAN
CORPORATE GOVERNANCE
22 VISI DAN MISI PERUSAHAAN
The Company’s Vision and Mission
50 Dewan Komisaris
23 STRUKTUR ORGANISASI PERSEROAN Board of Commissioners
Struktur Organisasi Perseroan
51 Direksi
24 Dewan Komisaris dan Direksi Board of Directors
Board of Commissioners and Directors
53 Rapat Umum Pemegang Saham
25 DEWAN KOMISARIS Tahunan (RUPST)
Board of Commissioners Annual General Meeting of Shareholders
(AGMS)
28 DIREKSI
Board of Directors 55 RAPAT UMUM PEMEGANG SAHAM LUAR
BIASA (RUPSLB)
31 Sumber Daya Manusia Extraordinary General Meeting of Shareholders
Human Resources (EGMS)
56 KOMITE AUDIT
Audit Committee
58 SEKRETARIS PERSEROAN
Corporate Secretary
59 AUDIT INTERNAL
Internal Audit
70 INFORMASI PERSEROAN
Corporate Information
72
laporan keuangan
FINANCIAL STATEMENTS
VISI DAN MISI
VISION & MISSION
2
VISI VISION
Produsen plastik film yang inovatif dan terpilih. The innovative and preferred plastic film producer.
MISI MISSION
Untuk Para Pelanggan For Customers
Meningkatkan bisnis pelanggan dengan solusi yang inovatif. Enhance customers’ respective businesses through
innovative solutions.
Integritas Integrity
Bersikap dan bertindak secara konsisten sesuai dengan Consistently behave and act in accordance with values,
nilai-nilai, aturan-aturan dan kode etik yang berlaku di rules and code of ethics applied by the Company in order
perusahaan untuk mencapai tujuan perusahaan. to achieve Company’s goals.
Profesionalisme Professionalism
Bertanggung jawab dalam memberikan hasil kerja terbaik Responsibility in providing excellent performance for the
bagi perusahaan. Company.
3
IKHTISAR DATA KEUANGAN PENTING
FINANCIAL HIGHLIGHTS
(dalam milyar Rupiah, kecuali dinyatakan lain/in billion Rupiah, unless otherwise stated)
4
HARGA SAHAM 2 TAHUN TERAKHIR/SHARE PRICE FOR THE LAST 2 YEARS
Periode/ Jumlah Saham Tercatat (Unit Saham)/ Nilai Kapitalisasi Pasar (dalam Rp)
Period Number of Listed Shares (Share Unit) Market Capitalization Amount (in IDR)
Triwulan/
2014 2013 2014 2013
Quarter
5
LAPORAN
MANAJEMEN
REPORT FROM MANAGEMENT
LAPORAN DEWAN KOMISARIS
Board of Commissioners’ Report
8
Implementasi langkah-langkah
dan kebijakan yang strategis telah memungkinkan
Perseroan untuk mampu bertahan bahkan
meningkatkan kinerja penjualannya di tahun 2014,
dengan pertumbuhan yang mencapai 16,95%
dibandingkan tahun sebelumnya.
Strategic measures and implemented policies,
however, have enabled the Company to endure and
even increase sales performance in 2014, achieving
a growth of 16.95 % over the previous year.
Krisis ekonomi global yang terjadi dalam beberapa tahun The global economic crisis that had been in motion over
terakhir telah memberikan dampak yang berkelanjutan the previous years continued to impact the country’s
terhadap perkembangan ekonomi di tahun ini. Sejak awal economic growth in 2014. Even from the onset of the year,
tahun 2014, kondisi perekonomian masih belum menunjukan the economic condition failed to show any significant signs
tanda-tanda pemulihan yang signifikan, meskipun pada of recovery, despite some indications of an improving
kuartal II tahun 2014, mulai terlihat adanya gejala perbaikan market during the 2nd quarter of 2014. Unfortunately in the
di pasar. Namun demikian, pada periode selanjutnya, period that followed, various major events, such as the
berbagai peristiwa penting seperti kelanjutan perlambatan relentless deceleration of economies in developed countries
ekonomi global di negara-negara maju serta konflik di as well as conflicts in key parts of the world, triggered a
beberapa belahan penting di dunia telah memicu anjloknya plunge in prices of oil and worldwide commodities. These
harga minyak mentah dan komoditas dunia sehingga greatly affected global economic development and the
menimbulkan tekanan yang tinggi terhadap perkembangan international markets’ purchasing power.
ekonomi global dan daya beli pasar internasional.
Sampai dengan akhir tahun 2014, kondisi pasar belum All the way through to the end of 2014, prevailing market
menunjukan tanda-tanda pemulihan yang berarti. Bahkan, conditions showed no sign of definite recovery. In fact, the
harapan pasar akan potensi kenaikan suku bunga acuan market expectation for the potential increase in US
Amerika Serikat di tahun 2015 menjadikan mata uang dolar benchmarked interest rates in 2015 had strengthened the
Amerika Serikat menguat signifikan terhadap hampir seluruh US Dollar significantly against most currencies around the
mata uang dunia. Defisit transaksi berjalan serta world. The deficit in current accounts as well as events in
perkembangan kondisi politik dalam negeri menjadikan the country’s political arena worsened the position of the
posisi mata uang Rupiah semakin terpuruk sehingga daya Indonesian Rupiah, thereby weakening the purchasing
beli pasar domestik semakin melemah. Dalam tahun 2014, power of the domestic market. The national economic
pertumbuhan ekonomi nasional yang hanya mencapai growth this year averaged 5.10%, which considerably was
kisaran 5,10% belum mampu memberikan dukungan yang not enough to provide significant support for the development
berarti terhadap perkembangan pasar domestik secara of the domestic market as a whole.
keseluruhan.
9
Pada tahun 2014, Perseroan telah melalui berbagai tantangan In 2014, the Company faced a lot of major challenges that
yang berat seiring dengan dinamika perekonomian global ran parallel to the dynamics of the global and local, economy.
maupun nasional. Namun demikian, implementasi langkah- Strategic measures and implemented policies, however,
langkah dan kebijakan yang strategis telah memungkinkan have enabled the Company to endure and even increase
Perseroan untuk mampu bertahan bahkan meningkatkan sales performance in 2014, achieving a growth of 16.95%
kinerja penjualannya di tahun 2014, dengan pertumbuhan over the previous year.
yang mencapai 16,95% dibandingkan tahun sebelumnya.
Dengan pencapaian ini, Dewan Komisaris menyimpulkan Through this achievement, the Board of Commissioners
bahwa secara umum, Direksi telah berhasil mencapai generally commends the Board of Directors’ success in
kinerja yang relatif baik di tahun 2014. Kesimpulan ini achieving relatively outstanding performance in 2014. This
terutama ditekankan pada langkah-langkah strategis yang commendation is emphasized in strategic measures
telah diupayakan oleh Direksi untuk fokus pada peningkatan undertaken by the Board of Directors that focused on
pendapatan dan laba Perseroan, dengan mengoptimalkan increasing the Company’s revenue and profit by optimizing
sumber daya yang tersedia. Direksi mampu menjaga operasi existing resources. The Board of Directors managed to
pabrik sehingga senantiasa berjalan dengan cukup lancar ensure plant operations ran smoothly and securely, and
dan aman, menempuh langkah-langkah inisiatif untuk took the initiative to implement steps in reorganizing
melakukan reorganisasi ke arah yang lebih efisien dan towards a direction that is more efficient and effective
efektif serta penghematan biaya-biaya operasi secara while lowering operational cost as a whole. The Board of
menyeluruh. Direksi dapat mengatur segala hal yang Directors favorably implemented the necessary steps to
diperlukan dan memulai pelaksanaan perluasan fasilitas produce flexible BOPP packaging and metalizing, including
produksi kemasan fleksibel BOPP dan metalizing sehingga the expansion of the production plant thereby making it
akan siap beroperasi pada tahun 2015 mendatang. ready for operation by 2015. The overall strategy developed
Keseluruhan strategi yang disusun oleh Direksi cukup by the Board of Directors proved effective in anticipating
mampu mengantisipasi kondisi perekonomian yang sulit the challenging economic conditions and fluctuating
dan gejolak pasar yang terjadi sehingga menjadi landasan market, hence creating a foundation for growth and
bagi pertumbuhan dan kelanjutan usaha Perseroan di masa sustainability for the Company’s future.
mendatang.
10
Dalam tahun 2015 mendatang, kondisi perekonomian dunia In 2015, the global economic condition is expected to
diperkirakan masih bergerak stagnan, dengan kecenderungan remain stagnant, and is even highly anticipated to weaken
melemah. Menurut data dari Bank Dunia, ekonomi Indonesia further. Indonesia’s economy itself is expected to experience
diperkirakan hanya akan tumbuh pada kisaran 5,20%, atau an estimated growth rate of approximately 5.20%, which
hanya naik tipis dibandingkan dengan pertumbuhan tahun is just a very miniscule increase compared to 2014’s growth.
2014. Namun demikian, kami berkeyakinan bahwa Perseroan Nevertheless, we remain confident that the Company will
akan tetap memiliki peluang untuk semakin meningkatkan still have the opportunity to strengthen its competitive
daya saing, mengembangkan usaha dan memperkuat advantage, develop the business and enhance its market
kedudukannya sebagai produsen kemasan fleksibel yang position as the most reliable flexible packaging producer
handal di Indonesia. Kami menilai bahwa rencana kerja, in Indonesia. Our assessment of the business plan, policies
kebijakan dan langkah-langkah strategis yang disusun oleh and strategic measures, which were developed by the Board
Direksi untuk tahun 2015 mendatang telah mempertimbangkan of Directors for 2015, already takes into consideration
berbagai tantangan dan peluang yang akan muncul sehingga various challenges and opportunities so that the Company
Perseroan akan mampu bertahan sekaligus meraih kinerja can withstand and emerge successfully with better
yang lebih baik. performance results.
Dalam tahun 2014, tidak ada perubahan terhadap susunan In 2014, there were no changes in the structure of the
anggota Dewan Komisaris Perseroan, dimana tetap Company’s Board of Commissioners as it continued to
beranggotakan 6 (enam) orang dan susunannya tetap sesuai maintain six (6) members, with the same structure approved
dengan hasil keputusan Rapat Umum Pemegang Saham during the Annual General Meeting of Shareholders held
Tahunan Perseroan tanggal 13 Juni 2013. on 13 June 2013.
Berkat komitmen, integritas, profesionalisme dan kerja As a result of its commitment, integrity, professionalism
keras, maka Perseroan dapat meraih kinerja yang baik di and hard work, the Company performed well in 2014. We
tahun 2014 ini. Kami, secara tulus menyampaikan would like to express our most sincere gratitude and
penghargaan dan rasa terima kasih atas seluruh partisipasi appreciation for all the cooperation and support given to
maupun dukungan yang telah diberikan, khususnya kepada us by our shareholders, business partners, stakeholders,
para pemegang saham, mitra usaha, pemangku kepentingan, Directors and employees. We are confident that this
Direksi serta segenap karyawan. Kami berkeyakinan bahwa productive cooperation and harmonious relationship shall
kerjasama yang positif ini dapat terus berlanjut dengan continue to bring about the Company’s steady growth
harmonis sehingga Perseroan dapat terus berkembang through the future.
pada masa-masa mendatang.
Andry Pribadi
Komisaris Utama
President Commissioner
11
LAPORAN DIREKSI
BOARD OF DIRECTORS' REPORT
12
"Dari sisi profitabilitas, Perseroan berhasil
membukukan laba kotor dan laba usaha masing-
masing sebesar Rp 219,39 milyar dan Rp 103,53
milyar atau meningkat masing-masing sekitar 4,67%
dan 13,97% dibandingkan dengan tahun 2013".
"In terms of profitability, the Company registered
gross profit of IDR 219.39 billion and operating income
amounting to IDR 103.53 billion, an increase of
approximately 4.67% and 13.97% respectively, as
compared to 2013".
Pertumbuhan ekonomi yang melambat masih terjadi di The slowing economic growth that had plagued developed
negara-negara maju, khususnya di kawasan Amerika, Eropa, countries, specifically America, Europe, China and Japan,
Cina dan Jepang serta ketegangan geo-politik yang coupled with the geo-political tension in the Middle East,
berkepanjangan di kawasan Timur Tengah, Rusia dan Russia and Ukraine continued to strongly impact the overall
Ukrania terus memberikan tekanan kuat terhadap kondisi global economy in 2014. The world crude oil prices that
ekonomi global secara keseluruhan di tahun 2014 ini. began to drastically drop in mid-2014 negatively affected
Anjloknya harga minyak mentah dunia yang terjadi mulai prices of commodities, thereby resulting to market upheaval
pertengahan tahun 2014 memberikan imbas negatif terhadap and instability.
harga barang-barang komoditi sehingga menimbulkan
gejolak dan ketidakstabilan pada pasar.
Selama tahun 2014, pasar ekspor kemasan fleksibel belum In 2014, the export market for flexible packaging discouraged
menunjukan perkembangan yang signifikan, di mana masih any significant developments in the industry. The previous
ditandai oleh pelemahan daya beli pasar, yang selanjutnya year was characterized by erosion of the purchasing power
memicu tingkat kompetisi yang tinggi antar pelaku industri of the market which in turn led to high levels of competition
sehingga menjadikan harga jual produk cenderung melemah. among industry players, hence weakening selling prices
Sedangkan untuk pasar domestik, kondisi perekonomian as well. Indonesia’s economic condition proved unable to
nasional masih belum mampu mendukung secara optimal optimally support the domestic market throughout 2014,
dimana selama tahun 2014 hanya tumbuh terbatas sekitar achieving only minimal growth of about 5.10%. The country’s
5,10% dan dibebani oleh depresiasi nilai tukar Rupiah yang economy was heavily burdened by the depreciation of the
cukup dalam sehingga sangat mempengaruhi daya beli Rupiah which greatly affected the local market’s purchasing
pasar. power.
Memasuki tahun 2014, Direksi telah mengidentifikasi dan In early 2014, the Board of Directors prudently identified
menganalisa perkembangan kondisi perekonomian domestik and analyzed the development of both domestic and
dan internasional dengan seksama dan selanjutnya, dengan international economic conditions. With the full support
dukungan penuh dari para pemegang saham dan Dewan of the shareholders and the Board of Commissioners, the
Komisaris, telah menetapkan beberapa langkah strategis Board of Directors implemented several strategic measures,
antara lain: which include:
13
1. Melanjutkan realisasi ekspansi fasilitas produksi kemasan 1. Continuous efforts in making the expansion of facilities
fleksibel jenis BOPP dan metalizing, dengan tujuan targeting the production of flexible packaging BOPP
untuk mencapai skala ekonomis produksi yang lebih and metalizing types a reality. The objective is to optimize
optimal dan meningkatkan nilai tambah produk yang economies of scale in production and increase the
dihasilkan, sehingga Perseroan akan semakin kompetitif added value of products that will in turn ensure the
di pasar domestik maupun internasional. Company’s competitiveness in both domestic and
international markets.
2. Melakukan reorganisasi secara menyeluruh sehingga 2. Re-organize to establish a more efficient and effective
menghasilkan struktur organisasi yang lebih efisien organizational structure, as well as to properly delegate
dan efektif serta pendelegasian tugas dan wewewang tasks and clear authorizations to optimally support the
yang jelas untuk mendukung operasi perusahaan yang Company’s operations.
optimal.
3. Menggalakan program efisiensi di setiap aspek produksi 3. Promote an efficiency program in every aspect of
guna menekan biaya produksi secara maksimal, terutama production in order to reduce production costs to a
dari sisi penyempurnaan proses dan efisiensi produksi. minimum, especially in terms of improving processes
4. Memperkuat portofolio produk dan pasar serta basis and ensuring efficient operations.
pelanggan dengan melakukan penetrasi ke pasar yang 4. Strengthen the market product and portfolio as well as
baru dan potensial antara lain di kawasan Asia, Amerika, expand customer base by penetrating potential new
Eropa, Australia dan Afrika. markets in Asia, America, Europe, Australia and Africa.
5. Fokus untuk meningkatkan portofolio penjualan produk 5. Focus on increasing the sales portfolio of premium
kemasan premium yang memiliki nilai tambah sehingga packaging products with added value in order to make
dapat memberikan kontribusi yang lebih besar terhadap a greater contribution to growth of sales margins.
peningkatan margin penjualan.
6. Memperluas rantai pasokan bahan baku, khususnya 6. Expand the supply chain of raw materials, especially
dari pasar internasional guna mendapatkan pasokan from the international market, with the purpose of
secara tepat waktu, dengan biaya dan harga yang procuring supplies in a timely manner and at competitive
kompetitif. costs or prices.
Sepanjang tahun 2014, penerapan langkah-langkah strategis Throughout 2014, the implementation of strategic steps
diatas telah memungkinkan Perseroan untuk mencatat mentioned above enabled the Company to achieve positive
pertumbuhan yang positif, dimana berhasil membukukan growth wherein it managed to record net sales of IDR
penjualan bersih sebesar Rp 1.945,38 milyar, selaras dengan 1,945.38 billion. The net sales data is in line with the target
target yang telah dianggarkan sebelumnya untuk tahun 2014. set and previously budgeted for the year 2014. This sales
Kinerja penjualan ini mengalami peningkatan sebanyak 16,95% performance represented an increase of 16.95% compared
dibandingkan dengan penjualan tahun sebelumnya yang to the previous year's sales, which recorded IDR 1,663.39
mencapai Rp 1.663,39 milyar. Dari sisi profitabilitas, Perseroan billion. In terms of profitability, the Company registered
berhasil membukukan laba kotor dan laba usaha masing-masing gross profit of IDR 219.39 billion and operating income
sebesar Rp 219,39 milyar dan Rp 103,53 milyar atau meningkat amounting to IDR 103.53 billion, an increase of approximately
masing-masing sekitar 4,67% dan 13,97% dibandingkan dengan 4.67% and 13.97% respectively, as compared to 2013. Profit
tahun 2013. Laba tahun berjalan yang dapat diatribusikan for the current financial year attributable to the proprietors
kepada pemilik entitas induk dan kepentingan non-pengendali and non-controlling interest was valued at IDR 34.69 billion,
dibukukan sebesar Rp 34,69 milyar atau mengalami sedikit a slight decrease of 0.20% compared to the previous year.
peningkatan sebesar 0,20% dibandingkan tahun sebelumnya.
14
Selama tahun 2014, dalam upaya mencapai kinerjanya, Along the path towards target performances, the Company
Perseroan menghadapi beberapa kendala utama yang faced several major roadblocks caused by increases in
disebabkan oleh peningkatan biaya produksi, khususnya production costs, particularly in terms of energy and human
pada biaya energi dan SDM, pelemahan permintaan pasar resources. Other obstacles were weakening demands
yang dipicu oleh krisis global, tingkat kompetisi antar triggered by the global crisis, heightened level of competition
industri yang tinggi serta gejolak harga bahan baku utama among industries and the price volatility of main raw
sebagai dampak dari anjloknya harga minyak dan komoditas materials that were impacted by the drop in the world price
dunia. Disamping itu, apresiasi Dolar Amerika Serikat of oil and commodities. Furthermore, the US Dollar’s
terhadap Rupiah yang terjadi di tahun 2014 menyebabkan appreciation against the Rupiah created a major dent on
daya beli, khususnya pelanggan domestik, semakin menurun purchasing power, especially for domestic customers. The
sehingga cenderung menjadikan pasar semakin kompetitif. Rupiah’s depreciation resulted to high competitiveness in
the market.
Dalam tahun mendatang, kondisi perekonomian dunia In the coming year, the condition of the world economy is
diprediksi masih belum akan mengalami perbaikan yang predicted to remain stagnant, with no significant improvement.
berarti. Kawasan Eropa dan Jepang nampaknya masih Europe and Japan, which have not exhibited any forward
belum memberikan tanda-tanda perbaikan ekonomi yang signs of significant economic growth, continue to experience
signifikan di tahun mendatang, yang antara lain ditandai constant monetary easing implemented by their respective
oleh kelanjutan pelonggaran moneter yang dilakukan oleh central banks. The economic growth of China, usually
bank sentral masing-masing negara. Negara Cina, yang viewed as a powerful engine driving the economy in Asia
merupakan motor kuat penggerak ekonomi Asia dan dunia, and the world, is predicted to hover only within the 7%
diprediksi hanya akan mengalami pertumbuhan ekonomi range in the next two (2) years, a figure below what was
pada kisaran 7% dalam 2 tahun mendatang, dimana angka achieved in 2014 at 7.4%. On the other hand, the United
tersebut berada dibawah tahun 2014 sebesar 7,4%. Di lain States, even though surrounded by uncertainty, began to
pihak, Amerika Serikat, walapun masih diliputi ketidakpastian, record an improvement in its economic data towards the
sejak akhir tahun 2014 mulai menunjukan data ekonomi end of 2014. The strengthening NFP (Non Farming Payroll)
yang membaik, terutama dengan meningkatnya indikator indicators and decreasing unemployment rate will most
NFP (Non Farming Payroll) dan menurunnya tingkat probably open up possibilities for an interest rate hike by
pengangguran, yang selanjutnya akan mungkin membuka the Federal Reserve Bank and further strengthen the US
peluang kenaikan suku bunga oleh Federal Reserve Bank Dollar.
dan penguatan mata uang Dolar Amerika Serikat.
15
Meskipun demikian, kami tetap melihat peluang yang Despite the prevailing economic conditions, the growth
menjanjikan untuk pertumbuhan konsumsi kemasan potential in the consumption of flexible packaging remains
fleksibel, seiring dengan pertumbuhan sektor konsumtif promising, parallel to the development of a relatively strong
yang relatif kuat, yang didukung oleh jumlah populasi consumer sector which is supported by a growing population.
penduduk yang terus akan bertambah. Kebutuhan akan The need for flexible packaging is expected to remain high
kemasan fleksibel diperkirakan masih tetap tinggi karena mainly because of two (2) very important facts: first, there
fungsinya yang belum banyak tergantikan saat ini serta is no alternative for it yet, and second, it is still most
biayanya yang ekonomis. Kami, bersama dengan segenap economical. We, along with the entire management, have
anggota manajemen, telah menetapkan beberapa langkah established several strategic measures to improve the
strategis guna meningkatkan daya saing Perseroan di tahun competitiveness of the Company in the coming year.
mendatang. Salah satu strategi utama yang akan kami Foremost among the main strategies that will be implemented
realisasikan mulai tahun 2015 mendatang adalah mencapai starting 2015 are optimized production in terms of economies
skala ekonomis produksi yang lebih optimal, dengan of scale with a restructured production facility and the
melakukan restrukturisasi atas fasilitas produksi dan operation of the new BOPP production line. These strategies
mengoperasikan lini produksi BOPP yang baru. Dengan have been crafted to enable the Company to maintain
demikian, Perseroan akan mampu untuk menjaga kualitas, quality and efficiency, increase production output, and
efisiensi dan meningkatkan output produksi serta diversifikasi diversify product line in order to supply the demands of a
produk guna memasok kebutuhan pasar yang dinamis dynamic market. The end goal provides the Company with
sehingga Perseroan akan memiliki potensi untuk the opportunity to increase sales and profitability in the
meningkatkan penjualan dan profitabilitas di tahun-tahun coming years.
mendatang.
Melanjutkan komitmen dari tahun-tahun sebelumnya, In solidifying the commitment nurtured from previous
kami secara konsisten tetap menjadikan prinsip Tata Kelola years, we have consistently adhered to the principles of
Perusahaan Yang Baik (GCG) sebagai cermin nilai dasar Good Corporate Governance (GCG) as a reflection of the
dan budaya kerja seluruh karyawan dari berbagai tingkatan. doctrine and values of the work culture practiced by
Kami meyakini bahwa konsistensi ini telah memberikan employees in various levels. We believe this consistency
kemampuan kepada Perseroan untuk bertahan, bahkan has provided the Company with the ability to survive, and
meraih kinerja yang positif meskipun dalam situasi krisis even achieve positive results despite the crisis that afflicted
selama tahun 2014 ini. Implementasi dari GCG telah menjadi 2014. The implementation of GCG has been the main
pedoman utama bagi setiap inisiatif kerja yang dilakukan guiding principle in every initiative executed by the
oleh manajemen dan karyawan Perseroan sehingga management and employees of the Company. The Board
senantiasa selaras dengan kebijakan dan peraturan yang ensures that it remains aligned with ruling policies and
berlaku, baik internal maupun eksternal. Kami berupaya
16
memastikan seluruh usaha Perseroan dilakukan sesuai regulations, both internal and external. We seek to ensure
dengan praktik-praktik GCG terbaik khususnya menyangkut that every aspect of our business runs in accordance with
prinsip transparansi, akuntabilitas, pertanggungjawaban, best corporate governance practices, especially with regards
independensi dan kewajaran. Selama tahun 2014, penerapan to principles of transparency, accountability, responsibility,
GCG mendapat dukungan penuh dari Dewan Komisaris, independence and fairness. Throughout 2014, the Board
dengan dibantu oleh Komite Audit dan unit Audit Internal, of Commissioners fully supported the implementation of
yang melakukan fungsi pengawasan terhadap Direksi dan GCG, assisted by the Audit Committee and Internal Audit
manajemen Perseroan sehingga setiap kebijakan yang unit. Each functions as a distinct monitoring body for the
ditempuh selalu mengarah pada visi, misi dan nilai-nilai Company's Board of Directors and management to ensure
dasar Perseroan serta berada dalam koridor hukum yang that adopted policies will be based on the vision, mission
berlaku. and values of the Company and run in accordance with
existing laws.
Dalam tahun 2014, tidak ada perubahan terhadap susunan In 2014, there was no change to the composition of the
Direksi Perseroan. Jumlah anggota Direksi tetap sebanyak Board of Directors which remained the same with five (5)
5 (lima) orang dengan susunan sesuai dengan hasil keputusan members. This retained a similar structure that was decided
Rapat Umum Pemegang Saham Tahunan Perseroan tanggal upon during the Annual General Meeting of Shareholders,
13 Juni 2013. dated 13 June 2013.
Pada kesempatan ini, perkenankanlah kami untuk On this occasion, allow us to express deep appreciation to
menyampaikan apresiasi yang dalam kepada para pemegang our shareholders, business partners and stakeholders who
saham, mitra usaha dan pemangku kepentingan lainnya gave their full support in 2014. We also wish to extend our
atas dukungan penuh yang diberikan selama tahun 2014. special appreciation to the Board of Commissioners, as
Kami juga ingin menyampaikan penghargaan secara khusus well as all management and employees for their hard work
kepada Dewan Komisaris serta seluruh jajaran manajemen and contribution to the advancement of the Company.
dan karyawan yang telah memberikan karya dan kontribusi With the support of all parties, the Company will be able
terbaik untuk kemajuan Perseroan. Dengan dukungan to perform better and scale new heights of growth in the
semua pihak, Perseroan akan dapat meraih pertumbuhan future.
kinerja yang lebih baik lagi dimasa mendatang.
Wilson Pribadi
Direktur Utama
President Director
17
PROFIL
PERUSAHAAN
COMPANY PROFILE
Riwayat Singkat Perseroan
A Brief History of the Company
PT Argha Karya Prima Industry Tbk, atau dikenal dengan PT Argha Karya Prima Industry Tbk, also known as Argha,
Argha, dibentuk pada tahun 1980, merupakan pelopor was established in 1980 and is the pioneer of the flexible
industri kemasan fleksibel di Indonesia, dengan lokasi packaging industry in Indonesia. Its factory is located in
pabrik di kawasan Citeureup, Bogor, Jawa Barat. Citeureup, Bogor within West Java.
Argha memiliki 2 (dua) anak perusahaan yaitu International Argha has two (2) subsidiaries: International Resources
Resources (H.K.) Ltd. yang berlokasi di Hongkong, didirikan (HK) Ltd and Stenta Films (M) Sdn. Bhd. which are located
tahun 1991 dan merupakan kantor pemasaran yang memiliki in Hong Kong and Malaysia respectively. International
fokus untuk melayani penjualan di wilayah Hongkong dan Resources (HK) Ltd was established in 1991 as a marketing
Cina. Anak perusahaan lainnya yaitu Stenta Films (M) Sdn. representative office that focuses on supporting sales in
Bhd. yang berlokasi di Malaysia, didirikan tahun 1993 dan Hong Kong and China. Stenta Films (M) Sdn. Bhd., founded
bergerak dibidang industri film kemasan jenis BOPP (Biaxially in 1993, engages in the production of BOPP (Biaxially
Oriented Polypropylene). Oriented Polypropylene) packaging for the film industry.
Saat ini, Argha dan anak perusahaannya telah memiliki Currently, Argha and its subsidiaries have installed facilities
kapasitas produksi terpasang hampir mencapai 100.000 with a combined production capacity of nearly 100,000
ton per tahun, sehingga menjadikan Perseroan sebagai tonnes per year, thus giving distinction to the Company as
salah satu industri kemasan terkemuka di Asia Tenggara. one of the leaders in the packaging industry in Southeast
Asia.
20
20
Kegiatan Usaha Perseroan Serta Jenis Produk Yang Dihasilkan
The Company's Business Activities and Types of Products
Sesuai dengan Anggaran Dasar, kegiatan usaha Perseroan In accordance with the Articles of Association, the Company's
antara lain menjalankan industri barang-barang plastik business activities include the industrial production of
jenis film Polypropylene dan Polyethylene Terepthalate. plastic goods with film types of Polypropylene and
Produk utama yang dihasilkan Perseroan adalah film Polyethylene Terepthalate. The Company’s main products
kemasan jenis BOPP (Biaxially Oriented Polypropylene) are the packaging film BOPP (Biaxially Oriented Polypropylene)
dan BOPET (Biaxially Oriented Polyethylene Terepthalate) and BOPET (Biaxially Oriented Polyethylene Terepthalate)
atau Polyester, masing-masing dipasarkan dengan merek or Polyester types marketed under the trademarks ARLENE
dagang ARLENE dan ARETA. Dalam proses produksi, and ARETA respectively. In the production process, the
Perseroan telah mengacu pada beberapa standar Company complies with several international standards,
internasional, diantaranya standar manajemen mutu ISO including Quality Management Standard ISO 9001: 2008
9001:2008 (Certified) dan Sedex (Supplier Ethical Data (Certified) and Sedex (Supplier Ethical Data Exchange). The
Exchange). Merek dagang ARLENE dan ARETA telah dikenal ARLENE and ARETA trademarks are widely recognized in
luas di dunia, dan banyak digunakan untuk aplikasi kemasan the world and these are commonly used for the application
makanan, rokok, laminasi kertas, label maupun pembungkus of food packaging, cigarettes, paper laminations, labels or
umum lainnya. other general wrappers.
21
Visi Dan Misi Perusahaan
The Company’s Vision and Mission
Visi
Vision
Produsen plastik film
yang inovatif dan terpilih.
Misi
Mission
Untuk para pelanggan:
Meningkatkan bisnis pelanggan dengan solusi yang inovatif.
For Customers
Enhance customers’ respective businesses through innovative solutions.
For Shareholders
Maximize value for shareholders.
For Employees
Be the choice of career path advancement in the plastic film industry.
22
Struktur Organisasi Perseroan
Organization Structure Of The Company
SHAREHOLDERS
BOARD OF
COMMISSIONERS
AUDIT COMMITTEE
BOARD OF DIRECTORS
ADVISOR
OPERATION
COMMERCIAL
23
Dewan Komisaris dan Direksi
Board of Commissioners and Directors
Perseroan memiliki Dewan Komisaris yang beranggotakan The Company is headed by the Board of Commissioners
6 (enam) orang, dimana 2 (dua) orang diantaranya menjabat comprised of six (6) members, wherein two (2) of its members
sebagai Komisaris Independen. Selama tahun 2014, susunan are Independent Commissioners. In 2014, there were no
Dewan Komisaris Perseroan tidak mengalami perubahan, changes in the structure of the Company’s Board of
dimana sesuai dengan hasil keputusan RUPST (Rapat Commissioners, in line with the decision made during the
Umum Pemegang Saham Tahunan) Perseroan pada tahun 2013 Annual General Meeting of Shareholders (AGMS).
2013.
Direksi Perseroan beranggotakan 5 orang, yang terdiri dari The Company’s Board of Directors is composed of five (5)
1 (satu) orang Direktur Utama dan 4 (empat) orang Direktur. members, consisting of one (1) President Director and four
Selama tahun 2014, susunan Direksi Perseroan tidak (4) Directors. Throughout 2014, the BOD structure remained
mengalami perubahan, dimana tetap sesuai dengan hasil the same based on what was decided upon during the 2013
keputusan RUPST (Rapat Umum Pemegang Saham Tahunan) Annual General Meeting of Shareholders.
Perseroan pada tahun 2013.
Berikut ini adalah keterangan singkat mengenai masing- The following are brief descriptions regarding each member
masing anggota Dewan Komisaris dan Perseroan: of the Board of Commissioners and Directors:
24
Dewan Komisaris
Board of Commissioners
25
Brenna Florence Pribadi, Brenna Florence Pribadi,
Komisaris Commissioner
Posisi ini dijabat oleh beliau sejak tahun 2013, berdasarkan Brenna Florence Pribadi has been serving as Commissioner
keputusan dari RUPST Perseroan pada tanggal 13 Juni since her appointment during the AGMS held last 13 June
2013. Dalam perjalanan karir profesionalnya, beliau pernah 2013. In building her professional career, she previously
menjabat sebagai Purchasing Head di PT Argha Karya held the post of Head of Purchasing at PT Argha Karya
Prima Industry Tbk dan menjalani Internship di The_Groop Prima Industry Tbk and underwent internship at The_Groop
dan Genlux Fashion Magazine, Los Angeles, Amerika Serikat. and Genlux Fashion Magazine in Los Angeles , USA. In
Beliau meraih gelar Master of Business Administration 2009, she graduated with a Master of Business Administration
pada tahun 2009 dari DeVry University - Los Angeles, degree from DeVry University - Los Angeles, USA. Two
Amerika Serikat dan Bachelor of Fine Arts pada tahun 2007 years prior, she earned her Bachelor of Fine Arts degree
dari Art Center College of Design - Los Angeles, Amerika from the Art Center College of Design - Los Angeles, USA.
Serikat.
26
Widjojo Budiarto, Widjojo Budiarto,
Komisaris Independen Independent Commissioner
Jabatan ini dipegang beliau sejak tahun 2004, berdasarkan Widjojo Budiarto has been the Company’s Independent
keputusan dari RUPST Perseroan pada tanggal 25 Juni Commissioner since 2004 when he was appointed to the
2004. Beliau telah memiliki pengalaman lebih dari 20 tahun post during the AGMS held last 25 June 2004. He comes
sebagai penasehat hukum di berbagai bank, grup perseroan with over 20 years of formidable experience as a legal
maupun kantor hukum, dan saat ini menjabat sebagai advisor in various banks, companies, as well as law offices.
Advokat dan Konsultan Hukum pasar modal di sebuah He currently serves as an Advocate and Legal Consultant
kantor hukum di Jakarta. Beliau lulus dari Common on Capital Market Laws in a Jakarta-based law office. He
Professional Examination yang divalidasi oleh the Law passed the Common Professional Examination, which was
Society of England and Wales dan the Bar Council of validated by the Law Society of England and Wales, and
England and Wales, serta pemegang gelar Master of Science the Bar Council of England and Wales. He graduated Master
di bidang Finance and Financial Law dari the School of of Science in Finance and Financial Law from the School
Oriental and African Studies, University of London, Inggris. of Oriental and African Studies, University of London in
England.
27
Direksi
Board Of Directors
28
Jimmy Tjahjanto, Jimmy Tjahjanto,
Direktur Director
Jabatan ini dipegang beliau sejak tahun 2003, berdasarkan Jimmy Tjahjanto has held this position ever since he was
keputusan dari RUPST Perseroan pada tanggal 27 Juni appointed as Director of the Company during the AGMS
2003. Saat ini, beliau membawahi divisi Corporate Service held on 27 June 2003. Currently, he oversees the Company's
Perseroan dan sebelumnya pernah menjabat sebagai Corporate Services Division. Prior to this, he served in
Financial Controller PT Sumatra Prima Fibreboard, Vice various companies, namely as Financial Controller at PT
President - Finance Division Grup Napan, Accounting Sumatera Prima Fibreboard, Vice President - Finance
Manager di Stenta Films (M) Sdn. Bhd., Malaysia, dan Auditor Division at Napan Group, Accounting Manager at Stenta
Touche Ross International, Indonesia. Beliau meraih gelar Films (M) Sdn. Bhd., Malaysia, and Auditor at Touche Ross
Master of Business Administration pada tahun 1992 dari International, Indonesia. In 1986, he graduated from the
University of The East Manila, Filipina, serta Sarjana Ekonomi University of Tarumanegara, Jakarta earning a Bachelor of
di bidang Akuntansi pada tahun 1986 dari Universitas Economics degree in Accounting. In 1992, he obtained a
Tarumanegara, Jakarta. Master of Business Administration degree from the University
of the East in Manila, Philippines.
Selama tahun 2014, para anggota Dewan Komisaris dan In 2014, the members of the Board of Commissioners and
Direksi telah mengikuti beberapa pelatihan yang memiliki Board of Directors attended several trainings that covered
topik-topik antara lain emotional quality management, several topics including, among others, emotional quality
strategic goal setting, performance management system, management, strategic goal setting, performance management
short interval communication, business process improvement, system, short intervals of communication, business process
teknologi kemasan, kondisi perekonomian dan perbankan improvement, packaging technology, economic and banking
serta kepemimpinan. conditions, and leadership.
29
Berikut adalah uraian mengenai status afiliasi dari masing- The following is a description of the affiliation status
masing anggota Dewan Komisaris dan Direksi Perseroan. concerning each member of the Board of Commissioners
and Board of Directors:
30
Sumber Daya Manusia
Human Resources
Pada tanggal 31 Desember 2014, Perseroan, tidak termasuk As of 31 December 2014, the Company had a total workforce
anak perusahaan, memiliki jumlah karyawan sebanyak 959 of 959 employees. This head count excluded personnel
orang. Jumlah ini meningkat sebesar 6,20% jika dibandingkan from its subsidiaries. The number of personnel increased
dengan periode yang sama pada tahun sebelumnya. by 6.20%, compared to the previous year.
Berdasarkan jenjang jabatannya, komposisi karyawan Based on individual levels, the composition of the Company's
Perseroan dapat digambarkan sebagai berikut: employees can be described as follows:
Kesuksesan dalam menjalankan rutinitas operasi dan The Company’s success in carrying out routine operations
keberhasilan dalam mencapai visi dan misi Perseroan tidak and pursuing the vision and mission is directly linked to
lepas dari upaya Perseroan dalam membangun sumber its valiant efforts to build competent human resources. In
daya manusia yang kompeten. Guna mewujudkan hal ini, order to accomplish this, the Company initiates to organize
Perseroan berupaya membangun sumber daya manusia and maintain the competency of its human resources as
sejak dini, dimulai dari proses rekruitmen yang cermat, early as possible. This begins with a careful recruitment
yang kemudian dilanjutkan dengan program pengembangan process, followed by a program of development and human
dan pembangunan sumber daya manusia secara resource advancement on a routine basis.
berkesinambungan.
Pada tahapan berikutnya, Divisi Sumber Daya Manusia The next process is characterized by the implementation
memiliki komitmen utama untuk melaksanakan program- of an intensive training program wherein the Human
program pelatihan secara intensif guna membangun dan Resources Division builds and improves the competency
meningkatkan kompetensi karyawan di setiap unit kerja. of employees within each work unit. Through a systematic
Melalui program pelatihan yang sistematis, para karyawan training program, employees will be able to hone their
akan dapat mengasah potensi yang dimiliki, sehingga potential with two (2) end goals: first, to aid and provide
diharapkan dapat memberikan solusi cerdas bagi peningkatan intelligent solutions for improving the Company's
kinerja Perseroan dan pengembangan diri bagi karyawan performance; and second, to enhance self-development
yang bersangkutan. Dalam tahun 2014, Perseroan telah of the concerned employees. In 2014, the Company conducted
menyelenggarakan beberapa program pelatihan untuk several training programs for employees covering various
31
para karyawannya, dengan topik-topik yang menyangkut topics, such as:
antara lain:
Pada tahun 2014, Perseroan, dengan bantuan konsultan In 2014, with the support of an independent consultant,
independen, telah melakukan penelaahan pada sistem the Company conducted a review of the work systems and
kerja dan sumber daya manusia dalam setiap unit kerja, human resources in each unit of work. The objective was
guna mendapatkan pemetaan sekaligus mengetahui sumber to identify sources of weakness while mapping out all of
kelemahan dalam seluruh struktur organisasi yang ada. the existing organizational structure. By mid-2014, the
Sebagai hasilnya, pada pertengahan tahun 2014, Perseroan Company was able to successfully implement several
telah berhasil melaksanakan beberapa perubahan penting, important changes, specifically with regards to the
terutama yang berkaitan dengan perubahan struktur organizational structure. The resulting changes made the
organisasi yang lebih efisien dan efektif, penyempurnaan structure more efficient and effective, and further
quality objective Perseroan dan performance management strengthened the Company’s objectives for quality and
system, perbaikan proses bisnis serta sistem komunikasi management system performance, business process
unit kerja dalam bentuk SIC (Short Interval Communication). improvement and communication systems unit in the form
of SIC (Short Interval Communication).
32
Komposisi Pemegang Saham
Composition of Shareholders
Sesuai dengan Daftar Pemegang Saham yang diterbitkan In accordance with the Registry of Shareholders issued by
oleh Biro Administrasi Efek, PT Raya Saham Registra, pada the Securities Administration Agency, PT Raya Saham
tanggal 31 Desember 2014, komposisi pemegang saham Registra, the shareholders of the Company as of 31 December
Perseroan adalah sebagai berikut: 2014 are as follows:
Berdasarkan data pemegang saham diatas, tidak ada anggota Based on the data of shareholders above, no member of
Dewan Komisaris dan Direksi yang tercatat sebagai pemegang the Board of Commissioners and Board of Directors are
saham. listed as shareholders.
Kelompok pemegang saham masyarakat dan lain-lain per Group shareholders and other communities as of 31
tanggal 31 Desember 2014 sebagai berikut: December 2014 are as follows:
Pemegang saham pengendali Perseroan adalah PT Nawa The Company’s principal shareholder is PT Nawa Panduta.
Panduta. Pemegang saham PT Nawa Panduta adalah Andry Shareholders of PT Nawa Panduta are Andry Pribadi and
Pribadi dan Wilson Pribadi. Wilson Pribadi.
33
Entitas anak Perseroan
Subsidiaries of the Company
Perseroan memiliki 2 (dua) entitas anak dengan detil sebagai The Company has two (2) subsidiaries with details as follows:
berikut:
Perseroan telah mencatatkan sahamnya di Bursa Efek The Company has been listed in the Indonesia Stock
Indonesia sejak tahun 1992. Perkembangan struktur Exchange since 1992. The development of the Company's
permodalan Perseroan dapat dilihat pada tabel berikut ini: capital structure can be seen in the following table:
2 Pembagian saham bonus sejumlah 40 juta saham/ 1993 250.000.000 120.000.000 1.000
Distribution of 40 million bonus shares
3 Penawaran Umum Terbatas sebanyak 12 juta saham/ 1994 250.000.000 132.000.000 1.000
Right issue of 12 million shares
4 Pembagian saham bonus sejumlah 44 juta saham 1997 500.000.000 352.000.000 500
dan pemecahan nominal saham menjadi Rp 500,-/
Distribution of 44 million bonus shares and stock
split into IDR 500 nominal share value
34
Lembaga dan Profesi Penunjang Pasar Modal
Capital Market Institutions and Professional Support
KAP Purwantono, Suherman & Surja (member dari Ernst Purwantono, Suherman & Surja (a member of Ernst &
& Young Global Ltd.) Young Global Ltd.)
Gedung Bursa Efek Indonesia Tower 2 Lt. 7 Indonesia Stock Exchange Building Tower 2 Lt. 7
Jl. Jendral Sudirman Kav. 52-53 Jl. Jendral Sudirman Kav. 52-53
Jakarta 12190 Jakarta 12190
Jasa yang diberikan adalah melakukan audit atas laporan The Public Accounting Firm was tasked to render services
keuangan Perseroan untuk tahun buku yang berakhir pada in auditing the financial statements of the Company for
tanggal 31 Desember 2014 dan memberikan pendapat atas the fiscal year ended 31 December 2014, and provide an
kewajaran penyajian laporan keuangan Perseroan untuk opinion on the rationality of the financial statements
segala aspek yang material, sesuai dengan Standar Akuntansi presented by the Company covering every material aspect,
Keuangan yang berlaku di Indonesia. Perseroan telah in accordance with Financial Accounting Standards applicable
menugaskan KAP Purwantono, Suherman & Surja untuk in Indonesia. Purwantono, Suherman & Surja has been
melakukan audit atas laporan keuangan mulai tahun buku conducting the audit of the Company’s financial statements
2010. since fiscal year 2010.
Jasa yang diberikan adalah melakukan proses administrasi Since its appointment in 1992, PT Raya Saham Registra
efek, antara lain menyangkut pemeliharaan dan penerbitan has been regularly rendering services to the Company for
data pemegang saham, kewajiban pelaporan data pemegang the administrative procedures of stocks, maintenance and
saham kepada otoritas pasar modal dan konsultasi serta publication of data regarding shareholders, submission of
dukungan pelayanan yang menyangkut kegiatan aksi obligatory reports on shareholder data to capital market
korporasi. Periode penugasan PT Raya Saham Registra authorities and advisory and support functions related to
dilakukan oleh Perseroan secara regular setiap tahun, sejak corporate action events.
tahun 1992.
35
Perhargaan dan Sertifikasi
Awards and Certifications
36
Sebagai wujud konsistensi dan kelanjutan prestasi yang As a testament to the Company’s consistency and continuous
telah diraih tahun 2013 yang lalu, pada tanggal 24 sampai achievements throughout 2013, the Company’s QCC (Quality
27 November 2014, tim QCC (Quality Control Circle) Control Circle) team, named Gugus Siliwangi, participated
Perseroan, yang bernama Gugus Siliwangi, kembali mengikuti once more in the prestigious Indonesian Quality Convention.
ajang bergengsi Konvensi Mutu Indonesia ke-30 yang Now on its 30th year, the event was held in Solo held from
diadakan di kota Solo yang diselenggarakan oleh PMMI 24 to 27 November 2014 and was organized by PMMI
(Perhimpunan Manajemen Mutu Indonesia). Dalam konvensi (Association of Indonesian Quality Management). In the
nasional tersebut, Gugus Siliwangi berhasil meraih medali national convention, Gugus Siliwangi won a gold medal
emas atau peringkat kedua secara keseluruhan. Disamping and ranked second in the over-all event. In addition to this,
itu, tim Quality Assurance Perseroan juga berhasil the Company's Quality Assurance team also managed to
mendapatkan perhargaan Sudomo Quality Leadership bag the Sudomo Quality Leadership Award for having
Award karena telah berperan aktif dalam memajukan mutu played an active role in advancing the quality of the Company’s
di lingkungan kerja Perseroan. work environment.
Dalam menjalankan proses bisnisnya, Perseroan telah In carrying out its business procedures, the Company
mengacu kepada beberapa sertifikasi internasional antara complies with several international certifications including
lain manajemen mutu ISO 9001:2008, serta keanggotaan ISO 9001: 2008, as well as membership Sedex (Supplier
Sedex (Supplier Ethical Data Exchange). Di akhir thaun Ethical Data Exchange). Towards the year-end, the Company
2014, Perseroan tengah melakukan persiapan untuk proses conducted preparations for the standardization process
menuju standarisasi FSMS (Food Safety Management FSMS (Food Safety Management System), ISO 22000.
System) ISO 22000.
37
ANALISIS DAN
PEMBAHASAN MANAJEMEN
MANAGEMENT DISCUSSION & ANALYSIS
Tinjauan operasi per segmen Business Overview per Segment
Jenis produk dan kapasitas produksi Type of product and production capacity
Perseroan memiliki fasilitas produksi untuk menghasilkan The Company owns production facilities that can produce
kemasan fleksibel jenis BOPP (Biaxially Oriented BOPP (Biaxially Oriented Polypropylene) and BOPET
Polypropylene) dan BOPET (Biaxially Oriented Polyethylene (Biaxially Oriented Polyethylene Terepthalate) or Polyester
Terepthalate) atau Polyester, dengan lokasi pabrik di kawasan types of flexible packaging. The facilities are located in the
Citeureup, Bogor, Jawa Barat. Disamping itu, Perseroan Citeureup, Bogor, West Java. Aside from this, the Company
juga memiliki anak perusahaan, Stenta Films (M) Sdn. Bhd., also has subsidiary companies one of which is Malaysia-
yang beroperasi di Malaysia dan memproduksi kemasan based Stenta Films (M) Sdn. Bhd. which manufactures BOPP
fleksibel jenis BOPP. Total kapasitas produksi terpasang flexible packaging type. The production facilities built by
yang dimiliki Perseroan mencapai hampir 100.000 ton per the Company can accommodate a total capacity reaching
tahun. nearly 100,000 tonnes per year.
Bahan baku utama yang digunakan untuk produksi adalah The main raw materials used for production are the
resin jenis Polypropylene dan Polyethylene Terepthalate, Polypropylene and Polyethylene Terepthalate types of resin,
yang nantinya dicampur dengan bahan baku copolymer which are then mixed with raw copolymer material and
dan aditif. Kedua jenis kemasan fleksibel BOPP dan BOPET additives. Both flexible packaging types, BOPP and BOPET,
memilliki proses produksi yang hampir sama. Secara prinsip, undergo a production process that is almost identical. In
seluruh bahan baku akan dilelehkan dengan menggunakan principle, all raw materials will be melted by using the
extruder dan dicetak dalam bentuk lembaran film tebal, extruder and printed onto sheets of thick film It will then
untuk selanjutnya ditarik secara memanjang dan melebar be pulled lengthwise and widened to the required size until
sesuai dengan ukuran ketebalan yang dikehendaki. Lembaran reaching the desired thickness. This film sheet is then spun
film tersebut kemudian digulung dalam bentuk gulungan to form a large roll (jumbo roll) and then cut based on the
besar (jumbo roll) dan selanjutnya dipotong sesuai dengan desired width of customers.
ukuran lebar yang dikehendaki pelanggan.
Perseroan menggunakan mesin-mesin produksi utama The Company uses leading German-technology production
yang menggunakan teknologi dari Jerman, dengan reputasi machines that have a reputation for reliability in producing
yang handal untuk menghasilkan kemasan fleksibel yang top quality flexible packaging. Moreover, the Company is
berkualitas. Disamping itu, Perseroan memiliki fasilitas equipped with production support facilities containing
produksi pendukung berupa mesin metalizing serta coating metalizing machines that produce coating films. These
film. Mesin-mesin tersebut digunakan untuk proses lanjutan machines are used for advanced or secondary processing
atau sekunder yang akan memberikan nilai tambah terhadap which in turn provide added value to the flexible packaging
produk kemasan fleksibel yang dihasilkan, misalnya dalam products produced, examples of which are improved
hal meningkatan daya tahan terhadap uap air dan udara moisture and air resistance, as well as the packaging’s
serta memperindah penampilan kemasan. Dengan nilai aesthetic appearance. This added value in product packaging
tambah yang diberikan, maka produk kemasan jenis ini can contribute and aid in furthering the Company's sales
dapat memberikan kontribusi yang lebih baik terhadap margins.
margin penjualan Perseroan.
40
Analisa keuangan Financial Analysis
Pendapatan Revenue
Untuk tahun 2014, Perseroan mencatat pendapatan bersih For 2014, the Company recorded a net income of IDR
sebesar Rp 1.945,38 milyar atau meningkat 16,95% 1,945.38 billion, an increase of 16.95% compared to the
dibandingkan dengan pendapatan bersih tahun 2013 previous year’s net income which amounted to IDR 1,663.39
sebesar Rp 1.663,39 milyar. Peningkatan ini terjadi karena billion. This growth can be attributed to the increased
Perseroan berhasil meningkatkan volume penjualan, volume of sales, particularly for customers in the domestic
khususnya untuk pelanggan di pasar domestik. Disamping market. Since most of the Company's sales are denominated
itu, faktor apresiasi kurs mata uang USD terhadap Rupiah in US Dollars, the currency’s appreciation against the Rupiah
juga berperan atas peningkatan pendapatan ini, karena also contributed to the increase in revenue.
sebagian besar penjualan Perseroan didominasi dalam
mata uang USD.
Profitabilitas Profitability
Laba kotor dan laba usaha yang dibukukan Perseroan di In 2014, the Company’s gross profit and operating income
tahun 2014 mencapai masing-masing Rp 219,39 milyar amounted to IDR 219.39 billion and IDR 103.53 billion
dan Rp 103,53 milyar atau secara nilai, meningkat masing- respectively, each corresponding to an increase of about
masing sekitar 4,67% dan 13,97% dibandingkan dengan 4.67% and 13.97% compared with the 2013 figures which
tahun 2013 yang mencapai Rp 209,60 milyar dan Rp 90,84 reached IDR 209.60 billion and IDR 90.84 billion. When
milyar. Namun jika dibandingkan terhadap pendapatan compared to the net income, however, the gross profit
bersih, margin laba kotor mengalami penurunan dari 12,60% margin decreased from 12.60% in 2013 to 11.28% in 2014,
di tahun 2013 menjadi 11,28% di tahun 2014, yang terutama primarily due to higher cost of sales resulting from price
disebabkan oleh tingginya harga pokok penjualan akibat fluctuations of major raw materials and the rise in production
fluktuasi harga bahan baku utama dan kenaikan biaya expenditures, especially in energy, human resources,
produksi, khususnya pada biaya energy, SDM, biaya packaging and freight costs. As a consequence, the operating
pengemasan dan biaya pengapalan. Sebagai konsekuensinya, profit margin also decreased from 5.46% in 2013 to 5.32%
margin laba usaha juga menurun dari 5,46% di tahun 2013 in 2014. Post profit for the current fiscal year attributable
menjadi 5,32% di tahun 2014. Pos laba tahun berjalan yang to owners of the parent company and non-controlling
dapat diatribusikan kepada pemilik entitas induk dan interests was recorded at IDR 34.69 billion, or a slight
kepentingan non-pengendali tahun 2014 dibukukan sebesar decrease of 0.64% if compared to fiscal year 2013, which
Rp 34,69 milyar atau mengalami kenaikan tipis sebanyak was recorded at IDR 34.62 billion.
0,20% jika dibandingkan dengan tahun 2013 yang mencapai
Rp 34,62 milyar.
Total pendapatan komprehensif yang dapat diatribusikan Total comprehensive income attributable to owners of the
kepada pemilik entitas induk dan kepentingan non- parent company and non-controlling interests decreased
pengendali, jumlahnya menurun dari Rp186,07 milyar pada from IDR 186.07 billion in 2013 to IDR 16.92 billion in 2014.
2013 menjadi Rp 16,92 milyar di tahun 2014, sebagai dampak As an impact of a decrease in other comprehensive income
dari menurunnya pendapatan komprehensif lain setelah net of taxes, the total value amounted to IDR 169.22 billion.
dikurangi pajak sebesar Rp169,22milyar.
41
Aset, Liabilitas dan Ekuitas Assets, Liabilities and Equity
Pada tahun 2014, Perseroan membukukan total aset sebesar The Company recorded total assets valued at IDR 2,227.04
Rp 2.227,04 milyar atau naik sekitar 6,83% dibandingkan billion, an increase of 6.83% compared to the previous
dengan tahun sebelumnya sebesar Rp 2.084,57 milyar. year’s value of IDR 2,084.57 billion. This increase was mainly
Kenaikan tersebut terutama disebabkan adanya peningkatan due to the rise of non-current assets in 2014 by as much
jumlah pos aset tidak lancar 2014 sekitar 14,55% atau as 14.55%, amounting to approximately IDR 165.95 billion.
sebesar Rp 165,95 milyar.
Total liabilitas Perseroan tahun 2014 tercatat sebesar Rp. The Company’s total liabilities in 2014 was booked at IDR
1.191,20 milyar atau naik sekitar 12,88% dibandingkan 1,190.20 billion, an increase of 12.88% compared to that of
dengan tahun 2013 yang mencapai Rp 1.055,23 milyar. 2013 which registered IDR 1,055.23 billion. The contributing
Kenaikan ini disumbangkan oleh peningkatan liabilitas factor points to the increase in short-term liabilities,
jangka pendek, terutama dari kenaikan pos hutang usaha specifically from the Company’s account payables which
sebesar Rp 238,93 milyar dibandingkan dengan tahun grew to IDR 238.93 billion from 2013. Long-term liabilities
sebelumnya. Liabilitas jangka panjang tahun 2014 mengalami also moved upwards at IDR 19.26 billion from the previous
kenaikan sebesar Rp 19,26 milyar dibandingkan dengan year, primarily due to increased long-term loans that
tahun sebelumnya, terutama akibat dari kenaikan pos amounted to IDR 9.85 billion as compared to 2013.
pinjaman jangka panjang sebesar Rp 9,85 milyar dibandingkan
dengan tahun 2013.
Untuk tahun 2014, ekuitas Perseroan mengalami peningkatan For 2014, The Company's equity increased by IDR 6.51
sebesar Rp 6,51 milyar atau 0,63% dibandingkan tahun billion or 0.63% from the previous year. This is mainly due
sebelumnya, terutama akibat peningkatan saldo laba tahun to the increase in retained earnings which amounted to
2014 sebesar Rp 24,30 milyar dibandingkan tahun 2013. IDR 24.30 billion.
Di tahun 2014, arus kas dari aktivitas operasi mengalami In 2014, cash flow from operating activities generated a
surplus sebesar Rp 374,35 milyar terutama berasal dari surplus of IDR 374.35 billion, owing primarily to customer
penerimaan pelanggan sebesar Rp 1.961,99 milyar. Arus receivables worth IDR 1,961.99 billion. Cash flow from
kas dari aktivitas investasi mengalami defisit sebesar Rp investment activities experienced a deficit of IDR 188.38
188,38 milyar terutama karena pengeluaran Perseroan billion due to expenses in the Company's fixed assets which
untuk aset tetap sebesar Rp 118,59 milyar, yang sebagian amounted to IDR 118.59 billion. Fixed asset expenses can
besar untuk membiayai perluasan lini produksi BOPP dan be attributed to financing that went into the expansion of
metalizing film. Arus kas pendanaan tahun 2014 mengalami production lines and metalizing BOPP films. Cash flow for
defisit sebesar Rp 201,38 milyar terutama karena Perseroan financing/funding also posted a deficit of IDR 201.38 billion,
melakukan pembayaran atas pinjaman jangka pendek dan largely because of payments made by the Company for
jangka panjang sebesar masing-masing Rp 133,54 milyar short and long term loans, amounting to IDR 133.54 billion
dan Rp 51,08 milyar serta pembayaran beban keuangan and IDR 51.08 billion respectively, as well as payment for
sebesar Rp 44,92 milyar. other financial expenses worth IDR 44.92 billion.
42
Kemampuan membayar hutang Ability to pay debts
Pada tahun 2014, Perseroan memiliki hutang bank jangka In 2014, the Company received short-term loans from Bank
pendek yang berasal dari Bank Mega, Bank CIMB Niaga, Mega, Bank CIMB Niaga, Bank ANZ Indonesia, Standard
Bank ANZ Indonesia, Standard Chartered Bank dan Bank Chartered Bank and Bank CTBC Indonesia. The loan balance
CTBC Indonesia, dengan saldo pinjaman per tanggal 31 as of 31 December 2014 was equivalent to IDR 345.22 billion.
Desember 2014 sebesar ekuivalen Rp 345,22 milyar. Selain Also, the Company received several long-term bank loans
itu, Perseroan juga memiliki hutang bank jangka panjang from UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB
dari UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB Niaga, Bank CIMB Niaga – Sharia business unit, BCA Finance
Niaga, Bank CIMB Niaga – unit usaha Syariah, BCA Finance and Dipo Star Finance with loan balance equivalent to IDR
dan Dipo Star Finance, dengan saldo pinjaman per tanggal 281.74 billion as of 31 December 2014. For fiscal year 2014,
31 Desember 2014 sebesar ekuivalen Rp 281,74 milyar. the Company's financial ratios, particularly the current ratio
Untuk tahun buku 2014, beberapa rasio keuangan Perseroan, and tangible net worth, were still below the standards set
khususnya rasio lancar dan nilai kekayaan bersih berwujud forth in the credit agreement with the banks. Throughout
berada dibawah standar yang ditetapkan dalam perjanjian 2014, some of the financial ratios, particularly current ratio
kredit dengan pihak perbankan. Namun demikian, selama and tangible net worth were below the requirements stated
tahun 2014, Perseroan memiliki tingkat kolektibilitas lancar, on the bank loan agreements. Nevertheless, the Company
baik untuk pembayaran pokok maupun bunga dari seluruh had a good standing rate of collectability, both for payment
hutang bank diatas. Hal tersebut dapat ditinjau dari kinerja of the entire principal and interest on bank loans. This can
rasio keuangan yang memadai selama tahun 2014 antara be seen from the year’s satisfactory performance of the
lain: financial ratios which include:
●● Rasio lancar sebesar 113,19%, yang menunjukan bahwa ●● The current ratio of 113.19% indicated that the Company
Perseroan memiliki kemampuan likuiditas yang relatif has a relatively good liquidity standing to repay all
baik untuk melunasi seluruh kewajiban jangka pendeknya. short-term liabilities.
●● Rasio kewajiban terhadap modal sebesar 115,00%, yang ●● The ratio of liabilities to equity amounted to 115.00%,
mengindikasikan indikasi bahwa jumlah modal yang an indication that the amount of capital owned by the
dimiliki Perseroan masih mencukupi jika dibandingkan Company is still sufficient in comparison with the loan
dengan fasilitas kredit yang diperoleh. obtained.
●● Rasio kewajiban terhadap total aset sebesar 53,49%, ●● With the ratio of liabilities to total assets amounting to
sehingga Perseroan memiliki besaran nilai aset yang 53.49%, the Company showed that its value of assets
memadai untuk menutupi seluruh hutang yang is adequate to cover and absorb the entire debt.
dimilikinya.
43
Perseroan berhasil menekan tingkat piutang usaha dari The company managed to reduce the level of accounts
Rp 415,42 milyar di tahun 2013 menjadi Rp 398,82 milyar receivable from IDR 415.42 billion in 2013 to IDR 398.82
di tahun 2014, sebagai hasil dari pengontrolan yang ketat billion in 2014. This reduction came as a result of stricter
terhadap pengiriman barang dan komitmen pembayaran controls implemented in the delivery of goods, and client
yang baik dari para pelanggan. Tingkat kolektibilitas atas commitment for good payment standing. The collectability
sebagian besar piutang usaha pihak ketiga di tahun 2014 of accounts receivable from the majority of third parties
berada dalam status lancar. Hal tersebut dapat dipantau in 2014 can be considered to be of good standing. This can
dari komposisi umur piutang usaha pihak ketiga Perseroan be monitored from the periodic composition of the Company's
untuk tahun 2014 sebagai berikut: account receivables from third parties for the year 2014,
which are as follows:
Belum jatuh tempo: Rp 233,58 milyar Current portion: IDR 233.58 billion
Telah jatuh tempo : Due portion:
●● 0-30 hari Rp 100,16 milyar ●● 0-30 days to IDR 100.16 billion
Terlihat bahwa hanya 1,94% dari total piutang usaha yang The above data shows that only 1.94% of the total accounts
telah berumur diatas 91 hari. Meskipun telah lewat jatuh receivable are over 91 days old. Although currently overdue,
tempo, sampai saat ini, status pembayaran atas seluruh the payment status of the entire portion of the account
porsi piutang usaha tersebut masih terus berjalan sehingga receivables is still considerably active and does not merit
tidak dikategorikan sebagai piutang bermasalah. to be categorized as troubled or bad debts.
Tidak ada perubahan yang mendasar dari manajemen In 2014, there were no principal changes from the Company's
Perseroan sehubungan dengan tujuan, kebijakan maupun management with respect to objectives, policies and
proses dalam struktur permodalan tahun 2014, yaitu processes in its capital structure. Healthy capital ratios were
memelihara rasio modal yang sehat untuk mendukung maintained to support the business, which means securing
bisnis, mengamankan akses terhadap pendanaan pada access to finance at reasonable costs, and optimal and
biaya secara wajar dan optimal serta memberikan imbal maximum yield for shareholders. The financing of the
hasil yang maksimal bagi pemegang saham. Di tahun 2014, Company's capital structure is mainly derived from domestic
pembiayaan struktur permodalan Perseroan terutama as well as international bank loans, as well as financing
berasal dari pinjaman bank dalam maupun luar negeri from suppliers to obtain longer payment terms. The Company
serta pembiayaan dari pemasok dengan memperoleh termin has no obligation other than debt securities. With a debt
pembayaran yang lebih panjang. Perseroan tidak memiliki to equity ratio of 113.19%, the condition of the Company's
kewajiban surat hutang lainnya. Dengan rasio hutang debt and capital is still fairly sound.
terhadap modal sebesar 113,19%, maka kondisi hutang dan
permodalan Perseroan masih tergolong cukup sehat.
44
Ikatan untuk investasi barang modal Bond for capital investments
Dalam kuartal pertama tahun 2014, Perseroan telah melunasi In the first quarter of 2014, the Company settled liabilities
kewajiban pembayaran uang muka kepada para pemasok through advanced payments to suppliers for purchasing
untuk keperluan pembelian mesin dan peralatan fasilitas machinery and equipment for BOPP flexible packaging
produksi kemasan fleksibel BOPP dan Metalizing. Investasi production facilities and metalizing. These capital investments
barang modal ini dibiayai oleh DZ Bank melalui skema were financed by DZ Bank through export credits from the
kredit ekspor dari Jerman dan kredit investasi dari Bank German bank and investment loans Bank CIMB Niaga,
CIMB Niaga, yang seluruhnya diberikan dalam mata uang which are entirely denominated in US Dollars. This protects
Dolar Amerika Serikat. Atas pinjaman bank tersebut, risiko the Company against the risk of currency fluctuations. By
Perseroan terhadap fluktuasi mata uang dapat ditekan reducing the risk to a minimum, the Company will have
seminim mungkin karena Perseroan memiliki telah nilai natural hedging against fluctuations in the US dollar, given
lindung natural terhadap fluktuasi mata uang Dolar Amerika that the Company's revenues are also denominated in the
Serikat, mengingat pendapatan Perseroan juga didominasi same currency.
dalam mata uang yang sama.
Informasi dan fakta material setelah tanggal Material facts and information after the Financial
laporan keuangan 2014 Year 2014
Setelah tanggal laporan keuangan tahun 2014, dapat As of the date when financial statements were issued and
diungkapkan bahwa Perseroan tidak memiliki informasi presented, it can be disclosed that the Company does not
maupun kejadian atau fakta yang bersifat material, yang have information, events or facts that are material which
mungkin dapat mempengaruhi kelancaran dan kelangsungan may affect the flow and continuity of the Company’s
operasi Perseroan di masa mendatang. operations in the future.
Pemasaran Marketing
Perseroan telah merealisasikan penjualan sebesar Rp In 2014, the Company achieved sales worth IDR 1,945.38
1.945,38 milyar pada tahun 2014, yang sejalan dengan target billion, which is in line with budget targets that have been
anggaran yang telah ditetapkan sebelumnya. Pencapaian previously set. This achievement is a direct result of thorough
hasil ini tidak terlepas dari penerapan strategi pemasaran application of the Company's marketing strategies that
Perseroan yang fokus pada pasar domestik dimana masih focus on the domestic market wherein it still has a relatively
memiliki permintaan yang relatif baik, walaupun cenderung good demand despite tendency to weaken due to the
melemah akibat dampak krisis global. Selain itu, Perseroan impact of the global crisis. The Company is also actively
secara aktif memperluas jangkauan penjualan ke ceruk expanding its sales reach towards potential niche export
pasar ekspor yang potensial, khususnya di wilayah Afrika, markets, particularly in Africa, Asia, the Middle East and
Asia, Timur Tengah dan Eropa. Konsistensi mutu dan Europe. The Company is committed to provide consistent
pengembangan produk-produk baru terus dilaksanakan quality and continuously develop new products in order
sehingga dapat memberikan nilai tambah bagi produk to provide added value to customers' needs.
pelanggan.
45
Prospek usaha Business Prospects
Meskipun pertumbuhan ekonomi global cenderung tidak Even though the global economy lacked significant
mengalami perbaikan yang berarti, namun pasar kemasan improvements, the flexible packaging industry still possess
fleksibel masih cukup potensial, terutama didukung oleh high potential, especially since it is supported by growth
pertumbuhan sektor konsumtif yang relatif kuat. Indonesia, in the relatively strong consumer sector. Despite expectations
meskipun pertumbuhan ekonomi pada tahun-tahun of conservative economic growth ranging from 5.20% in
mendatang diperkirakan hanya naik tipis pada kisaran the coming years, Indonesia remains a very promising
5,20%, namun tetap merupakan pasar yang sangat market. Its population of over 250 million boosts the growth
menjanjikan, dengan populasi penduduk lebih dari 250 rate characterized by relatively high consumption.
juta jiwa sehingga mendorong pertumbuhan tingkat
konsumtif yang relatif tinggi.
Untuk pasar ekspor, diperkirakan akan mengalami stagnasi, The export market, on the other hand, is expected to
dengan kecenderungan melemah, terutama akibat daya stagnate with a tendency to weaken, primarily due to
beli pasar yang kurang mendukung, gejolak harga dan unfavorable market conditions beset by diminishing
tingkat kompetisi industri yang semakin tinggi. Ceruk pasar purchasing power, price volatility and heightening level of
internasional potensial yang harus dicermati terutama dari competition within the industry. Potential niche markets
kawasan Asia dan Afrika. Namun demikian, ada beberapa in the international scene should be observed mainly Asia
hal yang harus diwaspadai, terutama penambahan kapasitas and Africa. Likewise, there are other important issues to
produksi kemasan fleksibel dunia yang dapat memicu monitor, especially the growing flexible packaging production
kondisi kelebihan pasokan di pasar dan tingkat kompetisi capacity that can trigger the condition of oversupply in the
industri yang semakin tinggi akibat penerapan zona bebas global market and more intense level of industry competition
Asean secara penuh dalam beberapa tahun mendatang. arising from the full implementation of the ASEAN free
zone within the next few years.
Kebijakan untuk pembagian deviden dan besarannya The policy for distribution of dividends including amount
ditentukan sepenuhnya dalam RUPS, dengan is determined entirely during the GMS. The policy takes
mempertimbangkan beberapa faktor, antara lain perolehan into account several factors including the Company’s net
laba bersih pada tahun buku yang bersangkutan, kondisi profit for the fiscal year, cash flow and economic conditions,
arus kas dan ekonomi serta rencana investasi di periode as well as investment plans for the coming period. In
mendatang. Sesuai dengan hasil keputusan RUPST pada accordance with the decision of the AGM on 23 May 2014,
tanggal 23 Mei 2014, Perseroan membagikan deviden tunai the Company distributed cash dividends amounting to IDR
sebesar Rp 10.408.216.000,- atau sekitar 30,00% dari total 10.408.216.000 or approximately 30.00% of the total net
laba bersih tahun buku 2013. Sedangkan untuk tahun buku income for the 2013 fiscal year. During the 2012 fiscal year,
2012, RUPST memutuskan untuk tidak membagi dividen the AGM decided not to distribute dividends to the
kepada para pemegang saham, dimana laba bersih digunakan shareholders. The net income was used for special reserves,
untuk cadangan khusus, memperkuat struktur modal kerja and to strengthen the structure of the Company's working
dan investasi Perseroan. capital and investment.
46
Informasi material dan transaksi benturan Material information and conflict of interest in
kepentingan transactions
Dalam tahun 2014, Perseroan tidak melakukan aksi korporasi In 2014, the Company did not undertake any corporate
yang tergolong sebagai transaksi material ataupun transaksi action classified as material transactions or transactions
yang mengandung benturan kepentingan. with conflict of interest.
Perseroan melakukan penyusunan dan penyajian laporan The Company prepared and presented financial statements
keuangan berdasarkan Standar Akuntansi Keuangan di in accordance with the Financial Accounting Standards in
Indonesia yang mencakup Pernyataan Standar Akutansi Indonesia which include a Statement of Financial Accounting
Keuangan (PSAK) dan Interpretasi Standar Akuntansi Standards (SFAS) and the Interpretation of Financial
Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Accounting Standards (IFAS) issued by the Financial
Akuntansi Keuangan (DSAK), Ikatan Akuntan Indonesia Accounting Standards Board (DSAK), Indonesian Institute
dan peraturan yang terkait dengan penyajian dan of Accountants, and regulations related to the presentation
pengungkapan laporan keuangan yang telah dikeluarkan of and disclosure of the financial statements that have
oleh Otoritas Jasa Keuangan. Seluruh perincian dari been issued by the Financial Services Authority (OJK). The
kebijakan-kebijakan Akuntansi ini dapat dilihat secara entire details of these accounting policies can be viewed
terperinci dalam catatan laporan keuangan Perseroan tahun in the notes to the financial statements of the Company
2014, khususnya pada butir 2. in 2014, particularly in point 2.
47
TATA KELOLA
PERUSAHAAN
CORPORATE GOVERNANCE
Implementasi tata kelola perusahaan yang baik menjadi The implementation of Good Corporate Governance
salah satu agenda penting bagi Perseroan dalam melakukan represents a key agenda of the Company for conducting
aktivitas usahanya. Dalam hal ini, Argha telah mencanangkan its business activities. In this aspect, Argha has declared a
suatu komitmen yang kuat untuk menjadikan prinsip tata strong commitment to make the principles of Good Corporate
kelola perusahaan yang baik sebagai salah satu akar budaya Governance as one of the work culture foundations to be
kerja sehingga akan mengayomi seluruh karyawan di setiap embraced by all employees in every level of the organization
jenjang organisasi dalam melaksanakan tugasnya dengan as they carry out their duties based on the principles of
berlandaskan pada prinsip-prinsip etika, akuntabilitas, ethics, accountability, responsibility and transparency. The
tanggung jawab dan transparansi. Perseroan meyakini Company believes that consistency in implementing Good
bahwa penerapan tata kelola perusahaan yang baik dan Corporate Governance will enhance added-value to the
konsisten akan semakin memberikan nilai tambah company and contribute positively to both shareholders
perusahaan, yang berarti dapat memberikan kontribusi and stakeholders of the Company in the long term.
yang positif bagi para pemegang saham dan pemangku
kepentingan Perseroan dalam jangka panjang.
Secara garis besar, Dewan Komisaris memiliki tugas untuk From a broader perspective, the Board of Commissioners
mengawasi dan memberikan nasihat, masukan serta (BOC) is mandated to supervise, advise, and provide input
pengarahan kepada Direksi untuk mengarahkan operasi and guidance to the Board for Directors (BOD) regarding
Perseroan menuju kepada visi dan misi yang telah ditetapkan. the operations of the Company, directing them towards
Tugas pokok Dewan Komisaris tercantum dalam Anggaran the vision and mission that have been established. The
Dasar Perseroan, khususnya pada pasal 15. Dewan Komisaris principal tasks of the BOC are written in the Articles of
membantu dalam menelaah dan menyetujui keputusan Association of the Company, specifically in Article 15. The
serta tindakan strategis yang diusulkan oleh Direksi, BOC is to assist in reviewing and approving strategic
menyetujui dan memastikan pelaksanaan rencana kerja decisions and actions proposed by the BOD, approve and
tahunan Direksi, memantau praktik manajemen risiko ensure the proper implementation of the BOD’s annual
yang ditempuh Direksi, mengevaluasi kinerja Direksi secara work plan, monitor risk management practices pursued by
periodik, membahas tentang remunerasi Direksi mengevaluasi the BOD, evaluate the performance of individual Directors
dan menindaklanjuti temuan dari Komite Audit dan Audit periodically, discuss the remuneration of Directors in order
Internal serta memonitor implementasi tata kelola perusahaan to evaluate and follow up the findings of the Audit Committee
yang baik di lingkungan kerja Perseroan. Dalam melaksanakan and Internal Audit and monitor the implementation of
fungsinya, Dewan Komisaris harus mematuhi ketentuan Good Corporate Governance in the Company's working
perundang-undangan yang berlaku dan/atau Anggaran environment. In carrying out its functions, the BOC must
Dasar Perseroan. comply with applicable regulations, legislation and /or the
Articles of Association.
Penetapan remunerasi anggota Dewan Komisaris dilakukan Remuneration for the BOC is determined during the General
berdasarkan keputusan Rapat Umum Pemegang Saham Meeting of Shareholders, wherein the maximum amount
Tahunan, yang akan menetapkan jumlah maksimum atas of annual salaries and/or allowances for all members of
gaji dan/atau tunjangan bagi seluruh anggota Dewan the BOC will be specified. The amount of remuneration is
Komisaris untuk periode 1 tahun. Penetapan jumlah determined according to, among other specifications, the
remunerasi didasari antara lain oleh pencapaian target achievement of target performances and financial condition
kinerja dan kondisi keuangan Perseroan untuk tahun buku of the Company for the financial year concerned taking
yang bersangkutan, dengan mempertimbangkan kondisi into account current and future economic conditions.
ekonomi terkini dan kedepan.
50
Perseroan tidak memiliki kebijakan khusus yang mengatur The Company does not have a specific policy governing
tentang frekuensi rapat Dewan Komisaris. Dalam menjalankan the frequency of board meetings. In carrying out its duties
tugasnya selama tahun 2014, Dewan Komisaris Perseroan during 2014, the Board of Commissioners conducted two
telah melaksanakan 2 (dua) kali rapat bersama dengan (2) meetings with the BOD, each meeting was attended by
Direksi, dimana dalam setiap rapat, rata-rata dihadiri oleh an average of three (3) members of the BOC. The meetings’
3 (tiga) orang anggota Komisaris. Agenda rapat antara lain main agenda tackled and discussed the results of the
membahas tentang hasil kinerja Perseroan, perencanaan Company's performance, planning and execution of business
dan pelaksanaan strategi usaha, pengembangan usaha dan strategies, business development and other operating
berbagai permasalahan operasi yang lain. concerns.
Direksi memiliki tugas utama untuk memimpin operasi The Board of Directors’ (BOD) primary duty is to lead the
perusahaan sehari-hari dengan berpedoman pada visi dan Company's daily operations based on its vision and mission,
misi perusahaan, serta memelihara dan mempergunakan as well as maintain and utilize the assets and resources of
aset dan sumber daya perusahaan dengan penuh itikad the company with professionalism, responsibility and the
baik, professional dan tanggung jawab. Tugas pokok Direksi best intentions,. The key tasks of the BOD are listed in the
Perseroan tercantum dalam Anggaran Dasar, khususnya Company’s Articles of Association, stated in Article 12.
pada pasal 12, antara lain menyusun kebijakan strategis, Foremost among the BOD’s responsibilites is to formulate
anggaran dan rencana kerja tahunan yang selanjutnya strategic policy, budget and annual work plans that are
disetujui oleh Dewan Komisaris, menerapkan manajemen then approved by the Board of Commissioners. The BOD
risiko dan tata kelola perusahaan yang baik, memimpin should also implement sound risk management strategies
dan mengendalikan Perseroan menuju visi dan misinya, and Good Corporate Governance, direct and control the
memanfaatkan, memelihara dan mengurus kekayaan Company towards its vision and mission, utilize, maintain
Perseroan serta meningkatkan efektivitas dan efisiensi and manage the Company's assets, and improve the
operasi Perseroan. effectiveness and efficiency of operations.
Direktur Utama memiliki peran untuk memimpin Perseroan The President Director leads the Company by coordinating
melalui koordinasi dan kerja sama dengan anggota Direksi and cooperating with other Directors to oversee several
lainnya yang membawahi beberapa divisi, dengan ruang divisions with the following scope and responsibilities:
lingkup dan tanggung jawab sebagai berikut:
1. Divisi Operasi, bertanggung jawab atas perencanaan 1. Operations Division - responsible for production
produksi, kontrol atas persediaan dan gudang, planning, control over inventory and warehouse,
pemeliharaan, pengembangan dan penyempurnaan maintenance, development and improvement of
fasilitas produksi serta pengembangan dan kualitas production facilities, as well as the development and
(quality assurance) produk quality (quality assurance) of products;
2. Divisi Komersial, bertanggung jawab atas pemasaran 2. Commercial Division - responsible for product marketing,
produk, pengembangan pasar, sistem administrasi market development, marketing administration system
pemasaran dan layanan purna jual kepada para pelanggan, and after-sales service to customers, both for domestic
baik untuk pasar domestik maupun internasional. and international markets;
51
3. Divisi Pelayanan Korporasi, berperan untuk mendukung 3. Corporate Services Division - ensures the Company’s
kelancaran bagi operasi Perseroan, meliputi bagian operations run smoothly, with tasks that cover purchasing,
pembelian, ekspor impor, logistik, akuntansi dan import-export, logistics, and financial and management
keuangan serta manajemen akunting dan audit. accounting and auditing.
4. Divisi operasi lainnya, yang meliputi bidang Teknologi 4. Other Operating divisions which includes the field of
Informasi dan QMS (Quality Management System), HR, Information Technology and QMS (Quality Management
General Affairs dan Industrial Relation, Environmental System), HR, General Affairs and Industrial Relations,
Health & Safety, Legal & Corporate Secretary serta Environmental Health and Safety, Legal and Corporate
Market R&D. Secretary, and Market Research and Development.
Penentuan remunerasi Direksi diputuskan melalui Rapat Remuneration for the BOD is decided during the General
Umum Pemegang Saham Tahunan, yang dikuasakan kepada Meeting of Shareholders wherein the BOC is authorized
Dewan Komisaris untuk menetapkan jumlah gaji dan/atau to determine the amount of annual salary and/or benefits
tunjangan seluruh anggota Direksi untuk periode 1 tahun. of all the members of the BOD. The amount of remuneration
Besaran remunerasi ditentukan antara lain berdasarkan is based on the achievement of target performance and
pencapaian target kinerja dan kondisi keuangan Perusahaan financial condition of the Company for the financial year
untuk tahun buku yang bersangkutan, dengan concerned. Other points of basis also take into consideration
mempertimbangkan juga aspek-aspek ekonomi, baik the economic aspects, both domestic and international.
domestik maupun internasional.
Perseroan tidak memiliki kebijakan khusus yang menentukan The Company does not have a specific policy that determines
tentang frekuensi rapat Direksi. Selama tahun 2014, Direksi the frequency of meetings of the Board of Directors. During
telah melaksanakan tugasnya sehari-hari bersama dengan 2014, the Board of Directors carried out their daily duties
seluruh angota manajemen serta karyawan Perseroan dan along with all members of management and employees of
secara rutin mengadakan rapat dengan frekuensi sedikitnya the Company and regularly held meetings with a frequency
3 kali dalam sebulan, dimana dalam setiap rapat, rata-rata of at least three (3) times a month. Each meeting was
dihadiri oleh 4 (empat) anggota Direksi. attended by an average of four (4) members of the BOD.
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Rapat Umum Pemegang Saham Annual General Meeting Of
Tahunan (RUPST) Shareholders (AGMS)
Sesuai dengan Anggaran Dasar, Perseroan menyelenggarakan In accordance with the Articles of Association, the Company
RUPST setiap tahun, selambatnya 6 (enam) bulan setelah holds an AGMS each year, not later than six (6) months
tahun buku Perseroan ditutup. Pada tanggal 23 Mei 2014, after the closing of the Company’s fiscal year. On 23 May
Perseroan telah menyelenggarakan RUPST yang memutuskan 2014, the Company organized an AGM to decide upon the
beberapa hal penting sebagai berikut: following important points:
1. Menyetujui dan mengesahkan Laporan Tahunan 1. To approve and ratify the Company's Annual Report for
Perseroan untuk tahun buku 2013, termasuk didalamnya the fiscal year 2013, including the Company's Activity
Laporan Kegiatan Perseroan, Laporan Pengawasan Report, Report of Supervisory Board of Commissioners
Dewan Komisaris dan Laporan Keuangan Perseroan and Financial Statements for the financial year 2013 as
untuk tahun buku 2013 yang telah diaudit oleh Kantor audited by Purwantono, Suherman & Surja (a member
Akuntan Publik Purwantono, Suherman & Surja (member of Ernst & Young Global Limited) as stated in the report
dari Ernst & Young Global Limited) sebagaimana ternyata number RPC-5061 / PSS / 2014 dated 19 March 2014.
dari laporannya nomor RPC-5061/PSS/2014 tanggal The report further declares, releases and discharges
19 Maret 2014, selanjutnya memberikan pelunasan dan (acquit et decharge) each member of the Board of
pembebasan tanggung jawab sepenuhnya (acquit et Directors and Board of Commissioners from actions
decharge) kepada segenap anggota Direksi dan Dewan in the management and supervision rendered during
Komisaris Perseroan atas tindakan pengurusan dan financial year 2013, as far as management and supervision
pengawasan yang telah mereka jalankan selama tahun measures are reflected in the Annual Report.
buku 2013, sejauh tindakan pengurusan dan pengawasan
tersebut tercermin dalam Laporan Tahunan tersebut.
2. a. Menetapkan Laba Bersih atau Laba Tahun Berjalan 2. a. Establish Annual Net Income or Profit Attributable
Yang Dapat Diatribusikan Kepada Pemilik Entitas to Owners of the Parent Company for financial year
Induk tahun buku 2013 sebesar Rp. 34.660.293.000,- 2013 which amounted to IDR 34,660,293,000 This
digunakan sebagai berikut: shall be used as follows:
i. Sebesar Rp. 2.500.000.000,- disisihkan sebagai i. IDR 2.500.000.000 set aside as a reserve fund
dana cadangan guna memenuhi ketentuan pasal to meet the provisions of Article 70 of the Limited
70 Undang-Undang Perseroan Terbatas nomor Liability Company Law number 40 of the year
40 Tahun 2007 dan pasal 25 Anggaran Dasar 2007 and article 25 of the Company’s Articles
Perseroan; of Association;
ii. Sebesar Rp 10.408.216.000,- atau sekitar 30,0% ii. IDR 10,408,216,000 or approximately 30.00%
dari total Laba Bersih tahun buku 2013 dibagikan of the total Net Income for the fiscal year 2013
sebagai dividen tunai. Dengan demikian, setiap is to be distributed as cash dividends. Thus,
saham akan memperoleh dividen tunai sebesar each share will receive a cash dividend of IDR 17
Rp 17,-
iii. Sisanya dibukukan sebagai Laba Ditahan, untuk iii. The rest is recorded as retained earnings, to
menunjang kegiatan Perseroan. support the activities of the Company.
53
b. Memberikan kuasa dan wewenang kepada Direksi b. Provide power and authority to the Board of Directors
Perseroan untuk melakukan setiap dan semua of the Company to perform each and every action
tindakan yang diperlukan sehubungan dengan necessary in line with the above decision and in
keputusan tersebut diatas, sesuai dengan peraturan accordance with the enforced legislation.
perundang-undangan yang berlaku.
3. a. Menetapkan gaji bagi seluruh anggota Dewan 3. a. Determine the salaries of the members of the Board
Komisaris Perseroan untuk tahun 2014 seluruhnya of Commissioners for 2014 amounting to
sebesar kurang lebih Rp 7.000.000.000,- serta approximately IDR 7,000,000,000 including other
tunjangan lainnya sesuai kebijaksanaan Perseroan, benefits upon the discretion of the Company, and
dan melimpahkan wewenang kepada Dewan delegate authority to the Board of Commissioners
Komisaris Perseroan untuk memutuskan to decide the amount to be allocated and type of
pengalokasian besar dan jenis pemberian gaji dan salary and other benefits upon the discretion of the
tunjangan lainnya sesuai kebijaksanaan Perseroan Company for each member of the Board of
bagi masing-masing anggota Dewan Komisaris Commissioners;
tersebut;
b. Memberikan wewenang kepada Dewan Komisaris b. Authorize the Board of Commissioners to determine
Perseroan untuk menentukan pembagian tugas the roles and responsibilities, the amount to be
dan wewenang serta pengalokasian besar dan jenis allocated and the type of salary and other benefits
gaji dan tunjangan lainnya bagi anggota Direksi to members of the Board of Directors for 2014.
Perseroan untuk tahun 2014.
4. Memberikan wewenang kepada Direksi Perseroan, 4. Authorize the Board of Directors, with the approval of
dengan persetujuan Dewan Komisaris Perseroan, untuk the Board of Commissioners, to appoint a public
menunjuk Kantor Akuntan Publik yang akan mengaudit accounting firm to audit the Company’s financial
Laporan Keuangan Perseroan untuk tahun buku 2014 statements for the financial year 2014, and to determine
dan untuk menetapkan honorarium Kantor Akuntan the fee and terms of appointment for the Public
Publik yang akan ditunjuk tersebut berikut syarat-syarat Accountant.
penunjukannya.
Keputusan RUPST yang telah direalisasikan pada tahun AGM decisions that have been followed through in fiscal
buku 2014: year 2014:
1. Melaksanakan distribusi dividen tunai kepada seluruh 1. Implemented the distribution of cash dividends to the
pemegang saham sebesar total Rp 10.408.216.000,- shareholders amounting to a total of IDR 10.408.216.000
pada tanggal 8 Juli 2014 - on July 8, 2014
2. Memberikan gaji dan tunjangan lainnya bagi anggota 2. Provided salaries and other benefits for members of
Dewan Komisaris dan Direksi untuk tahun 2014 sebesar the Board of Commissioners and Board of Directors
Rp 14.327.000.000- atau secara total mengalami kenaikan for 2014 amounting to IDR 14.327.000.000 or in total
sebesar 2,11% dibandingkan dengan tahun sebelumnya. which increased by 2.11% compared to the previous
3. Menunjuk KAP Purwantono, Suherman dan Surja year.
sebagai Akuntan Publik yang akan mengaudit buku 3. Appointed Purwantono, Suherman and Surja as the
Perseroan tahun 2014, dengan persetujuan Dewan Public Accountant to audit the books of the Company
Komisaris Perseroan. in 2014, upon approval of the Board of Commissioners.
54
Kinerja tahunan Direksi dinilai berdasarkan kemampuan The annual performance of the Board of Directors were
dalam memimpin jajaran jajaran dibawahnya untuk assessed in terms of the members’ ability to lead the
melaksanakan tugas-tugasnya, penyusunan strategi dan subordinate ranks in carrying out their tasks, strategies
rencana kerja untuk jangka pendek dan panjang serta and work plans for the short and long term, as well as their
pencapaian kinerja sesuai dengan target yang ditetapkan. performance in achieving the set targets. Furthermore, the
Selanjutnya Direksi akan mempertanggungjawabkan Board of Directors will be held accountable for the
pencapaian kinerja tersebut dalam setiap Rapat Umum achievement of the performance during each General
Pemegang Saham Tahunan. Meeting of Shareholders.
Sesuai dengan Anggaran Dasar, RUPSLB dapat diadakan In accordance with the Articles of Association, the EGMS
setiap saat apabila dianggap perlu oleh Direksi dan/atau can be held at any time if deemed necessary by the Board
Dewan Komisaris dan/atau pemegang saham. Dalam tahun of Directors and/or Board of Commissioners and/or
2014, Perseroan mengadakan 1 (satu) kali RUPSLB pada shareholders. In 2014, the Company held an EGMS once
tanggal 23 Mei 2014, yang telah memutuskan beberapa (1) on 23 May 2014, wherein the following points were
hal penting sebagai berikut: decided upon:
1. Menyetujui untuk menjaminkan kekayaan Perseroan 1. Agreed to ensure that the Company's assets amounts
yang berjumlah lebih dari 50% jumlah kekayaan bersih to more than 50% of total net assets of the Company
Perseroan dalam rangka mendapatkan beberapa fasilitas in order to avail of some loan facilities for the Company
pinjaman bagi Perseroan untuk keperluan perluasan for the purpose of expanding production facilities for
fasilitas produksi BOPP dan Metalizing Film yang baru, BOPP and Metalizing Film, both to be derived from the
baik yang berasal dari DZ Bank AG, Jerman, PT Bank DZ Bank AG, Germany, PT Bank CIMB Niaga Tbk and/
CIMB Niaga Tbk dan/atau bank-bank lainnya, baik or other banks, whether from within or outside the
yang berasal dari dalam maupun luar negeri dan/atau country and/or loans from financial institutions and/
pinjaman dari lembaga keuangan dan/atau pihak or other lender parties not affiliated with the Company.
Kreditur lainnya yang tidak terafiliasi dengan Perseroan.
2. Memberikan wewenang dan kuasa kepada Direksi 2. Authorized and delegated full power to the Board of
Perseroan, untuk melakukan semua dan setiap tindakan Directors of the Company to implement each and every
yang diperlukan sehubungan dengan keputusan untuk step required to fulfill the decision to ensure the
menjaminkan kekayaan Perseroan yang berjumlah Company's assets totaled more than 50% of total net
lebih dari 50% jumlah kekayaan bersih Perseroan assets of the Company mentioned above, in accordance
tersebut diatas, sesuai dengan ketentuan peraturan with the provisions of enforced legislations.
perundang-undangan yang berlaku
Seluruh keputusan RUPSLB diatas telah direalisasikan oleh In 2014, the Company implemented all decisions of the
Perseroan pada tahun 2014 untuk keperluan penjaminan above EGMS for the purpose of guaranteeing the assets
aset di DZ Bank AG dan PT Bank CIMB Niaga dalam rangka at DZ Bank AG and PT Bank CIMB Niaga. This is to finance
membiayai perluasan fasilitas produksi kemasan fleksibel the expansion of production facilities for flexible packaging
jenis BOPP dan metalizing film. and metalizing types of BOPP films.
55
Komite Audit Audit Committee
Untuk membantu penerapan tata kelola perusahaan yang To assist in the implementation of Good Corporate
baik, Dewan Komisaris dibantu oleh Komite Audit khususnya Governance, the Audit Committee assists the BOC specifically
dalam melaksanakan fungsi pengawasan terhadap operasi in monitoring the Company's operations and ensures the
Perseroan serta memastikan efektivitas sistem pengendalian effectiveness of the Company's internal control system.
internal Perseroan. Komite Audit Perseroan dibentuk sejak The Audit Committee has been established since 2002,
tahun 2002, berdasarkan persetujuan dari Dewan Komisaris. based on the approval of the Board of Commissioners. The
Periode jabatan anggota Komite Audit ditetapkan selama tenure of the Audit Committee members is set for five (5)
5 tahun dan dapat dipilih kembali untuk periode selanjutnya. years and may be re-elected for the next period.
Perseroan memiliki Komite Audit yang beranggotakan 3 The Company has an Audit Committee consisting of three
(tiga) orang. Seluruh anggota Komite Audit Perseroan tidak (3) persons. Every member of the Audit Committee does
memiliki hubungan afiliasi dengan Perseroan, anggota not have an affiliate relationship with the Company, the
Dewan Komisaris, Direksi maupun pemegang saham utama Board of Commissioners, Directors or major shareholders,
dan bukan merupakan pemegang saham Perseroan. Anggota and are not shareholders of the Company. Members of the
dari Komite Audit Perseroan terdiri dari: Audit Committee consist of:
1. Johan Paulus Yoranouw, menjabat sebagai Ketua Komite 1. Johan Paul Yoranouw – he has served as Chairman of
Audit, sekaligus sebagai Komisaris Independen Perseroan the Audit Committee, as well as Independent
sejak tahun 2001. Commissioner of the Company since 2001.
2. Willie Tandanu, menjabat sebagai anggota Komite Audit 2. Willie Tandanu – he has served as member of the Audit
sejak tahun 2004. Sebelumnya pernah menjabat sebagai Committee since 2004. He previously worked as Vice
Vice President di Apex Oil & Gas Ltd., Perwakilan dari President at Apex Oil & Gas Ltd., representative of
Continental Energy Corporation, Kanada, pejabat di Continental Energy Corporation, Canada, Officer in the
perusahaan multifinance Orix, Crédit Lyonnais dan finance companies Orix, Crédit Lyonnais, and Audit
Audit Officer di Kantor Akuntan Publik Siddharta & Officer in the Office of the Public Accountant Siddharta
Siddharta. Meraih gelar Sarjana di bidang Business & Siddharta. He holds a Bachelor’s degree in Business
Studies, jurusan Keuangan dari Ngee Ann Polytechnic, Studies, majoring in finance from Ngee Ann Polytechnic,
Singapura. Singapore.
3. Iwan Budijanto Suryadi, menjabat sebagai anggota 3. Iwan Budijanto Suryadi – he has served as member of
Komite Audit sejak tahun 2002. Sebelumnya pernah the Audit Committee since 2002. Previously, he was
menjabat sebagai Financial Controller di grup WIM Group Financial Controller and Auditor WIM Cycle and
Cycle dan Auditor Kantor Akuntan Publik KPMG. Meraih public accounting firm KPMG. He holds a Master of
gelar Magister Manajemen dari Universitas Pelita Management degree from Pelita Harapan University,
Harapan, Jakarta. Jakarta.
56
Selama tahun 2014, Komite Audit telah melakukan beberapa In 2014, the Audit Committee conducted several major
kegiatan utama antara lain: activities including:
1. Melakukan penelaahan dan pembahasan atas laporan 1. Reviewed and discussed the financial statements of
keuangan Perseroan, baik secara internal maupun the Company, internally and together with the External
bersama Auditor Eksternal, berdasarkan standar akuntansi Auditor based on accounting standards and prevailing
dan peraturan pasar modal yang berlaku. capital market regulations.
2. Memberikan masukan kepada Dewan Komisaris mengenai 2. Provided feedback to the Board of Commissioners
penunjukan Kantor Akuntan Publik, khususnya dalam regarding the appointment of the Public Accountant,
hal independensi, lingkup penugasan, pembebanan particularly in terms of independence, scope of
biaya dan sebagainya. assignment, charges and other pertinent matters.
3. Merekomendasikan dan mendorong terbentuknya 3. Recommended and encouraged the formation of the
system pengendalian internal Perseroan yang efektif. Company's internal control systems, and ensured their
4. Melakukan kerja sama dengan bagian Audit Internal effectiveness.
guna memberikan masukan pada setiap aspek operasional 4. Cooperated with the Internal Audit division in order to
Perseroan yang perlu disempurnakan, khususnya yang provide feedback on any aspect of the Company's
menyangkut sistem dan prosedur kerja, kebijakan operations that need to be improved, especially with
Perseroan, aksi untuk perbaikan setiap unit kerja, regards to systems and procedures, and Company's
Internal Audit Charter dan sebagainya. policies, actions/steps to enhance each unit of work,
5. Melakukan pengawasan atas tindak lanjut yang the Internal Audit Charter and other relevant matters.
dilaksanakan oleh setiap unit kerja yang memerlukan 5. Monitored and followed-up the performance of each
perbaikan. unit of work that required improvement.
6. Melakukan pengawasan atas pelaksanan manajemen 6. Supervised the implementation of business risk
risiko bisnis yang dihadapi Perseroan serta memeriksa management faced by the Company and examined the
proses dan langkah-langkah yang diambil oleh process and steps taken by the Company's management
manajemen Perseroan dalam rangka mitigasi terhadap in order to evade business risks.
risiko bisnis tersebut.
7. Melakukan penelaahan atas kepatuhan Perseroan 7. Reviewed the Company's compliance with prevailing
terhadap peraturan perundang-undangan dan hukum laws and regulations.
yang berlaku.
Dalam menjalankan fungsinya, Komite Audit memiliki hak In carrying out its functions, the Audit Committee has the
penuh untuk mengakses semua data-data yang diperlukan absolute right to access all necessary data from each unit
dari setiap unit kerja yang ada di Perseroan. Selama tahun of the Company. During 2014, the Audit Committee met
2014, Komite Audit telah mengadakan pertemuan sebanyak three (3) times. Each meeting had an average of two (2)
3 (tiga) kali, yang mana setiap pertemuan rata-rata dihadiri members of the Audit Committee in attendance, including
oleh 2 (dua) orang anggota Komite Audit, termasuk Ketua the Chairman of the Audit Committee.
Komite Audit.
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Sekretaris Perseroan Corporate Secretary
Sekretaris Perseroan memiliki tanggung jawab utama The Corporate Secretary’s primary responsibility is to liaise
sebagai penghubung antara Perseroan dengan para among the Company, its shareholders, the public and the
pemegang saham, publik dan otoritas pasar modal. Sekretaris capital market authority. The Corporate Secretary is also
Perseroan juga bertugas untuk memberikan infomasi tasked with providing information about the Company
tentang Perseroan yang diperlukan oleh para pemodal dan whenever required by investors and the public, regulate
publik, mengatur penyelenggaraan aksi korporasi Perseroan the implementation of corporate actions, and ensure the
serta menjamin agar Perseroan senantiasa mematuhi Company remains in compliance with applicable capital
peraturan pasar modal maupun peraturan hukum terkini market regulations and current legal regulations. In 2014,
yang berlaku. Dalam tahun 2014, beberapa aktivitas yang the Corporate Secretary performed the following assigned
dilaksanakan oleh Sekretaris Perseroan antara lain: tasks, among other activities:
1. Melakukan keterbukaan infomasi kepada pemegang 1. Conducted information disclosure for shareholders
saham dan publik melalui Bursa Efek Indonesia (BEI) and the public through the Indonesia Stock Exchange
dan Otoritas Jasa Keuangan (OJK), antara lain menyangkut (IDX) and the Financial Services Authority (OJK) regarding
laporan keuangan Perseroan, rencana perluasan fasilitas the Company's financial statements, planned expansion
produksi, perolehan fasilitas kredit dari pihak perbankan, of production facilities, acquisition of credit facilities
keterbukaan informasi tentang RUPST serta paparan from banks, information about the AGM and public
publik. exposure, among others.
2. Menjalin komunikasi dengan otoritas pasar modal serta 2. Established communication line with capital market
profesi penunjang modal lainnya, seperti Biro Administrasi authorities and other capital support professionals,
Efek, notaris, konsultan hukum dan penilai aset Perseroan. such as the registrar, notary, legal consultant and asset
3. Mengikuti perkembangan pasar modal dan peraturan- appraisers for the Company.
peraturan terkini yang berlaku di pasar modal. 3. Monitored the development of the capital markets
4. Memantau kepatuhan Perseroan untuk memenuhi including current regulations being applied in the capital
peraturan hukum dan perundang-undangan yang markets.
berlaku di pasar modal dan peraturan hukum yang 4. Monitored the Company’s compliance in meeting the
terkait lainnya. laws and regulations enforced in the capital markets
5. Memelihara dan memeriksa daftar pemegang saham and other related legal regulations.
melalui Biro Administrasi Efek Perseroan serta melakukan 5. Maintained and checked the list of shareholders through
pelaporan registrasi pemegang saham dengan the Company’s Securities Administration Agency and
kepemilikan 5% atau lebih. reported the registration of shareholders with holdings
6. Melakukan koordinasi penyelenggaraan RUPST dan of 5% or more.
RUPSLB pada tanggal 23 Mei 2014 6. Coordinated the implementation of AGMS and EGMS
7. Melaksanakan paparan publik pada tanggal 29 Desember on 23 May 2014
2014. 7. Performed public expose event on 29 December2014.
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Sekretaris Perseroan dijabat oleh Theodorus Leonardi, Theodorus Leonardi holds the position of Corporate
berdasarkan surat penunjukan Direksi pada tahun 1999. Secretary based on the letter of appointment by the Directors
Menjabat juga sebagai Kepala Keuangan Perseroan dan in 1999. He previously served as the Company's Chief
sebelumnya pernah berkarir di PT Intinusa Selareksa Tbk, Financial Officer and built his career by working for PT
grup Nawa Panduta, serta PT Bank Dagang Nasional Intinusa Selareksa Tbk, Panduta Nawa group, and PT Bank
Indonesia Tbk. Memperoleh gelar Master of Applied Finance Dagang Nasional Indonesia Tbk. He earned a Master of
dari Macquarie University, Sydney, Australia, pada tahun Applied Finance degree from Macquarie University, Sydney,
1997 serta Sarjana Teknik dari Universitas Indonesia pada Australia in 1997 and a Bachelor of Engineering degree
tahun 1993. from the University of Indonesia in 1993.
Perseroan belum memiliki kebijakan khusus yang mengatur The Company does not have a specific policy governing
tentang masa jabatan untuk Sekretaris Perseroan. the term of office for the Corporate Secretary.
Divisi Audit Internal berfungsi untuk menjaga kepatuhan The Internal Audit Division ensures compliance of each
setiap unit kerja terhadap standar operasi, peraturan dan unit to operating standards, regulations and internal control
sistem pengendalian internal sesuai dengan pedoman yang systems in accordance with established guidelines of the
telah ditetapkan Perseroan. Perseroan telah memiliki divisi Company. The Company’s Internal Audit Division was
Audit Internal sejak tahun 1990, yang selanjutnya established in 1990 and it was further strengthened in
disempurnakan pada tahun 2009 dengan berpedoman 2009 by referring to Bapepam & LK No. IX.I.7 as a guide,
pada peraturan Bapepam & LK No. IX.I.7, termasuk including the appointment of an Internal Audit Chairman
mengukuhkan penunjukan Kepala Unit Audit Internal oleh as confirmed by the President Director. The following are
Direktur Utama. Kualifikasi dan persyaratan yang ditentukan several qualifications and requirements appointed to the
bagi Unit Audit Internal Perseroan antara lain: Internal Audit Unit:
●● Memiliki integritas yang tinggi, jujur, disiplin dan ●● High integrity, honesty, discipline and independence
independen
●● Memiliki latar belakang, pengetahuan, pendidikan dan/ ●● Possess background knowledge, education and/or
atau pengalaman dibidang teknis audit dan disiplin experience in auditing technical and scientific disciplines/
ilmu/bidang operasional yang relevan sesuai cakupan fields relevant to the operational scope of work.
pekerjaannya.
●● Memahami peraturan hukum, perundang-undangan ●● Understand the laws and prevailing capital market
dan pasar modal yang berlaku. regulations.
●● Memiliki pengetahuan yang baik tentang manajemen ●● Have excellent knowledge of risk management in
risiko dalam pengelolaan operasi Perusahaan serta managing the Company's operations and Good Corporate
praktik tata kelola perusahan yang baik dalam lingkungan Governance practices in the Company's working
kerja Perusahaan. environment.
59
Struktur dan kedudukan unit Audit Internal berada langsung Within the organizational structure, the position of the
dibawah Direksi. Audit Internal akan memberikan laporan Internal Audit unit sits directly under the Board of Directors.
tentang hasil temuan-temuan di lapangan dan saran-saran Internal Audit provides a report containing the findings in
perbaikan kepada Direksi, untuk selanjutnya akan the field and suggestions for improvement to the Board of
ditindaklanjuti oleh unit kerja yang bersangkutan. Audit Directors which will then be followed up by the unit
Internal kerap bekerja sama dengan Komite Audit guna concerned. Internal audits often cooperate with the Audit
mendiskusikan temuan-temuan baru yang sekiranya perlu Committee to discuss new findings which may require
mendapat perhatian dan tindakan perbaikan lebih lanjut, attention and further remedial action. These are all used
yang secara keseluruhan berguna untuk peningkatan for the overall improvement of the Company’s performance.
kinerja Perseroan.
Kegiatan yang telah dilaksanakan oleh Audit Internal selama Activities carried out by the Internal Audit for 2014 include:
tahun 2014 diantaranya:
1. Memantau dan mengevaluasi sistem pengendalian 1. Monitored and evaluated the internal control system
intern dan manajemen risiko sesuai dengan kebijakan and risk management in accordance with Company
Perseroan. policy.
2. Memberikan masukan yang obyektif untuk 2. Provided objective input for improving activities examined
penyempurnaan kegiatan yang diperiksa pada semua at all levels of management.
tingkatan manajemen.
3. Memantau, menganalisis dan melaporkan kemajuan 3. Monitored, analyzed and reported on the progress of
pelaksanaan tindak lanjut perbaikan yang telah disarankan implementation of the suggested improvements.
sebelumnya.
4. Melakukan pemeriksaan dan penilaian atas efisiensi 4. Conducted the examination and assessment of
dan efektivitas operasional, antara lain menyangkut operational efficiency and effectiveness related to the
bidang Komersial, Akuntansi, Keuangan, Produksi, fields of Commercial, Accounting, Finance, Production,
Pembelian, Persediaan, Sumber Daya Manusia dan Purchasing, Inventory, Human Resources and other
kegiatan lainnya. activities.
5. Membuat laporan hasil audit dan menyampaikan laporan 5. Drafted the results of the audit report and submitted
tersebut kepada Direksi dan Dewan Komisaris. the report to the Board of Directors and Commissioners.
6. Menyusun Audit Charter dan program evaluasi mutu 6. Developed an Audit Charter and quality evaluation
kegiatan Internal Audit yang dilakukannya. program for the activities done by the Internal Audit.
Divisi Audit Internal Perseroan dipimpin oleh Benito Sutarna, The Internal Audit Division is headed by Benito Sutarna
dibantu oleh seorang anggota lainnya. Mulai berkarya di who is also assisted by another member. He has been
Argha sejak tahun 1990 dan menjabat sebagai ketua divisi working with Argha since 1990 and has served as Chairman
Audit Internal berdasarkan penunjukan dari Direksi pada of the Internal Audit Division by appointment of the Board
tahun 2009. Meraih gelar Sarjana Ekonomi jurusan Akuntansi of Directors in 2009. He earned a Bachelor of Economics
dari Universitas Tarumanegara, Jakarta, pada tahun 1982 degree majoring in Accounting from the University of
dan pernah berkarir sebagai Senior Auditor di Kantor Tarumanegara, Jakarta in 1982. He previously worked as
Akuntan Publik SGV Utomo serta Kepala Akuntansi dan Senior Auditor at SGV Utomo Public Accountant Office
Keuangan di PT Amalgam Corporation. and Head of Accounting and Finance at PT Amalgam
Corporation.
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Sistem Pengendalian Internal Internal Control System
Sistem pengendalian internal Perseroan dilaksanakan oleh The Company's Internal Control System is implemented
Direksi, divisi Akuntansi dan Keuangan, Audit Internal dan by the Board of Directors, Accounting and Finance Division,
Komite Audit. Tujuan utama dari penerapan sistem ini Internal Audit and Audit Committee. The main objective
adalah memberikan jaminan yang memadai untuk pencapaian in applying this system is to provide adequate guarantee
efisiensi dan efektivitas operasional, kehandalan dan in achieving operational efficiency and effectiveness,
keakuratan pelaporan keuangan, pengamanan terhadap reliability and accuracy in financial reporting, safeguard
aset Perseroan serta kepatuhan terhadap kebijakan dan the Company's assets, and compliance with policies and
peraturan hukum yang berlaku. applicable laws and regulations.
Selama tahun 2014, sistem pengendalian internal Perseroan During 2014, the Company's internal control system has
telah berjalan relatif baik dan efektif, sehingga operasi been running relatively well and effectively, hence the
Perseroan sehari-hari dapat senantiasa berjalan lancar, Company's day-to-day operations can continue to run
tanpa kendala yang berarti. Hal ini tidak terlepas penerapan smoothly without significant obstacles. This is not attributed
kebijakan, sistem maupun prosedur secara ketat, disamping solely to the strict implementation of policies, systems and
peran unit Audit Internal, bersama dengan Komite Audit, procedures but also due to the role of the Internal Audit
yang terus melakukan temuan dan perbaikan secara unit together with the Audit Committee, which continue
berkesinambungan, sehingga setiap kebijakan, sistem to identify and improve policies, systems and procedures.
maupun prosedur yang ada dapat terus disempurnakan. In relation to the implementation of the Internal Control
Berkaitan dengan system pengendalian internal ini, Perseroan System, the Company has made several efforts , including:
telah melakukan beberapa upaya, meliputi:
1. Mempertegas visi dan misi serta nilai-nilai dasar, 1. Reinforced the vision and mission, as well as the
sehingga semakin jelas dan dipahami sehingga menjadi Company values to make it more clear and understandable
akar budaya kerja seluruh tingkatan karyawan. as the foundation of the working culture of employees
2. Penyempurnaan terhadap struktur organisasi menjadi in all levels.
lebih efisien dan efektif serta memiliki tanggung jawab 2. Enhanced the organizational structure to be more
fungsional yang jelas. efficient and effective, and clarified responsibilities for
3. Penyempurnaan atas deskripsi pekerjaan untuk setiap each function.
jenjang karyawan dalam divisi kerja yang ada sehingga 3. Improved job descriptions for employees in each level
lebih mempertegas pendelegasian tugas dan tanggung in terms of division of labor so as to reinforce the proper
jawab setiap karyawan. delegation of tasks and responsibilities.
4. Pemantauan penggunaan otorisasi atau wewenang 4. Created a monitoring system for authorization or access
yang jelas untuk melakukan transaksi dari jajaran in making transactions from the ranks of management
manajemen dan Direksi sehingga setiap pengeluaran and the Board of Directors so that any operating costs
biaya operasional dan modal dapat dipertanggungjawabkan and capital expenditure can be justified in terms of
dari sisi keabsahan, kelayakan dan anggaran yang telah validity, feasibility and allocated budget.
ditetapkan.
5. Penyempurnaan sistem terintegrasi guna mendapatkan 5. Improved on the integrated system that obtains more
data dan informasi yang lebih akurat dan terkini, sehingga accurate and updated data or information in order to
mendukung pencatatan kinerja operasi dan keuangan support the operating performances and financial
yang akurat serta pengambilan keputusan yang cepat records that are accurate and can aid in rapid formulation
dan strategis. of strategies and decisions.
61
6. Pembentukan komite khusus guna mendeteksi 6. Established a special committee that can detect
kelemahan, pemborosan dan penyimpangan operasi weaknesses, waste and irregularities that occur in daily
yang terjadi sehingga dapat dilakukan proses pencegahan operations, so as to develop a process for prevention
dan penyempurnaan selanjutnya. and further development.
Dalam upaya mencapai visi dan misi yang ditetapkan, In its efforts to achieve the vision and mission, the Company
Perseroan menghadapi sejumlah risiko usaha yang bersumber faces a number of business risks that emanate from both
dari internal maupun eksternal dalam melakukan operasinya internal and external factors of daily operations. A number
sehari-hari. Beberapa jenis risiko usaha mampu dikendalikan of business risk types are manageable and can be easily
dan diredam oleh Perseroan, namun ada beberapa controlled by the Company. There are some, however, that
diantaranya yang tidak mampu dikendalikan, diantaranya are not as controllable such as those involving government
yang berasal dari kebijakan pemerintah, kondisi moneter policies, monetary conditions and the global economy, or
dan ekonomi global maupun force majeur. in cases of a force majeure.
Berikut adalah sejumlah risiko usaha yang dihadapi Perseroan The following represent a number of business risks faced
dan cara yang ditempuh Perseroan untuk mengelolanya: by the Company and how the Company managed them:
62
2. Risiko pasokan dan harga bahan baku. 2. Risks in raw materials supply and pricing.
Gejolak harga minyak bumi dunia dan kondisi yang tidak Oil price fluctuations and conditions in the balance of
seimbang pada pasokan dan permintaan di pasar dapat supply and demand within the market can lead to distortions
menimbulkan distorsi pada pasokan bahan baku Perseroan. in the Company's supply of raw materials. In order to reduce
Guna menekan risiko tersebut, Argha secara aktif berupaya the risks, Argha aggressively seeks to diversify by adding
melakukan diversifikasi melalui penambahan jumlah more suppliers as well as opening up commercial cooperation
pemasok serta membuka kerja sama komersial dengan with several major suppliers, especially from international
beberapa pemasok utama, khususnya dari pasar internasional. markets. This will reduce Company dependence, and further
Hal ini dapat mengurangi ketergantungan Perseroan guarantee a supply of raw materials in a sustainable manner
sekaligus memberikan jaminan pasokan bahan baku secara with a purchase price that is more competitive. The Company
berkelanjutan, dengan harga beli yang lebih kompetitif. also often engages in technical cooperation by providing
Perseroan juga kerap menggalang kerjasama teknis guna feedback to suppliers so raw materials that are produced
memberikan masukan kepada para pemasok untuk dapat more efficiently and of higher quality can be supplied to
memproduksi bahan baku yang lebih efisien dan berkualitas the Company.
tinggi untuk dipasok kepada Perseroan.
3. Risiko keusangan sistem dan teknologi. 3. Risks in system and technology obsolesce.
Sebagai pelopor industri kemasan fleksibel di Asia Tenggara, As a pioneer in the flexible packaging industry in South
Perseroan telah beroperasi selama lebih dari 3 (tiga) dekade, East Asia, the Company has already been operating for
sehingga beberapa mesin produksi sudah relatif using tua more than three (3) decades. Hence, some of the production
dan tidak sebanding dengan mesin-mesin produksi baru machines used are relatively old and incomparable to new
yang lebih efisien. Namun demikian, karena Perseroan production machines that are more efficient. The Company,
tetap melakukan program pemeliharaan dan peremajaan however, still implements maintenance and upgrade
secara rutin, maka mesin-mesin tersebut dapat digunakan programs on a regular basis so machines are still used to
untuk memproduksi jenis kemasan fleksibel tertentu produce specific types of flexible packaging. Production
sehingga kinerja produksi dari mesin-mesin dapat terjaga performance of machines can therefore be optimally
secara optimal. maintained.
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5. Risiko kredit. 5. Credit risks.
Perseroan menjual produk dengan memberikan kredit The Company sells products by giving credit to customers
kepada para pelanggan sehingga berisiko terhadap so as to lessen the risk of uncollected accounts receivables.
munculnya piutang dagang yang tidak tertagih. Sebagai In order to mitigate this risk, the Company strictly conducts
langkah mitigasi atas risiko ini, Perseroan secara ketat a feasibility analysis before providing credit to customers.
melakukan analisa kelayakan pemberian kredit kepada This analysis involves ocular inspection of the customer’s
setiap pelanggan, antara lain dengan melakukan peninjauan place of business, and customizing payment terms and
ke tempat usaha pelanggan serta pemberian termin credit limits according to the needs and ability of each
pembayaran dan limit kredit yang disesuaikan sesuai dengan customer to pay. The process requires periodic review so
keperluan dan kemampuan membayar dari masing-masing that the customer's credit status and conditions can be
pelanggan. Kelayakan ini akan ditinjau secara berkala determined in accordance with current conditions.
sehingga status kredit dan kondisi pelanggan dapat diketahui
sesuai dengan kondisi terkini.
6. Risiko kenaikan suku bunga pinjaman. 6. The risk of increase in interest rates on loans.
Kenaikan tingkat suku bunga pinjaman akan memberikan The increase in the loan interest rate is directly proportional
pengaruh bagi peningkatan biaya operasional, terutama to rise in operating costs, especially in terms of financing
dari sisi pembiayaan modal kerja dan biaya modal. Guna for working capital and capital costs. In order to reduce
menekan risiko ini, maka Perseroan selalu berupaya mencapai this risk, the Company always seeks to achieve a balance
keseimbangan, khususnya pada komposisi piutang dagang, specifically in the composition of accounts receivables,
persediaan dan hutang dagang sehingga kebutuhan modal inventory and accounts payable so the net working capital
kerja bersih dapat terjaga secara optimal. Selain itu, untuk requirements can be optimally maintained. To further
menekan biaya modal, Perseroan antara lain berupaya reduce the cost of capital, the Company attempts to reduce
menekan pembelian barang modal yang tidak mendesak the purchase of capital goods that are not urgent and
dan melakukan perawatan fasilitas produksi secara teratur performs regular maintenance of production facilities that
sehingga dapat mendukung penggantian suku cadang can support the replacement of engine spare parts efficiently
mesin secara efisien dan efektif. and effectively.
Selama ini, pelaksanaan manajemen risiko Perseroan telah Until today, the implementation of risk management has
menjalankan cukup memadai. Pengendalian risiko dipimpin been running quite well. Risk controls led by the Board of
langsung oleh Direksi dan jajaran manajemen, dan Directors and the management, plus the development of
menghasilkan kebijakan dan langkah-langkah strategis policies and strategic measures effectively reduce and even
guna menekan, bahkan menghindari setiap risiko usaha avoid any business risk that may emerge in any sector of
yang muncul di setiap sektor operasi Perseroan. Direksi the Company's operations. The Board of Directors and
dan seluruh jajaran manajemen akan melakukan identifikasi, management will identify, analyze and evaluate each of
analisa dan evaluasi atas setiap kegiatan operasi Perseroan the Company's operations and make risk management an
dan menjadikan manajeman risiko sebagai bagian penting important part of the decision making process so that the
dari proses pengambilan keputusan sehingga risiko-risiko risks faced by the Company's business may be kept as
usaha yang mungkin dihadapi Perseroan dapat ditekan minimal as possible.
serendah mungkin.
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Perkara penting yang dihadapi Cases/Claims faced by the
Perseroan Company
Selama tahun 2014, Perseroan, entitas anak, anggota In 2014, the Company, its subsidiaries, current Commissioners
Komisaris maupun Direksi yang sedang menjabat tidak and Directors did not encounter cases or claims that are
memiliki maupun menghadapi perkara atau gugatan apapun of importance and/or may affect the performance of the
yang bersifat material dan dapat mempengaruhi kinerja Company.
Perseroan.
Pada tahun buku 2014, tidak ada sanksi administratif yang In the fiscal year 2014, no administrative sanctions were
dikenakan oleh otoritas pasar modal dan otoritas lainnya, imposed by capital market authorities and other governing
baik kepada Perseroan, anggota Dewan Komisaris maupun entities to the Company, the Board of Commissioners and
Direksi Perseroan. the Board of Directors.
Perseroan telah memiliki Komite Etika yang memiliki tugas The Company has an Ethics Committee which is tasked
utama untuk merumuskan pokok-pokok kode etik dan to primarily formulate the main points of the code of ethics
mengawasi penerapannya pada setiap karyawan dari and oversee its application by every employee in various
berbagai tingkatan. Pokok-pokok yang diatur dalam kode levels. The main points set out in the code of conduct,
etik antara lain mencakup hal-hal berikut : among others, include the following:
Setiap bentuk pelanggaran kode etik yang dilaporkan Any violation of the code of ethics that are reported or
ataupun terdeteksi akan diproses oleh Komite Etika dan detected will be processed by the Ethics Committee.
selanjutnya pelaku pelanggaran akan diberikan sanksi Subsequent offenders will be strictly punished through
tegas melalui divisi SDM, sesuai dengan ketentuan yang the HR department, in accordance with applicable regulations.
berlaku. Dalam kode etik telah dicantumkan pemberlakukan The code of conduct includes its application among all
kode etik untuk setiap jenjang karyawan, termasuk Direksi employees at every level, including the Board of Directors
dan Dewan Komisaris Perseroan. and Commissioners.
65
Perseroan juga telah mencanangkan integritas dan The company has also implemented integrity and
profesionalisme sebagai nilai-nilai dasar dan menjadi professionalism as part of its core values. These values
bagian dari budaya kerja yang harus tertanam dalam diri become part of the culture that should be ingrained in
setiap karyawan, termasuk juga anggota Direksi dan Dewan every employee, including members of the Board of Directors
Komisaris ketika melaksanakan tugasnya sehari-hari. and Commissioners when carrying out their daily duties.
Sampai dengan saat ini, Perseroan belum memiliki kebijakan To date, the Company does not have a policy governing a
yang mengatur program kepemilikan saham bagi karyawan share ownership program for employees and/or management.
dan/atau manajemen.
Dalam upaya mendapatkan masukan-masukan dari para In efforts to gather input from employees in order to
karyawan untuk tujuan perbaikan di setiap aspek operasional, implement improvements in every aspect of operations,
maka Perseroan menyediakan suatu sistem pengaduan, the Company implemented a complaints system wherein
pelaporan pelanggaran maupun keluhan, yang dapat violations and complaints can be reported and delivered
disampaikan oleh karyawan melalui jaringan web internal, by employees through an internal network, suggestion
kotak saran, Sekretariat Serikat Pekerja atau kantor Personnel boxes, Secretariat of the Labor Union or the Company’s
Officer Perseroan. Personnel Officer.
Penanganan laporan pelanggaran dilakukan dengan prosedur Reports on violations are handled using the following
sebagai berikut: procedure:
●● Secara periodik, petugas memeriksa laporan-laporan ●● Periodically, officers examine the reports that go through
yang masuk melalui sarana yang telah tersedia. the facilities that have been implemented.
●● Petugas menampung dan mendiskusikan masalah ●● Officers accommodate and discuss the report with the
laporan tersebut dalam unit Hubungan Industri. Pelapor Industrial Relations unit. The reporter will be treated
akan diperlakukan secara rahasia. confidentially.
●● Apabila laporan dinilai layak dan wajar serta dipandang ●● If the report is considered feasible, reasonable, and
perlu ditindaklanjuti, maka unit Hubungan Industri deemed executable, the Industrial Relations unit of the
Perusahaan akan membahas laporan tersebut kepada Company will discuss the report to the involved division.
divisi kerja yang terkait. Laporan pelanggaran dapat Reports of violations can be discussed all the way up
dibicarakan sampai ke tingkatan Direksi, tergantung to the level of the Board of Directors, depending on
jenis dan kasusnya. the type and case.
●● Setelah pengambilan keputusan atas laporan tersebut, ●● After making a decision on the report, the related
maka divisi terkait akan menindaklanjuti untuk tindakan divisions will follow up for further corrective actions
perbaikan selanjutnya yang diperlukan dan memantau and monitor the development and completion.
perkembangan serta penyelesaiannya.
66
Tanggung jawab sosial Perseroan Corporate Social Responsibility
Perseroan sepenuhnya menyadari bahwa kinerja operasi The Company is fully cognizant of the fact that the good
yang baik, yang telah berjalan selama lebih dari 3 (tiga) operating performance, which has been running for more
dekade ini merupakan buah sinergi kerjasama yang positif than three (3) decades, is the fruit of positive working
dengan masyarakat, khususnya di sekitar lokasi pabrik di synergy with the community, particularly within the vicinity
kawasan Citeureup. Untuk itu, menjaga keseimbangan of the C
iteureup factory. Therefore, maintaining a balance
antara praktik bisnis dan kontribusi terhadap pembangunan between business practices and contributing to the
masyarakat sekitar merupakan bagian yang tidak terpisahkan development of the surrounding community has become
dalam perjalanan sejarah Perseroan. Sejak mulai beroperasi an integral part of the history of the Company. Since
komersial di tahun 1982, Perseroan Perseroan memiliki commercial operations commenced in 1982, the Company
komitmen dan tanggung jawab untuk memberikan nilai has nurtured a commitment and responsibility to give
tambah terhadap peningkatan taraf hidup dan kesejahteraan added value to improving living standards and welfare, and
serta pembangunan masyarakat yang mandiri secara sosial developing the surrounding community both socially and
dan ekonomi. economically.
Pelaksanaan tanggung jawab sosial Perseroan meliputi Implementation of Corporate Social Responsibility covers
berbagai aspek antara lain sosial, ekonomi, lingkungan various aspects such as social, economic, environment,
hidup, produk dan ketenagakerjaan. Dalam tahun 2014, product and labor. In 2014, the Company organized several
Perseroan telah melaksanakan beberapa program antara lain: programs, such as:
1. Kesejahteraan sosial dan ekonomi masyarakat. 1. The social and economic welfare of society.
Program yang dilakukan Perseroan antara lain sumbangan This program includes road repairs and basic food donations
perbaikan jalan dan sembako untuk lingkungan RT/RW for the communities, donation of animals during the
setempat, sumbangan hewan kurban pada Hari Raya, Sacrificial Feast, provision of clean water especially during
bantuan penyediaan air bersih khususnya pada musim the dry season, blood donations, provision of nutritious
kemarau, donor darah, bantuan penyediaan makanan food in the local neighborhood health center, eradication
bergizi di posyandu setempat, penanggulangan penyakit of infectious diseases such as dengue fever, construction
menular seperti demam berdarah, penyediaan mushola of public prayer house and repair of the place of worship.
umum serta bantuan perbaikan untuk tempat ibadah di
lingkungan setempat.
67
air sisa produksi dan limbah rumah tangga serta pengadaan household waste production. The Company also provides
sumur resapan. recharge wells.
asuransi tenaga kerja dan kesehatan serta program program and health and employee pension plans.
dana pensiun karyawan.
●● Penyempurnaan dan penerapan standar keselamatan ●● Completed and implemented safety standards in the
di lingkungan kerja karyawan, menyediakan tempat working environment of employees by creating a safe
kerja yang aman dan perangkat keselamatan kerja workplace. The Company provided occupational safety
antara lain penyumbat telinga, masker, helm, sarung devices which include, among others, earplugs, masks,
tangan, sepatu keselamatan dan sebagainya, termasuk helmets, gloves, safety shoes and similar items. Trainings
pelatihan-pelatihan bertema keselamatan kerja seperti were conducted regarding 5R safety, emergency response
5R, tanggap darurat dan HIRAC (Hazard Identification and HIRAC (Hazard Identification and Risk Assessment
and Risk Assessment Control). Control).
manajemen mutu ISO 9001:2008, yang mengatur proses management ISO 9001: 2008, which govern the process
produksi dan operasi Perseroan. of production and operations.
●● Gugus Kendali Mutu (QCC) dan penerapan metoda ●● Quality Circles (QCC) and the consistent application of
Kaizen secara berkesinambungan, khususnya di area the Kaizen method, especially in the area of the
plant
pabrik untuk peningkatan dan perbaikan mutu produk. to enhance and improve product quality.
●● Memperkuat praktik 5R (Ringkas, Rapih, Resik, Rawat, ●● Enforced the practice of 5R (Concise, Precise, Practice,
Rajin) secara konsisten di setiap unit kerja Perusahaan. Maintain, Diligence) consistently in each work unit of
●● Pemeliharaan dan penyempurnaan sarana produksi the Company.
agar terbebas dari serangga dan kotoran. ●● Maintained insect and dirt-free production facilities.
Selama tahun 2014, guna melaksanakan serangkaian In order to carry out the above programs during 2014, the
program-program diatas, Perseroan telah mengalokasikan Company allocated approximately IDR 5.69 billion, which
dana sekitar Rp 5,69 milyar, yang mana sebagian besar is largely dominated by funds for employment practices.
didominasi oleh dana untuk praktik ketenagakerjaan.
68
SURAT PERNYATAAN
DEWAN KOMISARIS DAN DIREKSI
TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN 2014
PT ARGHA KARYA PRIMA INDUSTRY TBK
STATEMENT LETTER
FROM THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS
REGARDING WITH THE RESPONSIBILITY OF THE 2014 ANNUAL REPORT OF
PT ARGHA KARYA PRIMA INDUSTRY TBK
Kami yang bertanda tangan dibawah ini menyatakan bahwa semua We, the undersigned, hereby declare that all information contained in
informasi dalam laporan tahunan PT Argha Karya Prima Industry Tbk the 2014 Annual Report of PT Argha Karya Prima Industry Tbk has been
tahun 2014 telah dimuat secara lengkap dan bertanggung jawab penuh fully disclosed and we are responsible for the validity of the content of
atas kebenaran isi laporan tahunan perusahaan. this Annual Report.
Demikian pernyataan ini dibuat dengan sebenarnya. This is our declaration, which has been made truthfully.
DEWAN KOMISARIS
BOARD OF COMMISSIONERS
Andry Pribadi
Komisaris Utama
President Commissioner
Henry Liem Amirsyah Risjad Brenna Florence Pribadi Johan Paulus Yoranouw Widjojo Budiarto
Komisaris Komisaris Komisaris Komisaris Independen Komisaris Independen
Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner
DIREKSI
BOARD OF DIRECTORS
Wilson Pribadi
Direktur Utama
President Director
69
INFORMASI PERSEROAN
CORPORATE INFORMATION
REPRESENTATIVE OFFICE
Kompleks Pergudangan Margomulyo Permai Blok E No. 1.
Surabaya, Indonesia.
Tel. (62-31) 748 0781
Fax. (62-31) 748 0782
E-mail: akpisby@arghakarya.com
70
LEMBAGA DAN/ATAU PROFESI PENUNJANG PASAR MODAL/
CAPITAL MARKET SUPPORTING INSTITUTIONS & PROFESSIONAL
SERVICES
71
laporan
keuangan
FINANCIAL STATEMENTS
PTArghaKaryaPrimaIndustryTbk
danentitasanaknya/anditssubsidiary
Laporan keuangan konsolidasian tanggal 31 Desember 2014 dan untuk tahun
yang berakhir pada tanggal tersebut beserta laporan auditor independen/
Consolidated financial statements as of December 31, 2014 and for the year
then ended with independent auditors’ report
The original consolidated financial statements included herein
are in the Indonesian language.
37$5*+$.$5<$35,0$,1'8675<7EN PT ARGHA KARYA PRIMA INDUSTRY Tbk
'$1(17,7$6$1$.1<$ AND ITS SUBSIDIARY
/$325$1.(8$1*$1.2162/,'$6,$1 CONSOLIDATED FINANCIAL STATEMENTS
7$1**$/'(6(0%(5'$1 AS OF DECEMBER 31, 2014 AND
8178.7$+81<$1*%(5$.+,5 FOR THE YEAR THEN ENDED
3$'$7$1**$/7(56(%87 WITH INDEPENDENT AUDITORS’ REPORT
%(6(57$/$325$1$8',725,1'(3(1'(1
'DIWDU,VL Table of Contents
+DODPDQ
Page
/DSRUDQ$XGLWRU,QGHSHQGHQ Independent Auditors’ Report
/DSRUDQ3RVLVL.HXDQJDQ.RQVROLGDVLDQ ………Consolidated Statement of Financial Position
Consolidated Statement of Comprehensive
/DSRUDQ/DED5XJL.RPSUHKHQVLI.RQVROLGDVLDQ ……………………………………………… Income
Consolidated Statement of Changes in
/DSRUDQ3HUXEDKDQ(NXLWDV.RQVROLGDVLDQ ………………………………………………. Equity
/DSRUDQ$UXV.DV.RQVROLGDVLDQ ……………. Consolidated Statement of Cash Flows
&DWDWDQDWDV/DSRUDQ.HXDQJDQ.RQVROLGDVLDQ ….. Notes to the Consolidated Financial Statements
The original consolidated financial statements included herein
are in the Indonesian language.
$6(7 ASSETS
$6(7/$1&$5 CURRENT ASSETS
.DVGDQVHWDUDNDV FW Cash and cash equivalents
'DQD\DQJGLEDWDVL FW
SHQJJXQDDQQ\D Restricted funds
,QYHVWDVLMDQJNDSHQGHN GW Short-term investments
3LXWDQJXVDKD W Trade receivables
3LKDNEHUHODVLQHWR H Related parties - net
3LKDNNHWLJD Third parties
3LXWDQJODLQODLQ W Other receivables
3HUVHGLDDQQHWR IM Inventories - net
%LD\DGLED\DUGLPXND J Prepaid expenses
8DQJPXND Advance payments
3DMDNGLED\DUGLPXND UD Prepaid taxes
727$/$6(7/$1&$5 TOTAL CURRENT ASSETS
$6(77,'$./$1&$5 NON-CURRENT ASSETS
(VWLPDVLWDJLKDQSDMDN UE Estimatedclaims for tax refund
8DQJPXNDSHPEHOLDQDVHWWHWDS Advance for purchase fixed assets
,QYHVWDVLSDGDHQWLWDVDVRVLDVL K Investment in associated company
$VHWWHWDSQHWR LM Fixed assets - net
$VHWWDNEHUZXMXGQHWR LM Intangible assets - net
8DQJMDPLQDQ W Guarantee deposits
727$/$6(77,'$./$1&$5 TOTAL NON-CURRENT ASSETS
727$/$6(7 TOTAL ASSETS
1
The original consolidated financial statements included herein
are in the Indonesian language.
D\DD
'HVHPEHU 'HVHPEHU
December 31, &DWDWDQ December 31,
Notes
2
The original consolidated financial statements included herein
are in the Indonesian language.
/$%$6(%(/803$-$.
3(1*+$6,/$1 PROFIT BEFORE INCOME TAX
%(%$13$-$.3(1*+$6,/$1 UG INCOME TAX EXPENSE
/$%$7$+81%(5-$/$1 PROFIT FOR THE YEAR
3HQGDSDWDQ5XJL.RPSUHKHQVLI/DLQ ET Other Comprehensive Income (Loss)
3DMDN3HQJKDVLODQ7HUNDLW Tax Effect
3(1'$3$7$158*,
.2035(+(16,) OTHER COMPREHENSIVE
/$,16(7(/$+3$-$. INCOME (LOSS) - NET OF TAX
/$%$58*,.2035(+(16,) NET COMPREHENSIVE
7$+81%(5-$/$11(72 INCOME FOR THE YEAR
/$%$7$+81%(5-$/$1<$1* PROFIT FOR THE YEAR
'$3$7',$75,%86,.$1.(3$'$ ATTRIBUTABLE TO:
3HPLOLNHQWLWDVLQGXN Owners of the parent entity
.HSHQWLQJDQQRQSHQJHQGDOL E Non-controlling interests
1HWR Net
3
The original consolidated financial statements included herein
are in the Indonesian language.
/$%$3(56$+$0'$6$5<$1* BASIC EARNINGS PER SHARE
'$3$7',$75,%86,.$1.(3$'$ ATTRIBUTABLE TO OWNERS
3(0,/,.(17,7$6,1'8. OF THE PARENT ENTITY
DQJNDSHQXK R (full amount)
4
The original consolidated financial statements included herein are in the Indonesian language.
37$5*+$.$5<$35,0$,1'8675<7EN'$1(17,7$6$1$.1<$ PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY
/$325$13(58%$+$1(.8,7$6.2162/,'$6,$1 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO'HVHPEHU For the Year Ended December 31, 2014
'LVDMLNDQGDODPULEXDQUXSLDKNHFXDOLGLQ\DWDNDQODLQ (Expressed in thousands of rupiah, unless otherwise stated)
(NXLWDV\DQJ'DSDW'LDWULEXVLNDQNHSDGD3HPLOLN(QWLWDV ,QGXNEquity Attributable to Owners of the Parent Entity
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQ
0RGDOVDKDP NHXDQJDQ
GLWHPSDWNDQ 7DPEDKDQ Exchange 6DOGRODED
GDQGLVHWRU PRGDO rate Retained earnings .HSHQWLQJDQ
SHQXK GLVHWRUQHWR 6DKDP differences 1RQ
Issued and Additional WUHVXULfrom financial 7HODKGLWHQWXNDQ %HOXPGLWHQWXNDQ SHQJHQGDOL
&DWDWDQ fully paid paid-in capital Treasury statement SHQJJXQDDQQ\D SHQJJXQDDQQ\D 1HWR Non-controlling (NXLWDVQHWR
Notes share capital - net stock translation Appropriated Unappropriated Net Interests Net equity
Balance as of
6DOGRSHU-DQXDUL January 1, 2013
/DEDWDKXQEHUMDODQ Profit for the year
Other comprehensive
3HQGDSDWDQNRPSUHKHQVLIODLQQHWR ET income - net
7RWDOODEDUXJLNRPSUHKHQVLI Total comprehensive income
WDKXQEHUMDODQ for the year
3HQFDGDQJDQVDOGRODED Appropriation of
VHEDJDLGDQDFDGDQJDQ retained earnings for
XPXP general reserve
Balance as of
6DOGRSHU'HVHPEHU December 31, 2013
/DEDWDKXQEHUMDODQ Profit for the year
5XJLNRPSUHKHQVLIODLQQHWR ET Other comprehensive loss - net
/DEDUXJLNRPSUHKHQVLI Net comprehensive income
WDKXQEHUMDODQQHWR for the year
3HQFDGDQJDQVDOGRODED Appropriation of
VHEDJDLGDQDFDGDQJDQ retained earnings for
XPXP general reserve
3HPEDJLDQGLYLGHQNDV Distribution of cash dividend
Balance as of
6DOGRSHU'HVHPEHU December 31, 2014
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ\DQJWLGDNWHUSLVDKNDQGDULODSRUDQ The accompanying notes to the consolidated financial statements form an integral part of these consolidated
NHXDQJDQNRQVROLGDVLDQVHFDUDNHVHOXUXKDQ financial statements taken as a whole.
5
The original consolidated financial statements included herein are
in the Indonesian language.
&DWDWDQ
Notes
6
The original consolidated financial statements included herein are
in the Indonesian language.
&DWDWDQ
Notes
EFFECT OF EXCHANGE RATE
3(1*$58+1,/$,78.$5$7$6 CHANGES ON CASH AND
.$6'$16(7$5$.$6 CASH EQUIVALENTS
7
The original consolidated financial statements included herein are
in the Indonesian language.
8
The original consolidated financial statements included herein are
in the Indonesian language.
9
The original consolidated financial statements included herein are
in the Indonesian language.
10
The original consolidated financial statements included herein are
in the Indonesian language.
3HPEHQWXNDQ NRPLWH DXGLW WHODK GLODNXNDQ The formation of the audit committee is in
VHVXDL GHQJDQ SHUDWXUDQ %$3(3$0/. accordance with the BAPEPAM-LK rule
1R,; No. IX.1.5.
.HORPSRN 8VDKD PHPLOLNL PDVLQJPDVLQJ The Group had 959 and 903 permanent
GDQ NDU\DZDQ WHWDS SDGD WDQJJDO employees (unaudited) as of December 31, 2014
'HVHPEHUGDQWLGDNGLDXGLW and 2013, respectively.
,.+7,6$5.(%,-$.$1$.817$16,6,*1,),.$1 2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES
D 'DVDU SHQ\XVXQDQ ODSRUDQ NHXDQJDQ a. Basis of consolidated financial statement
NRQVROLGDVLDQ presentation
/DSRUDQ NHXDQJDQ NRQVROLGDVLDQ WHODK GLVXVXQ The consolidated financial statements have been
GDQ GLVDMLNDQ VHVXDL GHQJDQ 6WDQGDU $NXQWDQVL prepared and presented in accordance with
.HXDQJDQGL,QGRQHVLD³6$.´\DQJPHQFDNXS Indonesian Financial Accounting Standards
3HUQ\DWDDQ 6WDQGDU $NXQWDQVL .HXDQJDQ (“SAK”), which consist of the Statements of
´36$.´ GDQ ,QWHUSUHWDVL 6WDQGDU $NXQWDQVL Financial Accounting Standards (“PSAKs”) and
.HXDQJDQ ´,6$.´ \DQJ GLNHOXDUNDQ ROHK Interpretations to Financial Acccounting
'HZDQ 6WDQGDU $NXQWDQVL .HXDQJDQ ³'6$.´ Standards (“ISAKs”) issued by the Financial
,NDWDQ $NXQWDQ ,QGRQHVLD GDQ SHUDWXUDQ \DQJ Accounting Standards Board (“DSAK”) of the
WHUNDLW GHQJDQ SHQ\DMLDQ GDQ SHQJXQJNDSDQ Indonesian Institute of Accountants, and the
ODSRUDQ NHXDQJDQ \DQJ GLNHOXDUNDQ ROHK regulations to financial statement presentation
2WRULWDV-DVD.HXDQJDQ³2-.´ and disclosures issued by the Otoritas Jasa
Keuangan (“OJK”).
11
The original consolidated financial statements included herein are
in the Indonesian language.
12
The original consolidated financial statements included herein are
in the Indonesian language.
13
The original consolidated financial statements included herein are
in the Indonesian language.
14
The original consolidated financial statements included herein are
in the Indonesian language.
15
The original consolidated financial statements included herein are
in the Indonesian language.
+DN DWDV WDQDK WHUPDVXN ELD\D SHQJXUXVDQ Landrights, including the legal costs incurred at
OHJDO\DQJWLPEXOSDGDDZDOSHUROHKDQKDNDWDV initial acquisition of landrights, is stated at cost
WDQDK GLQ\DWDNDQ VHEHVDU ELD\D SHUROHKDQ GDQ and not amortized. Specific costs associated with
WLGDN GLDPRUWLVDVL %LD\DELD\D \DQJ WHUMDGL the extension or renewal of land titles are
VHKXEXQJDQ GHQJDQ SHUSDQMDQJDQ DWDX recorded and presented as “Intangible Assets” in
SHPEDKDUXDQ OHJDO KDN DWDV WDQDK GLFDWDW GDQ the consolidated statement of financial position
GLVDMLNDQ VHEDJDL ³$VHW 7DNEHUZXMXG´ SDGD and amortized over the legal term of the
ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ GDQ landrights or economic life of the land, whichever
GLDPRUWLVDVLVHODPDSHULRGHKDNDWDVWDQDKDWDX period is shorter.
WDNVLUDQPDVDPDQIDDWHNRQRPLVWDQDKSHULRGH
PDQD\DQJOHELKSHQGHN
0HVLQ\DQJGLJXQDNDQXQWXNPHPSURGXNVL&33 Machineries used to produce CPP and metallizing
GDQPHWDOOL]LQJ\DQJGLSHUROHKVHMDNWDKXQ products acquired since 1995 are depreciated on
GLVXVXWNDQ GHQJDQ PHWRGH XQLW SURGXNVL DWDV the unit-of-production basis using the estimated
GDVDU HVWLPDVL WRWDO SURGXNVL PDVLQJPDVLQJ total production of 75,000 metric tons and 2.4
VHEHVDU PHWULN WRQ GDQ PLOLDU PHWHU billion square meters, respectively.
SHUVHJL
16
The original consolidated financial statements included herein are
in the Indonesian language.
17
The original consolidated financial statements included herein are
in the Indonesian language.
18
The original consolidated financial statements included herein are
in the Indonesian language.
19
The original consolidated financial statements included herein are
in the Indonesian language.
20
The original consolidated financial statements included herein are
in the Indonesian language.
21
The original consolidated financial statements included herein are
in the Indonesian language.
22
The original consolidated financial statements included herein are
in the Indonesian language.
23
The original consolidated financial statements included herein are
in the Indonesian language.
$VHW GDQ OLDELOLWDV SDMDN WDQJJXKDQ VDOLQJ KDSXV Deferred tax assets and deferred tax liabilities are
NHWLND WHUGDSDW KDN \DQJ GDSDW GLSDNVDNDQ offset if a legally enforceable right exists to set off
VHFDUDKXNXPXQWXNPHODNXNDQVDOLQJKDSXVDVHW current tax assets against current income tax
SDMDN NLQL WHUKDGDS OLDELOLWDV SDMDN NLQL GDQ SDMDN liabilities and the deferred taxes relate to the
WDQJJXKDQ WHUVHEXW WHUNDLW GHQJDQ HQWLWDV NHQD same taxable entity and the same taxation
SDMDN \DQJ VDPD GDQ RWRULWDV SHUSDMDNDQ \DQJ authority.
VDPD
24
The original consolidated financial statements included herein are
in the Indonesian language.
6HOXUXK DVHW NHXDQJDQ GLDNXL SHUWDPD NDOL All financial assets are recognized initially at
SDGD QLODL ZDMDUQ\D GLWDPEDK GHQJDQ ELD\D fair value plus transaction costs, except in the
ELD\D WUDQVDNVL NHFXDOL DSDELOD DVHW case of financial assets which are recorded at
NHXDQJDQ GLFDWDW SDGD QLODL ZDMDU PHODOXL fair value through profit or loss.
ODEDUXJL
3HPEHOLDQ DWDX SHQMXDODQ DVHW NHXDQJDQ Purchases or sales of financial assets that
\DQJ PHPHUOXNDQ SHQ\HUDKDQ DVHW GDODP require delivery of assets within a time frame
NXUXQ ZDNWX \DQJ WHODK GLWHWDSNDQ ROHK established by regulation or convention in the
SHUDWXUDQ DWDX NHELDVDDQ \DQJ EHUODNX GL marketplace (regular way purchases) are
SDVDUSHPEHOLDQVHFDUDUHJXOHUGLDNXLSDGD recognized on the trade date, i.e., the date
WDQJJDOSHUGDJDQJDQVHSHUWLWDQJJDOGLPDQD that the Group commits to purchase or sell
.HORPSRN 8VDKD EHUNRPLWPHQ XQWXN the assets.
PHPEHOLDWDXPHQMXDODVHW
3DGD WDQJJDO 'HVHPEHU DVHW As of December 31, 2014, the Group’s
NHXDQJDQ .HORPSRN 8VDKD PHQFDNXS NDV financial assets included cash and cash
GDQ VHWDUD NDV GDQD \DQJ GLEDWDVL equivalents, restricted funds, short-term
SHQJJXQDDQQ\D LQYHVWDVL MDQJND SHQGHN investments - mutual funds, trade
UHNVDGDQD SLXWDQJ XVDKD SLXWDQJ ODLQODLQ receivables, other receivables and guarantee
GDQ XDQJ MDPLQDQ .HORPSRN 8VDKD WHODK deposits. The Group has determined that all
PHQHWDSNDQ EDKZD VHOXUXK DVHW NHXDQJDQ of these financial assets, except short-term
NHFXDOLLQYHVWDVLMDQJNDSHQGHNUHNVDGDQD investments - mutual funds, are categorized
GLNDWHJRULNDQ VHEDJDL SLQMDPDQ \DQJ as loans and receivables. Short-term
GLEHULNDQ GDQ SLXWDQJ ,QYHVWDVL MDQJND investments - mutual funds are categorized
SHQGHN UHNVDGDQD GLNDWHJRULNDQ VHEDJDL as financial assets at fair value through profit
DVHW NHXDQJDQ \DQJ GLFDWDW SDGD QLODL ZDMDU or loss.
PHODOXLODEDUXJL
3HQJXNXUDQVHWHODKSHQJDNXDQDZDO Subsequent measurement
3LQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ DGDODK Loans and receivables are non-derivative
DVHW NHXDQJDQ QRQGHULYDWLI GHQJDQ financial assets with fixed or determinable
SHPED\DUDQ WHWDS DWDX WHODK GLWHQWXNDQ GDQ payments that are not quoted in an active
WLGDN PHPSXQ\DL NXRWDVL GL SDVDU DNWLI $VHW market. Such financial assets are carried at
NHXDQJDQ WHUVHEXW GLFDWDW SDGD ELD\D amortized cost using the effective interest
SHUROHKDQ \DQJ GLDPRUWLVDVL PHQJJXQDNDQ rate method. Gains or losses are recognized
PHWRGH WLQJNDW EXQJD HIHNWLI /DED DWDX UXJL in profit or loss when the loans and
GLDNXL GDODP ODED UXJL SDGD VDDW SLQMDPDQ receivables are derecognized or impaired, as
GDQ SLXWDQJ GLKHQWLNDQ SHQJDNXDQQ\D DWDX well as through the amortization process.
PHQJDODPL SHQXUXQDQ QLODL VHUWD PHODOXL
SURVHVDPRUWLVDVL
25
The original consolidated financial statements included herein are
in the Indonesian language.
26
The original consolidated financial statements included herein are
in the Indonesian language.
27
The original consolidated financial statements included herein are
in the Indonesian language.
28
The original consolidated financial statements included herein are
in the Indonesian language.
29
The original consolidated financial statements included herein are
in the Indonesian language.
30
The original consolidated financial statements included herein are
in the Indonesian language.
31
The original consolidated financial statements included herein are
in the Indonesian language.
32
The original consolidated financial statements included herein are
in the Indonesian language.
33
The original consolidated financial statements included herein are
in the Indonesian language.
34
The original consolidated financial statements included herein are
in the Indonesian language.
35
The original consolidated financial statements included herein are
in the Indonesian language.
36
The original consolidated financial statements included herein are
in the Indonesian language.
37
The original consolidated financial statements included herein are
in the Indonesian language.
7RWDONDV
Total cash on hand
38
The original consolidated financial statements included herein are
in the Indonesian language.
.DVGLEDQNODQMXWDQ Cash in banks (continued)
5HNHQLQJGRODU$PHULND6HULNDW U.S. dollar accounts
$6SDGDWDKXQGDQ (US$1,563,996 in 2014 and
$6SDGDWDKXQ US$2,790,845 in 2013):
37%DQN0HJD7EN PT Bank Mega Tbk
37%DQN$1=,QGRQHVLD PT Bank ANZ Indonesia
6WDQGDUG&KDUWHUHG%DQN Standard Chartered Bank
37%DQN&,0%1LDJD7EN PT Bank CIMB Niaga Tbk
37%DQN&7%&,QGRQHVLD PT Bank CTBC Indonesia
37%DQN2&%&1,637EN PT Bank OCBC NISP Tbk
8QLWHG2YHUVHDV%DQN/WG United Overseas Bank Ltd.
%DQNRI&KLQD+./WG Bank of China (H.K.) Ltd.
37%DQN0DQGLUL3HUVHUR7EN PT Bank Mandiri (Persero) Tbk
7RWDONDVGLEDQN
Total cash in banks
7RWDOGHSRVLWREHUMDQJND
Total time deposits
7RWDONDVGDQVHWDUDNDV
Total cash and cash equivalents
.LVDUDQWLQJNDWEXQJDSHUWDKXQXQWXN Ranges ofannual interest rates of
GHSRVLWREHUMDQJND time deposits:
5XSLDK Rupiah
'RODU$PHULND6HULNDW U.S. dollar
6HOXUXK UHNHQLQJ EDQN GDQ GHSRVLWR EHUMDQJND All cash in banks and time deposits are placed in
WHUVHEXWGLWHPSDWNDQSDGDEDQNSLKDNNHWLJD third-party banks.
39
The original consolidated financial statements included herein are
in the Indonesian language.
.HQDLNDQSHQXUXQDQQLODLDVHWQHWR Increase (decrease) in net asset value
3HODQJJDQORNDO Local customer
3HODQJJDQHNVSRU Export customer
&DGDQJDQSHQXUXQDQQLODL
Allowance for impairment
40
The original consolidated financial statements included herein are
in the Indonesian language.
/DQFDUGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL Neither past due nor impaired
7HODKMDWXKWHPSRGDQPHQJDODPL
SHQXUXQDQQLODL Past due and impaired
0XWDVL FDGDQJDQ SHQXUXQDQ QLODL SLXWDQJ XVDKD Movements in the allowance for impairment of trade
SLKDNEHUHODVL receivables - related parties:
7DKXQ\DQJ%HUDNKLUSDGD
7DQJJDO'HVHPEHU
Year Ended December 31,
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ Management believes that the allowance for
SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL impairment of trade receivables - related parties is
DGDODK FXNXS XQWXN PHQXWXS NHPXQJNLQDQ NHUXJLDQ sufficient to cover possible losses arising from
DWDVWLGDNWHUWDJLKQ\DSLXWDQJXVDKDWHUVHEXW uncollectible trade receivables.
5LQFLDQ SLXWDQJ XVDKD SLKDN EHUHODVL EHUGDVDUNDQ Details of trade receivables - related parties based on
MHQLVPDWDXDQJ currency:
'HVHPEHUDecember 31,
41
The original consolidated financial statements included herein are
in the Indonesian language.
/DQFDUGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL Neither past due nor impaired
7HODKMDWXKWHPSRGDQWLGDNPHQJDODPL
SHQXUXQDQQLODL Past due but not impaired:
KDUL 0 - 30 days
KDUL 31 - 60 days
KDUL 61 - 90 days
!KDUL > 91 days
0DQDMHPHQ EHUNH\DNLQDQ EDKZD VHOXUXK SLXWDQJ Management believes that all of trade receivables -
XVDKD SLKDN NHWLJD GDSDW GLWDJLK VHKLQJJD WLGDN third parties are collectible in full; therefore, there is
GLSHUOXNDQ DGDQ\D FDGDQJDQ SHQXUXQDQ QLODL XQWXN no allowance for impairment for this account.
DNXQLQL
5LQFLDQ SLXWDQJ XVDKD SLKDN NHWLJD EHUGDVDUNDQ Details of trade receivables - third parties based on
MHQLVPDWDXDQJ currency:
'HVHPEHUDecember 31,
3LXWDQJXVDKDGLMDGLNDQMDPLQDQDWDVSLQMDPDQEDQN Trade receivables are pledged as security for short-
MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ term bank loans and long-term borrowings (Notes 15
&DWDWDQGDQ and 19).
3,87$1*/$,1/$,1 8. OTHER RECEIVABLES
$NXQLQLWHUXWDPDPHUXSDNDQSLXWDQJQRQXVDKDGDUL This account mainly represents non-trade receivables
SLKDN NHWLJD 3DGD WDQJJDO 'HVHPEHU GDQ from third parties. As of December 31, 2014 and
PDQDMHPHQ .HORPSRN 8VDKD EHUNH\DNLQDQ 2013, the Group’s management believes that all
EDKZD VHOXUXK SLXWDQJ ODLQODLQ GDSDW WHUWDJLK other receivables are collectible and no allowance for
VHKLQJJD WLGDN SHUOX GLODNXNDQ SHQ\LVLKDQ DWDV impairment is necessary.
SLXWDQJODLQODLQWHUVHEXW
42
The original consolidated financial statements included herein are
in the Indonesian language.
%DKDQEDNX Raw materials
%DUDQJMDGL Finished goods
%DUDQJGDODPSURVHV Work-in-process
Spare partGDQEDUDQJODLQQ\D Spare parts and others
&DGDQJDQSHQXUXQDQQLODLSHUVHGLDDQ Allowance for inventory losses
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ Management believes that the allowance for
SHQXUXQDQ QLODL SHUVHGLDDQ DGDODK FXNXS XQWXN inventory losses is sufficient to cover the possibility of
PHQXWXSNHPXQJNLQDQSHQXUXQDQQLODLSHUVHGLDDQ decline in value of inventories.
3HUVHGLDDQ GLMDGLNDQ MDPLQDQ XQWXN SLQMDPDQ EDQN Inventories are pledged as security for short-term
MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ bank loans and long-term borrowings (Notes 15
&DWDWDQGDQ and 19).
3HUVHGLDDQ WHODK GLDVXUDQVLNDQ GHQJDQ QLODL Inventories were insured for a total coverage of
SHUWDQJJXQJDQ VHEHVDU $6 DWDX VHWDUD US$22,500,000 or equivalent to Rp279,900,000 as
GHQJDQ 5S SDGD WDQJJDO 'HVHPEHU of December 31, 2014, and US$27,000,000 or
GDQ $6 DWDX VHWDUD GHQJDQ equivalent to Rp329,103,000 as of December 31,
5S SDGD WDQJJDO 'HVHPEHU 2013. Management believes that the insurance
0DQDMHPHQEHUNH\DNLQDQEDKZDQLODLSHUWDQJJXQJDQ coverage is adequate to cover possible losses on the
DVXUDQVL WHUVHEXW WHODK PHPDGDL XQWXN PHQXWXS inventories.
NHPXQJNLQDQNHUXJLDQ\DQJWLPEXOGDULSHUVHGLDDQ
43
The original consolidated financial statements included herein are
in the Indonesian language.
3HUXVDKDDQ Company:
3DMDNSHQJKDVLODQEDGDQ Corporate income tax:
2013
2012
2011
2010
3DMDN3HUWDPEDKDQ1LODL Value Added Tax (“VAT”) -
³331´PDVXNDQQHWR input - net
E (VWLPDVLWDJLKDQSDMDN b. Estimated claims for tax refund
'HVHPEHUDecember 31,
3HUXVDKDDQ Company:
3DMDNSHQJKDVLODQEDGDQ Corporate income tax:
2014
2013
F 8WDQJSDMDN c. Taxes payable
'HVHPEHUDecember 31,
3HUXVDKDDQ Company:
3DMDNSHQJKDVLODQ Income taxes (PPh)
3DVDO Article 4(2)
3DVDO Article 21
3DVDO Articles 23/26
G %HEDQSDMDNSHQJKDVLODQ d. Income tax expense
7DKXQ\DQJ%HUDNKLUSDGD
7DQJJDO'HVHPEHU
Year Ended December 31,
44
The original consolidated financial statements included herein are
in the Indonesian language.
'LWDPEDKGLNXUDQJL
EHGDWHPSRUHU Add (deduct) temporary differences:
3HQ\LVLKDQFDGDQJDQSHQXUXQDQ Provision for inventory
QLODLSHUVHGLDDQQHWR losses - net
3HQ\LVLKDQEHEDQ Provision for employee
LPEDODQNHUMDQHWR benefits expense - net
3HQ\XVXWDQDVHWWHWDS Depreciation of fixed assets
%DJLDQODEDQHWR Share in net earnings of
HQWLWDVDVRVLDVL associated company
3HPXOLKDQFDGDQJDQSHQXUXQDQ Reversal of allowance for
QLODLSLXWDQJXVDKD impairment of trade receivables
45
The original consolidated financial statements included herein are
in the Indonesian language.
(VWLPDVLWDJLKDQ
SDMDNSHQJKDVLODQ Estimated corporate income tax
EDGDQ3HUXVDKDDQ refundable of the Company
3DGD WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ As of the date of the completion of the
NRQVROLGDVLDQ 3HUXVDKDDQ EHOXP consolidated financial statements, the Company
PHQ\DPSDLNDQ 6XUDW 3HPEHULWDKXDQ 7DKXQDQ has not yet submitted its 2014 corporate income
637DWDVSDMDNSHQJKDVLODQEDGDQWDKXQ tax return to the Tax Office. The Company’s
NHSDGD .DQWRU 3DMDN 0DQDMHPHQ 3HUXVDKDDQ management has declared that the Company’s
PHQ\DWDNDQ EDKZD 637 SDMDN SHQJKDVLODQ 2014 corporate income tax will be reported
EDGDQ WDKXQ DNDQ GLODSRUNDQ VHVXDL based on the computation above.
GHQJDQSHUKLWXQJDQSDMDNGLDWDV
(VWLPDVL UXJL ILVNDO 3HUXVDKDDQ XQWXN WDKXQ The Company’s estimated tax loss for 2013, as
VHEDJDLPDQD GLVHEXWNDQ GL DWDV VHVXDL stated above, conforms with the amount
GHQJDQMXPODK\DQJWHUFDQWXPGDODP637SDMDN reported to the Tax Office in its 2013 corporate
SHQJKDVLODQ EDGDQ WDKXQ \DQJ GLODSRUNDQ income tax return.
NH.DQWRU3DMDN
'DODP UDQJND UHVWLWXVL NHOHELKDQ SHPED\DUDQ Pursuant to the process of refund for the
SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ overpayment of the Company’s corporate
VHEHVDU5S'LUHNWRUDW-HQGHUDO income tax for 2010 amounting to
3DMDN WHODK PHQ\HOHVDLNDQ SHPHULNVDDQ GDQ Rp11,478,833, the Directorate General of Taxes
PHQHUELWNDQ 6XUDW .HWHWDSDQ 3DMDN completed its examination and issued tax
1R WDQJJDO $SULO assessment letter No. 00078/406/10/054/12
\DQJ PHQ\HWXMXL NHOHELKDQ SHPED\DUDQ SDMDN dated April 26, 2012, which approved the above
SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ claim for tax refund for 2010. The Company
3DGD WDQJJDO 0HL 3HUXVDKDDQ WHODK received the tax refund for 2010 of
PHQHULPD KDVLO UHVWLWXVL WDKXQ VHEHVDU Rp10,043,211 on May 31, 2012.
5S
46
The original consolidated financial statements included herein are
in the Indonesian language.
47
The original consolidated financial statements included herein are
in the Indonesian language.
3HUXVDKDDQ Company
0DQIDDWEHEDQSDMDNWDQJJXKDQ Income tax benefit (expense):
3HUVHGLDDQ Inventories
8DQJPXND Advance payments
%LD\DGLED\DUGLPXND Prepaid expenses
/LDELOLWDVLPEDODQNHUMD Employee benefits liability
$VHWWHWDS Fixed assets
Share in net earnings of
%DJLDQODEDQHWRHQWLWDVDVRVLDVL associated company
8DQJPXNDSHPEHOLDQDVHWWHWDS Advance for purchase fixed assets
5XJLILVNDO Tax loss
$VHWWDNEHUZXMXG Intangible assets
1LODLWHUFDWDWEHEDQGLWDQJJXKNDQ Carrying value of deferred charges
&DGDQJDQSHQXUXQDQ Allowance for
QLODLSLXWDQJXVDKD
impairment of trade receivables
5LQFLDQ OLDELOLWDV SDMDN WDQJJXKDQ QHWR DGDODK The details of net deferred tax liabilities are as
VHEDJDLEHULNXW follows:
'HVHPEHUDecember 31,
3HUXVDKDDQ Company
$VHWSDMDNWDQJJXKDQ Deferred tax assets
,QYHVWDVLSDGDHQWLWDVDVRVLDVL Investment in associated company
/LDELOLWDVLPEDODQNHUMD Employee benefits liability
&DGDQJDQSHQXUXQDQ Allowance for impairment of
QLODLSLXWDQJXVDKD trade receivables
5XJLILVNDO
Tax loss
48
The original consolidated financial statements included herein are
in the Indonesian language.
49
The original consolidated financial statements included herein are
in the Indonesian language.
67(17$)LOPV0DOD\VLD
6GQ%KG´67(17$´
BBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
%DJLDQ 6HOLVLKNXUV
ODEDQHWR NDUHQD
1LODLWHUFDWDW HQWLWDVDVRVLDVL SHQMDEDUDQ
3HUVHQWDVH 'HVHPEHU Equity in net 3HQHULPDDQ ODSRUDQNHXDQJDQ 1LODLWHUFDWDW
NHSHPLOLNDQ Carrying amount income of GLYLGHQ Foreign currency 31 Desember 2013/
Percentage December 31, associated Dividend translation Carrying amount
of ownership 2012 company received reserves December 31, 2013
BBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
67(17$)LOPV0DOD\VLD
6GQ%KG´67(17$´
BBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
67(17$ EHUJHUDN GDODP ELGDQJ PDQXIDNWXU %233 STENTA is engaged in the manufacture of BOPP
ILOP GDQ PHPXODL SURGXNVL NRPHUVLDOQ\D SDGD DZDO films and commenced its commercial operations in
WDKXQ early 1993.
0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW Management believes that no impairment in the value
SHQXUXQDQ QLODL LQYHVWDVL SDGD HQWLWDV DVRVLDVL SDGD of the investment in the associated company had
WDQJJDO'HVHPEHUGDQ occurred as of December 31, 2014 and 2013.
,QIRUPDVL NHXDQJDQ WDPEDKDQ SDGD WDQJJDO Additional financial information as of December 31,
'HVHPEHU GDQ GDQ XQWXN WDKXQ \DQJ 2014 and 2013 and for the years then ended on the
EHUDNKLU SDGD WDQJJDO WHUVHEXW VHKXEXQJDQ GHQJDQ associated company is as follows:
HQWLWDVDVRVLDVLDGDODKVHEDJDLEHULNXW
7RWDODVHW Total assets
7RWDOOLDELOLWDV Total liabilities
3HQMXDODQQHWR Net sales
/DEDQHWR Net income
50
The original consolidated financial statements included herein are
in the Indonesian language.
6HOLVLKNXUV
NDUHQD
SHQMDEDUDQ
ODSRUDQ
NHXDQJDQ
Exchange
rate
differences
from financial
0XWDVL -DQXDUL/ 3HQDPEDKDQ/ 3HQJXUDQJDQ 5HNODVLILNDVL/ statement 'HVHPEHU/ 2013 Movements
January 1, 2013 Additions Deductions Reclassifications translation December 31, 2013
3DGD WDQJJDO 'HVHPEHU DVHW WHWDS GDODP As of December 31, 2014, the construction in
SHQ\HOHVDLDQ \DQJ WHUXWDPD PHUXSDNDQ EDQJXQDQ progress that mainly consists of building and
GDQ PHVLQ GLHVWLPDVLNDQ DNDQ VHOHVDL SDGD $JXVWXV machinery is estimated to be completed in August
2015.
51
The original consolidated financial statements included herein are
in the Indonesian language.
52
The original consolidated financial statements included herein are
in the Indonesian language.
0DQDMHPHQ MXJD EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW Management also believes that there is no indication
LQGLNDVL SHQXUXQDQ QLODL DVHW WHWDS SDGD WDQJJDO of impairment in value of fixed assets as of
'HVHPEHU December 31, 2014.
D 37%DQN0HJD7EN³0HJD´ a. PT Bank Mega Tbk (“Mega”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL Based on an amendment and reaffirmation of
SHUMDQMLDQ NUHGLW WDQJJDO 6HSWHPEHU loan agreement dated September 17, 2009
\DQJWHODKPHQJDODPLEHEHUDSDNDOLSHUXEDKDQ which has been amended several times, with the
GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO latest amendment being made on
2NWREHU 3HUXVDKDDQ PHPSHUROHK October 2, 2014, the Company obtained credit
IDVLOLWDVNUHGLWGDUL0HJDVHEDJDLEHULNXW facilities from Mega as follows:
x)DVLOLWDV non-cash loan EHUXSD /& sight GDQ x Non-cash loan facility in the form of L/C sight
usance GDQDWDX 6.%'1 GDQDWDX EDQN and usance and/or SKBDN and/or bank
JDUDQVL GDQDWDX /& refinancing guarantee and/or refinancing L/C/
83$683$8 GHQJDQ MXPODK PDNVLPXP UPAS/UPAU facilities for a maximum amount
VHEHVDU $6 \DQJ WHUVHGLD of US$12,500,000, which is available until
VDPSDLGHQJDQWDQJJDO6HSWHPEHU September 17, 2015.
x)DVLOLWDV demand loan VXEOLPLW /& line x Demand loan facility sublimit L/C line and/or
GDQDWDX 6.%'1 GDQDWDX EDQN JDUDQVL SKBDN and/or bank guarantee and/or
GDQDWDX /& refinancing 83$683$8 refinancing L/C/ UPAS/UPAU facilities for a
GHQJDQ MXPODK PDNVLPXP VHEHVDU maximum amount of US$31,500,000, which is
$6 \DQJ WHUVHGLD VDPSDL available until September 17, 2015.
GHQJDQWDQJJDO6HSWHPEHU
x )DVLOLWDV SLQMDPDQ UHNHQLQJ NRUDQ GHQJDQ x Overdraft facility for a maximum amount of
MXPODK PDNVLPXP VHEHVDU 5S Rp10,000,000 which is available until
\DQJ WHUVHGLD VDPSDL GHQJDQ WDQJJDO September 17, 2015.
6HSWHPEHU
53
The original consolidated financial statements included herein are
in the Indonesian language.
3DGD WDKXQ GDQ 3HUXVDKDDQ In 2014 and 2013, the Company used the above
PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO facilities. The proceeds of the loans from these
SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN facilities were used to finance the Company’s
PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN working capital for the purchase of raw materials
SHPEHOLDQEDKDQEDNXGDQDWDXEDUDQJMDGLGDQ and/or finished goods and to finance the
NHJLDWDQRSHUDVLRQDO3HUXVDKDDQ Company’s operating activities.
3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU The loans are secured by cash representing 15%
GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ GDQ of the used amount of the facility (Note 5) and
GHQJDQ DVHW \DQJ VDPD \DQJ GLMDPLQNDQ DWDV the same assets pledged as collateral for long-
SLQMDPDQ MDQJND SDQMDQJ \DQJ GLSHUROHK GDUL term borrowings obtained from the same bank
EDQN\DQJVDPD&DWDWDQ (Note 19).
6DOGR SLQMDPDQ demand loan SDGD WDQJJDO The outstanding demand loan as of December
'HVHPEHU GDQ PDVLQJPDVLQJ 31, 2014 and 2013 amounted to US$12,500,000
VHEHVDU $6 DWDX VHWDUD GHQJDQ or equivalent to Rp155,500,000 and
5S GDQ $6 DWDX VHWDUD US$14,500,000 or equivalent to Rp176,740,500,
GHQJDQ 5S 3LQMDPDQ LQL GLNHQDNDQ respectively. The loan bore interest at the annual
WLQJNDWEXQJDWDKXQDQVHEHVDUSDGDWDKXQ rate of 10% in 2014 and at annual rates ranging
GDQ GLDQWDUD GDQ SDGD WDKXQ from 8% to 10% in 2013.
7LGDN DGD VDOGR SLQMDPDQ UHNHQLQJ NRUDQ SDGD There was no outstanding overdraft loan as of
WDQJJDO 'HVHPEHU GDQ 3LQMDPDQ December 31, 2014 and 2013. The loan during
LQL GLNHQDNDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUD the year bore interest at annual rates ranging
GDQ SDGD WDKXQ GDQ GLDQWDUD from 14% to 14.5% and from 13% to 14% in
GDQSDGDWDKXQ 2014 and 2013, respectively.
E 37%DQN&,0%1LDJD7EN³&,0%1LDJD´ b. PT Bank CIMB Niaga Tbk (“CIMB Niaga”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL Based on an amendment and reaffirmation of
SHUMDQMLDQNUHGLWWDQJJDO-XQL\DQJWHODK loan agreement dated June 30, 2010 which has
PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ GHQJDQ been amended several times, with the latest
SHUXEDKDQ WHUDNKLU SDGD WDQJJDO amendment being made on December 17, 2014,
'HVHPEHU 3HUXVDKDDQ PHPSHUROHK the Company obtained credit facilities from
IDVLOLWDVNUHGLWGDUL&,0%1LDJDVHEDJDLEHULNXW CIMB Niaga as follows:
x )DVLOLWDV /& ,PSRU GDQDWDX 6.%'1 GDQ x Import L/C and/or SKBDN and/or Standby
DWDX Standby Letter of Credit ³6%/&´ Letter of Credit (“SBLC”)-2 with a maximum
GHQJDQ MXPODK PDNVLPXP VHEHVDU amount of US$35,000,000 or equivalent in
$6 DWDX MXPODK \DQJ VHWDUD other currencies, sublimit with PTK Import - 2,
GDODP PDWD XDQJ ODLQQ\D \DQJ EHUVLIDW which is available until December 17, 2015.
sublimitGHQJDQIDVLOLWDV37.,PSRU \DQJ
WHUVHGLD VDPSDL GHQJDQ WDQJJDO
'HVHPEHU
x )DVLOLWDV 37. ,PSRU GHQJDQ VXEOLPLW GDUL x PTK Import - 2 facility sublimit Import L/C
IDVLOLWDV/&,PSRUGDQDWDX6.%'1GDQDWDX and/or SKBDN and/or SBLC-2 facility for a
6%/& GHQJDQ MXPODK PDNVLPXP VHEHVDU maximum amount of US$28,000,000, which is
$6 \DQJ WHUVHGLD VDPSDL available until December 17, 2015.
GHQJDQWDQJJDO'HVHPEHU
3DGD WDKXQ GDQ 3HUXVDKDDQ In 2014 and 2013, the Company used
PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO the above facilities. The proceeds of the loans
SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN from these facilities were used to finance the
PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN Company’s working capital related to the
SHPEHOLDQ EDKDQ EDNX GDQDWDX SHPED\DUDQ purchase of raw materials and/or to pay matured
/&sight\DQJMDWXKWHPSR sight L/C.
54
The original consolidated financial statements included herein are
in the Indonesian language.
55
The original consolidated financial statements included herein are
in the Indonesian language.
6XEWRWDO Sub-total
8WDQJXVDKDNHSDGDSLKDNNHWLJD Trade payables to third parties:
'RODU$PHULND6HULNDW U.S. dollar
5XSLDK Rupiah
0DWDXDQJDVLQJODLQQ\D Other foreign currencies
7LGDN DGD MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ XVDKD All of the trade payables are unsecured.
WHUVHEXW
87$1*/$,1/$,1 17. OTHER PAYABLES
8WDQJODLQODLQWHUXWDPDPHUXSDNDQXWDQJQRQXVDKD Other payables mainly represent non-trade payables
SDGD EHUEDJDL SLKDN NHWLJD 7LGDN DGD MDPLQDQ \DQJ to third parties. All of the other payables are
GLEHULNDQDWDVXWDQJODLQODLQWHUVHEXW unsecured.
57
The original consolidated financial statements included herein are
in the Indonesian language.
3RNRNSLQMDPDQ Principal
D8QL&UHGLW%DQN$*GDKXOX a. UniCredit Bank AG (formerly
%D\HULVFKH+\SRXQG Bayerische Hypo-und
9HUHLQVEDQN$*³8QL&UHGLW´ Vereinsbank AG (“UniCredit”)
E37%DQN&,0%1LDJD7EN b. PTBank CIMB Niaga Tbk
F'=%DQN$* c.DZ Bank AG
G37%DQN0HJD7EN d. PT Bank Mega Tbk
H37%DQN&,0%1LDJD7EN e. PTBank CIMB Niaga Tbk -
8QLW8VDKD6\DULDK Sharia Business Unit
I 37%&$)LQDQFH f. PT BCA Finance
J 37 'LSR6WDU)LQDQFH
g. PT Dipo Star Finance
%DJLDQ\DQJMDWXKWHPSRGDODPVDWXWDKXQ Portion maturing within one year
D8QL&UHGLW a. UniCredit
E37%DQN&,0%1LDJD7EN b. PTBank CIMB Niaga Tbk
F'=%DQN$* c.DZ Bank AG
G37%DQN0HJD7EN d. PT Bank Mega Tbk
H37%DQN&,0%1LDJD7EN e. PTBank CIMB Niaga Tbk -
8QLW8VDKD6\DULDK Sharia Business Unit
I 37%&$)LQDQFH f. PTBCA Finance
J37 'LSR6WDU)LQDQFH
g. PT Dipo Star Finance
7RWDOEDJLDQ\DQJMDWXKWHPSR
GDODPVDWXWDKXQ
Total portion maturing within one year
58
The original consolidated financial statements included herein are
in the Indonesian language.
59
The original consolidated financial statements included herein are
in the Indonesian language.
60
The original consolidated financial statements included herein are
in the Indonesian language.
61
The original consolidated financial statements included herein are
in the Indonesian language.
62
The original consolidated financial statements included herein are
in the Indonesian language.
H 37 %DQN &,0% 1LDJD 7EN 8QLW 8VDKD e. PT Bank CIMB Niaga Tbk - Sharia Business
6\DULDK³&,0%1LDJD6\DULDK´ Unit (“CIMB Niaga Syariah”)
%HUGDVDUNDQ SHUMDQMLDQ SHQ\HGLDDQ IDVLOLWDV Based on a financing agreement dated
SHPELD\DDQ WDQJJDO 6HSWHPEHU September 29, 2010, the Company obtained
3HUXVDKDDQ PHPSHUROHK IDVLOLWDV SHPELD\DDQ murabahah financing facility from CIMB Niaga
PXUDEDKDK GDUL &,0% 1LDJD 6\DULDK GHQJDQ Syariah for a maximum amount of
MXPODK PDNVLPXP VHEHVDU 5S Rp15,000,000. The proceeds of the loan from
)DVLOLWDV SHPELD\DDQ LQL GLJXQDNDQ XQWXN this financing facility were used to finance
PHPELD\DL SHPED\DUDQ GDODP UDQJND payments for purchase of machineries, mainly
SHPEHOLDQ PHVLQPHVLQ NKXVXVQ\D PHVLQ coating film machine and other equipment. This
coating film GDQ SHUDODWDQ ODLQQ\D 3HPELD\DDQ financing facility is repayable in 60 monthly
WHUVHEXW GLED\DU NHPEDOL PHODOXL NDOL installments starting on October 28, 2011 until
DQJVXUDQ EXODQDQ PXODL WDQJJDO 2NWREHU September 28, 2016. This financing facility is
VDPSDL GHQJDQ WDQJJDO 6HSWHPEHU secured by a fiduciary transfer of ownership of
3HPELD\DDQ LQL GLMDPLQ GHQJDQ ILGXVLD the Company’s machineries and/or equipment
DWDVEDUDQJVHNXUDQJNXUDQJQ\DVHQLODLGHQJDQ financed under this financing facility.
KDUJD PHVLQ GDQDWDX SHUDODWDQ \DQJ GLELD\DL
ROHK&,0%1LDJD6\DULDK
3DGD WDKXQ GDQ SHPED\DUDQ In 2014 and 2013, installment payments
DQJVXUDQ SLQMDPDQ PDVLQJPDVLQJ VHEHVDU amounted to Rp2,463,063 and Rp1,883,519,
5SGDQ5S respectively.
6DOGR SHPELD\DDQ SRNRN GDUL SHPELD\DDQ As of December 31, 2014 and 2013, the
PXUDEDKDK SDGD WDQJJDO 'HVHPEHU outstanding loan from the murabahah financing
GDQ PDVLQJPDVLQJ VHEHVDU 5S amounted to Rp5,650,557 and Rp8,113,620,
GDQ 5S )DVLOLWDV SHPELD\DDQ LQL respectively. This financing facility is subject to
GLNHQDNDQ PDUJLQ NHXQWXQJDQ WHUWHQWX \DQJ certain profit margin sharing between the
GLVHSDNDWLEHUVDPDROHK3HUXVDKDDQGDQ&,0% Company and CIMB Niaga Syariah, which is
1LDJD 6\DULDK \DQJ EHVDUQ\D VHWDUD GHQJDQ equivalent to approximately 11.5% per annum in
VHNLWDU SHU WDKXQ SDGD WDKXQ GDQ 2014 and 2013.
I 37%&$)LQDQFH f. PT BCA Finance
3DGD EXODQ 6HSWHPEHU 3HUXVDKDDQ In September 2011, the Company obtained a
PHPSHUROHKIDVLOLWDVNUHGLWGDUL37%&$)LQDQFH credit facility from PT BCA Finance amounting to
VHEHVDU 5S GHQJDQ EXQJD WDKXQDQ Rp1,532,000 with annuity interest of 9.68% per
VHEHVDU SHU WDKXQ 3HUROHKDQ SLQMDPDQ annum. The proceeds of the loan were used to
LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEHOLDQ finance the acquisition of vehicles. The loan is
NHQGDUDDQ 3LQMDPDQ LQL GLED\DU GHQJDQ FLFLODQ payable in monthly installments, with the last
EXODQDQ GHQJDQ SHPED\DUDQ FLFLODQ WHUDNKLU payment being due on August 14, 2015.
SDGDWDQJJDO$JXVWXV
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ NHQGDUDDQ The loan is collateralized by the vehicles
\DQJ GLPLOLNL PHODOXL SLQMDPDQ WHUVHEXW acquired from the proceeds of the loan
&DWDWDQ 3DGD WDKXQ GDQ (Note 14). In 2014 and 2013, installment
SHPED\DUDQDQJVXUDQSLQMDPDQPDVLQJPDVLQJ payments amounted to Rp412,636 and
VHEHVDU 5S GDQ 5S 3DGD Rp374,717, respectively. As of December 31,
WDQJJDO 'HVHPEHU GDQ VDOGR 2014 and 2013, the outstanding loan from this
WHUXWDQJ GDUL IDVLOLWDV NUHGLW LQL PDVLQJPDVLQJ credit facility amounted to Rp298,035 and
VHEHVDU5SGDQ5S Rp710,671, respectively.
63
The original consolidated financial statements included herein are
in the Indonesian language.
64
The original consolidated financial statements included herein are
in the Indonesian language.
65
The original consolidated financial statements included herein are
in the Indonesian language.
E /LDELOLWDVLPEDODQNHUMD b. Employee benefits liability
'HVHPEHUDecember 31,
66
The original consolidated financial statements included herein are
in the Indonesian language.
6DOGRSDGDDZDOWDKXQ
Balance at beginning of year
%HEDQLPEDODQNHUMDQHWR Net employee benefits expense
WDKXQEHUMDODQ during the year
3HPED\DUDQVHODPDWDKXQEHUMDODQ Benefits paid during the year
6DOGRSDGDDNKLUWDKXQ
Balance at end of year
%DJLDQ MDQJND SHQGHN GDUL OLDELOLWDV LPEDODQ The current portion of employee benefits liability
NHUMD EHUGDVDUNDQ 88. \DQJ GLVDMLNDQ VHEDJDL under the Labor Law which presented as part of
EDJLDQ GDUL EHEDQ DNUXDO PDVLQJPDVLQJ accrued expenses amounted to Rp2,756,961
VHEHVDU 5S GDQ 5S SDGD and Rp1,897,246 as of December 31, 2014 and
WDQJJDO 'HVHPEHU GDQ %DJLDQ 2013, respectively. The non-current portion
MDQJND SDQMDQJ \DQJ WHUPDVXN GDODP OLDELOLWDV included in employee benefit liability amounted
LPEDODQ NHUMD PDVLQJPDVLQJ VHEHVDU to Rp16,411,114 and Rp17,11,075 as of
5S GDQ 5S SDGD WDQJJDO December 31, 2014 and 2013, respectively.
'HVHPEHUGDQ
$VXPVLDVXPVL XWDPD \DQJ GLSDNDL GDODP The principal assumptions used in determining
PHQHQWXNDQ OLDELOLWDV LPEDODQ NHUMD MDQJND long-term employee benefits liability as of
SDQMDQJ SDGD WDQJJDO 'HVHPEHU GDQ December 31, 2014 and 2013 are as follows:
DGDODKVHEDJDLEHULNXW
7LQJNDWGLVNRQWR SHUWDKXQSHUDQQXP Discount rate
7LQJNDWNHQDLNDQJDML SHUWDKXQper annum Salary increment rate
7DEHOPRUWDOLWDV 70, Mortality table
8VLDSHQVLXQVHPXDNDU\DZDQGLDQJJDS Retirement age (all employees are
DNDQSHQVLXQSDGDXVLDSHQVLXQ WDKXQyears assumed to retire at their retirement age)
67
The original consolidated financial statements included herein are
in the Indonesian language.
3HUXEDKDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL Changes in the present value of the defined
DGDODKVHEDJDLEHULNXW benefits obligation are as follows:
5LQFLDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL GDQ The details of the present value of defined
SHQ\HVXDLDQ\DQJWLPEXOSDGDOLDELOLWDVSURJUDP benefits obligation and experience adjustment
SDGD WDQJJDO 'HVHPEHU GDQ SHULRGH on plan liabilities as of December 31, 2014 and
HPSDW WDKXQ VHEHOXPQ\D DGDODK VHEDJDL as of the end of each of the immediately
EHULNXW preceding prior four years are as follows:
1LODLNLQL
NHZDMLEDQ Presentvalue ofdefined
LPEDODQSDVWL benefitsobligation
3HQ\HVXDLDQ
\DQJWLPEXO
SDGDOLDELOLWDV Experience adjustment
SURJUDP on plan liabilities
68
The original consolidated financial statements included herein are
in the Indonesian language.
3HUXEDKDQ VHEHVDU VDWX SHUVHQWDVH SDGD One percentage point change in the assumed
WLQJNDW GLVNRQWR SDGD WDQJJDO 'HVHPEHU discount rate as of December 31, 2014 and for
GDQ WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO the year then ended would have had the
WHUVHEXWEHUGDPSDNVHEDJDLEHULNXW following effects:
.HQDLNDQ Increase
$NXPXODVLNHZDMLEDQLPEDODQSDVWL Accumulated defined benefits obligation
%LD\DMDVDNLQLGDQEXQJD Service and interest costs
3HQXUXQDQ Decrease
$NXPXODVLNHZDMLEDQLPEDODQSDVWL Accumulated defined benefits obligation
%LD\DMDVDNLQLGDQEXQJD Service and interest costs
69
The original consolidated financial statements included herein are
in the Indonesian language.
%HUGDVDUNDQ SHQFDWDWDQ 37 5D\D 6DKDP 5HJLVWUD Based on the records maintained by PT Raya Saham
ELURDGPLQLVWUDVLHIHNWLGDNWHUGDSDWDQJJRWD'HZDQ Registra, the shares registrar, as of December 31,
.RPLVDULV GDQ 'LUHNVL \DQJ PHPSXQ\DL VDKDP 2014 and 2013, there were no Company shares held
3HUXVDKDDQ SDGD WDQJJDO 'HVHPEHU GDQ by any member of the Boards of Commissioners and
Directors.
%HUGDVDUNDQ NHSXWXVDQ 5DSDW 8PXP 3HPHJDQJ Pursuant to a resolution in the Extraordinary General
6DKDP /XDU %LDVD ³5836/%´ \DQJ GLDGDNDQ SDGD Meeting of Shareholders (“EGMS”) held on
WDQJJDO )HEUXDUL SHPHJDQJ VDKDP February 19, 2010, the shareholders approved the
PHQ\HWXMXL UHQFDQD 3HUXVDKDDQ XQWXN PHODNXNDQ Company’s plan to buy back its shares. The shares
SHPEHOLDQ NHPEDOL (“EX\EDFN”) VDKDPQ\D 3URJUDP buy-back program was exercised within an 18-month
buyback GLODNVDQDNDQ VHODPD SHULRGH \DQJ WLGDN period from the EGMS date. Under the program, the
PHOHELKL EXODQ NH GHSDQ VHMDN WDQJJDO Company could repurchase up to 10% of its total
SHODNVDQDDQ 5836/% 0HODOXL SURJUDP LQL issued and fully paid share capital. The Company
3HUXVDKDDQ GDSDW PHODNXNDQ buyback PDNVLPXP allocated funds at the maximum of Rp80,000,000
VDPSDL GHQJDQ GDUL PRGDO GLWHPSDWNDQ GDQ taken from its retained earnings to support the shares
GLVHWRU SHQXK 3HUXVDKDDQ PHQJDORNDVLNDQ GDQD buy-back program.
GHQJDQ MXPODK PDNVLPXP 5S \DQJ
EHUDVDO GDUL VDOGR ODED XQWXN PHQGXNXQJ SURJUDP
buybackWHUVHEXW
3URJUDP buyback VXGDK GLVHOHVDLNDQ SDGD WDQJJDO The buy-back program ended on August 19, 2011.
$JXVWXV GLPDQD MXPODK VDKDP \DQJ WHODK The Company had repurchased 67,752,000 shares,
GLEHOL NHPEDOL DGDODK VHEDQ\DN VDKDP equivalent to 9.96% of its total issued and paid-up
VHWDUDGHQJDQGDULPRGDOVDKDPGLWHPSDWNDQ capital, for a total purchase price of Rp79,566,944.
GDQ GLVHWRU SHQXK GHQJDQ MXPODK SHPEHOLDQ The said repurchased shares are accounted for and
VHEHVDU 5S 6HOXUXK VDKDP \DQJ GLEHOL presented as “Treasury Stock”.
NHPEDOL WHUVHEXW GLFDWDW GDQ GLVDMLNDQ VHEDJDL
³6DKDP7UHVXUL´
70
The original consolidated financial statements included herein are
in the Indonesian language.
3HQDZDUDQXPXPSHUGDQDVDKDP
SDGDKDUJD5SDQJNDSHQXK Initial public issuance of 16,000,000 shares
SHUVDKDP at Rp3,800 (full amount) per share(1)
3HQDZDUDQXPXPWHUEDWDVVDKDP Limited offering of 12,000,000 shares at
SDGDKDUJD5SDQJNDSHQXK Rp4,400 (full amount)
SHUVDKDP per share(1)
3HPEDJLDQVDKDPERQXV Issuance of bonus shares
%LD\DHPLVLVDKDP Share issuance costs
3HQLQJNDWDQ0RGDOWDQSD+DNPHPHVDQ(IHN Issuance of shares without
7HUOHELK'DKXOX+0(7'VDKDP pre-emptive rights (HMETD) of
SDGDKDUJD5SDQJNDSHQXK 328,000,000 shares at Rp1,425
SHUVDKDP
(full amount) per share(2)
1HWR Net
(1)
EHUGDVDUNDQQLODLSDUSHUVDKDP5SDQJNDSHQXK based on par value per share of Rp1,000 (full amount)
(2 )
EHUGDVDUNDQQLODLSDUSHUVDKDP5SDQJNDSHQXK based on par value per share of Rp500 (full amount)
6(/,6,+ .856 .$5(1$ 3(1-$%$5$1 24. EXCHANGE RATE DIFFERENCES FROM
/$325$1.(8$1*$1 FINANCIAL STATEMENT TRANSLATION
$NXQ LQL PHUXSDNDQ VHOLVLK NXUV \DQJ WLPEXO GDUL This account represents exchange rate differences
LSHQMDEDUDQ ODSRUDQ NHXDQJDQ (QWLWDV $QDN GDUL arising from (i) translation of the Subsidiary’s financial
GRODU+RQJ.RQJNHGRODU$6GDQGDULGRODU$6NH statements from Hong Kong dollar to U.S. dollar and
PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN from U.S. dollar to the Group’s presentation currency;
8VDKD GDQ LL SHQMDEDUDQ ODSRUDQ NHXDQJDQ and (ii) translation of the Company’s functional
3HUXVDKDDQ GDODP PDWD XDQJ IXQJVLRQDO NH GDODP currency into the Group’s presentation currency.
PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN
8VDKD
3HQMXDODQHNVSRU Export sales
3LKDNNHWLJD Third parties
3LKDNEHUHODVL&DWDWDQ Related party (Note 32)
71
The original consolidated financial statements included herein are
in the Indonesian language.
3HUVHGLDDQEDUDQJGDODPSURVHV Work-in-process inventory:
3DGDDZDOWDKXQ At beginning of year
3DGDDNKLUWDKXQ At end of year
72
The original consolidated financial statements included herein are
in the Indonesian language.
%(%$18080'$1$'0,1,675$6,
28. GENERAL AND ADMINISTRATIVE EXPENSES
7DKXQ\DQJ%HUDNKLUSDGD
7DQJJDO'HVHPEHU
Year Ended December 31,
73
The original consolidated financial statements included herein are
in the Indonesian language.
'LYLGHQ\DQJGLGHNODULVDVL5SSHUVDKDP
SDGDWDKXQGDQ5SQLKLOSHUVDKDP Dividend declared - Rp17 per share
SDGDWDKXQGDODPMXPODK in 2014 and Rpnil per share
UXSLDKSHQXK in 2013 (in full rupiah amount)
6$/'2'$175$16$.6,'(1*$13,+$.3,+$. 32. BALANCES AND TRANSACTIONS WITH
%(5(/$6, RELATED PARTIES
6DOGR GDQ WUDQVDNVL GHQJDQ SLKDNSLKDN EHUHODVL Balances and transactions with related parties were
DGDODKVHEDJDLEHULNXW as follows:
D 3LXWDQJXVDKD a. Trade receivables
'HVHPEHUDecember 31,
370HJDK-D\D7DSH/HVWDUL
PT Megah Jaya Tape Lestari
67(17$ STENTA
7RWDO Total
3HUVHQWDVHWHUKDGDSWRWDODVHW Percentage to total consolidated
NRQVROLGDVLDQ assets
E 8WDQJXVDKD b. Trade payables
'HVHPEHUDecember 31,
74
The original consolidated financial statements included herein are
in the Indonesian language.
370HJDK-D\D7DSH/HVWDUL
PT Megah Jaya Tape Lestari
67(17$ STENTA
370HJDK-D\D7DSH/HVWDUL
PT Megah Jaya Tape Lestari
67(17$
STENTA
7UDQVDNVLWUDQVDNVL\DQJEHUNDLWDQGHQJDQSHQMXDODQ Transactions relating to sales to and purchases
NHSDGD GDQ SHPEHOLDQ GDUL SLKDNSLKDN EHUHODVL from related parties were conducted under terms
GLODNVDQDNDQ GHQJDQ SHUV\DUDWDQ GDQ NRQGLVL \DQJ and conditions similar to those granted to/received
VDPDVHSHUWL\DQJGLODNXNDQGHQJDQSLKDNNHWLJD from third parties.
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ Management believes that the allowance for
SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL impairment of trade receivables - related parties
SDGD WDQJJDO 'HVHPEHU GDQ VHEHVDU as of December 31, 2014 and 2013 amounting to
5S DGDODK FXNXS XQWXN PHQXWXS Rp231,068 each, is sufficient to cover possible
NHPXQJNLQDQNHUXJLDQDWDVWLGDNWHUWDJLKQ\DSLXWDQJ losses arising from uncollectible trade receivables.
XVDKDWHUVHEXW
7LGDN WHUGDSDW MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ All of the trade payables - related parties are
XVDKDSLKDNEHUHODVLWHUVHEXW unsecured.
+XEXQJDQ GDQ VLIDW VDOGR DNXQWUDQVDNVL GHQJDQ The relationship and nature of account
SLKDNSLKDNEHUHODVLDGDODKVHEDJDLEHULNXW balances/transactions with related parties are as
follows:
75
The original consolidated financial statements included herein are
in the Indonesian language.
6LIDW6DOGR$NXQ7UDQVDNVL
3LKDNSLKDN%HUHODVL Nature of Account Balances/
1R Related Parties +XEXQJDQRelationship Transactions
37 0HJDK -D\D 7DSH .HVDPDDQSHPHJDQJVDKDP 3LXWDQJ XVDKD XWDQJ XVDKD
/HVWDUL Common shareholders SHQMXDODQ GDQ SHPEHOLDQTrade
receivables, trade payables, sales,
and purchase
/LDELOLWDVNHXDQJDQODQFDU Current financial liabilities
3LQMDPDQEDQNMDQJNDSHQGHN Short-term bank loans
8WDQJXVDKD Trade payables
8WDQJODLQODLQ Other payables
%HEDQDNUXDO Accrued expenses
%DJLDQSLQMDPDQMDQJNDSDQMDQJ
\DQJMDWXKWHPSRGDODP Current maturites of long-term
VDWXWDKXQ borrowings
76
The original consolidated financial statements included herein are
in the Indonesian language.
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 33. FAIR VALUE OF FINANCIAL INSTRUMENTS
ODQMXWDQ (continued)
1LODL ZDMDU GLGHILQLVLNDQ VHEDJDL MXPODK GLPDQD Fair value is defined as the amount at which the
LQVWUXPHQ WHUVHEXW GDSDW GLSHUWXNDUNDQ GL GDODP instrument could be exchanged in a current
WUDQVDNVL WHUNLQL DQWDUD SLKDN \DQJ EHUNHLQJLQDQ GDQ transaction between knowledgeable willing parties in
PHPLOLNL SHQJHWDKXDQ \DQJ PHPDGDL PHODOXL VXDWX an arm's length transaction, other than in a forced or
WUDQVDNVL \DQJ ZDMDU EXNDQ GDODP SHQMXDODQ \DQJ liquidation sale. Fair values are obtained from quoted
GLSDNVDNDQ DWDX SHQMXDODQ OLNXLGDVL 1LODL ZDMDU market prices, discounted cash flow models and
GLGDSDWNDQGDULNXRWDVLKDUJDSDVDUPRGHODUXVNDV option pricing models, as appropriate.
GLVNRQWR GDQ PRGHO SHQHQWXDQ KDUJD RSVL \DQJ
VHZDMDUQ\D
.HORPSRN 8VDKD PHQJJXQDNDQ KLUDUNL EHULNXW LQL The Group uses the following hierarchy for
XQWXNPHQHQWXNDQQLODLZDMDULQVWUXPHQNHXDQJDQ determining the fair value of financial instruments:
x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ SDGD x Level 1: Fair values measured based on quoted
KDUJD NXRWDVL WLGDN GLVHVXDLNDQ GDODP SDVDU prices (unadjusted) in active markets for identical
DNWLIXQWXNDVHWDWDXOLDELOLWDVVHMHQLV assets or liabilities.
x 7LQJNDW1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN x Level 2: Fair values measured based on valuation
WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ techniques for which all inputs which have a
PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU significant effect on the recorded fair values are
GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ PDXSXQ observable, either directly or indirectly.
WLGDNODQJVXQJ
x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN x Level 3: Fair value measured based on valuation
WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ techniques for which inputs which have a
PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU significant effect on the recorded fair value are
WLGDN GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ not based on observable market data.
PDXSXQWLGDNODQJVXQJ
+LUDUNL QLODL ZDMDU .HORPSRN 8VDKD DGDODK VHEDJDL The Group’s fair value hierarchy is as follows:
EHULNXW
'HVHPEHUDecember 31, 2014
Inputs\DQJ
+DUJD3DVDU GDSDW
\DQJ GLREVHUYDVL
GLNXRWDVLNDQ VHFDUD
XQWXNDVHW ODQJVXQJ
GDQOLDELOLWDV PDXSXQWLGDN Inputs\DQJ
\DQJVDPD ODQJVXQJ VLJQLILNDQ
7LQJNDW 7LQJNDW WHWDSLWLGDN
Quoted prices Significant GDSDW
in active and GLREVHUYDVL
markets for observable 7LQJNDW
identical inputs, Significant
assets or directly or unobservable
liabilities indirectly inputs
7RWDO (Level 1) (Level 2) (Level 3)
/LDELOLWDVNHXDQJDQWLGDN Non-current
ODQFDU financial liabilities
3LQMDPDQMDQJNDSDQMDQJ
6HWHODKGLNXUDQJLEDJLDQ
\DQJMDWXKWHPSRGDODP Long-term borrowings -
VDWXWDKXQ net of current maturities
77
The original consolidated financial statements included herein are
in the Indonesian language.
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 33. FAIR VALUE OF FINANCIAL INSTRUMENTS
ODQMXWDQ (continued)
'HVHPEHUDecember 31, 2013
Inputs\DQJ
+DUJD3DVDU GDSDW
\DQJ GLREVHUYDVL
GLNXRWDVLNDQ VHFDUD
XQWXNDVHW ODQJVXQJ
GDQOLDELOLWDV PDXSXQWLGDN Inputs\DQJ
\DQJVDPD ODQJVXQJ VLJQLILNDQ
/HYHO /HYHO WHWDSLWLGDN
Quoted prices Significant GDSDW
in active and GLREVHUYDVL
markets for observable (Level 3)/
identical inputs, Significant
assets or directly or unobservable
liabilities indirectly inputs
7RWDO (Level 1) (Level 2) (Level 3)
/LDELOLWDVNHXDQJDQWLGDN Non-current
ODQFDU financial liabilities
3LQMDPDQMDQJNDSDQMDQJ
6HWHODKGLNXUDQJLEDJLDQ
\DQJMDWXKWHPSRGDODP Long-term borrowings -
VDWXWDKXQ net of current maturities
,QVWUXPHQNHXDQJDQ\DQJGLVDMLNDQGLGDODPODSRUDQ Financial instruments presented in the consolidated
SRVLVL NHXDQJDQ NRQVROLGDVLDQ GLFDWDW VHEHVDU QLODL statement of financial position are carried at their fair
ZDMDU DWDX VHEDOLNQ\D GLVDMLNDQ GDODP MXPODK values, otherwise, they are presented at carrying
WHUFDWDW DSDELOD MXPODK WHUVHEXW PHQGHNDWL QLODL values as either these are reasonable approximation
ZDMDUQ\D DWDX QLODL ZDMDUQ\D WLGDN GDSDW GLXNXU of fair values or their fair values cannot be reliably
VHFDUD KDQGDO 0HWRGHPHWRGH GDQ DVXPVLDVXPVL measured. The following methods and assumptions
GL EDZDK LQL GLJXQDNDQ XQWXN PHQJHVWLPDVL QLODL are used to estimate the fair value of each class of
ZDMDU XQWXN PDVLQJPDVLQJ NHODV LQVWUXPHQ financial instruments:
NHXDQJDQ
D$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSHQGHN a. Short-term financial assets and liabilities
,QVWUXPHQ NHXDQJDQ MDQJND SHQGHN GHQJDQ MDWXK Short-term financial instruments with remaining
WHPSR GDODP VDWX WDKXQ DWDX NXUDQJ NDV GDQ maturities of one year or less (cash and cash
VHWDUD NDV GDQD \DQJ GLEDWDVL SHQJJXQDDQQ\D equivalents, restricted funds, trade receivables,
SLXWDQJ XVDKD SLXWDQJ ODLQODLQ SLQMDPDQ EDQN other receivables, short-term bank loans, trade
MDQJND SHQGHN XWDQJ XVDKD XWDQJ ODLQODLQ payables, other payables, accrued expenses, and
EHEDQ DNUXDO GDQ EDJLDQ SLQMDPDQ MDQJND current maturities of long-term borrowings)
SDQMDQJ \DQJ MDWXK WHPSR GDODP VDWX WDKXQ approximate their carrying amounts due to their
PHQGHNDWLQLODLWHUFDWDWQ\DNDUHQDEHUVLIDWMDQJND short-term nature.
SHQGHN
,QYHVWDVL SDGD UHNVDGDQD GLFDWDW VHEHVDU QLODL The investments in mutual funds are carried at fair
ZDMDU \DQJ PHQJDFX SDGD KDUJD NXRWDVL \DQJ value using the quoted prices published in active
GLSXEOLNDVLNDQSDGDSDVDUDNWLI markets.
78
The original consolidated financial statements included herein are
in the Indonesian language.
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 33. FAIR VALUE OF FINANCIAL INSTRUMENTS
ODQMXWDQ (continued)
E$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSDQMDQJ b. Long-term financial assets and liabilities
,QVWUXPHQ NHXDQJDQ MDQJND SDQMDQJ WHUGLUL GDUL Long-term financial instruments consist of
XDQJMDPLQDQGDQSLQMDPDQMDQJNDSDQMDQJ8DQJ guarantee deposits and long-term borrowings. The
MDPLQDQGLFDWDWVHEHVDUELD\DKLVWRULVNDUHQDQLODL guarantee deposits are carried at historical cost
ZDMDUQ\D WLGDN GDSDW GLXNXU VHFDUD KDQGDO 7LGDN because their fair value cannot be reliably
SUDNWLV XQWXN PHQJHVWLPDVL QLODL ZDMDU GDUL XDQJ measured. It is not practical to estimate the fair
MDPLQDQ NDUHQD WLGDN DGD MDQJND ZDNWX value of the guarantee deposits because there are
SHPED\DUDQ \DQJ SDVWL ZDODXSXQ WLGDN no fixed repayment terms although they are not
GLKDUDSNDQ XQWXN GLNHPEDOLNDQ GDODP MDQJND expected to be settled within 12 months after the
ZDNWX EXODQ VHWHODK WDQJJDO ODSRUDQ SRVLVL consolidated statement of financial position date.
NHXDQJDQNRQVROLGDVLDQ
1LODL ZDMDU GDUL SLQMDPDQ MDQJND SDQMDQJ The fair values of long-term borrowings is
GLWHQWXNDQ GHQJDQ PHQGLVNRQWRNDQ DUXV NDV determined by discounting future cash flows using
PDVD GDWDQJ PHQJJXQDNDQ VXNX EXQJD \DQJ applicable rates from observable current market
EHUODNX GDUL WUDQVDNVL SDVDU NLQL \DQJ GDSDW transactions for instruments with similar terms,
GLDPDWL XQWXN LQVWUXPHQ GHQJDQ SHUV\DUDWDQ credit risk and remaining maturities.
ULVLNRNUHGLWGDQMDWXKWHPSR\DQJVDPD
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1 AND POLICIES
0DQDMHPHQULVLNR Risk management
,QVWUXPHQ NHXDQJDQ XWDPD .HORPSRN 8VDKD WHUGLUL The Group’s principal financial instruments consist of
GDUL NDV GDQ VHWDUD NDV GDQ SLQMDPDQ .HORPSRN cash and cash equivalents and borrowings. The
8VDKDPHPSXQ\DLDVHWGDQOLDELOLWDVNHXDQJDQ\DQJ Group has various other financial assets and
ODLQQ\D VHSHUWL SLXWDQJ XVDKD GDQ SLXWDQJ ODLQODLQ liabilities such as trade and other receivables and
GDQ XWDQJ XVDKD GDQ XWDQJ ODLQODLQ \DQJ PXQFXO trade and other payables, which arise directly from its
VHFDUDODQJVXQJGDULNHJLDWDQXVDKDQ\D operations.
7XMXDQ XWDPD GDUL LQVWUXPHQ NHXDQJDQ XWDPD The main purpose of these financial instruments is to
WHUVHEXW DGDODK XQWXN PHQJXPSXONDQ GDQD XQWXN raise funds for the operations of the Group. It is and
NHJLDWDQ RSHUDVLRQDO .HORPSRN 8VDKD 7HODK has been the policy of the Group that no trading in
PHQMDGL NHELMDNDQ .HORPSRN 8VDKD XQWXN WLGDN financial instruments shall be undertaken.
PHODNXNDQ SHUGDJDQJDQ DWDV LQVWUXPHQ NHXDQJDQ
\DQJGLPLOLNLQ\D
5LVLNR XWDPD GDUL LQVWUXPHQ NHXDQJDQ .HORPSRN The main risks arising from the Group’s financial
8VDKD DGDODK ULVLNR WLQJNDW VXNX EXQJD ULVLNR instruments are interest rate risk, liquidity risk, credit
OLNXLGLWDV ULVLNR NUHGLW ULVLNR PDWD XDQJ DVLQJ GDQ risk, foreign currency risk and commodity price risk.
ULVLNR KDUJD NRPRGLWDV 'LUHNVL PHQHODDK GDQ The Board of Directors reviews and approves policies
PHQ\HWXMXL NHELMDNDQ XQWXN PHQJHOROD PDVLQJ for managing each of these risks, which are
PDVLQJ ULVLNR \DQJ GLMHODVNDQ VHFDUD GHWDLO VHEDJDL described in more detail as follows:
EHULNXW
79
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
D5LVLNRWLQJNDWVXNXEXQJD a. Interest rate risk
5LVLNR WLQJNDW VXNX EXQJD DGDODK ULVLNR EDKZD Interest rate risk is the risk that the fair value or
QLODL ZDMDU DWDX DUXV NDV GLPDVD GHSDQ GDUL future cash flows of a financial instrument will
LQVWUXPHQ NHXDQJDQ DNDQ EHUIOXNWXDVL DNLEDW GDUL fluctuate because of changes in market interest
EHUXEDKQ\D VXNX EXQJD SDVDU .HORPSRN 8VDKD rates. The Group’s exposure to the risk of changes
PHQJKDGDSL ULVLNR DWDV SHUXEDKDQ VXNX EXQJD in market interest rates relates primarily to its
SDVDU VHKXEXQJDQ GHQJDQ SLQMDPDQ .HORPSRN borrowings with floating interest rates.
8VDKD \DQJ GLNHQDNDQ WLQJNDW VXNX EXQJD
PHQJDPEDQJ
.HORPSRN 8VDKD PHODNXNDQ HYDOXDVL GDQ The Group monitors and evaluates the movements
SHQJDZDVDQ WHUKDGDS SHUJHUDNDQ VXNX EXQJD of relevant interest rates in the financial markets to
SDVDU XQWXN PHPLQLPDOLVDVL GDPSDN QHJDWLI minimize the negative effect to the Group.
WHUKDGDS.HORPSRN8VDKD
6NHGXO EHULNXW PHQXQMXNNDQ VHQVLWLYLWDV WHUKDGDS The following schedule shows sensitivity to a
SHUXEDKDQ \DQJ PXQJNLQ WHUMDGL SDGD VXNX reasonably possible change in the interest rate,
EXQJD GLPDQD VHPXD YDULDEHO ODLQQ\D GLDQJJDS with all other variables held constant, of the
WHWDS WHUKDGDS ODSRUDQ ODED UXJL NRPSUHKHQVLI Group’s consolidated statement of comprehensive
NRQVROLGDVLDQ .HORPSRN 8VDKD XQWXN WDKXQ \DQJ income for the year ended December 31, 2014:
EHUDNKLUSDGDWDQJJDO'HVHPEHU
.HQDLNDQSHQXUXQDQEDVLVSRLQ Increase/decrease point basis
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ
WDKXQEHUMDODQGLEXODWNDQ Effect on consolidated profit for the year (rounded)
E5LVLNROLNXLGLWDV b. Liquidity risk
.HORPSRN 8VDKD PHQJHOROD SURILO OLNXLGLWDVQ\D The Group manages its liquidity profile to be able
XQWXNGDSDWPHQGDQDLSHQJHOXDUDQPRGDOQ\DGDQ to finance its capital expenditure and service its
PHPED\DU SLQMDPDQ \DQJ MDWXK WHPSR GHQJDQ maturing borrowings by maintaining sufficient
PHQMDJD NHFXNXSDQ NDV GDQ NHWHUVHGLDDQ cash, and the availability of funding through an
SHQGDQDDQ PHODOXL MXPODK IDVLOLWDV NUHGLW adequate amount of committed credit facilities.
EHUNRPLWPHQ\DQJFXNXS
.HORPSRN8VDKDPHQJHYDOXDVLSUR\HNVLDUXVNDV The Group regularly evaluates its projected and
GDQ DUXV NDV DNWXDO VHFDUD UHJXODU GDQ actual cash flow information and continuously
PHQFHUPDWL NHDGDDDQ SDVDU NHXDQJDQ VHFDUD assesses conditions in the financial markets for
WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ opportunities to pursue fund-raising initiatives,
XQWXN PHQJHMDU LQLVLDWLI SHQJJDODQJDQ GDQD which may include, among others, new competitive
GLDQWDUDQ\D GDODP EHQWXN SLQMDPDQ EDUX \DQJ borrowings.
OHELKNRPSHWLWLI
80
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
E5LVLNROLNXLGLWDVODQMXWDQ b. Liquidity risk (continued)
7DEHO GL EDZDK LQL PHUXSDNDQ MDGXDO MDWXK WHPSR The table below summarizes the maturity profile of
OLDELOLWDV NHXDQJDQ .HORPSRN 8VDKD EHUGDVDUNDQ the Group’s financial liabilities based on original
SHPED\DUDQ NRQWUDNWXDO VHPXOD \DQJ WLGDN contractual undiscounted amounts to be paid:
GLGLVNRQWRNDQ
1LODLWHUFDWDW
SDGDWDQJJDO
%LD\DSHUROHKDQ 'HVHPEHU
.XUDQJGDUL /HELKGDUL SLQMDPDQ Carrying value
Below Over Loan arrangement as of
WDKXQyear WDKXQyears WDKXQyears WDKXQyears WDKXQyears cost December 31, 2014
3LQMDPDQEDQNMDQJNDSHQGHN
Short-term bank loans
8WDQJXVDKDTrade payables
8WDQJODLQODLQOther payables
%HEDQDNUXDO
Accruedexpenses -
3LQMDPDQMDQJNDSDQMDQJ
Long-term
borrowings
F5LVLNRNUHGLW c. Credit risk
5LVLNRNUHGLW\DQJGLKDGDSLROHK.HORPSRN8VDKD The Group is exposed to credit risk arising from
EHUDVDO GDUL NUHGLW \DQJ GLEHULNDQ NHSDGD the credit granted to its customers. To mitigate this
SHODQJJDQ 6HEDJDL ODQJNDK PLWLJDVL DWDV ULVLNR risk, it has policies in place to ensure that sales of
LQL WHUGDSDW NHELMDNDQ XQWXN PHPDVWLNDQ products are made mainly to creditworthy
SHQMXDODQ SURGXN KDQ\D GLODNXNDQ WHUXWDPD customers with proven track record or good credit
NHSDGD SHODQJJDQ \DQJ GDSDW GLSHUFD\D GDQ history. It is the Group's policy that all customers
WHUEXNWL PHPSXQ\DL VHMDUDK NUHGLW \DQJ EDLN +DO who wish to trade on credit are subject to credit
LQLPHUXSDNDQNHELMDNDQ.HORPSRN8VDKDGLPDQD verification procedures.
VHPXD SHODQJJDQ \DQJ DNDQ PHODNXNDQ
SHPEHOLDQ VHFDUD NUHGLW KDUXV PHODOXL SURVHGXU
YHULILNDVLNUHGLW
.HORPSRN 8VDKD PHPLOLNL NHELMDNDQ XQWXN The Group has policies that limit the amount of
PHPEHULNDQ EDWDVDQ MXPODK NUHGLW GDQ credit exposure and the credit term to be granted
PHQHWDSNDQ WHUPLQ SHPED\DUDQ NHSDGD VHWLDS to each customer. In addition, the Group has
SHODQJJDQ $GDSXQ XQWXN SHODQJJDQ EDUX policies that require new customers to make full
.HORPSRN 8VDKD SDGD XPXPQ\D PHQJKDUXVNDQ payment and/or pay sales advances prior to goods
PHUHND XQWXN PHPEHULNDQ XDQJ PXND GDQDWDX shipment. Moreover, receivable balances are
PHPED\DU SHQXK VHEHOXP GLODNXNDQ SHQJLULPDQ monitored on an ongoing basis to reduce the
EDUDQJ 6HEDJDL WDPEDKDQ VDOGR SLXWDQJ exposure to bad debts.
GLSDQWDXVHFDUDWHUXVPHQHUXVXQWXNPHQJXUDQJL
NHPXQJNLQDQSLXWDQJ\DQJWLGDNWHUWDJLK
81
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
F5LVLNRNUHGLWODQMXWDQ c. Credit risk (continued)
.HWLND SHODQJJDQ WLGDN PDPSX PHODNXNDQ When a customer fails to make payment within the
SHPED\DUDQ GDODP MDQJND ZDNWX \DQJ WHODK credit term granted, the Group contacts the
GLEHULNDQ .HORPSRN 8VDKD DNDQ PHQJKXEXQJL customer to act on the overdue receivables. If the
SHODQJJDQ XQWXN PHQLQGDNODQMXWL SLXWDQJ \DQJ customer does not settle the overdue receivables
WHODK OHZDW MDWXK WHPSR -LND SHODQJJDQ WLGDN within a reasonable time, the Group negotiates
PHOXQDVL SLXWDQJ \DQJ WHODK MDWXK WHPSR GDODP with the customer through, among others, an
MDQJND ZDNWX \DQJ WHODK GLWHQWXNDQ .HORPSRN extension of the credit term to enable the customer
8VDKD DNDQ PHODNXNDQ QHJRVLDVL GHQJDQ to repay its payable. If the customer still does not
SHODQJJDQ GLDQWDUDQ\D PHODOXL SHUSDQMDQJDQ settle after the extended period, the Group
MDQJND ZDNWX DJDU SHODQJJDQ GDSDW PHOXQDVL proceeds to commence legal proceedings.
VHOXUXK OLDELOLWDVQ\D -LND SHODQJJDQ PDVLK WLGDN Depending on the assessment of the Group,
GDSDW PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHWHODK specific provisions may be made if the customer’s
SHUSDQMDQJDQ MDQJND ZDNWX WHUVHEXW .HORPSRN debt is deemed uncollectible.
8VDKDPHQLQGDNODQMXWLQ\DPHODOXLMDOXUKXNXP
6HKXEXQJDQGHQJDQULVLNRNUHGLW \DQJWLPEXOGDUL With respect to credit risk from balances with
VDOGR SDGD EDQN ULVLNR WHUVHEXW GDSDW PXQFXO banks, credit risk exposure arises from default of
NDUHQD ZDQSUHVWDVL GDUL counterparty .HORPSRN the counterparty. The Group has a policy to place
8VDKD PHPLOLNL NHELMDNDQ XQWXN KDQ\D its funds only in banks with good reputation.
PHQHPSDWNDQ GDQDQ\D SDGD EDQN GHQJDQ
UHSXWDVL\DQJEDLN
1LODL PDNVLPXP HNVSRVXU GDUL LQVWUXPHQ The maximum exposure of the financial
NHXDQJDQVDDWLQLDGDODKVHEHVDUQLODLWHUFDWDWQ\D instruments to credit risk is equal to the carrying
VHEDJDLPDQD GLXQJNDSNDQ SDGD &DWDWDQ values as disclosed in Note 33. As of December
3DGD WDQJJDO 'HVHPEHU GDQ DVHW 31, 2014 and 2013, all of the Group’s financial
NHXDQJDQ .HORPSRN 8VDKD VHOXUXKQ\D assets that are exposed to credit risk are classified
GLNODVLILNDVLNDQ VHEDJDL ODQFDU GDQ WLGDN as neither past due nor impaired, except for trade
PHQJDODPLSHQXUXQDQQLODLNHFXDOLSLXWDQJXVDKD receivables as disclosed in Note 7.
\DQJGLXQJNDSNDQSDGD&DWDWDQ
G5LVLNRPDWDXDQJDVLQJ d. Foreign currency risk
0DWD XDQJ IXQJVLRQDO .HORPSRN 8VDKD DGDODK The Group’s functional currency is the U.S. dollar.
GRODU $PHULND 6HULNDW .HORPSRN 8VDKD The Group faces non-U.S. dollar exchange risk as
PHQJKDGDSL ULVLNR QLODL WXNDU PDWD XDQJ VHODLQ certain of its cash and cash equivalents,
GRODU $PHULND 6HULNDW NDUHQD VHEDJLDQ NDV GDQ borrowings, sales, the costs of purchases and the
VHWDUD NDV SLQMDPDQ WHUWHQWX SHQMXDODQ WHUWHQWX costs of operational expense are denominated in
SHPEHOLDQWHUWHQWX GDQELD\DRSHUDVLRQDO WHUWHQWX rupiah.
GLODNXNDQGDODPUXSLDK
.HORPSRN 8VDKD WLGDN PHPSXQ\DL NHELMDNDQ The Group does not have any formal hedging
OLQGXQJ QLODL \DQJ IRUPDO XQWXN ODMX SHUWXNDUDQ policy for non-U.S. dollar exposure. However, in
PDWD XDQJ VHODLQ GRODU $PHULND 6HULNDW $NDQ relation to the matters discussed in the preceding
WHWDSL WHUNDLW GHQJDQ KDOKDO \DQJ WHODK paragraph, the fluctuations in the exchange rates
GLGLVNXVLNDQSDGDSDUDJUDIGLDWDVIOXNWXDVLGDODP between the U.S. dollar and each of the rupiah,
QLODL GRODU $PHULND 6HULNDW WHUKDGDS UXSLDK HXUR euro and Hong Kong dollar, provide some degree
GDQ GRODU +RQJ .RQJ PHQJKDVLONDQ OLQGXQJ QLODL of natural hedge for the Group’s foreign exchange
QDWXUDOXQWXNODMXQLODLWXNDU.HORPSRN8VDKD exposure.
82
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
G5LVLNRPDWDXDQJDVLQJODQMXWDQ d. Foreign currency risk (continued)
7DEHO EHULNXW PHQXQMXNNDQ DVHW GDQ OLDELOLWDV The following table shows the Group’s
NRQVROLGDVLDQ.HORPSRN8VDKDGDODPPDWDXDQJ consolidated non-U.S. dollar-denominated assets
VHODLQGRODU$PHULND6HULNDW
and liabilities:
'HVHPEHUDecember 31, 2014 'HVHPEHUDecember 31, 2013
$6(7 ASSETS
.DVGDQVHWDUDNDV 5S 5S Cash and cash equivalents
(85 (85
+. +.
,QYHVWDVLMDQJNDSHQGHN 5S 5S Short-term investments
/,$%,/,7$6 LIABILITIES
8WDQJXVDKD Trade payables:
3LKDNEHUHODVL 5S 5S Related party
3LKDNNHWLJD 5S 5S Third parties
(85 (85
/DLQQ\DOthers /DLQQ\DOthers
8WDQJODLQODLQ 5S 5S Other payables
(85 (85
/DLQQ\DOthers /DLQQ\DOthers
%HEDQDNUXDO 5S 5S Accrued expenses
+.1LKLOHK$Nil +.
3LQMDPDQMDQJNDSDQMDQJ 5S
5S
Long-term borrowings
7RWDOOLDELOLWDV
Total liabilities
83
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
G5LVLNRPDWDXDQJDVLQJODQMXWDQ d. Foreign currency risk (continued)
-LNDDVHWGDODPPDWDXDQJVHODLQGRODU$6QHWR If the Group’s net non-U.S. dollar-denominated
.HORPSRN8VDKDSDGDWDQJJDO'HVHPEHU assets as of December 31, 2014 were translated to
GLMDEDUNDQ NH GDODP GRODU $6 GHQJDQ U.S. dollar using the middle exchange rate as of
PHQJJXQDNDQ NXUV WHQJDK WDQJJDO $SULO April 9, 2015 (the completion date of the
WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ consolidated financial statements), the net non-
NRQVROLGDVLDQPDNDDVHWGDODPPDWDXDQJVHODLQ U.S. dollar-denominated assets will decrease by
GRODU$6QHWRDNDQWXUXQVHNLWDU$6 about US$309,883.
3HQMDEDUDQ DVHW GDODP PDWD XDQJ VHODLQ GRODU The translation of the non-U.S. dollar-denominated
$6 VHWHODK GLNXUDQJL OLDELOLWDV GDODP PDWD XDQJ assets, net of non-U.S. dollar-denominated
VHODLQ GRODU $6 WLGDN GDSDW GLWDIVLUNDQ EDKZD liabilities, should not be construed as a
DVHW GDQ OLDELOLWDV GDODP PDWD XDQJ VHODLQ GRODU representation that these non-U.S. dollar-
$6 WHODK WHODK GDSDW DWDX DNDQ GDSDW denominated assets and liabilities have been,
GLNRQYHUVLNDQ NH GRODU $6 GL PDVD GHSDQ could have been, or could in the future be,
GHQJDQNXUVPDWDXDQJVHODLQGRODU$6WHUKDGDS converted into U.S. dollar at the prevailing
GRODU $6 \DQJ EHUODNX SDGD WDQJJDO exchange rate of the non-U.S. dollar to U.S. dollar
'HVHPEHUDWDXSDGDNXUVWXNDUODLQQ\D as of December 31, 2014 or at any other rate of
exchange.
6NHGXOEHULNXWPHQXQMXNNDQVHQVLWLYLWDVWHUKDGDS The following schedule demonstrates the
SHUXEDKDQ \DQJ PXQJNLQ WHUMDGL GDODP QLODL WXNDU sensitivity to a reasonably possible change in the
GRODU $6 GHQJDQ VHPXD YDULDEHO ODLQQ\D U.S. dollar exchange rate, with all other variables
GLDQJJDS WHWDS WHUKDGDS ODSRUDQ ODED UXJL held constant, of the Group’s consolidated
NRPSUHKHQVLI NRQVROLGDVLDQ .HORPSRN 8VDKD statement of comprehensive income for the year
XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO ended December 31, 2014:
'HVHPEHU
3HUXEDKDQGDODPQLODLWXNDUGRODU$6 Changes in U.S. dollar exchange rate
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ Effect on consolidated profit
WDKXQEHUMDODQGDODPGRODU$6 for the year in U.S. dollar
84
The original consolidated financial statements included herein are
in the Indonesian language.
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 34. FINANCIAL RISK MANAGEMENT OBJECTIVES
.(8$1*$1ODQMXWDQ AND POLICIES (continued)
0DQDMHPHQULVLNRODQMXWDQ Risk management (continued)
H5LVLNRKDUJDNRPRGLWDV e. Commodity price risk
'DPSDN ULVLNR KDUJD NRPRGLWDV \DQJ GLKDGDSL The Group’s exposure to commodity price risk
.HORPSRN 8VDKD WHUXWDPD VHKXEXQJDQ GHQJDQ relates primarily to the purchase of major raw
SHPEHOLDQ EDKDQ EDNX XWDPD \DLWX ELMLK SODVWLN materials, such as plastic ore. The prices of this
+DUJD EDKDQ EDNX WHUVHEXW VHFDUD ODQJVXQJ raw material are directly affected by commodity
GLSHQJDUXKL ROHK IOXNWXDVL KDUJD NRPRGLWDV VHUWD price fluctuations and the level of demand and
WLQJNDWSHUPLQWDDQGDQSHQDZDUDQGLSDVDU supply in the market.
.HELMDNDQ .HORPSRN 8VDKD XQWXN PHPLQLPDONDQ The Group’s policy is to minimize the risks arising
ULVLNR \DQJ EHUDVDOGDUL IOXNWXDVLKDUJDNRPRGLWDV from the fluctuations in the commodity prices by
DGDODK GHQJDQ PHQMDJD WLQJNDW SHUVHGLDDQ ELMLK maintaining the optimum inventory level of plastic
SODVWLN VHFDUD RSWLPDO XQWXN PH\DNLQNDQSURGXNVL ore to ensure continuous production. The Group
\DQJ EHUNHODQMXWDQ .HORPSRN 8VDKD MXJD continuously assesses conditions in the commodity
PHQFHUPDWL NHDGDDDQ SDVDU NRPRGLWDV VHFDUD markets for opportunities to obtain the most
WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ competitive purchase price for its benefit.
XQWXN PHQGDSDWNDQ KDUJD SHPEHOLDQ \DQJ SDOLQJ
NRPSHWLWLIEDJL.HORPSRN8VDKD
85
The original consolidated financial statements included herein are in the Indonesian language.
37$5*+$.$5<$35,0$,1'8675<7EN PT ARGHA KARYA PRIMA INDUSTRY Tbk
'$1(17,7$6$1$.1<$ AND ITS SUBSIDIARY
&$7$7$1$7$6/$325$1.(8$1*$1.2162/,'$6,$1 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
7DQJJDO'HVHPEHUGDQ As of December 31, 2014 and
XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW for the Year Then Ended
'LVDMLNDQGDODPULEXDQUXSLDK (Expressed in thousands of rupiah,
NHFXDOLGLQ\DWDNDQODLQ unless otherwise stated)
,1)250$6,6(*0(1ODQMXWDQ 35. SEGMENT INFORMATION (continued)
0DQXIDNWXU 'LVWULEXVL
Manufacturing Distribution (OLPLQDVLElimination .RQVROLGDVLDQConsolidated
3(1-8$/$11(72 NET SALES
(NVWHUQDO External
$QWDUVHJPHQ Inter-segment
7RWDOSHQMXDODQQHWR Total net sales
+$6,/ RESULTS
/DEDUXJLXVDKD Operating profit (loss)
Equity in net earnings (loss) of an
%DJLDQODEDUXJLQHWRHQWLWDVDVRVLDVL associated company
3HQGDSDWDQNHXDQJDQ Finance income
%HEDQNHXDQJDQ Finance expense
%HEDQSDMDNSHQJKDVLODQQHWR Income tax expense - net
/DEDUXJLWDKXQEHUMDODQ Profit (loss) for the year
,1)250$6,/$,11<$ OTHER INFORMATION
$VHWVHJPHQ Segment assets
/LDELOLWDVVHJPHQ Segment liabilities
3HQJHOXDUDQPRGDO Capital expenditures
3HQ\XVXWDQDVHWWHWDSGDQDPRUWLVDVL Depreciation of fixed assets
KDNDWDVWDQDK and amortization of landrights
86
The original consolidated financial statements included herein
are in the Indonesian language.
,QGRQHVLD Indonesia
$VLDGLOXDU7LPXU7HQJDK Asia (excluding Middle East)
$IULND Africa
(URSD Europe
$PHULND America
$XVWUDOLDGDQ6HODQGLD%DUX Australia and New Zealand
7LPXU7HQJDK Middle East
7RWDO Total
$VHWEHUGDVDUNDQZLOD\DKJHRJUDILV Assets by geographical area
,QIRUPDVL EHULNXW PHQXQMXNNDQ QLODL WHUFDWDW DVHW The following information shows the carrying amount
VHJPHQEHUGDVDUNDQZLOD\DKJHRJUDILVDVHWWHUVHEXW of segment assets by geographical area in which the
EHUDGD assets are located:
1LODLWHUFDWDWDVHWVHJPHQ
'HVHPEHU
Carrying amount of segment assets
December 31,
,QGRQHVLD Indonesia
+RQJ.RQJ Hong Kong
7RWDO Total
3(5-$1-,$13(17,1*
36. SIGNIFICANT AGREEMENT
D 3DGD WDQJJDO 0HL 3HUXVDKDDQ a. On May 17, 2013, the Company entered into
PHQJDGDNDQ SHUMDQMLDQ supply 1R $.3, supply contract No. AKPI 2013-001 (export
NRQWUDN HNVSRU GHQJDQ %UXFNQHU contract) with Bruckner Maschinenbau GmbH &
0DVFKLQHQEDX *PE+ &R .* ³%UXFNQHU´ Co. KG (“Bruckner”), whereby Bruckner agreed
GLPDQD%UXFNQHUVHWXMXXQWXNPHQ\HGLDNDQGDQ to supply and sell and the Company agreed to
PHQMXDO GDQ 3HUXVDKDDQ VHWXMX XQWXN PHPEHOL purchase BOPP machineries and other factory
PHVLQ%233GDQSHUDODWDQSHQGXNXQJODLQQ\D equipment.
6HODQMXWQ\D SHUMDQMLDQ WHUVHEXW WHODK The contract was amended on
PHQJDODPL SHUXEDKDQ SDGD WDQJJDO November 25, 2013 relating to, among others,
1RYHPEHU DQWDUD ODLQ PHQJHQDL change in the terms of payment and change in
SHUXEDKDQ GDODP NHWHQWXDQ SHPED\DUDQ GDQ the total contract value from being previously
SHUXEDKDQ QLODL NRQWUDN GDUL VHEHOXPQ\D denominated in Euro to becoming denominated
EHUGHQRPLQDVL GDODP (XUR PHQMDGL in U.S. dollar.
EHUGHQRPLQDVLGDODPGRODU$PHULND6HULNDW
87
The original consolidated financial statements included herein
are in the Indonesian language.
88
The original consolidated financial statements included herein
are in the Indonesian language.
89
The original consolidated financial statements included herein
are in the Indonesian language.
'DULFrom 0HQMDGLTo -XPODKAmount
90