Preserving Sustainability: 2014 Annual Report

2014 Annual Report
2014 Annual Report 2014 Annual Report
PT TOBA BARA SEJAHTRA Tbk
PRESERVING
SUSTAINABILITY
PRESERVING SUSTAINABILITY
PT TOBA BARA SEJAHTRA TBK

Wisma Bakrie 2, 16th Floor
Jl. H.R. Rasuna Said Kav. B-2
Jakarta 12920, Indonesia
phone : +6221 5794 5779
fax : +6221 5794 5778
email : corsec@tobabara.com
CONTENTS
1-19 74-83
OPENING HUMAN RESOURCES
PRESERVING SUSTAINABILITY 2
FINANCIAL HIGHLIGHTS 4
STOCK HIGHLIGHTS 6 84-107
2014 EVENT HIGHLIGHTS 8 CORPORATE GOVERNANCE
AWARDS & CERTIFICATIONS 9
REPORT OF THE PRESIDENT COMMISSIONER 10 GENERAL MEETING OF SHAREHOLDERS 88
REPORT OF THE PRESIDENT DIRECTOR 14 BOARD OF COMMISSIONERS 90
PERSPECTIVES OF THE FOUNDING 19 BOARD OF DIRECTORS 92

SHAREHOLDER AUDIT COMMITTEE 95
CORPORATE SECRETARY 97
INVESTOR RELATIONS 98
LEGAL UNIT 99
20-41 COMPANY DATA AND INFORMATION ACCESS 99
COMPANY PROFILE INTERNAL AUDIT UNIT 103
PUBLIC ACCOUNTANT 105
BRIEF HISTORY OF THE COMPANY 20
RISK MANAGEMENT 105
BUSINESS LINE 22
IMPORTANT MATTERS 106
VISION & MISSION 24
WHISTLEBLOWING SYSTEM 106
BUSINESS STRATEGY 25
ORGANISATION STRUCTURE 26
PROFILES OF THE BOARD OF COMMISSIONERS 28
PROFILES OF THE BOARD OF DIRECTORS 32
SHAREHOLDERS INFORMATION 36 108-118
BRIEF DESCRIPTION OF SUBSIDIARIES 38 CORPORATE SOCIAL
CAPITAL MARKET SUPPORTING
PROFESSIONALS
40 RESPONSIBILITY
ADDRESS OF COMPANY 41 CSR ACTIVITIES IN 2014 111
AND SUBSIDIARIES
Environment 112
Social Community 112
Employment Practices 117
42-73 Product Responsibility 118
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW 44
119
OPERATIONAL REVIEW 54
RESPONSIBILITY FOR ANNUAL REPORT
FINANCIAL REVIEW 62
121
FINANCIAL REPORT
OPENING COMPANY PROFILE MANAGEMENT HUMAN RESOURCES CORPORATE CORPORATE SOCIAL FINANCIAL REPORT
DISCUSSION AND GOVERNANCE RESPONSIBILITY
ANALYSIS
PRESERVING
SUSTAINABILITY
After building a solid foundation to support the synergy

of Subsidiaries in 2013, PT Toba Bara Sejahtra Tbk
(the “Company” or “Toba Bara”) is ready to continue
with various initiatives to achieve sustainable business
growth. We continually strive to maximize operating costs
efficiency, develop competent human capital, strengthen
our marketing strategy to acquire quality customers, and
maintain production continuity at an optimal level.
We encourage Subsidiaries to continue to improve

business processes, leverage assets in a smart way and
integrate its resources in order to achieve the best level
of efficiency and productivity. Each Subsidiary should
have the same passion to achieve operational excellence
and be an important contributor to the Company’s
profitability.
“Preserving Sustainability” is the theme of the 2014

Annual Report, reflecting our various efforts to maintain
sound performance and growth, in order for Toba Bara to
be ready to seize the opportunities of increasing global
energy demand in the future.
PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 1

EFFICIENCY IMPROVEMENT
Toba Bara continues to improve cost efficiency through the operational synergy of
its three Subsidiaries, improving work effectiveness with contractors, as well as more
aggressive marketing to end users to further optimize coal sales price. Synergy of
Subsidiaries is continuously improved by optimizing the use of joint production
facilities and infrastructure.
SUSTAINING GROWTH
Toba Bara focuses on maintaining sound growth by keeping production volume
at optimum level in generating profit margin. Sales growth is achieved not only
through increasing production volume, but also through a marketing strategy that
results in medium and long-term contracts with end users at more favorable fixed
price.
MAINTAINING COAL RESERVES

To maintain business continuity and anticipate opportunities of increasing energy
demand in the future, Toba Bara seeks to maintain its coal reserve through better
implementation of mining plan, exploration activities or exploration of the possibility
of mining companies acquisition.
HR DEVELOPMENT
More than half of Toba Bara’s employees are young, eager, vigorous, and
visionary dynamic people. Each employee is given appropriate responsibility and
independence to allow them to have space to develop their creativity and show
their best performance. Through various consistent, planned and sustainable
training programs, Toba Bara’s employees are well prepared to acquire world-class
competency and capability to face existing business challenges.
FOCUS ON CUSTOMERS
Toba Bara establishes selective business relationships to acquire quality customers.
The Company builds an intensive relationship with its customers to understand their
preferences and needs and is committed to maintaining consistency of price and
product quality.
GROWTH OF CORPORATE VALUE

The Company continues to increase its corporate value by maintaining sound levels
of growth and profitability. In addition, the Company strives to increase public trust
through improvement in principles of transparency, accountability, trustworthiness,
responsibility and fairness so that the Company has a strong competitiveness in
domestic, regional and international environments.
2 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

ANALYSIS

FINANCIAL
HIGHLIGHTS
(in US$ unless stated otherwise) 2014 2013 2012
Income (Loss)
Sales 499,965,642 421,849,737 396,685,875
Gross Profit 86,201,207 79,552,405 48,150,372
Operating Profit 56,029,248 50,015,314 21,083,331
Profit for The Year Attributable To:
• Equity Holders of The Parent Entity 18,327,272 18,543,538 3,198,832
• Non-controlling Interest 17,473,232 16,060,255 8,733,850
Total Profit for The Year 35,800,504 34,603,793 11,932,682
Basic Earnings per Share 0.0091 0.0092 0.0032
Total Comprehensive Income Attributable to:

• Equity Holders of The Parent Entity 16,180,692 19,919,574 3,269,250
• Non-controlling Interest 15,961,155 16,213,148 8,733,850
Total Comprehensive Income 32,141,847 36,132,722 12,003,100
Balance Sheet
Current Assets 112,496,094 130,198,784 106,512,473
Non-current Assets 188,114,148 181,449,155 155,014,027
Total Assets 300,610,242 311,647,939 261,526,500
Current Liabilities 90,633,530 145,451,672 140,537,280
Non-current Liabilities 67,624,126 35,715,023 10,044,913
Total Liabilities 158,257,656 181,166,695 150,582,193
Total Equity 142,352,586 130,481,244 110,944,307
Total Liabilities and Equity 300,610,242 311,647,939 261,526,500
Financial Ratio
Gross Profit Margin 17.0% 19.0% 12.0%
Operating Profit Margin 11.0% 12.0% 5.0%
Profit For The Year Margin 7.0% 8.0% 3.0%
Return on Assets 0.1 0.1 0.0
Return on Equity 0.3 0.3 0.1
Current Ratio 1.2 0.9 0.8
Total Liabilities to Total Equity 1.1 1.4 1.4
Total Liabilities to Total Assets 0.5 0.6 0.6
Operational Data
Production Volume (in million of tons) 8.1 6.5 5.6
Overburden (x) 13.3 13.4 14.9
Sales Volume (in million of tons) 7.9 6.3 5.5

ANALYSIS
Total Assets Sales

(in million US$) (in million US$)
(3.5)% 18.5%
2014 300,610,242 2014 499,965,642
2013 311,647,939 2013 421,849,737
2012 261,526,500 2012 396,685,875
Total Liabilities Operating Profit

(12.6)% 12.0%
2014 158,257,656 2014 56,029,248
2013 181,166,695 2013 50,015,314
2012 150,582,193 2012 21,083,331
Total Equity Total Profit for The Year

9.1% 3.5%
2014 142,352,586 2014 35,800,504
2013 130,481,244 2013 34,603,793
2012 110,944,307 2012 11,932,682

STOCK
HIGHLIGHTS
SHARE PERFORMANCE 2014
Share Price Volume
1,000 3,000,000
750 2,250,000
500 1,500,000
250 750,000
0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
0

ANALYSIS
Share Performance 2013

Quarter 1 Quarter 2 Quarter 3 Quarter 4
Highest Price (in Rp) 1,330 920 860 810
Lowest Price (in Rp) 770 720 680 630
Closing Price (in Rp) 880 860 710 740
Transaction Volume* (Unit) 148,771,500 17,548,000 7,246,000 9,487,500
Transaction Value* (in Rp) 149,293,019,320 20,770,194,968 5,073,634,976 6,436,890,000
Share Performance 2014

Quarter 1 Quarter 2 Quarter 3 Quarter 4
Highest Price (in Rp) 750 925 900 920
Lowest Price (in Rp) 630 650 800 750
Closing Price (in Rp) 650 835 845 920
Transaction Volume* (Unit) 369,800 16,711,600 5,041,500 7,197,800
Transaction Value* (in Rp) 259,986,734 13,416,843,785 4,308,572,841 6,192,289,152
*Cumulative Value
Market capitalization as of 31 December 2014 amounted to Rp 1,851 billion.
Dividend Policy otherwise in accordance with the Company’s Articles of

Based on Indonesian laws, decision on dividend Association and prevailing laws and regulations.
distribution is made by shareholders through
the General Meeting of Shareholders on the The Company has been aiming to pay dividends in the
recommendation of the Board of Directors. The amount of at least 30% of its consolidated profit for the
Company can announce the distribution of dividend year (less minority interests and other comprehensive
annually given positive results. Prior to the closing of income) since financial year 2012, while observing
a financial year, interim dividend can be distributed, the compulsory reserve requirements pursuant to
provided that it is permitted by the Company’s Articles the Limited Liability Company Law. The amount of
of Association, and if the distribution of such interim dividends to be distributed by the Company will depend
dividend does not result in the Company’s net assets on available cash flows, investment plans, liquidity
to fall below the amount of invested and paid-in condition, future business prospects and other factors
capital; furthermore, the Company still needs to meet that are deemed relevant by the Board of Directors as
the requirement on provision for compulsory reserves well as restrictions on the payment of dividends based
pursuant to Law No. 40 Year 2007 on Limited Liability on related agreements.
Company. The distribution of interim dividend is
determined by the Board of Directors after securing Shareholders who own the Company’s shares on the
approval from the Board of Commissioners. listing date, based on prevailing laws, reserve the right
to receive dividend, subject to applicable Indonesian
The Company plans to pay cash dividend at least once income tax.
a year. The amount of dividend is related to the profit of
the Company for the respective financial year, with due Dividend Payment
consideration of the financial condition of the Company, Information on dividend payment is presented in the
and without diminishing the rights of the General Management Discussion and Analysis section on page
Meeting of Shareholders of the Company to decide 71 of this Annual Report.

2014
EVENT HIGHLIGHTS
March 19, 2014 May 21, 2014 August 13, 2014
Signing of Revolving Loan Facility General Meeting of Shareholders IHS Coal Market Outlook
The signing of Revolving Loan Facility Toba Bara held Annual General Meeting Toba Bara’s Director Pandu Syahrir was
of US$ 75 million with a period of 4 of Shareholders (AGMS) at the Indonesia a speaker in IHS Coal Market Outlook
years from BNP Paribas, Citibank N.A. Stock Exchange Building. One of the presenting materials pertaining to coal
and Standard Chartered Bank. This resolutions of the 2014 AGMS was to market situation after the presidential
facility was used for loan repayment, approve distribution of dividends for election in Indonesia. Pandu Syahrir was
capital expenditure and working capital financial year 2013 amounted to US$ 6.49 one of the panelists at the meeting to
financing. million or US$ 0.032 per share on July 16, discuss main factors faced by the Asian
2014. coal market related to the prospect of
demand and supply of Indonesian coal.
September 23-24, November 6, November 12, November 18-19,

2014 2014 2014 2014
Macquarie Indonesia Asia Pacific Coal Outlook Public Expose Media Site Visit
Commodities Conference Conference Toba Bara held a Public Toba Bara invited 5 journalists
Toba Bara’s Director Pandu Iwan Sanyoto, Head of Expose at the Seminar Room, from 5 media to visit the mine
Syahrir was a speaker Investor Relations and Ernald Indonesia Stock Exchange site in Kutai Kartanegara
in Macquarie Indonesia Kamil, Marketing Manager Building. Presented materials Regency, East Kalimantan
Commodities Conference of Toba Bara were panelists included company profile, Province. This event, titled
presenting a topic of in Asia Pacific Coal Outlook performance in the first 9 “Media Site Visit”, aimed to
“New Paradigm for Coal Conference held in Bali. months of 2014, initiatives provide an overview and
Producers”. This conference and realization of investment additional knowledge for
discussed the growing trend as well as CSR activities. the journalists regarding
of commodities market and operational activities in coal
its impact on Indonesia. mines.

ANALYSIS
AWARDS AND
CERTIFICATIONS
Blue Rating Certificate in Company

Performance Evaluation and Rating
Program in Environmental Management
was awarded to PT Adimitra Baratama
Nusantara by the Governor of East
Kalimantan in June 2014.
Blue Rating Certificate in Company

Performance Evaluation and Rating Program
in Environmental Management was awarded
to PT Indomining by the Governor of East
Kalimantan in June 2014.
PT Adimitra Baratama Nusantara was PT Adimitra Baratama Nusantara

certified OHSAS 18001: 2007 on Health was certified ISO 14001: 2004
and Safety Management System in on Environmental Management
August 2014. System in August 2014.

REPORT OF THE
PRESIDENT COMMISSIONER
Jusman Syafii Djamal

President Commissioner

ANALYSIS
In the depressed coal market condition,

the Board of Commissioners appreciates
initiatives taken by Board of Directors
to maintain business sustainability and
achieve profitable performance.
DEAR DISTINGUISHED SHAREHOLDERS,
Kindly let me start by giving praise and gratitude to God Almighty for His blessings, that
PT Toba Bara Sejahtra Tbk was able to get through a challenging year in 2014 with encouraging
performance.
Coal markets continued to be under pressure, with prices steadily deteriorating within the
last three years. This condition was due to the economic crisis that mainly affected the United
States, Europe and Japan, excessive supply from coal producing countries, as well as a
slowdown in the Chinese economy.
To these factors was added the recently rising environmental issues in China. Complaints
over air pollution in major cities in China were getting louder. The Government of China, as
reported, responded by announcing its intention to increase the use of environmentally friendly
energy source while reducing coal consumption to below 65% of the total primary energy
demand by the year 2017.
To date, coal supplied more than 70% of the primary energy demand in China. As a major
consumer of the world’s coal, the Chinese market absorbs some 200 million tons annually of
imported coal. China’s decision undoubtedly has significant impact on the performance of
Indonesian coal exports because China is one of the major export destinations of Indonesian
coal.
Assessment on Board of Directors’ Performance

Observing these conditions, the Board of Commissioners appreciates the initiatives that have
been taken by the Board of Directors to reduce dependence on the Chinese market and to
seek other potential markets. The Company has successfully repositioned its marketing strategy
by expanding its customer base and targeting new export destinations.
In addition to the Chinese market, the Company currently also sells coal to Taiwan, India, South
Korea and Japan. Aside from establishing business relationships with some of the world’s
leading coal traders, the Company also seeks to reach directly to the end users in order to
reduce marketing costs and minimize the risk of the Company’s market being dominated by
certain groups.

REPORT OF THE
PRESIDENT COMMISSIONER
With the appropriate marketing strategy supported by With input from all stakeholders, the Board of
efficiency at all operational aspects, in this challenging Commissioners believes that every opportunity needs
year Toba Bara could maintain its best performance. to be reviewed in order to bring optimal benefits for the
The Company was able to increase the volume of coal Company and all stakeholders. We believe that Toba
production by 24.6% to 8.1 million tons in 2014. The Bara will be able to achieve sustainable growth in the
Company recorded a comprehensive income for the coming years.
current year of US$ 35.8 million from a net sales of US$
500 million, a respective increase by 3.5% and 18.5% Supervisory Role
from achievement in 2013. Throughout 2014, the Board of Commissioners had
performed its supervisory function and given their views
The Board of Commissioners greatly appreciates on policies and measures taken by Board of Directors in
these achievements by the Management amidst the managing the Company. Communication between the
current unfavorable condition in the coal industry. The Board of Commissioners and Directors is not only done
Board of Directors, together with the subsidiaries and through regular joint meetings, but could also be done
employees of the Company have effectively overcome at any time through various media. Hence, the Board of
the challenges, created opportunities and built a solid Commissioners could be acquainted with and provide
foundation to sustain the business. guidance and advice on various issues immediately
and appropriately in accordance with its authority and
The View over Business Prospects Prepared by responsibility.
Board of Directors
Looking ahead, the key to success of a coal mining Based on evaluation of the coal market condition and
company is the ability to produce coal at a more the Company’s operational performance, the Board of
competitive cost than other coal producers. In addition, Commissioners urged the Board of Directors to continue
coal companies must develop a synergistic business to improve efficiency at all levels in order to maintain
and add value to their products in order to maintain operating margin and increase the Company’s market
sustainable business. share.
Therefore, the Board of Commissioners strongly Improved Corporate Governance Quality

supports the Company’s plan to expand its business The Board of Commissioners continues its efforts to
portfolio. The planned expansion into the power improve the quality and effectiveness of the supervisory
generation business is a prospective step that must be function and implementation of good corporate
supported by all parties and all available resources. governance. The Audit Committee, formed in early
The Board of Commissioners has thoroughly examined 2013, has fully performed its functions. Throughout
all risk aspects of the proposed business plan, and 2014, the Audit Committee monitored implementation
cautioned the Board of Directors to undertake careful of risk management policies, implementation of
planning and promote the prudent principle. internal audit, ensured the Company’s compliance with
applicable laws and regulations, and assisted the Board

ANALYSIS
of Commissioners in reviewing the Company’s financial In our opinion, with the increasing scale of the Company,
statements and prepared notes as required. The Audit it is time for Toba Bara to establish a governance manual
Committee provides guidance and advice to the Internal and its derivative policies to guide all the Company’s
Audit Unit with regard to preparing the Annual Audit components in carrying out their roles and obligations
Work Plan, Audit Reports, recommendations and follow- according to the applicable regulations, ethics and
ups. norms.
The Board of Commissioners and Board of Directors are Change in Board of Commissioners Composition
conducting a review to apply a Whistleblowing System In 2014, there was no change in the composition of the
in the effort to create a conducive working environment Board of Commissioners of PT Toba Bara Sejahtra Tbk.
and prevent various types of violations that might lead
to financial and non financial losses, including issues that Closing Remarks
could damage the Company’s reputation. Basically, the Finally, on behalf of the Board of Commissioners, I
Company has long had a complaint mechanism in place would like to express my gratitude for the support and
through its open door policy. trust given by the shareholders and all stakeholders of
PT Toba Bara Sejahtra Tbk. Our sincere appreciation
The Board of Commissioners encourages the goes to the Board of Directors, Directors of subsidiaries,
Company to continue to improve the quality of GCG the management and all employees who have worked
implementation, including composing regulations earnestly and with dedication in realizing the Company’s
codification, policies and GCG soft structure as needed. best achievements in 2014.


REPORT OF THE
PRESIDENT DIRECTOR
Justarina S. M. Naiborhu
President Director

ANALYSIS
With efforts in efficiency and operational

integration of our three Subsidiaries as well as
continuing focus on optimum production growth,
Toba Bara managed to maintain business
sustainability and to generate 14.8% increase in
EBITDA compared to the previous year.
DEAR DISTINGUISHED SHAREHOLDERS,
Praise and gratitude be to God Almighty for His blessings and grace, that PT Toba Bara
Sejahtra Tbk has been able to go through the challenging year of 2014 with a number
of significant accomplishments that reinforce our optimism of the Company’s business
sustainability in the future. On behalf of the Board of Directors, allow me to report the
summary of the Company’s performance for the year ended December 31, 2014.
Global Economy and Coal Market Conditions

The global economy in 2014 has yet to show signs of recovery. Although the US economy
continued to improve as reflected in the Gross Domestic Product (GDP) and declining
unemployment, Europe and Japan however were still experiencing a slowdown. Similarly,
China indicated a slowing trend of economic growth.
The slowdown in the world’s major economies that has been going on for at least four or
five years prior has resulted in slower international trading activities. Weakening demand,
particularly from China, had an impact on mining commodity prices, including coal. In
addition to the falling demand, the decrease in coal prices was also caused by the high
level of inventories as a result of declining domestic coal prices and almost no control of
production levels in the major supplying countries such as Indonesia and Australia.
Coal price in the international market that has continued to decline since the beginning
of 2011 reached its lowest point this year. While the reference price of Newcastle (NEWC)
Index in 2012 was still in the range of US$ 97.0 per ton, it dropped to US$ 83.3 per
ton in 2013 and continued to decline to around US$ 70.8 per ton at the end of 2014.
Due to the continuing decline in prices, many Indonesian coal producers have ceased
their operations. Only companies with effective and efficient operations can survive and
maintain a healthy operating margin.
Strategies and Initiatives

In 2012, Toba Bara embarked on a growth and development program by implementing a
number of strategies that focus on efforts to build a foundation of growth and develop the
organization. As a responsible public company, Toba Bara is committed to pursuing long-
term profitable growth on an ongoing basis.

REPORT OF THE
PRESIDENT DIRECTOR
In subsequent developments, addressing the continuing well-known end-users in Japan and thus significantly
depressed coal market conditions, in 2013 the Company reduce our marketing cost. During 2014, Toba Bara
has taken important steps in the framework of internal has also expanded its export markets to other Asian
consolidation and integration. The Company made countries, including China, Korea, Taiwan, India, and the
efforts to consolidate its various strengths such as Philippines.
human resources, work procedures, cost efficiency
and marketing strategy. Meanwhile, we also strive to The Company sold most of the coal production volume
integrate the infrastructure and other mining resources in 2014 by prioritizing sales through fixed price contracts
in the three coal mining subsidiaries, namely Adimitra secured at the end of 2013. The payment methods
Baratama Nusantara (ABN), Indomining (IM) and Trisensa among others include partial percentage of the sales
Mineral Utama (TMU). contract value to be paid in advance. By applying
medium to long-term coal sales contract with fixed price,
This strategy of consolidation and integration has the Company could secure relatively better sales price
succeeded in building a solid foundation to become based on the agreed contract amid the uncertain market
a company that has a sustainable growth. In 2014, the conditions.
synergy between the three Subsidiaries was further
strengthened, thus improving efficiency and optimum A significant impact in terms of infrastructure efficiency
performance. has resulted from the use of the new proprietary hauling
road which was completed in 2013. The haul road
One of the efficiency measures is in the management of from TMU to Indomining through ABN has reduced
fuel procurement. To obtain a more optimal purchase TMU’s transportation cost by about US$ 5-7 per ton.
price, the Company integrated the fuel procurement Hence, in 2014 TMU was able to double its production
processes for the needs of all subsidiaries, resulting in to 1.4 million tons with a better profit compared to the
a better price from the suppliers compared to what can previous year.
be obtained if each subsidiary individually negotiated
the price with the suppliers. Fuel cost is a significant cost Performance in 2014
component, representing up to 1/3 of the total mining The Company’s coal production increased by 24.6%
operating costs. from 6.5 million tons in 2013 to 8.1 million tons as
contributed by the three subsidiaries. Stripping ratio (SR)
On the marketing side, since the end of 2013 the in 2014 decreased by 0.7% from 13.4x to 13.3x, in line
Company has implemented several initiatives to with the Company’s strategy for managing cost efficiency
secure market share. We established selective business to maintain profit margins amid weakening sales price.
relationships with quality customers, and expanded the
coverage of export market. The Company recorded an increase in sales by 18.5%
from US$ 421.8 million in 2013 to US$ 500 million.
The Company’s customers are well-known international Meanwhile the cost of goods sold rose by 20.9%
traders as well as leading power generating companies from US$ 342.3 million in 2013 to US$ 413.8 million
as end users. We cultivate closer relationship with due to increased production. The Company’s EBITDA
customers to better understand their wishes and increased by 14.8% from US$ 58.6 million in 2013 to
needs. The Company is committed to maintaining its US$ 67.3 million. The combination of cost efficiency
reputation and consistency of product quality. Our initiatives, increased sales and marketing activities
strength is coal products with high calorific value and positively boosted EBITDA margin in 2014. As a result,
low sulphur content. These types of coal are in great the Company recorded a total profit for the year of US$
demand in Japan which command higher reference 35.8 million, an increase of 3.5% from US$ 34.6 million
price than the Newcastle reference. With a strong in 2013. Overall, the Company could achieve the growth
internal marketing team, we are able to sell directly to targets set in the Company’s Work Plan and Budget for
2014.

ANALYSIS
Our Challenges In the third quarter of 2014, one of our subsidiaries

The main challenge faced by coal producers in 2014 acquired in 2013, PT Perkebunan Kaltim Utama I (PKU),
was the continuously weakening global coal prices. had started the process of developing a palm oil mill
Various energy policies in the largest coal consumer with a capacity of 30 tons per hour. With planned
countries that led to a reduction in the use of coal due operating date at the end of 2015, the plant will
to health and environmental concerns also put pressure generate more revenues for the Company.
on the coal market. The global coal supply condition
that was oversupplied, very competitive, and faced Good Corporate Governance
by challenging environmental issues forced every coal As a public company, Toba Bara is committed to
industry player to operate in an efficient, effective, and conducting business in compliance with the Good
responsive manner to the market demand. Corporate Governance (GCG) principles and business
ethics. The values of integrity instilled by the founders of
In the midst of such conditions, Toba Bara has had the Company are adopted and applied in all operational
to work hard to perform better in order to provide activities of the Company. The core values such as
sustainable benefits to the shareholders, employees, honesty and unyielding spirit have become basic
and all other stakeholders. With the ever-increasing characters and behaviors for every employee in carrying
production costs, there was no option for the Company out their activities.
other than running its operations more efficiently. The
Company sought to maintain a relatively stable costs Throughout 2014, the Internal Audit Unit (SKAI)
structure as part of cost efficiency initiatives that began performed its functions well with the direction and
in 2013, while also focusing on production growth that supervision of the Audit Committee. The Company
could support the expected profit margin. adopts a risk-based internal audit to ensure that
compliance with standard operating procedures,
Prospects and Future Plans regulations and internal control system is run in
Conditions in the coal markets in 2015 are predicted to accordance with established guidelines. Management
remain more or less the same as in 2014. The number also assigned SKAI to develop a Business Continuity Plan
of surviving coal mining companies is expected to be (BCP) as a guide to running the Company’s operations
further reduced. Nevertheless, the Company still has during a disaster.
a high optimism in facing such challenging periods.
We are of the view that the year 2015 is a good time to Currently the Company has not yet prepared guidelines
invest in business development. and policies (soft structure) related to GCG such as GCG
Guidelines, Code of Ethics, Board Manual, and so forth
Toba Bara has long-term vertical and horizontal business as a reference in performing tasks and activities that fall
development plans. Horizontally by adding coal reserves under authority of each respective function.
through explorations in the Company’s widespread
concession areas as well as through mine acquisition The Company is reviewing the need for establishment
opportunities. Vertically by business development in of whistleblowing system. Nevertheless, to date the
power generation with coal-fired and alternative energy Company has applied an open door policy to receive
power plants. Initial assessment has been started complaints and discuss problems. In essence, the
by reviewing an opportunity to participate in an IPP Company would like to continue to build a conducive
(Independent Power Producer) tender conducted by working atmosphere, among others, by enforcing a
PLN. good work ethic.
Both development plans are parts of efficiency efforts

and maintaining business sustainability. By developing
power plants, the Company can ensure revenue while
increasing profit margin from the synergy of the two
business lines.

REPORT OF THE
PRESIDENT DIRECTOR
Human Resource Development Company should not remain stagnant. Toba Bara should
The Company understands the importance of employee continue to grow consistently to achieve business
competence as one of the competitive advantages in sustainability. In 2014, the recruitment process of the
the coal industry. Developing human resources (HR) with best people in their respective fields continued to be
excellent performance has started from the recruitment done because the Company is preparing to expand in
process to attract potential employees. Employee the coming years.
development program is conducted through consistent
and continuous training activities. Every employee is Change in Board of Directors Composition
encouraged to show their best performance and ability In 2014 there was no change in the composition of the
to face the existing business challenges. Conversely, Board of Directors.
the Company provides a fair and transparent promotion
opportunity to outstanding employees. Every employee Appreciation
is entitled to achieve their best career. On behalf of the Board of Directors, I would like to
thank the shareholders, the Board of Commissioners,
Most of Toba Bara’s people are young, vigorous, and customers, business partners, central and local
dynamic people between the age of 26 and 35 years. governments, and other stakeholders for their
The Company provides sufficient independence so continuous support and confidence to the Company.
that they have room to develop their creativity and My appreciation goes to all employees of PT Toba Bara
responsibility. Sejahtra Tbk who have demonstrated their hard work so
that we could successfully go through the tough year. I
As an emerging company, the interaction between believe, with the support of all parties, the Company will
employees and management is intense. All employees continue to sustainably grow so as to increase values
have the same spirit: demonstrate the best performance for the Shareholders, provide useful contributions to
and teamwork for the Company’s development. Because the country and the society as well as achieve the vision
they realize, in a difficult industry environment, this of becoming one of the best world-class coal mining
companies in Indonesia.
President Director

ANALYSIS
PERSPECTIVES OF THE
FOUNDING SHAREHOLDER
I believe Toba Bara will be

able to maintain a good
performance while continuing
to provide maximum
contribution to the community.
Gen. (Ret.) Luhut B. Pandjaitan

Founding Shareholder
Gen. (Ret.) Luhut B. Pandjaitan is the founder of PT Toba in North Sumatra with a focus on education through
Sejahtra which holds 71.8%of PT Toba Bara Sejahtra Tbk. Informatics Polytechnic DEL, a leading national
university in the field of information technology that is
A retired general of the Indonesian National Army accredited by the Ministry of Education of the Republic
(TNI), statesman, former Ambassador Extraordinary of Indonesia.
and Plenipotentiary of the Republic of Indonesia,
businessman and philanthropist, Luhut B. Pandjaitan He believes that Indonesia needs to add value to
devotes all his thoughts and efforts to the progress and the nation’s riches in natural resources. Therefore, he
prosperity of the Indonesian nation that he loves. founded Toba Bara to create added value from the coal
mining sector – Indonesia’s main commodity.
As a businessman, his vision is to increase the
competitiveness of Indonesian businesses in order to “The Social Entrepreneur of the Year” of Ernst &
compete regionally and globally. Young Global Entrepreneurship Award 2012, Luhut B.
Pandjaitan is keenly aware of the significance of the
Regionally, the demand for increased Indonesian sustainable development that is built upon the three
competitiveness is already upon us with the inauguration pillars of economic performance (profit), environmental
of the ASEAN Free Trade Market in 2015. Whereas conservation (planet) and social welfare (people).
globally, Indonesia must improve its industrial strength Therefore, he expects Toba Bara to begin harnessing the
among the leading industrialised countries in the world – principles of sustainable development in every aspect of
the G-20 Group. its business activities.
Luhut B. Pandjaitan believes that education is a key to

increasing the competitiveness of a nation. Therefore,
he founded the DEL Foundation, a non-profit foundation
that is actively engaged in community development

BRIEF HISTORY OF
THE COMPANY
2004 2005 2006

ABN and TMU were IM was incorporated ABN and IM were granted
incorporated in 2004. in 2005. mining authorization for
exploration.
2010 2011 2012

IM and TMU TMU began production. Toba Bara acquired
converted their KP additional shares
to IUPOP. of TBE and TMU to
Consolidated
99.99% each.
production of Toba
TBS acquired 51.0% of Bara surpassed 5
ABN, 52.5% of TBE million tons. TBS listed its shares on the
(that controlled IM) Indonesia Stock Exchange
and 51.0% of TMU. (July).
Consolidated production of TBS settled the land

Toba Bara reached more overlapping issue
than 3.9 million tons. with PKU.

ANALYSIS
2007 2008 2009

ABN and IM were granted TMU was granted ABN converted its
KP for exploitation. KP for exploration. KP to IUPOP.
IM began production. ABN began production.
2013 2014
TMU is poised to increase PKU began the construction process of oil palm
coal production to 80,000
tons – 100,000 tons/month. mills with a capacity of 30 tons/hour.
A new CPP has been Indomining completed the construction of transfer

constructed in IM.
conveyor belt connecting new CPP with existing
The haul road TMU – IM conveyor belt.
is operated ahead of
schedule. Toba Bara consolidated production surpassed
8 million tons/year.
Construction of the second
underpass in ABN was
completed.

BUSINESS LINE
Major City
Jetty
Transhipment Point
Major city is less TMU-IM Hauling Road

than 50 km
SAMARINDA
M
AH
AKA Furthest pit to jetty 25 km
M RI
VER with closest 1 - ~5 km
~5 km
~25 km IM
TMU ABN IM Jetty
ABN Jetty Close proximity

transhipment point & jetty
Kutai
Energy
Adjacent locations for

three mines
~120 Km
BALIKPAPAN

ANALYSIS
The Company has three Subsidiaries engaged

in coal mining with adjacent concession areas
and a subsidiary engaged in palm oil plantation
in Sangasanga, Kutai Kartanegara Regency, East
Kalimantan Province.
Coal Products
MUARA BERAU TM Ash TS Calorific Value (kcl/kg)
Concession Area
(% GAR) (% GAD) (% GAD) GAR GAD
PT ADIMITRA BARATAMA NUSANTARA
ABN 52 23 6 0.8 5,200 5,800
ABN 56-HS 20 6 1.8 5,600 6,100
ABN 56-RS 20 6 0.8 5,600 6,100
ABN 58 19 6 0.8 5,800 6,250
PT INDOMINING
Indomining 19 8 0.9 5,700 6,200
PT TRISENSA MINERAL UTAMA
Trisensa - 47 28 4 0.3 4,700 5,600
Coal Reserves*
~55 Km
147 million tons

(total ~120 Km)
MAKASSAR STRAIT Coal Resources*
236 million tons

Coal Production
(in million ton)
2014 8.1
2013 6.5
MUARA JAWA
2012 5.6
~65 Km
* Based on Runge report for ABN per December,
31 2011, SMGC report for IM per January, 1 2012,
Marston report for TMU per October, 30 2011

VISION & MISSION
VISION
To be one of the best-managed world class mining
companies in Indonesia with a focus on high growth
by building competence through development of our
employees, robust financial performance, and solid
returns for our shareholders.
MISSION
• Creating sustainable shareholder value from
Indonesian mining.
• Developing a best-in-class pool of talent.
• Investing in our subsidiaries and other related
businesses that will enhance value to shareholders.
• Managing competitiveness of mining operations
effectively.
• Enhancing integration of coal supply chain to ensure
reliability and efficiency.
• Building strong relationship with our business partners
and the financial community.
• Being a responsible corporate citizen in promoting
community development and implementing good
corporate governance practices.

ANALYSIS
BUSINESS STRATEGY
The Company’s strategy in 2014 was a continuation of On the marketing side, the Company undertook the
the strategy that has been established in 2012 which was following initiatives:
the spirit to grow and develop with various initiatives • Empowering central marketing for the three
focused on building a solid growth foundation and Subsidiaries to establish customer base internally and
developing the organization. thus reduce marketing cost
• Improving buyer quality through improvements in
Furthermore, responding to developments in the coal sales contract and payment terms supported by
industry, in 2013 the Company took crucial steps to prepayment
consolidate and integrate its various strengths in order • Maximizing pricing determination through ideal long-
to achieve stronger, more efficient and more competitive term, medium-term and spot sales contract strategy
performance. Consolidation measures were carried • Maximizing pricing determination method through
out in the aspect of human resources, work processes, various hedging strategies
cost structure and marketing strategy. At the same time, • Maintaining product quality and price commitment to
integration measures were conducted on infrastructure create the top of mind brand of the Company’s coals
and other mineral resources in the three Subsidiaries in the global market.
engaged in coal business namely Adimitra Baratama
Nusantara (ABN), Indomining (IM) and Trisensa Mineral With the aforementioned initiatives, the Company
Utama (TMU). was able to maintain production continuity to achieve
a sound profitability level and maintain business
In 2014, the Company was able to move more sustainability.
dynamically because the consolidation and integration
strategy had succeeded in building a solid foundation
to become a company that continues to grow in a
sustainable manner. The synergy among the three
Subsidiaries is reinforced, to achieve better efficiency
and more optimal performance improvement.
In terms of operations, the Company optimized

its efficiency program through joint mine plan and
infrastructure sharing with the following initiatives:
• Reduction in stripping ratio and management of
dump distance
• Maximizing shared infrastructure such as CPP (Coal
Processing Plant) and jetty
• Efficiency in fuel purchase through integrated fuel
procurement
• Reducing mining contractor cost

ORGANISATION
STRUCTURE
BOARD OF
COMMISSIONERS
1. Jusman Syafii Djamal
2. Bacelius Ruru
Independent Commissioner
3. Farid Harianto
BOARD OF DIRECTORS
1. Justarina S. M. Naiborhu
President Director/Unaffiliated Director
2. Pandu P. Syahrir
Director
3. Arthur M. E. Simatupang
Director
4. Sudharmono Saragih
Director
Legal Unit Corporate Secretary Investor Relations

Bima Sinung Widagdo Pandu P. Syahrir Iwan Sanyoto

ANALYSIS
AUDIT COMMITTEE
1. Bacelius Ruru, SH, LLM
Head of the Audit Committee
2. Prof. Dr. Ir. Irwandy Arif, M.Sc

Audit Committee Member
3. Aria Kanaka, CA, CPA
Audit Committee Member
Internal Audit
Pria Fardio Syaiful Dinar
Board of Directors Board of Directors Board of Directors

PT ADIMITRA BARATAMA NUSANTARA PT INDOMINING PT TRISENSA MINERAL UTAMA
Government Relations Finance & Accounting

Vacant Tries Nainggolan

PROFILE OF THE
BOARD OF COMMISSIONERS

ANALYSIS
1. Jusman Syafii Djamal

2. Bacelius Ruru
3. Farid Harianto

PROFILE OF THE
BOARD OF COMMISSIONERS
01
02 03

ANALYSIS
01
Born in Langsa – Nanggroe Aceh Darussalam, July 28, 1954, Jusman Innovation Committee (since May 2010), Chairman of Advisory
Syafii Djamal is a Bachelor in Mechanical Engineer with concentration Council of Entrepreneur of Land Transportation Organization
in Aeronautics from Institut Teknologi Bandung in 1982. Previously, (since January 2010), and Chairman of Matsushita Gobel
he served, among others, as Minister of Transportation of the First Foundation (since January 2005) and President Commissioner/
United Indonesia Cabinet (May 2007 – October 2009), Member Independent Commissioner of PT Garuda Indonesia Tbk (since
of the National Evaluation Team of Transportation Safety and 2015). Appointed as President Commissioner of the Company
Security (January - May 2007), Member of Incubator Technology of since October 1, 2010.
BPPT (2003), and Chief Project Engineer of 50 seaters Advanced
Turboprop N250 Fly by Wire Airplane, IPTN Indonesia (1990 – 1995). He was 60 years old by December 31, 2014. He has no affiliation
Currently he also serves as President Commissioner of PT Cardig with other members of Board of Commissioners, Board of
Aero Services Tbk (since July 2011), President Commissioner of Directors or shareholders.
PT Telkom Indonesia Tbk (since January 2011), Member of National
02 03
Bacelius Ruru Farid Harianto
Independent Commissioner Independent Commissioner
Born in Kakaskasen Village, Tomohon – North Sulawesi, June 14, Born in Madiun - East Java, September 4, 1952, Farid
1948, Bacelius Ruru graduated from School of Law of Universitas Harianto holds a Bachelor of Electrical Engineering from
Indonesia in 1975 and holds LLM (Master of Laws) from Harvard Institut Teknologi Bandung, Master in Applied Economics
Law School, United States. Previously, he served, among others, as and Managerial Science and Ph.D in Applied Economics and
President Commissioner of PT Perusahaan Pengelola Aset (Persero) Managerial Studies from The Wharton School at the University
(2004 – 2008), President Commissioner of PT Telekomunikasi of Pennsylvania, United States. Previously, he served, among
Indonesia Tbk (2001 – 2004), President Commissioner of PT others, as Deputy Chairman of Indonesian Bank Restructuring
Bursa Efek Indonesia (2001 – 2008), Secretary of Ministry of Agency (1998 – 2000), President Director of PT Pemeringkat
State-Owned Enterprises (2001 – 2004), Deputy of State Minister/ Efek Indonesia (1995 – 1998), Visiting Professor and Chairman,
Deputy of Head of Investment and State-Owned Enterprises ASEAN Studies, University of Toronto, Canada (1993 – 1995),
Development, Supervision and Control Division, Ministry of State- and Director, Graduate Programs, Institut PPM (1990 – 1993).
Owned Enterprises (2000 – 2001), Assistant of Minister/Deputy of Currently he is designated as a member of the President’s
Mining Business and Agro Industry, State Ministry of State-Owned Advancement Advisory Council at National University of
Enterprises Utilization (1999 – 2000), Assistant of Minister of State- Singapore (since 2011), Independent Commissioner of
Owned Enterprises Utilization/Deputy of Competitive Business PT BATA Indonesia Tbk (since 2011), Special Staff of Vice
Sector, Management Board of State-Owned Enterprises (1998 – President of the Republic of Indonesia (since 2009). Risk
1999), Director General of State-Owned Enterprises Development, Monitoring Committee of PT Bank Internasional Indonesia Tbk
Ministry of Finance (1995 – 1998), and Head of Indonesian Capital (since 2007), Independent Commissioner of PT Unggul Indah
Markets Supervisory Agency, Ministry of Finance (1993 – 1995). Cahaya Tbk (since 2005), Independent Commissioner of
Currently he also serves as Independent Commissioner of PT Lippo Karawaci Tbk (since 2004), and Member of Executive
PT Manulife Aset Manajemen Indonesia (since 2011), Independent Council of Asia, the Wharton School, University of Pennsylvania
Commissioner of PT Agung Podomoro Land Tbk (since 2010), (since 2000). First appointed as Independent Commissioner of
President Commissioner of PT Axle Asia (insurance broker) (since the Company on March 30, 2012.
2008), President Commissioner of PT Jababeka Tbk (since 2007),
President Commissioner of PT Tuban Petrochemical Industries He was 62 years old by December 31, 2014. He has no affiliation
(since 2003) and President Commissioner of PT Polychem Indonesia with members of Board of Commissioners, Board of Directors or
(since 2003). First appointed as Independent Commissioner of the shareholders.
Company on March 30, 2012.
He was 66 years old by December 31, 2014. He has no affiliation

with members of Board of Commissioners, Board of Directors or
shareholders.

PROFILE OF THE
BOARD OF DIRECTORS
1. Justarina S. M. Naiborhu
President Director/Unaffiliated Director
2. Pandu P. Syahrir
Director
3. Arthur M. E. Simatupang
Director
4. Sudharmono Saragih
Director

ANALYSIS

PROFILE OF THE
BOARD OF DIRECTORS
01 02
03 04

ANALYSIS
01 02
Pandu P. Syahrir
President Director/Unaffiliated
Director
Director
Born in Jakarta, October 27, 1963, Justarina Sinta Marisi Naiborhu Born in Boston - United States, May 17, 1979, Pandu Patria
earned her undergraduate degree from Institut Pertanian Bogor, Syahrir graduated with a Bachelor Degree from the University
Master in International Securities, Investment and Banking from of Chicago, United States and holds a Master of Business
Reading University, UK, and Master of Management from Universitas Administration Degree from Stanford Graduate School of
Indonesia. Previously she was President Director of PT CIMB-Principal Business, United States. Prior to joining the Company, he was
Asset Management (2008 – 2011), Director of PT CIMB-GK Securities Senior Analyst focusing on energy and mining sectors at Matlin
Indonesia (2003 – 2008), Vice President of Institutional Business & Patterson from 2007, Principal at Byun & Co., an Asian alternative
Advisory PT Kuo Capital Raharja (2001 – 2003), Portfolio Manager energy fund (2002 – 2005) and Analyst at Lehman Brothers
of Institutional Asset Management of PT Danareksa Investment (2001 – 2002).. In 2014 he received “Asian Society Young
Management (1999 – 2001), and Research & Development Analyst Leaders Awards”, which is an award for young leaders under the
then Assistant to President Director of PT Bursa Efek Jakarta (1992 – age of 40 years from Asia Society.
1997).
He was 35 years old by December 31, 2014 and first appointed
She was 51 years old by December 31, 2014 and first appointed as as Director of PT Toba Bara Sejahtra Tbk on October 1, 2010.
President Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. She He has no affiliation with other members of Board of Directors,
has no affiliation with other members of Board of Directors, Board of Board of Commissioners or shareholders.
Commissioners or shareholders.
03 04
Arthur M. E. Simatupang Sudharmono Saragih
Director Director
Born in Bandung - West Java, February 12, 1973, Arthur Mangaratua Born in Pematang Siantar – North Sumatra, August 2, 1978,
Ebenhaezer Simatupang graduated with a Bachelor degree in Sudharmono Saragih graduated with a Bachelor Degree in
International Business from University of Seattle, United States, and Mining Engineerig with concentration in General Mining from
earned a Master of Commerce in Finance and Accounting from Institut Teknologi Bandung. He served as Project Manager at PT
The University of Sydney, Australia. He served as Advertising and Toba Sejahtera (2011-2012), Site Manager of PT Raja Kutai Baru
Promotion Supervisor at PT Indofood Sukses Makmur Tbk (1998 Makmur, Ancora Group (2010 - 2011), Operations Manager of
-2004) and Director and Chief Financial Officer at ABN since 2007. PT Wijaya Karya Aneka Mineral, Harita Group (2009 - 2010), Site
General Manager of PT Agrabudi Jasa Bersama, Titan Mining
He was 41 years old by December 31, 2014 and first appointed Indonesia Group (2009), Operations General Manager of PT
as Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. He has Riau Bara Harum, Andaru Resources Group (2008 - 2009) and
no affiliation with other members of Board of Directors, Board of Production Inspector at PT Kaltim Prima Coal (2004-2005).
Commissioners or shareholders.
He was 36 years old by December 31, 2014 and first appointed

as Director of PT Toba Bara Sejahtra Tbk on June 20, 2012. He
has no affiliation with other members of Board of Directors,
Board of Commissioners or shareholders.

SHAREHOLDERS
INFORMATION
PT Sinergi Sukses Utama 5.1%

Roby Budi Prakoso 3.6%
Luhut Pandjaitan
PT Toba Sejahtra 71.8%
99.98%
Davit T. Pandjaitan 0.8%
PT Bara Makmur Abadi 6.2%
Publik 12.5%
PT Adimitra Baratama Nusantara 51%
PT Toba Bumi Energi 99.99% PT Indomining 99.99%
PT Trisensa Mineral Utama 99.99%
PT Perkebunan Kaltim Utama I 90.00%
Shareholders Owning More Than 5%
Name of Shareholders Numbers of Shares Share Ownership

PT Bara Makmur Abadi 125,755,000 6.25%
Bintang Bara B.V 201,250,000 10.00%
PT Sinergi Sukses Utama 102,700,000 5.10%
PT Toba Sejahtra 1,444,750,000 71.79%
Report of Share Ownership - Directors & Commissioners per 31 December 2014
Name Position Number of Shares Percentage

Jusman Syafii Djamal President Commissioner 0 0.00%
Bacelius Ruru Independent Commissioner 0 0.00%
Farid Harianto Independent Commissioner 0 0.00%
Justarina S. M. Naiborhu President Director 0 0.00%
Pandu P. Syahrir Director 0 0.00%
Arthur M. E. Simatupang Director 0 0.00%
Sudharmono Saragih Director 54,800 0.003%
Total 54,800 0.003%

ANALYSIS
Information on the Majority Controlling Shareholder

The Company is majority held by PT Toba Sejahtra (TS), which holds 71.8% shares of the Company, and indirectly
owned by Mr. Luhut Pandjaitan, which holds 99.98% shares of Toba Sejahtra.
PT Toba Sejahtra is a limited liability company incorporated under Indonesian law on 6 August 2004, and is currently
engaged in the mining, energy and plantation sector. The businesses of TS comprise of, among others, natural
resources (thermal coal and oil and gas), power plants (as Independent Power Producer of coal-fired, gas-fired and
geothermal power plants), as well as agricultural and plantation resources (oil palm, rubber, sugar cane, and forestry).
The TS Group currently comprises of 16 affiliated companies that are engaged in broad ranging industry sectors.
Toba Sejahtra collaborates with leading companies from Indonesia and overseas in developing various assets and
natural resources in Indonesia, with the aim of harnessing the Indonesian natural resources in the best possible way
to improve the welfare of the Indonesian people.
Chronology of Share Listing

The Company listed its shares on the Indonesia Stock Exchange on July 6, 2012, under challenging conditions for the
coal market in general. A total of 210,681,000 common shares at a nominal value of Rp 200 per share were listed on
the Exchange, representing 10.47% of the Company’s fully paid and invested capital. The shares offered to the public
at the IPO at a price of Rp 1,900 per share generated proceeds of Rp 400,293,900,000 for the Company. It is listed on
IDX with the ticker code of TOBA.
Report of Use of Proceeds Per December 2014 (in million Rp)

Realization of Use of Proceeds as Disclosed in
Realization of Public Offering Plan of Use of Proceeds as Disclosed in Prospectus R
Prospectus
Acquisition of Acquisition of Remaining

Type of Coal Mining Coal Mining
Effective Total Proceeds
No Public Payment Concession, Bayar Concession,
Date Proceeds Expenses of
Offering Net of Loan Capital Working Pinjaman Capital Working
from of Public Total Total IPO
Proceeds to BNP Expenditures Capital and ke BNP Expenditures Capital and
Public Offering
Paribas Operational, Paribas Operational,
Offering
and Exploration and Exploration
Activities Activitie
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15
1 IPO 6-Jul-12 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 179,396 77,236 350,748 10,675
Total 400,294 38,871 361,423 94,476 189,711 77,236 361,423 94,116 179,396 77,236 350,748 10,675
Notes
a. (i) Plan of use of proceeds as disclosed in Prospectus.
7 More or less 26.14% from the net proceeds to be used to repay loan facilities from BNP Paribas.
8 More or less 52.49% from the net proceeds to be used for capital expenditure to support mining activities, infrastructure and facilities development in the
concession areas of the subsidiary entities.
9 More or less 21.37% from the net proceeds to be used as working capital for the Company and subsidiary entities and to finance exploration activities in
the subsidiary entities’ concession areas and to acquire coal mining concessions.
(ii) Realisation of use of proceeds as disclosed in Prospectus.
11 Repayment of the loan principal to BNP Paribas amounting to US$9,946,782.69 equivalent to Rp94,116 million.
12 Capital expenditures related to the procurement of fixed assets for the Company and the development of supporting facilities in the concession areas of
subsidiary entities.
13 Financing of working capital and exploration activities in the three subsidiary entities’ concession through loans extended to the subsidiary entities
amounting to Rp18,485 million. Financing of operations and working capital of the Company
b. Fund from the proceeds of the IPO as of 31 December 2014 was deposited in Standard Chartered Bank (non affiliated) with a tenor of one month, earning a
Rupiah interest rate of 7.50%.

BRIEF DESCRIPTION OF
OPERATING SUBSIDIARIES
PT ADIMITRA BARATAMA NUSANTARA PT INDOMINING
51% 99.99%
Percentage Ownership of
Percentage Ownership of the Company the Company
PT Adimitra Baratama Nusantara (ABN) is a PT Indomining is a subsidiary company of PT

fast-growing thermal coal producer located in Toba Bumi Energi, which is wholly controlled by
Sanga- Sanga, Kutai Kartanegara, East Kalimantan, the Company. The Indomining coal concession is
Indonesia and covers 2,990 located in Sanga-Sanga, Kutai Kartanegara, East
hectares. First set up in 2004, ABN has been a Kalimantan, and covers 683 hectares, adjacent to
majority-owned subsidiary entity of the Company the concession of ABN.
since 2010.
IM has a total estimated coal resources amounting
ABN has a total estimated resources of 156 million to 37 million tons, and has its own coal mining
tons of coal. Currently, ABN produces two varieties infrastructures that include a crusher, land conveyor
of blended thermal coal, ABN 52 and ABN 58. and jetty. IM can transport crushed coal from the
In 2013 it produced 4.2 million tons of coal, with ROM stockpile through the overland conveyor
main infrastructures that comprise of coal stockpile, directly onto docked barges in the jetty. IM began
crusher, overland conveyor and jetty. In 2013, more production in 2007 and in 2013 produced a total of
than 80% of ABN production is estimated to be 1.4 million tons of coal.
higher than 5,600 GAR. ABN transports its coal from
the ROM stockpile through the overland conveyor
of less than five kilometers, which directly loads the
coal to 300-feet barges at the jetty.
Board of Commissioners Board of Commissioners

Paulina Maria Dame Uli Pandjaitan President Commissioner Godlief Manangkak Timbul Silaen President Commissioner
Imelda The Commissioner Roby Budi Prakoso Commissioner
Aurelia Marsaulina Simatupang Commissioner Saswinadi Sasmojo Commissioner
Soenggoel Pardamean Sitorus Commissioner Lutfi Ismail Commissioner
Sintong Pandjaitan Commissioner
Board of Directors Board of Directors

Hamid Awaluddin President Director Arthur M. E. Simatupang President Director
Sudirdjo Widjaja Director Alvin Sunanda Director
Michael Soerijadji Director
Pandu P. Syahrir Director
Sudharmono Saragih Director

ANALYSIS
PT TRISENSA MINERAL UTAMA PT PERKEBUNAN KALTIM UTAMA I
99.99% 90%
Percentage Ownership of
the Company Percentage Ownership of the Company
PT Trisensa Mineral Utama (TMU) is a wholly owned PT Perkebunan Kaltim Utama I (PKU) is a subsidiary
(99.99%) subsidiary of the Company. The TMU entity of the Company with a majority share (90%)
concession is located in Kutai Kartanegara, East of PKU, which is engaged in the oil palm plantation
Kalimantan, and covers 3,414 hectares. Trisensa has business. PKU holds the Rights to Cultivate Oil Palm
completed the construction of a coal-hauling road Plantation (HGU) of a site totalling 8,633 hectares
to IM through ABN in order to use IM’s in the Teluk Dalam Bario, Pula Seribu Village, Muara
infrastructures. Jasa District, Jawa County, Sanga-Sanga Regency,
and in Tani Bhakti Village, Batuah, Loa Janan
TMU has an estimated total resources of 43 million District, Kutai Kartanegara Regency, East Kalimantan
tons. TMU commenced production in October for a period of 30 years.
2011, and in 2013 produced approximately 925
thousands tons of coal.
Board of Commissioners Board of Commissioners

Tjokro Saputrajaya President Commissioner Lutfi Ibrahim Nasution President Commissioner
Bok Maria Laurensia Commissioner Lutfi Ismail Commissioner
Salikin Moenits Commissioner
Eddy Kustiwa Koesma Commissioner
Board of Directors Board of Directors

Suaidi Marasabessy President Director Suaidi Marasabessy President Director
Elim Khiat Director of Finance Elim Khiat Director
Hartanto Saputrajaya Nyoto Director of Operations

CAPITAL MARKET
SUPPORTING
PROFESSIONALS
Supporting
No Name of Institutions Address Period
Institutions
Gedung Bursa Efek Indonesia

Tower 2, 7th floor
Jl. Jend. Sudiman Kav. 52-53
1 Public Accountant KAP Purwantono, Suherman & Surja 2013 - 2014
Jakarta 12190
T: (021) 5289 5000
F: (021) 5289 4100
Menara Sudirman, 18th floor

Jl. Jend. Sudirman Kav. 60
2 Notary Aryanti Artisari, SH. M. Kn Jakarta 12190 -
T: (021) 520 4778
F: (021) 520 4780
Wisma Diners Club Amex

Jl. Jend. Sudirman Kav. 34-35
3 Share Registrar PT Datindo Entrycom Jakarta 10220 Since 2012
T: (021) 570 8870
F: (021) 570 9026
Plaza Bapindo Citibank

Tower, 27 th floor
Jl. Jend. Sudirman Kav. 54-55
4 Public Appraisal Firm Jennywati, Kusnanto & Rekan -
Jakarta 12190
T: (021) 526 0808
F: (021) 526 6006

ANALYSIS
ADDRESS OF COMPANY
AND SUBSIDIARIES

Wisma Bakrie 2,16th floor
T: (021) 5794 5779
F: (021) 5794 5778
corsec@tobabara.com
Operating Subsidiaries Office Site
Jakarta Office Jl. Habiba RT 04

Wisma Bakrie 2, 11th floor Kelurahan Jawa, Sangasanga 75254
Jl. H.R. Rasuna Said Kav. B-2 Kab. Kutai Kartanegara - Samarinda
Jakarta 12920, Indonesia East Kalimantan
T: (021) 579 42103 Indonesia
PT ADIMITRA BARATAMA F: (021) 579 42130 T/F: (0541) 671 259
NUSANTARA
Jakarta Office District 5, Jl. Gajah Mada

Wisma Bakrie 2, 11th floor Kel. Sangasanga Dalam, Kec.
Jl. H.R. Rasuna Said Kav. B-2 Sangasanga, Kab. Kutai Kartanegara -
Jakarta 12920, Indonesia Samarinda, East Kalimantan
T: (021) 579 30579 Indonesia
F: (021) 579 30580 T: (0541) 671 387
F: (0541) 671 310
PT INDOMINING
Jakarta Office KM 23 Desa Tani Harapan

Wisma Bakrie 2, 11th floor Kecamatan Loa Janan
Jl. H.R. Rasuna Said Kav B-2 Kab. Kutai Kartanegara - Samarinda
T: (021) 5793 0568/9 Indonesia
PT TRISENSA MINERAL F: (021) 5793 0570 T/F: (0541) 726 8231
UTAMA
Jakarta Office Desa Tani Harapan

Wisma Bakrie 2, 11th floor Kecamatan Loa Janan
Jl. H.R. Rasuna Said Kav B-2 Kab. Kutai Kartanegara - Samarinda
T: (021) 5794 5779 Indonesia
PT PERKEBUNAN KALTIM T/F: (0541) 796 4704
UTAMA I

MANAGEMENT
DISCUSSION
AND ANALYSIS
Although the coal market has not moved

from its position of oversupply and
declining demand, in the long-term, coal
demand will continue to increase along
with the world energy demand as driven
by population growth and increase in
Gross Domestic Product (GDP).

ANALYSIS

INDUSTRY
OVERVIEW
Indonesia is one of the largest coal producers and exporters in the world. Since the early 1990s, when the coal
mining sector was reopened for foreign investment, the Indonesian coal industry has increased rapidly both in terms
of production and sales volumes. The domestic use of coal to this day is relatively low compared to the Indonesian
coal exports which range between 70% - 80% of the total coal production. Production, exports and domestic sales are
expected to grow at least by 10% every year.
Based on the report of BP Statistical Review of World Energy published in 2014, in 2013 Indonesia was in the fifth
place of coal producer in the world after China, the USA and Australia.
Production Consumption
Country (million Mt) (million Mt)
2012 2013 2012 2013

China 3,645.0 3,680.0 1,856.4 1,925.3
United States 922.1 892.6 436.7 455.7
India 606.5 605.1 302.3 324.3
Australia 452.8 478.0 47.3 45.0
Indonesia 386.0 421.0 50.4 54.4

Table: Big five of world coal producers
(Source: BP Statistical Review of Wold Energy June 2014)

ANALYSIS
By the end of 2014, global

2014 Total Coal Production in
Indonesia coal prices have declined
by 27.8% compared to
435 million tons prices at the end of 2013,
as the combined result of
2014 Exported coal from Total Pro-
duction Indonesia weakening demand growth
in China and relatively high
82.5 %
supply.
From the table above, it shows that although Indonesia COAL MARKET CONDITIONS 2014
was the fourth as a producer, but its domestic
consumption was still very low. In contrast, more than Entering 2014, the coal industry showed no indication
80% of Indonesian coal production entered into the of improvement. The coal market has not moved from
global market that puts Indonesia the world’s largest its position of oversupply and declining demand since
coal exporter. 2011.
Based on data from Indonesian-Investments, most of China which has been the world’s largest coal importer
exported thermal coal consisted of the medium quality began to reduce the use of low rank coal for developing
type (between 5,100 and 6,100 kcal/kg) and the low environmentally friendly power plants. China’s policy
quality type (below 5,100 kcal/kg) which were largely shocked the other exporting countries because in 2013
absorbed by China and India markets. Moreover, alone China absorbed coal supply of 1.9 billion tons or
approximately 60% of Indonesia’s total coal reserves 50.3% of total world coal consumption.
consisted of low quality coals that were cheaper
(sub-bituminous) containing less than 6,100 kcal/kg. In addition, excess supply in global market was also
Pertaining to the global coal reserves, Indonesia is triggered by flooding products from South Africa and
currently ranked 10th having approximately 3.1% of total the United States. Coal supply increased faster than
proven global coal reserves according to BP Statistical demand was also due to some new mines commencing
Review of World Energy 2014. production phase. One of the world’s largest thermal
coal exporters mentioned that thermal coal shipments

INDUSTRY
OVERVIEW
by sea rose by 22.0% between 2011 and 2013. As a added up the pressure on world coal prices. Hence, the
result, the price of thermal coal used in power plants estimated coal price in short to medium term would be
was traded at its lowest level in five years. Meanwhile, in the same range.
metallurgical coal, steel raw materials, was traded almost
at the lowest level in seven years. The Indonesian government made an effort to help drive
up coal price. Ministry of Energy and Mineral Resources
Newcastle Price Index (NEWC) decreased by 16.2% (ESDM) set a coal production quota of 397 million tons
from US$ 93.2/ton in the first quarter of 2013 to US$ in 2014. This enforcement of production quotas was
78.1/ton in the first quarter of 2014. Entering mid-year, expected to help lift the domestic and international coal
the price weakening continued. NEWC Price Index fell prices.
to US$ 73.1/ton in the second quarter and the third
quarter dropped to US$ 68.4/ton. By the end of the However this production quota is predicted not to run
year, coal prices continued to weaken to US$ 63.5/ton effectively. Large-scale manufacturers continue their
on December 31, 2014. Thus, in just a single year, coal coal productions according to the agreements. Many
prices declined by 26.0% compared to US$ 85.9/ton by coal producers focus on efficiency by cutting operating
the end of 2013. costs, reducing labors, delaying capital expenditures for
large-scale development and renegotiating contracts.
The main cause of declining coal prices was a Uncertain market conditions force every coal industry
combination of weakening demand growth in China and player to operate efficiently, effectively and responsively
relatively high inventories due to declining domestic to market demand.
coal prices. In addition, uncontrolled production of the
major supplying countries like Indonesia and Australia

ANALYSIS
FUTURE PROSPECTS According to IEA projections for the period 2006-2030,

about 87.0% of the world’s energy demand comes from
Given the growing energy needs, the coal industry non-OECD countries. Energy demand growth in China
players remain optimistic about the coal future. Quoted was projected to be the greatest among other areas.
from the report of BP Statistical Review of World Energy India in recent years also showed quite large growth in
released in June 2014, coal consumption continued to energy demand, one level below China.
grow by 3% in 2013. Although the figure was still below
the average growth in 10 years of 3.9%, nevertheless Of the energy growth, coal ranks second after oil as
coal was the most rapidly-growing fossil fuel. energy supply source. Coal consumption is expected to
increase three times by 2030. Approximately 97.0% of
World energy demand will continue to increase as coal users are non-OECD countries and China becomes
driven by population growth and increase in Gross the largest user, which is about 2/3 of the total world
Domestic Product (GDP). Economic growth in Asia, consumption. Coal is still needed to meet the demand
which contributes to the world economic growth, for power plants construction in a number of areas
strongly affects the world energy demand. According in line with economic and revenue growth. The coal
to projections of International Energy Agency (IEA), demand is expected to grow by about 2.0% per year.
by 2030 the world energy demand would increase
by 45.0%, or an average increase of 1.6% per year. Based on the report of World Energy Outlook 2013,
Approximately 80% of the world’s energy needs are met in the regional area, coal demand in ASEAN countries
by fossil fuels. Only around 20% comes from renewable is projected to increase three times during the period
energy. from 2011 to 2035 with an average growth of 4.7% per
year. Strong demand in the entire South Asia is driven by
increasing electricity demands.

OPERATIONAL
OVERVIEW
Toba Bara is the majority controlling shareholder in three coal mining Subsidiaries, namely ABN, IM and TMU. The
Company’s business revenue depends entirely on the volume and quality of the coal produced.
Through the Subsidiaries, the Company manufactures a wide range of coal products with different calorific values.
These products are the result of each concession area of different seams with various calorific values to generate
products with specific characteristics according to customer specifications.
The Company’s products are sub-bituminous coal with following specifications:
Concession Area TM IM Ash VM HGI TS CV

(Total Moisture) (Inherent Moisture) (Volatile Matter) (Hardgrove Indexs) (Total Sulphur) (Calorific Value)
(kcal/kg) (kcal/kg)
(%GAR) (%adb) (%adb) (%adb) (%adb)
GAD GAR
ABN
ABN 52 23 15 6 40 45 0.8 5,800 5,200
ABN 56-HS 20 13 6 40 45 1.8 6,100 5,600
ABN 56-RS 20 13 6 40 45 0.8 6,100 5,600
ABN 58 19 11 6 40 45 0.8 6,250 5,800

ANALYSIS
One of the Company’s competitive

advantages is that the three
concession areas are located next
to each other, thereby facilitating
an optimum cost efficiency
program through a joint mine plan
and infrastructure sharing.
Concession Area TM IM Ash VM HGI TS CV

(Total Moisture) (Inherent Moisture) (Volatile Matter) (Hardgrove Indexs) (Total Sulphur) (Calorific Value)
(kcal/kg) (kcal/kg)
(%GAR) (%adb) (%adb) (%adb) (%adb)
GAD GAR
Indomining
Indomining-56 19 13 8 40 45 0.9 6,200 5,700
TMU
Trisensa-47 28 15 4 42 42 0.3 5,600 4,700
OPERATIONAL AND PRODUCTION PERFORMANCE
In the midst of tough coal industry conditions, the Company continues to manage costs carefully in every operational
aspect of its three Subsidiaries to maintain production growth to remain stable and profitable.
One of the Company’s advantages is that the three concession areas are located next to each other. Accordingly, the
Company can optimize cost efficiency program with a joint mine plan and infrastructure sharing. Undertaken cost
efficiency efforts include:
• Decrease stripping ratio (SR) and overburden management.
• Build hauling road from TMU to IM and maximize the use of shared infrastructure such as CPP (coal processing
unit) and jetty.

OPERATIONAL
OVERVIEW
With the completion of the

Coal Processing Plant (CPP)
facility, coal production
capacity in IM increased
from 3 million tons per year
to 6 million tons per year, in
support of the Company’s
long-term target of achieving
production volume of 16
million ton per year.
Toba Bara’s Production

Volume in 2014
8.1 million tons
Toba Bara’s Coal Production

Growth in 2014
24.6%

ANALYSIS
• Fuel efficiency.
• Maximize sales through targeted marketing strategies.
• Decrease in contractor cost.
In 2014, the Company built new Coal Processing Plant (CPP) facility to increase
coal production capacity in IM from 3 million tons per year to 6 million tons
per year. The new CPP is also used to process TMU coal thereby creating
cost efficiencies and increasing capacity of coal stockpile. Therefore, the total
production capacity increased from 13 million tons per year to 16 million tons
per year.
The Company’s production volume increased by 24.6% from 6.5 million tons
in 2013 to 8.1 million tons. Production volume achievement in 2014 was the
highest in the Company’s history, whereby this production exceeded the
planned target of 7.2 to 7.8 million tons. The increase in production volume was
supported by the increased productions of TMU and IM. The contributions of
each Subsidiary were approximately 1.4 million tons from TMU, approximately
2.3 tons from IM and approximately 4.4 million tons from ABN. The significant
production increase of TMU was triggered by the completion of hauling road in
the second quarter of 2013 which connects TMU and IM via ABN.
ABN remains the major contributor of the three Subsidiaries which was 54.3%
of the Company’s total production, although its percentage contribution has
decreased from the previous year which reached 64.6% due to the increased
contributions of IM and TMU. TMU’s contribution increased from 13.8% in 2013
to 17.3% in 2014. The production volumes of IM and TMU grew by around
64.3% and 55.6% respectively in 2014.
ABN IM TMU
13.9x 14.0x 13.2x 11.8x

11.1x
12.8x
4.4 4.2 2.3 1.4 1.4 0.9

2014 2013 2014 2013 2014 2013
Production Volume (million tons) SR (x)
Chart: Production and SR (stripping ratio) growth of ABN, IM and TMU
Compared to 2013, SR decreased by 0.7% from 13,4x to 13.3x reflecting the

Company’s efforts to improve efficiency in the midst of the weakened condition
of the coal price. In line with its strategy to reduce overall costs continually in
order to maintain profit margin, the Company maintains SR and Overburden
(OB) at a stable position, considering both of these components, including fuel,
account for 65-70% of the total cash cost.

OPERATIONAL
OVERVIEW
Production Volume & SR

fixed prices from qualified buyers at the end of 2013
million ton SR for most of the production plan in 2014. The Company
9.0 16.0x
8.1
could maximize its price structure to anticipate the less
8.0
14.9
15.0x favorable coal market condition. Payment mechanism
7.0
6.5 was very beneficial to the Company as most of the
6.0
5.6
13.4
14.0x
buyers prepaid their transactions based on certain
13.3
5.0
13.0x
percentage of the contract values. The Company
4.0 booked revenue of US$ 500.0 million, increasing by
3.0 12.0x 18.5% from US$ 421.8 million in 2013.
2.0
11.0x
1.0
US$/ton
0.0 10.0x
200
2012 2013 2014
180
TMU IM ABN SR (x)
160
140
Graph: Production and SR
120
100
80 US$ 91.3/ton
PROFITABILITY 60 US$ 62.5/ton

US$ 50.1/ton
US$ 65.5/ton
US$ 72.5/ton
US$ 66.6/ton
US$ 63.7/ton
40
US$ 41.5/ton
20
With Newcastle Index price down 17% year-on-year, 0

2007 2008 2009 2010 2011 2012 2013 2014
the Company managed to keep its Average Selling NEWC Index ASP
Price (ASP) that only decreased by 4.4% from US$ 66.6 Chart: Price fluctuation of NEWC Index and Average Selling Price
in 2013 to US$ 63.7 in 2014. This could be achieved
because the Company obtained sales contracts with

ANALYSIS
On the cost side, in 2014 the Company was able to reduce FOB cash cost by 3.0% due to cost efficiency efforts
supported by better mine plan and lower fuel cost. Overall, the Company managed to increase EBIDTA by 14.8% to
US$ 67.3 million compared to US$ 58.6 million in 2013. Profit in 2014 reached US $ 35.8 million, an increase of 3.5%
from the profit achievement in 2013. With an average quarterly run-rate production reaching 2.0 million tons, hence
EBITDA per ton in 2014 stabilized at US$ 8 - US$ 10 per ton.
Operational 2013 2014 Change

Newc. Index US$/ton 85.3 70.8 (17.0)%
Average Selling Price (ASP) US$/ton 66.6 63.7 (4.4)%
Production Volume Million ton 6.5 8.1 24.6%
Sales Volume Million ton 6.3 7.9 25.4%
Stripping Ratio x 13.4 13.3 (0.7)%
Financial
Sales US$ Million 421.8 500.0 18.5%
EBITDA* US$ Million 58.6 67.3 14.8%
Profit for the Year US$ Million 34.6 35.8 3.5%

*EBITDA = Gross Profit - selling & marketing expenses - G&A expenses + Depreciation and amortization
Table: Key operational indicators
MARKETING
The Company produces coal with diverse characteristics and required by power plants and other users in major
export markets, particularly in the Asia Pacific region. Therefore, the Company does not have significant difficulties in
marketing their products, as the Company has a strong diversified customer base.
Throughout 2014, the Company sold its products to Asian countries, such as China, Korea, Taiwan, India, and the
Philippines. Several internationally well-known traders and end-users such as power plant companies are some of the
major customers. The Company maximizes capability of its internal marketing team to acquire new well-known end-
users in Japan without spending significant marketing cost.
Integrated marketing strategies applied by the Company are:

• Empower central marketing for the three Subsidiaries to build a customer base internally so as to reduce
marketing cost.
• Improve buyer quality through refinement of contracts and payment terms supported by prepayment.
• Maximize pricing determination through mid and long-term sales contract strategy and ideal spot.
• Participate actively in prominent seminars, conferences, and trade shows to enhance the Company’s brand
awareness.

OPERATIONAL
OVERVIEW
Sales Based on Product Sales Based on Countries of Destination

(in %) (Sales to other countries respectively below 3%)
South Korea
China Japan
4700 GAR 16% 19.0%
32.9%
5200 GAR 9%
5600 GAR 64%
5800 GAR 1%
5900 GAR 9% Taiwan
India
Others 1% 15.2%
16.5%
Hong Kong
Total Sales 2014

Thailand
7.9 million tons Vietnam Philippines

ANALYSIS
Sales Based on Countries of Destination (in million tons)
Country of Destination Total Percentage

China 2.6 33%
South Korea 1.5 19%
India 1.3 16%
Taiwan 1.2 15% 2014
Philippines 0.3 4%
Vietnam 0.3 4%
Thailand 0.2 3%
Others 0.5 6%
Total 7.9 100%
INITIATIVES AND DEVELOPMENT
The Company has set a strategy to maintain business sustainability. Therefore, in 2014 the Company focuses
on efficiency efforts to obtain positive operating margin in the middle of challenging coal market condition. In
accordance with its revised mining plan, the Company sought to reduce stripping ratio in coal mining to reduce
stripping cost. This was successfully done, whereby the overall stripping ratio decreased from 13.4x to 13.2x.
In addition to decreasing stripping ratio, the Company sought to optimize its competitive advantages which is
having the three adjacent mine locations. The Company designed joint mine plan and infrastructure sharing among
ABN, IM and TMU such as the use of overland conveyor, coal crusher, coal transportation and jetty. The Company
mines in the borderland between ABN and IM to maximize the reserves and increase overburden disposal capacity.
The adjacent location of ABN and IM is optimized so as to shorten overburden disposal distance, thereby reducing
overburden transport cost. With coal haul road from TMU to IM via ABN, the Company can maximize the use of
shared infrastructure such as CPP (Coal Processing Plant) and jetty owned by ABN or IM.
The Company has built a new CPP in IM, which can increase processing capacity of IM’s coals, accommodate TMU’s
coals, increase overburden disposal capacity, reduce transportation cost, and increase stockpile capacity for raw coal
and coal products. To shorten overburden disposal distance, the Company has built underpass at ABN’s location.
In 2014, the Company invested in capital expenditure of US$ 11.8 million from the budget of US$ 15.5 million. The
capital expenditure was used, among others, for land acquisition financing in TMU and purchase of equipment and
operational facilities to support operations at the mine site.

OPERATIONAL
OVERVIEW
PROJECTS IN PROGRESS
1. In the third quarter of 2014, Perkebunan Kalimantan Utama I (PKU), a subsidiary engaged in palm oil plantation,
commenced the factory construction process starting with preparation of a mill. The palm oil mill capacity is
planned to be 30 tons/hour. The construction is expected to be completed by the end of 2015.
2. IM has completed the construction of conveyor belt transfer that connects the new CPP directly with the existing
conveyor belt.

ANALYSIS
PROFILE OF
SUBSIDIARIES
PT Toba Bara Sejahtera Tbk is a coal mining company 2. PT Indomining (IM) located in Sangasanga, Kutai
conducting mining activities in Sangasanga, Kutai Kartanegara, East Kalimantan. IM operates with IUPOP
Kartanegara Regency, East Kalimantan Province. license and began operating in August 2007. IM has
The Company has mining operational supporting a land area of 683 hectares, with an estimated coal
infrastructure such as coal haul road, office, workshop, resource of 37 million tons.
special coal port and other infrastructure. 3. PT Trisensa Mineral Utama (TMU) located in
Loa Janan, Muara Jawa and Sangasanga, Kutai
The Company has three Subsidiaries engaged in coal Kartanegara, East Kalimantan. TMU operates with
mining with adjacent concession areas in Sangasanga, IUPOP license and began operating in October
Kutai Kartanegara Regency, East Kalimantan Province. 2011. TMU has a land area of 3,414 hectares, with an
A subsidiary engaged in palm oil plantation is PT estimated coal resource of 43 million tons.
Perkebunan Kalimantan Utama I (PKU), which recently
started construction of palm oil mills. Overall, the Company’s total estimated coal resource is
currently 236 million tons*.
The three Subsidiaries in coal mining are:
1. PT Adimitra Baratama Nusantara (ABN) located in

Sangasanga, Kutai Kartanegara, East Kalimantan. ABN
operates with IUPOP license and began operating
in September 2008. ABN has a land area of
2,990 hectares, with an estimated coal resource of
156 million tons.
Major city
MUARA BERAU Malaysia
Jetty
Transhipment Point
Major city is less than TMU-IM Hauling Road
50 km
East
Kalimantan
SAMARINDA
M
AH
AK
AM
RIVE
R
Furthest pit to jetty
Central
~25 km with closest ~55 Km Kalimantan Balikpapan
~5 km (total ~120 Km)
~5 km
~25 km IM
MAKASSAR STRAIT
TMU ABN IM Jetty
ABN Jetty Close proximity transhipment

point & jetty
Kutai
Energy
Adjacent locations for

three mines
MUARA JAWA
~120 Km
BALIKPAPAN ~65 Km
* Based on Runge report for ABN per December 31, 2011, SMGC report for IM per January 1, 2012, Marston
Report for TMU per October 30, 2011

PT ADIMITRA BARATAMA NUSANTARA In a relatively short time since it began operating in
2008, ABN for three years in a row in 2011, 2012 and
PT Adimitra Baratama Nusantara (ABN) which was 2013 achieved Green rating and in 2014 earned Blue
established in 2006, has a mining area of approximately rating for PROPER, a Government environmental
2,990 hectares located in Kampung Jawa Village, compliance rating program for major industries whose
Sangasanga District and Muara Kembang Village, Muara operations could impact on the environment.
Jawa District, Kutai Kartanegara Regency, about 30
kilometers to the southeast of Samarinda, the capital Exploration Activities
of East Kalimantan. ABN’s concession area consists of A. Exploration Areas
two distinct regions, East ABN and West ABN. ABN In January to March exploration activities and update
operates under Mining Authority License No. 540/74/ geology model were conducted.
KP-Er/DPEIV/VI/2006. Based on the latest JORC report,
ABN has a coal resource of about 156 million tons and Starting in April exploration activities were prioritized
coal reserve of about 117 million tons. ABN commenced in new pit plan area which still required additional
exploration and infrastructure development in 2007, and drilling data, especially in sub crop and down dip
commercial production in 2008. area. Undertaken exploration activities were:
1. Infill drilling in new pit plan in Eastern block, which
Coal production in 2014 reached 4.4 million tons, is part of pit 1 mining development plan to obtain
increased by 4.8% from 4.2 million tons in 2013. ABN’s additional drilling data by pressing drilling space
stripping ratio reached 13.9x, lower than 14.0x in 2013. from the previous drilling data.
This is in line with consolidation and cost-efficiency 2. Infill drilling in anticline axis area to determine
programs launched by the Company since 2013. continuity and potential seam shapes in anticline
axis area that could still be optimized.
ABN’s operational activities provide employment for 3. Infill drilling in pit 1 North (active pit) to obtain
2,006 people, consisting of 389 employees of ABN and additional drilling data by pressing drilling
1,617 employees of contractors and sub-contractors. space from the previous drilling data to increase
Most of employees of ABN and contractors/sub- continuity confidence of the main seam toward
contractors are local people of Sangasanga and Muara down dip to the lower limit of pit plan.
Jawa District, Kutai Kartanegara Regency representing 4. Depressurization drilling to reduce water pressure
approximately 61% of the total employees. While the and stabilize the low wall in pit 1.
remaining 39% come from outside of these two districts. 5. Infill drilling (phase I) in anticline axis area to
determine continuity and shape of potential seam
ABN’s infrastructure capabilities include crusher, in anticline axis area which could still be optimized.
overland conveyor and jetty, with a current capacity 6. Infill drilling (phase II) in anticline axis area to
of approximately 10 million tons per year. Mining is determine continuity and shape of potential seam
conducted with surface open pit mining system. ABN’s in anticline axis area which could still be optimized.
coals have low dust content so that washing process is 7. In October there was no exploration activity,
not required, only crushing process is required. ABN’s however there were geological model update and
mining activities are carried out by two main contractors, preparation of exploration activities in 2015.
namely PT Petrosea Tbk and PT Arkana Apta Pratista.
ABN’s coal products are included in thermal coal group

with sub-bituminous and bituminous ranks and quality
between 5,200 GAR – 5,800 GAR. ABN’s products
are also marketed to several countries in the world,
including India, China, Japan, Thailand, and Korea. ABN
also supplies domestic needs such as cement and some
other industries.

ANALYSIS
B. Measurement Methods C. Drilling Monitoring

1. Drilling is carried out using open hole drilling Drilling activities are carried out by drilling contractor
method and touch coring with HQ and NQ hole PT Duta Jaya Putrapersada Mining, which operates 3
diameters at an angle of 90˚ or vertical. Sample drilling machines consisting of 2 Jacro 300 units and
core and geophysical logging data are taken at 1 Jacro 200 units used for infill drilling both open
touch coring drilling, while sample cutting and hole and touch coring. These drilling activities are
geophysical logging data are taken in at open supervised directly by ABN under Geology Section,
drilling. Engineering Department.
2. The dip in the West area ranged 70˚ - 85˚, therefore D. Exploration Progress
exploration drilling activities in the Western block ABN’s area consists of 2 main blocks, namely the
are conducted using slanting drilling method with Eastern block and the Western blocks, which are
a slope of 45˚. The drilling system uses open hole distinguished by oil/gas exclusion zone of
method and touch coring. Open hole aims to PT Pertamina Asset V site Sangasanga in the
determine the stratigraphy and continuity of rocks concession area. During the period from April to
particularly coal seam. Meanwhile touch coring July, drilling was carried out in the Eastern block and
hole aims to take coal samples for coal quality the Western block. Infill drilling Phase I completed
analysis. 59 holes of the total planned 56 drilling holes, with
a total depth of 5,897.40 meters from 6,167 meters
3. Geological structure condition in the Eastern block planned.
area has a quite flat dip of around 5 ° - 10 ° with
this condition, drilling is carried out with vertical In August infill drilling phase II activities were carried
drilling method. out in the Eastern block and Western block with a
total of 1,295.10 meters (15 drill holes) so that overall,
4. Drilling hole with size N (76.00 mm) and H (99.70 drilling progress has been completed with a total of
mm) is carried out with slanting drill system (45˚). 72 drill holes, with a total depth of 7,153.45 meters
For penetration depth of the existing drill types, from 7,167 meters planned.
Koken E-8 unit for 45˚ slanting condition reaches
100 meters, if vertical reaches 150 meters. In September there was no exploration activity, but
focused on verification and validation of exploration
5. Crop line drilling uses vertical drilling system and data that has been done.
drilling penetration to a depth of 30 meters using
rods AW rods with a hole diameter of size N
(76.00 mm).
6. Drilling is carried out using open hole drilling

method and touch coring with hole diameters
HQ and NQ at an angle of 90˚ or vertical. Sample
core and geophysical logging data are taken at
touch coring drilling, while sample cutting and
geophysical logging data are taken in at open
drilling.

PT INDOMINING Exploration Activities
A. Exploration Areas
PT Indomining (IM) has a concession area covering Exploration activities during 2014 were prioritized
approximately 683 hectares in Sangasanga District, Kutai in areas that require detailed drilling to obtain
Kartanegara Regency, about 38 kilometers to southeast geological and hydrological and geotechnical testing
of Samarinda, the capital of East Kalimantan Province. data.
According to the latest JORC report, Indomining has
a total coal resource of about 37 million tons and coal Undertaken exploration activities were:
reserve of around 22 million tons. IM operates under 1. Measure pit A North and South flats based on
Production Business License No. 540/004/IUP-OP/MB- comparison data of pick-up survey and field
PBAT/III/2013 dated March 15, 2013. IM’s production measurement.
phase began in August 2007, while its commercial 2. Measure coal actual thickness in pit A North and D
production commenced in September 2007. South for purposes of updating geological models
and mining control.
Coal production in 2014 reached 2.3 million tons, 3. Conduct infill drilling activity at some points which
increased by 64.3% from 1.4 million tons in 2013. less dense spaces.
Stripping ratio (SR) increased to 13.2x compared to 4. Check sludge material condition in acquired land
12.8x in 2013. IM’s coal production volume increased area to determine sludge material thickness in
significantly with the operation of the new CPP which order to perform geological model up-date.
added IM’s coal production capacity by six million tons 5. Support the supervision of geotechnical drilling
per year, in addition to process coals from TMU’s mine. for OLC (Over Line Conveyor) construction plan in
sludge area of CPP (Coal Processing Plant).
IM’s operational activities provide employment for 695 6. Evaluate geotechnical drilling proposal for high
people, including contractors and sub-contractors. LoM pit A seam A1 coordinating with ABN’s
Approximately 80% of employees come from local Geological Team.
people to implement community development program 7. Review geotechnical drilling plan for high LoM pit
to improve welfare of communities surrounding the B 3 (three) points to evaluate the design LoM pit
mining area. IM’s mining contractor is PT RPP Contractor and disposal related to failure issues.
Indonesia. The mining activity is surface open pit mining
with truck and shovel method. The quality of IM’s coal B. Measurement Methods
products are between 5,600 GAR with total sulfur Drilling was conducted using open hole method NQ
of around 1.0%. This product is quite competitive in type with a maximum depth of 100 meters. For rock
international and domestic markets. description geophysical logging was carried out with
descriptions using drilling cutting.
In terms of environmental compliance, Indomining
earned Blue rating for PROPER (Program for C. Drilling Monitoring
Environmental Compliance Performance Rating) from Supervision is done directly by Indomining’s
Governor of East Kalimantan in 2012 and 2013 as a geologists. Drilling tools use 4 drill units owned by
reward for compliance with requirements of sound CV Moedjiarto Mandiri Utama.
environmental management according to laws and
regulations. In 2014, IM again earned Blue rating for D. Exploration Progress
PROPER from Ministry of Environment as a reward Exploration drilling work reached a total depth of
for environmental preservation compliance by major 2,047.50 meters for open hole drilling and 2,007.50
industry players that have an impact on the natural meters for geophysical logging.
environment.

ANALYSIS
PT TRISENSA MINERAL UTAMA B. Measurement Methods

Because the dip in the western area ranged 70˚-
PT Trisensa Mineral Utama (TMU) has a mining area 85˚ then exploration drilling in west anticline was
that is administratively included in the territory of three conducted using 45˚ slanting drilling. There are
districts, namely Loa Janan, Sangasanga and Muara 2 drilling systems namely open hole and touch
Jawa, Kutai Kertanegara Regency. The location is about coring. Open hole aims to determine Stratigraphy
40 kilometers to the southeast of Samarinda, the capital and Continuity of the rocks especially coal seam.
of East Kalimantan Province. The total concession area Meanwhile touch coring hole aims to conduct coal
covers 3,414 hectares with area code KTN 2010 3133 sampling for coal quality analysis. Drilling holes are
OP. TMU obtained approval to conduct mining activities of size N (76.00 mm) and H (99.70 mm) with slant
and sell the mined materials as stipulated in Decision drilling system (45˚). To penetrate the depth with
of Kutai Kartanegara Regent No. 540/3133/IUP-OP/MB- the existing drill types, Koken E-8 Unit is for 45˚ slant
PBAT/XII/2010 concerning provision of Mining Permit condition reaching 100 meters, or if vertical reaching
(KTN 2010 3133 OP) dated December 14, 2010. Based 150 meters.
on the latest JORC report which only covered an area of
680 hectares of the concession, TMU has coal resource Meanwhile geological structure condition in the
of about 43 million tons and coal reserve of about eastern block, the dip is relatively flat nearly 5º -10º
8 million tons. so that drilling activities in the eastern block area use
vertical drilling system and drilling penetration to a
Coal production in 2014 reached a total of 1.4 million depth of 30 meters. The rods used are Aw rods type
tons, increased by 55.6% from 925 thousand tons in with a hole diameter of size N (76.00 mm).
2013. Stripping ratio (SR) rose from 11.1x in 2013 to
11.8x in 2014. C. Drilling Supervision
Drill tools which are used are owned by TMU
TMU’s operational activities provide employment for 119 including 1 power rig unit. Drilling supervision is
people while for contractors and sub-contractors there carried out by TMU’s well site geologist.
are 929 people divided in 2 shifts. The mining contractor
is PT Surya Teknik Anugrah (STA) and PT Bina Sarana D. Exploration Progress
Success (BSS). Mining activities are conducted using Exploration drilling undertaken by TMU throughout
surface open pit mining system with truck and shovel 2014 reached 157 holes with a total depth of 3,041.5
method. TMU’s coal products have an average calorie of meters.
4,700 GAR with Total Sulphur (TS) below 1%. This coal
quality is sufficient to meet market demand that requires
coals with low sulphur.
Exploration Activities
A. Exploration Areas
TMU’s exploration activities in 2014 were crop
line drilling in pit B4D area block 3 and West 5A
concentrated on seam D and pit KL area block 4
beginning in January 2014. In July, crop line drilling
followed pit movement for Block 3 and 2 areas, which
was extend pit B4D to the North and in December
crop line drilling in anticline area of east wing
in block 3.

FINANCIAL
REVIEW
The following discussion should be read together with financial and operational data as well as the consolidated
financial statements and notes to the financial statements contained in this annual report. This discussion is based on
the consolidated financial statements of PT Toba Bara Sejahtra Tbk and Subsidiaries for the years ended December
31, 2014 and 2013, which have been audited by Public Accounting Firm Purwantono, Suherman & Surja (a member
of Ernst & Young Global network). All numbers presented in this Financial Review is consolidated financial figures of
the Company and its subsidiaries.
INCOME STATEMENTS
(in US$) 2014 2013 Δ
Statement of Comprehensive Income Statement
Sales 499,965,642 421,849,737 18.5%
Cost of Good Sold (413,764,435) (342,297,332) 20.9%
Gross Profit 86,201,207 79,552,405 8.4%
General and administrative expenses (31,205,900) (28,679,546) 8.8%
Selling and marketing expenses (364,698) (528,132) (30.9)%
Foreign Exchange gain (loss) 82,262 (8,205,950) (101.0)%
(Loss) gain on derivative instruments (59,647) 693,712 (108.6)%
Gain on settlement of pre-existing intercompany account - 7,535,475 (100.0)%

ANALYSIS
Toba Bara recorded an increase

2014 Sales Value
(US$ million)
of 18.5% in sales, where 67.0%
of total sales were derived from
500.0 four major customers who have
increased their purchase volume
2014 Profit
significantly compared to the
(US$ million) previous year as a reflection of
customers’ trust to the quality of
35.8 the Company’s products.
(in US$) 2014 2013 Δ
Other income (expenses) 1,376,024 (352,650) (490.2)%
Operating Profit 56,029,248 50,015,314 12.0%
Finance income 2,511,526 4,067,768 (38.3)%
Finance charge (4,643,549) (3,680,063) 26.2%
Profit Before Tax Expense 53,897,225 50,403,019 6.9%
Tax expense (18,096,721) (15,799,226) 14.5%

Profit For The Year 35,800,504 34,603,793 3.5%
Other comprehensive income
Difference in foreign currency translation of the financial statements of 260,662 1,528,929 (83.0)%
subsidiary - net
Effective portion of the fair value change of derivative instruments - (3,919,319) - 100.0%
cash flows hedge - net
Other Comprehensive Income (3,658,657) 1,528,929 (339.3)%
Total Comprehensive Income for The Year 32,141,847 36,132,722 (11.0)%
Profit for The Year Attributable to:
Equity holders of the parent entity 18,327,272 18,543,538 (1.2)%

Non-controlling interest 17,473,232 16,060,255 8.8%
Total 35,800,504 34,603,793 3.5%

Basic Earnings per Share Attributable to Equity Holders of The
0.0091 0.0092
Parent Entity

FINANCIAL
REVIEW
A. Sales C. Gross Profit

Amidst pressure of coal prices with the Newcastle The Company recorded a gross profit of US$ 86.2
Index declining by 17.0%, the Company was able million in 2014, an increase of 8.4% from US$ 79.6
to limit the decline in its Average Selling Price (ASP) million in 2013 due to increased sales volume
by only 4.4%, from US$ 66.6 per ton to US$ 63.7 accompanied with ongoing cost efficiency strategy.
per ton. This was attributable to successful efforts by Although the Newcastle Index continued to decline,
the Company to secure fixed price sales contracts the Company was able to achieve growth by
with qualified buyers at the end of 2013 for most of increasing production volume optimally to meet sales
the production plan in 2014. With this type of sales commitments resulting in an increase in gross profit.
contract, the Company was able to maximize the
price structure in anticipation of the less favorable
coal market condition.
Sales volume in 2014 reached 7.9 million tons, an

increase of 25.4% from 6.3 million tons in 2013.
The Company recorded sales revenue of US$ 500.0
million, up by 18.5% from US$ 421.8 million in 2013.
Approximately 67.0% of total sales were derived from
the Company’s four major customers whose purchase
volume significantly increased compared to 2013.
This reflected the customers’ trust in the Company’s
commitment of product quality and delivery.
Tries Nainggolan
B. Cost of Goods Sold
Cost of goods sold increased by 20.9% from US$ Tries Nainggolan joined the Company in November
342.3 million in 2013 to US$ 413.8 million in 2014 2012 as GM-Finance. Previously he worked as a Business
due to the Company’s increased production volume Analyst and Financial Planning in the health services
by 24.6% from 6.5 million tons in 2013 to 8.1 million sector (Siloam Hospitals Group) and retail sector
tons. The percentage increase in COGS was lower (Limited Brands, Inc. and Foot Locker, Inc.). Tries holds
than the percentage increase in production volume a Bachelor degree in Finance from Pennsylvania State
as a result of the Company’s cost efficiency efforts University and a Masters degree in Public Policy and
including stripping ratio and fuel prices reduction. Management from Ohio State University, the United
This was reflected in a decrease in cash cost FOB of States.
3.0% from US$ 52.8/ton in 2013 to US$ 51.3/ton in
2014. FOB cash cost components consisted of cost D. EBITDA and EBITDA Margin
of goods sold plus royalty and selling and marketing Although the global coal market conditions were still
expenses minus depreciation and amortization. not conducive and coal prices were still weak, the
Company recorded an EBITDA of US$ 67.3 million,
Cost of production increased by 25.5% from US$ an increase of 14.8% from US$ 58.6 million in 2013.
296.7 million in 2013 to US$ 372.3 million as a The combination of increased sales volume, efficiency
consequence of the increase in production volume. initiatives and increased sales and marketing activities
managed to maintain EBITDA margin at 13.5%
compared to 13.9% in 2013.

ANALYSIS
E. Selling and Marketing, General and G. Operating Profit

Administrative Expenses The Company recorded an operating profit of US$
Selling and marketing expenses decreased by 30.9% 56.0 million in 2014, an increase of 12.0% from US$
to US$ 364.7 thousand compared to US$ 528.1 50.0 million in 2013.
thousand in 2013. Efficiency of selling and marketing
expenses was achieved because the Company H. Profit for the Year
managed to maximize the capability of its internal After the net tax expense for 2014 which amounted to
marketing team to perform direct approach to new US$ 18.1 million, the Company recorded a profit for
end-user customers, especially from Japan, and thus the year of US$ 35.8 million, an increase of 3.5% from
significantly reduce third party marketing expenses. US$ 34.6 in 2013.
General and administrative expenses in 2014 were I. Other Comprehensive Income

recorded at US$ 31.2 million, an increase of 8.8% In 2014 the Company recorded other comprehensive
from US$ 28.7 million in 2013, primarily due to tax income of US$ 3.7 million, mostly representing the
expense in 2014. effective portion of exchange differences of fair value
of derivative instrument – cash flow hedging. In 2013,
F. Other Income/Expenses the Company recorded other comprehensive income
Other income/expenses consisted of domestic from exchange differences arising from translation of
market obligation transfer expenses, income/expense financial statements of PKU, a subsidiary, amounted
from dispatch and demurrage and other income/ to US$ 1.5 million.
expenses. Other income - net of US$ 1.4 million
mainly consisted of income from dispatch and J. Total Comprehensive Income for the Year
demurrage. The Company’s total comprehensive income for the
year in 2014 reached US$ 32.1 million, declining by
11.0% from US$ 36.1 million in 2013.
STATEMENT OF CASH FLOWS
(in US$) 2014 2013 Δ
Net cash provided by operating activities 18,897,029 63,868,001 (70.4)%
Net cash used in investing activities (13,122,972) (2,904,776) 351.8%
Net cash used in financing activities (21,077,976) (28,079,483) (24.9)%
(Decrease) Increase in Cash and Cash Equivalents (15,303,919) 32,883,742 (146.5)%
Cash and Cash Equivalents at Beginning of The Year 63,301,639 36,307,011 74.4%
Effect of foreign exchange rate changes (158,933) (5,889,114) (97.3)%
Cash and Cash Equivalents at End of Year 47,838,787 63,301,639 (24.4)%
Net cash flows provided by operating activities

Net cash provided by operating activities decreased by 70.4% from US$ 63.9 million in 2013 to US$ 18.9 million. This
was mainly due to an increase in payments to suppliers by 27.4% from US$ 324.2 million in 2013 to US$ 413 million,
an increase in payments of royalty by 25.8% of from US$ 22.5 million in 2013 to US$ 28.3 million, and payment for
corporate income taxes which increased by 110.2% from US$ 8.9 million in 2013 to US$ 18.7 million.

FINANCIAL
REVIEW
Net cash flows used in investing activities

Net cash used in investing activities increased by 351.8% from US$ 2.9 million in 2013 to US$ 13.1 million in 2014. In
2014, cash used in investing activities were used primarily for acquisition of fixed assets, disbursement for exploration
and development expenditures, acquisition of mining assets and advances for fixed assets purchase.
Net cash used in funding activities

Net cash used in funding activities decreased from US$ 28.1 million in 2013 to US$ 21.1 million in 2014. In 2014, cash
used in funding activities were primarily used for payment of dividends.
Overall, at the end of 2014, cash and cash equivalents decreased by US$ 15.3 million. After taking into account the
impact of exchange loss of US$ 158.9 thousand in cash and cash equivalents denominated in rupiah, cash and cash
equivalents at December 31, 2014 were US$ 47.8 million, or decreased by 24.4% compared to US$ 63.3 million at
December 31, 2013.
STATEMENT OF FINANCIAL POSITION
A. Assets
Total assets of the Company decreased by 3.5% from US$ 311.6 million at the end of 2013 to US$ 300.6 million as
current assets decreased by 13.6% from US$ 130.2 million in 2013 to US$ 112.5 million while non-current assets
increased by 3.7% from US$ 181.4 million in 2013 to US$ 188.1 million.
(in US$) 2014 2013 Δ
Current Assets
Cash and cash equivalents 47,838,787 63,301,639 (24.4)%
Trade receivables
• Third parties 10,721,711 16,598,657 (35.4)%
• Related parties 578,709 1,157,419 (50.0)%
Other receivables
• Third parties 5,968,015 6,398,865 (6.7)%
Inventories 41,963,307 32,389,968 29.6%
Prepaid taxes 12,422 6,791,548 (99.8)%
Prepayments 2,291,105 2,165,661 5.8%
Advances 2,569,730 1,395,027 84.2%
Derivative receivables 552,308 - 100.0%
Total Current Assets 112,496,094 130,198,784 (13.6)%

ANALYSIS
(in US$) 2014 2013 Δ
Non-Current Assets
Other receivables – related parties 29,627,761 30,789,323 (3.8)%
Advances 4,435,318 807,083 449.5%
Estimated claims for tax refund - 748,305 (100.0)%
Plantations
• Mature plantations 15,889,338 13,105,673 21.2%
• Immature plantations 67,150 3,710,240 (98.2)%
Fixed assets 47,921,110 49,032,780 (2.3)%
Exploration and evaluation assets 4,846,532 4,842,009 0.1%
Mining properties 74,830,632 71,904,619 4.1%
Goodwill 3,523,795 3,523,795 0.0%
Deferred tax assets 3,257,957 1,495,963 117.8%
Other non-current assets 3,714,555 1,489,365 149.4%
Total Non-Current Assets 188,144,148 181,449,155 3.7%
Total Assets 300,610,242 311,647,939 (3.5)%
• Current Assets
Cash and cash equivalents decreased by 24.4% from US$ 63.3 million in 2013 to US$ 47.8 million primarily
due to increased payments to suppliers along with the increase in the Company’s operations during the year
2014, payment of dividends and capital expenditures.
At the end of 2014 the Company recorded trade receivables of US$ 11.3 million, a decrease of 36.4% from
US$ 17.8 million in 2013. Trade receivables consisted of trade receivables from third parties and related
parties. Trade receivables from third parties were mainly derived from sales contracts that were yet not due
amounted to US$ 10.7 million.
The Company inventories increased by 29.6% from US$ 32.4 million in 2013 to US$ 42.0 million at the end of
2014, mainly triggered by a 32.5% increase in coal inventory from US$ 30.9 million in 2013 to US$ 41.0 million
due to production volume increase in 2014.
Prepaid taxes decreased by 99.8% from US$ 6.8 million in 2013 due to claim realization of 2014 corporate
income tax overpayment.
• Non-current Assets
The increase in non-current assets amounted to 3.7%, primarily driven by advances – long-term portion of
US$ 4.4 million which largely consisted of office purchase advance to PT Toba Pengembang Sejahtera
amounted to US$ 3.6 million.
The increase in non-current assets was also caused by an increase in mining assets by 4.1% from US$ 71.9
million in 2013 to US$ 74.8 million, and increase in other non-current assets by 149.4% to US$ 3.7 million from
US$ 1.1 million in 2013.

FINANCIAL
REVIEW
B. Liabilities and Equity

Total liabilities of the Company at the end of 2014 decreased by 12.6% to US$ 158.3 million, compared to US$
181.2 million in 2013. The decrease was primarily due to declining current liabilities by 37.7% from US$ 145.45
million in 2013 to US$ 90.6 million, while non-current liabilities increased by 89.3% from US$ 35.7 million in 2013
to US$ 67.6 million.
Liabilities
(in US$) 2014 2013 Δ
Current Liabilities
Trade payables – third parties 64,087,323 69,265,229 (7.5)%
Other payables – third parties 3,709 1,907 94.5%
Dividends payables 288,289 290,856 (0.9)%
Accrued expenses 4,935,975 6,057,579 (18.5)%
Derivative payables 5,532,509 - 100.0%
Short-term employee benefits liabilities 3,109,951 3,340,583 (6.9)%
Taxes payable 5,326,115 7,227,871 (26.3)%
Advances from customers 6,387,209 24,941,839 (74.4)%
Current maturities of long-term liabilities:
• Bank loans - 33,553,129 (100.0)%
• Finance leases 962,450 772,679 24.6%
Total Current Liabilities 90,633,530 145,451,672 (37.7)%
Non-Current Liabilities
Long-term liabilities – net of current maturities:
• Bank loans 56,114,739 20,183,289 178.0%
• Finance leases 1,062,270 1,348,417 (21.2)%
Advances from customers - 2,964,000 (100.0)%
Other payables to related parties 2,242,526 2,288,701 (2.0)%
Provision for reclamation and mines closure 4,496,413 3,951,817 13.8%
Post employment benefit liabilities 2,840,670 1,943,059 46.2%
Deferred tax liabilities 867,508 3,035,740 (71.4)%
Total Non-Current Liabilities 67,624,126 35,715,023 89.3%
Total Liabilities 158,257,656 181,166,695 (12.6)%
Total Equity 142,352,586 130,481,244 9.1%
Total Liabilities and Equity 300,610,242 311,647,939 (3.5)%
• Current Liabilities
The Company’s trade payables decreased by 7.5% from US$ 69.3 million in 2013 to US$ 64.1 million at the end
of 2014. The decrease was mainly due to settlement of Subsidiaries’ overdue trade payables to third parties
and shorter payment terms of trade payables.

ANALYSIS
Accrued expenses decreased by 18.5% from US$ Mineral and Coal Mining and other relevant
6.1 million in 2013 to US$ 4.9 million, primarily regulations. In 2014 this liability increased by
due to a decrease of 69.3% in royalty from US$ 13.8% from US$ 4.0 million in 2013 to US$ 4.5
4.5 million in 2013 to US$ 1.1 million as the million.
Company made an advance payment for royalty
payment obligation. Long-term employee benefits obligation
increased by 46.2% from US$ 1.9 million in 2013
In 2014 the Company had no current bank loan to US$ 2.8 million. The increase in the balance
maturing within one year since 2014, while in of long-term employee benefits obligation was
2013 current bank loan reached US$ 33.6 million. determined based on calculation performed by
This was mainly due to the refinancing of the an independent actuary using projected unit
Company’s syndicated loan and Subsidiaries’ credit method with assumptions including, among
bank loans. others, discount rates, annual salary increase,
annual employee turn-over, disability, retirement
Advances from customers were obtained as down age and mortality.
payment on purchases or as part sales contract
payment agreement. This amount was classified • Equity
as the Company’s liabilities before the delivery of The Company’s total equity at December 31,
the sold coal was completed, and was recognized 2014, increased by 9.1% from US$ 130.5 million in
as revenue after coal delivery. At the end of 2013, 2013 to US$ 142.4 million. The increase in equity
the Company recorded sales advances (current was mainly due to an increase in the Company’s
and non-current portions) of US$ 27.9 million for inappropriated retained earnings in 2014.
the majority of sales contracts to be fulfilled in
2014. In 2014, the Company recorded advances
from customers for short-term contracts of US$ DEBTS REPAYMENT CAPABILITY
6.4 million.
The Company’s capability to pay debts can be analyzed
• Non-Current Liabilities using three indicators: interest bearing debt to total
Non-current bank loans increased by 178.0% assets ratio, net debt to EBITDA ratio and EBITDA to
from US$ 20.2 million in 2013 to US$ 56.1 interest expense ratio.
million primarily due to the Company obtaining
a syndicated loan that would be used, among 2014 2013
others, for the purposes of TMU’s capital
Interest bearing debts to total
expenditures, working capital, and investment. 0.2x 0.2x
assets Ratio
The syndicated loan will mature on March 31,
Net payables to EBITDA Ratio 0.2x Net cash
2018.
EBITDA to interest expenses
14.5x 15.9x
Ratio
Provision for environmental and reclamation
costs and mines closure refers to the accrued
amount for estimated costs of environmental Interest Bearing Debt to Total Assets Ratio
management during the mining period and Interest bearing debt to total assets ratio in 2014
mines closure that will occur at the end of mining was 0.2x which showed that 20% of total assets were
period. Estimates of these costs were calculated financed by debt. The Company had a stable interest
internally by management by taking into account bearing debt to total assets ratio compared to the
the provisions of Law of the Republic of Indonesia previous year. Hence there was no problem for the
No. 4, 2009, dated January 12, 2009 concerning Company to repay its debt.

FINANCIAL
REVIEW
Net Debt to EBITDA Ratio CAPITAL STRUCTURE

At December 31, 2014, the Company’s net debt to
EBITDA ratio was 0.2x or just 20% of total EBITDA in The Company strives to maintain its capital structure
2014. This reflected the Company’s ability to repay its and sound capital ratio to support sustainable business
debt. growth, as well as to meet its matured financial
obligations from time to time.
EBITDA to interest expense ratio
EBITDA to interest expense ratio in 2014 was 14.5x or The Company manages its capital structure and makes
slightly decreased from the year 2013 of 15.9x. The adjustments based on changes in economic conditions.
Company was able to maintain its ability to repay debt, To maintain or adjust the capital structure, management
despite the refinancing of syndicated loan in 2014. can adjust the payment of dividends to shareholders,
issue new shares or seek funding through loans.
TRADE RECEIVABLES COLLECTABILITY RATE Liabilities to equity ratio in 2014 was 1.1x and 1.4x for
2013. The Company strives to maintain liabilities to
Trade receivables collectability was influenced by the equity ratio at around 1-1.5x.
Company’s ability to collect its trade receivables. At the
end of 2014, trade receivables collectability showed a
decrease in collection period to 8 days compared to 15 Description 2014 2013
days in 2013.
Total Liabilities 158,257,656 181,166,695
Total Equity 142,352,586 130,481,244
Liability to Equity
1.1x 1.4x
Ratio
The Company’s capital structure and shareholders at

December 31, 2014 are as follows:
Description Number of Shares Amount (Rp ‘000) Amount (US$) % of Ownership
Authorized Capital (Rp 200 per share) 6,000,000,000 1,200,000,000,000
Issued and Fully Paid Capital
PT Toba Sejahtra 1,444,750,000 288,950,000 31,795,873 71.8%
Bintang Bara B.V. 201,250,000 40,250,000 4,317,555 10.0%
PT Bara Makmur Abadi 125,755,000 25,151,000 2,739,760 6.2%
PT Sinergi Sukses Utama 102,700,000 20,540,000 2,237,473 5.1%
Roby Budi Prakoso 73,355,000 14,671,000 1,598,148 3.6%
Davit Togar Pandjaitan 15,000,000 3,000,000 330,118 0.8%
Public 49,681,000 9,936,200 1,058,958 2.5%
Total 2,012,491,000 402,498,200 44,077,885 100.0%

ANALYSIS
MATERIAL CONTRACT FOR CAPITAL GOODS net income attributable to equity holders of the Parent
INVESTMENT Entity for the financial year ended December 31, 2013
amounted to US$ 18,543,538 with the following details:
Throughout 2014, the Company did not have material a. US$ 1,500,000 to be used for appropriation of
contract for capital goods investment. retained earnings.
b. US$ 6,490,238 or 35% of the Company’s income to
be distributed as cash dividends of US$ 0.0032 per
DISCLOSURE OF MATERIAL INCREASE/ share.
DECREASE IN NET SALES/INCOME c. The remaining amount of US$ 10,553,299 to be used
for retained earnings.
Although the decrease in coal reference price Newcastle
Index continued in 2014, the Company did not record Based on decision of the Company’s AGMS dated
any significant increase or decrease in coal sales value June 28, 2013, the shareholders approved the use of
which could materially affect the Company’s business Company’s net income attributable to equity holders of
continuity. the Parent Entity for the year ended December 31, 2012
amounted to US$ 3,198,832 with following details:
a. US$ 31,988 to be used as appropriated retained
SUBSEQUENT EVENTS earnings.
b. US$ 3,166,844 or 99% of the Company’s income to
There was no material information and facts to the be distributed as cash dividends.
Company subsequent to the date of the Company’s
Consolidated Financial Statements which were issued on In AGMS held on June 28, 2013, the shareholders also
March 9, 2015. approved distribution of cash dividends amounted to
US$2,499,135 which was taken from retained earnings
balance at the beginning of 2012. So that the total
DIVIDEND POLICY - IN THE LAST 2 YEARS amount of final cash dividends was US$ 5,665,979 or
US$ 0.0028 per share.
Since 2012, the Company intends to pay dividends at
the minimum 30% of its consolidated income for the
current year considering the provisions of mandatory REALIZATION OF USE OF PROCEEDS FROM
reserves as required under Limited Liability Company INITIAL PUBLIC OFFERING
Law (Company Law). The amount of distributable
dividends will depend on cash flow, investment plan, Realization report of the use of proceeds from the
liquidity, future business prospect and other factors Company’s Initial Public Offering (IPO) dated July 6,
considered relevant by Board of Directors as well as the 2012 is presented in “Shareholder Information” segment
provisions of restricted payment of dividends based on on page 36 of this Annual Report.
relevant agreements. Once a decision has been made
to pay dividends, the dividends will be paid in Rupiah.
The Company’s dividend policy is a statement of current INVESTMENT, EXPANSION, DIVESTMENT,
intent and is not legally binding because the policy ACQUISITION, DEBT RESTRUCTURING
depends on the changes in Board of Directors’ policy.
In 2014 there was no activity related to Investment,
Based on decision of Annual General Meeting of Expansion, Divestment, Acquisition and Debt
Shareholders (AGMS) of the Company dated May 21, Restructuring.
2014, the shareholders approved the use of Company’s

FINANCIAL
REVIEW
MATERIAL TRANSACTIONS INVOLVING Rationale of the Transaction

CONFLICT OF INTEREST The rationale of the purchase transaction of office units
was the Company and ABN needed office units with
Date, Value and Object of Transaction greater capacity, to support their business activities. The
On June 30, 2014, the Company and ABN with PT existing capacity of current office units rented by the
Toba Pengembang Sejahtera (TPS) signed a Final Company and ABN does not allow for space expansion
Confirmation Letter of Order for SOPO DEL OFFICE of the office units.
TOWER A Unit related to purchase of office units in
SOPO DEL OFFICE TOWER A office building, located Realization of the Transaction in Current Period
at Jalan Mega Kuningan Barat III Lot 10.1-6, Kuningan On December 31, 2014, the Company recorded an
Timur Village, Setiabudi District, South Jakarta 12950, advance of US$ 3.6 million for purchase by order of the
Indonesia. Overall value of the purchase transaction of office units payable to TPS. This balance was recorded
office units was Rp 121,704,700,000. in the Company’s Consolidated Financial Statements
per December 31, 2014 as a long-term advance for
Name of Parties in Transaction and Nature of purchase of assets.
Affiliation
PT Toba Sejahtera is the Company’s major shareholder Compliance with Related Provisions
with ownership of 71.8% of the Company’s issued and In accordance with provision in number 2.a Regulation
fully paid shares. PT Toba Sejahtera is also the major No. IX.E.1, the Company announced information
shareholder of TPS with ownership of 99.0% of the disclosure on this affiliated transaction to the public and
Company’s issued and fully paid shares. submitted the announcement proof and supporting
documents to Financial Services Authority (OJK).
Because the Company and TPS have the same major
shareholder and controlling entity, which is PT Toba This affiliated transaction has no Conflict of Interest
Sejahtera, then the transaction was an affiliated as defined in Regulation No. IX.E.1 and its value was
transaction as stipulated in Regulation No. IX.E.1 less than 20% of the Company’s equity therefore it was
Attachment of Decision of Chairman of Bapepam-LK No. not classified as a material transaction as defined in
Kep-412/BL/2009 dated November 25, 2009 concerning Bapepam Regulation No. IX.E.2 concerning Material
Affiliated Transactions and Conflict of Interest in Certain Transactions and Change of Main Business Activities.
Transactions.
Clarification of the Fairness of the Transaction IMPACT OF CHANGES IN THE LAWS AND
The Company appointed Independent Appraisal REGULATIONS
Firm Jennywati, Kusnanto & Partners as independent
consultant to provide an opinion on the fairness of the In 2014 there were no changes in the laws and
purchase transaction of office units. According to review regulations that significantly affected the Company’s
of financial impact of the transaction, the Consultant operations and consolidated financial statements.
believed that the transaction was fair.

ANALYSIS
IMPACT OF CHANGES IN ACCOUNTING Entering 2015, the coal market conditions were
POLICIES predicted to be not much different from the year 2014.
Nevertheless, the Company is still highly optimistic
The Company prepares its consolidated financial in facing the challenging times and taking the
statements based on Generally Accepted Accounting momentum for business development. The Company
Principles in Indonesia and Regulation of Bapepam-LK has both vertical and horizontal long-term business
No. VIII.G.7 concerning Presentation and Disclosure development plans. Horizontally, the Company plans to
of Financial Statements and Public Companies as add coal reserves through exploration activities in the
an attachment of Decree No. KEP-347/BL/2012. The Company’s widespread concession areas and search for
Company disclosed its significant accounting policies opportunities to acquire mines to increase production.
as described in the notes to the consolidated financial Vertically, the Company plans to develop its business
statements for the years ended December 31, 2014 and towards power generation sector.
2013 which are part of this Annual Report.
We believe that business development towards power
plant is in line with the policy of the Government of
BUSINESS PROSPECTS Indonesia to develop new power plants to generate
35,000 MW in the next five years, where the majority of
The world’s energy demand will continue to increase the fuel derived from coal. This will also have positive
driven by population and Gross Domestic Product impact on the coal industry particularly the Company,
(GDP) growth. Economic growth in Asia, which provides because this policy will increase domestic coal demand,
important contribution to the world’s economic growth, while currently most of Indonesian coal production is
significantly affects the world energy demand. According aimed for export.
to projection of International Energy Agency (IEA), by
2030 the world’s energy demand will increase by 45%, Both development plans are parts of efforts for efficiency
or an average increase of 1.6% per year. Approximately and business sustainability. By building power plants,
80% of the world’s energy needs will be met by fossil the Company can ensure a more stable income while
fuels. Only about 20% of it will come from renewable increasing profit margin from the synergy of the two
energy. businesses.
Concerning the energy growth, coal is the second most In addition to coal-related business development,
important energy source after oil. Coal consumption the Company diversifies its business through palm oil
is expected to increase threefold by 2030. Coal is business through one of its Subsidiaries, namely
still needed to meet the demand for power plant PT Perkebunan Kaltim Utama I (PKU), which is in the
construction in a number of areas in line with the process of plantation development and construction
economic and revenue growths. Coal demand is of palm oil mill with a capacity of 30 tons per hour.
expected to grow by about 2% per year. The palm oil mill which is expected to commence its
operations at the end of 2015 will add to the Company’s
revenue base.

HUMAN
RESOURCES
Systematic and continuous development

of human resources’ quality is done
as Toba Bara’s effort to keep growing
and achieving its vision to be one of
Indonesia’s best world class coal mining
companies.
979
Number of Toba Bara’s
employee in 2014
205
Number of training days
throughout 2014

ANALYSIS

HUMAN
RESOURCES
Human resources are the most important and deciding EMPLOYEES PROFILE
factor for Toba Bara’s success and continuity. In
accordance with its vision to become one of the best As at the end of 2014, the Company and its Subsidiaries
world class coal mining companies, one initiative to employed 979 employees decreasing slightly from
keep growing is through the continuous development of the 1,036 employees employed in 2013,. A total of 28
human resources’ quality. Expertise in human resources, employees worked in the Holding Company in Jakarta,
both in mining and plantations, is the key success and the rest worked for the Subsidiaries’ Jakarta office
factor that will support the Company’s growth. With the in Jakarta, on-site office, and mine. Various areas of
support of world class human resources, the Company expertise include administrative services, technical
is ready to face challenges presented by commodities services, coal processing and transportation supervision,
markets and become one of the best players in the coal logistics, health and safety, environmental protection
and energy industry in Indonesia in the coming decades. and community development.
More than half of Toba Bara Group employees are

within the age range of 18 to 35 years, a group of youth
that full of energy, high work ethics, productivity, and
challenge-loving. The attitude of “can do” is the basis of
Toba Bara employees work ethos which was planted by
the founder of the Company.

ANALYSIS
Percentage of Total Employee Age

35 and Below by 2014 More than half of Toba Bara
Group employees are within
54% the age range of 18 to 35
years, a group of youth that
Percentage of Total Employee with
Diplomas, Undergraduate Degree, full of energy, high work
and Graduate Degrees by 2014
ethics, productivity, and
challenge-loving.
24%
Employee composition based on employment status
Employment Status 2014 2013*

Full Time 784 802
Contract 195 234
Total 979 1,036
80.1% Full Time 77.4%

2014 19.9% Contract 22.6%
2013

HUMAN
RESOURCES
Employee composition based on gender
Gender 2014 2013*

Male 836 889
Female 143 147
Total 979 1,036
85.4% Male 85.8%

2014 14.6% Female 14.2%
2013
Employee composition based on position
Position 2014 2013*
Non-Staff 385 465
Staff 258 249
Supervisor 233 224
Assistant Manager/ Superintendent 52 49
Manager 34 32
Senior Manager 0 1
General Manager 7 6
Director 10 10
Total 979 1,036
39.3% Non-Staff 44.9%

26.4% Staff 24.0%
23.8% Supervisor 21.6%
5.3% Assistant Manager/Superintendent 4.7%
2014 3.5% Manager 3.1%
2013
0.0% Senior Manager 0.1%
0.7% General Manager 0.6%
1.0% Director 1.0%

ANALYSIS
Employee composition based on age group
Age (Year) 2014 2013*

18 - 25 99 116
26 - 35 427 445
36 - 45 313 337
46 - 54 116 114
> 55 24 24
Total 979 1,036
10.1% 18 - 25 11.2%
43.6% 26 - 35 43.0%
2014 32.0% 36 - 45 32.5% 2013

11.9% 46 - 54 11.0%
2.5% > 55 2.3%
Employee composition based on education level
Education level 2014 2013*

Up to High School 748 812
Diploma 52 54
Undergraduate and Graduate Degree 179 170
Total 979 1,036
76.4% Up to High School 78.4%
2014 5.3% Diploma 5.2% 2013

18.3% Undergraduate and Graduate Degree 16.4%
* Restated
Human Resources Development Concept

HR Development at the Company starts from the recruitment process to select among prospective employee.
Then, every employee is given the chance to follow various development programs through consistent and
continuous training. Every employee is encouraged to give his/her best performance and to face existing business
challenges. This encouragement allows the Company to give outstanding employees fair and transparent promotion
opportunities.

HUMAN
RESOURCES
As a company that is still growing, Toba Bara needs The recruitment process is done openly and upholds
many enthusiastic, dynamic, and visionary young people. the principle of equality. The Company opens up equal
Every employee is given responsibility and adequate opportunities for the candidates without any regard
independence to develop his/her creativity and show for ethnicity, religion, race, groups, as well as gender
his/her best performance. as long as they fulfill the defined prerequisites. The
Company openly announces the available job vacancies
Interactions between employees and management through its website www.tobabara.com, as well as other
happen intensively. Directors and key management online recruitment websites. Furthermore, the Company
are open to dialogue and input from all employee prioritizes candidates who come from where the mine is
levels. The Company realizes, in facing the difficult located.
market conditions, that solid teamwork will bring
Toba Bara consistent growth and help the Company Training and Competency Development
achieve sustainable business. In 2014, the process of The Company systematically arranges training and
recruiting the best people in the industry was still being competency development training programs that are
conducted, in line with the Company’s plan to expand in tailored to the needs in the field. Employees whose work
the years to come. nature requires them to have competency certificates
are sent to government-approved certification agencies.
Recruitment Health, Safety, and Environment (HSE) is a top priority in
The Company is doing recruitment based on the conducting mining activities so that HSE training is done
Company needs, along with the business development continuously to increase employee HSE awareness and
and organization growth. The Company maps out HR alertness. The Company does routine training internally
needs, including the need of fresh graduates as well as as well as externally, and works together with a quality
accomplished professionals in the mining sector to fill training providers.
different positions in the ever-growing organization.
In 2014, the Company held training as listed below:
No Type of Training Organizer Dates Location

1 Effective Communication & Interpersonal Skill Dale Carnegie Training January 20-23 Balikpapan
INDOTRAIN
2 HSE Certification Electrical Technician January 21-24 Balikpapan
CONSULTANT
3 Annual Report Award (ARA) Workshop PT Bursa Efek Indonesia January 29 Jakarta
FK HR & ER Kutai
4 Proceedings Technique in PHI February 12-13 Samarinda
Kartanegara
Indonesian
5 Social Security System National Workshop Management Centre February 21-22 Balikpapan
(IMAC)
Cisco Certified Network Association (CCNA)

6 RootBrain March 3-8 Yogyakarta
Fast Track
Bina Insan Mandiri

7 Certified Human Resources Practitioner March 8-9 Balikpapan
Consulting
8 Certified Training of Trainer Bexpert Indocunsult March 18-20 Yogyakarta
9 Training Main Operations Supervisor Pusdiklat Minerba March 24-29 Bandung
Indonesian
10 Genset Operation & Maintenance Workshop Management Centre March 26-27 Balikpapan
(IMAC)

ANALYSIS

PT Megatrain Indonesia
11 Training SIO Opt. Heavy Equipment April 7-11 Sangasanga
Bpn-Riau
Hazard Identification & Risk valuation (IBPR)/ HR & HSE Dept.

12 April 19 Sangasanga
HIRAC (Gel. I) PT Indomining
Dinas Kesehatan
13 Sanitation hygiene April 19 Sangasanga
Tenggarong
PT Cipta Energi Utama

14 Effective Technical Report Writing April 20-25 Yogyakarta
Mandiri
Hazard Identification & Risk valuation (IBPR)/ HR & HSE Dept.

15 April 26 Sangasanga
HIRAC (Gel. II) PT Indomining
16 LOTO ABN/HSE May 6-7 Sangasanga
17 B3 Management and B3 Waste PT Benefita May 8-9 Sangasanga
External & HR Dept.

18 Security Training May 10 & May 27 Sangasanga
PT Indomining
PT Alkon Tainindo
19 Basic Scaffolding Certification May13-17 Sangasanga
Utama
Certified Information Systems Security

20 Inixindo May 19-23 Jakarta
Professional
Training “Purchasing and Procurement SPIN Training &

21 May 22-23 Bandung
Management” Consulting
Indonesia Management
22 Land National Workshop May 23-24 Balikpapan
Centre
Workshop “Kajian Aspek Hukum Tanah &

23 IMAC May 23-24 Balikpapan
Penyelesaian Konflik Sengketa Tanah”
24 Employment Development (Staff) HR Dept. PT Indomining May 17, 19, 24, & 31 Sangasanga
Eksternal & HR Dept.

25 Security Training June 7, 14 & 21 Sangasanga
PT Indomining
26 Effective Communication & Interpersonal Skills Dale Carnegie Training June 9-12 Balikpapan
27 Emergency Response Team (ERT) BASARNAS June 10-14 Balikpapan
Technical Guidance Development & DISTAMBEN Provinsi

28 June 18-20 Balikpapan
Community Empowerment Kaltim
PT Laden Safety
29 K3 Experts General Training Mandiri/BPJS June 20-26 Balikpapan
Ketenagakerjaan
30 Employment Development (GL-Foreman) HR Dept. PT Indomining June 21 & 28 Sangasanga
PT Megatrain
31 Training of Trainer June 23-25 Balikpapan
Balikpapan
PT Alkon Tainindo
32 Lifting For Supervisor June 24-26 Sangasanga
Utama
Lembaga Manajemen
33 Tax Planning June 25-26 Jakarta
Formasi
34 K3 Basic & Accident investigation ABN/HSE August 5 Sangasanga
35 JSEA & HIRADC ABN/HSE August 6 Sangasanga
36 First Aid Training ABN/HSE August 7 Sangasanga
37 APAR ABN/HSE August 8 Sangasanga
Bina Insan Mandiri

38 Weld & Electricity Certification from BNSP August 11-15 Samarinda
Consulting

HUMAN
RESOURCES

39 Basic Safety & Investigation ABN/HSE August 12 Sangasanga
40 JSEA & HIRADC ABN/HSE August 13 Sangasanga
Asia Coal Market Outlook: The Future of

41 HIS Energy August 13 Jakarta
Indonesia’s Coal Sector
Workshop “Economic Outlook Post Election

42 PT Bursa Efek Indonesia August 18 Jakarta
in 2014”
Social Mapping & Program Formation

43 PT Benefita August 21-22 Bandung
Company’s CSR
46 Basic Safety Fire ABN/HSE August 25 Sangasanga
48 ERT Training ABN/HSE August 31 Sangasanga
49 Corporate Social Responsibility POWERINDO NS September 1-4 Yogyakarta
HR & HSE Dept. September 6, 13, 20

50 HSE Basics Sangasanga
PT Indomining & 27
51 Effective Communication & Interpersonal Skills Dale Carnegie Training September 8-11 Balikpapan
52 Xpac Training PT Runge Indonesia September 15-20 Jakarta
Bina Insan Mandiri

53 Certified Professional Human Resources September 20-21 Surabaya
Consulting
HSE Expert Certification on Young INDOTRAIN

54 September 22-25 Balikpapan
Construction CONSULTANT
55 Basic Safety, Fire, & First Aid Kit ABN/HSE September 23 Sangasanga
Preparation Techniques Wage & Profession

56 Seminarku September 25-26 Jakarta
Certification
57 Bimtek & Certification Welding BNSP – BLKI Samarinda October 2, 3, 7 & 8 Samarinda
58 Organic and inorganic waste management Mega Train Indonesia October 3-4 Sangasanga
Basic Human Resources Management (HRM PT Menara Kadin

59 October 7-8 Jakarta
for Beginner) Indonesia
INDOTRAIN
60 HSE Electric Certification Experts October 6-18 Balikpapan
CONSULTANT
61 Implementation AMDAL / UKL-UPL PT BMD Street October 9-10 Jakarta
62 HSE Experts General Mega Train Indonesia October 13-14 Jakarta
Dinas Pertambangan
63 Bimtek HSE October 14-15 Tenggarong
dan Energi
Indonesian
64 National Workshop on Employment Management Centre October 17-18 Balikpapan
(IMAC)
Service Excellence & Skill Management For Bina Insan Mandiri

65 October 17-19 Samarinda
Security Consulting
66 In-house Training – Supervisory Skills HR PT Indomining October 23-24 Sangasanga
67 Legal Due Diligence Emi Training October 29 Jakarta
How to be a professional secretary + table PT Solution Centre

68 October 29-31 Denpasar
manners Indonesia
69 Asia Pacific Coal Outlook Conference HIS Energy 4-6 November Denpasar

ANALYSIS

Implementation of the Transparency and
70 Governance Improvement Efforts Extractive EITI Indonesia November 11-14 Bandung
Industries in Indonesia
71 Hiradc, Basic Safety & JSA ABN/HSE November 16 Sangasanga
72 Incident Investigation ABN/HSE November 21 Sangasanga
73 Technical Inspection ABN/HSE November 21 Sangasanga
In-house Training – Draught Survey HR PT Indomining dan

74 December 9-10 Sangasanga
Introduction PT Sucofindo
Environmental sampling techniques (Water,

75 ABN/HSE December 10-12 Sangasanga
Air and Land)
Corsec & Corcomm Gathering “Consumer

76 Behavior, Advertising Strategy National Idea Group Indonesia December 16 Jakarta
Economic Projection 2015”
The Company’s total investment on training and Company Remuneration

employee development programs in 2014 was US$ 152 Toba Bara implements a competitive remuneration
thousand, up 16.4% from the US$ 130 thousand the year system that weighs salary levels of similar companies,
before. labor laws, regulations on minimum regional wage and
minimum provincial wage, and the Company’s capability.
Performance Management The Company ensures that it complies with the federal
The Company values high performing employees very wage standard. Moreover, there is no remuneration
much. Performance evaluation results are used as input policy that treats male and female employees differently
for career development and employee development at every level of the Company.
programs. On the other hand, management also
pays attention on employees whose performance is The remuneration amount is decided based on position,
not optimal to be increased through various training work function and achievement. The Company has
programs. developed a competency-and-performance-based
remuneration system in order that KPI achievements are
In 2013, the Company had developed a performance also used in deciding the amount of remuneration.
evaluation system using a Key Performance Indicators
(KPI) throughout all Subsidiaries. The KPI that had been The Company gives compensation and benefits for
agreed upon became the reference for measured full time as well as contract workers. Other than basic
performance targets and work plan that had been salary, the Company also gives various benefits such
harmonized with the Company’s business plan, for both as Jamsostek (Social Security) and Holiday Allowance
Subsidiaries and employees. The supervisors will always (THR).
supervise his/her direct subordinate. Performance
evaluation is not based on KPI alone, but also on non-KPI
factors such as a work ethos, attitude and discipline that
is in line with the Company’s values and on weighing
individual contributions to the Company outside
of the KPI.

CORPORATE
GOVERNANCE
GCG implementation at Toba Bara

is aimed at reaching the Company’s
vision and mission through responsible,
independent, and fair management,
as well as ensuring transparency
through information disclosure to all
stakeholders.

ANALYSIS

CORPORATE
GOVERNANCE
As a public company, Toba Bara is committed to The principles, policies, and implementation of Toba
managing and maintaining the Company’s reputation Bara’s corporate governance refers to the Law Number
by applying the best Good Corporate Governance 40 Year 2007 regarding Limited Liability Companies,
(GCG) practices in all its business activities. GCG Indonesian Good Corporate Governance General
implementation at Toba Bara is aimed at reaching the Guidelines produced by the National Committee
Company’s vision and mission through responsible, on Governance Policy, Financial Services Authority
independent, and fair management, as well as ensuring regulations, as well as common best practices in the
transparency through information disclosure to all industry.
shareholders and stakeholders.
For GCG execution in the work fields, the Company had
One of the Company’s mission is “to become compiled guidelines and policies, which are periodically
a responsible company in helping community renewed to meet current conditions, to conform to
development and implementing good corporate changes in the laws and the Company’s Articles of
governance practices”. Therefore, it is the responsibility Association and to address dynamics of the business
and obligation of all parts of the Company to fulfill the world. Some of those guidelines and policies are:
mission with high ethical and professional standards, • Audit Committee Charter
and following all applicable laws. • Internal Audit Charter
• Company Regulations
• Standard Operating Procedures in Accounting,
Production, and Civil Construction.

ANALYSIS
To reach optimal operational

performance, Toba Bara has
conducted internalization
and socialization of Company
regulations to increase work
discipline consistency in order
to achieve high safety and
occupational health results.
Gradually, the Company will compile corporate CORPORATE GOVERNANCE STRUCTURE

governance guidelines and other policies to complete
the GCG codification and increase GCG observance at According to the Law on Limited Liability Companies,
all organizational levels. Toba Bara’s corporate governance structure consists of
3 (three) company bodies which are: General Meeting
GCG ACTIVITIES IN 2014 of Shareholders (GMS), Board of Commissioners,
and Board of Directors. The GMS is the highest
Mining activities possess a significant risk of decision making forum for shareholders. The Board of
occupational hazard as well as sickness due to work, Commissioners is responsible for the supervision of the
especially in the production process. High work- Company management, and the Board of Directors is
related accident rates and health issues cause material responsible for managing the Company.
and financial loss to a company, but also cultivate an The Boards of Commissioner and Directors have
image that a company as not following the best and separate responsibilities and rights based on their
responsible corporate governance. Thus, to achieve functions as regulated in the laws, regulations, and the
operational excellence, the Company has conducted Articles of Association.
internalization and socialization of Company regulations
as an effort to continually increase work discipline The Audit Committee is tasked to help the Board of
consistency in order to achieve high safety and Commissioners with its supervisory functions, in fulfilling
occupational health results. its obligations and responsibilities, and in joining to
formulate policies within the Board of Commissioners’
work scope.

CORPORATE
GOVERNANCE
Meanwhile, the Board of Directors has supporting 2014 Annual General Meeting of Shareholders
bodies that are in charge of controlling, supervising, The Annual General Meeting of Shareholders was held
and being responsible for GCG implementation, namely on Wednesday, May 21st, 2014, at the Conference
Internal Audit and the Corporate Secretary. Room - Indonesian Stock Exchange Building, Jl. Jendral
Sudirman Kav. 52-53, Jakarta.
A. GENERAL MEETING OF SHAREHOLDERS Before the AGMS took place, the Company fulfilled its
The General Meeting of Shareholders (GMS) is a forum obligations related to the procedure of organizing a
for shareholders to make decisions related to the capital GMS based on Financial Service Authority regulation,
invested in the Company. The GMS has authority that is such as:
not given to the Boards of Commissioners and Directors a) AGMS announcement through Investor Daily dated
within the boundaries defined in law and the Articles of April 21, 2014
Association. b) Submitted proof of advertisement regarding
announcement of AGMS to Financial Services
Some of the shareholders’ rights and authorities in the Authority on April 21, 2014
GMS as governed by the Articles of Association and law c) A convener regarding AGMS which was announced
are: through Investor Daily on May 6, 2014
• Accept and authorize the Company’s Annual Report d) Submission of proof of advertisement regarding
• Decide the use of Company profits including AGMS’ convener to Financial Services Authority on
dividend payment to shareholders May 6, 2014.
• Decide the remuneration for members of the Boards
of Commissioners and Directors The summary of decisions taken at AGMS dated May 21,
• Appoint and dismiss members of the Boards of 2014 is as follows:
Commissioners and Directors
• Approve the Company’s corporate actions related to First Agenda Item
the management of the Company. Accepted Annual Report which contained Company’s
Consolidated Financial Statement for financial year
Decisions taken at the GMS are based on the Company’s which ended on December 31, 2013 and ratified
business interest in the long term. Without reducing the Company’s Balance Sheet and Profit and Loss Statement
authority and power of the GMS, shareholders cannot for financial year that ended on December 31, 2013, the
interfere with the execution of tasks, functions, and statement of which had been audited by Puwantono,
authority of the Boards of Commissioners and Directors Suherman, and Surja Public Accountant Firm (member
in exercising their rights and responsibilities as stated in of Ernst & Young global network), with an opinion of
the Articles of Association and related laws. without exception as stated in the Independent Auditor
Report dated March 21, 2014 Number: RPC-4902/
The GMS consists of the Annual GMS and Extraordinary PSS/2014.
GMS. The Annual GMS has to be held at the latest six
months after the financial year ends. Meanwhile, an With the acceptance of Company’s Annual Report and
Extraordinary GMS can be held any time necessary as the ratification of Balance Sheet and Profit and Loss
governed in the Articles of Association, and related laws Calculation for financial year ended December 31, 2013,
and regulations. the shareholders granted the Boards of Commissioners
and Directors release and discharge in full (Acquit
In 2014, Toba Bara held one AGMS and did not hold any et de Charge) related to all the management and
EGMS. Below is the description of the AGMS that was supervision measures throughout 2013 as long as those
held in 2014. management and supervision measures are reflected in
the Balance Sheet and Profit and Loss Calculations.

ANALYSIS
Second Agenda Item the IPO was Rp. 361,423,000,000.00. The realization
1. Deciding the use of 2013’s net profit that can be details are as follows:
attributed to the owner of Holding Company in the a. Payment of Loan to BNP Paribas
amount of US$ 18,543,538.00 with the details as Rp. 94,116,000,000.00
follows: b. Capital Expenditure Rp. 112,532,000,000.00
a) US$ 1,500,000.00 to be used for cash reserves, c. Acquisition of coal mining concession, Working and
in accordance with the provision of Article 70 Operational Capital, and Exploration activities
Constitution No. 40 Year 2007 regarding Limited Rp. 77,236,000,000.00
Liability Companies. d. And the remainder, the amount of
b) US$ 6,490,238.30 or more than 35% of 2013’s Rp. 77,539,000,000.00, was saved in the form of a
net profit to be used to pay final cash dividend. Certificate of Deposit, in accordance with law.
The payment schedule will be announced in 2
(two) national daily newspapers with regard to the In order to fulfill the provision under the Law of Limited
applicable law. Liability Companies Chapter 68 article (4) and (5),
c) US$ 10,553,299.70 as retained earnings. the Company had announced (together with the
announcement of the result of AGMS) that Consolidated
2. Gave authority to the Board of Directors of the Cash Flow Position and Comprehensive Consolidated
Company to set the schedule and procedure Profit and Loss Statement for the financial year ended on
of paying the cash dividend with regard to the December 31, 2013 as stated in the Company’s Financial
applicable law. Statement, which was ratified in First Meeting Agenda,
was the same ash the Consolidated Cash Flow Position
Third Agenda Item and Comprehensive Consolidated Profit and Loss
Gave power and authority to the Company’s Board of Statement that had been announced through Investor
Directors to appoint Public Accountant Firm which is Daily on March 29, 2014.
registered at the Financial Services Authority to audit
the Company’s financial statement for the ongoing The decisions taken at the above AGMS were
financial year that will end on December 31, 2014, and announced in Business Indonesia daily and Investor
approved the giving of power and authority to the Board Daily on May 23, 2014.
of Commissioner to decide the amount of fee for said
Public Accountant Firm and other requirements. Realization and Implementation of AGMS’ Results
Until December 31, 2014, all the decisions taken in
Fourth Agenda Item the AGMS dated May 21, 2014 had been realized well.
Gave authority to the Board of Commissioners to decide Those decisions are:
the honorarium and/or other allowance for the Board of 1. As agreed in the AGMS, the Company paid final
Commissioners for year 2014 as well as the breakdown cash dividend amounting to US$ 6,490,238.30 or
of allocation of the distribution for each Commissioner. US$0.032 per share on July 16, 2014.
2. AGMS gave power and authority to the Board of
Fifth Agenda Item Commissioners to appoint public accountant firm
Gave the authority to the Board of Commissioner to set that would audit the 2014 Financial Statement. Based
the honorarium and other allowances for the Directors on that decision, the Board of Commissioners in
for financial year 2014 and the breakdown of allocation Toba Bara Sejahtra, LLC Board of Commissioner
of the distribution for Director. Circular Decision, as a Replacement of Board of
Commissioner Meeting dated October 1, 2014,
Sixth Agenda Item had appointed Public Accountant Firm Purwantono,
Accepted the accounts on the use of the money Suherman and Surja, a member of Ernst & Young
gathered from the Initial Public Offering until December global network, to audit 2014 Financial Statements
31, 2013 that the Company had reported to the Financial and gave power and authority to the Board of
Services Authority as well as Indonesian Stock Exchange, Directors to decide the fee of the Public Accountant
LLC, where it had been reported that the net result from Firm and other requirements as long as this amound
did not exceed the limited established by the Board
of Commissioners.

CORPORATE
GOVERNANCE
B. BOARD OF COMMISSIONERS the Board of Commissioners who comes from outside

the Company and fulfills these requirements:
The Board of Commissioner is in charge and responsible 1. Not someone who has worked or had authority and
collectively and collegially to supervise the execution responsibility to plan, lead, control, or supervise
of tasks and responsibilities of Board of Directors, gives Company activity within the last 6 (six) months;
advice to the Board of Directors, and ensures that the 2. Does not own any shares of the Company, directly or
Company is implementing GCG principles. The position indirectly;
of each Commissioner, including that of the President 3. Does not have any affiliation with the Company,
Commissioner, is equal. The task of the President other Board of Commissioners members, Board
Commissioner is to coordinate Board of Commissioners of Directors’ members, or the Company’s Major
activities. Shareholder; and
4. Does not have any work related relationship,
In accordance with the Company’s Article of Association, whether directly or indirectly, that is related with the
the Commissioners are appointed and dismissed by Company’s business activities.
the shareholders through a GMS. The term of office a
Commissioners is counted from the date of the GMS Each Independent Commissioner of the Company has
in which the Commissioner was appointed until the fulfilled the independency requirements stated above.
close of the fourth AGMS from the date of appointment,
without discounting the rights of the GMS to dismiss the An Independent Commissioner has an important
Commissioner before the stated end of term of office. role as an Independent Commissioner represents the
community’s and minority shareholders’ interests in
The GMS has authority to dismiss a member of the supervising Company’s performance. All members
Board of Commissioners before the member’s term of the Board of Commissioners of the Company are
ends if said member does not fulfill requirements as a Independent Commissioner who are not affiliated
member of the Board of Commissioners, which includes with any shareholders. Therefore, [ed. this statement
actions that have an adverse effect on the Company or appears to contradict the 4 requirements listed above.
any other reason deemed fit by the GMS. If true, the statement “All members of the Board of
Commissioners are Independent Commissioners.
Board of Commissioners Composition Therefore, “ is sufficient. The Company has fulfilled the
The composition of the Board of Commissioners is as requirements of Financial Services Authority regarding
follows: the number of Independent Commissioner which is
minimum 30% of the number of the member of the
Board of Commissioners Name Board of Commissioners. One of the Independent
Commissioners serves as the Head of the Company’s
President Commissioner/
Independent
Jusman Syafii Djamal Audit Committee.
Independent Commissioner Bacelius Ruru

Board of Commissioners Tasks
Independent Commissioner Farid Harianto The tasks of the Board of Commissioners are to
supervise and advise the Directors with good intentions
Information Regarding Independent and responsibilities for the Company’s interests. In doing
Commissioner its tasks, the Board of Commissioners conducts:
Regarding the Regulation No. IX.I.5 Attachment to • Supervising the Board of Director’s policies in
the Decision by the Head of Bapepam-LK No: KEP- managing the Company, including preventive
643/BL/2012 dated December 7,2012 regarding the and reparative measures, as well as having leave
Creation and Guidelines of Audit Committee Execution to temporarily dismiss member of the Board of
of Work, an Independent Commissioner is a member of Directors;
• Supervising the Company’s business risks and the
sufficiency of management actions in internal control;

ANALYSIS
• Supervising GCG implementation in the Company’s of reports submitted by the Board of Directors. The
business activities; agenda of meetings includes discussion on monthly
• Advising the Directors related to their tasks and performance, annual performance, budget forming,
responsibilities; financing, discussion on project progress, and discussion
• Giving response and recommendation on Board regarding the business of Subsidiaries.
of Director’s proposals and plans to develop the
Company; Throughout 2014, the Board of Commissioners held
• Ensuring that the Board of Directors take stakeholder six meetings. The Board’s level of attendance in such
interests into account. meetings in 2014 is as follows:
In contrast to the Board of Directors, Board of

Commissioners’ members cannot act alone but only by Attendance
decision of the Board of Commissioners. In doing its Attendees Position
(%)
job, the Board of Commissioners cannot be involved
President
in operational decision making. Decisions of the Board Jusman Syafii Djamal Commissioner/ 100%
of Commissioners regarding the matters that are Independent
governed by the Articles of Association and applicable Independent

Bacelius Ruru 100%
laws are done within its supervisory capacity, so that Commissioner
the operational activities remain Board of Directors Farid Harianto

Independent
83%
Commissioner
responsibilities.
Board of Commissioners Remuneration Board of Commissioners Meeting Agenda in 2014

In accordance to applicable laws and regulations, among others included:
salary, honorarium, and other allowances decided at • Operational and financial performance discussion of
a GMS take into account the recommendations from the Subsidiaries and Consolidation year 2013.
the Nomination and Remuneration Committee, if such • Company’s 2014 Work Plan and Budgeting.
committee has been formed. If the committee has • Monthly operational and financial performance
not been formed, the amount of remuneration for the discussion.
members of Board of Commissioners is decided by the • Quarterly operational and financial performance
GMS or the authority given by the GMS to the Board of discussion.
Commissioners to decide the amount of honorarium • Quarterly reports from the Audit Committee
and/or other allowances for the members of the Board • GMS and dividend payment plan.
as well as the detailed allocations of distribution for each • Public Expose plan.
member of the Board. • Company’s 2015 Work Plan and Budgeting.
The amount of honorarium and bonus for members Board of Commissioners Task Execution
of the Board of Commissioners is decided with regard Throughout 2014, Board of Commissioners had fulfilled
to the achievement of business targets, Company’s their supervisory and advisory functions on things
financial capability, and other relevant factors. related to:
• Company management in regards to the global coal
Board of Commissioners Meeting price drop
Board of Commissioners meetings are held at least • Implementation of best GCG principles in all
once every three months and can be held at any other Company activities
time deemed necessary based on the request of one or • Division of profit attained by the Company to all
more of the members. Meetings are held to do internal shareholders.
consolidation primarily concerned with the discussion

CORPORATE
GOVERNANCE
Board of Commissioners Accountability Board of Directors Composition

Board of Commissioners reports their action on The Company’s Board of Directors consists of four
Company management taken by the Board of Directors. people including Independent Director as required in
That report is delivered to the GMS to be approved. Attached I Indonesian Stock Exchange, LLC. Director
The Board of Commissioners Report to the GMS Decision No: Kep-00001/BEI/01-2014 dated January 20,
is a materialization of their accountability on their 2014. The Independent Director is not affiliated with the
supervision of Company management with regards to Company’s controlling shareholder.
the GCG execution.
Based on the AGMS dated June 28, 2013, below is the
Board of Commissioners Performance Evaluation composition of the Company’s Board of Directors:
The Board of Commissioners performance is evaluated
every year by the shareholders in the GMS. The Directors Name
performance is decided upon based on the execution
Independent/President Director Justarina S. M. Naiborhu
of tasks, authority, and responsibilities as included in the
Company’s Article of Association and applicable laws. Director Pandu P. Syahrir
Director Arthur M. E. Simatupang
Director Sudharmono Saragih

C. BOARD OF DIRECTORS
The Board of Directors is in charge and responsible Board of Directors Duties

collectively and collegially in managing the Company. In accordance with the Company’s Articles of
Based on the Company’s Articles of Association, the Association, the Board of Directors is responsible to
President Director and one other Director; or in the case conduct every activity that is related to the management
of non-appearance or unavailability of the President of the Company to the benefit of the Company and in
Director because of any reason that does not need to line with the purpose and objectives of the Company.
be explained to a third party, 2 (two) other members The Board of Directors also represents the Company
of the Board of Directors; are authorized and have the inside and outside of court in every matter and every
right to represent the Company inside and outside of event with special exceptions as set in the Articles of
court regarding everything and in any circumstances Association and applicable laws.
tied the Company with any other party as well as run the
management of the Company. The duties of the Board of Directors among others are:
• To ensure that the Company’s activities are done in
In accordance with the Company’s Articles of line with its business objectives.
Association, Directors are appointed and dismissed by • To formulate the Company’s Long Term Business Plan
the shareholders through a GMS. The Directors’ term and prepare Annual Budget Plan to be approved by
of office is one year from the date that the GMS that the Board of Commissioners.
appointed them until the close of the fifth AGMS after • To execute the Company’s business plans to the best
that, without diminishing the right of the GMS to dismiss of its ability to achieve the set purpose and target.
any Director before the term of office ends. • To compile as a form of Board of Directors
performance accountability, the Company’s annual
The GMS has the authority to dismiss any Director before report and financial statements as set by the Limited
the term of office ends if the said Director is no longer Liability Company Law.
capable of fulfilling the requirements to be a member of • To prepare the Company’s annual report in
the Board of Directors. compliance with the common accounting standards
and submit the Company’s books to a Public
Accountant to be audited.

ANALYSIS
• To put into place the Company’s organizational Board of Directors Meetings

structure, and fill each position with competent Board of Directors meetings are held on a regular basis
people. with a minimum of once a month, and a meeting can be
• To give a report and explanation at the request of the held any time if deemed necessary based on any one or
Board of Commissioners. more Director’s request. In general, a Board of Directors
• To do other responsibilities as set by regulations meeting discusses business problems and ensures that
stated in the Articles of Association and GMS the Company is following the right path in executing the
decisions based on applicable laws and regulations. set business strategy.
In doing its duty and responsibilities, the Board of In 2014, the Board of Directors held 12 meetings. The
Directors upholds GCG principles, including Corporate level of attendance of the Directors is as follows:
Social Responsibilities.
Attendance
Board of Directors Work Scope and Meeting Attendees Position
(%)
Responsibilities
Independent/President
So that the Board of Directors can do its tasks of Justarina Naiborhu 100%
Director
managing the Company in a more efficient and effective Pandu P. Syahrir Director 100%
way, the Board of Directors based on its internal
Arthur Sumatupang *) Director 42%
agreement delegates the work in hand based on each
Director’s expertise and competence. However, to give a Sudharmono Saragih Director 100%
balanced result in very decision making, the delegation *Attended Lemhanas during April - Oct 2014
of work does not limit their cross-directorate authority as

Directors. Board of Directors Meeting Agenda in 2014 included:
• Discussion of operational and financial performance
Board of Directors Remuneration of Subsidiaries and Holding Company at the end of
Based on applicable laws and regulations, the 2013.
honorarium and other allowances given to Directors is • Company’s 2014 work plan and budget.
decided in a GMS with regard to the recommendation • Discussion of monthly operational and financial
to the Nomination and Remuneration Committee, if such performance of subsidiaries and holding company.
body has been formed. If the Committee has not been • Discussion of quarterly operational and financial
formed, the amount of remuneration is decided in a performance of subsidiaries and holding company.
GMS or GMS appointed authority, in the Company’s case • GMS and dividend payment plan.
the Board of Commissioners, to decide the amount of • Public expose plan.
honorarium and other allowances, as well as the detailed • Company’s 2015 work plan and budget.
allocation for each Director.
Board of Directors Accountability
The amount of remuneration for Directors including The Board of Directors compiles an account on
salary, bonus, and other allowances is decided by taking the management of the Company in the form of
into account the achievement of business targets, the annual report, which includes financial statements,
Company’s financial condition, and other relevant activity report, GCG activity report among others
factors. to be submitted to the GMS. The annual report has
to be approved by the GMS, while the financial
statement has to be ratified by the GMS. The Board of
Directors account to the GMS is a manifestation of its
accountability on Company management in the context
of GCG implementation.

CORPORATE
GOVERNANCE
Directors Performance Evaluation

Directors’ performance, individually and collegially, is evaluated by the Board of Commissioners. The evaluation
report on the Board of Directors and each Director’s performance is presented to a GMS, and will become
inseparable from the consideration on compensation and incentive scheme for the Directors. Individually, a Director’s
performance evaluation is one basis of consideration for the shareholders to dismiss or to reappoint the said Director
for the next term. The performance evaluation result is a means to evaluate and increase Board of Directors efficiency.
Boards of Commissioners Directors Competency Development

Members of the Boards of Commissioners and Directors follow industry developments as well as general
development in various fields such as management, technology, human resources, finance, and occupational safety
and health (OSH). Competency development for Commissioners and Directors are conducted continuously to
increase knowledge and support work execution. In 2014, the members of the Board of Directors followed seminars,
workshops, and conferences such as:
No Activity Name Dates Location Organizer Role

Citi Asia Pacific Investor
1 January 15 - 17 Hongkong Citi Participants
Conference
5th Annual Asia Pacific Export & Grand Hyatt Hotel,

2 February 20 Euro Money Asia Panelists
Agency Finance 2014 Jakarta
4th Annual Corporate Treasury &

3 February 20 Hotel Mulia, Jakarta Haymarket Asia Panelists
CFO Summit
4 12th Annual Coal Markets February 26 Hilton Hotel, Singapore IBC Asia Panelists
5 Coal Trans Asia 2014 June 1-4 Westin Nusa Dua Bali Euro Money Plc Participants
6 IHS Asia Coal Market Outlook August 13 Pullman Hotel, Jakarta IHS Asia Panelists
Goldman Sachs South of Asia

7 September 11-12 Singapore Goldman Sachs Participants
Conference
Grand Hyatt Hotel,

8 CLSA Investor Forum September 16 CLSA Participants
Hongkong
Macquarie Indonesia Ritz Carlton Mega

9 September 23-24 Macquarie Speaker
Commodities Conference Kuningan
IHS Asia Pacific Coal Outlook

10 November 4-6 Bali McCloskey Speaker
Conference
Company Introduction for New Boards Members Program

In 2014, the Company did not conduct any introduction program as there were no new Board members.
Boards of Commissioners and Directors Disclosure Guidelines

At this moment, the Company is drawing up the Boards of Commissioners and Directors and Disclosure Guidelines.
Boards of Commissioners and Directors Affiliation Disclosure
Commissioner Independency and Affiliation

Every Commissioner has to act independently, have no conflict of interest and be free from intervention from any
Company or third party that can disturb and affect the decisions taken as a Commissioner.

ANALYSIS
Every Commissioners does not have any financial, Duty and Responsibility of Audit Committee
management, shareholding, and/or familial relationship The main function of the Audit Committee is to help the
up to the second degree, both vertical and horizontal, Board of Commissioners in fulfilling their supervisory
nor marital relationship with other Commissioners and/ responsibility. The duty and responsibility of the Audit
or Shareholders and/or Directors, so that in doing Committee is regulated in the Audit Committee Charter,
his/her task, the said Commissioner is able to act detailing the Audit Committee:
independently. • To do its duty and responsibility based on Regulation
No. IX.I.5 attachment to Bapepam-LK Decision
Director Independency and Affiliation No. KEP-643/BL/2012 dated December 7, 2012
All Directors do not have any affiliation with the Board of regarding the Establishment and Guidelines of Audit
Commissioners. The Board of Directors independency Committee’s work implementation.
is required to execute management actions or engage • To supervise the Company’s internal and external
in any relationship with third parties without intervention audit activities, from planning to execution, findings,
from other parties or in contrary to the laws and Articles and follow ups.
of Association which could materially interfere with the • To give advice to the Board of Commissioners in
objectivity and independence of the Board of Directors ensuring the Company’s financial statement integrity.
in conducting its duties for the benefit of the Company. • To give professional and independent opinion to
the Board of Commissioners regarding any report or
There is no familial relationship up to second degree, matters presented by the Directors to the Board of
both vertical and horizontal, nor marital relationship Commissioners and other tasks related to the duty of
between other Directors and/or Commissioners. a Commissioner.
Boards of Commissioners and Directors Audit Committee Composition

Shareholding Disclosure As at December 31, 2014, the Audit Committee
Referring to Regulation No.X.M.1 Attachment on composition was as follows:
Decision by the Head of Capital Market Regulatory
Body No: Kep-82/PM/1997 dated January 17, 1996 Name Position
about Certain Shareholders Information Transparency,
Head of the Audit Committee/
until the end of 2014 there were no Commissioners that Bacelius Ruru, SH, LLM
held shares in the Company. Meanwhile, one Director,
Prof. Dr. Ir. Irwandy Arif, M.Sc. Member
Sudharmono Saragih, owns shares in the amount of
which falls within regulation through the ESA program at Aria Kanaka, CA, CPA Member
a time when he had not been appointed as Director.

Audit Committee Member Profile
AUDIT COMMITTEE
The Board of Commissioners formed the Audit

Committee in accordance to Regulation No. IX.I.5
Decision of the Chairman of Bapepam-LK No: Kep-
643/BL/2012 dated December 7, 2012 regarding the
Establishment and Guidelines for Audit Committee’s
Work Implementation. The company’s Audit Committee
consists of one Independent commissioner and two
independent external parties.
Bacelius Ruru, SH, LLM – Head of the Audit
Committee and Independent Commissioner
His profile is presented in the Board of Commissioners

Profile Section in this Annual Report.

CORPORATE
GOVERNANCE
2014). He is currently a partner at Aria Kanaka and

Associates Public Accountant Firm (member of Mazars
SCRL) and actively teaches at the College of Economy at
the University of Indonesia.
Audit Committee Member Independency

The Audit Committee is headed by an Independent
Commissioner and has independent members from
outside the Company. This is in accordance to Bapepam
Regulation No. IX.I.5 regarding Audit Committee
Prof. Dr. Ir. Irwandy Arif, M.Sc –Audit Committee Forming and Guidelines of Work Execution. The
Member Audit Committee fulfills its duties and responsibilities
independently and professionally.
Doctor, graduated from Ecole des Mines de Nancy,
France; Bachelor of Mine Engineering and Master Duties and Responsibilities
of Industrial Engineering from ITB. He is an expert in The Audit Committee fulfills its duties and
the Indonesian mining industry. Appointed as Audit responsibilities according to Regulation No. IX.1.5
Committee member in January 2013. Current and past Decision of the Chairman of Bapepam-LK No.
positions among others were audit committee member KEP-643/BL/2012 dated December 7, 2012 regarding
at PT Adaro Energy Tbk (from 2008), Head of audit the Audit Committee Forming and Guidelines of Work
committee PT Aneka Tambang Tbk (Persero) (2004- Execution. Those duties and responsibilities, among
2009), independent commissioner in some companies, others, are to:
and expert researcher in various institution in mining and a. Review financial information to be disclosed by the
the mineral technology field. He is still actively teaching Company to the public and/or the authorities such
in the Mine Engineering College at ITB and researching, as financial statements, financial projections, and
as well as writing mining and geotechnical journals. other reports related to the Company’s financial
information.
b. Do reviews on compliance with the laws and
regulations related to the Company’s activities.
c. Give independent opinions in case of dissent
between management and public accountant
regarding the service given.
d. Give recommendations to the Board of
Commissioners regarding the appointment of public
accountant based on independency, work scope, and
fees.
e. Do reviews on audit activities done by internal auditor
Aria Kanaka, CA, CPA – Audit Committee Member and to supervise follow up actions done by Directors
on the findings.
Bachelor of Arts in Accounting, and Master of Arts f. Do reviews on risk management activities done by
in Accounting from University of Indonesia. He was the Board of Directors.
accepted at the National Registry of Accountants from g. Review reports related to the accounting process and
Republic of Indonesia Ministry of Finance in 2000, and the Company’s financial reports.
passed the public accountant certification test from the h. Review and advise the Board of Commissioners
Indonesian Accountants Association in 2003. Appointed regarding possibilities of conflict of interest.
as a member of the Audit Committee in January 2013. i. Maintain Company documents, data, and information
Positions currently held, among others, are audit confidentiality.
committee member at PT Tower Bersama Infrastructure
Tbk (since 2010), PT Total Bangun Persada Tbk (since

ANALYSIS
Audit Committee Meetings Related to the Company’s operational aspects, the

In 2014, the Audit committee held 9 meetings. The level Audit Committee evaluated the coal marketing
of attendance of the members is as follows: system and strategy concerning the products of the
three subsidiaries, evaluated the efforts to increase
Attendance productivity, supply chain effectiveness, and logistics
Meeting Attendees Position concerning exports, and supervised the Occupational
(%)
Safety and Health (OSH) improvement effort.
Head of
the Audit
Bacelius Ruru, SH, LLM Committee/ 88.9% The Audit Committee was also involved in the discussion
Independent
Commissioner about the implementation of the new accounting
system, especially ISAK 29 as the replacement of
Prof. Dr. Ir. Irwandy Arif, M.Sc. Member 100.0%
PSAK 33 concerning the process of creating financial
Aria Kanaka, CA, CPA Anggota 100.0%
statements in accordance to the new accounting policy
and new regulation regarding financial statement
Summary of Audit Committee Activities in 2014 creation. Other than that, together with Internal Audit,
According to its duty and responsibility, the Audit the Audit committee discussed the 2014 audit activity
Committee gave professional and independent opinions strategy which consisted of supervision of developments
to the Board of Commissioners regarding matters that may have an impact on the Company’s business,
presented to the Board of Commissioners by the Board supervision of the internal audit standard operating
of Directors and other tasks related to the tasks of procedures and Audit Committee 2015 work plan
the Board of Commissioners. This was done through formation.
routine meetings and site visits. The focus of the Audit
Committee’s work program was on the effort by the
Company to increase added value in order to prevent CORPORATE SECRETARY
risks associated with operational productivity.
The Corporate Secretary is appointed and accountable
Audit Committee 2014 activities among others were: directly to the President Director. The duty of the
created Audit Committee work program, discussed 2014 Corporate Secretary is to ensure effective internal
work plan and budget, studied Internal Audit reports, Company communication, between the Company
discussed with the external auditor new regulations and financial services authority and capital market,
implementation related to the preparation of financial between the Company and the shareholders and other
statement, and Subsidiaries’ performance. stakeholders. The Corporate Secretary also has to ensure
the Company’s compliance to the applicable laws and
The Audit Committee also reviewed the 2013 annual regulations including capital market regulations.
report and 2014 1st, 2nd, and 3rd quarter reports and
gave notes when necessary to be submitted to the The Corporate Secretary is responsible for the
Board of Commissioners. As a form of work execution administration of documents and information related to
accountability, the Audit Committee created and the Company’s compliance to capital market laws and
submitted quarterly reports, an annual activity report, regulations, as well as supporting the accountability of
and the 2015 Audit Committee work plan to the Board operational reporting and Company responsibility to
of Commissioners. stakeholders.
Other than those activities, throughout 2014, the Audit The Corporate Secretary helps the Company in fulfilling
Committee helped with the execution of a timely audit the principles of public disclosure by ensuring the
schedule, kept operational and financial performance availability of relevant, accurate, and expeditious
as well as forward-looking strategy, identified risks information to all stakeholders and the public, including
regarding the Company’s financial condition, and the availability of quarterly reports, annual report, and
evaluated the Company’s legal compliance. other reports/news regarding the Company.

CORPORATE
GOVERNANCE
Corporate Secretary Profile In 2014, the Corporate Secretary hosted a media site
visit, in which media were invited to a site visit to a mine
in order to give an understanding and explanation of
activities in the mining concession, from overburden
removal, coal hauling from pit to jetty, as well as CST
activities and reclamations.
INVESTOR RELATIONS
The Company believes that adding value for

shareholders starts from implementation of GCG
Pandu P. Syahrir principles, including transparency. Because of that,
the Company is committed to communicating the
From September 27, 2013, the position of Corporate Company’s business strategies and activities as clearly as
Secretary has been held by Pandu P. Syahrir, who is possible to stakeholders. To achieve that, the Company
concurrently one of the Company’s Directors. His profile is doing active communication with investors through
is available at the Board of Directors profile section in well-planned investor relations activities.
this Annual Report.
The Company created an investor relations unit by
In 2014, the activities of the Corporate secretary among appointing Iwan Sanyoto as the head of investor
others were: coordinated AGMS for financial year 2013, relations on February 2013. The Company develops
coordinated financial year 2013 dividend payment and investor relations activities as a part of the Company’s
financial year 2014 interim dividend payment, hosted accountability to the shareholders.
annual public expose, 2013 annual report formation,
managed Company website, as well as coordinated Throughout 2014, the Company was active in holding
routine reports to the OJK and Indonesian Stock analyst meetings and Company presentations. The
Exchange such as exploration results, IPO fund usage Company also held one-on-one meetings with capital
realization, and quarterly financial reports. market analysts, especially those who covered the
Company as a monitored and analyzed public company.
Below are some of the important activities done by

Investor Relations throughout 2014:
No Activity Name Dates Location Organizer Role

1 Analyst Meeting January 22 Jakarta Goldman Sachs One-on-One Meeting
2 Analyst Meeting February 14 Jakarta JP Morgan One-on-One Meeting
3 Analyst Meeting April 17 Jakarta Morgan Stanley One-on-One Meeting
4 Analyst Meeting April 21 Jakarta Macquarie One-on-One Meeting
5 Analyst Meeting May 28 Jakarta PT Sucorinvest One-on-One Meeting
PT Trimegah
6 Analyst Meeting July 3 Jakarta One-on-One Meeting
Securities Tbk
CIMB Annual Indonesia

7 Agustus 21-22 Bali CIMB One-on-One Meeting
Conference
Deutsche Bank Fixed Income

8 September 17 Hong kong Deutsche Bank One-on-One Meeting
Meeting

ANALYSIS
The Company realizes that capital market • Resolving disputes as well as anticipating disputes
communication does not go one way. Feed back that may come up between the Company and a third
from investment community is essential for improving party.
engagement and relation. Because of that, the investor
relations unit is open to input through interactions with Head of Legal Profile
investors and analysts. The Investor Relations team can
be contacted through e-mail: iwan.sanyoto@tobabara.
com
Head of Investor Relations Profile
Bima Sinung Widagdo
Currently, the head of the Legal Division is held by Bima

Sinung Widagdo who has been in the position since
March 2011. Before that, Bima had a career in the energy
Iwan Sanyoto and banking sector with PT Adaro Energy Tbk and
PT CIMB Niaga Tbk. After finishing his education with a
Iwan Sanyoto was appointed as the Head of Investor Bachelor of Law from Universitas Indonesia Law School.
Relations in February 2013. Since 1993, he has gained
experience in international trading, capital markets, and
investment with J.M Didier Asia s.c. Belgium, PT. Vickers COMPANY DATA AND INFORMATION
Ballas Tamara Indonesia, Cargill Financial Services ACCESS
Asia Pte Ltd Singapore, PT DBS Vickers Indonesia,
PT Kuo Capital Raharja dan PT CIMB-Principal Asset Information Transparency Policy
Management. Iwan holds a Management degree from In order to fulfill the transparency principle and GCG
University of Maryland (European Division), and an MBA implementation, the Company discloses non-secretive
from (VUB), Belgium information to the public through adequate means
and facilities. Therefore, the stakeholders can access
the information easily without any fees. Information
LEGAL DIVISION which is time-sensitive to shareholders as well as
other stakeholders is delivered through various
The Company created the Legal division whose communication means to facilitate a fast decision
responsibility among others is ensuring the Company’s making process.
legal compliance. The Legal Division’s duties and
responsibilities consist of: Referring to the Financial Services Authority Regulations
• Ensuring all Company activities mitigate risks that and Stock Exchange Regulations, the Company is
may come up as a by product of the transactions the committed to announce as fast as possible information
Company is doing. or facts that may affect share price or investors’
• Ensuring that the Company, in its transactions as well investment decision at the latest two days after the
as its operational activities, always takes into account information or facts come to light.
applicable laws, related to capital markets, mining,
and others.

CORPORATE
GOVERNANCE
Information Access
The Company routinely publishes an annual report that presents information regarding the Company’s operational
and financial performance. Through the Company website www.tobabara.com, shareholders, investors and the public
can access various information regarding the Company including annual financial statements, quarterly financial
statements, summary of financial performance, stock performance, GCG and CSR activities report, as well as other
activities.
The Company is also open access to submission of opinion, complaints, as well as questions by contacting:
PT TOBA BARA SEJAHTRA Tbk.

Wisma Bakrie 2, 16th floor
Jl. H. R. Rasuna Said Kav. B-2
Jakarta 12920 – Indonesia
Corporate Secretary
Tel: (62 21) 5794 5779
Fax: (61 21) 5794 5778
E-mail: corsec@tobabara.com
Below is a list of information published by the Company related to the principle of transparency to the public
throughout 2014:
No No. Letter Date Subject Regulation No.
Monthly Report on Regulation No. I.E on the Requirement for Information Filing
1 002/TBS/I/14 January 10 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
December 2013 Jakarta No. Kep-306/BEJ/07-2004
2 004/TBS/I/14 January 10 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
Holders (IDXnet) Jakarta No. Kep-306/BEJ/07-2004
Report on the Use of Funds

Regulation No. X.K.4, Attachment Rule Chairman of
3 005/TBS/I/14 January 15 Received from IPO as of
Bapepam No. KEP-27/PM/2003
31 December 2013
Performance Guidance 2013

4 009/TBS/II/14 February 5 Non Regulated
and 2014
5 011/TBS/II/14 February 10 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
6 012/TBS/II/14 February 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
January 2014 Jakarta No. Kep-306/BEJ/07-2004
7 019/TBS/III/14 March 6 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
8 021/TBS/III/14 March 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
February 2014 Jakarta No. Kep-306/BEJ/07-2004
Regulation No. X.K.1 Rule of Chairman of Bapepam

No. Kep-86/PM/1996 on Disclosure of Information that must
Disclosure Information of be made Public and Rule Number IE, Appendix Decision of
9 023/TBS/III/14 March 21
Revolving Loan Facility Board of Directors of the Jakarta Stock Exchange No. Kep-
306 / BEJ / 07-2004 regarding Obligation of Information
Submission

ANALYSIS
Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No.

Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of
Audited Financial
the Periodical Financial Statements of Emitent or Public
10 025/TBS/III/14 March 28 Statements 31 December
Company and Rule III.1.6.1.4. Regulation Number I-E
2013
Attachment Rule of Board of Directors of PT Bursa Efek
Jakarta No. Kep-306/BEJ/07-2004
Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No.

Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of
Proof of Advertisment for
the Periodical Financial Statements of Emitent or Public
11 026/TBS/IV/14 April 1 Notice of 2013 Audited
Company and Rule III.1.6.1.4. Regulation Number I-E
Financial Statements
Attachment Rule of Board of Directors of PT Bursa Efek
Summary of Financial
12 029/TBS/IV/14 April 1 Analysis and Management’s Non Regulated
Discussion (MDNA)
13 031/TBS/IV/14 April 7 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
14 032/TBS/IV/14 April 8 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
March 2014 Jakarta No. Kep-306/BEJ/07-2004

15 037/TBS/IV/14 April 15 Received from IPO as of 31
March 2014
Bapepam Regulation No. I.1 IX of the Plan and

Proof of Advertisment for Implementation of GMS and Securities Listing Regulation
16 044/TBS/IV/14 April 21
Notice of Annual GMS No. IE dated July 9, 2014 on the Obligation to Submit
Information
Consolidated Interim Regulation No. I.E on the Requirement for Information Filing
17 051/TBS/IV/14 April 24 Financial Statements and Attachment Rule of Board of Directors of PT Bursa Efek
Quarter I 2014 Jakarta No. Kep-306/BEJ/07-2004
Regulation No. X.K.VI on the requirement for Annual Report

filing by an Issuer or Public Company, Attachment the
18 054/TBS/IV/14 April 30 2013 Annual Report Decision of the Chairman of the Capital Market and
Financial Institution Supervisory Agency No. KEP-134/
BL/2006
Proof of Advertisment for Regulation No. IX.XI Decision of the Capital Market
19 057/TBS/V/14 May 6
Notice of Annual GMS Supervisory Board No. Kep-60/PM/1996
20 065/TBS/V/14 May 8 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
21 068/TBS/V/14 May 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
April 2014 Jakarta No. Kep-306/BEJ/07-2004
074/ Submission Results of AGM Regulation No. IX.XI Decision of the Capital Market
22 May 23
TBS/V/2014 2014 Supervisory Board No. Kep-60/PM/1996
23 077/TBS/VI/14 June 9 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
Notice of Schedule and

Decision of the Board of Directors of PT Bursa Efek Jakarta
24 078/TBS/VI/14 June 9 Adminstering of Cash
No. Kep-565/BEJ/11-2003
Dividends Payment
25 082/TBS/VI/14 June 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
Mei 2014 Jakarta No. Kep-306/BEJ/07-2004
Exchange Rate for Final Decision of the Board of Directors of PT Bursa Efek Jakarta
26 085/TBS/VII/14 July 2
Cash Dividends No. Kep-565/BEJ/11-2003

CORPORATE
GOVERNANCE
27 087/TBS/VII/14 July 7 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
28 088/TBS/VII/14 July 10 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
June 2014 Jakarta No. Kep-306/BEJ/07-2004

29 094/TBS/VII/14 July 15 Received from IPO as of 30
June 2014
30 095/TBS/VII/14 July 24 Financial Statements and Attachment Rule of Board of Directors of PT Bursa Efek
Semester I 2014 Jakarta No. Kep-306/BEJ/07-2004
31 097/TBS/VII/14 July 25 Analysis and Management’s Non Regulated
Discussion (MDNA)

32 098/TBS/VII/14 July 25 Received from IPO as of 30
June 2014 (Revision)
100/TBS/
33 August 7 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
VIII/14
102/TBS/
34 August 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
VIII/14
July 2014 Jakarta No. Kep-306/BEJ/07-2004
Notice of Schedule and

Decision of the Board of Directors of PT Bursa Efek Jakarta
35 106/TBS/IX/14 September 2 Adminstering of Interim
No. Kep-565/BEJ/11-2003
Dividends Payment
36 110/TBS/IX/14 September 10 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
August 2014 Jakarta No. Kep-306/BEJ/07-2004
37 112/TBS/IX/14 September 10 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
Exchange Rate for Final Decision of the Board of Directors of PT Bursa Efek Jakarta
38 122/TBS/IX/14 September 25
Interim Dividends No. Kep-565/BEJ/11-2003
39 126/TBS/X/14 October 6 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
40 131/TBS/X/14 October 10 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
September 2014 Jakarta No. Kep-306/BEJ/07-2004

41 132/TBS/X/14 October 15 Received from IPO as of 30
September 2014
42 134/TBS/X/14 October 28 Financial Statements and Attachment Rule of Board of Directors of PT Bursa Efek
Quarter III 2014 Jakarta No. Kep-306/BEJ/07-2004
43 135/TBS/X/14 October 28 Analysis and Management’s Non Regulated
Discussion (MDNA)
Regulation No. I.E on the Requirement for Information Filing

Notice of the Annual Public
44 136/TBS/X/14 October 29 and Attachment Rule of Board of Directors of PT Bursa Efek
Expose 2014 (IDXnet)

ANALYSIS
Regulation No. X.K.1 Rule of Chairman of Bapepam

No. Kep-86/PM/1996 on Disclosure of Information that must
be made Public and Rule Number IE, Appendix Decision of
45 138/TBS/X/14 October 30 Disclosure of Information
Board of Directors of the Jakarta Stock Exchange No. Kep-
306 / BEJ / 07-2004 regarding Obligation of Information
Submission
46 141/TBS/XI/14 November 7 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
Regulation No. I.E on the Requirement for Information Filing

47 142/TBS/XI/14 November 7 Public Expose Material 2014 and Attachment Rule of Board of Directors of PT Bursa Efek
48 145/TBS/XI/14 November 11 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
October 2014 Jakarta No. Kep-306/BEJ/07-2004
49 146/TBS/XI/14 November 12 Siaran Pers Public Expose Non Regulated
Public Expose Regulation No. I.E on the Requirement for Information Filing
50 148/TBS/XI/14 November 17 Implementation Report and Attachment Rule of Board of Directors of PT Bursa Efek
2014 (IDXnet) Jakarta No. Kep-306/BEJ/07-2004
51 151/TBS/XII/14 December 4 Registration of Securities and Attachment Rule of Board of Directors of PT Bursa Efek
52 156/TBS/XII/14 December 12 Exploration Activities Period and Attachment Rule of Board of Directors of PT Bursa Efek
November 2014 Jakarta No. Kep-306/BEJ/07-2004
INTERNAL AUDIT UNIT and approved by the Audit Committee. Internal Audit
implementation is done on the basis of risk to ensure
Internal Audit is the management’s partner in achieving compliance to standard operating procedure, internal
Company targets through its audit and consulting control systems and regulation has complied with the
functions, independently and objectively. Internal Audit prevailing regulation.
is directly under the President Director. The Head of
Internal Audit is appointed by and accountable to the Internal Audit works together, in a consultative way,
President Director, but his/her appointment has to be with Subsidiaries internal audit units to increase internal
approved by the Board of Commissioners. control in all subsidiaries. Periodically, Internal Audit will
do a study on all the Company’s and its subsidiaries’
Functionally, Internal Audit works with the guidance and activities related to financial and operational activities
under the supervision of the Audit Committee. Other as well as compliance to the applicable laws and
than submitting Audit Reports to the President Director, regulation. Internal Audit also does internal assessment
these reports are also submitted to the Audit Committee periodically to study the effectiveness of all aspects of
to be presented to the Board of Commissioners internal audit activities.
together with the Audit Committee’s professional
opinion. Internal Audit Charter
Internal Audit unit has an Internal Audit Charter
Internal Audit conducts audit activities in accordance as a guideline. The Internal Audit Charter sets
with the Annual Audit Plan, which has been the organizational structure and positions, duties
comprehensively compiled by considering the risks and responsibilities, authority and ethics code for
related to each audited aspect. The audit plan is internal auditors, internal audit standards and auditor
discussed together with the head of the unit that will requirements.
be audited and submitted to the Board of Directors

CORPORATE
GOVERNANCE
The internal audit charter is defined by the Board Internal Audit Activity Report
of Directors’ Decision dated May 14, 2012 and was The activities done by Internal Audit in 2014 covered the
approved by the Board of Commissioners based on three coal mining subsidiaries, ABN, IM, and TMU. The
the Circular Decision of the Board of Commissioners activities that were done in 2014 are:
Meeting As Substitute Board of Commissioners dated a. audits on activities related to procurement and
May 14, 2012. logistic
b. audits on activities related to sales and marketing
Head of Internal Audit Profile c. audits on reserves
d. audits of mining activities
e. investigative audits related to HSE activities
f. other audits related to Company operational
activities.
2015 Audit Plan

Activities that will be done in 2015 cover the three
mining subsidiaries ABN, IM, and TMU, as well as PT
Perkebunan Kaltim Utama I that is engaged in the palm
plantation business.
Pria Fardio Syaiful Dinar Below is the audit plan for 2015, including some
additions on areas of activities compared to 2014:
The Head of Internal Audit is held by Pria Fardio Syaiful a. audits on activities related to procurement and
Dinar, who was appointed based on Surat Penunjukan logistic
Kepala Unit Audit Internal Perseroan Nomor: 043/ b. audits on activities related to sales and marketing
TBS/V/2012 dated May 14, 2012. c. audits on reserves
d. audits of mining activities
Pria Fardio Syaiful Dinar obtained his Bachelor in e. investigative audits related to HSE activities
Economy from Universitas Indonesia (2008) and f. other audits related to Company operational activities
Bachelor of Law from Krisnadwipayana University g. audits on construction progress of Palm Oil Factory at
(2006). Currently, Pria is doing his MBA at Gadjah PKU.
Mada University. Before serving as Head of Internal
Audit, Pria served as internal audit and controller at PT
ABN, one of the subsidiaries owned by PT Toba Bara
SejahtraTbk. Prior to that, he was an external auditor at
Tanudiredja Wibisana and Partners Public Accountant
Firm (PricewaterhouseCoopers) with his last position
as a Senior Association with specialization in energy
and mining audits. He also had been a faculty at Islam
University Assyafiiyah School of Law from 2007 to 2008.

ANALYSIS
PUBLIC ACCOUNTANT
Based on AGMS decision dated May 21,2014 that gave the authority to the Board of Commissioners to appoint
a Public Accountant Firm which is registered at the Financial Services Authority to audit the Company’s financial
statement for financial year 2014, the Board of Commissioners had appointed Purwantoro, Suherman, and Surja
Public Accountant Firm, member of Ernst & Young Global Limited, to audit Company’s consolidated financial
statement for financial year 2014.
The data on Public Accountant Firm and Accountant who audited the Company’s financial statement as well as the
fees for the last three years are:
Audit Period Public Accountant Firm Accountant Audit Fee Audit Service
2014 KAP Purwantoro, Suherman & Surja E. Batara Manurung US$ 128 thousand
Annual Financial
2013 KAP Purwantoro, Suherman & Surja Agung Purwanto US$ 135 thousand
Statement Audit
2012 KAP Purwantoro, Suherman & Surja Agung Purwanto US$ 160 thousand
RISK MANAGEMENT 1. Price Fluctuation Risk

The Company’s income is very dependent on the
The Company’s business activities are always changing price accepted when doing sales. The price of coal
in line with the development of the coal market, resulting refers to a world price index that tends to be cyclical
in a bigger challenge and risk exposure. Therefore, and can fluctuate significantly. Facing the price
various methods for risk management are needed. fluctuation risk, the Company has taken mitigating
actions as follows:
The initiative for Company’s risk management is basically • the Company sells most of its planned production
to provide the most current and comprehensive to high quality buyers on a fixed price. This pricing
information for Directors and managements to mechanism is very profitable for the Company
anticipate risk as soon as possible, and to mitigate the because buyers will pay some amount up-front.
risk. Related to that, the function of risk management Therefore, the Company can maximize the
in the Company and its subsidiaries is done by each price structure to anticipate unfavorable market
division including operational and non-operational conditions.
activities. Risk management in the subsidiaries includes • the Company always try to keep a stable
identification, evaluation, management, and supervision operational costs structure through various
of risks in a coordinated and integrated way. As a group efficiency initiatives as well as optimizing
of companies, there is also a Risk Management Team operational performance to maintain production
that studies and approves investment plans. levels. The adjacent locations of the three
subsidiaries support the effort to maximize
The Company has identified main risks that have to be efficiency through joint mine plans and
managed well so that they will not have a negative and infrastructure sharing.
material impact to the Company’s business activities,
financial conditions, operational performance, and 2. Fuel Price Risk
business prospects. Those risks are: The Company faces fuel price risk caused by the
fluctuation of fuel prices and the fluctuation of price
of fuel provided by the Company to contractors.
Increases in price will have a negative impact to the
Company’s profits and margin. To limit the impact of
fuel price fluctuations, the Company manages risk by
hedging against projected fuel requirements.

CORPORATE
GOVERNANCE
3. Interest Rate Risks IMPORTANT MATTERS

Interest rate risk on cash flow is one risk where future
cash flow will fluctuate because of interest rate In 2014, there were no significant legal matters, either
changes. Currently, the exposure comes mainly from criminal or civil, faced by the Company, member of the
a long term syndicated loan with floating interest. Board of Commissioners, as well as members of the
Loans with floating interest will create risks for the Board of Directors.
Company’s cash flow.
The Company manages interest rate risks by using WHISTLEBLOWING SYSTEM

a capped interest rate throughout the loan period.
Through this mechanism, the Company limits its The Company is still studying the requirements of
exposure to the floating interest rate by using a swap applying a whistleblowing system as a means to make
interest rate. On December 31, 2014, the Company a report if someone finds instances or actions that may
had signed a swap interest rate agreement with BNP violate the law or the Company’s code of ethics. So far,
Paribas, and the Company believes that this risk the Company has implemented an open door policy
management strategy will have a long term positive where the Directors and management teams are open
impact. to accept an employee’s grievance and complaint, and
to discuss the problem. Basically, the Company wants to
4. Weather Risks build a conducive work environment by enforcing good
Weather conditions in the concession areas can work ethics.
affect the Company’s mining activities significantly.
All concessions of the Company are located in
East Kalimantan, which is a location that is greatly
affected by seasonal weather. Generally, most of the
dry weather happens on second and third quarter,
while high rainfall happens between November and
March. The Company usually suspends production
temporarily in the concession when it is raining
because of safety issues.

ANALYSIS

CORPORATE SOCIAL
RESPONSIBILITY
In aspects of social responsibility, Toba

Bara is committed to improve the quality of
education, public health and economic self-
sufficiency of the community and preserve
the environment and ecosystem functions
in the surrounding areas of the Company’s
operations.
61 %
Local workers Recruited by
Company 2014

ANALYSIS

CORPORATE SOCIAL
RESPONSIBILITY
Toba Bara understands that long-term sustainability develop with the community, build a harmonious
cannot be achieved solely through the fulfillment relationship in the midst of the preserved environment.
of operational targets and financial performance. The Company also has an obligation and responsibility
Business success will be achieved if the Company is to restore the environment and ecosystem functions
able to maintain a balance between the achievements post-mining activities and to ensure that the mined
of economic performance, social performance and land can be planted with productive crops for the
environmental performance (Profit, People, Planet). It community’s welfare. Thus, the Company’s presence can
is appropriate that the economic value obtained also be of the utmost benefit and meet the expectations of
benefit efforts to improve the quality of education, stakeholders, including the community.
health and economic self-sufficiency of communities in
the area around the Company’s operations as well as to The Company’s CSR activities are carried out by its
protect the environment through quality and sustainable Subsidiaries which interact directly with communities
Corporate Social Responsibility (CSR) programs. around the mine concessions, namely PT Adimitra
Baratama Nusantara (ABN), PT Indomining (IM), PT
As a mining company with an area managed of more Trisensa Mineral Utama (TMU), and PT Perkebunan
than 7,000 hectares next to the communities in three Kaltim Utama I (PKU). The policies and direction of CSR
districts in Kutai Kartanegara Regency, East Kalimantan, activities are determined by taking into account the most
the Company is committed to pursuing economic urgent needs of the local community and based on the
empowerment of communities around the mine site. Subsidiaries’ capabilities.
The Company would like to continue to grow and

ANALYSIS
One of Toba Bara’s CSR policies

is prioritizing local community to
meet the manpower needs so that
Toba Bara’s presence provides
direct benefits to the community.
One of the Company’s CSR policies is prioritizing CSR ACTIVITIES IN 2014

local community to meet the Company’s manpower
needs so that the Company’s presence in the area can The Company’s CSR activities during 2014 are organized
provide direct benefits to the community. The Company in four areas, namely:
together with its contractors and sub-contractors have 1. Environment, comprising the Company’s efforts for
accommodated local labors from Sangasanga, Loa protection and management of the environment,
Janan and Muara Jawa Districts, Kutai Kartanegara including rehabilitation of mined area and
Regency that represent approximately 61% of the labor revegetation, monitoring water quality, dust, noise,
needs, while the remaining approximately 39% came waste as well as efficiency of energy and other
from outside these districts. resources.
2. Social community, comprising efforts to improve
the quality of public health, improvement
of environmental infrastructure, community
empowerment and education.
3. Employment practice, comprising efforts to increase
awareness and skills of employees to avoid and
minimize health risk and occupational accidents.
4. Product responsibility.

CORPORATE SOCIAL
RESPONSIBILITY
The total cost of CSR activities of the Company and its • Reclamation activity (plantation arrangement)
Subsidiaries in 2014 amounted to US$ 6.2 million, an and revegetation (planting) were performed at
increase of 13.3% compared to US$ 5.5 million for CSR the mine site including reforestation of mine
activities in 2013. out area, out-pit dump area, in-pit dump area,
and topsoil-stock area. Revegetation may be
1. Environment in form of planting standing trees or covering
In every mining activities, the Company always crops, depending on the conditions of each area
prioritizes the aspect of environmental conservation. being restored. Until 2014, the Company and its
Implementation of mining operations based on the Subsidiaries had planted more than 118 thousand
proper technical rules or “green mining” begins at the trees.
planning stage that internalizes the prerequisite of
occupational safety and environmental preservation. Awards
This is managed in an environmental management In 2014, two Subsidiaries namely ABN and IM
system that meets the standards of ISO14001:2004 successfully achieved PROPER (Program for
certified by the certification body Lloyd’s Register Evaluation of Company Performance in Environment
Quality Assurance Ltd. obtained by ABN on August Management) with Blue Rating. PROPER is an
28, 2014. award for environmental management provided by
Ministry of Environment based on assessment of
The Company’s commitment to environmental the Company’s legality and permits (AMDAL, HGU,
protection is stipulated in the Occupational Safety, and so forth), efforts to control air pollution, water
Health and Environment (K3LH) issued by the and soil, B3 waste management and the Company’s
Subsidiaries to declare commitment to implement CSR activities. Blue Rating (level: Sufficiently Good)
an integrated and planned K3LH system in order to is awarded to companies that have made significant
minimize the risk of any activity. One way to achieve efforts to control environmental pollution or
this objective is to preserve the environment and damage to or implemented cleaner production and
minimize damage and pollution to the environment. achieved the results in accordance with the minimum
requirements stipulated in the applicable laws and
Environmental management activities carried out by regulations.
the Subsidiaries throughout 2014 are:
2. Social Community
• Environmental assessment and monitoring The quality of CSR programs in social community has
including the following activities: been gradually improved beyond charity programs
- Monitoring the pH and debit of settling pond to activities that encourage empowerment and self-
wastewater (daily). reliance of the community.
- Examination of settling pond wastewater
(monthly). a. Community Empowerment
- Soil fertility test (quarterly). To empower the community and strengthen the
- Ambient air test (quarterly). economy in the Company’s surrounding area, IM
- Exhaust emissions test (quarterly). designs a rolling program of hybrid etawa goat
- Noise test (quarterly). breeding. The pilot project was implemented
- Water body/river test (quarterly). gradually, involving active participation of villagers
in Pendingin Village with the following stages:
All assessment and monitoring activities in 2014 • Provided material for four sets of goat stall
have been implemented as planned (100%). delivered to the respective RT as program
beneficiaries. Each farmer group will built the
stalls independently under IM’s guidance on
the ideal stall design.

ANALYSIS
• Procurement of goats’ drugs to ensure the • Then IM plans to provide training for farmer
animal health in order to promote the breeding groups to produce fertilizer from livestock
of superior offspring. Procurement of drugs manure.
is for one year stock and livestock health
management is assisted by Department of While the activities related to empowerment of
Animal Health Unit of Sangasanga District. local communities carried out by ABN include:
• Handing over of 24 hybrid etawa goats to • Routine counseling of Joint Business Group
farmers consisting of 20 females and 4 males. (KUB) in Jawa and Pendingin Villages.
The program lasted for 3 years wherein at the • Socialization of cooperatives establishment in
end of the program, the farmer groups will Jawa and Sangasanga Dalam Villages.
deliver 24 goats to IM to be rolled to other • Training in the production of essential oils from
residents. citronella plant, attended by village staff, youth
• Other than goat meat that can be sold or clubs, farmers and mothers of KUB Separi,
consumed by the community, IM also bought Jawa Village.
manure products resulted as the farmers’ by • Donation for packaging tools of processed
product. The Company bought a maximum products of KUB in Sangasanga District.
of 30 sacks per stall per month. IM used the KUB product is a domestic industry made by
manure for purposes of planting revegetation mothers as additional family income.
trees on reclamation are and other greening • Preparation for product exhibition of KUB in
activities. Sangasanga District to be held in January 2015.

CORPORATE SOCIAL
RESPONSIBILITY
• The pilot project of Bali beef cattle and brahma The employees’ children scholarships meanwhile
beef cattle. are awarded to employees’ children in elementary
• The pilot project of citronella cultivation. to high school level. Scholarships of Rp 600
• Cultivation of elephant grass for livestock thousand (elementary school), Rp 900 thousand
fodder. (junior high school) and Rp 1.2 million (high
• Facilitating technical training and health care for school) are awarded each semester with a
cattle breeding given by Department of Animal requirement to achieve minimum average score of
Husbandry. 7.5.
• Donation for routine operational funds for
soccer school Taruna Jaya, Jawa Village. IM also provides training for kindergarten teachers
• Donation for routine operational funds for to improve the quality of kindergarten teachers in
soccer school Gelora Pantai, Sangasanga Dalam the surrounding area of the Company’s operations.
Village. Training materials are delivered by Noah
Foundation, Jakarta, to participants consisting of
b. Education teachers in four kindergartens in Pendingin and
In education, IM managed a scholarship program Sangasanga Dalam Villages.
that consists of college scholarships and
scholarships for employees’ children. College
scholarships are awarded to five local students
in Sangasanga area who are currently studying
in colleges. The scholarships amounted to
Rp 5,000,000 per semester with a requirement to
achieve minimum GPA of 3.0 each semester.

ANALYSIS
In addition, IM provided support for educational Meanwhile, ABN’s CSR activities in the education field
infrastructure such as: are more focused on improving non-formal skills.
• Donation for renovation of TK Mulia, Pendingin ABN’s CSR activities in the education field include:
Village wherein IM provided building materials • Training in graphic design skills conducted in SMK
and renovation design, while the renovation Muhammadiyah Sangasanga, in collaboration with
work was carried out independently by the Vocational Courses and Training Institute (LKDPK)
school under IM’s supervision. Handayani Center. Until August 2014, there
• Donation for routine operations of Kelompok were four training batches. The training aimed to
Bermain Mulia, Pendingin Village amounted develop the competence of youths in Sangasanga
to Rp1.9 million per month and donation for and encourage their interest in entrepreneurship
teacher salaries to MI Al-Falah, Pendingin in graphic design such as screen printing, pins,
Village. mugs, banners and so forth.
• Donation for five units of outdoor playground • Training and entrepreneurial motivation in Career
equipment for TK APA, Sangasanga Village. Day event organized by ABN.
• School bus transport facility for students who • Donation for learning tools to TK and PAUD Kartika
lived in Pendingin Village to their schools Kipan A, B, C under the patronage of Yon Infantri
outside Pendingin Village. Vehicles were 611 Samarinda.
provided and operated by local entrepreneurs • Building renovation for TK Nuri Bakti and TK Ulil
wherein IM then paid for vehicle rental costs Alban, Jawa Village.
including fuel, maintenance and driver fee. • Scholarships for employees’ children wherein
nearly 80% of ABN employees are locals.

CORPORATE SOCIAL
RESPONSIBILITY
c. Health • Supplementary food aid and regular health

In the health sector, IM has a monthly program checks performed on a monthly basis at
to help meet the nutritional needs of infants and Posyandu in Jawa, Pendingin, Sangasanga
toddlers who reside in the Company’s surrounding Dalam and Muara Kembang Villages.
area. The aid consists of supplementary feeding of • Support for health services at Elderly Posyandu
packaged milk, biscuits and chicken porridge or in Jawa Village on a monthly basis.
pureed green beans. In addition, IM also gradually • Posyandu Competition at Jawa Village level with
builds the facilities of Posyandu Teratai RT 23, the theme “Skills and Awareness Competition
Sangasanga Village to improve the quality of in Serving the Community” which was held to
Posyandu’s services. encourage the spirit of Posyandu’s staffers. This
activity took place in November 2014.
ABN’s CSR activities in the health sector are • Mass circumcision in five villages in Sangasanga
conducted regularly and continuously, including: District and Muara Kembang Village. In carrying
• Free medical treatment in Jawa, Pendingin, out this activity, ABN cooperated with NGO
Sangasanga Dalam and Muara Kembang Gerakan Pemuda Asli Kalimantan (GEPAK) and
Villages on a monthly basis. The medical PT Pertamina E&P Sangasanga.
examination includes checking of blood • PKPR (Youth Care Health Services) Coaching
pressure, blood sugar, cholesterol and uric in collaboration with the Health Department of
acid, as well as administration of free medicines Kutai Kertanegara Regency.
based on medical check results.
ABN employee stands before Medical Clinic

that is being constructed to provide health
care facility for people living in the vicinity
of the mining site.

ANALYSIS
d. Public Facilities and Infrastructure public plantations in RT 01 Jawa Village of 1,000

Donation programs for public facilities and meters as well as communal work to clear the
infrastructure in 2014 carried out by Subsidiaries debris following flooding in Jawa Village.
included construction of clean water installation in
Pendingin Village performed by IM in collaboration 3. Employment Practices
with local PDAM. In this case IM donated a plot of Occupational Health and Safety (K3) aspect is one of
land in its concession area for the installation of the success factors of mining companies’ operations.
facility built by PDAM. The Company strives to create a safe working
environment to achieve optimum productivity.
In addition, IM also provided cash donation for Therefore, each employee must comply with policies
development of badminton courts and renovation and standard operating procedures related to K3
of school yard in Pendingin and Sangasanga to minimize occurrence of incidents, accidents,
Dalam Villages, renovation and maintenance of nearmiss and occupational diseases. Every employee
sewers to prevent flooding in RT12/12A, 19, 20, is required to create and maintain safety at work, and
21,22, 23 Sangasanga Dalam Village, development wear Personal Protective Equipment (APD) and Work
and maintenance of worship houses as well Safety Equipment (APL) as required.
as activities of national and local holidays in
Sangasanga District. To ensure that K3 standard is executed in a
disciplined way and to demonstrate commitment to
ABN helped with land clearing work in Jawa implementation of safe mining activities, ABN adopts
Village to prevent fire in the long dry season, K3 management system standard (SMK3) OHSAS
conducted inspection and maintenance of clean 18001:2007 which is accredited by an independent
water drilled well in RT 02 Pendingin Village body Lloyd’s Register Quality Assurance on August
which was also ABN’s aid in the prior period, 28, 2014.
normalization activities on road and drainage in

CORPORATE SOCIAL
RESPONSIBILITY
Implementation of K3 Program in 2014 4. Product Responsibility

In 2014, TMU performed a number of activities The Company implements quality control throughout
related to K3 such as installing traffic signs in the coal production processes from the exploration
accident-prone areas. In addition, the K3 Team also stage to coal mining, transporting, crushing and
put up K3 banners in hauling road area as part of K3 loading stage, in order to ensure that the end
socialization. Safety talk is routinely held to encourage user receives coal products in accordance with
awareness and behavior that prioritize occupational specifications contained in the contract, including the
safety and health aspect. caloric value.
To ensure equipment safety, the K3 Team participated In addition, the coal product is analyzed by an
in the commissioning of heavy equipment units as a independent laboratory located in each concession
preventive measure against operational problems. area and in the stockpile and barge facility to ensure
Meanwhile, to ensure safety, the Company’s K3 Team that the Company’s products confirm to specifications
periodically tests for SIM-PER (Permit to Operate set forth in the contract and are free from impurities.
Corporate Unit) required for each driver/operator The Company’s laboratory also conducts testing of
of heavy equipment operating in the mining areas. proximate analysis, total water content, total sulphur
Related to this security issue, security guards and the content, calorific value, ash content and relative
K3 Team actively take the persuasive approach to density.
local people who enters the Company’s mining area
to use the hauling road built by the Company. Quality control and sampling are supervised by PT
Sucofindo (Persero) which is an independent surveyor
and laboratory service provider whose services are
generally used by major coal producers in Indonesia.
The Company’s coal supply contracts generally
include coal specification target.

OPENING CORPORATE PROFILE MANAGEMENT HUMAN RESOURCES CORPORATE CORPORATE SOCIAL FINANCIAL REPORT
ANALYSIS
RESPONSIBILITY FOR
ANNUAL REPORT
STATEMENT LETTER
Of the Board Of Commissioners’ and the Board Of Directors’
Responsibilities on the Annual Report 2014 Of
PT Toba Bara Sejahtra Tbk.
We, the undersigned, hereby declare that all information in this Annual Report of
PT TOBA BARA SEJAHTRA Tbk. for the year 2013 is presented in full and we attest to the
integrity of the contents of the Annual Report of the Company. In witness thereof, this
statement is made truthfully.
Jakarta, March16, 2015
BOARD OF COMMISSIONERS BOARD OF DIRECTORS
Jusman S. Djamal Justarina S. M. Naiborhu

President Commissioner/Independent Commissioner President Director/Director Unaffiliated
Bacelius Ruru Pandu P. Syahrir

Independent Commissioner Director
Farid Harianto Arthur M. E. Simatupang

Independent Commissioner Director
Sudharmono Saragih
Director

This page is intentionally left blank

ANALYSIS
FINANCIAL
REPORT

and its subsidiaries
Consolidated financial statements as of December 31, 2014

and for the year then ended with independent auditors’ report

PT Toba Bara Sejahtra Tbk
dan entitas anaknya/and its subsidiaries
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

ANALYSIS
PT TOBA
PT TOBA
BARA
BARA
SEJAHTRA
SEJAHTRA
TbkTbk
- Laporan
- 2014 Tahunan 2014 123
Annual Report
124 PT TOBA BARA SEJAHTRA Tbk - Laporan
2014 Annual
Tahunan
Report
2014
The original consolidated financial statements included herein are in the
Indonesian language.
PT TOBA BARA SEJAHTRA Tbk PT TOBA BARA SEJAHTRA Tbk

DAN ENTITAS ANAKNYA AND ITS SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
TANGGAL 31 DESEMBER 2014 DAN AS OF
UNTUK TAHUN YANG BERAKHIR PADA DECEMBER 31, 2014 AND
TANGGAL TERSEBUT FOR THE YEAR THEN ENDED
BESERTA LAPORAN AUDITOR INDEPENDEN WITH INDEPENDENT AUDITORS’ REPORT
Daftar Isi Table of Contents
Halaman/Pages
Laporan Auditor Independen Independent Auditors’ Report
Laporan Posisi Keuangan Konsolidasian……………… 1-3 ……..Consolidated Statement of Financial Position
Laporan Laba - Rugi Consolidated Statement of

Komprehensif Konsolidasian ……………………… 4-5 …..……..………………Comprehensive Income
Laporan Perubahan Consolidated Statement

Ekuitas Konsolidasian ……………………………… 6-7 ….…………………………of Changes in Equity
Laporan
Arus Kas Konsolidasian ……………………………. 8-9 …………… Consolidated Statement of Cash Flows
Catatan atas Laporan Notes to the Consolidated Financial

Keuangan Konsolidasian…………………………… 10-117 …..……………………..……………..Statements
**************************


LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN FINANCIAL POSITION
Tanggal 31 Desember 2014 As of December 31, 2014
(Disajikan dalam Dolar Amerika Serikat, (Expressed in United States Dollar,
kecuali dinyatakan lain) unless otherwise stated)
31 Desember/ 31 Desember/
December 31, Catatan/ December 31,
2014 Notes 2013
ASET ASSETS
ASET LANCAR CURRENT ASSETS

Kas dan setara kas 47.838.787 2d,2f,4 63.301.639 Cash and cash equivalents
Piutang usaha Trade receivables
Pihak ketiga 10.721.711 5 16.598.657 Third parties
Pihak berelasi 578.709 2e,5,35a 1.157.419 Related parties
Piutang lain-lain Other receivables
Pihak ketiga 5.968.015 6 6.398.865 Third parties
Persediaan 41.963.307 2h,7 32.389.968 Inventories
Pajak dibayar di muka 12.422 2t,17a 6.791.548 Prepaid taxes
Biaya dibayar di muka 2.291.105 2g,8a 2.165.661 Prepaid expenses
Uang muka 2.569.730 2g,8b 1.395.027 Advances
Piutang derivatif 552.308 2u,34 - Derivative receivables
Total Aset Lancar 112.496.094 130.198.784 Total Current Assets
ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang lain-lain - Pihak berelasi 29.627.761 2e,6,35b 30.789.323 Other receivables - Related parties
Uang muka 4.435.318 2g,8b,35c 807.083 Advances
Estimasi tagihan pajak - 2t,17a 748.305 Estimated claims for tax refund
Tanaman perkebunan Plantations
Tanaman menghasilkan 15.889.338 2m,3,9 13.105.673 Mature plantations
Tanaman belum menghasilkan 67.150 2m,3,9 3.710.240 Immature plantations
Aset tetap 47.921.110 2i,3,10 49.032.780 Fixed assets
Aset eksplorasi dan Exploration and
evaluasi 4.846.532 2l,11 4.842.009 evaluation assets
Aset pertambangan 74.830.632 2l,12 71.904.619 Mine properties
Goodwill 3.523.795 2b,2k,13 3.523.795 Goodwill
Aset pajak tangguhan 3.257.957 2t,3,17d 1.495.963 Deferred tax assets
Aset tidak lancar lainnya 3.714.555 1.489.365 Other non-current assets
Total Aset Tidak Lancar 188.114.148 181.449.155 Total Non-current Assets
TOTAL ASET 300.610.242 311.647.939 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang The accompanying notes to the consolidated financial statements form an
tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. integral part of these consolidated financial statements taken as a whole.


KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
2014 Notes 2013
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS LIABILITIES
LIABILITAS JANGKA PENDEK SHORT-TERM LIABILITIES

Utang usaha - pihak ketiga 64.087.323 14 69.265.229 Trade payables - third parties
Utang lain-lain - pihak ketiga 3.709 15 1.907 Other payables - third parties
Utang dividen 288.289 2e,35d 290.856 Dividend payables
Beban akrual 4.935.975 16 6.057.579 Accrued expenses
Utang derivatif 5.532.509 2u,34 - Derivative payables
Liabilitas imbalan Short-term employee
kerja jangka pendek 3.109.951 2r,3,22a 3.340.583 benefits liabilities
Utang pajak 5.326.115 2t,17b 7.227.871 Taxes payable
Uang muka pelanggan 6.387.209 18 24.941.839 Advances from customer
Bagian liabilitas jangka Current maturities
panjang yang jatuh tempo of long-term
dalam waktu satu tahun: liabilities:
Utang bank - 19 33.553.129 Bank loans
Sewa pembiayaan 962.450 2j,20 772.679 Finance leases
Total Liabilitas Jangka Pendek 90.633.530 145.451.672 Total Short-term Liabilities
LIABILITAS JANGKA PANJANG LONG-TERM LIABILITIES

Liabilitas jangka panjang
- setelah dikurangi bagian
yang jatuh tempo Long-term liabilities-
dalam waktu satu tahun: net of current maturities:
Utang bank 56.114.739 19 20.183.289 Bank loans
Sewa pembiayaan 1.062.270 2j,20 1.348.417 Finance leases
Uang muka pelanggan - 18 2.964.000 Advances from customer
Utang lain-lain kepada Other payables due to
pihak berelasi 2.242.526 2e,15,35e 2.288.701 related party
Provisi untuk reklamasi 2o, 2p Provision for mine
dan penutupan tambang 4.496.413 3, 21 3.951.817 reclamation and mine closure
Liabilitas imbalan kerja 2.840.670 2r,3,22b 1.943.059 Employee benefits liabilities
Liabilitas pajak tangguhan 867.508 2t,3,17d 3.035.740 Deferred tax liabilities
Total Liabilitas Jangka Panjang 67.624.126 35.715.023 Total Long-term Liabilities
TOTAL LIABILITAS 158.257.656 181.166.695 TOTAL LIABILITIES


KONSOLIDASIAN (lanjutan) FINANCIAL POSITION (continued)
2014 Notes 2013
LIABILITAS DAN EKUITAS (lanjutan) LIABILITIES AND EQUITY (continued)
EKUITAS EQUITY
Modal saham Share capital

Modal saham - nilai nominal Share capital - par value of Rp200
Rp200 per saham per share
Modal dasar - 6.000.000.000 saham Authorized - 6,000,000,000 shares
Modal ditempatkan dan disetor penuh Issued and fully paid -
- 2.012.491.000 saham 44.077.885 23 44.077.885 2,012,491,000 shares
Tambahan modal disetor 129.869.269 24 129.869.269 Additional paid-in capital
Selisih akuisisi kepentingan Difference arising from acquisition
non-pengendali (89.625.730) 26 (89.625.730) of non-controlling interests
Saldo laba Retained earnings
Dicadangkan 1.531.988 31.988 Appropriated
Belum dicadangkan 25.976.233 18.639.199 Unappropriated
Komponen ekuitas lainnya Other components of equity
Selisih kurs akibat translasi Exchange difference due to
laporan keuangan 1.610.632 2d 1.376.036 translation of financial statements
Kerugian kumulatif atas instrumen Cumulative losses on
derivatif untuk lindung nilai derivative instruments
arus kas (2.381.176) 2u,27,34 - for cash flows hedges
Total ekuitas yang dapat diatribusikan Total equity attributable to the

kepada pemilik entitas induk 111.059.101 104.368.647 owners of the parent
Kepentingan non-pengendali 31.293.485 2b,28 26.112.597 Non-controlling interests
TOTAL EKUITAS 142.352.586 130.481.244 TOTAL EQUITY
TOTAL LIABILITAS TOTAL LIABILITIES

DAN EKUITAS 300.610.242 311.647.939 AND EQUITY


LAPORAN LABA - RUGI CONSOLIDATED
KOMPREHENSIF KONSOLIDASIAN STATEMENT OF COMPREHENSIVE INCOME
Tahun yang Berakhir pada Year Ended
Tanggal 31 Desember 2014 December 31, 2014
(Disajikan dalam Dolar Amerika Serikat) (Expressed in United States Dollar)
Tahun yang berakhir pada tanggal 31 Desember/

Year ended December 31,
Catatan/
2014 Notes 2013
PENJUALAN 499.965.642 2s,29 421.849.737 SALES
BEBAN POKOK PENJUALAN (413.764.435) 2l,2n,2s,30 (342.297.332) COST OF GOODS SOLD
LABA BRUTO 86.201.207 79.552.405 GROSS PROFIT

General and administrative
Beban umum dan administrasi (31.205.900) 2s,31 (28.679.546) expenses
Beban penjualan dan pemasaran (364.698) 2s,32 (528.132) Selling and marketing expenses
Laba (rugi) selisih kurs 82.262 (8.205.950) Foreign exchange gain (loss)
Laba (rugi) instrumen Gain (loss) on
derivatif (59.647) 2u,34 693.712 derivative instruments
Keuntungan atas penyelesaian Gain on settlement of pre-existing
akun pre-existing antar entitas - 2b 7.535.475 intercompany account
Pendapatan (beban) lain-lain 1.376.024 33 (352.650) Other income (expense)
LABA OPERASI 56.029.248 50.015.314 OPERATING PROFIT

Pendapatan keuangan 2.511.526 4.067.768 Finance income
Beban keuangan (4.643.549) (3.680.063) Finance cost
LABA SEBELUM PAJAK 53.897.225 50.403.019 PROFIT BEFORE TAX
BEBAN PAJAK (18.096.721) 2t,17c (15.799.226) TAX EXPENSE
LABA TAHUN BERJALAN 35.800.504 34.603.793 PROFIT FOR THE YEAR
PENDAPATAN OTHER COMPREHENSIVE

KOMPREHENSIF LAIN INCOME
Difference in foreign currency
Selisih kurs karena penjabaran laporan translation of the financial
keuangan entitas anak 260.662 2b 1.528.929 statements of subsidiaries
Bagian efektif atas perubahan nilai Effective portion of the fair value
wajar instrumen derivatif - lindung change of derivative instruments
nilai arus kas (3.919.319) 2u,27 - - cash flows hedge
PENDAPATAN OTHER
KOMPREHENSIF LAIN COMPREHENSIVE
TAHUN BERJALAN (3.658.657) 1.528.929 INCOME FOR THE YEAR
TOTAL PENDAPATAN TOTAL COMPREHENSIVE

KOMPREHENSIF TAHUN BERJALAN 32.141.847 36.132.722 INCOME FOR THE YEAR
Laba tahun berjalan yang dapat Profit for the year

diatribusikan kepada: attributable to:
Pemilik entitas induk 18.327.272 18.543.538 Owners of the parent
35.800.504 34.603.793


LAPORAN LABA-RUGI CONSOLIDATED
KOMPREHENSIF KONSOLIDASIAN (lanjutan) STATEMENT OF COMPREHENSIVE INCOME (continued)

Catatan/
2014 Notes 2013
Total laba komprehensif yang dapat Total comprehensive income

Pemilik entitas induk 16.180.692 19.919.574 Owners of the parent
32.141.847 36.132.722
Laba per saham dasar Basic earnings

yang dapat diatribusikan per share
kepada: attributable to:
Pemilik entitas induk 0,0091 2v,36 0,0092 Owners of the parent

The original consolidated financial statements included herein are in the Indonesian language.
PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/

Equity attributable to the owners of the parent
Komponen ekuitas lainnya/

Other components of equity
Kerugian
kumulatif atas
instumen
Selisih kurs derivatif untuk
akibat translasi lindung nilai
Modal Selisih akuisisi laporan arus kas/
ditempatkan Saldo laba/ kepentingan keuangan/ Cumulative
dan disetor Retained earnings non-pengendali/ Exchange losses on
penuh/ Tambahan Difference arising difference due derivative Kepentingan
Issued modal disetor/ Belum from acquisition of to translation instruments non-pengendali/
Catatan/ and fully Additional Dicadangkan/ dicadangkan/ non-controlling of financial for cash flows Jumlah/ Non-controlling Ekuitas - Neto/
Notes paid capital paid-in capital Appropriated Unappropriated interests statements hedges Total interest Equity - Net
Saldo 31 Desember 2013 44.077.885 129.869.269 31.988 18.639.199 (89.625.730) 1.376.036 - 104.368.647 26.112.597 130.481.244 Balance as of December 31, 2013
Bagian kepentingan Non-controlling interests shares in

non-pengendali atas pembagian cash dividends distributed by
dividen kas oleh entitas anak 28 - - - - - - - - (10.780.267) (10.780.267) the subsidiaries
Laba tahun berjalan - - - 18.327.272 - - - 18.327.272 17.473.232 35.800.504 Profit for the year
Pendapatan komprehensif lain - - - - - 234.596 (2.381.176) (2.146.580) (1.512.077) (3.658.657) Other comprehensive income
Dividen kas 25a,b.ii - - - (9.490.238) - - - (9.490.238) - (9.490.238) Cash dividends

Pencadangan Appropriation of
saldo laba 25b.i - - 1.500.000 (1.500.000) - - - - - - retained earnings
Saldo 31 Desember 2014 44.077.885 129.869.269 1.531.988 25.976.233 (89.625.730) 1.610.632 (2.381.176) 111.059.101 31.293.485 142.352.586 Balance as of December 31, 2014

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial
keuangan konsolidasian secara keseluruhan. statements taken as a whole.
6
134 PT TOBA BARA SEJAHTRA Tbk - Laporan
2014 Annual
Tahunan
Report
2014

LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS

Catatan/
2014 Notes 2013
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES
Penerimaan kas dari pelanggan 493.671.367 434.545.061 Cash received from customers
Pembayaran kepada pemasok (413.032.874) (324.210.355) Payments to suppliers
Pembayaran kepada karyawan (16.495.672) (21.685.644) Payments to employees
Pembayaran royalti (28.290.450) (22.492.790) Payments of royalty
Pembayaran pajak penghasilan badan (18.664.740) (8.877.623) Payment for corporate income taxes
Penerimaan kelebihan pembayaran Receipt on corporate income tax
pajak penghasilan badan 3.871.257 17e 7.170.260 overpayment
Penerimaan pengembalian Receipt of repayment of
piutang pihak ketiga - 560.575 third parties receivables
Pembayaran bunga, beban administrasi Payments of interest,
bank dan beban keuangan (3.475.801) (2.572.076) bank charges and finance costs
Penerimaan bunga 1.313.942 1.430.593 Receipt of interest income
Kas Neto yang Diperoleh dari Net Cash Provided by

Aktivitas Operasi 18.897.029 63.868.001 Operating Activities

INVESTASI INVESTING ACTIVITIES
Penambahan aset eksplorasi Additions to exploration
dan evaluasi (6.552.399) 11,12 (6.124.874) and evaluation assets
Penambahan aset tetap (5.205.264) 10 (12.168.145) Additions to fixed assets
Uang muka pembelian aset tetap (3.691.403) 8 - Advance for fixed asset acquisition
Hasil pelepasan Proceeds from disposal of
aset tetap 326.094 10 177.837 fixed assets
Penambahan tanaman Additions to immature
belum menghasilkan - (434) plantations
Penerimaan pembayaran pinjaman Receipts of payments
dari pihak berelasi 2.000.000 1.725.384 on related parties receivables
Arus kas masuk neto, Net cash inflow
dari akuisisi entitas anak - 13 13.485.456 from acquisition of a subsidiary
Kas Neto yang Digunakan Net Cash Used in

untuk Aktivitas Investasi (13.122.972) (2.904.776) Investing Activities

PENDANAAN FINANCING ACTIVITIES
Pembayaran dividen kas (9.490.238) 25a,b (4.665.979) Payment of cash dividends
Penerimaan pinjaman bank 8.981.363 14.654.612 Proceeds from bank loans
Pembayaran pokok sewa Payments
pembiayaan (1.292.161) (1.608.435) of finance leases
Pembayaran pinjaman bank (8.496.673) (21.269.536) Repayment of banks loan
Pembayaran kepada Payment to
pemegang saham non-controlling
non-pengendali entitas anak (10.780.267) (15.190.145) shareholders of subsidiaries
Kas Neto yang Digunakan untuk Net Cash Used in

Aktivitas Pendanaan (21.077.976) (28.079.483) Financing Activities


LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENT OF CASH FLOWS
(lanjutan) (continued)

Year Ended December 31,
Catatan/
2014 Notes 2013
(PENURUNAN) KENAIKAN NET (DECREASE) INCREASE IN

NETO KAS DAN SETARA KAS (15.303.919) 32.883.742 CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 63.301.639 36.307.011 AT BEGINNING OF YEAR
Dampak perubahan nilai tukar Effect of foreign exchange rate

atas kas dan changes on cash and
setara kas (158.933) (5.889.114) cash equivalents
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 47.838.787 4 63.301.639 AT END OF YEAR


DAN ENTITAS ANAK AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
Tanggal 31 Desember 2014 dan As of December 31, 2014 and
Tahun yang berakhir pada tanggal tersebut Year then ended
1. UMUM 1. GENERAL
a. Perusahaan a. The Company
PT Toba Bara Sejahtra Tbk (“Perusahaan”) PT Toba Bara Sejahtra Tbk (the “Company”)
didirikan di Indonesia dengan nama PT Buana was established in Indonesia as PT Buana
Persada Gemilang berdasarkan Akta No. 1 Persada Gemilang based on the Deed No. 1
tanggal 3 Agustus 2007 yang dibuat dihadapan dated August 3, 2007 made before Tintin Surtini,
Tintin Surtini, S.H., M.H., M.Kn, sebagai S.H., M.H., M.Kn, as a substitute notary of
pengganti dari Surjadi S.H., Notaris di Jakarta, Surjadi, S.H., Notary in Jakarta, which was
sebagaimana yang telah diubah dengan Akta amended based on notarial deed No. 11 dated
No.11 tanggal 14 Januari 2008 yang dibuat January 14, 2008 prepared by notary Surjadi,
dihadapan Surjadi, S.H., Notaris di Jakarta. S.H., Notary in Jakarta. The Deed of
Akta Pendirian ini telah disahkan oleh Menteri Establishment was approved by the Minister of
Hukum dan Hak Asasi Manusia Laws and Human Rights of the Republic of
Republik Indonesia melalui Surat Keputusan Indonesia through letter
No. AHU-04084.AH.01.01.Tahun 2008 tanggal No. AHU-04084.AH.01.01.Tahun 2008 dated
28 Januari 2008. January 28, 2008.
Berdasarkan Akta No.173 tanggal 22 Juli 2010 Based on Deed No. 173 dated July 22, 2010
yang dibuat dihadapan Notaris Jimmy Tanal, made before Jimmy Tanal, S.H., as a substitute
S.H., sebagai pengganti dari Hasbullah Abdul notary of Hasbullah Abdul Rasyid, S.H., M.Kn,
Rasyid S.H., M.Kn, Notaris di Jakarta Selatan, Notary in South Jakarta, the Company’s
para pemegang saham menyetujui perubahan shareholders agreed to change the Company’s
nama Perusahaan dari sebelumnya PT Buana name from PT Buana Persada Gemilang to
Persada Gemilang menjadi PT Toba Bara PT Toba Bara Sejahtra and increase the
Sejahtra dan peningkatan modal dasar dari Company’s authorized capital from
sebelumnya Rp20.000.000.000 menjadi Rp20,000,000,000 to Rp135,000,000,000 which
Rp135.000.000.000 yang seluruhnya telah has been fully subscribed and paid. These
ditempatkan dan disetorkan. Perubahan ini changes have been approved by the Minister of
telah disetujui oleh Menteri Hukum dan Laws and Human Rights of the Republic of
Hak Asasi Manusia Republik Indonesia through letter
Indonesia melalui Surat Keputusan No. AHU-40246.AH.01.02.Tahun 2010 dated
No. AHU-40246.AH.01.02.Tahun 2010 tanggal August 13, 2010.
13 Agustus 2010.
Berdasarkan Akta No. 154 tanggal Based on the Deed No. 154 dated
23 Desember 2011 yang dibuat dihadapan December 23, 2011 made before Jimmy Tanal,
Notaris Jimmy Tanal, S.H., sebagai pengganti S.H., as substitute notary of Hasbullah Abdul
dari Hasbullah Abdul Rasyid S.H., M.Kn, Rasyid, S.H., M.Kn, Notary in Jakarta, the
Notaris di Jakarta, para pemegang saham Company’s shareholders agreed to increase the
menyetujui peningkatan modal dasar Company’s authorized capital from
Perusahaan dari sebelumnya Rp135,000,000,000 to Rp1,200,000,000,000
Rp135.000.000.000 menjadi and increase the paid in capital from
Rp1.200.000.000.000 serta peningkatan modal Rp135,000,000,000 to Rp300,000,000,000. The
disetor dari sebelumnya Rp135.000.000.000 increase has been approved by the Minister
menjadi Rp300.000.000.000. Peningkatan of Laws and Human Rights of the
tersebut telah mendapat persetujuan dari Republic of Indonesia through letter
Menteri Hukum dan Hak Asasi Manusia No. AHU-64523.AH.01.02.Tahun 2011 dated
Republik Indonesia, melalui surat December 29, 2011.
keputusannya No. AHU-64523.AH.01.02.Tahun
2011 tertanggal 29 Desember 2011.
Berdasarkan Akta No. 65 tanggal 30 Maret 2012 Based on the Deed No. 65 dated March 30, 2012
tentang Pernyataan Persetujuan Bersama on the Statements of PT Toba Bara Sejahtra’s
Seluruh Pemegang Saham PT Toba Bara Shareholders’ Approval which were made before
Sejahtra, yang dibuat di hadapan Dina Chozie, Dina Chozie, S.H., candidate Notary, as a
S.H., kandidat Notaris, pengganti dari Fathiah substitute notary of Fathiah Helmi, S.H., a Notary
Helmi, S.H., Notaris di Jakarta, seluruh in Jakarta, all of the Company’s shareholders
pemegang saham Perusahaan menyetujui antara approved, among others, the change in the
lain, perubahan status Perusahaan menjadi status of the Company to a Public Company, and
Perusahaan Terbuka, dan perubahan nilai change in the nominal value of the Company’s
nominal saham Perusahaan dari Rp1.000.000 shares from Rp1,000,000 per share to Rp200 per
per lembar menjadi Rp200 per lembar. share.
10


1. UMUM (lanjutan) 1. GENERAL (continued)
a. Perusahaan (lanjutan) a. The Company (continued)
Perubahan tersebut telah disetujui oleh Menteri Such changes have been approved by the
Hukum dan Hak Asasi Manusia Republik Minister of Laws and Human Rights of the
Indonesia melalui Surat Keputusan Republic of Indonesia through Decision Letter
No. AHU-17595.AH.01.02.Tahun 2012 No. AHU-17595.AH.01.02.Tahun 2012 dated
tertanggal 5 April 2012 dan telah didaftarkan April 5, 2012 and has been registered in the List
pada Daftar Perseroan dengan of Companies No. AHU-0029340.AH.01.09. Year
No. AHU-0029340.AH.01.09.Tahun 2012 2012 dated April 5, 2012.
tanggal 5 April 2012.
Berdasarkan Akta No. 44 tanggal 17 Oktober Based on the Deed No. 44 dated October 17,
2012 tentang Pernyataan Persetujuan 2012 on the Statements of PT Toba Bara
Bersama Seluruh Pemegang Saham PT Toba Sejahtra Tbk’s Shareholders’ Approval which
Bara Sejahtra Tbk yang dibuat di hadapan were made before Fathiah Helmi, S.H., a
Fathiah Helmi, S.H., Notaris di Jakarta, seluruh Notary in Jakarta, all of the Company’s
pemegang saham Perusahaan menyetujui dan shareholders approved and confirmed the
menegaskan kembali jumlah modal Company’s issued and fully paid shares and
ditempatkan dan disetor Perusahaan dan the shareholders’ composition after Initial
komposisi pemegang saham Perusahaan Public Offering was executed. Notification of
setelah Penawaran Umum Saham Perdana such changes have been received by the
yang telah dilakukan oleh Perusahaan. Ministry of Laws and Human Rights of the
Pemberitahuan perubahan tersebut telah Republic of Indonesia through the Letter of
diterima oleh Menteri Hukum dan Hak Asasi Acknowledgement of PT Toba Bara Sejahra
Manusia Republik Indonesia berdasarkan Tbk‘s Amendment of Articles of Association
Surat Penerimaan Pemberitahuan Perubahan AHU-AH.01.10-40345 dated November 14,
Anggaran Dasar PT Toba Bara Sejahtra Tbk 2012 and has been registered in the List of
No. AHU-AH.01.10-40345 tertanggal Companies No. AHU-0098418.AH.01.09.Tahun
14 November 2012 dan telah didaftarkan pada 2012 dated November 14, 2012.
Daftar Perseroan dengan No. AHU-
0098418.AH.01.09.Tahun 2012 tanggal
14 November 2012.
Pada tanggal 27 Juni 2012, Perusahaan On June 27, 2012, the Company obtained
memperoleh pernyataan efektif dari Badan approval from the Capital Market and Financial
Pengawas Pasar Modal dan Lembaga Institution Supervisory Agency to conduct
Keuangan untuk melakukan penawaran umum public offering of 210,681,000 shares. The
kepada masyarakat sebanyak 210.681.000 offered shares represent 10.47% of the
saham. Saham yang ditawarkan merupakan 2,012,491,000 shares issued and fully paid.
10,47% dari 2.012.491.000 lembar saham Since July 6, 2012, the Company’s shares
yang ditempatkan dan disetor penuh. Sejak have been listed on the Indonesia Stock
tanggal 6 Juli 2012, saham Perusahaan telah Exchange.
dicatatkan di Bursa Efek Indonesia.
Berdasarkan Pasal 3 Anggaran Dasar Under the Article 3 of the Company’s Articles of
Perusahaan, ruang lingkup kegiatan Association, the scope of its activities is
Perusahaan adalah di bidang pembangunan, construction, trading, industrial, mining,
perdagangan, perindustrian, pertambangan, agriculture and services.
pertanian dan jasa.
Kegiatan utama Perusahaan saat ini adalah Currently, the Company’s main activity is
investasi di bidang pertambangan batubara investment in coal mining and palm oil
dan perkebunan kelapa sawit melalui entitas plantation through its subsidiaries.
anak.
11


a. Perusahaan (lanjutan) a. The Company (continued)
Perusahaan dan entitas anak (secara kolektif The Company and its subsidiaries (collectively
disebut sebagai “Kelompok Usaha”) tergabung referred to as the “Group”) are members of the
dalam kelompok usaha milik group of companies owned by
PT Toba Sejahtra (“TS”) sebagai entitas PT Toba Sejahtra (“TS”) as the direct and
langsung dan terakhir. ultimate parent.
Perusahaan memulai kegiatan komersialnya di The Company commenced its commercial

tahun 2010, yaitu setelah akuisisi entitas anak operation in 2010, following the acquisition of
dari PT Toba Sejahtra. the subsidiaries from PT Toba Sejahtra.
th
Kantor pusat Perusahaan berlokasi di Wisma The Company’s head office is located at 16
Bakrie 2 Lantai 16, Jl. H.R. Rasuna Said Floor of Wisma Bakrie 2, Jl. H.R. Rasuna Said
Kav. B-2, Jakarta Selatan. Kav. B-2, South Jakarta.
b. Dewan Komisaris, Direksi, Personil b. Boards of Commissioners, Directors, Key

manajemen kunci dan Karyawan management personnel and Employees
Dewan Komisaris dan Direksi Perusahaan The Company’s Board of Commissioners and
pada tanggal 31 Desember 2014 dan 2013 Directors as of December 31, 2014 and 2013
adalah sebagai berikut: are as follows:
Presiden Komisaris Jusman Syafii Djamal President Commissioner

Komisaris Independen Farid Harianto Independent Commissioner
Komisaris Independen Bacelius Ruru Independent Commissioner
Presiden Direktur Justarina Sinta Marisi Naiborhu President Director

Direktur Pandu Patria Syahrir Director
Direktur Sudharmono Saragih Director
Direktur
Arthur M. E. Simatupang Director
Dewan komisaris dan direksi Perusahaan The Company’s Boards of commissioners and
merupakan personil manajemen kunci directors are the key management personnel
Perusahaan. of the Company.
Susunan Komite Audit Perusahaan pada The composition of the Company’s Audit
tanggal 31 Desember 2014 dan 2013 adalah Committee as of December 31, 2014 and
sebagai berikut: 2013 is as follows:
Ketua Bacelius Ruru Chairman

Anggota Irwandy Arif Members
Aria Kanaka
Kelompok Usaha mempunyai jumlah karyawan The Group had a total of 796 and 821
tetap masing-masing 796 dan 821 (tidak permanent employees (unaudited) as of
diaudit) pada tanggal-tanggal 31 Desember December 31, 2014 and 2013, respectively.
2014 dan 2013.
c. Entitas anak c. Subsidiaries
Perusahaan mengkonsolidasikan entitas anak The Company consolidates the following

di bawah ini karena mempunyai kepemilikan subsidiaries due to its more than 50% equity
saham lebih dari 50%. ownerships.
12



c. Entitas anak (lanjutan) c. Subsidiaries (continued)
Domisili dan Tahun
operasi komersial Persentase
dimulai/ Domicile and kepemilikan/ Total Aset sebelum Eliminasi/
Year of Percentage Total Assets before Elimination
Entitas anak/ commercial Jenis Usaha/ of 31 Desember/December 31
Subsidiaries operations started Nature of Business ownership 2014 2013
Kepemilikan langsung/Direct ownership:
1. PT Adimitra Baratama Kalimantan Timur/ Pertambangan 51% 128.147.594 126.356.682

Nusantara (“ABN”) East Kalimantan/2008 batu bara/Coal mining
2. PT Trisensa Mineral Kalimantan Timur/ Pertambangan 99% 40.911.845 45.992.009
Utama (“TMU”) East Kalimantan/2011 batu bara/Coal mining
3. PT Toba Bumi Energi Kalimantan Timur/ Investasi di bidang pertambangan/ 99% 70.365.459 72.391.501
(“TBE”) dan entitas East Kalimantan/2007 Investment in coal mining
anaknya/and its
subsidiary
4. PT Perkebunan Kaltim Kalimantan Timur/ Perkebunan kelapa sawit/ 90% 14.768.091 13.231.385*
Utama (“PKU”) East Kalimantan/2011 Palm oil plantation
Kepemilikan tidak langsung melalui TBE/Indirect ownership through TBE:
5. PT Indomining (“IM”) Kalimantan Timur/ Pertambangan 99% 64.913.677 76.348.489

East Kalimantan/2007 batu bara/Coal mining
* Sebelum penyesuaian nilai wajar
Kepemilikan Perusahaan terhadap ABN, TMU The Company’s ownership over ABN, TMU and
dan TBE diperoleh pada tahun 2010 melalui TBE is acquired in 2010 through a business
transaksi kombinasi bisnis entitas combination among entities under common
sepengendali (Catatan 24b). control (Note 24b).
Ijin pertambangan Mining licenses
ABN memiliki ijin Usaha Pertambangan ABN has a Production Operation Mining Permit
Operasi Produksi (“IUP-OP”) sesuai dengan (“IUP-OP”) as stipulated in Bupati Kutai
keputusan Bupati Kutai Kartanegara Kartanegara’s decree No. 540/1691/IUP-
No. 540/1691/IUP-OP/MB-PBAT/XII/2009 OP/MB-PBAT/XII/2009 dated December 1,
tertanggal 1 Desember 2009. IUP-OP tersebut 2009. Such IUP-OP is valid for 20 years
berlaku untuk jangka waktu 20 tahun sampai through December 1, 2029 and can be
tanggal 1 Desember 2029 dan dapat extended 2 times.
diperpanjang 2 kali.
ABN memiliki wilayah tambang seluas 2.990 ABN has mining area of 2,990 hectares
hektar berlokasi di Kecamatan Sanga-sanga - located in Sanga-sanga Sub-district - East
Kalimantan Timur. Kalimantan.
TMU memiliki IUP-OP atas wilayah seluas TMU has an IUP-OP over an area of 3,414
3.414 hektar di wilayah Kecamatan Loa Janan, hectares located in Loa Janan, Muara Jawa
Muara Jawa dan Sanga-sanga, Kabupaten and Sanga-sanga Sub-districts, Kutai
Kutai Kartanegara, Provinsi Kalimantan Timur Kartanegara Regency, East Kalimantan
sesuai dengan keputusan Bupati Kutai Province as stipulated in Bupati Kutai
Kartanegara No. 540/3133/IUP-OP/MB- Kartanegara’s decree No. 540/3133/IUP-
PBAT/XII/2010 tanggal 14 Desember 2010. OP/MB-PBAT/XII/2010 dated December 14,
IUP-OP tersebut berlaku untuk jangka waktu 2010. Such IUP-OP is valid for 13 years
13 tahun sampai tanggal 14 Desember 2023 through December 14, 2023 and can be
dan dapat diperpanjang 2 kali. extended 2 times.
13


c. Entitas anak (lanjutan) c. Subsidiaries (continued)
Ijin pertambangan (lanjutan) Mining licenses (continued)
IM memiliki IUP-OP sesuai dengan keputusan IM has an IUP-OP as stipulated in Bupati Kutai
Bupati Kutai Kartanegara No. 540/1410/IUP- Kartanegara’s decree No. 540/1410/IUP-
OP/MB-PBAT/VI/2010 tertanggal 22 Juni 2010. OP/MB-PBAT/VI/2010 dated June 22, 2010.
IUP-OP tersebut berlaku untuk jangka waktu 3 Such IUP-OP is valid for 3 years through
tahun sampai tanggal 22 Juni 2013 dan dapat June 22, 2013 and can be extended 2 times.
diperpanjang 2 kali. Berdasarkan keputusan Based on Bupati Kutai Kartanegara’s decree
Bupati Kutai Kartanegara Nomor 540/004/IUP- No. 540/004/IUP-OP/MB-PBAT/III/2013, IM’s
OP/MB-PBAT/III/2013, IUP-OP IM telah IUP-OP has been extended until March 15, 2023
diperpanjang sampai dengan tanggal 15 Maret and can be extended 1 time.
2023 dan dapat diperpanjang 1 kali.
IM memiliki wilayah pertambangan seluas 683 IM has a mining area of 683 hectares located
hektar yang berlokasi di Kecamatan Sanga- in Sanga-Sanga Sub-district - East Kalimantan.
Sanga - Kalimantan Timur.
d. Persetujuan penerbitan laporan keuangan d. Authorization to issue the consolidated

konsolidasian financial statements
Laporan keuangan konsolidasian ini These consolidated financial statements were

diselesaikan dan mendapat persetujuan untuk completed and authorized for issuance by the
diterbitkan dari Direksi Perusahaan pada Company’s Directors on March 9, 2015.
tanggal 9 Maret 2015.
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES
Berikut ini adalah kebijakan akuntansi signifikan Presented below are the significant accounting
yang diterapkan dalam penyusunan laporan policies adopted in preparing the consolidated
keuangan konsolidasian Perusahaan dan entitas financial statements of the Company and its
anaknya (“Kelompok Usaha”). subsidiaries (the “Group”).
a. Dasar Penyajian Laporan Keuangan a. Basis of Preparation of the Consolidated

Konsolidasian Financial Statements
Laporan keuangan konsolidasian telah disusun The consolidated financial statements have
dan disajikan sesuai dengan Standar been prepared and presented in accordance
Akuntansi Keuangan di Indonesia (“SAK”), with Indonesian Financial Accounting
yang mencakup Pernyataan Standar Akuntansi Standards (“SAK”), which comprise the
Keuangan (“PSAK”) dan Interpretasi Standar Statements of Financial Accounting Standards
Akuntansi Keuangan (“ISAK”) yang dikeluarkan (“PSAK”) and Interpretations to Financial
oleh Dewan Standar Akuntansi Keuangan Accounting Standards (“ISAK”) issued by the
Ikatan Akuntan Indonesia dan peraturan- Financial Accounting Standards Board of the
peraturan serta pedoman penyajian dan Indonesian Institute of Accountants and the
pengungkapan laporan keuangan yang regulations and the guidelines on financial
diterbitkan oleh Otoritas Jasa Keuangan (OJK). statements presentation and disclosures issued
by Capital Market and Financial Institution
Supervisory Agency.
14



(lanjutan) POLICIES (continued)
a. Dasar Penyajian Laporan Keuangan a. Basis of Preparation of the Consolidated

Konsolidasian (lanjutan) Financial Statements (continued)
Sebagaimana dijelaskan dalam Catatan 2q, As disclosed further in Note 2q, management
manajemen telah menerapkan ISAK No. 29 has implemented the ISAK No. 29, which is
yang berlaku untuk tahun pelaporan yang effective for the financial reporting year beginning
dimulai pada tanggal 1 Januari 2014. on January 1, 2014.
Laporan keuangan konsolidasian disusun The consolidated financial statements have been
berdasarkan konsep akrual kecuali untuk prepared on the accrual basis except for the
laporan arus kas konsolidasian, dan consolidated statements of cash flows, and using
menggunakan konsep biaya perolehan, the historical cost concept of accounting, except
kecuali untuk beberapa akun yang dinyatakan for certain accounts which have been stated on
menggunakan dasar pengukuran lain, another measurement basis as explained in the
sebagaimana dijelaskan pada kebijakan accounting policies for such accounts.
akuntansi dari akun tersebut.
Laporan arus kas menyajikan penerimaan dan The consolidated statements of cash flows
pengeluaran kas dan setara kas yang present the receipts and payments of cash and
diklasifikasikan menurut aktivitas operasi, cash equivalents classified into operating,
investasi dan pendanaan. Arus kas dari investing and financing activities. The cash flows
aktivitas operasi disajikan dengan from operating activities are presented using the
menggunakan metode langsung. direct method.
Laporan keuangan konsolidasian disajikan The consolidated financial statements are
dalam Dolar Amerika Serikat (“AS$”), yang presented in the United States Dollar (“US$”),
merupakan mata uang fungsional Perusahaan. which is the Company’s functional currency.
Mata uang fungsional ABN, TBE, IM dan TMU The functional currency of ABN, TBE, IM and
adalah Dolar Amerika Serikat, sedangkan PKU TMU is the United States Dollar while PKU is the
adalah Rupiah. Rupiah.
b. Prinsip-prinsip Konsolidasian b. Principles of Consolidation

Laporan keuangan konsolidasian meliputi The consolidated financial statements include the
akun-akun Kelompok Usaha seperti accounts of the Group as described in Note 1.c,
disebutkan pada Catatan 1.c (secara langsung in which the Company maintains (directly or
maupun tidak langsung) dengan kepemilikan indirectly) equity ownership of more than 50%.
saham lebih dari 50%.
Laporan keuangan konsolidasian disusun The consolidated financial statements have been
dengan menggunakan kebijakan akuntansi prepared using uniform accounting policies for
yang sama untuk transaksi dan peristiwa lain transactions and other events in similar
dalam keadaan yang serupa. Jika anggota circumstances. If a member of the Group uses
Kelompok Usaha menggunakan kebijakan accounting policies other than those adopted in
akuntansi yang berbeda untuk transaksi dan the consolidated financial statements for
peristiwa dalam keadaan yang serupa, maka transactions and events in similar circumstances,
penyesuaian dilakukan atas laporan appropriate adjustments are made to its financial
keuangannya dalam penyusunan laporan statements in preparing the consolidated financial
keuangan konsolidasian. statements.
Seluruh saldo akun dan transaksi yang All significant intercompany accounts and
signifikan antara Perusahaan dengan Entitas transactions between the Company and
Anak telah dieliminasi. Subsidiaries have been eliminated.
15



b. Prinsip-prinsip Konsolidasian (lanjutan) b. Principles of Consolidation (continued)
Entitas anak dikonsolidasi sejak tanggal Subsidiaries are fully consolidated from the dates
akusisi, yaitu tanggal dimana Kelompok Usaha of acquisition, being the date on which the Group
memperoleh pengendalian, dan tetap obtained control, and continue to be consolidated
dikonsolidasi sampai pengendalian tersebut until the date such control ceases. Control is
berhenti. Pengendalian dianggap ada apabila presumed to exist if the Group owns, directly or
Kelompok Usaha memiliki, baik secara indirectly through its subsidiaries, more than 50%
langsung atau tidak langsung melalui entitas of the voting power of an entity.
anak, lebih dari 50% hak suara dari suatu
entitas.
Kerugian entitas anak diatribusikan kepada Losses of a non-wholly owned subsidiary are
kepentingan non-pengendali bahkan jika hal ini attributed to the non-controlling interest even if
mengakibatkan kepentingan non-pengendali such losses resulted in a deficit balance for the
mempunyai saldo defisit. non-controlling interest.
Kepentingan non-pengendali merupakan Non-controlling interest represents the portion of

bagian atas laba atau rugi dan aset neto dari the profit or loss and net assets of the
entitas anak yang tidak dapat diatribusikan subsidiaries not attributable directly or indirectly
kepada entitas induk secara langsung atau to parent’s company, which are presented in the
tidak langsung yang disajikan di dalam laporan consolidated statements of comprehensive
laba rugi komprehensif konsolidasian dan income and under the equity section of the
sebagai bagian dari ekuitas di dalam laporan consolidated statements of financial position,
posisi keuangan konsolidasian yang terpisah respectively, separately from the corresponding
dari ekuitas pemilik entitas induk. portion attributable to the equity holders of the
parent entity.
Perubahan dalam bagian kepemilikan entitas Changes in a parent’s ownership interest in a

induk pada entitas anak yang tidak subsidiary that do not result in a loss of control are
mengakibatkan hilangnya pengendalian dicatat accounted for as equity transactions. In such
sebagai transaksi ekuitas. Dalam keadaan circumstances, the carrying amounts of the
demikian, nilai tercatat kepentingan pengendali controlling and non-controlling interests are
dan non-pengendali disesuaikan untuk adjusted to reflect the changes in their relative
mencerminkan perubahan bagian kepemilikan interests in the subsidiary. Any difference between
terkait atas entitas anak. Selisih antara jumlah the amount by which the non-controlling interests
kepentingan non-pengendali disesuaikan dan are adjusted and the fair value of the consideration
nilai wajar imbalan yang diberikan atau paid or received is recognised directly in equity and
diterima, diakui sebagai bagian dari ekuitas dan attributed to the owners of the parent entity.
diatribusikan kepada pemilik entitas induk.
Manajemen menerapkan metode akuisisi untuk Management applies the acquisition method to
mencatat setiap kombinasi bisnis. Imbalan yang account for business combinations. The
dialihkan untuk mengakuisisi entitas anak consideration transferred for the acquisition of a
adalah nilai wajar seluruh aset yang dialihkan, subsidiary is the fair values of the assets
liabilitas yang diakui oleh Kelompok Usaha transferred, the liabilities incurred to the former
kepada pemilik sebelumnya dari entitas yang owners of the acquiree and the equity interests
diakuisisi dan kepentingan ekuitas yang issued by the Group. The consideration
diterbitkan oleh Kelompok Usaha. Imbalan yang transferred includes the fair value of any asset or
dialihkan termasuk nilai wajar setiap aset dan liability resulting from a contingent consideration
liabilitas yang dihasilkan dari suatu arrangement. Identifiable assets acquired and
kesepakatan imbalan kontinjensi. Aset liabilities and contingent liabilities assumed in a
teridentifikasi dan liabilitas dan liabilitas business combination are measured initially at
kontinjensi yang diambil alih, yang diperoleh their fair values at the acquisition date. The
dalam kombinasi bisnis diukur pada awalnya acquisition costs are recognized and recorded as
sebesar nilai wajar tanggal akuisisi. Biaya expenses as incurred.
terkait akuisisi diakui dan dicatat sebagai beban
pada saat terjadinya.
16


2. IKHTISAR KEBIJAKAN AKUNTANSI 2. SUMMARY OF SIGNIFICANT ACCOUNTING

SIGNIFIKAN (lanjutan) POLICIES (continued)
b. Prinsip-prinsip Konsolidasian (lanjutan) b. Principles of Consolidation (continued)
Jika kombinasi bisnis mengakibatkan If the business combination in effect settles a pre-
penyelesaian hubungan yang ada sebelumnya, existing relationship, the Group recognizes a gain
maka manajemen mengakui keuntungan atau or loss arising from such settlements.
kerugian atas penyelesaian hubungan tersebut.
Manajemen mengakui kepentingan non- Management recognizes any non-controlling

pengendali pada pihak yang diakuisisi baik interest in the acquiree on an acquisition-by-
sebesar nilai wajar atau sebesar bagian acquisition basis, either at fair value or at the non-
proporsional kepentingan non-pengendali atas controlling interest’s proportionate share of the
aset neto teridentifikasi pihak yang diakuisisi. acquiree’s identifiable net assets. Non-controlling
Kepentingan non-pengendali disajikan di interest is reported as equity in the consolidated
ekuitas dalam laporan posisi keuangan statement of financial position, separate from the
konsolidasian, terpisah dari ekuitas pemilik owner of the parent’s equity.
entitas induk.
Selisih lebih antara imbalan yang dialihkan, The excess of the consideration transferred, the
jumlah setiap kepentingan non-pengendali amount of any non-controlling interests in the
dalam pihak yang diakuisisi, dan nilai wajar acquiree and the acquisition-date fair value of
pada tanggal akuisisi dari kepemilikan ekuitas any previous equity interest in the acquiree over
yang sebelumnya dimiliki oleh Kelompok the fair value of the Group’s share of the
Usaha pada pihak yang diakuisisi, identifiable net assets acquired is recorded as
dibandingkan dengan nilai wajar bagian goodwill. If those amounts are less than the fair
Kelompok Usaha atas aset bersih value of the net identifiable assets of the
teridentifikasi yang diakuisisi, dicatat sebagai subsidiary acquired and the measurement of all
goodwill. Jika jumlah tersebut lebih kecil dari amounts has been reviewed, in the case of a
nilai wajar atas aset bersih teridentifikasi bargain purchase, the difference is recognised
entitas anak yang diakuisisi dan pengukuran directly in the profit or loss.
atas seluruh jumlah tersebut telah ditelaah,
dalam hal pembelian dengan diskon, selisih
tersebut diakui secara langsung dalam laba
rugi.
Setelah pengakuan awal, goodwill diukur After initial recognition, goodwill is measured at
sebesar biaya perolehan dikurangi dengan cost less any accumulated impairment losses.
akumulasi penurunan nilai.
17



c. Transaksi Kombinasi Bisnis entitas c. Business Combination transaction among

sepengendali entities under common control
Transaksi kombinasi bisnis entitas Business combination transactions among

sepengendali bukan merupakan perubahan entities under common control are not changes in
kepemilikan dalam arti substansi ekonomi, economic substance of the ownership, therefore
sehingga transaksi tersebut tidak dapat such transactions would not result in a gain or
menimbulkan laba atau rugi bagi kombinasi loss to the Group or to the individual entity within
bisnis secara keseluruhan ataupun bagi entitas the same group. Therefore, such transactions are
individual dalam kombinasi bisnis. Oleh karena recognized at carrying value as a business
itu, transaksi tersebut diakui pada jumlah combination using the pooling-of-interests
tercatat berdasarkan metode penyatuan method.
kepemilikan.
Dalam kombinasi bisnis entitas sepengendali, In business combination among entities under
manajemen mengakui selisih antara jumlah common control, management recognized the
imbalan yang dialihkan dan jumlah tercatat dari difference between the amount of consideration
aset neto yang diterima (liabilitas yang diambil given and the carrying values of the net assets
alih), yang disajikan dalam pos tambahan received (liabilities assumed) which is presented
modal disetor dalam laporan posisi keuangan as additional paid-in capital in the consolidated
konsolidasian. statements of financial position.
d. Transaksi dan Saldo dalam Mata Uang Asing d. Foreign Currency Transactions and Balances
(i) Transaksi & Saldo (i) Transactions & Balances
Manajemen menentukan mata uang Management determined that the Company’s

fungsional Perusahaan adalah Dolar functional currency is the United States
Amerika Serikat. Dollar.
Transaksi dalam mata uang asing dicatat Transactions involving foreign currencies are
dalam mata uang fungsional berdasarkan recorded in functional currency at the rates of
kurs yang berlaku pada saat transaksi exchange prevailing at the time the
dilakukan. Pada akhir tahun pelaporan, transactions are made. At the end of reporting
aset dan liabilitas moneter dalam mata year, monetary assets and liabilities
uang asing dijabarkan ke dalam mata uang denominated in foreign currencies are
fungsional berdasarkan kurs tengah yang translated to the functional currency based on
diterbitkan oleh Bank Indonesia pada the middle rates published by Bank Indonesia
tanggal terakhir transaksi perbankan pada at the last banking transaction date in the
tahun tersebut. Laba atau rugi kurs yang reporting year. The resulting gains or losses
terjadi dikreditkan atau dibebankan pada are credited or charged to the current year’s
laba rugi tahun berjalan. profit or loss.
Nilai kurs yang digunakan pada akhir tahun The rates of exchange used at the end of
laporan adalah sebagai berikut: reporting year were as follows:
AS$1/ US$1
2014 2013
1.000 Rupiah 0,0804 0,0821 1,000 Rupiah

1 Dolar Australia 0,8214 0,8923 1 Australian Dollar
1 Euro 1,2169 1,3801 1 Euro
1 Yen 0,0084 0,0095 1 Yen
Seluruh selisih kurs yang timbul diakui All of the resulting exchange differences are
dalam pendapatan komprehensif lainnya. recognized in other comprehensive income.
18



d. Transaksi dan Saldo dalam Mata Uang Asing d. Foreign Currency Transactions and Balances
(ii) Kelompok Usaha (ii) Group
Untuk tujuan konsolidasi, laporan keuangan For consolidation purposes, the financial
entitas anak yang mata uang fungsionalnya statements of subsidiaries with functional
adalah selain Dolar Amerika Serikat currencies other than US Dollar are
dijabarkan ke dalam Dolar Amerika Serikat translated into US Dollar using the following:
dengan menggunakan:
Akun/Accounts Kurs/Exchange Rates
Aset dan liabilitas/ Kurs penutup tanggal laporan posisi keuangan konsolidasian tersebut/
Assets and liabilities The closing rate at the date of that consolidated statement of financial position
Pendapatan dan beban/ Rata-rata tertimbang dari kurs tengah Bank Indonesia perbulan untuk
laporan laba rugi komprehensif/
Revenues and expenses Monthly weighted-average middle exchange rate of Bank Indonesia during the year in the
statements of comprehensive income
e. Transaksi dengan pihak berelasi e. Transactions with related parties
Dalam menjalankan aktivitasnya, Kelompok During its activities, the Group entered into
Usaha melakukan transaksi dengan pihak transactions with its related parties.
berelasi.
Kriteria pihak berelasi sesuai dengan PSAK The criteria of a related party in accordance with
No. 7 (Revisi 2010) adalah sebagai berikut: PSAK No. 7 (Revised 2010) are as follows:
a. Orang atau anggota keluarga terdekat a. A person or a close member of that person's
mempunyai relasi dengan Kelompok Usaha family is related to the Group if that person:
jika orang tersebut:
i. Memiliki pengendalian atau i. Has control or joint control over the Group;
pengendalian bersama atas Kelompok
Usaha;
ii. Memiliki pengaruh signifikan atas ii. Has significant influence over the reporting
entitas pelapor; atau entity; or
iii. Personel manajemen kunci Kelompok iii. Is a member of the key management
Usaha atau entitas induk Kelompok personnel of the Group or of a parent of
Usaha. the Group.
b. Suatu entitas berelasi dengan Kelompok b. An entity is related to the Group if any of the
Usaha jika memenuhi salah satu hal following conditions applies:
berikut:
i. Entitas dan Kelompok Usaha adalah i. The entity and the Group are members of
anggota dari kelompok usaha yang the same group (which means that each
sama (artinya entitas induk, entitas parent, subsidiary and fellow subsidiary is
anak, dan entitas anak berikutnya related to the others);
terkait dengan entitas lain);
ii. Satu entitas adalah entitas asosiasi ii. One entity is an associate or joint venture
atau ventura bersama dari entitas lain of the other entity (or an associate or joint
(atau entitas asosiasi atau ventura venture of a member of a group of which
bersama yang merupakan anggota the other entity is a member);
suatu kelompok usaha, yang mana
entitas lain tersebut adalah
anggotanya);
19



e. Transaksi dengan pihak berelasi (lanjutan) e. Transactions with related parties (continued)
Kriteria pihak berelasi sesuai dengan PSAK The criteria of a related party in accordance with
No. 7 (Revisi 2010) adalah sebagai berikut PSAK No. 7 (Revised 2010) are as follows
(lanjutan): (continued):
b. Suatu entitas berelasi dengan Kelompok b. An entity is related to the Group if any of the
Usaha jika memenuhi salah satu hal following conditions applies: (continued)
berikut: (lanjutan)
iii. Kedua entitas tersebut adalah ventura iii. Both entities are joint ventures of the
bersama dari pihak ketiga yang sama; same third party;
iv. Satu entitas adalah ventura bersama iv. One entity is a joint venture of a third
dari entitas ketiga dan entitas yang lain entity and the other entity is an associate
adalah entitas asosiasi dari entitas of the third entity;
ketiga;
v. Entitas tersebut adalah suatu program v. The entity is a post-employment benefit

imbalan pascakerja untuk imbalan kerja plan for the benefit of employees of either
dari Kelompok Usaha atau entitas the Group or an entity related to the
terkait dengan Kelompok Usaha. Jika Group. If the Group is itself such a plan,
Kelompok Usaha adalah entitas yang the sponsoring employers are also
menyelenggarakan program tersebut, related to the Group;
maka entitas sponsor juga berelasi
dengan Kelompok Usaha;
vi. Entitas yang dikendalikan atau vi. The entity is controlled or jointly controlled
dikendalikan bersama oleh orang yang by a person identified in (a);
diidentifikasi dalam huruf (a);
vii. Orang yang diidentifikasi dalam huruf vii. A person identified in (a)(i) has significant
(a) (i) memiliki pengaruh signifikan atas influence over the entity or is a member of
entitas atau personil manajemen kunci the key management personnel of the
entitas (atau entitas induk dari entitas). entity (or of a parent of the entity).
Transaksi dengan pihak berelasi dilakukan The transactions with related parties are made
berdasarkan persyaratan yang disetujui oleh based on terms agreed by the parties, whereby
kedua belah pihak, dimana persyaratan such terms may not be the same as those
tersebut mungkin tidak sama dengan transaksi transactions with third parties.
lain yang dilakukan dengan pihak ketiga.
Seluruh transaksi dan saldo yang material All significant transactions and balances with
dengan pihak-pihak berelasi diungkapkan related parties are disclosed in the relevant
dalam catatan atas laporan keuangan notes to the consolidated financial
konsolidasian yang relevan. statements.
20



f. Kas dan setara kas f. Cash and cash equivalents
Kas dan setara kas terdiri dari saldo kas kecil Cash and cash equivalents consist of cash on
dan kas di bank serta deposito berjangka yang hand and in banks and time deposits with
akan jatuh tempo dalam waktu tiga bulan dan maturities of less than three months and which
tidak dibatasi penggunaannya. are not restricted in use.
g. Biaya dibayar di muka dan uang muka g. Prepayments and advances
Biaya dibayar di muka diamortisasi selama Prepayments are amortized over the periods
periode masa manfaatnya dengan benefited using the straight-line method.
menggunakan metode garis lurus.
h. Persediaan h. Inventories
Persediaan dinilai berdasarkan nilai terendah Inventory is valued at the lower of cost or net
antara harga perolehan atau nilai realisasi realizable value. Cost is determined based on
neto. Harga perolehan ditentukan dengan the weighted average cost incurred during the
metode biaya rata-rata tertimbang (weighted period and includes an appropriate portion of
average) yang terjadi selama periode berjalan labor, depreciation and overheads related to
dan mencakup alokasi komponen tenaga mining/plantation activities.
kerja, penyusutan dan bagian biaya tidak
langsung yang berhubungan dengan aktivitas
pertambangan/perkebunan.
Nilai realisasi neto merupakan estimasi harga Net realizable value represents the estimated
jual dalam kegiatan usaha normal dikurangi selling price in the ordinary course of business
estimasi biaya penyelesaian dan estimasi less the estimated cost of completion and the
biaya yang diperlukan untuk membuat estimated costs necessary to make the sale.
penjualan.
Persediaan bahan bakar dinilai pada harga Fuel is valued at cost, determined on a
perolehan, ditentukan berdasarkan metode weighted average method, less provision for
rata-rata tertimbang (weighted average), obsolete items. Provision for obsolete
dikurangi dengan penyisihan untuk persediaan inventory is determined on the basis of
usang. Penyisihan untuk persediaan usang estimated future usage or sale of individual
ditentukan berdasarkan estimasi penggunaan inventory items. Supplies of maintenance
atau penjualan masing-masing jenis materials are charged to production costs in
persediaan pada masa mendatang. Bahan the period in which they are used.
pendukung pemeliharaan dicatat sebagai
beban produksi pada saat periode digunakan.
i. Aset tetap i. Fixed assets
Aset tetap kecuali tanah, dinyatakan sebesar Fixed assets except land, are stated at cost less
biaya perolehan dikurangi akumulasi accumulated depreciation and allowance for
penyusutan dan cadangan penurunan nilai. impairment losses. Such cost includes the cost of
Biaya perolehan termasuk biaya penggantian replacing part of the fixed assets when that cost
bagian aset tetap saat biaya tersebut terjadi, is incurred, if the recognition criteria are met; and
jika memenuhi kriteria pengakuan; dan the initial estimate of the costs of dismantling and
estimasi awal biaya pembongkaran dan removing the assets.
pemindahan aset.
21



i. Aset tetap (lanjutan) i. Fixed assets (continued)
Penyusutan aset dimulai pada saat aset Depreciation of an asset begins when it is
tersebut siap untuk digunakan, yaitu pada saat available for use i.e. when it is in the location and
aset tersebut berada pada lokasi dan kondisi condition necessary for it to be capable of
yang diinginkan agar aset siap digunakan operating in the manner intended by
sesuai dengan keinginan dan maksud management.
manajemen.
Penyusutan dihitung dengan menggunakan Depreciation is computed using the straight-line
metode garis lurus selama masa yang lebih method over the shorter of the estimated useful
pendek antara estimasi masa manfaat lives of the assets or if applicable, the IUP-OP
ekonomis aset tetap yang bersangkutan atau period, as follows:
jika relevan, masa IUP-OP, sebagai berikut:
Tahun/Years
Bangunan 4-20 Building
Mesin dan peralatan berat 4-8 Machinery and heavy equipment
Kendaraan 4-8 Vehicles
Perabotan dan peralatan kantor 4 Office furnitures and equipment
Jalan dan jembatan 10-19 Roads and bridges
Tempat timbunan batubara 19 Stockpile base
Fasilitas pelabuhan 19 Port facilities
Conveyor 4-19 Conveyor
Biaya pengurusan legal hak atas tanah (HGU) The legal cost of land rights (HGU) incurred
yang dikeluarkan ketika tanah diperoleh when the land was acquired initially are
pertama kali diakui sebagai bagian dari biaya recognized as part of the cost of the land under
perolehan tanah pada akun “Aset Tetap” dan “Fixed Assets” account and not amortized. The
tidak diamortisasi. Biaya pengurusan legal cost incurred to extend or renew the land
perpanjangan atau pembaruan legal hak atas rights are recorded as deferred charges and
tanah diakui sebagai beban tangguhan dan amortized over the shorter of the rights’ legal life
diamortisasi sepanjang umur hukum hak atau or land’s economic life.
umur ekonomis tanah, mana yang lebih
pendek.
Beban pemeliharaan dan perbaikan Maintenance and repairs expense is charged to
dibebankan pada laporan laba rugi the consolidated statements of comprehensive
komprehensif konsolidasian pada saat income as incurred. Expenditures which extend
terjadinya. Pengeluaran yang memperpanjang the useful life of the asset or result in the
masa manfaat atau memberi tambahan increase of the future economic benefits, such
manfaat ekonomis di masa yang akan datang, as an increase in capacity and improvement in
seperti dalam bentuk peningkatan kapasitas, the quality of output or standard of
mutu produksi atau peningkatan standar performance, are capitalized. When assets are
kinerja, dikapitalisasi. Aset tetap yang dijual disposed of, their carrying values and the
dikeluarkan dari kelompok aset tetap berikut related accumulated depreciation are removed
akumulasi penyusutannya. Keuntungan atau from the accounts. Any resulting gain or loss is
kerugian dari penjualan aset tetap tersebut reflected in the consolidated statements of
dibukukan dalam laporan laba rugi comprehensive income.
komprehensif konsolidasian.
Jumlah tercatat aset tetap dihentikan An item of fixed asset is derecognized upon
pengakuannya pada saat dilepaskan atau saat disposal or when no future economic benefits are
tidak ada manfaat ekonomis masa depan yang expected from its use or disposal. Any gain or
diharapkan dari penggunaan atau loss arising on derecognition of the asset is
pelepasannya. Laba atau rugi yang timbul dari reported in the consolidated statements of
penghentian pengakuan aset dilaporkan dalam comprehensive income in the year the asset is
laporan laba rugi komprehensif konsolidasian derecognized.
pada tahun aset tersebut dihentikan
pengakuannya.
22



i. Aset tetap (lanjutan) i. Fixed assets (continued)
Biaya konstruksi aset dikapitalisasi sebagai aset The costs of the construction of assets are
dalam penyelesaian. Biaya konstruksi ini capitalized as construction in progress. These
direklasifikasi ke akun aset tetap pada saat proses costs are reclassified into fixed asset accounts
konstruksi atau pemasangan selesai. when the construction or installation is
completed.
Nilai residu, umur manfaat dan metode The asset residual values, useful lives and
penyusutan dievaluasi setiap akhir tahun dan depreciation method are reviewed at each years
disesuaikan secara prospektif jika diperlukan. end and adjusted prospectively if necessary.
j. Sewa j. Leases
Penentuan apakah dalam suatu perjanjian The determination of whether an arrangement

mengandung sewa pembiayaan adalah is, or contains a finance lease is based on the
berdasarkan isi dari perjanjian awal dan apakah substance of the arrangement at inception
isi dari perjanjian tersebut bergantung dari date and whether the fulfillment of the
kegunaan dari aset yang spesifik dan memiliki arrangement is dependent on the use of a
hak penuh atas aset tersebut. Sewa yang tidak specific assets and the arrangement conveys
mengalihkan secara substansial seluruh risiko full rights over the asset. Leases which do not
dan manfaat yang terkait dengan kepemilikan transfer substantially all of the risks and
aset kepada pihak penyewa diklasifikasikan rewards incidental to ownership of the leased
sebagai sewa operasi. item to the lessee are classified as operating
leases.
Dalam sewa pembiayaan, Kelompok Usaha Under a finance lease, the Group as lessee are
sebagai pihak penyewa disyaratkan untuk required to recognize assets and liabilities in
mengakui aset dan liabilitas dalam laporan posisi the consolidated statements of financial
keuangan konsolidasian sebesar nilai wajar aset position at amounts equal to the fair value of
sewaan atau sebesar nilai kini dari pembayaran the leased property or, if lower, the present
sewa minimum, jika nilai kini lebih rendah dari nilai value of the minimum lease payments, each
wajar, penilaian ditentukan pada awal kontrak. determined at the inception of the lease.
Pembayaran sewa minimum dibagi rata antara Minimum lease payments are apportioned
beban keuangan yang timbul dan penurunan between finance charges and the reduction of
liabilitas sewa. Beban keuangan dialokasikan pada the outstanding lease liability. Finance charges
setiap periode selama masa sewa sehingga are allocated to each period during the lease
menghasilkan tingkat bunga periodik yang konstan term so as to produce a constant periodic rate
selama sisa saldo liabilitas sewa. of interest over the remaining balance of the
lease liability.
Aset sewa yang dikapitalisasi dimasukkan ke Capitalized leased assets are accounted for as
dalam aset tetap dan disusutkan selama estimasi fixed assets and are depreciated over the
dari umur manfaat aset tersebut atau masa sewa, shorter of the estimated useful lives of the
mana yang lebih pendek, jika tidak terdapat tingkat assets or the lease terms, in the event that
keyakinan yang memadai bagi Kelompok Usaha there is no reasonable certainty that the Group
untuk mendapatkan kepemilikan atas aset tersebut will obtain ownership of the assets by the end
pada akhir masa sewa. of the lease term.
Dalam sewa operasi, Kelompok Usaha mengakui Under an operating lease, the Group
pembayaran sewa sebagai beban yang dibagi recognizes lease payments as an expense on
secara rata-rata (straight-line) sepanjang masa a straight-line method over the lease terms.
sewa.
23



k. Penurunan nilai aset non-keuangan k. Impairment of non-financial assets
Pada setiap akhir tahun pelaporan, manajemen At the end of reporting years, management
menilai apakah terdapat indikasi suatu aset assesses whether there is an indication that an
mengalami penurunan nilai. Jika terdapat asset may be impaired. If any such indication
indikasi tersebut, atau pada saat pengujian exists, or when annual impairment testing for
penurunan nilai aset diperlukan, maka an asset is required, management makes an
manajemen membuat estimasi jumlah estimate of the asset’s recoverable amount.
terpulihkan aset tersebut.
Jumlah terpulihkan suatu aset adalah jumlah An asset’s recoverable amount is the higher of
yang lebih tinggi antara nilai wajar dari aset atau the asset’s fair value or Cash Generating Unit
Unit Penghasil Kas (UPK) tersebut dikurangi (CGU)’s less costs to sell and its value in use,
biaya untuk menjual, dan nilai pakainya, nilai and is determined for an individual asset,
tersebut ditentukan untuk aset individual, kecuali unless the asset does not generate cash
aset tersebut tidak menghasilkan arus kas inflows that are largely independent of those
masuk yang sebagian besar independen dari from other assets or groups of assets. Where
aset lainnya atau kelompok aset lain. Jika nilai the carrying amount of an asset exceeds its
tercatat aset lebih besar dari nilai terpulihkannya, recoverable amount, the asset is considered
maka aset tersebut dianggap mengalami impaired and is written down to its recoverable
penurunan nilai dan nilai tercatat aset tersebut amount. Impairment losses are recognized in
diturunkan menjadi sebesar nilai terpulihkan. the consolidated statements of comprehensive
Rugi penurunan diakui dalam laporan laba rugi income as “impairment losses”.
komprehensif konsolidasian sebagai “rugi
penurunan nilai”.
Dalam menghitung nilai pakai, estimasi arus kas In assessing the value in use, the estimated net
neto masa depan didiskontokan menggunakan future cash flows are discounted to their present
tingkat diskonto sebelum pajak yang value using a pre-tax discount rate that reflects
menggambarkan penilaian pasar kini dari nilai current market assessments of the time value of
waktu uang dan risiko spesifik atas aset. Jika hal money and the risks specific to the asset. If such
tersebut tidak dapat ditentukan, manajemen transactions cannot be identified, management
menggunakan model valuasi untuk menentukan used an appropriate valuation model to
nilai wajar aset. Perhitungan tersebut digabungkan determine the fair value of the assets. These
dengan penilaian atau indikator nilai wajar lainnya. calculations are corroborated by valuation
multiples or other available fair value indicators.
Manajemen melakukan penilaian pada setiap akhir Management made an assessment at the end of
tahun pelaporan apakah terdapat indikasi bahwa each reporting years as to whether there is any
rugi penurunan nilai yang telah diakui dalam indication that previously recognized impairment
periode sebelumnya untuk aset selain goodwill losses for an asset other than goodwill may no
mungkin tidak ada lagi atau mungkin telah longer exist or may have decreased.
menurun.
Jika indikasi yang dimaksud ditemukan, maka If such indication exists, management estimates
manajemen mengestimasi jumlah terpulihkan the recoverable amount of the related asset.
aset tersebut. Rugi penurunan nilai yang telah Previously recognized impairment loss for an
diakui dalam periode-periode sebelumnya untuk asset other than goodwill is reversed only, and
aset selain goodwill dibalik jika, dan hanya jika, if only there has been a change in the
terdapat perubahan estimasi yang digunakan assumptions used to determine the asset’s
untuk menentukan jumlah terpulihkan aset recoverable amount since the last impairment
tersebut sejak rugi penurunan nilai terakhir loss was recognized. If that is the case, the
diakui. Jika demikian, jumlah tercatat aset carrying amount of the asset is increased to its
dinaikkan ke jumlah terpulihkannya. Jumlah recoverable amount. The reversal is limited so
tercatat aset yang meningkat yang disebabkan that the carrying amount of the asset does not
pembalikan rugi penurunan nilai, tidak boleh exceed its recoverable amount, nor exceed the
melebihi jumlah nilai terpulihkannya maupun nilai carrying amount that would have been
tercatat seandainya aset tidak mengalami rugi determined had no impairment loss been
penurunan nilai di tahun-tahun sebelumnya. recognized for the asset in prior years.
24



k. Penurunan nilai aset non-keuangan (lanjutan) k. Impairment of non-financial assets

(continued)
Pembalikan rugi penurunan nilai untuk aset Reversal of an impairment loss is recognized in
diakui segera dalam laporan laba rugi the consolidated statement of comprehensive
komprehensif konsolidasian. Setelah pembalikan income. After such a reversal, the depreciation
rugi penurunan nilai diakui, penyusutan yang charge on the said asset is adjusted in future
dibebankan ke aset tersebut harus disesuaikan year to allocate the asset’s revised carrying
di tahun mendatang untuk mengalokasikan amount, less any residual value, on a
jumlah tercatat aset yang direvisi, dikurangi nilai systematic basis over its remaining useful life.
sisanya (jika ada), dengan dasar yang sistematik
selama sisa umur manfaatnya.
Untuk tujuan uji penurunan nilai, goodwill yang For the purpose of impairment testing, goodwill
diperoleh dalam kombinasi bisnis sejak tanggal acquired in a business combination is, from the
akuisisi dialokasikan pada setiap unit penghasil acquisition date, allocated to each of the
kas Kelompok Usaha yang diekspektasikan Group’s CGUs that are expected to benefit from
memberi manfaat dari kombinasi bisnis tersebut, the combination, irrespective of whether other
terlepas apakah aset atau liabilitas dari pihak assets or liabilities of the acquiree are assigned
yang diakuisisi ditempatkan dalam unit atau to those units. If the initial allocation of such
kelompok unit tersebut. Namun jika alokasi awal goodwill cannot be completed before the end of
goodwill tersebut tidak dapat diselesaikan the annual period in which the business
sebelum berakhirnya periode tahunan ketika combination is effected, that initial allocation
kombinasi bisnis berdampak, maka alokasi awal shall be completed before the end of the first
tersebut diselesaikan sebelum akhir periode annual period beginning after the acquisition
tahunan pertama setelah tanggal akuisisi. date.
l. Pengeluaran eksplorasi, evaluasi dan l. Exploration, evaluation and development

pengembangan expenditure
Beban sebelum diperolehnya ijin Pre-licence costs
Pengeluaran yang terjadi sebelum diperolehnya Pre-license costs are expensed in the year in
ijin dibebankan pada tahun terjadi. which they are incurred.
Aset eksplorasi dan evaluasi Exploration and evaluation assets

Setelah hak legal untuk eksplorasi diperoleh, Once the legal right to explore has been
pengeluaran untuk eksplorasi dan evaluasi untuk acquired, exploration and evaluation
suatu area of interest dibebankan didalam expenditure for an area of interest is charged to
laporan laba rugi komprehensif konsolidasian the consolidated statement of comprehensive
pada saat terjadinya, kecuali jika manajemen income as incurred, unless the management
menyimpulkan bahwa kemungkinan besar concludes that a future economic benefit is
manfaat ekonomis masa datang dari more likely than not to be realized. These
pengeluaran tersebut dapat terealisasi. expenditures include acquisition of exploration
Pengeluaran tersebut mencakup biaya license cost, topographic and geology study,
perolehan hak eksplorasi, kajian topografi, drilling exploration costs and others.
geologi, biaya pengeboran eksplorasi dan lain-
lain.
Dalam melakukan evaluasi apakah suatu In evaluating if expenditures meet the criteria to
pengeluaran memenuhi kriteria untuk be capitalized, several different sources of
dikapitalisasi, beberapa sumber informasi yang information are utilized. The information that is
berbeda digunakan. Informasi yang digunakan used to determine the probability of future
untuk menentukan kemungkinan manfaat masa benefits depends on the extent of exploration
depan tergantung kepada sifat dari kegiatan and evaluation that has been performed.
eksplorasi dan evaluasi yang sudah dilakukan.
25




pengembangan (lanjutan) expenditure (continued)
Aset eksplorasi dan evaluasi (lanjutan) Exploration and evaluation assets

(continued)
Hingga saat penetapan suatu cadangan yang Upon the establishment of a JORC compliant
memenuhi ketentuan JORC (saat dimana resource (at which point, Management considers
manajemen mempertimbangkan bahwa it probable that economic benefits will be
kemungkingan besar manfaat ekonomis akan realized), management capitalises any further
dapat direalisasikan), manajemen evaluation costs incurred for the particular
mengkapitalisasi pengeluaran evaluasi lanjutan licence to exploration and evaluation assets up
yang terjadi sebagai aset eksplorasi dan evaluasi to the point when a JORC compliant reserve is
untuk suatu ijin hingga saat dimana cadangan established.
yang memenuhi ketentuan JORC ditetapkan.
Setelah penetapan suatu cadangan telah Once JORC compliant reserves are established
memenuhi ketentuan JORC dan pengembangan and development is sanctioned, exploration and
dilakukan, aset ekplorasi dan evaluasi dilakukan evaluation assets are tested for impairment and
pengujian penurunan nilai dan ditransfer ke akun transferred to ‘Mines under construction’. No
“Tambang dalam konstruksi”. Tidak ada amortization is charged during the exploration
amortisasi dibebankan selama tahap eksplorasi and evaluation phase.
dan evaluasi.
Aset eksplorasi dan evaluasi untuk setiap area of Exploration and evaluation assets on each area
interest ditelaah pada setiap akhir tahun of interest is reviewed at the end of reporting
pelaporan. Aset eksplorasi dan evaluasi yang years. Exploration and evaluation assets in
terkait dengan suatu area of interest yang telah respect of an area of interest which has been
ditinggalkan, atau yang telah diputuskan tidak abandoned, or for which a decision has been
layak secara ekonomis oleh manajemen, made by the management against its
dihapuskan pada tahun dimana keputusan commercial viability are written-off in the year in
tersebut dibuat. which the decision is made.
Tambang dalam konstruksi Mines under construction
Pada saat transfer akun “Aset eksplorasi dan Upon transfer of ‘Exploration and evaluation
evaluasi” ke akun “Tambang dalam konstruksi”, assets’ into ‘Mines under construction’, all
semua pengeluaran untuk konstruksi, instalasi subsequent expenditure on the construction,
atau penyelesaian fasilitas infrastruktur installation or completion of infrastructure
dikapitalisasi dalam akun “Tambang dalam facilities is capitalized within “Mines under
konstruksi”. Pengeluaran untuk pengembangan construction”. Development expenditure is net
dilaporkan setelah dikurangi hasil penjualan of proceeds from all but the incidental sale of
insidentil batu bara yang dihasilkan selama tahap coal extracted during the development phase.
pengembangan. Setelah produksi dimulai, After production starts, all assets included in
semua aset dalam akun “Tambang dalam ‘Mines under construction’ are transferred to
konstruksi” ditransfer ke akun “Tambang ‘Producing mines’.
produksi”.
Pada saat penyelesaian konstruksi tambang, aset- Upon completion of mine construction, the assets
aset ditransfer ke akun “Aset tetap” atau “Aset are transferred into “Fixed assets” or “Mine
pertambangan”. properties”.
26




pengembangan (lanjutan) expenditure (continued)
Aset Pertambangan Mine properties
Pada saat proyek konstruksi tambang When a mine construction project moves into
dipindahkan ke tahap produksi, kapitalisasi the production stage, the capitalization of
pengeluaran tertentu untuk konstruksi tambang certain mine construction costs ceases and
dihentikan dan pengeluaran tersebut dicatat costs are either regarded as inventory or
sebagai persediaan atau dibebankan, kecuali jika expensed, except for costs which qualify for
biaya tersebut memenuhi syarat dikapitalisasi capitalization relating to mining asset additions
sehubungan dengan penambahan atau or improvements, or mineable reserve
peningkatan aset tambang, atau pengembangan development.
cadangan yang dapat ditambang.
Akumulasi biaya pengembangan tambang Accumulated mine development costs are

diamortisasi dengan menggunakan metode unit amortized on a unit-of-production basis over the
produksi terhadap estimasi cadangan yang economically recoverable reserves until the end
secara ekonomis dapat ditambang sampai of license over the area of interest concern. The
dengan akhir masa berlaku ijin atas area of unit-of-production rate for the amortization of
interest yang bersangkutan. Tarif amortisasi per mine development costs takes into account
unit produksi untuk amortisasi biaya expenditures incurred to date.
pengembangan tambang termasuk pengeluaran
yang terjadi sampai saat ini.
m. Tanaman perkebunan m. Plantations
Tanaman belum menghasilkan dinyatakan Immature plantations are stated at acquisition

sebesar harga perolehan yang meliputi biaya costs which include costs incurred for field
persiapan lahan, penanaman, pemupukan dan preparation, planting, fertilizing and
pemeliharaan termasuk kapitalisasi biaya maintenance, including the capitalization of
pinjaman yang digunakan untuk membiayai borrowing costs incurred on loans used to
pengembangan tanaman belum menghasilkan finance the development of immature
dan biaya tidak langsung lainnya yang plantations and allocation of other indirect costs
dialokasikan berdasarkan luas hektar tertanam. based on planted hectares.
Pada saat tanaman sudah menghasilkan, When the plantations are mature, the
akumulasi harga perolehan tersebut akan accumulated costs are reclassified to Mature
direklasifikasi ke akun Tanaman menghasilkan. plantations account.
Amortisasi tanaman menghasilkan dimulai pada Amorization of mature plantations commences

tahun dimana tanaman tersebut menghasilkan in the year when the plantations are mature
dengan menggunakan metode garis lurus using the straight-line method over the
selama estimasi masa manfaat ekonomis yaitu estimated useful life of 20 years. Generally, oil
20 tahun. Secara umum, tanaman kelapa sawit palm plantations are considered mature within
dinyatakan menghasilkan bila telah berumur tiga three to four years after planting.
sampai dengan empat tahun.
n. Beban tangguhan n. Deferred charges
Beban yang timbul untuk perpanjangan hak atas Costs incurred in association with the extension
tanah ditangguhkan dan diamortisasi dengan of land rights are deferred and amortised using
metode garis lurus selama periode hak atas the straight-line method over the period of the
tanah. land rights.
27



o. Provisi o. Provisions
Provisi diakui jika Kelompok Usaha memiliki Provisions are recognized when the Group has
kewajiban kini (baik bersifat hukum maupun a current obligation (legal or constructive)
bersifat konstruktif), yang diakibatkan peristiwa di where, as a result of a past event, it is probable
masa lalu, besar kemungkinannya yang mana that an outflow of resources embodying
penyelesaian kewajiban tersebut mengakibatkan economic benefits will be required to settle the
arus keluar sumber daya yang mengandung obligation and a reliable estimate can be made
manfaat ekonomi dan estimasi yang andal of the amount of the obligation.
mengenai jumlah kewajiban tersebut dapat
dibuat.
Provisi ditelaah pada setiap akhir tahun pelaporan Provisions are reviewed at the end of reporting
dan disesuaikan untuk mencerminkan estimasi years and adjusted to reflect the current best
kini terbaik. Jika tidak terdapat lagi kemungkinan estimate. If it is no longer probable that an
arus keluar sumber daya yang mengandung outflow of resources embodying economic
manfaat ekonomi untuk menyelesaikan kewajiban benefits will be required to settle the obligation,
tersebut, maka provisi tersebut akan dibalik. the provision will be reversed.
p. Biaya pengelolaan lingkungan hidup p. Environmental expenses
Pengeluaran yang terkait dengan pemulihan, Restoration, rehabilitation and environmental

rehabilitasi, dan lingkungan yang timbul selama expenditures incurred during the development
tahap pengembangan diakui sebagai aset. phase are recognized as asset.
Pengeluaran yang terkait dengan pemulihan, Restoration, rehabilitation and environmental

rehabilitasi, dan lingkungan yang timbul selama expenditures incurred during the production
tahap produksi dibebankan sebagai beban pokok phase are charged to cost of goods sold as
penjualan pada saat terjadinya. incurred.
Untuk hal-hal yang berkaitan dengan lingkungan For environmental issues that may not involve
yang mungkin tidak berkaitan dengan penarikan the retirement of an asset, where the Group is
aset, dimana Kelompok Usaha merupakan pihak responsible parties and it is determined that a
yang bertanggung jawab atas liabilitas tersebut liability exists, and amounts can be quantified,
dan liabilitas tersebut ada dan jumlahnya bisa management accrues the estimated liability. In
diukur, manajemen mencatat estimasi liabilitas determining whether a liability exists in respect
tersebut. Dalam menentukan keberadaan of such environmental issues, management
liabilitas yang berkaitan dengan lingkungan applies the criteria for liability recognition under
tersebut, manajemen mengacu pada kriteria the applicable accounting standards.
pengakuan kewajiban sesuai dengan standar
akuntansi yang berlaku.
q. Biaya pengupasan lapisan tanah q. Stripping cost

Efektif 1 Januari 2014 Kelompok Usaha Effective as of 1January 1, 2014, the Group
menerapkan secara prospektif ISAK No. 29: prospectively applies ISAK No. 29: Stripping
Biaya Pengupasan Lapisan Tanah Tahap Costs in the Production Phase of a Surface
Produksi pada Pertambangan Terbuka. Mining.
Tidak ada penyesuaian transisi atas saldo awal There is no transitional adjustment on the
biaya pengupasan tangguhan dan saldo laba beginning balance of deferred stripping cost and
awal pada permulaan periode sajian terawal the opening retained earnings at the beginning
sehubungan dengan penerapan ISAK ini. of the earliest period presented arising from the
application of this ISAK.
28



q. Biaya pengupasan lapisan tanah (lanjutan) q. Stripping costs (continued)
Menurut ISAK ini, aktivitas pengupasan tanah Under this ISAK, stripping activity undertaken
penutup yang dilakukan selama tahap produksi during the production phase may create two
dapat menghasilkan dua manfaat: yang pertama benefits: the first being the production of
berupa produksi persediaan dan yang kedua inventory and the second being improved
berupa pembukaan akses menuju material yang access to ore to be mined in the future. Where
akan ditambang dimasa depan. Jika manfaat the benefits are realized in the form of inventory
tersebut berupa persediaan, maka perlakuan produced, the production stripping costs must
atas biaya pengupasan tanah penutup tersebut be accounted for in accordance with PSAK
mengikuti ketentuan PSAK No. 14: Persediaan. No. 14: Inventories. Where the benefit is
Jika manfaatnya berupa peningkatan akses improved access to ore to be mined in the
menuju material yang akan ditambang dimasa future, these costs must be recognized as a
depan, maka jika memenuhi kriteria berikut: non-current asset, if the following criteria are
met:
a) besar kemungkinan bahwa manfaat a) future economic benefits (being improved

ekonomis masa depan (peningkatan akses access to the coal seams) are probable;
menuju lapisan batu bara yang terkait
dengan aktivitas pengupasan lapisan tanah
akan mengalir;
b) entitas dapat mengidentifikasi komponen b) the component of the coal seams for which
lapisan batu bara yang aksesnya telah access will be improved can be accurately
ditingkatkan; dan identified; and
c) biaya yang terkait dengan aktivitas c) the costs associated with the improved
pengupasan lapisan tanah dengan access can be reliably measured
komponen tersebut dapat diukur secara
andal
Interpretasi ini merujuk aset tidak lancar tersebut This interpretation refers such non-current
sebagai “Aset aktivitas pengupasan lapisan assets as “Stripping activity asset”.
tanah”.
Aset aktivitas pengupasan lapisan tanah pada The stripping activity asset is initially measured
awalnya diukur pada biaya perolehan, yaitu at cost, which is the accumulation of costs
akumulasi biaya yang secara langsung terjadi directly incurred to perform the stripping activity
untuk melakukan aktivitas pengupasan lapisan that improves access to the identified
tanah yang meningkatkan akses terhadap component of coal, plus an allocation of directly
komponen batu bara, ditambah alokasi biaya attributable overhead costs. If incidental
overhead yang diatribusikan langsung. Jika operations are occurring at the same time as
terjadi operasi insidentil pada saat bersamaan the production stripping activity, but are not
dengan aktivitas pengupasan lapisan tanah, necessary for the production stripping activity to
namun operasi tersebut tidak harus ada untuk continue as planned, these costs are not
melanjutkan aktivitas pengupasan lapisan tanah included in the cost of the stripping activity
sebagaimana direncanakan, biaya operasi asset.
tersebut tidak dimasukkan sebagai biaya
perolehan aset pengupasan lapisan tanah.
29



q. Biaya pengupasan lapisan tanah (lanjutan) q. Stripping costs (continued)
Ketika biaya perolehan persediaan dan aset If the costs of the inventory produced and the
aktivitas pengupasan lapisan tanah yang stripping activity asset are not separately
diproduksi tidak dapat diidentifikasikan secara identifiable, a relevant production measure is
terpisah, dasar alokasi berdasarkan ukuran used to allocate the production stripping costs
produksi yang relevan digunakan untuk between the inventory produced and the
mengalokasikan biaya pengupasan lapisan stripping activity asset. This production measure
tanah antara persediaan yang diproduksi dan is calculated for the identified component of the
aset aktivitas pengupasan lapisan tanah. Ukuran coal and is used as a benchmark to identify the
produksi tersebut dihitung untuk komponen extent to which the additional activity of creating
badan batubara yang teridentifikasi, dan a future benefit has taken place. The Group
digunakan sebagai patokan untuk uses the expected volume of waste extracted
mengidentifikasi sejauh mana aktivitas tambahan compared with the actual volume for a given
yang menciptakan manfaat di masa depan telah volume of coal production of each component.
terjadi. Kelompok Usaha menggunakan
perkiraan volume limbah yang diperoleh
dibandingkan dengan volume aktual produksi
batu bara untuk masing-masing komponen.
Aset aktivitas pengupasan lapisan tanah The stripping activity asset is accounted for as
diperhitungkan sebagai penambahan kepada, atau an addition to, or an enhancement of, an
peningkatan dari suatu aset, yaitu aset tambang, existing asset, being the mine asset, and is
dan disajikan sebagai Aset pertambangan pada presented as part of ’Mine properties’ in the
laporan posisi keuangan konsolidasian. Hal ini consolidated statement of financial position.
merupakan bagian dari jumlah investasi pada This forms part of the total investment in the
suatu unit penghasil kas, yang ditelaah untuk relevant cash generating units, which are
penurunan nilai jika kejadian atau perubahan reviewed for impairment if events or changes of
keadaan mengindikasikan bahwa nilai tercatatnya circumstances indicate that the carrying value
mungkin tidak terpulihkan. may not be recoverable.
Aset aktivitas pengupasan lapisan tanah The stripping activity asset is subsequently
diamortisasi menggunakan metode unit produksi, amortized using the units of production method
selama umur manfaat ekspektasian dari over the life of the identified component of the
komponen badan batu bara yang teridentifikasi coal body that became more accessible as a
yang menjadi lebih mudah diakses sebagai hasil result of the stripping activity. Economically
dari aktivitas pengupasan lapisan tanah. recoverable reserves, which comprise proven
Cadangan yang dapat dipulihkan secara and probable reserves, are used to determine
ekonomis, terdiri dari cadangan proven dan the expected useful life of the identified
probable, digunakan untuk menentukan umur component of the coal body. The stripping
manfaat dari komponen batu bara identifikasian. activity asset is then carried at cost less
Aset aktivitas pengupasan lapisan tanah di catat accumulated amortization and any impairment
sebesar harga perolehan dikurangi akumulasi losses.
amortisasi dan rugi penurunan nilai.
30



r. Liabilitas imbalan kerja r. Employee benefit liabilities
Imbalan kerja jangka pendek Short - term employee benefits
Imbalan kerja jangka pendek adalah imbalan Short - term employee benefits are employee
kerja yang jatuh tempo dalam jangka waktu dua benefits which are due for payment within
belas bulan setelah akhir tahun pelaporan dan twelve months after the reporting year and
diakui pada saat pekerja telah memberikan jasa recognized when the employees have
kerjanya. rendered this related service.
Imbalan kerja jangka panjang Long - term employee benefits
Perhitungan estimasi liabilitas untuk imbalan The calculation of estimated liability for
kerja yang memenuhi kriteria sebagai imbalan employment benefits which meet the criteria
manfaat pasti ditentukan dengan menggunakan as defined benefit is determined using the
metode aktuarial Projected Unit Credit. Projected Unit Credit Actuarial Method.
Keuntungan atau kerugian aktuarial diakui Actuarial gains or losses are recognized as
sebagai pendapatan atau beban apabila income or expense when the net cumulative
akumulasi keuntungan atau kerugian aktuarial unrecognized actuarial gains or losses at the
neto yang belum diakui pada akhir tahun end of the previous reporting year exceed 10%
pelaporan sebelumnya melebihi 10% dari nilai of the present value of defined benefit obligation
kini liabilitas imbalan pasti pada tanggal tersebut. at that date. These gains or losses are
Keuntungan atau kerugian ini diakui atas dasar recognized on a straight-line method over the
metode garis lurus selama perkiraan rata-rata expected average remaining service years of
sisa masa kerja karyawan. the employees.
Biaya jasa kini diakui sebagai beban tahun Current service cost is expensed in the current
berjalan. Biaya jasa lalu dibebankan langsung year. Past service costs are recognized
pada laporan laba rugi komprehensif immediately in the consolidated statements of
konsolidasian, kecuali bila perubahan terhadap comprehensive income, unless the changes to
manfaat tergantung pada status kepegawaian the benefit are conditional on the employees
pekerja di masa yang akan datang (periode remaining in service for a specified period of
vesting). Dalam hal ini, biaya jasa lalu time (the vesting period). In this case, past
diamortisasikan secara garis lurus sepanjang service costs are amortized on a straight-line
periode vesting. method over the vesting period.
s. Pengakuan pendapatan dan beban s. Revenue and expense recognition

Pendapatan dari penjualan Revenue from sale
Pendapatan dari penjualan diakui pada saat Revenue from sales is recognized when the
terjadi pemindahan risiko kepada pelanggan, dan risk has been transferred to the customers,
and
• Besar kemungkinan manfaat ekonomi yang • It is probable that economic benefits
terkait dengan transaksi tersebut akan associated with the transaction will flow to
mengalir ke Kelompok Usaha; the Group;
• Kuantitas dan kualitas dari produk dapat • The quantity and quality of the product can
ditentukan secara wajar dan akurat; be determined with reasonable and
accuracy;
• Barang sudah dikirim kepada pelanggan dan • The product has been dispatched to the
tidak lagi berada dalam pengendalian fisik customer and is no longer under the
Kelompok Usaha (atau kepemilikan atas physical control of the Group (or ownership
produk diserahkan kepada pelanggan); dan of the product has earlier passed to the
customer); and
• Harga jual dan biaya terkait dapat diukur • The selling price and related costs can be
secara andal. determined with reasonable accuracy.
31



s. Pengakuan pendapatan dan beban (lanjutan) s. Revenue and expense recognition

(continued)
Pendapatan bunga Interest income
Untuk semua instrumen keuangan yang diukur For all financial instruments measured at
pada biaya perolehan diamortisasi, pendapatan amortized cost, interest income or expense is
atau biaya bunga dicatat dengan menggunakan recorded using the Effective Interest Rate
metode Suku Bunga Efektif (“SBE”), yaitu suku (“EIR”), which is the rate that exactly discounts
bunga yang secara tepat mendiskontokan estimasi the estimated future cash payments or receipts
pembayaran atau penerimaan kas di masa datang through the expected life of the financial
selama perkiraan umur dari instrumen keuangan, instrument or a shorter period, where
atau jika lebih tepat, digunakan periode yang lebih appropriate, to the net carrying amount of the
singkat, terhadap nilai tercatat neto dari aset financial asset or liability.
keuangan atau liabilitas keuangan.
Beban diakui pada saat terjadinya dengan basis Expenses are recognized as incurred on the
akrual. accrual basis.
t. Perpajakan t. Taxation
Pajak kini Current tax
Aset dan liabilitas pajak kini untuk tahun berjalan Current income tax assets and liabilities for the
dan lalu diukur sebesar jumlah yang diharapkan current and prior year are measured at the
dapat direstitusi dari atau dibayarkan kepada amount expected to be recovered from or paid to
otoritas perpajakan. Tarif pajak dan peraturan the tax authority. The tax rates and tax laws used
pajak yang digunakan untuk menghitung jumlah to compute the amount are those that have been
tersebut adalah yang telah berlaku atau secara enacted or substantively enacted at the reporting
substantif telah berlaku pada tanggal pelaporan. dates.
Penghasilan kena pajak berbeda dengan laba Taxable profit differs from profit as reported in the
yang dilaporkan dalam laba rugi karena profit or loss because it excludes items of income
penghasilan kena pajak tidak termasuk bagian or expense that are taxable or deductible in other
dari pendapatan atau beban yang dikenakan years and it further excludes items that are never
pajak atau dikurangkan di tahun-tahun yang taxable or deductible.
berbeda, dan juga tidak termasuk bagian-bagian
yang tidak dikenakan pajak atau tidak dapat
dikurangkan.
Koreksi terhadap liabilitas perpajakan dicatat Amendments to taxation obligations are recorded
saat surat ketetapan pajak diterima atau apabila when an assessment is received or if appealed
dilakukan banding, ketika hasil banding sudah against, when the results of the appeal are
diputuskan. determined.
Kekurangan/kelebihan pembayaran pajak The underpayment/overpayment of income tax is

penghasilan disajikan sebagai bagian dari “Beban presented as part of “Tax Expense - Current” in the
Pajak Kini” dalam laporan laba rugi komprehensif consolidated statement of comprehensive income.
konsolidasian. Kelompok Usaha juga menyajikan The Group also presented interest/penalty, if any,
bunga/denda, jika ada, sebagai bagian dari “Beban as part of “Tax Expenses - Current”.
Pajak Kini”.
32



t. Perpajakan (lanjutan) t. Taxation (continued)

Pajak tangguhan Deferred tax
Pajak tangguhan diakui dengan menggunakan Deferred tax is provided using the liability method
metode liabilitas atas perbedaan temporer pada on temporary differences at the reporting date
tanggal pelaporan antara dasar pengenaan between the tax bases of assets and liabilities
pajak aset dan liabilitas dan jumlah tercatatnya and their carrying amounts for financial reporting
untuk tujuan pelaporan keuangan pada tanggal purposes at the reporting date.
pelaporan.
Liabilitas pajak tangguhan diakui untuk semua Deferred tax liabilities are recognized for all
perbedaan temporer yang kena pajak dan aset taxable temporary differences and deferred tax
pajak tangguhan diakui untuk perbedaan assets are recognized for deductible temporary
temporer yang boleh dikurangkan dan rugi fiskal differences and unused tax losses to the extent
yang belum terpakai, sepanjang besar that it is probable that taxable income will be
kemungkinan besar laba kena pajak akan available in future years against which the
tersedia sehingga perbedaan temporer yang deductible temporary differences and unused tax
boleh dikurangkan dan rugi fiskal yang belum losses can be utilized.
terpakai tersebut dapat dimanfaatkan.
Aset pajak tangguhan diakui untuk seluruh Deferred tax assets are recognized for all
perbedaan temporer yang boleh dikurangkan deductible temporary differences and carry
dan akumulasi rugi pajak yang belum forward of unused tax losses to the extent that it
dikompensasikan, bila kemungkinan besar laba is probable that taxable profits will be available
kena pajak akan tersedia sehingga perbedaan against which the deductible temporary
temporer dapat dikurangkan tersebut dan rugi differences and carry forward of unused tax
pajak belum dikompensasikan tersebut dapat losses can be utilized.
dimanfaatkan.
Liabilitas pajak tangguhan dan aset pajak Deferred tax liabilities and assets (provided
tangguhan (jika memenuhi kriteria) diakui atas fulfilling recognition criteria) are recognized in
perbedaan temporer kena pajak terkait dengan respect of taxable temporary differences
investasi pada entitas anak, kecuali yang waktu associated with investments in subsidiaries,
pembalikannya dapat dikendalikan dan except where the timing of the reversal of the
kemungkinan besar perbedaan temporer temporary differences can be controlled and it is
tersebut tidak akan dibalik di masa depan yang probable that the temporary differences will not
dapat diperkirakan. reverse in the foreseeable future.
Jumlah tercatat aset pajak tangguhan ditelaah The carrying amount of deferred tax assets is
pada setiap tanggal pelaporan dan nilai tercatat reviewed at each reporting date and reduced to
aset pajak tangguhan tersebut diturunkan the extent that it is no longer probable that
apabila laba kena pajak mungkin tidak memadai sufficient taxable income will be available to
untuk mengkompensasi sebagian atau semua allow all or part of the benefit of the deferred tax
manfaat aset pajak tangguhan. Aset pajak assets to be utilized. Unrecognized deferred tax
tangguhan yang belum diakui sebelumnya assets are reassessed at each reporting date
ditelaah pada setiap tanggal pelaporan dan and are recognized to the extent that it has
diakui sepanjang laba kena pajak yang akan become probable that future taxable income will
datang kemungkinan besar akan tersedia untuk allow the deferred tax assets to be recovered.
dipulihkan.
Aset dan liabilitas pajak tangguhan diukur Deferred tax assets and liabilities are measured
berdasarkan tarif pajak yang diharapkan akan at the tax rates that are expected to apply to the
dipakai pada tahun saat aset direalisasikan atau year when the asset is realized or the liability is
liabilitas diselesaikan berdasarkan tarif pajak dan settled based on the tax rates and tax laws that
peraturan perpajakan yang berlaku atau yang have been enacted or substantively enacted as
telah secara substantif berlaku pada tanggal at the reporting date.
pelaporan.
33



t. Perpajakan (lanjutan) t. Taxation (continued)
Pajak tangguhan (lanjutan) Deferred tax (continued)
Perubahan nilai tercatat aset dan liabilitas pajak Changes in the carrying amount of deferred tax
tangguhan yang disebabkan perubahan tarif assets and liabilities due to a change in tax rates
pajak dibebankan pada tahun berjalan, kecuali are charged to current year operations, except
untuk transaksi-transaksi yang sebelumnya telah to the extent that they relate to items previously
langsung dibebankan atau dikreditkan ke charged or credited to equity.
ekuitas.
Pajak tangguhan sehubungan dengan bagian Deferred tax relating to items recognized outside
yang diakui di luar laba atau rugi diakui di luar of profit or loss is recognized outside profit or
laba atau rugi. Pajak tangguhan tersebut diakui loss. Deferred tax items are recognized in
berkaitan dengan transaksi baik yang ada di correlation to the underlying transaction either in
pendapatan komprehensif lainnya atau langsung other comprehensive income or directly in
dibebankan ke ekuitas. equity.
Aset pajak tangguhan dan liabilitas pajak Deferred tax assets and deferred tax liabilities
tangguhan disaling-hapuskan jika terdapat hak are offset when a legally enforceable right exists
secara hukum untuk melakukan saling hapus to offset current tax assets against current tax
atas aset pajak kini terhadap liabilitas pajak kini liabilities, or the deferred tax assets and
atau aset dan liabilitas pajak tangguhan pada deferred tax liabilities relate to the same taxable
entitas yang sama, atau kelompok usaha yang entity, or the group intends to settle its current
bermaksud untuk menyelesaikan aset dan assets and liabilities on a net basis.
liabilitas lancar berdasarkan jumlah neto.
u. Instrumen keuangan u. Financial instruments
1. Aset Keuangan 1. Financial assets
Aset keuangan dalam ruang lingkup PSAK Financial assets within the scope of PSAK
No. 55 (Revisi 2011) diklasifikasikan sebagai No. 55 (Revised 2011) are classified as (i)
(i) aset keuangan yang diukur pada nilai financial assets at fair value through profit or
wajar melalui laba rugi, (ii) pinjaman yang loss, (ii) loans and receivables, (iii) held-to-
diberikan dan piutang, (iii) investasi dimiliki maturity investments, (iv) available-for-sale
hingga jatuh tempo, (iv) aset keuangan financial assets, or (v) as derivatives
tersedia untuk dijual, atau (v) sebagai designated as hedging financial instruments
derivatif yang ditetapkan sebagai instrumen in an effective hedge, as appropriate.
lindung nilai dalam lindung nilai yang efektif. Management determines the classification of
Manajemen menentukan klasifikasi aset its financial assets at initial recognition and,
keuangan tersebut pada pengakuan awal where allowed and appropriate, re-evaluate
dan, jika diperbolehkan dan sesuai, akan the designation of such assets at the end of
mengevaluasi kembali pengklasifikasian aset reporting years.
tersebut pada setiap akhir tahun pelaporan.
Kelompok Usaha tidak memiliki aset The Group has no financial asset other than
keuangan selain aset keuangan yang those classified as loans, receivables and
diklasifikasikan sebagai pinjaman yang and derivative receivables (Note 39).
diberikan, piutang dan piutang derivatif
(Catatan 39).
34



u. Instrumen keuangan (lanjutan) u. Financial instruments (continued)
1. Aset Keuangan (lanjutan) 1. Financial assets (continued)
Pengakuan awal Initial recognition
Pada saat pengakuan awal, aset keuangan When financial assets are recognized
diukur pada nilai wajarnya. Dalam hal aset initially, they are measured at fair value. In
keuangan tidak diukur pada nilai wajar melalui the case of financial assets not measured at
laba rugi, nilai wajar tersebut ditambah biaya fair value through profit or loss, the fair value
transaksi yang dapat diatribusikan secara plus transaction costs that are directly
langsung dengan perolehan atau penerbitan attributable to the acquisition or issuance of
aset keuangan tersebut. these financial assets.
Pengukuran setelah pengakuan awal Subsequent measurement
Pengukuran aset keuangan setelah The subsequent measurement of financial
pengakuan awal tergantung pada klasifikasi assets depends on their classification, which
aset keuangan tersebut sebagai berikut: are as follows:
Pinjaman yang diberikan dan piutang adalah Loans and receivables are non-derivative
aset keuangan non-derivatif dengan financial assets with fixed or predetermined
pembayaran tetap atau telah ditentukan, yang payments that are not quoted in an active
tidak mempunyai kuotasi di pasar aktif. Aset market. These financial assets are measured
keuangan tersebut diukur sebesar biaya at amortized cost using the EIR method.
perolehan diamortisasi (amortized cost)
dengan menggunakan metode SBE.
Keuntungan dan kerugian diakui dalam Gains and losses are recognized in the
laporan laba rugi komprehensif konsolidasian consolidated statements of comprehensive
pada saat pinjaman yang diberikan dan income when the loans and receivables are
piutang dihentikan pengakuannya atau derecognized or impaired, as well as through
mengalami penurunan nilai, demikian juga the amortization process.
pada melalui proses amortisasi.
2. Liabilitas Keuangan 2. Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai (i) Financial liabilities are classified as (i)
liabilitas keuangan yang diukur pada nilai financial liabilities at fair value through profit
wajar melalui laba rugi, (ii) pinjaman dan or loss, (ii) loans and borrowings, or (iii)
utang, atau (iii) derivatif yang ditetapkan derivatives that are designated as hedging
sebagai instrumen lindung nilai dalam lindung instruments in an effective hedge, as
nilai yang efektif. Manajemen menentukan appropriate. Management determines the
klasifikasi liabilitas keuangan pada saat classification of its financial liabilities at initial
pengakuan awal. recognition.
Kelompok Usaha tidak memiliki liabilitas The Group has no financial liabilities other
keuangan selain liabilitas keuangan yang than those classified as loans, borrowings
diklasifikasikan sebagai pinjaman, utang dan and derivative payables (Note 39).
utang derivatif (Catatan 39).
Pengakuan awal Initial recognition
Liabilitas keuangan diakui pada awalnya Financial liabilities are recognized initially at
sebesar nilai wajar dan, dalam hal pinjaman fair value and, in terms of loans and debt,
dan utang, termasuk biaya transaksi yang including directly attributable transaction
dapat diatribusikan secara langsung. costs.
Pengukuran setelah pengakuan awal Subsequent measurement
Pinjaman dan utang selanjutnya diukur pada Loans and borrowings are subsequently
biaya perolehan diamortisasi dengan measured at amortized cost using the EIR
menggunakan metode SBE. method.
35



2. Liabilitas Keuangan (lanjutan) 2. Financial liabilities (continued)
Pengukuran setelah pengakuan awal Subsequent measurement (continued)

(lanjutan)
Keuntungan dan kerugian diakui dalam Gains and losses are recognized in the
laporan laba rugi komprehensif konsolidasian consolidated statements of comprehensive
pada saat liabilitas dihentikan pengakuannya income when the liabilities are derecognized
serta melalui proses amortisasi. as well as through the amortization process.
3. Saling hapus dari instrumen keuangan 3. Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan saling Financial assets and financial liabilities are
hapus dan nilai netonya disajikan dalam laporan offset and the net amount reported in the
posisi keuangan konsolidasian jika, dan hanya consolidated statements of financial position if,
jika, Kelompok Usaha saat ini memiliki hak yang and only if, the Group currently has the rights
berkekuatan hukum untuk melakukan saling of legal force to offset recognized amount and
hapus atas jumlah yang telah diakui dan berniat there is an intention to settle on a net basis, or
untuk menyelesaikan secara neto, atau untuk to realize the asset and settle the liabilities
merealisasikan aset dan menyelesaikan simultaneously.
liabilitasnya secara bersamaan.
4. Nilai wajar instrumen keuangan 4. The fair value of financial instruments
Nilai wajar instrumen keuangan yang The fair value of financial instruments that are
diperdagangkan secara aktif di pasar keuangan actively traded in organized financial markets is
yang terorganisasi ditentukan dengan mengacu determined by reference to quoted bid prices or
pada kuotasi harga penawaran atau permintaan demand in active markets at the close of
(bid or ask prices) di pasar aktif pada business at the end of reporting period. For
penutupan perdagangan pada akhir periode financial instruments that have no active
pelaporan. Untuk instrumen keuangan yang market, fair value is determined using valuation
tidak memiliki pasar aktif, nilai wajar ditentukan techniques. Such valuation techniques may
dengan menggunakan teknik penilaian. Teknik include the use of the latest market
penilaian mencakup penggunaan transaksi transactions conducted properly by the parties
pasar terkini yang dilakukan secara wajar oleh that desire and understand (recent arm's length
pihak-pihak yang berkeinginan dan memahami market transactions); the use of the current fair
(recent arm’s length market transactions);
value of another instrument which is
penggunaan nilai wajar terkini instrumen lain
substantially the same, discounted cash flow
yang secara substansial sama; analisa arus kas
analysis, or other valuation models.
yang didiskonto; atau model penilaian lain.
5. Biaya perolehan diamortisasi instrumen 5. Amortized cost of financial instruments

keuangan
Biaya perolehan diamortisasi dihitung dengan Amortized cost is computed using the effective
menggunakan metode suku bunga efektif interest rate method less any allowance for
dikurangi dengan penyisihan atas penurunan impairment and repayment of principal or
nilai dan pembayaran pokok atau nilai yang uncollectible amount. The calculation takes
tidak dapat ditagih. Perhitungan tersebut into account any premium or discount on
mempertimbangkan premium atau diskonto acquisition and includes transaction costs and
pada saat perolehan dan termasuk biaya fees that are integral part of the effective
transaksi dan biaya yang merupakan bagian interest rate.
yang tak terpisahkan dari suku bunga efektif.
36



6. Penurunan nilai aset keuangan 6. Impairment of financial assets
Pada setiap akhir tahun pelaporan, At the end of reporting years, management
manajemen mengevaluasi apakah terdapat assesses whether there is objective evidence
bukti yang objektif bahwa aset keuangan atau that a financial asset or group of financial
kelompok aset keuangan mengalami assets is impaired.
penurunan nilai.
Untuk pinjaman yang diberikan dan piutang For loans and receivables carried at amortized
yang dicatat pada biaya perolehan cost, management first assesses whether
diamortisasi, manajemen pertama kali objective evidence of impairment exists
menentukan apakah terdapat bukti objektif individually for financial assets that are
mengenai penurunan nilai secara individual individually significant, or collectively for
atas aset keuangan yang signifikan secara financial assets that are not individually
individual, atau secara kolektif untuk aset significant.
keuangan yang jumlahnya tidak signifikan
secara individual.
Jika manajemen menentukan tidak terdapat If management determines that no objective

bukti objektif mengenai penurunan nilai atas evidence of impairment exists for an
aset keuangan yang dinilai secara individual, individually assessed financial asset, whether
terlepas aset keuangan tersebut signifikan atau significant or not, they include the asset in a
tidak, maka aset tersebut dimasukkan ke group of financial assets with similar credit risk
dalam kelompok aset keuangan yang memiliki characteristics and collectively assess them for
karakteristik risiko kredit yang sejenis dan impairment. Financial assets that are
menilai penurunan nilai kelompok tersebut individually assessed for impairment and for
secara kolektif. Aset keuangan yang which an impairment loss is, or continues to be
penurunan nilainya dinilai secara individual, recognized, are not included in a collective
dan untuk itu kerugian penurunan nilai diakui assessment of impairment.
atau tetap diakui, tidak termasuk dalam
penilaian penurunan nilai secara kolektif.
Jika terdapat bukti objektif bahwa kerugian If there is objective evidence that an
penurunan nilai telah terjadi, jumlah kerugian impairment loss has occurred, the amount of
tersebut diukur sebagai selisih antara nilai the loss is measured as the difference between
tercatat aset dengan nilai kini estimasi arus kas the carrying value of assets and the present
masa datang (tidak termasuk ekspektasi value of estimated future cash flows (excluding
kerugian kredit masa datang yang belum future expected credit losses that have not yet
terjadi). Nilai kini estimasi arus kas masa been incurred). The present value of the
datang didiskonto menggunakan suku bunga estimated future cash flows is discounted at
efektif awal dari aset keuangan tersebut. Jika the financial asset’s original effective interest
pinjaman yang diberikan dan piutang memiliki rate. If a loan and receivable has a variable
suku bunga variabel, tingkat diskonto untuk interest rate, the discount rate for measuring
mengukur setiap kerugian penurunan nilai impairment loss is the current effective interest
adalah suku bunga efektif terkini. rate.
37



6. Penurunan nilai aset keuangan (lanjutan) 6. Impairment of financial assets (continued)
Nilai tercatat aset keuangan yang berkurang The carrying amount of the financial asset is
melalui penggunaan akun penyisihan dan reduced through the use of an allowance
jumlah kerugian diakui dalam laporan laba rugi account and the amount of the loss is
komprehensif konsolidasian. Pendapatan recognized in the consolidated statements of
bunga tetap diakui berdasarkan nilai tercatat comprehensive income. Interest income
yang telah dikurangi, berdasarkan suku bunga continues to be accrued on the reduced
efektif aset tersebut. Pinjaman yang diberikan carrying amount based on the original effective
dan piutang, bersama-sama dengan interest rate of the asset. Loans and
penyisihan terkait, akan dihapuskan pada saat receivables, together with the associated
tidak terdapat kemungkinan pemulihan di masa allowance, are written off when there is no
depan yang realistis dan semua jaminan telah realistic prospect of future recovery and all
terealisasi atau telah dialihkan kepada collateral has been realized or has been
Kelompok Usaha. Jika pada periode transferred to the Group. If, in a subsequent
berikutnya, jumlah estimasi kerugian
period, the amount of the estimated
penurunan nilai bertambah atau berkurang
impairment loss increases or decreases
karena suatu peristiwa yang terjadi setelah
because of an event occurring after the
penurunan nilai tersebut diakui, maka kerugian
impairment was recognized, the previously
penurunan nilai yang sebelumnya diakui
ditambah atau dikurangi dengan recognized impairment loss is increased or
menyesuaikan akun penyisihan. Jika reduced by adjusting the allowance account. If
penghapusan kemudian dipulihkan, maka a future write-off is later recovered, the
pemulihan tersebut diakui dalam laporan laba recovery is recognized in the consolidated
rugi komprehensif konsolidasian. statements of comprehensive income.
7. Penghentian pengakuan aset dan liabilitas 7. Derecognition of financial assets and

keuangan liabilities
Aset keuangan Financial assets
Aset keuangan (atau apabila dapat A financial asset (or where applicable, a part of
diterapkan, bagian dari aset keuangan atau a financial asset or part of a group of similar
bagian dari kelompok aset keuangan serupa) financial assets) is derecognized when: (1) the
dihentikan pengakuannya pada saat: (1) hak rights to receive cash flows from the asset have
untuk menerima arus kas yang berasal dari expired; or (2) the Group has transferred its
aset tersebut telah berakhir; atau (2) rights to receive cash flows from the asset or
Kelompok Usaha telah mentransfer hak have assumed an obligation to pay the
mereka untuk menerima arus kas yang received cash flows in full without material
berasal dari aset atau berkewajiban untuk delay to a third party under a “pass-through”
membayar arus kas yang diterima secara arrangement; and either (a) the Group has
penuh tanpa penundaan material kepada transferred substantially all the risks and
pihak ketiga dalam perjanjian yang memenuhi rewards of the asset, or (b) the Group has
“pass-through”; dan (a) Kelompok Usaha telah neither transferred nor retained substantially all
secara substansial mentransfer seluruh risiko the risks and rewards of the asset, but has
dan manfaat dari aset, atau (b) Kelompok transferred control of the asset.
Usaha secara substansial tidak mentransfer
atau tidak memiliki seluruh risiko dan manfaat
suatu aset, namun telah mentransfer kendali
atas aset tersebut.
38



7. Penghentian pengakuan aset dan liabilitas 7. Derecognition of financial assets and

keuangan (lanjutan) liabilities (continued)
Liabilitas keuangan Financial liabilities
Liabilitas keuangan dihentikan pengakuannya A financial liability is derecognized when the

pada saat liabilitas tersebut dihentikan atau related obligation is discharged or cancelled
dibatalkan atau kadaluwarsa. or has expired.
Ketika sebuah liabilitas keuangan ditukar When an existing financial liability is replaced
dengan liabilitas keuangan lain dari pemberi by another from the same lender on
pinjaman yang sama atas persyaratan yang substantially different terms, or the terms of
secara substansial berbeda, atau bila an existing liability are substantially modified,
persyaratan dari liabilitas keuangan tersebut such an exchange or modification is treated
secara substansial dimodifikasi, pertukaran as a derecognition of the original liability and
atau modifikasi persyaratan tersebut dicatat the recognition of a new liability, and the
sebagai penghentian pengakuan liabilitas difference in the respective carrying amounts
keuangan awal dan pengakuan liabilitas is recognized in the consolidated statements
keuangan baru, dan selisih antara nilai of comprehensive income.
tercatat masing-masing liabilitas keuangan
tersebut diakui dalam laporan laba rugi
komprehensif konsolidasian.
8. Akuntansi lindung nilai 8. Hedge accounting
Akuntansi untuk perubahan nilai wajar suatu The accounting for changes in the fair value
instrumen derivatif bergantung pada apakah of a derivative instrument depends on
instrumen derivatif tersebut ditujukan untuk whether it has been designated and qualifies
dan memenuhi kriteria sebagai lindung nilai, as part of a hedging and further, on the type
serta jenis hubungan lindung nilai of hedging relationship.
Untuk instrumen derivatif yang memenuhi For derivative instruments that are
persyaratan akuntansi lindung nilai, designated and qualify as a hedging
Kelompok Usaha harus menetapkan jenis instrument, the Group must designate the
lindung nilai atas instrumen tersebut, apakah hedging instrument as a fair value hedge or
sebagai lindung nilai atas nilai wajar atau cashflow hedge based on the exposure being
lindung nilai arus kas, sesuai dengan hedged. The Group formally documents all
eksposur yang dilindung nilai. Kelompok relationship between hedging instruments
Usaha secara formal mendokumentasikan and hedged items, as well as its risk
seluruh hubungan antara instrumen lindung management objectives and strategies for
nilai dan transaksi yang dilindung nilai, undertaking various transactions. Both at
termasuk tujuan dan strategi manajemen inception and at least quarterly thereafter, the
risiko untuk melakukan berbagai transaksi Group formally assesses whether the
tersebut. Pada saat pengakuan awal dan derivatives that are used in hedging
sekurang-kurangnya setiap triwulan, transactions are highly effective in offsetting
Kelompok Usaha secara formal menelaah changes in either the fair value or cashflows
kembali apakah derivatif yang digunakan of the hedged item. If a derivative ceases to
dalam transaksi lindung nilai terjadi saling be a highly effective hedge, the Group
hapus yang sangat efektif dengan perubahan discontinues hedge accounting prospectively.
dalam nilai wajar atas arus kas dari transaksi
yang dilindung nilai. Jika tidak terjadi saling
hapus dengan sangat efektif, maka
Kelompok Usaha menghentikan akuntansi
lindung nilai secara prospektif.
39



8. Akuntansi lindung nilai (lanjutan) 8. Hedge accounting (continued)
Untuk lindung nilai arus kas, bagian efektif For cash flow hedges, the effective portion of
perubahan nilai wajar atas instrumen derivatif changes in the fair value of the derivatives
dicatat sebagai laba atau rugi belum instruments are recorded as unrealized gain
direalisasi atas perubahan nilai wajar or loss from change in fair value of cash flow
instrumen derivatif untuk tujuan lindung nilai hedges derivative instruments in equity, and
arus kas pada ekuitas, dan diakui dalam laba are recognized in profit or loss when the
rugi pada saat transaksi yang dilindung nilai related hedged items affect income. Any
tersebut mempengaruhi laba. Bagian yang portion considered to be ineffective including
tidak efektif, termasuk bagian yang timbul that arising from the unlikelihood of an
dari kemungkinan bahwa transaksi yang anticipated transaction to occur, is recognized
diperkirakan tidak akan terjadi, diakui segera immediately in profit or loss.
dalam laba rugi.
Untuk instrumen derivatif yang tidak For derivative instruments which do not
memenuhi persyaratan akuntansi lindung qualify for hedge accounting or which are not
nilai atau tidak ditetapkan untuk tujuan designated as hedges, changes in fair value
lindung nilai, perubahan nilai wajar atas of the derivative instruments are recognized
instrumen derivatif diakui sebagai laba atau in profit or loss for the year.
rugi dalam laba rugi tahun berjalan.
v. Laba per saham dasar v. Earnings per share

Laba per saham dasar dihitung dengan membagi Basic earnings per share is calculated by
laba tahun berjalan yang dapat diatribusikan dividing profit for the year attributable to equity
kepada pemilik entitas induk dengan jumlah rata- holders of the parent entity by the weighted-
rata tertimbang saham yang beredar dalam satu average number of shares outstanding during
tahun. the year
w. Segmen Operasi w. Operation Segment

Segmen operasi dilaporkan dengan cara yang Operating segments are reported in a manner
konsisten dengan pelaporan internal yang consistent with the internal reporting provided to
diberikan kepada pengambil keputusan the chief operating decision-maker. The
operasional. Direksi merupakan pengambil Directors are operating decision-maker who is
keputusan operasional yang bertanggung jawab responsible for allocating resources and
untuk mengalokasikan sumber daya dan menilai assessing performance of the operating
kinerja segmen operasi dan membuat keputusan segments and making strategic decision.
strategis.
x. Biaya Penerbitan Emisi Efek Ekuitas x. Stock Issuance Costs
Biaya emisi efek ekuitas disajikan sebagai Stock issuance costs are presented as
pengurang “Modal Disetor Lainnya” sebagai deduction from “Other Paid-in Capital” in the
bagian dari ekuitas pada laporan posisi equity section in the consolidated statements of
keuangan konsolidasian. financial position.
y. Kapitalisasi Biaya Pinjaman y. Capitalization of Borrowing Costs
Biaya pinjaman yang dapat diatribusikan Borrowing costs that are directly attributable to
langsung dengan perolehan, pembangunan the acquisition, construction and production of a
atau pembuatan aset kualifikasian dikapitalisasi qualifying asset are capitalized as part of the
sebagai bagian biaya perolehan aset tersebut. cost of the related assets. Otherwise, borrowing
Biaya pinjaman lainnya diakui sebagai beban costs are recognized as expenses when
pada saat terjadi. Biaya pinjaman terdiri dari incurred. Borrowing costs consist of interests
biaya bunga dan biaya lain yang ditanggung and other financing charges that the Group
oleh Kelompok Usaha sehubungan dengan incurs in connection with the borrowing of funds.
peminjaman dana.
40



y. Kapitalisasi Biaya Pinjaman (lanjutan) y. Capitalization of Borrowing Costs
(continued)
Kapitalisasi biaya pinjaman dimulai pada saat Capitalization of borrowing costs commences
aktivitas yang diperlukan untuk mempersiapkan when the activities to prepare the qualifying
aset agar dapat digunakan sesuai dengan asset for its intended use are in progress and
maksudnya, dan pengeluaran untuk aset the expenditures for the qualifying asset and
kualifikasian dan biaya pinjamannya telah the borrowing costs have been incurred.
terjadi. Kapitalisasi biaya pinjaman dihentikan Capitalization of borrowing costs ceases when
pada saat selesainya secara substansi seluruh substantially all the activities necessary to
aktivitas yang diperlukan untuk mempersiapkan prepare the qualifying assets are completed
aset kualifikasian agar dapat digunakan sesuai for their intended use.
dengan maksudnya.
z. Standar Akuntansi Keuangan (“SAK”) yang z. Financial Accounting Standards (“SAK”) that
telah Diterbitkan namun belum Berlaku Efektif have been Issued but not yet Effective
Berikut ini adalah beberapa SAK yang telah The following are several published SAK by the
diterbitkan oleh Dewan Standar Akuntansi Indonesian Financial Accounting Standards
Keuangan Ikatan Akuntan Indonesia yang Board of the Indonesia Institute of Accountants
namun baru berlaku efektif pada atau setelah but will only be effective on or after January 1,
tanggal 1 Januari 2015: 2015:
• PSAK No. 1 (2013): Penyajian Laporan • PSAK No. 1 (2013): Presentation of Financial
Keuangan, yang diadopsi dari IAS 1, berlaku Statements, adopted from IAS 1, effective
efektif 1 Januari 2015. January 1, 2015.
PSAK ini mengubah penyajian kelompok This PSAK changes the grouping of items
pos-pos dalam Penghasilan Komprehensif presented in Other Comprehensive Income.
Lain. Pos-pos yang akan direklasifikasi ke Items that could be reclassified to profit or
laba rugi disajikan terpisah dari pos-pos loss would be presented separately from
yang tidak akan direklasifikasi ke laba rugi. items that will never be reclassified.
• PSAK No. 4 (2013): Laporan Keuangan • PSAK No. 4 (2013): Separate Financial
Tersendiri, yang diadopsi dari IAS 27, Statements, adopted from IAS 27, effective
berlaku efektif 1 Januari 2015. January 1, 2015.
PSAK ini hanya mengatur persyaratan This PSAK prescribes only the accounting
akuntansi ketika entitas induk menyajikan requirements when a parent entity prepares
laporan keuangan tersendiri sebagai separate financial statements as additional
informasi tambahan. Pengaturan akuntansi information. Accounting for consolidated
untuk laporan keuangan konsolidasian diatur financial statements is determined in PSAK
dalam PSAK No. 65. No. 65.
• PSAK No. 15 (2013): Investasi pada Entitas • PSAK No. 15 (2013): Investments in
Asosiasi dan Ventura Bersama, yang Associates and Joint Ventures, adopted from
diadopsi dari IAS 28, berlaku efektif IAS 28, effective January 1, 2015.
1 Januari 2015.
PSAK ini mengatur penerapan metode This PSAK describes the application of the
ekuitas pada investasi ventura bersama dan equity method to investments in joint
juga entitas asosiasi. ventures in addition to associates.
• PSAK No. 24 (2013): Imbalan Kerja, yang • PSAK No. 24 (2013): Employee Benefits,
diadopsi dari IAS 19, berlaku efektif adopted from IAS 19, effective
1 Januari 2015. January 1, 2015.
PSAK ini, antara lain, menghapus This PSAK, among other, removes the
mekanisme koridor dan pengungkapan atas corridor mechanism and contingent liability
informasi liabilitas kontinjensi untuk disclosures to simple clarifications and
menyederhanakan klarifikasi dan disclosures.
pengungkapan.
41



z. Standar Akuntansi yang telah Diterbitkan z. Accounting Standards that have been
namun belum Berlaku Efektif (lanjutan) Published but not yet Effective (continued)
• PSAK No. 46 (2013): Pajak Penghasilan, • PSAK No. 46 (2013): Income Taxes,
berlaku efektif 1 Januari 2015. effective January 1, 2015.
PSAK revisi ini mengatur perlakuan akuntansi The revised PSAK prescribes the accounting
untuk pajak penghasilan. Isu utama dalam treatment for income taxes. The principal
perlakuan akuntansi untuk pajak penghasilan issues in accounting treatment for income
adalah bagaimana menghitung konsekuensi taxes are how to account for the current and
pajak kini dan masa depan untuk: (a) pemulihan future tax consequences of: (a) the future
(penyelesaian) masa depan jumlah tercatat aset recovery (settlement) of the carrying amount
(liabilitas) yang diakui dalam laporan posisi of assets (liabilities) recognized in an entity’s
keuangan entitas; dan (b) transaksi dan statement of financial position; and (b)
peristiwa lain pada periode berjalan yang diakui transactions and another events in the current
dalam laporan keuangan entitas. PSAK ini juga period which recognized in an entity’s financial
mengatur pengakuan aset pajak tangguhan statement. This PSAK also deals with the
yang timbul dari rugi pajak belum dikompensasi recognition of deferred tax assets arise from
atau kredit pajak belum dimanfaatkan, penyajian unused tax loss ot unused tax credits, the
pajak penghasilan dalam laporan keuangan, presentation of income taxes in the financial
dan pengungkapan informasi yang terkait statements and the disclosure of information
dengan pajak penghasilan. relating to income taxes.
• PSAK No. 48 (2014): Penurunan Nilai Aset, • PSAK No. 48 (2014): Impairment of Assets,
yang diadopsi dari IAS 36. PSAK ini adopted from IAS 36. This PSAK provides
memberikan tambahan persyaratan additional disclosure terms for each individual
pengungkapan untuk setiap asset individual asset (including goodwill) or a cash-
atau unit penghasil kas yang mana kerugian generating unit, for which an impairment loss
penurunan nilai telah diakui atau dibalik selama has been recognized or reversed during the
periode. period.
• PSAK No. 50 (2014): Instrumen Keuangan: • PSAK No. 50 (2014): Financial Instruments:
Penyajian, yang diadopsi dari IAS 32. PSAK ini Presentation, adopted from IAS 32. This
mengatur lebih dalam kriteria mengenai hak PSAK provides more deep about criteria on
yang dapat dipaksakan secara hukum untuk legally enforceable right to set off the
melakukan saling hapus atas jumlah yang telah recognized amounts and criterion to settle on
diakui dan kriteria penyelesaian secara neto. a net basis.
Pengakuan dan Pengukuran, yang diadopsi dari Recognition and Measurement, adopted from
IAS 39. PSAK ini, antara lain, menambah IAS 39. This PSAK, among other, provides
pengaturan kriteria instrumen lindung nilai yang additional provision for the criteria of not an
tidak dapat dianggap telah kedaluarsa atau expiration or termination of the hedging
telah dihentikan, serta ketentuan untuk instrument, and provision to account financial
mencatat instrumen keuangan pada tanggal instruments at the measurement date and
pengukuran dan pada tanggal setelah after initial recognition.
pengakuan awal.
42



z. Standar Akuntansi yang telah Diterbitkan z. Accounting Standards that have been
namun belum Berlaku Efektif (lanjutan) Published but not yet Effective (continued)
Pengungkapan, yang diadopsi dari IFRS 7. Disclosures, adopted from IFRS 7. This
PSAK ini, antara lain, menambah pengaturan PSAK, among other, provides additional
pengungkapan saling hapus dengan informasi provision on offsetting disclosures with
kuantitatif dan kualitatif, serta pengungkapan quantitative and qualitative information, and
mengenai pengalihan instrumen keuangan. disclosures on transfers of financial
instruments.
• PSAK No. 65: Laporan Keuangan • PSAK No. 65: Consolidated Financial
Konsolidasi, yang diadopsi dari IFRS 10, Statements, adopted from IFRS 10, effective
berlaku efektif 1 Januari 2015. January 1, 2015.
PSAK ini menggantikan porsi PSAK No. 4 This PSAK replaces the portion of PSAK
(2009) yang mengenai pengaturan akuntansi No. 4 (2009) that addresses the accounting
untuk laporan keuangan konsolidasian, for consolidated financial statements,
menetapkan prinsip penyusunan dan establishes principles for the presentation
penyajian laporan keuangan konsolidasian and preparation of consolidated financial
ketika entitas mengendalikan satu atau lebih statements when an entity controls one or
entitas lain. more other entities.
• PSAK No. 66: Pengaturan bersama, yang • PSAK No. 66: Joint Arrangements, adopted
diadopsi dari IFRS 11, berlaku efektif from IFRS 11, effective January 1, 2015.
1 Januari 2015.
PSAK ini menggantikan PSAK No. 12 (2009) This PSAK replaces PSAK No. 12 (2009)
dan ISAK 12. PSAK ini menghapus opsi and ISAK 12. This PSAK removes the option
metode konsolidasi proporsional untuk to account for jointly controlled entities using
mencatat bagian ventura bersama. proportionate consolidation.
• PSAK No. 67: Pengungkapan Kepentingan • PSAK No. 67: Disclosure of Interest in Other
dalam Entitas Lain, yang diadopsi dari Entities, adopted from IFRS 12, effective
IFRS 12, berlaku efektif 1 Januari 2015. January 1, 2015.
PSAK ini mencakup semua pengungkapan This PSAK includes all of the disclosures that
yang diatur sebelumnya dalam PSAK No. 4 were previously in PSAK No. 4 (2009), PSAK
(2009), PSAK No. 12 (2009) dan PSAK No. 12 (2009) and PSAK No. 15 (2009). This
No. 15 (2009). Pengungkapan ini terkait disclosures relate to an entity’s interests in
dengan kepentingan entitas dalam entitas- other entities.
entitas lain.
• PSAK No. 68: Pengukuran Nilai Wajar, yang • PSAK No. 68: Fair Value Measurement,
diadopsi dari IFRS No. 13 PSAK ini adopted from IFRS No. 13 This PSAK
memberikan panduan tentang bagaimana provides guidance on how to measure fair
pengukuran nilai wajar ketika nilai wajar value when fair value is required or permit
disyaratkan atau diizinkan.
Manajemen sedang mengevaluasi dan Management is presently evaluating and has

belum menentukan dampak dari Standar not yet determined the effects of these
yang direvisi dan yang baru tersebut revised and new Standards on the Group’s
terhadap laporan keuangan konsolidasian consolidated financial statements.
Kelompok Usaha.
43


3. PERTIMBANGAN, ESTIMASI DAN ASUMSI 3. SIGNIFICANT ACCOUNTING JUDGMENTS,

AKUNTANSI SIGNIFIKAN ESTIMATES AND ASSUMPTIONS
Penyusunan laporan keuangan konsolidasian The preparation of the Group’s consolidated

Kelompok Usaha mengharuskan manajemen untuk financial statements requires management to make
membuat pertimbangan, estimasi dan asumsi yang judgments, estimates and assumptions that affect
mempengaruhi jumlah yang dilaporkan dari the reported amounts of revenues, expenses,
pendapatan, beban, aset dan liabilitas, dan assets and liabilities, and the disclosure of
pengungkapan atas liabilitas kontijensi, pada akhir contingent liabilities, at the end of the reporting
tahun pelaporan. Ketidakpastian mengenai asumsi year. Uncertainty about these assumptions and
dan estimasi tersebut dapat mengakibatkan estimates could result in outcomes that require a
penyesuaian material terhadap nilai tercatat pada material adjustment to the carrying amount of the
aset dan liabilitas dalam tahun pelaporan berikutnya. asset and liability affected in future years.
Pertimbangan Judgments
Pertimbangan berikut ini dibuat oleh manajemen The following judgments are made by management
dalam rangka penerapan kebijakan akuntansi in the process of applying the Group’s accounting
Kelompok Usaha yang memiliki pengaruh paling policies that have the most significant effects on the
signifikan atas jumlah yang diakui dalam laporan amounts recognized in the consolidated financial
keuangan konsolidasian: statements:
Klasifikasi aset dan liabilitas keuangan Classification of financial assets and liabilities
Manajemen menetapkan klasifikasi atas aset dan Management determines the classifications of
liabilitas tertentu sebagai aset keuangan dan liabilitas certain assets and liabilities as financial assets and
keuangan dengan mempertimbangkan apakah financial liabilities by judging if they meet the
definisi yang ditetapkan PSAK No. 55 dipenuhi. definition set forth in PSAK No. 55. Accordingly, the
Dengan demikian, aset dan liabilitas keuangan diakui financial assets and liabilities are accounted for in
sesuai dengan kebijakan akuntansi seperti accordance with the accounting policies disclosed
diungkapkan pada Catatan 2u. in Note 2u.
Alokasi harga beli dalam kombinasi bisnis Purchase price allocation in business combination
Akuntansi akuisisi mengharuskan penggunaan Acquisition accounting requires extensive use of

estimasi akuntansi secara ekstensif dalam accounting estimates to allocate the purchase price
mengalokasikan biaya perolehan kepada nilai pasar to the reliable fair market values of the assets and
wajar yang dapat diandalkan atas aset dan liabilitas liabilities purchased, including intangible assets.
yang diakuisisi, termasuk aset tak berwujud. Sesuai Under PSAK No. 22 (Revised 2010), “Business
PSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”, Combinations”, goodwill is not amortized and is
goodwill tidak diamortisasi dan dilakukan pengujian subject to an annual impairment testing. The
atas penurunan nilai setiap tahunnya. Nilai tercatat carrying amount of goodwill as of
goodwill pada tanggal 31 Desember 2014 dan 2013 December 31,2014 and 2013 was US$3,523,795.
AS$3.523.795. Penjelasan lebih rinci diungkapkan Further details are disclosed in Note 13.
dalam Catatan 13.
Pembuatan estimasi arus kas masa depan dalam The preparation of estimated future cash flows in
menentukan nilai wajar tanaman perkebunan pada determining the fair values of plantations at the
tanggal akuisisi melibatkan estimasi yang signifikan. date of acquisition involves significant estimations.
Walaupun manajemen berkeyakinan bahwa asumsi While the management believes that its
yang digunakan adalah tepat dan masuk akal, assumptions are appropriate and reasonable,
perubahan signifikan pada asumsi tersebut dapat significant changes in its assumptions may
mempengaruhi secara material evaluasi atas nilai materially affect its assessment of recoverable
terpulihkan dan dapat menimbulkan penurunan nilai values and may lead to future impairment charges
sesuai PSAK No. 48, “Penurunan Nilai Aset.” under PSAK No. 48, “Impairment of Assets.”
44



AKUNTANSI SIGNIFIKAN (lanjutan) ESTIMATES AND ASSUMPTIONS (continued)
Pertimbangan (lanjutan) Judgments (continued)
Penentuan Mata Uang Fungsional Determination of Functional Currency
Mata uang fungsional adalah mata uang dari The functional currency is the currency of the
lingkungan ekonomi primer dimana Perusahaan primary economic environment in which the
beroperasi. Manajemen mempertimbangkan mata Company operates. Management considered the
uang yang paling mempengaruhi pendapatan dan currency that mainly influences the revenue and
beban dari jasa yang diberikan serta cost of rendering services and other indicators in
mempertimbangkan indikator lainnya dalam determining the currency that most faithfully
menentukan mata uang yang paling tepat represents the economic effects of the underlying
menggambarkan pengaruh ekonomi dari transaksi, transactions, events and conditions.
kejadian dan kondisi yang mendasari.
Estimasi dan asumsi Estimates and assumptions
Manajemen mendasarkan asumsi dan estimasi pada Management based its assumptions and estimates
parameter yang tersedia pada saat laporan keuangan on parameters available when the consolidated
konsolidasian disusun. Asumsi dan situasi mengenai financial statements were prepared. Existing
perkembangan masa depan, mungkin berubah akibat circumstances and assumptions about future
perubahan pasar atau situasi di luar kendali developments, may change due to market changes
manajemen. Perubahan tersebut tercermin dalam or circumstances arising beyond the control of the
asumsi terkait pada saat terjadinya. Sehubungan management. Such changes are reflected in the
dengan adanya ketidakpastian yang melekat dalam assumptions as they occur. Due to inherent
membuat estimasi, hasil aktual yang dilaporkan di uncertainty in making estimates, actual results
masa mendatang dapat berbeda dengan hasil reported in future periods may differ from those
estimasi yang dilaporkan tersebut. estimates.
Asumsi utama masa depan dan sumber utama The key assumptions concerning the future and
estimasi ketidakpastian lain pada akhir tahun other key sources of estimation uncertainty at the
pelaporan yang memiliki risiko signifikan bagi end of reporting year that have a significant risk of
penyesuaian yang material terhadap nilai tercatat causing a material adjustment to the carrying
aset dan liabilitas untuk tahun berikutnya, amounts of assets and liabilities within the next
diungkapkan di bawah ini. financial year are disclosed below.
Liabilitas imbalan kerja Employee benefit liabilities
Penentuan liabilitas dan beban imbalan pascakerja The determination of the obligations and cost for
karyawan bergantung pada pemilihan asumsi yang post-employment benefits is dependent on its
digunakan oleh manajemen dalam menghitung selection of assumptions used by the management
jumlah-jumlah tersebut. Asumsi tersebut termasuk, in calculating such amounts. Those assumptions
antara lain, tingkat diskonto, kenaikan gaji tahunan, include, among others, discount rates, annual
pengunduran diri karyawan tahunan, kecacatan, salary increase, annual employee turn-over,
umur pensiun dan kematian. Sementara manajemen disability, retirement age and mortality. While the
berkeyakinan bahwa asumsi tersebut adalah wajar management believes that its assumptions are
dan sesuai, perbedaan signifikan pada hasil aktual reasonable and appropriate, significant differences
atau perubahan signifikan dalam asumsi yang in the actual results or significant changes in the
ditetapkan manajemen dapat mempengaruhi secara assumptions may materially affect its estimated
material atas liabilitas dan beban imbalan liabilities for post-employment benefits and net
pascakerja. Nilai tercatat atas estimasi liabilitas employee benefits expense. The carrying amount
imbalan pascakerja karyawan pada akhir tahun of the estimated liabilities for post-employment
pelaporan diungkapkan dalam Catatan 22. benefits at the end of reporting years are disclosed
in Note 22.
45



Estimasi dan asumsi (lanjutan) Estimates and assumptions (continued)

Amortisasi tanaman menghasilkan Amortization of mature plantations
Biaya perolehan tanaman menghasilkan The costs of mature plantation are amortized on a
diamortisasi dengan menggunakan metode garis straight-line basis over their estimated useful lives.
lurus berdasarkan taksiran masa manfaat Management properly estimates the useful lives of
ekonomisnya. Manajemen mengestimasi masa these mature plantation to be 20 years. These are
manfaat ekonomis tanaman menghasilkan selama common life expectancies adopted in the palm oil
20 tahun, yang merupakan masa manfaat ekonomis plantation business. Further details are disclosed
yang secara umum diharapkan dalam industri in Note 9.
perkebunan kelapa sawit. Penjelasan lebih rinci
diungkapkan dalam Catatan 9.
Penyusutan aset tetap Depreciation of fixed assets
Biaya perolehan aset tetap disusutkan dengan The costs of fixed assets are depreciated on a
menggunakan metode garis lurus berdasarkan masa straight-line method over the shorter of their
yang lebih pendek antara estimasi masa manfaat estimated useful lives or mine life permits.
ekonomisnya atau masa ijin pertambangan. Management properly estimates the useful lives of
Manajemen mengestimasi masa manfaat ekonomis these fixed assets to be within 4 to 20 years. These
aset tetap antara 4 tahun sampai dengan 20 tahun, are common life expectancies applied in the coal
yang merupakan umur yang secara umum mining industries. Changes in the expected level of
diharapkan dalam industri pertambangan batubara. usage and technological development could impact
Perubahan tingkat pemakaian dan perkembangan the economic useful lives and the residual values
teknologi dapat mempengaruhi masa manfaat of these assets, and therefore future depreciation
ekonomis dan nilai sisa aset, dan karenanya biaya charges could be revised. The net carrying amount
penyusutan masa depan mungkin direvisi. Nilai of the fixed assets and the related depreciation
tercatat dan beban penyusutan aset tetap expenses are disclosed in Note 10.
diungkapkan dalam Catatan 10.
Provisi untuk reklamasi dan penutupan tambang Provision for mine reclamations and mine closure
Manajemen menilai provisi ini pada setiap akhir tahun Management assesses this provision at the end of
pelaporan. Estimasi dan asumsi yang signifikan each reporting years. Significant estimates and
digunakan dalam penentuan provisi karena banyak assumptions are made in determining this
faktor yang mempengaruhi besarnya jumlah akhir provision as there are numerous factors that will
yang terutang. Faktor tersebut diantaranya adalah affect the ultimate liability payable. These factors
estimasi ruang lingkup dan biaya aktivitas rehabilitasi, include estimates of the extent and costs of
perubahan teknologi, peraturan, kenaikan biaya rehabilitation activities, technological changes,
karena terjadinya inflasi dan perubahan tingkat regulatory changes, cost increases as compared to
diskonto. Ketidakpastian ini dapat menyebabkan the inflation rates, and changes in discount rates.
pengeluaran aktual dimasa mendatang tidak sama These uncertainties may result in future actual
dengan jumlah provisi yang diakui pada saat ini. expenditure differing from the amounts currently
Saldo provisi pada akhir tahun pelaporan merupakan provided. The provision at end reporting years
estimasi terbaik manajemen mengenai nilai kini atas represents management’s best estimate of the
biaya rehabilitasi yang akan terjadi di masa present value of the future rehabilitation costs
mendatang. required.
Perubahan atas estimasi biaya yang akan terjadi di Changes to estimated future costs are recognized in
masa mendatang diakui di dalam laporan posisi the consolidated statements of financial position by
keuangan konsolidasian dengan mengakui kenaikan either increasing or decreasing the provision and
atau penurunan provisi dan aset, jika pada saat asset if the initial estimate was originally recognized
pengakuan awal provisi ini diakui sebagai bagian as part of an asset measured in accordance with
dari aset yang diukur sesuai dengan PSAK No. 16 PSAK No. 16 (Revised 2011), “Fixed Asset”. Any
(Revisi 2011), “Aset Tetap”. Penurunan terhadap reduction in the rehabilitation liability and therefore
saldo provisi tidak boleh melebihi nilai tercatat aset any deduction from the rehabilitation asset may not
tetap tersebut. Jika terjadi, maka kelebihan tersebut exceed the carrying amount of that asset. If it does,
diakui segera di dalam laporan laba rugi any excess over the carrying value is taken
komprehensif konsolidasian. immediately to consolidated statements of
comprehensive income.
46



Provisi untuk reklamasi dan penutupan tambang Provision for mine reclamations and mine closure
Jika perubahan estimasi menyebabkan kenaikan If the change in estimate results in an increase in
liabilitas rehabilitasi dan penambahan nilai tercatat the rehabilitation liability and therefore an addition to
aset terkait, manajemen mempertimbangkan apakah the carrying value of the asset, management
ini merupakan indikasi penurunan nilai aset secara considers whether this is an indication of impairment
keseluruhan, dan melakukan pengujian atas of the asset as a whole, and test for impairment in
penurunan nilai sesuai dengan PSAK No. 48. accordance with PSAK No. 48.
Untuk tambang yang sudah siap, jika nilai aset For mature mines, if the revised mine assets net of
tambang yang telah direvisi dan provisi untuk rehabilitation provisions exceeds the recoverable
rehabilitasi neto melebihi nilai yang dipulihkan, value, that portion of the increase is charged directly
sebagian dari kenaikan tersebut dibebankan to expense. For closed sites, changes to estimated
langsung ke dalam biaya. Untuk tambang yang costs are recognized immediately in consolidated
sudah ditutup, perubahan estimasi biaya diakui statements of comprehensive income. Also,
secara langsung di laporan laba rugi komprehensif rehabilitation obligations that arose as a result of the
konsolidasian. Liabilitas rehabilitasi yang muncul production phase of a mine, should be expensed as
sebagai akibat dari fase produksi suatu area incurred. The carrying amount of these estimated
tambang, juga harus dibebankan pada saat liabilities at the end of reporting years are disclosed in
terjadinya. Nilai tercatat atas estimasi liabilitas ini Note 21.
pada akhir tahun pelaporan diungkapkan dalam
Catatan 21.
Estimasi cadangan dan sumber daya batubara Coal reserve and resource estimates
Cadangan batubara merupakan estimasi atas Coal reserves are estimates of the amount of ore that
jumlah mineral tambang yang dapat secara can be economically and legally extracted from the
ekonomis dan legal ditambang dari area tambang Group’s mining area. Management estimates its ore
Kelompok Usaha. Manajemen memperkirakan reserves and mineral resources based on information
jumlah cadangan mineral tambang dan sumber daya compiled by appropriately qualified persons relating
mineral berdasarkan informasi mengenai data to the geological data on the size, depth and shape of
geologis terhadap ukuran, kedalaman dan susunan the ore body, and requires complex geological
bebatuan yang dikompilasi oleh orang yang memiliki judgments to interpret the data.
kualifikasi yang memadai, dan mengharuskan
pertimbangan geologis yang rumit untuk
menerjemahkan data tersebut.
47



Estimasi cadangan dan sumber daya batubara Coal reserve and resource estimates (continued)
(lanjutan)
Estimasi cadangan yang dapat dipulihkan The estimation of recoverable reserves is based
berdasarkan beberapa faktor seperti estimasi nilai upon factors such as estimates of foreign
tukar mata uang asing, harga komoditi, kebutuhan exchange rates, commodity prices, future capital
investasi di masa mendatang, dan biaya produksi requirements, and production costs along with
serta asumsi geologis dan pertimbangan yang geological assumptions and judgments made in
diambil dalam memperkirakan ukuran dan kualitas estimating the size and grade of the ore body.
cadangan mineral tambang. Perubahan dalam Changes in the reserve or resource estimates may
estimasi cadangan dan sumber daya mineral dapat impact upon the carrying value of fixed assets,
mempengaruhi nilai tercatat aset tetap, aset mine properties, goodwill, provision for reclamation
pertambangan, goodwill, provisi untuk reklamasi dan costs and mine closure, and recognition of
penutupan tambang dan pengakuan aset pajak deferred tax assets.
tangguhan.
Pengeluaran untuk biaya eksplorasi dan evaluasi Exploration and evaluation expenditures
Penerapan kebijakan akuntansi untuk biaya The application of the accounting policy for
eksplorasi dan evaluasi memerlukan pertimbangan exploration and evaluation expenditures requires
dalam menentukan apakah terdapat manfaat judgment in determining whether it is likely that
ekonomi masa depan yang dihasilkan baik dari future economic benefits are likely either from
eksploitasi atau penjualan tambang di masa depan future exploitation or sale or where activities have
atau dimana kegiatan belum mencapai tahap yang not reached a stage which permits a reasonable
memungkinkan penilaian yang wajar atas assessment of the existence of reserves.
keberadaan cadangan.
Penentuan sumber daya Joint Ore Reserves The determination of a Joint Ore Reserves
Committee (JORC) merupakan proses estimasi yang Committee (JORC) resource is itself an estimation
membutuhkan berbagai tingkat ketidakpastian process that involves varying degrees of
tergantung pada sub-klasifikasi, perkiraan ini uncertainty depending on sub-classification, these
berdampak langsung terhadap saat penangguhan estimates directly impact the point of deferral of
biaya eksplorasi dan evaluasi. exploration and evaluation expenditures.
Kebijakan penangguhan mengharuskan manajemen The deferral policy requires management to make
untuk membuat estimasi dan asumsi tertentu tentang certain estimates and assumptions about future
kejadian atau keadaan di masa yang akan datang, events or circumstances, in particular whether an
khususnya mengenai apakah kegiatan ekstraksi economically viable extraction operation can be
ekonomis yang dapat dijalankan. Estimasi dan established. Estimates and assumptions made may
asumsi yang dibuat dapat berubah jika informasi baru change if new information becomes available. If,
tersedia. Jika, setelah pengeluaran dikapitalisasi, after expenditure is capitalized, information
terdapat informasi baru yang menunjukkan bahwa becomes available suggesting that the recovery of
pemulihan pengeluaran tersebut tidak dimungkinkan, expenditure is unlikely, the amount capitalized is
jumlah yang telah dikapitalisasi akan dihapus ke written off in consolidated statements of
dalam laporan laba rugi komprehensif konsolidasian comprehensive income in the period when the new
di periode dimana informasi baru tersebut tersedia. information becomes available.
48



Aset aktivitas pengupasan lapisan tanah Stripping activity assets
Biaya pengupasan tanah yang timbul selama tahap Stripping costs incurred during the production stage
produksi, jika memenuhi kriteria, diakui sebagai of operations, if meet the criteria, is recognised as
aset. Kriteria pengakuan antara lain memerlukan asset. The recognition criteria among other requires
penggunaan pertimbangan dan estimasi seperti the use of judgments and estimates such as
perkiraan manfaat selama periode penambangan estimates of benefits during the remaining life of the
dan cadangan ekonomis dapat diekstraksi dari suatu mining area and economically recoverable reserves
komponen. Perubahan dalam umur dan disain extracted of the respective component. Changes in
tambang dari suatu komponen biasanya akan a component mine’s life and design will usually
mengakibatkan perubahan jumlah yang harus diakui result in changes to the expected aset to be
sebagai aset. Perubahan ini dicatat secara recognized. These changes are accounted
prospektif. prospectively.
Instrumen keuangan Financial instruments
Ketika nilai wajar dari aset dan liabilitas keuangan When the fair value of financial assets and liabilities
dicatat dalam laporan posisi keuangan recorded in the consolidated statements of financial
konsolidasian tidak dapat diambil dari pasar yang position cannot be derived from active markets,
aktif, maka nilai wajarnya ditentukan dengan their fair value is determined using valuation
menggunakan teknik penilaian termasuk model techniques including the discounted cash flow
discounted cash flow. Masukan untuk model model. The inputs to these models are taken from
tersebut dapat diambil dari pasar yang dapat observable markets where possible, but where this
diobservasi, tetapi apabila hal ini tidak is not feasible, a degree of judgment is required in
dimungkinkan, sebuah tingkat pertimbangan establishing fair values. The judgments include
disyaratkan dalam menetapkan nilai wajar. considerations of inputs such as liquidity risk, credit
Pertimbangan tersebut mencakup penggunaan risk and volatility. Changes in assumptions about
masukan seperti risiko likuiditas, risiko kredit dan these factors could affect the reported fair value of
volatilitas. Perubahan dalam asumsi mengenai financial instruments.
faktor-faktor tersebut dapat mempengaruhi nilai
wajar dari instrumen keuangan yang dilaporkan.
Pajak penghasilan Income tax

Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining the
menentukan provisi atas pajak penghasilan badan. provision for corporate income tax. There are
Terdapat transaksi dan perhitungan tertentu yang certain transactions and computation for which the
penentuan pajak akhirnya adalah tidak pasti dalam ultimate tax determination is uncertain during the
kegiatan usaha normal. Manajemen mengakui ordinary course of business. Management
liabilitas atas pajak penghasilan badan berdasarkan recognizes liabilities for expected corporate income
estimasi apakah akan terdapat tambahan pajak tax issues based on estimates of whether
penghasilan badan. additional corporate income tax will be due.
49




Aset pajak tangguhan Deferred tax assets
Aset pajak tangguhan diakui atas seluruh Deferred tax assets are recognized for all
perbedaan temporer yang dapat dikurangkan, deductible temporary differences to the extent that it
sepanjang besar kemungkinannya bahwa is probable that taxable profit will be available
penghasilan kena pajak akan tersedia sehingga against which the deductible temporary differences
seluruh perbedaan temporer tersebut dapat can be utilized. Significant management estimates
digunakan. Estimasi signifikan oleh manajemen are required to determine the amount of deferred
disyaratkan dalam menentukan jumlah aset pajak tax assets that can be recognized, based upon the
tangguhan yang dapat diakui, berdasarkan saat likely timing and the level of future taxable profits,
penggunaan dan tingkat penghasilan kena pajak together with future tax planning strategies.
dan strategi perencanaan pajak masa depan.
Penurunan nilai aset non-keuangan Impairment of non-financial assets
Sesuai dengan kebijakan akuntansi Kelompok In accordance with the Group’s accounting policy,
Usaha, setiap aset atau unit penghasil kas each asset or cash generating unit is evaluated
dievaluasi pada setiap tahun pelaporan untuk every reporting years to determine whether there
menentukan ada tidaknya indikasi penurunan nilai are any indications of impairment. If any such
aset. Jika terdapat indikasi tersebut, akan dilakukan indications exists, a formal estimate of the
perkiraan atas nilai aset yang dapat kembali dan recoverable amount is performed and an
kerugian akibat penurunan nilai akan diakui sebesar impairment loss recognized to the extent that the
selisih antara nilai tercatat aset dengan nilai yang carrying amount of an asset or cash generating unit
dapat dipulihkan kembali dari aset tersebut. Jumlah of a group of assets is measured at the higher of
nilai yang dapat dipulihkan kembali dari sebuah aset fair value less costs to sell and value in use.
atau kelompok aset penghasil kas diukur
berdasarkan nilai yang lebih tinggi antara nilai wajar
dikurangi biaya untuk menjual dan nilai pakai aset.
Aset yang memiliki masa manfaat yang tidak Assets that have an indefinite useful-life, for
terbatas, seperti goodwill yang belum siap untuk example goodwill not ready to use, are not subject
digunakan, tidak diamortisasi dan diuji setiap tahun to amortization and are tested annually for
untuk penurunan nilai. Jumlah nilai yang dapat impairment. The recoverable amounts of cash
diperoleh kembali dari unit penghasil kas ditentukan generating units have been determined based on
berdasarkan perhitungan nilai pakai. value-in-use calculations.
Penentuan nilai wajar dan nilai pakai membutuhkan The determination of fair value and value in use
manajemen untuk membuat estimasi dan asumsi requires management to make estimates and
atas produksi yang diharapkan dan volume assumptions about expected production and sales
penjualan, harga komoditas (mempertimbangkan volumes, commodity prices (considering current
harga saat ini dan masa lalu, tren harga dan faktor- historical prices, price trends and related factors),
faktor terkait), cadangan (lihat “Estimasi cadangan reserves (see “Coal reserve and resources
dan sumber daya batubara” di atas), biaya operasi, estimates” above), operating costs,
biaya pembongkaran dan restorasi serta belanja decommissioning and site restoration cost, and
modal di masa depan. Estimasi dan asumsi ini future capital expenditure. These estimates an
terpapar risiko dan ketidakpastian; sehingga ada assumptions are subject to risk and uncertainty
kemungkinan perubahan situasi dapat mengubah hence there is a possibility that changes in
proyeksi ini, yang dapat mempengaruhi nilai aset circumtances will alter these projections, which
yang dapat dipulihkan kembali. Dalam keadaan may impact the recoverable amount of the assets.
seperti itu, sebagian atau seluruh nilai tecatat aset In such circumtances, some or all of the carrying
mungkin akan mengalami penurunan nilai lebih value of the assets may be further impaired, or the
lanjut atau terjadi pengurangan rugi penurunan nilai impairment charge reduced, with the impact
yang dampaknya akan dicatat dalam laba-rugi. recorded in the profit or loss.
50


4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember/December 31,
2014 2013
Kas Cash on hand
Rupiah 12.586 14.990 Rupiah
Dolar Amerika Serikat 6.101 4.016 United States Dollar
18.687 19.006
Kas di bank Cash in banks
Dolar Amerika Serikat United States Dollar
PT Bank BNP Paribas Indonesia 22.174.346 20.430.164 PT Bank BNP Paribas Indonesia
Citibank N.A. Indonesia 2.875.924 34.229 Citibank N.A. Indonesia
PT Bank CIMB Niaga Tbk 2.639.881 4.845.585 PT Bank CIMB Niaga Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 536.132 5.452 (Persero) Tbk
PT Bank Internasional PT Bank Internasional
Indonesia Tbk 370.139 19.784 Indonesia Tbk
The Hongkong and Shanghai The Hongkong and Shanghai
Banking Corporation. Ltd 351.827 5.713.941 Banking Corporation. Ltd
PT Bank ANZ Indonesia 341.864 474.702 PT Bank ANZ Indonesia
PT Bank Mandiri (Persero) Tbk 155.613 143.110 PT Bank Mandiri (Persero) Tbk
PT Bank DBS Indonesia 105.277 - PT Bank DBS Indonesia
Standard Chartered Standard Chartered
Bank 61.931 2.209.108 Bank
BNP Paribas - Cabang Singapura 49.190 22.001 BNP Paribas - Singapore Branch
PT Bank Central Asia Tbk 9.210 16.902 PT Bank Central Asia Tbk
29.671.334 33.914.978
Rupiah Rupiah
Standard Chartered Standard Chartered
Bank 1.126.642 4.317 Bank
PT Bank CIMB Niaga Tbk 330.251 227.443 PT Bank CIMB Niaga Tbk
PT Bank Mandiri (Persero) Tbk 161.862 232.707 PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
PT Bank Central Asia Tbk 81.667 158.453 PT Bank Central Asia Tbk
PT Bank Muamalat Indonesia 27.960 - PT Bank Muamalat Indonesia
PT BPD Kalimantan Timur 10.549 8.530 PT BPD Kalimantan Timur
The Hongkong and Shanghai The Hongkong and Shanghai
Banking Corporation. Ltd - 13 Banking Corporation. Ltd
1.994.103 655.474
Deposito berjangka Time deposits
Dolar Amerika Serikat United States Dollar
PT Bank CIMB Niaga Tbk 8.100.000 - PT Bank CIMB Niaga Tbk
BNP Paribas - Cabang Singapura 2.500.000 3.400.000 BNP Paribas - Singapore Branch
PT Bank Mega Tbk - 1.300.000 PT Bank Mega Tbk
10.600.000 4.700.000
51


4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
2014 2013
Deposito berjangka (lanjutan) Time deposits (continued)
Rupiah Rupiah
Bank Muamalat Indonesia 3.456.592 - Bank Muamalat Indonesia
PT Bank ANZ Indonesia 1.125.402 - PT Bank ANZ Indonesia
PT Bank Mega Tbk 803.859 6.012.265 PT Bank Mega Tbk
PT Bank Mandiri (Persero) Tbk 168.810 - PT Bank Mandiri (Persero) Tbk
PT Bank CIMB Niaga Tbk - 17.999.916 PT Bank CIMB Niaga Tbk
5.554.663 24.012.181
Total 47.838.787 63.301.639 Total
Pada tanggal 31 Desember 2014, kas di bank dan As at December 31, 2014, cash in banks and time
deposito berjangka pada BNP Paribas cabang deposit in BNP Paribas - Singapore Branch, PT
Singapura, PT Bank BNP Paribas Indonesia, Bank BNP Paribas Indonesia, Citibank N.A. and
Citibank N.A. dan Standard Chartered Bank di Standard Chartered Bank in the Company, IM and
Perusahaan, IM dan TMU dijaminkan sehubungan TMU are pledged as collateral in relation to the
dengan fasilitas pinjaman yang diperoleh dari bank borrowing facilities obtained from these banks
tersebut (Catatan 19a). (Note 19a).
Pada tanggal 31 Desember 2013, kas di bank dan As at December 31, 2013, cash in banks and time
deposito berjangka pada BNP Paribas cabang deposit in BNP Paribas - Singapore Branch, PT
Singapura, PT Bank BNP Paribas Indonesia dan Bank BNP Paribas Indonesia and Standard
Standard Chartered Bank dijaminkan sehubungan Chartered Bank are pledged as collateral in
dengan fasilitas pinjaman yang diperoleh dari bank relation to the borrowing facilities obtained from
tersebut (Catatan 19a dan 19b). these bank (Notes 19a and 19b).
Kisaran suku bunga tahunan deposito berjangka The range of annual interest rates on time deposits
2014 2013
Rupiah 4,0%-10,5% 4,35%-10,5% Rupiah
Dolar Amerika Serikat 0,12%-3,5% 0,13%-3,25% United States Dollar
Semua rekening bank dan deposito ditempatkan All bank accounts and time deposits were placed
pada bank pihak ketiga. with third parties banks.
52


5. PIUTANG USAHA 5. TRADE RECEIVABLES

2014 2013
Pihak ketiga - Dolar Amerika Serikat Third parties - United States Dollar
Mercuria Energy Group Ltd 3.704.170 - Mercuria Energy Group Ltd
Glencore International AG 2.349.945 2.789.724 Glencore International AG
Vitol Asia Pte. Ltd 1.958.085 - Vitol Asia Pte. Ltd
Mitsui & Co. Ltd 1.870.012 - Mitsui & Co. Ltd
PT Trafigura 663.001 707.860 PT Trafigura
Dragon Energy Corporation - 6.153.189 Dragon Energy Corporation
Tohoku Electric Company - 4.431.655 Tohoku Electric Company
PT Pinang Export Indonesia - 2.271.772 PT Pinang Export Indonesia
Lain-lain (di bawah AS$500.000) 176.498 244.457 Others (below US$500,000)
Sub - total 10.721.711 16.598.657 Sub - total
Pihak berelasi (Catatan 35a) 2.314.838 2.314.838 Related parties (Note 35a)
Dikurangi: Less:
Penyisihan atas penurunan nilai Allowance for individual
secara individual (1.736.129) (1.157.419) impairment losses
Sub - total 578.709 1.157.419 Sub - total
Total 11.300.420 17.756.076 Total
Analisis umur piutang usaha adalah sebagai The aging analysis of trade receivables is as
berikut: follows:
2014 2013
Lancar dan tidak mengalami Neither past due
penurunan nilai 10.628.787 16.541.880 nor impaired
Telah jatuh tempo namun tidak Past due but
mengalami penurunan nilai: not impaired:
Kurang dari 30 hari 67.840 - Less than 30 days
31 sampai 60 hari 25.084 46.069 31 to 60 days
61 sampai 90 hari - - 61 to 90 days
lebih dari 90 hari 578.709 1.168.127 more than 90 days
Telah jatuh tempo dan Past due
mengalami penurunan nilai: and impaired
lebih dari 90 hari 1.736.129 1.157.419 more than 90 days
13.036.549 18.913.495
Dikurangi: Less:
secara individual (1.736.129) (1.157.419) impairment losses
11.300.420 17.756.076
Piutang usaha dengan jumlah sebesar Trade receivables totalling to US$2,349,945

AS$2.349.945 (31 Desember 2013: AS$5.026.403) (December 31, 2013: US$5,026,403) are pledged
dijaminkan sehubungan dengan fasilitas pinjaman as collateral in relation to the borrowing facilities
yang diperoleh dari bank (Catatan 19a dan 19b). obtained from banks (Notes 19a and 19b).
Piutang usaha tidak berbunga dan pada umumnya Trade receivables are non-interest bearing and
berjangka waktu 7-30 hari. generally due for collection in 7-30 days.
53


5. PIUTANG USAHA (lanjutan) 5. TRADE RECEIVABLES (continued)

Kelompok Usaha tidak menyediakan penyisihan The Group did not provide an allowance for
kerugian penurunan nilai untuk piutang dari pihak impairment losses on receivables from third parties
ketiga dikarenakan manajemen berkeyakinan as management believes that such receivables are
bahwa seluruh piutang usaha tersebut dapat fully collectible.
tertagih.
Kelompok Usaha mencatat penyisihan kerugian The Group recognized allowance for impairment
penurunan nilai piutang dari pihak berelasi pada losses of receivable from a related party as of
tanggal 31 Desember 2014 dan 2013 karena pihak December 31, 2014 and 2013 which is currently in
berelasi tersebut saat ini dalam keadaan kesulitan financial difficulties.
keuangan.
Perubahan saldo penyisihan atas penurunan nilai The movements in the balance of allowance for
adalah sebagai berikut: impairment are as follows:
2014 2013
Saldo awal tahun 1.157.419 - Balance at beginning of year
Penyisihan tahun berjalan 578.710 1.157.419 Allowance for the year
Saldo akhir tahun 1.736.129 1.157.419 Balance at end of year
Berdasarkan hasil penelaahan atas masing-masing Based on a review of the status of the individual
akun piutang usaha pada akhir tahun, manajemen trade receivable accounts at year end,
berkeyakinan bahwa nilai penyisihan penurunan management believes that the allowance for
nilai telah memadai untuk menutup kemungkinan impairment losses is adequate to cover possible
kerugian atas tidak tertagihnya piutang. losses from the non-collection of the accounts.
6. PIUTANG LAIN-LAIN 6. OTHER RECEIVABLES
2014 2013
Aset lancar Current Assets
Pihak ketiga Third parties
PT Baraventura Pratama 2.940.888 3.232.504 PT Baraventura Pratama
Bpk. Roby Budi Prakoso 2.372.089 2.565.688 Mr. Roby Budi Prakoso
Lain-lain 655.038 600.673 Others
Aset tidak lancar Non-current Assets
Pihak berelasi (Catatan 35b) 30.519.438 31.385.350 Related parties (Note 35b)
Dikurangi: Less:
secara individual (891.677) (596.027) impairment losses
Total 35.595.776 37.188.188 Total
Saldo piutang Bpk. Roby Budi Prakoso, pemegang Receivable balances of Mr. Roby Budi Prakoso,
saham non-pengendali, dan PT Baraventura non-controlling shareholder, and PT Baraventura
Pratama terdiri dari pinjaman yang diberikan entitas Pratama consist of borrowings provided by a
anak yang jatuh tempo pada Desember 2015. subsidiary, which were due in December 2015.
54


6. PIUTANG LAIN-LAIN (lanjutan) 6. OTHER RECEIVABLES (continued)
Pada tanggal-tanggal pelaporan, tidak ada piutang As of the reporting dates, there are no other
lain-lain yang dijadikan sebagai jaminan. receivables which were pledged as collateral.
Berdasarkan mata uang By currencies

2014 2013
Pihak ketiga - aset lancar Third parties - current assets
Dolar Amerika Serikat 5.369.923 5.799.815 United States Dollar
Rupiah 598.092 599.050 Rupiah
Pihak berelasi - aset tidak lancar Related parties - non-current assets

Rupiah 3.538.469 3.378.532 Rupiah
30.519.438 31.385.350
Dikurangi: Less:
secara individual (891.677) (596.027) impairment losses
Total 35.595.776 37.188.188 Total
Kelompok Usaha mencatat penyisihan penurunan As of December 31, 2014 and 2013, the Group
nilai piutang dari pihak berelasi pada tanggal recognized allowance for impairment losses of
31 Desember 2014 dan 2013 karena pihak berelasi receivable from a related party that is currently in
tersebut saat ini dalam keadaan kesulitan financial difficulties.
keuangan.
Berdasarkan hasil penelaahan atas masing-masing Based on a review of the status of the individual
akun piutang lain-lain pada akhir tahun, receivable accounts at year end, management
manajemen berkeyakinan bahwa nilai penyisihan believes that the allowance for impairment losses
penurunan nilai telah memadai untuk menutup is adequate to cover possible losses from the non-
kemungkinan kerugian atas tidak tertagihnya collection of the accounts.
piutang.
7. PERSEDIAAN 7. INVENTORIES
2014 2013
Harga perolehan: At acquisition costs

Batubara: Coal:
Industri 31.852.485 24.046.991 Industrial
Baku 9.110.216 6.858.180 Raw
Suku Cadang 680.668 570.472 Spareparts
Bahan Bakar 203.233 850.867 Fuel
41.963.307 32.389.968
55


7. PERSEDIAAN (lanjutan) 7. INVENTORIES (continued)
Pada tanggal 31 Desember 2014 dan 2013, tidak As of December 31, 2014 and 2013, there is no
terdapat persedian tandan buah segar karena fresh fruit bunch inventory as it has been sold out.
sudah terjual semua.
Berdasarkan hasil penelaahan manajemen, tidak Based on management’s assessment, no
diperlukan penyisihan persediaan usang untuk allowance for inventory obsolescence is required to
menutup kemungkinan kerugian atas persediaan be provided to cover possible losses from obsolete
yang usang. inventories.
ABN telah mengasuransikan persediaan terhadap ABN covered the inventories by insurance against
risiko kerugian untuk periode dari tanggal 1 Mei losses for the period from May 1, 2014 through
2014 sampai tanggal 1 Mei 2015 berdasarkan May 1, 2015 under blanket policies amounting to
suatu paket polis dengan nilai pertanggungan US$7,000,000.
sebesar AS$7.000.000.
IM telah mengasuransikan persediaan terhadap IM covered the inventories by insurance against

risiko kerugian untuk periode 31 Desember 2013 losses for period December 31, 2013 through
sampai 31 Desember 2014 yang tergabung dalam December 31, 2014 under material damages
asuransi risiko kerusakan material (Catatan 10). insurance (Note 10).
Manajemen berpendapat bahwa persediaan pada Management believes that the inventories as at
tanggal 31 Desember 2014 dan 2013 telah December 31, 2014 and 2013 have been
diasuransikan secara memadai. adequately insured.
8. BIAYA DIBAYAR DI MUKA DAN UANG MUKA 8. PREPAID EXPENSES AND ADVANCES
a. Biaya dibayar di muka a. Prepaid expenses
2014 2013
Sewa dibayar di muka 995.913 1.032.454 Prepaid rent

Asuransi dibayar di muka 239.954 227.715 Prepaid insurance
Biaya dibayar muka lainnya 1.055.238 905.492 Other prepayments
Total 2.291.105 2.165.661 Total
b. Uang muka b. Advances
2014 2013
Jangka pendek Current portion

Uang muka royalti 1.625.745 - Advance for royalty
Uang muka pembelian 505.717 676.835 Advance for purchase
Uang muka pekerjaan 99.351 90.036 Advance for work
Lain - lain 338.917 628.156 Others
56


]
8. BIAYA DIBAYAR DI MUKA DAN UANG MUKA 8. PREPAID EXPENSES AND ADVANCES
b. Uang muka (lanjutan) b. Advances (continued)
2014 2013
Jangka panjang Long-term portion

Uang muka pembelian aset 63.011 72.294 Advance for purchase of assets
Uang muka pekerjaan - 95.653 Advance for work
Uang muka pembelian lahan - 81.866 Advance for land acquisition
Sub - total 288.608 264.977 Sub - total
Pihak berelasi (Catatan 35c) Related party (Note 35c)

Uang muka pembelian aset 3.628.392 - Advance for purchase of assets
Sub-total 4.146.710 542.106 Sub-total
4.435.318 807.083
Uang muka pembelian aset di tahun 2014 The advance for purchase of assets in 2014
adalah uang muka untuk pembelian dengan represents advance for the purchase order for
melakukan pemesanan unit kantor yang office unit paid to PT Toba Pengembang
dibayarkan kepada PT Toba Pengembang Sejahtra.
Sejahtra.
9. TANAMAN PERKEBUNAN 9. PLANTATIONS

31 Desember/December 31, 2014
Saldo Awal/ Saldo Akhir/

Beginning Akuisisi/ Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Acquisition Additions Deduction Reclassification Translation Balance
Harga perolehan Acquisition costs

Tanaman Mature
menghasilkan 13.796.334 - - - 3.842.056 (613.690) 17.024.700 plantations
Tanaman belum Immature
menghasilkan 3.710.240 - 197.611 - (3.842.056) 1.355 67.150 plantations
17.506.574 - 197.611 - - (612.335) 17.091.850
Akumulasi Accumulated
amortisasi amortization
Tanaman Mature
menghasilkan (690.661) - (479.905) - - 35.204 (1.135.362) plantations
16.815.913 15.956.488
57


9. TANAMAN PERKEBUNAN (lanjutan) 9. PLANTATIONS (continued)


Beginning Akuisisi/ Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Acquisition Additions Deduction Reclassification Translation Balance

Tanaman Mature
menghasilkan - 15.505.379 - - - (1.709.045) 13.796.334 plantations
Tanaman belum Immature
menghasilkan - 4.357.036 226.653 - - (873.449) 3.710.240 plantations
- 19.862.415 226.653 - - (2.582.494) 17.506.574
Akumulasi Accumulated
amortisasi amortization
Tanaman Mature
menghasilkan - (622.208) (187.711) - - 119.258 (690.661) plantations
- 16.815.913
Beban amortisasi tanaman menghasilkan Amortization of mature plantation is charged to cost

dibebankan sebagai beban pokok penjualan. of goods sold.
Luas area tanaman kelapa sawit adalah sebagai The total area of palm oil plantations is as follows:
berikut:
2014
(Hektar/Hectares)
(Tidak Diaudit/
Unaudited)
Tanaman telah menghasilkan 2.772 Mature plantations

Tanaman belum menghasilkan 2 Immature plantations
Total 2.774 Total
Selama tahun yang berakhir pada tanggal During the years ended December 31, 2014 and
31 Desember 2014 dan 2013, total beban pinjaman 2013, total borrowing costs capitalized to immature
yang dikapitalisasi ke tanaman belum plantations amounted to US$162,151 and
menghasilkan masing-masing sebesar AS$162.151 US$173,588 respectively (Note 43). The
dan AS$173.588 (Catatan 43). Tarif kapitalisasi capitalisation rates used were 11% and 26.8% for
yang digunakan adalah 11% dan 26,8% masing- years ended December 31, 2014 and 2013,
masing untuk tahun yang berakhir pada tanggal respectively.
31 Desember 2014 dan 2013.
Tanaman perkebunan digunakan sebagai jaminan The plantations are used as collateral to secure
atas pinjaman yang diperoleh dari bank loan obtained from bank (Note 19c).
(Catatan 19c).
Pada tanggal 31 Desember 2014 dan 2013, As of December 31, 2014 and 2013, the
tanaman perkebunan belum diasuransikan plantations has not covered by insurance against
terhadap risiko kerugian atas kebakaran dan risiko losses from fire and other risks.
lainnya.
58


9. TANAMAN PERKEBUNAN (lanjutan) 9. PLANTATIONS (continued)
PKU telah memperoleh hak kepemilikan atas tanah PKU has obtained the titles of ownership of the
perkebunan dalam bentuk sertifikat “Hak Guna Plantation land (“landrights”) under “Hak Guna
Usaha” (“HGU”) mencakup wilayah perkebunan Usaha” (“HGU”) certificates covering its plantation
sebagai berikut: area as follows:
Nomor HGU/ Hektar/ Lokasi/ Tanggal kadaluarsa/

HGU Number Hectares Location Expiration date
32 524 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044
33 1.543 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044
34 807 Loa Janan, Kutai Kartanegara 30 Juli/July 30, 2044
35 2.460 Sanga-sanga, Kutai Kartanegara 30 Juli/July 30, 2044
36 55 Sanga-sanga dan Muara Jawa, Kutai 30 Juli/July 30, 2044

Kartanegara
37 3.244 Muara Jawa, Kutai Kartanegara 30 Juli/July 30, 2044
Manajemen berpendapat bahwa hak kepemilikan Management believes that the landrights can be
atas tanah dapat diperpanjang pada saat jatuh extended upon their expiration.
tempo.
Hak atas kepemilikan tanah perkebunan Landrights are pledged as collateral for loan
dijaminkan untuk fasilitas pinjaman yang diperoleh facilities obtained from bank (Note 19c).
dari bank (Catatan 19c).
10. ASET TETAP 10. FIXED ASSETS

Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Additions Deduction Reclassification Translation Balance

Kepemilikan Direct
langsung Ownership
Tanah 1.926.202 - - - (33.225) 1.892.977 Land
Bangunan 6.050.160 417.916 (384.955) 1.791.389 (11.174) 7.863.336 Buildings
Mesin dan Machinery and
peralatan berat 8.426.899 406.744 (1.078.710) 4.930.634 (4.226) 12.681.341 heavy equipment
Kendaraan 1.325.177 79.152 (195.992) 183.522 (3.408) 1.388.451 Vehicles
Perabot dan Office furniture and
peralatan kantor 2.478.138 150.725 (3.133) - (1.086) 2.624.644 equipment
Jalan dan jembatan 16.546.695 454.787 - 13.458 (32.497) 16.982.443 Roads and bridges
Tempat timbunan
batubara 219.154 - - - - 219.154 Stockpile base
Fasilitas pelabuhan 439.061 - - - - 439.061 Port facilities
Conveyor 16.947.674 695.834 - (116.053) - 17.527.455 Conveyor
Aset dalam Construction
penyelesaian 5.698.343 3.500.939 - (6.594.774) (47.657) 2.556.851 in progress
60.057.503 5.706.097 (1.662.790) 208.176 (133.273) 64.175.713
Aset sewa pembiayaan Leased assets

peralatan berat 2.984.206 1.064.552 - (140.707) - 3.908.051 heavy equipment
Kendaraan 874.605 177.751 - (183.522) - 868.834 Vehicles
3.858.811 1.242.303 - (324.229) - 4.776.885
Sub-total 63.916.314 6.948.400 (1.662.790) (116.053) (133.273) 68.952.598 Sub-total
59


10. ASET TETAP (lanjutan) 10. FIXED ASSETS (continued)


Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Additions Deduction Reclassification Translation Balance
Akumulasi penyusutan Accumulated depreciation

Kepemilikan Direct
langsung Ownership
Bangunan (1.156.382) (529.359) 194.286 - 5.919 (1.485.536) Buildings
peralatan berat (3.507.670) (1.726.258) 644.135 (52.765) 3.541 (4.639.017) heavy equipment
Kendaraan (677.546) (169.903) 132.155 (73.525) 1.682 (787.137) Vehicles
peralatan kantor (1.287.379) (507.609) 510 - 2.158 (1.792.320) equipment
Jalan dan jembatan (2.553.498) (1.260.216) - - 23.241 (3.790.473) Roads and bridges
Tempat timbunan
batubara (37.542) (15.593) - - - (53.135) Stockpile base
Fasilitas pelabuhan (154.696) (27.984) - - - (182.680) Port facilities
Conveyor (5.210.430) (2.318.955) - - - (7.529.385) Conveyor
(14.585.143) (6.555.877) 971.086 (126.290) 36.541 (20.259.683)

peralatan berat (94.415) (439.381) - 52.765 - (481.031) heavy equipment
Kendaraan (203.976) (160.323) - 73.525 - (290.774) Vehicles
(298.391) (599.704) - 126.290 - (771.805)
Sub-total (14.883.534) (7.155.581) 971.086 - 36.541 (21.031.488) Sub-total
Nilai tercatat neto 49.032.780 47.921.110 Net carrying amount
Total nilai penambahan aset tetap selama tahun The total addition of fixed assets in 2014
2014 sebesar AS$6.948.400 termasuk penambahan amounting to US$6,948,400 includes addition
yang berasal dari transaksi non-kas sejumlah involving non-cash transactions amounting to
AS$1.743.136 (lihat Catatan 43). US$1,743,136 (Note 43).
Aset tetap dengan nilai tercatat pada tanggal Fixed asset with carrying amount as of
31 Desember 2014 sebesar AS$11.274.598 December 31, 2014 totaling to US$11,274,598 are
dijaminkan sehubungan dengan fasilitas pinjaman pledged as collateral in relation to the borrowing
yang diperoleh dari bank (Catatan 19a dan 19c). facilities obtained from bank (Notes 19a and 19c).

Beginning Penambahan/ Akuisisi/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Additions Acquisition Deduction Reclassification Translation Balance

Kepemilikan Direct
langsung Ownership
Tanah - 1.570 2.021.505 - 277.941 (374.814) 1.926.202 Land
Bangunan 4.518.548 250.202 636.794 (6.150) 768.837 (118.071) 6.050.160 Buildings
peralatan berat 5.021.522 1.488.945 274.403 (65.852) 1.758.759 (50.878) 8.426.899 heavy equipment
Kendaraan 1.822.703 49.774 140.728 (611.230 ) (50.706 ) (26.092) 1.325.177 Vehicles
peralatan kantor 1.889.233 285.542 59.619 (41.380) 296.182 (11.058) 2.478.138 equipment
Jalan dan jembatan 9.473.494 76.930 1.977.222 (54.390) 5.440.043 (366.604) 16.546.695 Roads and bridges
Tempat timbunan
batubara 257.361 77.926 - (116.133) - - 219.154 Stockpile base
Fasilitas pelabuhan 378.175 3.996 - - 56.890 - 439.061 Port facilities
Conveyor 16.114.249 790.925 - - 42.500 - 16.947.674 Conveyor
Aset dalam Construction
penyelesaian 1.183.815 11.406.124 18.214 - (6.906.433) (3.377) 5.698.343 in progress
40.659.100 14.431.934 5.128.485 (895.135) 1.684.013 (950.894) 60.057.503
60




Beginning Penambahan/ Akuisisi/ Pengurangan/ Reklasifikasi/ Translasi/ Ending
Balance Additions Acquisition Deduction Reclassification Translation Balance

peralatan berat 1.941.965 2.843.500 - - (1.801.259 ) - 2.984.206 heavy equipment
Kendaraan 592.893 164.466 - - 117.246 - 874.605 Vehicles
2.534.858 3.007.966 - - (1.684.013) - 3.858.811
Sub-total 43.193.958 17.439.900 5.128.485 (895.135) - (950.894) 63.916.314 Sub-total
Akumulasi penyusutan Accumulated depreciation

Kepemilikan Direct
langsung Ownership
Bangunan (512.075) (409.329) (283.851) 26 (3.783 ) 52.630 (1.156.382) Buildings
peralatan berat (1.893.192) (700.701) (219.670) 49.416 (784.253) 40.730 (3.507.670) heavy equipment
Kendaraan (683.038) (196.567) (63.057) 300.185 (46.761 ) 11.692 (677.546) Vehicles
peralatan kantor (760.991) (516.884) (45.620) 27.658 - 8.458 (1.287.379) equipment
Jalan dan jembatan (860.601) (804.280) (1.090.881) - - 202.264 (2.553.498) Roads and bridges
Tempat timbunan
batubara (36.597) (11.521) - 10.576 - - (37.542) Stockpile base
Fasilitas pelabuhan (123.725) (30.971) - - - - (154.696) Port facilities
Conveyor (3.598.768) (1.615.445) - - 3.783 - (5.210.430) Conveyor
(8.468.987) (4.285.698) (1.703.079) 387.861 (831.014) 315.774 (14.585.143)

peralatan berat (576.684) (301.984) - - 784.253 - (94.415) heavy equipment
Kendaraan (94.804) (155.933) - - 46.761 - (203.976) Vehicles
(671.488) (457.917) - - 831.014 - (298.391)
Sub-total (9.140.475) (4.743.615) (1.703.079) 387.861 - 315.774 (14.883.534) Sub-total
Nilai tercatat Net carrying

neto 34.053.483 49.032.780 amount
Total nilai penambahan aset tetap selama tahun The total addition of fixed assets in 2013 amounting
2013 sebesar AS$17.439.900 termasuk to US$17,439,900 includes addition involving non-
penambahan yang berasal dari transaksi non kas cash transactions amounting to US$5,270,894.
sejumlah AS$5.270.894.
Aset tetap dengan nilai tercatat pada tanggal Fixed asset with carrying amount as of
31 Desember 2013 sebesar AS$12.004.739 December 31, 2013 totaling to US$12,004,739 are
dijaminkan sehubungan dengan fasilitas pinjaman pledged as collateral in relation to the borrowing
yang diperoleh dari bank (Catatan 19b dan 19c). facilities obtained from bank (Notes 19b and 19c).
Aset tetap ABN telah diasuransikan terhadap risiko ABN’s fixed assets have been insured against risk
kebakaran dan risiko lainnya berdasarkan suatu of fire and other risks under blanket policies for a
paket polis tertentu untuk periode dari tanggal 1 Mei period from May 1, 2014 through May 1, 2015 with
2014 sampai tanggal 1 Mei 2015 dengan nilai a maximum sum insured of US$13,000,000 per
pertanggungan maksimal sebesar AS$13.000.000 incident.
untuk setiap kejadian yang dipertanggungkan.
61


Aset tetap IM telah diasuransikan terhadap semua IM’s fixed assets have been insured against all
risiko kerusakan, berdasarkan suatu paket polis risks of damage, under blanket policies for a period
tertentu untuk periode dari tanggal 31 Desember 2013 from December 31, 2013 through December 31,
hingga 31 Desember 2014, dengan nilai 2014, with total coverage of US$16,000,000 for
pertanggungan maksimal sebesar AS$16.000.000 business interruption risks and with total coverage
untuk setiap kejadian terhadap risiko bisnis dan nilai of US$23,500,000 for machinery breakdown,
pertanggungan maksimal sebesar AS$23.500.000 material and inventory damages (Note 19a).
untuk setiap kejadian terhadap risiko kerusakan
mesin, alat dan persediaan (Catatan 19a).
Aset tetap TMU telah diasuransikan terhadap TMU’s fixed assets have been insured against all
semua risiko berdasarkan suatu paket polis tertentu risks under blanket policies for a period from
untuk periode dari tanggal 6 Maret 2012 sampai March 6, 2012 through November 19, 2015 with a
tanggal 19 November 2015 dengan nilai maximum sum insured of US$195,397 per incident
pertanggungan maksimal sebesar AS$195.397 (Note 19a).
untuk setiap kejadian yang dipertanggungkan
(Catatan 19a).
Manajemen berpendapat bahwa nilai Management believes that the insurance coverage
pertanggungan tersebut telah cukup untuk menutupi is adequate to cover possible losses which may
kemungkinan kerugian yang timbul dari risiko-risiko arise from such risks.
tersebut.
Sejak bulan Maret 2014, hasil klaim atas polis Effective in March, 2014, the proceeds of claim by
asuransi aset tetap IM dan TMU (2013: ABN) IM and TMU (2013: ABN) on the above insurance
dijaminkan sehubungan dengan fasilitas pinjaman is pledged as collateral in relation to the borrowing
dari bank sindikasi (Catatan 19a). facility from syndicated banks (Note 19a).
Pada tanggal-tanggal 31 Desember 2014 dan 2013, As of December 31, 2014 and 2013, management
manajemen berkeyakinan bahwa tidak ada indikasi believes that there was no indication of impairment
penurunan nilai aset tetap. in the value of fixed assets.
Selama tahun 2014 dan 2013, tidak ada beban During 2014 and 2013, there was no interest
bunga yang dikapitalisasi ke aset dalam expense capitalized to the construction in
penyelesaian. progress.
Rincian aset dalam penyelesaian adalah sebagai The details of construction in progress are as
berikut: follows:
Rata-rata Persentase Akumulasi

Penyelesaian*/ Biaya/
Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/
Completion* Cost Estimated Completion Date
Bangunan/Building 55% 26.019 April 2015/April 2015

Pabrik kelapa sawit/ Desember 2015/
Palm oil mill 10% 1.288.622 December 2015
Mesin dan peralatan berat/ Februari – Oktober 2015/
Machinery and heavy equipment 80%-90% 1.242.210 February – October 2015
Total 2.556.851 Total
62



Rata-rata Persentase Akumulasi

Penyelesaian*/ Biaya/
Average Percentage of Accumulated Tanggal Estimasi Penyelesaian/
Completion* Cost Estimated Completion Date
Bangunan/Building 10% 268.943 April 2014/April 2014

Workshop/Workshop 98% 639.545 Februari 2014/February 2014
Mesin dan peralatan berat/
Machinery and heavy equipment 95% 4.789.855 Agustus 2014/August 2014
Total 5.698.343 Total
* dihitung sebagai perbandingan akumulasi biaya terhadap * determined as proportionate of accumulated cost against the
anggaran budget
Pengurangan aset tetap pada tahun 2014 termasuk Deductions of fixed assets in 2014 included sale of
penjualan kendaraan, perabot kantor dan alat berat vehicles, office furniture and heavy equipment with
dengan nilai penjualan sebesar AS$326.094 dan a sales value of US$326,094 and write-off of
penghapusan aset tetap bangunan dengan nilai buildings with net book value of US$190,669. The
buku sebesar AS$190.669. Nilai perolehan aset acquisition cost of the assets sold amounted to
yang dijual adalah sebesar AS$1.277.835 dengan US$1,277,835 with accumulated depreciation of
akumulasi penyusutan sebesar AS$776.800. Nilai US$776,800. The acquisition cost of the assets
perolehan aset yang dihapuskan adalah disposed amounted to US$384,955 with
AS$384.955 dengan akumulasi penyusutan accumulated depreciation of US$194,286.
sebesar AS$194.286.
Pengurangan aset tetap pada tahun 2013 termasuk Deductions of fixed assets in 2013 included sale of
penjualan kendaraan, perabot kantor dan alat berat vehicles, office furniture and heavy equipment with
dengan nilai penjualan sebesar AS$177.837. Nilai a sales value of US$177,837. The acquisition cost
perolehan aset yang dijual adalah sebesar of the assets sold amounted to US$718,856 with
AS$718.856 dengan akumulasi penyusutan accumulated depreciation of US$377,187.
sebesar AS$377.187.
Aset tetap yang dihentikan dari penggunaan aktif Fixed assets discontinued from operations and not
dan tidak diklasifikasikan sebagai tersedia untuk classified as available-for-sale mostly consist of
dijual sebagian besar terdiri dari peralatan kantor office equipment with total carrying value as of
dengan total nilai tercatat pada tanggal December 31, 2014 dan 2013 of US$30,639. Fixed
31 Desember 2014 dan 2013 sebesar AS$30.639. assets which are temporarily unused consist of
Aset tetap yang tidak dipakai sementara terdiri dari heavy equipment with the total carrying value as of
alat berat dengan nilai tercatat pada tanggal December 31, 2014 of US$548,822 (2013:
31 Desember 2014 sebesar AS$548.822 (2013: US$384,675).
AS$384.675).
Jumlah harga perolehan tercatat aset tetap yang The acquisition costs of fixed assets which have
telah disusutkan penuh dan masih digunakan per been fully depreciated but still in use per
31 Desember 2014 sebesar AS$3.884.154 (2013: December 31, 2014 amounted to US$3,884,154
AS$566.594). (2013: US$566,594).
63


Pengalokasian beban penyusutan adalah sebagai The allocation of depreciation expense is as

berikut: follows:
Tahun yang berakhir

pada tanggal 31 Desember/
2014 2013
Beban pokok penjualan (Catatan 30) 5.991.211 3.621.997 Cost of goods sold (Note 30)
Beban umum dan administrasi General and administrative
(Catatan 31) 1.142.370 1.104.592 expenses (Note 31)
Tanaman belum menghasilkan 22.000 24.692 Immature plantations
Efek translasi - (7.666) Translation effect
Total 7.155.581 4.743.615 Total
11. ASET EKSPLORASI DAN EVALUASI 11. EXPLORATION AND EVALUATION ASSETS
Total/
ABN IM TMU Total
Saldo Balance as of
31 Desember 2012 - - 8.897.455 8.897.455 December 31, 2012
Penambahan selama 2013 - - 730.137 730.137 Additions during 2013

Transfer ke Aset Pertambangan- Transfer to Mine Properties-
“Tambang dalam “Mine under
Konstruksi” - - (4.785.583) (4.785.583) Construction”
Saldo Balance as of
Penambahan selama 2014 - - 4.523 4.523 Additions during 2014

Transfer ke Aset Pertambangan- Transfer to Mine Properties-
“Tambang dalam “Mine under
Konstruksi” - - - - Construction”
Saldo Balance as of
Berdasarkan analisa manajemen, tidak terdapat Based on management’s analysis, there were no facts
fakta dan kondisi yang mengindikasikan bahwa and circumstances suggested that the carrying
nilai tercatat aset eksplorasi dan evaluasi melebihi amount of exploration and evaluation assets may
nilai terpulihkannya pada tanggal 31 Desember exceed its recoverable amount as of December 31,
2014 dan 2013. 2014 and 2013.
64


12. ASET PERTAMBANGAN 12. MINE PROPERTIES

Aset
Tambang aktivitas
dalam Tambang pengupasan
konstruksi/ produksi/ tanah/
Mine under Producing Stripping asset Total/
Construction Mines activity Total
Saldo 1Januari 2014 17.439.910 41.635.046 24.369.648 83.444.604 Balance as of January 1, 2014
Penambahan selama 2014 3.639.057 2.990.685 18.917.713 25.547.455 Additions during 2014
Transfer dari “Aset Eksplorasi Transfer from “Exploration and
dan Evaluasi” - - - - Evaluation assets”
Transfer (8.987.163) 8.987.163 - - Transfer
12.091.804 53.612.894 43.287.361 108.992.059

Dikurangi: Less:
Akumulasi amortisasi - (14.741.144) (19.420.283) (34.161.427) Accumulated amortization
Balance as of
Saldo 31 Desember 2014 12.091.804 38.871.750 23.867.078 74.830.632 December 31, 2014
Aset
Tambang aktivitas
dalam Tambang pengupasan
konstruksi/ produksi/ tanah/
Mine under Producing Stripping asset Total/
Construction Mines activity Total
Saldo 1 Januari 2013 13.063.461 35.831.181 14.249.141 63.143.783 Balance as of January 1, 2013
Penambahan selama 2013 2.303.463 3.091.268 10.120.507 15.515.238 Additions during 2013
Transfer dari “Aset Eksplorasi Transfer from “Exploration and
dan Evaluasi” 4.785.583 - - 4.785.583 Evaluation assets”
Transfer (2.712.597) 2.712.597 - - Transfer
17.439.910 41.635.046 24.369.648 83.444.604

Dikurangi: Less:
Akumulasi amortisasi - (9.155.967) (2.384.018) (11.539.985) Accumulated amortization
Balance as of
Saldo 31 Desember 2013 17.439.910 32.479.079 21.985.630 71.904.619 December 31, 2013
Beban amortisasi aset aktivitas pengupasan tanah Amortization expense for stripping asset activity is
dilaporkan sebagai bagian beban pengupasan reported as part of overburden removal in the
tanah dalam beban produksi (Catatan 30). production costs (Note 30).
Pada tanggal-tanggal 31 Desember 2014 dan 2013, As of December 31, 2014 and 2013, management
manajemen berkeyakinan bahwa tidak ada indikasi believes that there was no indication of impairment
penurunan nilai aset pertambangan. in the value of mine properties.
13. GOODWILL 13. GOODWILL
2014 2013
Saldo awal 3.523.795 25.017 Beginning balance

Penambahan: Addition:
Akuisisi PKU - 3.498.778 Acquisition of PKU
Total 3.523.795 3.523.795 Total
65


13. GOODWILL (lanjutan) 13. GOODWILL (continued)

Sejak tanggal akuisisi hingga tanggal 31 Desember From the date of acquisition through
2013, PKU memiliki kontribusi nilai penjualan December 31, 2013, PKU has contributed sales
sebesar AS$265.065 dan rugi bersih sebesar amounting to US$265,065 and net loss of
AS$1.188.328 kepada Kelompok Usaha. Jika US$1,188,328 to the Group. If the acquisition had
akuisisi dilaksanakan pada tanggal 1 Januari 2013, been completed on January 1, 2013, the Group’s
laporan laba rugi komprehensif konsolidasian consolidated statement of comprehensive income
Kelompok Usaha termasuk penjualan dan rugi would have been included sales and net loss of
bersih PKU masing-masing sebesar AS$489.632 PKU amounting to US$489,632 and
dan AS$1.935.860. US$1,935,860, respectively.
Goodwill sebesar AS$3.498.778, berasal dari Goodwill amounting to US$3,498,778 arose from
akuisisi 90% saham PKU yang dilakukan pada the acquisition of 90% PKU’s shares in June 2013
bulan Juni 2013 yang dilaporkan dalam laporan was reported in the consolidated statement of
keuangan konsolidasian Kelompok Usaha tanggal financial position as of December 31, 2013 using
31 Desember 2013 dengan mengunakan jumlah provisional amount as stipulated in PSAK No. 22
sementara sebagaimana yang diatur dalam PSAK (Revised 2010).
No. 22 (Revisi 2010).
Sampai tanggal 30 Juni 2014 (saat periode Through June 30, 2014 (cut off for measurement
pengukuran berakhir), tidak terdapat fakta dan period), there is no facts and circumstances that
keadaan yang ada pada tanggal 30 Juni 2013, existed as of June 30, 2013 that would have
yang berdampak pada pengukuran jumlah yang affected the measurements of the amounts
diakui pada tanggal tersebut. Dengan demikian, recognised as of that date. Accordingly,
manajemen menetapkan bahwa nilai wajar yang management determined that the fair value as
dilaporkan dalam laporan posisi keuangan reported in the consolidated statement of financial
konsolidasian tanggal 31 Desember 2013 adalah position as of December 31, 2013 is final,
final, dengan demikian tidak ada perubahan therefore there is no change in the goodwill
terhadap saldo goodwill yang timbul dari akuisisi balance arising from such acquisition.
tersebut.
Nilai wajar dari aset dan liabilitas PKU yang dapat The fair value of the identifiable assets and
diidentifikasi pada tanggal akuisisi adalah sebagai liabilities of PKU as of the date of acquisition
berikut: were:
Nilai wajar/
Fair value
ASET ASSETS
Kas dan bank 13.485.456 Cash and banks
Aset lancar lainnya 230.321 Other current assets
Tanaman belum menghasilkan (Catatan 9) 4.357.036 Immature plantations (Note 9)
Tanaman menghasilkan (Catatan 9) 14.883.171 Mature plantations (Note 9)
Aset tetap (Catatan 10) 3.425.406 Fixed assets (Note 10)
Aset tidak lancar lainnya 3.267 Other non-current assets
36.384.657
LIABILITAS LIABILITIES
Utang usaha 32.658 Trade payables
Utang pajak dan akrual 25.694 Taxes payable and accrual
Utang jangka pendek lain-lain 112.928 Other current payables
Utang bank 13.425.320 Bank loan
Utang lain-lain jangka panjang 23.664.881 Other long-term payables
Liabilitas imbalan pasca kerja 83.489 Post-employment benefits liabilities
Liabilitas pajak tangguhan 1.653.138 Deferred tax liabilities
38.998.108
66


Nilai wajar/
Fair value
Nilai wajar liabilitas neto teridentifikasi (2.613.451) Fair value of identifiable net liabilities
Kepentingan non-pengendali 261.343 Non-controlling interest
Goodwill yang timbul dari kombinasi bisnis 3.498.778 Goodwill arising from business combination
Imbalan yang dialihkan 1.146.670 Purchase consideration
Nilai wajar aset dan liabilitas PKU yang dapat The fair value of the identifiable assets and liabilities
diidentifikasi tersebut diatas ditentukan of PKU are determined based on calculation
berdasarkan penilaian yang dilakukan oleh performed by management.
manajemen.
Kepentingan non-pengendali telah diakui sesuai The non-controlling interest has been recognized as
dengan proporsi aset yang diakuisisi. a proportion of the net assets acquired.
Goodwill sebesar AS$3.498.778 merupakan Goodwill amounting to US$3,498,778 represents

manfaat yang diharapkan timbul dari akuisisi antara the expected benefits which will arise from the
lain melalui perolehan operasional kegiatan acquisition including through efficient and economic
tambang yang lebih efisien dan ekonomis misalnya mining operation such as usage of PKU’s land as
penggunaan tanah milik PKU sebagai area dumping area as well as hauling lane for mining
dumping serta jalur hauling operasi tambang. operation.
Goodwill tersebut tidak diharapkan dapat Goodwill is not expected to be deductible for tax
dikurangkan untuk tujuan pelaporan pajak. purposes.
Uji penurunan nilai terhadap Goodwill Impairment test on Goodwill
Berdasarkan pengujian yang dilakukan Based on impairment test performed by

manajemen, tidak terdapat penurunan nilai goodwill management, there is no impairment on goodwill as
pada tanggal 31 Desember 2014 dan 2013. of December 31, 2014 and 2013.
Untuk tujuan uji penurunan nilai, goodwill tersebut For impairment testing purposes, goodwill has been
dialokasikan ke UPK yang diperkirakan menerima allocated to CGUs that are expected to benefit from
manfaat dari sinergi kombinasi bisnis ini dan the synergies of the business combination and
merupakan tingkat dimana manajemen melakukan represents the level at which management will
monitoring dan pengelolaan goodwill. UPK tersebut monitor and manage the goodwill. The CGUs
adalah aset pertambangan ABN dan TMU, serta consist of mine properties of ABN and TMU, and
tanaman perkebunan PKU. PKU’s plantation.
Nilai terpulihkan aset pertambangan ABN dan TMU The recoverable amounts of mine properties of ABN
serta goodwill yang dialokasikan ke UPK tersebut and TMU, also the allocated goodwill were
ditentukan dengan menggunakan nilai pakai yang determined using value in use which are calculated
dihitung dengan menggunakan arus kas based on discounted cash flows. While the
diskontoan. Sedangkan nilai terpulihkan tanaman recoverable amount of PKU’s plantation and the
perkebunan PKU dan goodwill yang dialokasikan allocated goodwill is the “fair value less cost to sell”.
ke UPK tanaman perkebunan menggunakan “nilai The fair value is based on the average transactions
wajar dikurangi biaya untuk menjual”. Nilai wajar on purchase of oil palm plantation.
ditentukan berdasarkan rata-rata nilai transaksi
untuk pembelian suatu perkebunan sawit.
67


Uji penurunan nilai terhadap Goodwill (lanjutan) Impairment test on Goodwill (continued)
Dalam menguji apakah penurunan nilai UPK In assessing whether impairment on CGU is
diperlukan, nilai tercatat masing-masing UPK required, the carrying value of the respective CGUs
dibandingkan dengan nilai terpulihkan UPK. Nilai is compared with CGU’s recoverable amounts. The
terpulihkan adalah jumlah yang lebih besar antara recoverable amount is the higher of the CGU’s fair
nilai wajar UPK dikurangi biaya untuk menjual dan value less costs to sell and value in use.
nilai pakai.
Jumlah terpulihkan UPK ditentukan berdasarkan The recoverable amount of CGU has been
perhitungan nilai pakai yang dihitung bedasarkan determined based on a value in use calculation using
proyeksi arus kas dari rencana usaha yang telah cash flow projections from the business plan
disetujui oleh manajemen senior mencakup periode approved by senior management covering 5-years
5 tahun. Arus kas yang diproyeksikan period. The projected cash flows reflect the coal’s
mencerminkan perkembangan harga terkini batu current prices.
bara.
Asumsi yang digunakan Key assumptions used
Perhitungan nilai pakai untuk aset pertambangan The calculation of value in use for mine properties is
sangat sensitif terhadap asumsi-asumsi di bawah ini: most sensitive to the following assumptions:
a. Harga batu bara a. Coal prices

b. Tingkat diskonto b. Discount rates
c. Volume produksi c. Production volume
Harga batubara: Harga perkiraan batubara Coal prices: Forecasted coal prices is based on
didasarkan pada data pasar yang tersedia dan available market data and management’s estimates.
estimasi manajemen.
Tingkat diskonto: Tingkat diskonto sebelum pajak Discount rates: The pre-tax discount rates used is
yang digunakan dalam kisaran 11% yang dihitung appriximately 11% which derived from the post-tax
dengan mengacu kepada Biaya Modal Rata-rata weighted average cost of capital (WACC).
Tertimbang (WACC) setelah pajak.
Volume produksi: Estimasi volume produksi yang Production volume: The estimated production volume
digunakan dalam perhitungan dihitung berdasarkan is based on the mine plan. Each CGU has specific
rencana tambang. Masing-masing UPK memiliki reserve characteristic and economic circumstances.
karakteristik cadangan dan ekonomis yang
berbeda.
Perubahan terhadap asumsi yang digunakan oleh Changes to the assumptions used by the
manajemen dalam menentukan jumlah terpulihkan, management to determine the recoverable amount,
khususnya tingkat diskonto, dapat berdampak in particular the discount rate, can have significant
signifikan pada hasil pengujian. Manajemen impact on the result of the impairment assessment.
Kelompok Usaha berkeyakinan bahwa tidak Management is of the opinion that there was no
terdapat kemungkinan yang beralasan bahwa reasonably possible change in any of the key
asumsi utama tersebut di atas dapat berubah assumptions stated above that would cause the
sehingga nilai tercatat masing-masing UPK carrying amount of the goodwill allocated to the CGU
menjadi lebih tinggi dari nilai yang terpulihkan to materially exceed its recoverable amount.
secara material.
68


14. UTANG USAHA 14. TRADE PAYABLES
2014 2013
Pihak ketiga: Third parties:
PT Petrosea Tbk 32.910.426 25.823.893 PT Petrosea Tbk
PT Arkananta Apta Pratista 8.272.910 5.987.610 PT Arkananta Apta Pratista
PT Bina Sarana Sukses 6.462.943 5.728.977 PT Bina Sarana Sukses
PT RPP Contractors Indonesia 5.888.940 6.523.972 PT RPP Contractors Indonesia
PT Solaris Prima Energy 2.571.771 - PT Solaris Prima Energy
PT Surya Teknik Anugerah 2.105.525 5.650.854 PT Surya Teknik Anugerah
PT Indobeta 1.573.890 2.673.890 PT Indobeta
PT Pelayaran Kartika Samudra Adijaya 353.765 2.675.668 PT Pelayaran Kartika Samudra Adijaya
Lain-lain (di bawah AS$2.500.000) 3.947.153 14.200.365 Others (below US$2,500,000)
64.087.323 69.265.229
Utang usaha terutama timbul dari transaksi The trade payables primarily arose from the
pembelian barang dan jasa oleh entitas anak. purchase of goods and services by the
subsidiaries.
Utang usaha berdasarkan mata uang terdiri dari: Trade payables based on currency consist of:
2014 2013
Rupiah 2.178.564 4.098.134 Rupiah
Yen 522 - Yen
Euro - 3.610 Euro
64.087.323 69.265.229
Rincian umur utang usaha adalah sebagai berikut: Aging of trade payables is as follows:
2014 2013
Belum jatuh tempo 36.341.487 33.985.353 Current

Lewat jatuh tempo Overdue
Kurang dari 30 hari 20.803.576 25.849.439 Less than 30 days
31 sampai 60 hari 3.624.996 5.577.930 31 to 60 days
Lebih dari 360 hari 2.595.374 2.975.508 Over than 360 days
64.087.323 69.265.229
69


15. UTANG LAIN-LAIN 15. OTHER PAYABLES
2014 2013
Liabilitas jangka pendek Current liabilities

3.709 1.907
Liabilitas jangka panjang Non-current liabilities

Pihak berelasi (Catatan 35e) 2.242.526 2.288.701 Related party (Note 35e)
2.242.526 2.288.701
Total 2.246.235 2.290.608 Total
Utang lain-lain berdasarkan mata uang terdiri dari: Other payables based on currency consist of:
2014 2013

Dolar Amerika Serikat 2.648 1.907 United States Dollar
Rupiah 1.061 - Rupiah
Sub - total 3.709 1.907 Sub - total
Pihak berelasi Related party

Rupiah 2.242.526 2.288.701 Rupiah
2.246.235 2.290.608
16. BEBAN AKRUAL 16. ACCRUED EXPENSES
2014 2013
Royalti (Catatan 42a) 1.060.874 3.452.598 Royalty (Note 42a)

Pengangkutan 1.059.958 79.443 Barging
Jasa profesional 410.679 288.819 Professional fee
Pemasaran 141.917 - Marketing
Infrastruktur 105.461 108.313 Infrastructure
Akrual pengalihan Accruals for
kuota DMO (Catatan 42b) - 622.724 DMO transfer (Note 42b)
Lain-lain 2.157.086 1.505.682 Others
4.935.975 6.057.579
70


17. PERPAJAKAN 17. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes
2014 2013
Jangka pendek Current portion

Entitas anak: Subsidiaries:
Pajak Pertambahan Nilai 12.422 12.422 Value Added Tax
Pajak penghasilan badan - 6.779.126 Corporate income tax
12.422 6.791.548
Jangka panjang Non-current portion
Entitas anak: Subsidiaries:
Estimasi tagihan pajak - 748.305 Estimated claims for tax refund
12.422 7.539.853
b. Utang pajak b. Taxes payable
2014 2013
Perusahaan: The Company:

Pasal 4(2) 273 1.701 Article 4(2)
Pasal 21 56.995 30.788 Article 21
Pasal 23 996 717 Article 23
Pasal 26 15.522 - Article 26
73.786 33.206
Entitas Anak: Subsidiaries:

Pasal 4(2) 12.195 788.869 Article 4(2)
Pasal 15 21.382 15.246 Article 15
Pasal 21 903.902 759.261 Article 21
Pasal 23 403.788 168.777 Article 23
Pasal 29 3.533.908 4.648.847 Article 29
Pajak Pertambahan Nilai 19.111 165.798 Value Added Tax
Pajak Bumi dan Bangunan 358.043 647.867 Tax on land and building
5.252.329 7.194.665
5.326.115 7.227.871
c. Beban pajak c. Tax expense
Rekonsiliasi antara laba sebelum beban The reconciliation between profit before tax
(manfaat) pajak penghasilan yang ditunjukkan expense (benefit) as shown in the consolidated
dalam laporan laba rugi komprehensif statements of comprehensive income and the
konsolidasian dengan estimasi rugi fiskal Company’s estimated taxable loss, and the
Perusahaan, dan beban pajak kini Perusahaan Company’s current income tax expense for the
untuk tahun yang berakhir pada tanggal- years ended December 31, 2014 and 2013, and
tanggal 31 Desember 2014 dan 2013 dan the estimated corporate income tax payable as
estimasi utang pajak penghasilan badan pada of those dates are as follows:
tanggal-tanggal tersebut adalah sebagai
berikut:
71


17. PERPAJAKAN (lanjutan) 17. TAXATION (continued)

c. Beban pajak (lanjutan) c. Tax expense (continued)
Tahun yang berakhir

2014 2013
Laba konsolidasian
sebelum beban (manfaat) Consolidated profit before
pajak penghasilan 53.897.225 50.403.019 tax expense (benefit)
Laba sebelum beban pajak Profit before tax expense
- Entitas anak (58.957.757) (55.166.554) - Subsidiaries
Penyesuaian lainnya 15.424.092 16.474.335 Other adjustments

- Perusahaan 10.363.560 11.710.800 - the Company
Beda temporer: Temporary differences:

Penyisihan penurunan Allowance for impairment losses
nilai piutang 295.650 596.027 on receivables
Liabilitas imbalan kerja Short-term employee
jangka pendek - 449.158 benefits liabilities
Liabilitas imbalan kerja Long-term employee
jangka panjang 95.734 45.866 benefits liabilities
Sewa pembiayaan (18.504) 5.977 Finance lease
Beda tetap: Permanent differences:

Beban jamuan 40.925 28.172 Entertainment expenses
Dividen dari entitas anak (13.884.749) (20.007.824) Dividend from subsidiary
Penghasilan yang telah
dikenakan pajak final (998.196) (1.090.563) Income subject to final tax
Estimasi rugi fiskal - Perusahaan (3.801.688) (8.065.616) Estimated tax loss - Company
Analisa akumulasi rugi fiskal Perusahaan The analysis of the Company’s tax losses
adalah sebagai berikut: carried forward is as follows:
2014 2013
Tahun pajak: Fiscal Years:

2010 (327.244) (327.244) 2010
2011 (2.514.937) (2.514.937) 2011
2012 (5.570.123) (5.570.123) 2012
2013 (8.065.616) (8.065.616) 2013
2014 (3.801.688) - 2014
Akumulasi rugi fiskal (20.279.608) (16.477.920) Tax losses carried forward
Utang pajak penghasilan Income tax payables

Perusahaan - - The Company
Entitas anak Subsidiaries
ABN 2.746.304 4.648.847 ABN
IM 787.604 - IM
Utang pajak penghasilan 3.533.908 4.648.847 Income tax payable
72


Rekonsiliasi antara beban pajak neto yang The reconciliation between tax expense, net as
tercermin di dalam laporan laba rugi shown in the consolidated statement of
komprehensif konsolidasian dengan hasil comprehensive income and the theoretical tax
perkalian laba sebelum beban (manfaat) pajak amount on the profit before tax expense
dengan tarif pajak yang berlaku adalah (benefit) is as follows:
sebagai berikut:
Tahun yang berakhir

2014 2013

- Perusahaan 10.363.560 11.710.800 - The Company
Beban pajak dengan tarif Tax expense computed

pajak yang berlaku 2.590.890 2.927.700 using the prevailing tax rate
Pengaruh pajak Tax effect of
atas beda tetap (3.634.532) (5.218.360) permanent differences
Penambahan penyisihan Additional valuation allowance
atas aset pajak tangguhan 1.043.642 2.290.660 for deferred tax assets
Beban pajak penghasilan Tax expenses of the

Perusahaan - - Company
Beban/(manfaat) pajak Tax expense/(benefit) of
entitas anak the subsidiaries
Kini Current
Pajak penghasilan kini 17.002.204 12.569.360 Current income tax
Penyesuaian atas pajak kini Adjustments in respect of
tahun sebelumnya 3.726.182 855.356 prior years current tax
20.728.386 13.424.716
Tangguhan (2.631.665) 2.374.510 Deferred
Beban pajak - neto 18.096.721 15.799.226 Tax expense - net
Jumlah estimasi rugi fiskal Perusahaan untuk The amounts of the Company’s estimated tax
tahun 2014 seperti yang disebutkan di atas loss as stated in the foregoing will be reported
akan dilaporkan oleh manajemen dalam Surat by management in the Company’s 2014 annual
Pemberitahuan Tahunan (“SPT”) PPh badan income tax return (“SPT”) to be submitted to the
Perusahaan tahun 2014 ke Kantor Pelayanan tax office.
Pajak.
73



Rincian beban (manfaat) pajak tangguhan The details of deferred tax expense (benefit)
Tahun yang berakhir
2014 2013
Perusahaan The Company

Akumulasi rugi fiskal 950.422 2.016.404 Tax losses carried forward
Allowance for impairment losses
Penyisihan penurunan nilai piutang 73.913 149.007 on receivables
Liabilitas imbalan kerja Short-term employee
jangka pendek - 112.290 benefits liabilities
Sewa pembiayaan (4.626) 1.492 Finance lease
Liabilitas imbalan kerja Long - term employee
jangka panjang 23.934 11.467 benefits liabilities
Penambahan penghapusan Write off of unrecognized
atas aset pajak tangguhan (1.043.643) (2.290.660) deferred tax assets
Sub - total - - Sub - total
Entitas anak 2.631.665 (2.374.510) Subsidiaries
Manfaat/(beban) pajak tangguhan 2.631.665 (2.374.510) Deferred tax benefit/(expense)
d. Aset/(liabilitas) pajak tangguhan d. Deferred tax assets/(liabilities)

2014 2013
Perusahaan: The Company:
Aset pajak tangguhan 260.084 - Deferred tax assets
Entitas anak: The Subsidiaries:
Aset pajak tangguhan: Deferred tax assets:
ABN 1.569.586 536.571 ABN
TBE 97.321 79.309 TBE
IM 849.976 - IM
TMU 480.990 880.083 TMU
Total 2.997.873 1.495.963 Total
Liabilitas pajak tangguhan: Deferred tax liabilities:
IM - (1.382.602) IM
PKU (867.508) (1.653.138) PKU
Total (867.508) (3.035.740) Total
Aset pajak tangguhan - neto 3.257.957 1.495.963 Deferred tax assets - net
Liabilitas pajak tangguhan - neto (867.508) (3.035.740) Deferred tax liabilities - net
Jumlah perbedaan temporer yang dapat The amount of deductible temporary

dikurangkan dan rugi pajak belum differences and unused tax losses for which no
dikompensasi yang tidak diakui sebagai aset deferred tax asset is recognized in the
pajak tangguhan dalam laporan keuangan consolidated statement of financial position is
konsolidasian sebesar AS$7.246.770 (2013: US$7,246,770 (2013: US$6,235,187)
AS$6.235.187).
74



e. Surat Ketetapan Pajak e. Tax Assessments
Pada bulan Oktober 2014, TBE menerima Surat On October 2014, TBE received assessment
Ketetapan Pajak (“SKP”) kurang bayar atas letters (“SKP”) for underpayment of Witholding
PPh 23 atas bulan Mei - September dan Income Tax Article 23 of May - September and
Desember 2011 sejumlah Rp812.240.507 December 2011 fiscal year amounting to
(AS$67.227) dan PPh 4 (2) atas bulan Rp812,240,507 (US$67,227) and Witholding
Desember 2011 sejumlah Rp403.114.731 Income Tax Article 4 (2) of December 2011
(AS$33.364). Jumlah tersebut sudah dicatat amounting to Rp403,114,731 (US$33,364). The
sebagai beban umum dan administrasi pada amount has been recorded as other expenses in
laporan laba rugi konsolidasian tahun 2014. the 2014 consolidated statement of
comprehensive income.
Dalam bulan Januari 2014 IM menerima surat In January 2014, IM received “Pembetulan atas
Pembetulan atas Surat Keputusan Keberatan Surat Keputusan Keberatan Secara Jabatan” of
Secara Jabatan atas pajak penghasilan badan corporate income tax for 2008 fiscal year. This
tahun 2008. Surat ini menambah jumlah kurang letter increase IM’s underpayment amounting to
bayar IM sebesar Rp7.335.670.090 (setara Rp7,335,670,090 (equivalent to US$636,115). IM
dengan AS$636.115). IM menerima keputusan accepted the decision and charged the
ini dan membebankan jumlah kurang bayar underpayment as current tax expense to the
tersebut pada pada laporan laba rugi 2014 consolidated statement of comprehensive
komprehensif konsolidasian tahun 2014 income.
sebagai beban pajak kini.
IM menerima SKP Lebih Bayar dalam bulan IM received SKP for overpayment of corporate
April 2014 atas pajak penghasilan badan tahun income tax for 2012 fiscal year amounting to
2012 sejumlah AS$5.348.823, jumlah ini lebih US$5,348,823 in April 2014, which is lower than
rendah dari jumlah tercatat lebih bayar tahun overpayment that was recorded in 2012
2012 sebesar AS$6.779.126. IM menerima amounting to US$6,779,126. IM accepted the
keputusan ini serta menerima pengembalian SKP and received the refund of such amount in
dalam bulan Mei 2014 (setelah May 2014 (after compensating tax payable) and
memperhitungkan kompensasi utang pajak) dan charged the difference of US$1,430,303 as
membebankan selisihnya sebesar current tax expense to the 2014 consolidated
AS$1.430.303 pada pada laporan laba rugi statement of comprehensive income.
komprehensif konsolidasian tahun 2014
sebagai beban pajak kini.
Sehubungan dengan koreksi yang dibuat In connection with correction made by the
Direktorat Jenderal Pajak (“DJP”) atas Directorate General of Taxes (“DGT”) on the
perhitungan pajak penghasilan badan tahun 2012 corporate income tax, IM revised its
2012 diatas, IM melakukan revisi atas SPT corporate income tax for 2011 fiscal year which
Tahun 2011 yang menyebabkan tambahan leads to an underpayment of US$356,836, which
pajak penghasilan badan tahun 2011 sebesar was paid by IM in December 2014. The
AS$356.836, yang sudah dilunasi oleh IM pada underpayment was charged as current tax
bulan Desember 2014. Jumlah yang dibayar expense to the 2014 consolidated statement of
oleh IM tersebut telah dbebankan pada laporan comprehensive income.
laba rugi komprehensif konsolidasian tahun
2014 sebagai beban pajak kini.
75



e. Surat Ketetapan Pajak (lanjutan) e. Tax Assessments (continued)
Selanjutnya, pada tahun 2014 IM menghapus Furthermore, in 2014 IM write-off its estimated
tagihan pajak penghasilan badan tahun 2013 claim for tax refund for 2013 fiscal year
sebesar AS$748.308 untuk menyesuaikan amounting to US$748,308 in order to align with
dengan SPT pajak penghasilan badan tahun its 2013 Tax Return that was submitted to the
2013 yang dilaporkan kepada DJP, yang DGT which reported an underpayment of
melaporkan kurang bayar sebesar AS$422.038. US$422,038. The write-off and underpayment
Jumlah tagihan pajak penghasilan yang balances were charged as current tax expense to
dihapuskan dan jumlah kurang bayar pajak the 2014 consolidated statement of
penghasilan badan tersebut telah dibebankan comprehensive income.
pada laporan laba rugi komprehensif
konsolidasian tahun 2014 sebagai beban pajak
kini.
Pada bulan November 2014, IM menerima SKP On November 2014, IM received SKP for
kurang bayar atas PPh 21 untuk tahun fiskal underpayment of Income Tax Article 21 of 2010 -
2010 - 2011 sejumlah AS$528.375. Jumlah 2011 fiscal years amounting to US$528,375. The
tersebut sudah dicatat sebagai beban umum amount has been recorded as general and
dan administrasi pada laporan laba rugi administrative expenses in the 2014 consolidated
komprehensif konsolidasian tahun 2014. statement of comprehensive income.
Sampai dengan tanggal penyelesaian laporan As of the completion date of these consolidated
keuangan konsolidasian ini, TMU sedang dalam financial statements, TMU are being audited by
proses audit oleh DJP atas pajak penghasilan the DGT on corporate income tax for the 2011
badan untuk tahun pajak 2011 sampai dengan up to 2013 fiscal years.
2013.
Dalam bulan September 2013, ABN menerima In September 2013, ABN received SKP for
SKP Lebih Bayar atas pajak penghasilan badan overpayment of corporate income tax for 2012
tahun 2012 sejumlah AS$7.170.260, jumlah ini fiscal year amounting to US$7,170,260, which is
lebih rendah dari jumlah tercatat lebih bayar lower than US$7,816,811 overpayment that was
tahun 2012 sebesar AS$7.816.811. SKP recorded by ABN in 2012. Such SKP also
tersebut juga menambah penghasilan kena increased ABN’s taxable income for 2012 fiscal
pajak ABN untuk tahun 2012 dari years, from US$25,151,304 to US$27,737,507.
AS$25.151.304 menjadi sebesar ABN accepted the SKP and received the refund
AS$27.737.507. ABN menerima keputusan ini of such amount in October 2013 and charged the
serta menerima pengembalian dalam bulan difference to the 2013 consolidated statement of
Oktober 2013 dan membebankan selisihnya comprehensive income.
pada laporan laba rugi komprehensif
konsolidasian tahun 2013.
Dalam bulan Nopember 2013, ABN menerima In November 2013, ABN received SKP for
SKP Kurang Bayar atas pajak penghasilan underpayment of corporate income tax for 2009
badan tahun 2009 sejumlah AS$126.555. ABN fiscal year amounting to US$126,555. ABN
menerima keputusan ini dan membayar accepted the SKP and paid such amount as well
kekurangan tersebut berikut denda sebesar as a penalty of US$82,250 in December 2013
AS$82.250 dalam bulan Desember 2013 serta and charged the amount to the 2013
membebankannya pada laporan laba rugi consolidated statement of comprehensive
komprehensif konsolidasian tahun 2013. income.
Selanjutnya, pada tahun 2014 ABN mencatat Furthermore, in 2014 ABN recorded additional
tambahan beban pajak penghasilan badan corporate income tax expense for 2013 fiscal
tahun 2013 sebesar AS$132.582 untuk year amounting to US$132,582 in order to align
menyesuaikan dengan SPT pajak penghasilan with its 2013 Tax Return that was submitted to
badan tahun 2013 yang dilaporkan kepada the DGT. The amount was charged as current
DJP. Jumlah tersebut telah dibebankan pada tax expense to the 2014 consolidated statement
laporan laba rugi komprehensif konsolidasian of comprehensive income.
tahun 2014 sebagai beban pajak kini.
76


f. Administrasi f. Administration
Perusahaan dan entitas anak selain PKU telah The Company and its subsidiaries except for
memperoleh persetujuan dari Direktorat PKU have obtained approval from the
Jenderal Pajak untuk menyelenggarakan Directorate General of Taxes to maintain their
pembukuannya dalam mata uang Dolar bookkeeping in U.S Dollar currency effective
Amerika Serikat sejak tahun pajak 2012. since fiscal year 2012.
Berdasarkan peraturan perpajakan Indonesia, Under the taxation laws of Indonesia, the
Direktorat Jenderal Pajak (“DJP”) dapat Directorate General of Taxes (“DGT”) may
menetapkan dan mengubah kewajiban pajak assess or amend taxes for years prior to 2008
yang berasal dari tahun pajak sebelum 2008 within ten years from the date the tax became
dalam batas waktu sepuluh tahun sejak due, or until the end of year 2013, whichever is
tanggal terutangnya pajak, atau sampai earlier. Based on taxation laws which became
dengan akhir tahun 2013, mana yang lebih applicable starting in year 2008, the DGT may
dulu. Berdasarkan peraturan pajak yang assess and amend taxes within five years from
berlaku mulai tahun 2008, DJP dapat the date the tax becomes due.
menetapkan dan mengubah kewajiban pajak
dalam batas waktu lima tahun sejak tanggal
terutangnya pajak.
18. UANG MUKA PELANGGAN 18. ADVANCES FROM CUSTOMER

2014 2013
Batubara Coal
Vitol Asia Pte., Ltd 2.189.524 7.000.000 Vitol Asia Pte., Ltd
Glencore International AG 2.000.000 463.500 Glencore International AG
Mercuria Energy Group Ltd 1.442.371 6.627.778 Mercuria Energy Group Ltd
Pevensey Indonesia 401.929 - Pevensey Indonesia
PT Trafigura 340.200 2.650.999 PT Trafigura
Dragon Energy Corporation - 8.318.000 Dragon Energy Corporation
Avra - 2.362.500 Avra
PT Pinang Export Indonesia - 459.375 PT Pinang Export Indonesia
Tandan buah segar Fruit fresh bunches

UD Sawit Jaya 13.185 - UD Sawit Jaya
PT Agro Kaltim Utama - 23.687 PT Agro Kaltim Utama
6.387.209 27.905.839
Dikurangi: Less:
Bagian Jangka Pendek (6.387.209) (24.941.839) Current Maturities
Bagian Jangka Panjang - 2.964.000 Long-term Portion
77


19. UTANG BANK 19. BANK LOANS
2014 2013
Utang Perusahaan The Company’s Borrowing

Bank Sindikasi 43.978.803 27.711.419 Syndicated banks
Utang Entitas Anak Subsidiaries’ Borrowing

Standard Chartered Bank - 14.722.820 Standard Chartered Bank
PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia
(Persero) Tbk 12.135.936 11.302.179 (Persero) Tbk
56.114.739 53.736.418
Dikurangi: Less:
Bagian Jangka Pendek - (33.553.129) Current Maturities
Bagian Jangka Panjang 56.114.739 20.183.289 Long-term Portion
Kisaran suku bunga kontraktual atas utang bank The contractual interest rates on the above bank
tersebut diatas selama tahun 2014 adalah loans for 2014 ranged from 3.4% - 4.4% (2013: 3.4%
3,4% - 4,4% (2013: 3,4% - 5,6%) per tahun untuk - 5.6%) per annum on loans repayable in US$ and
utang dalam mata uang AS$ dan 11% - 12% 11% - 12% (2013: 10%) per annum on loan
(2013:10%) per tahun untuk utang dalam mata repayable in Rupiah.
uang Rupiah.
a. Bank Sindikasi a. Syndicated banks
Perjanjian tertanggal 2 Agustus 2011 Agreement dated August 2, 2011
Pinjaman sindikasi merupakan utang Syndicated banks borrowing represents the

Perusahaan yang diperoleh berdasarkan Company’s borrowing which was obtained
Perjanjian Fasilitas (“Perjanjian”) tertanggal under a Facility Agreement (“the Agreement”)
2 Agustus 2011, antara Perusahaan, ABN dated August 2, 2011, between the Company,
dengan beberapa pihak, antara lain BNP ABN and several parties, among others, BNP
Paribas, cabang Singapura (“BNP Singapore”) Paribas, Singapore Branch (“BNP Singapore”)
yang bertindak sebagai agen sehubungan acting as an agent in relation to a revolving
dengan pemberian fasilitas pinjaman revolving borrowing facility of US$35,000,000 provided to
sebesar AS$35.000.000 kepada Perusahaan. the Company. This Agreement has been
Perjanjian tersebut di atas telah beberapa kali amended several times, with the latest
diubah, perubahan terakhir dituangkan di dalam amendment dated November 18, 2011
Perjanjian Perubahan tertanggal increasing the facility to US$70,000,000 and
18 November 2011 untuk menaikkan jumlah the inclusion of PT ANZ Panin Indonesia
fasilitas menjadi AS$70.000.000 dan masuknya (“ANZ”) and Citibank N.A. (“Citibank”), as
PT ANZ Panin Indonesia (“ANZ”) dan Citibank lenders.
N.A. (“Citibank”), sebagai pemberi pinjaman.
Perjanjian tersebut berakhir pada tanggal The Agreement expire on December 31, 2014,
31 Desember 2014, namun pada bulan Maret however, the Company has fully paid the
2014, Perusahaaan telah melunasi jumlah yang outstanding amounts in March 2014, using a
terutang dengan menggunakan sebagian dana portion of loan proceed obtained under the
pencairan pinjaman yang diperoleh berdasarkan Agreement dated March 19, 2014.
Perjanjian tertanggal 19 Maret 2014.
78


19. UTANG BANK (lanjutan) 19. BANK LOANS (continued)
a. Bank Sindikasi (lanjutan) a. Syndicated banks (continued)

Sebagaimana disebutkan dalam Perjanjian, As stated in the Agreement, this borrowing will
pinjaman ini digunakan untuk pendanaan: be used for:
1. Pinjaman kepada TMU untuk keperluan 1. On-loaned to TMU for the capital
belanja modal. expenditures requirement.
2. Pinjaman kepada TS. 2. On-loaned to TS.
3. Modal kerja, akuisisi serta proyek lainnya 3. Working capital, acquisition or other
yang disetujui oleh agen. projects as approved by the agent.
Dengan batasan maksimal untuk penggunaan Provided that the amount for borrowing to TMU
sebagai pinjaman ke TMU dan TS masing- and TS individually shall not exceed
masing tidak melebihi AS$20.000.000 dan US$20,000,000 and US$50,000,000,
AS$50.000.000. respectively.
Sejak tanggal 30 Maret 2012, BNP Singapore Effective on March 30, 2012, BNP Singapore
telah mengalihkan kepesertaannya pada has transferred its participation in this sydicated
sindikasi ini kepada PT Bank BNP Paribas to PT Bank BNP Paribas Indonesia (“BNP
Indonesia (“BNP Indonesia”). Indonesia”).
Pinjaman ini dikenakan bunga tahunan sebesar This borrowing is charged annual interest at the
London Interbank Offered Rate (“LIBOR”) London Interbank Offered Rate (“LIBOR”) plus
ditambah persentase tertentu. a certain percentage.
Beban bunga atas pinjaman ini yang dibebankan Interest expense on this borrowing which is
ke dalam laporan laba rugi komprehensif charged to the consolidated statements of
konsolidasian untuk tahun yang berakhir pada comprehensive income for the year ended
tanggal 31 Desember 2014 adalah sebesar December 31, 2014 amounted to US$565,880
AS$565.880 (2013: AS$2.414.439). (2013: US$2,414,439).
Berdasarkan ketentuan di dalam Perjanjian Under the provisions of the Agreement, the
tersebut, Perusahaan dan ABN harus Company and ABN are required to fulfill
memenuhi beberapa persyaratan, antara lain several requirements, including (i) fiduciary
(i) menjaminkan secara fidusia saham transfer of the Company’s ownership in ABN (ii)
Perusahaan di ABN (ii) menjaminkan secara fiduciary transfer of all of ABN’s insurance
fidusia semua klaim asuransi ABN (iii) claim (iii) fiduciary transfer of ABN’s qualified
menjaminkan secara fidusia semua piutang receivables and (iv) pledging of ABN’s assets
kualifikasian ABN, serta (iv) menjaminkan aset with value of more than US$1,000,000 which
ABN dengan nilai perolehan diatas are acquired subsequent to the date of the
AS$1.000.000 yang diperoleh setelah tanggal Agreement.
Perjanjian.
Sebagai salah satu persyaratan Perjanjian As one of the Agreement’s condition, on

tersebut, pada tanggal 2 Agustus 2011, August 2, 2011, the Company and ABN
Perusahaan dan ABN mengadakan Perjanjian entered into a Cash and Account Management
Pengelolaan Kas dan Rekening (“Perjanjian Agreement (the “Management Agreement”)
Pengelolaan”) dengan PT Bank BNP Paribas with PT Bank BNP Paribas Indonesia. Under
Indonesia. Berdasarkan Perjanjian the provisions of this Management Agreement,
Pengelolaan tersebut Perusahaan dan ABN the Company and ABN are required to open
membuka beberapa rekening di PT Bank BNP several accounts in PT Bank BNP Paribas
Paribas Indonesia dan BNP Paribas Cabang Indonesia and BNP Paribas - Singapore
Singapura. Branch.
79



Tidak ada pembatasan dalam penggunaan There is no restriction in using the funds in the
dana dari rekening tersebut kecuali kewajiban such accounts except requirement to maintain
untuk menjaga saldo salah satu rekening a minimum balance of US$5,000,000 in any
minimum sebesar AS$5.000.000 jika ABN bank account if ABN wants to make payment
akan melakukan pembayaran kepada to its shareholders. ABN can use the
pemegang sahamnya. ABN dapat US$5,000,000 for its operational requirements
menggunakan saldo AS$5.000.000 tersebut provided ABN or the Company is not in default
untuk keperluan operasionalnya sepanjang condition.
ABN atau Perusahaan tidak dalam keadaan
wanprestasi (default).
Berdasarkan Perjanjian, Perusahaan dan ABN Under the Agreement, the Company and ABN
harus menjaga beberapa rasio keuangan has to maintain certain financial ratios. The
tertentu. Perusahaan dan ABN juga diharuskan Company and ABN are also required to comply
untuk memenuhi beberapa syarat dan with certain terms and conditions relating to the
ketentuan tertentu mengenai kegiatan usaha, nature of business, dividends, corporate
dividen, aksi korporasi, kegiatan pembiayaan actions, financing activities and other matters.
dan lainnya.
Pada tanggal 31 Desember 2013, tidak ada As of December 31, 2013, there was no
pelanggaran terhadap persyaratan incompliance to the requirements as stipulated
sebagaimana yang ditetapkan dalam Perjanjian. in the Agreement.
Pada tahun 2014 Perusahaan telah membayar During 2014 the Company has paid the loan
pokok pinjaman sebesar AS$7.000.000 principal amounted to US$7,000,000
(2013:AS$13.803.217). (2013:US$13,803,217).
Perjanjian tertanggal 19 Maret 2014 Agreement dated March 19, 2014
Pada tanggal 19 Maret 2014, Perusahaan, On March 19, 2014, the Company, ABN, IM,
ABN, IM, TBE dan TMU menandatangani TBE and TMU entered into revolving loan
perjanjian revolving loan facility dengan facility with several parties, among others, BNP
beberapa pihak, antara lain BNP Paribas, Paribas, Citigroup and Standard Chartered
Citigroup dan Standard Chartered Bank (SCB), Bank (SCB) on loan facility of US$75,000,000
dengan fasilitas pinjaman sebesar (the “Revolving Facility Agreement”).
AS$75.000.000 (“Perjanjian Fasilitas
Revolving”).
Hasil pinjaman akan ini digunakan untuk The proceeds of this borrowing will be used for
pendanaan kembali pinjaman sindikasi yang the refinancing of syndicated banks borrowing
diperoleh berdasarkan Perjanjian tanggal under Agreement dated August 2, 2011,
2 Agustus 2011, pendanaan kembali pinjaman refinancing of IM’s borrowing to SCB (Note
IM ke SCB (Catatan 19b), belanja modal TMU, 19b), TMU’s capital expenditures, investments,
investasi, serta pembiayaan modal kerja. and working capital.
Pinjaman ini akan jatuh tempo pada tanggal This borrowing will be due on March 31, 2018
31 Maret 2018 dan dikenakan bunga tahunan and is charged annual interest at London
sebesar London Interbank Offered Rate Interbank Offered Rate (LIBOR) plus a certain
(LIBOR) ditambah persentase tertentu. percentage.
80



Perjanjian tertanggal 19 Maret 2014 Agreement dated March 19, 2014
Beban bunga atas pinjaman ini yang dibebankan Interest expense on this borrowing which is
ke dalam laporan laba rugi komprehensif charged to the consolidated statements of
konsolidasian untuk tahun yang berakhir pada comprehensive income for the year ended
tanggal 31 Desember 2014 adalah sebesar December 31, 2014 amounted to
AS$1.804.189 (2013: Nihil). US$1,804,189 (2013: Nil).
Pinjaman ini dijamin dengan gadai atas This loan is collateralized by the syndicated
rekening bank milik Perusahaan, IM dan TMU bank accounts of the Company, IM and TMU,
di bank sindikasi, piutang kualifikasian, aset IM qualified receivables, pledging of IM and TMU’s
dan TMU, klaim asuransi, gadai atas saham assets, insurance claim, the Company’s
Perusahaan di ABN, TBE dan TMU dan ownership in ABN, TBE and TMU and borrower
jaminan debitur. guarantee.
Berdasarkan Perjanjian Fasilitas Revolving, Under the Revolving Facility Agreement, the
Perusahaan, ABN, IM dan TMU harus menjaga Company, ABN, IM and TMU have to maintain
beberapa rasio keuangan tertentu antara lain certain financial ratios such as debt service
debt service cover ratio yang tidak boleh cover ratio shall at no time be less than 1.5 : 1.
kurang dari 1,5 : 1. Perusahaan juga The Company is also required to comply with
diharuskan untuk memenuhi beberapa syarat certain terms and conditions relating to the
dan ketentuan tertentu mengenai kegiatan nature of business, dividends, corporate
usaha, dividen, aksi korporasi, kegiatan actions, financing activities and other matters.
pembiayaan dan lainnya.
Pada tanggal 31 Desember 2014, tidak ada As of December 31, 2014, there was no
pelanggaran terhadap persyaratan incompliance to the requirements as stipulated
sebagaimana yang ditetapkan dalam in the Revolving Facility Agreement.
Perjanjian Fasilitas Revolving.
Nilai nominal pinjaman pada tanggal The nominal amount of loan as of
31 Desember 2014 adalah AS$45.500.000 December 31, 2014 amounted to
(2013: Nihil). US$45,500,000 (2013: Nil).
Pada tanggal 24 Desember 2014, IM dan TMU On December 24, 2014, IM and TMU obtained
memperoleh fasilitas pinjaman modal kerja dan working capital and bank guarantee facility
bank garansi dengan jumlah total amounting to US$10,000,000 based on Facility
AS$10.000.000 berdasarkan Perjanjian Agreement relating to a Working Capital
Fasilitas untuk Fasilitas Modal Kerja dan Facility and Bank Guarantee Facility of
Fasilitas Bank Garansi sebesar US$10,000,000 (“Facility Agreement IM/TMU”).
US$10.000.000 (“Perjanjian Fasilitas This Facility Agreement IM/TMU has same
IM/TMU”). Perjanjian Fasilitas IM/TMU ini term and conditions with the revolving loan
memiliki syarat dan ketentuan serta jaminan facility signed on March 19, 2014. Until
yang sama dengan perjanjian revolving loan December 31, 2014, IM and TMU has not
facility yang ditandatangani tanggal 19 Maret untilized this facility.
2014. Sampai dengan tanggal 31 Desember
2014, IM dan TMU belum memanfaatkan
fasilitas ini.
b. Standard Chartered Bank - Cabang b. Standard Chartered Bank - Singapore

Singapura Branch
IM memperoleh pinjaman ini berdasarkan IM obtained this borrowing based on Facility
Facility Agreement tertanggal 17 Juni 2013 Agreement dated June 17, 2013 between IM
antara IM dengan SCB, cabang Singapura and SCB, Singapore Branch whereby SCB,
dimana SCB, cabang Singapura memberikan Singapore Branch provides loan facility
fasilitas pinjaman sebesar AS$15.000.000. amounted to US$15,000,000. This borrowing is
Pinjaman ini dikenakan bunga tahunan sebesar charged annual interest at LIBOR plus a certain
LIBOR ditambah persentase tertentu. percentage.
81


b. Standard Chartered Bank - Cabang b. Standard Chartered Bank - Singapore

Singapura (lanjutan) Branch (continued)
Pinjaman ini dijamin dengan gadai atas This borrowing is collateralized by Rupiah and
rekening bank mata uang Rupiah dan Dolar U.S. Dollar bank accounts belonging to IM at
Amerika Serikat milik IM pada SCB, piutang SCB, receivable and fixed assets, insurance
dan aset tetap, klaim asuransi, serta Corporate claim, and Corporate Guarantee issued by the
Guarantee dari Perusahaan. Company.
Tidak ada pembatasan dalam penggunaan There is no restriction in using the funds in the
dana dari rekening IM yang dijaminkan tersebut IM’s accounts that are collateralized as
diatas. mentioned above.
Pinjaman ini sudah dilunasi Kelompok Usaha This loan has been fully repaid by the Group in
pada bulan Mei 2014. May 2014.
Beban bunga atas pinjaman ini yang Interest expense on this borrowing to which is
dibebankan ke dalam laporan laba rugi charged to the consolidated statements of
komprehensif konsolidasian untuk tahun yang comprehensive income for the year ended
berakhir pada tanggal 31 Desember 2014 December 31, 2014 amounted to US$258,016
adalah sebesar AS$258.016 (2013: (2013: US$319,161).
AS$319.161).
c. PT Bank Rakyat Indonesia (Persero), Tbk c. PT Bank Rakyat Indonesia (Persero), Tbk
(“BRI”) (“BRI”)
PKU memperoleh pinjaman ini berdasarkan PKU obtained this borrowing based on an
perjanjian fasilitas kredit investasi dan bunga investment credits and interest during
selama masa konstruksi untuk kebun dan constructions facilities agreement for palm oil
pabrik minyak kelapa sawit tertanggal 25 Maret plantation and palm oil mill dated March 25,
2013 antara PKU dan BRI dengan fasilitas 2013 between PKU and BRI with total loan
pinjaman seluruhnya berjumlah sebesar facilities of Rp351,100,000,000 for investments
Rp351.100.000.000 untuk kredit investasi dan credit and Rp86,400,000,000 for interest during
Rp86.400.000.000 untuk kredit bunga selama construction facilities, which has been
masa konstruksi, sebagaimana yang telah amended with the first amendment dated
diubah dengan Perubahan Pertama tertanggal June 27, 2013 regarding the change of the
27 Juni 2013 yang mengubah syarat penarikan utilization requirements (the “Agreement”).
kredit (“Perjanjian”).
Sesuai dengan ketentuan dalam Perjanjian, In accordance with the provision of the
penarikan pinjaman kredit investasi untuk Agreement, the drawdown of facility for palm oil
kebun dilakukan secara bertahap selama plantation can be executed in stages during the
th
tahun pertama hingga tahun ke 5, sedangkan first year through the 5 year, while for palm oil
nd rd
kredit investasi untuk pabrik minyak kelapa mill can be executed on the 2 year and 3
th
sawit dilakukan pada tahun ke 2 dan tahun ke year. The first installment will be due on the 5
3. Jatuh tempo angsuran I terjadi pada tahun year. The term of these borrowings are eleven
ke 5. Jangka waktu kredit ini adalah sebelas years since the signing date of the agreement.
tahun sejak perjanjian ditandatangani.
Fasilitas ini dijamin dengan bidang tanah These borrowings are secured with lots of land
dengan sertifikat HGU No. 32, 33, 34, 35, 36, under HGU certificates No.32, 33, 34, 35, 36,
dan 37 yang terdaftar atas nama PKU, beserta and 37 which are registered under the name of
semua yang ada diatas tanah tersebut yaitu PKU, including all on the land which include
antara lain berupa tanaman dan Corporate palm oil plants and Corporate Guarantee
Guarantee dari Perusahaan. issued by the Company.
82


c. PT Bank Rakyat Indonesia (Persero), Tbk c. PT Bank Rakyat Indonesia (Persero), Tbk
(“BRI”) (lanjutan) (“BRI”) (continued)
Fasilitas pinjaman ini membatasi PKU untuk, This facility restricts PKU to, among others,
antara lain namun tidak terbatas pada, distribute earnings or cash dividend payments,
membagi keuntungan atau pembayaran settle or reduce the balance of its loan to
dividen tunai, melunasi atau menurunkan shareholder except but not limited to settle its
posisi utang kepada pemegang saham kecuali loan to the Company in relation to plantation
antara lain pelunasan utang kepada refinancing at maximum amount of
Perusahaan terkait dengan refinancing kebun, Rp133,300,000,000.
maksimal sebesar Rp133.300.000.000.
Bunga atas pinjaman ini untuk tahun yang Interest on this borrowing for the year ended
berakhir pada tanggal 31 Desember 2014 December 31, 2014 amounted to
adalah setara dengan AS$1.391.801 (2013: US$ 1,391,801 (2013: US$646,772). Out of the
AS$646.772). Dari jumlah tersebut, sebesar total amount, US$1,229,650 (2013:
AS$1.229.650 (2013: AS$462.097) dibebankan US$462,097) is charged to the consolidated
ke dalam laporan laba rugi komprehensif statements of comprehensive income,
konsolidasian, sebesar AS$162.151 (2013: US$162,151 (2013: US$173,588) is capitalized
AS$173.588) dikapitalisasi menjadi harga to acquisition cost of immature plantation.
perolehan tanaman belum menghasilkan.
20. SEWA PEMBIAYAAN 20. FINANCE LEASES
Liabilitas sewa pembiayaan merupakan perjanjian Finance lease payables represent lease
sewa antara Perusahaan dan entitas anak dengan arrangements between the Company and
perusahaan-perusahaan sebagai berikut: subsidiaries with following companies:
2014 2013
PT JA Mitsui Leasing Indonesia 1.832.553 1.800.575 PT JA Mitsui Leasing Indonesia
PT BCA Finance 161.663 293.667 PT BCA Finance
PT Toyota Astra Financial Services 28.768 - PT Toyota Astra Financial Services
PT Adira Dinamika Multifinance - 12.279 PT Adira Dinamika Multifinance
2.024.720 2.121.096
Dikurangi: Less:
Bagian Jangka Pendek (962.450) (772.679) Current Maturities
Bagian Jangka Panjang 1.062.270 1.348.417 Long-term portion
Liabilitas sewa pembiayaan berdasarkan jenis aset Finance lease payables based on type of assets:
sebagai berikut:
2014 2013
Mesin dan peralatan berat 1.828.602 1.825.194 Machinery and heavy equipment
Kendaraan 196.118 295.902 Vehicles
Total 2.024.720 2.121.096 Total
Bunga yang dikenakan atas sewa pembiayaan Interest charged on finance leases ranged from
dalam kisaran 4,96% per tahun sampai dengan 4.96% per annum to 7.95% per annum.
7,95% per tahun.
83


20. SEWA PEMBIAYAAN (lanjutan) 20. FINANCE LEASES (continued)
Pembayaran sewa pembiayaan minimum masa The minimum finance lease payments based on
datang berdasarkan perjanjian sewa pembiayaan the finance lease arrangements at the end of the
pada setiap akhir periode pelaporan adalah reporting periods are as follows:
sebagai berikut:
2014 2013
Jatuh tempo dalam satu tahun 1.060.659 809.096 Due in one year
Jatuh tempo lebih dari satu tahun Due in two years until
hingga lima tahun 1.105.640 1.482.179 five years
Jatuh tempo setelah lima tahun - - Due after five years
Pembayaran sewa pembiayaan Future minimum

minimum masa datang 2.166.299 2.291.275 finance leases payments
Dikurangi: Less:
Jumlah yang merupakan bunga (141.579) (170.179) Amount representing interest
Nilai kini pembayaran sewa Present value of net minimum

pembiayaan minimum 2.024.720 2.121.096 finance leases payment
Dikurangi: Less:
Bagian jangka pendek Current maturities of liabilities
liabilitas sewa pembiayaan (962.450) (772.679) under finance leases
Bagian jangka panjang Long-term portion of liabilities

liabilitas sewa pembiayaan 1.062.270 1.348.417 under finance leases
Sehubungan dengan perjanjian sewa, Perusahaan In relation to the above lease agreements,
dan entitas anak sebagai lessee harus mematuhi Company and subsidiaries as a lessee has to
pembatasan-pembatasan antara lain: comply with certain restrictions which include as
follows:
1. Lessee dilarang untuk mengalihkan/menjual 1. Lessee may not transfer/sell the leased objects
barang yang menjadi objek sewa guna usaha and the related rights and obligation under the
serta hak dan kewajiban guna usaha yang ada di lease agreement without approval from the
dalam perjanjian sewa pembiayaan tanpa Lessors;
persetujuan dari pihak Lessor ;
2. Lessee wajib untuk memberitahukan adanya 2. Lessee has to declare to the Lessors if there are
perubahan anggaran dasar atau susunan changes in the articles of association or the
direksinya kepada pihak Lessor; members of board of directors;
3. Dalam hal terjadi wanprestasi (default), maka 3. In the event of default, the Lessors retain the
Lessor berhak untuk menyita objek sewa right to foreclose the leased objects and
pembiayaan dan memutuskan perjanjian secara terminate the agreements without approval from
sepihak; Lessee;
4. Dalam hal terjadi perubahan kondisi ekonomi, 4. In the event of changes in the economics
pihak Lessor berhak untuk melakukan condition, the Lessors retain the right to adjust
penyesuaian atas tingkat suku bunga; dan the interest rates; and
5. Selama periode sewa pembiayaan, hak milik 5.During the lease terms, the Lessors have the
dari objek sewa pembiayaan masih ada di ownership of the leased objects.
tangan Lessor.
84


21. PROVISI UNTUK REKLAMASI DAN 21. PROVISION FOR MINE RECLAMATION AND
PENUTUPAN TAMBANG MINE CLOSURE
Provisi untuk reklamasi dan penutupan tambang Provision for mine reclamation and mine closure
merupakan jumlah yang masih harus dibayar atas relates to the accrued portion of the environmental
estimasi biaya pengelolaan lingkungan selama during the mine’s life and estimated closure costs
masa tambang dan penutupan tambang yang akan to be incurred at the end of a mine’s life.
terjadi pada akhir umur tambang.
Estimasi untuk biaya ini dihitung secara internal The current estimated costs were internally
oleh manajemen dengan mempertimbangkan calculated by management which consider the
ketentuan perundangan yaitu Undang-Undang provisions of regulations i.e. the Republic of
Republik Indonesia No. 4 Tahun 2009 tanggal Indonesia’s Law No. 4 Year 2009 dated
12 Januari 2009 Tentang Pertambangan Mineral January 12, 2009 on Mining Ore and Coal and
dan Batubara dan peraturan relevan lainnya. other relevant regulations.
Dalam menentukan saldo provisi biaya penutupan In determining the balance for mine closures
tambang, manajemen menggunakan tingkat provision, the management uses discount rates
diskonto dalam kisaran 5,50% - 8,97% per tahun, ranging from 5.50% - 8.97% p.a., subject to the
tergantung pada masa jatuh tempo provisi due dates of the respective mine closures
penutupan masing-masing tambang. provision.
Manajemen yakin bahwa akumulasi provisi telah Management believes that the current
cukup untuk menyelesaikan semua liabilitas yang accumulated provision is sufficient to cover all
berhubungan dengan kewajiban pengelolaan dan liabilities relating to the environmental and
reklamasi lingkungan hidup dan penutupan reclamation costs and mine closure arising from
tambang yang timbul dari kegiatan tambang mining activities up to the end of the reporting
sampai dengan setiap akhir periode pelaporan. periods.
Mutasi penyisihan untuk provisi reklamasi dan The movements in the provision for mine
penutupan tambang adalah sebagai berikut: reclamation and mine closure were as follows:
2014 2013
Saldo awal 3.951.817 4.410.627 Beginning balance
Penambahan selama Addition
tahun berjalan 887.183* 696.514** during the year
Pengurangan - (176.672) Deduction
Pengaruh selisih kurs (198.922) (887.520) Foreign exchange effect
Realisasi selama tahun berjalan (143.665) (91.132) Realization during the year
Saldo akhir 4.496.413 3.951.817 Ending balance
* Termasuk akresi provisi pembongkaran aset pada saat penutupan tambang sebesar AS$79.845 di tahun 2014 yang dibebankan dalam laporan laba rugi
komprehensif 2014/ Including the accretion of provision for assets retirement obligation upon the mine closure amounted to US$79,845 which is
expensed in the statement of comprehensive income in 2014.
**Termasuk penambahan provisi pembongkaran aset pada saat penutupan tambang sebesar AS$222.557 di tahun 2013 yang dikapitalisasi sebagai
bagian aset /Including the addition of provision for assets retirement obligation upon the mine closure amounted to US$222,557 which is capitalized as a
part of fixed asset in 2013.
Sehubungan dengan provisi di atas, per tanggal In relation to the above provision, as of
31 Desember 2009, ABN telah melakukan December 31, 2009, ABN has made payments for
penyetoran uang jaminan reklamasi sebesar reclamation guarantee amounting to
Rp2.135.946.000 ke kas negara. Di tahun 2014, Rp2,135,946,000 to the state treasury. In 2014,
ABN menempatkan deposito berjangka sebagai ABN has placed time deposit for mine closure
jaminan penutupan tambang sebesar guarantee amounting to Rp976,378,542. This
Rp976.378.542. Jumlah ini dilaporkan sebagai amount is reported as part of other non-current
bagian dari aset tidak lancar lainnya di dalam assets in the consolidated statements of financial
laporan posisi keuangan konsolidasian tanggal- position as of December 31, 2014 and 2013.
tanggal 31 Desember 2014 dan 2013.
85


21. PROVISI UNTUK REKLAMASI DAN 21. PROVISION FOR MINE RECLAMATION AND
PENUTUPAN TAMBANG (lanjutan) MINE CLOSURE (continued)
31 Desember 2011 dan 2007, IM telah December 31, 2011 and 2007, IM has made
menyetorkan uang jaminan reklamasi masing- payments for reclamation guarantee amounting to
masing sebesar Rp3.329.272.000 dan Rp3,329,272,000 and Rp732,904,000 to the state
Rp732.904.000 ke kas negara. Di tahun 2013, IM treasury. In 2013, IM has placed time deposits
telah menempatkan deposito berjangka sebesar amounting to Rp1,158,610,195 and
Rp1.158.610.195 dan Rp2.444.407.849, masing- Rp2,444,407,849, respectively, for 2012 and 2013
masing untuk jaminan reklamasi tahun 2012 dan reclamation guarantee. Subsequently, in 2014, IM
2013. Selanjutnya, di tahun 2014 IM telah has placed time deposits amounting to
menempatkan deposito berjangka masing-masing Rp2,344,329,366 and Rp208,570,882, respectively
sebesar Rp2.344.329.366 dan Rp208.570.882 as reclamation and mine closure guarantee. These
sebagai jaminan reklamasi dan penutupan amounts are reported as part of other non-current
tambang. Jumlah ini dilaporkan sebagai bagian dari assets in the consolidated statement of financial
aset tidak lancar lainnya di dalam laporan posisi position as of December 31, 2014 and 2013.
keuangan konsolidasian tanggal-tanggal
31 Desember 2014 dan 2013.
31 Desember 2011, TMU telah menempatkan December 31, 2011, TMU has placed time deposit
deposito berjangka senilai Rp1.480.691.000 sebagai in the amount of Rp1,480,691,000 as collateral for
jaminan reklamasi. Di 2014, TMU telah reclamation. In 2014, TMU has placed time deposit
menempatkan deposito berjangka senilai amounting Rp7,133,000,000 which consists of
Rp7.133.000.000 yang terdiri dari Rp5.540.000.000 Rp5,540,000,000 for mine reclamation and
untuk reklamasi tambang dan Rp1.593.000.000 Rp1,593,000,000 for mine closure.This time deposit
untuk penutupan tambang. Deposito tersebut is reported as part of other non-current assets in the
dilaporkan sebagai bagian dari aset tidak lancar consolidated statements of financial position as of
lainnya di dalam laporan posisi keuangan December 31, 2014 and 2013.
konsolidasian tanggal-tanggal 31 Desember 2014
dan 2013.
22. LIABILITAS IMBALAN KERJA 22. EMPLOYEE BENEFITS LIABILITIES
Liabilitas imbalan kerja tanggal 31 Desember 2014, The employee benefits liabilities as of
dan 2013 terdiri dari: December 31, 2014 and 2013 consist of:
a. Liabilitas imbalan kerja jangka pendek a. Short-term employee benefits liabilities
2014 2013
Bonus 2.835.176 2.986.855 Bonuses

Tunjangan pegawai lainnya 274.775 353.728 Other employee allowances
3.109.951 3.340.583
86


22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities
Rincian saldo liabilitas imbalan kerja jangka The analysis of long-term employee benefits
panjang yang diakui pada tanggal-tanggal liabilities recognized as of December 31, 2014
31 Desember 2014 and 2013 adalah sebagai and 2013 are as follows:
berikut:
2014 2013
Perusahaan 243.338 147.603 The Company

Entitas anak Subsidiaries
ABN 1.105.568 696.239 ABN
TBE/IM 948.393 745.546 TBE/IM
TMU 391.405 256.955 TMU
PKU 151.966 96.716 PKU
2.840.670 1.943.059
Saldo ini merupakan liabilitas imbalan kerja The balance represents long-term employee
jangka panjang berdasarkan Undang-undang benefits liabilities in accordance with the
Ketenagakerjaan No. 13 tahun 2003. provisions of Labor Law No. 13 year 2003.
Saldo liabilitas imbalan kerja jangka panjang The balances of the long-term employee
Perusahaan per tanggal 31 Desember 2014 dan benefits liabilities as of December 31, 2014 and
2013 diatas berdasarkan perhitungan yang 2013 above is based on a calculation performed
dilakukan oleh PT Sentra Jasa Aktuaria, by PT Sentra Jasa Aktuaria, independent
aktuaris independen, tertanggal 28 Januari actuaries, as of January 28, 2015 and
2015 dan 18 Februari 2014. February 18, 2014.
Perhitungan aktuaria Kelompok Usaha The actuarial valuations were carried out using
menggunakan metode Projected Unit Credit the Projected Unit Credit method with the
dengan asumsi-asumsi sebagai berikut: following assumptions:
2014 2013
Tingkat diskonto per tahun 7,9%-8,5% 8,1%-9,1% Annual discount rates

Tingkat kenaikan Salary increment
gaji per tahun 8%-10% 6%-8% rates per annum
Usia pensiun normal 55-56 55-56 Normal pension age
Tingkat kematian TMI’11 TMI'99 & TMI’11 Mortality rates
Rekonsiliasi nilai kini liabilitas imbalan kerja The reconciliation between the present value
jangka panjang dengan jumlah liabilitas yang of long-term employee benefits liability and
dilaporkan dalam laporan posisi keuangan liability reported in the consolidated
konsolidasian tanggal-tanggal 31 Desember statements of financial position as of
2014 dan 2013 adalah sebagai berikut: December 31, 2014 and 2013 are as follows:
2014 2013
Nilai kini liabilitas Present value of long-term

imbalan kerja jangka panjang 3.385.562 1.879.080 employee benefits liability
(Rugi)/Laba aktuarial yang belum
diakui (215.137) 67.107 Unrecognized actuarial (losses)/gain
Beban jasa lalu yang belum Unrecognized past service cost
diakui - non vested (329.755) (3.128) - non vested
Liabilitas 2.840.670 1.943.059 Liability
87


22. LIABILITAS IMBALAN KERJA (lanjutan) 22. EMPLOYEE BENEFITS LIABILITIES (continued)
b. Liabilitas imbalan kerja jangka panjang b. Long-term employee benefits liabilities

Mutasi liabilitas imbalan kerja jangka panjang Movement in the long-term employee benefits
adalah sebagai berikut: liability are as follows:
2014 2013
Saldo awal 1.943.059 1.729.660 Beginning balance

Akuisisi - 83.489 Acquisition
Beban 1.019.559 762.993 Expense
Pembayaran manfaat (82.751) (260.141) Benefit payment
Pengaruh selisih kurs (39.197) (372.942) Foreign exchange effect
Liabilitas yang diakui di Liability recognized in the

laporan posisi keuangan consolidated statements of
konsolidasian 2.840.670 1.943.059 financial position
Beban imbalan kerja jangka panjang karyawan The long-term employee benefits expenses
yang diakui dalam laporan laba rugi recognized in the consolidated statements of
komprehensif konsolidasian adalah sebagai comprehensive income consist of the following:
berikut:
Tahun yang berakhir pada tanggal

31 Desember/
2014 2013
Beban jasa kini 741.681 662.987 Current services cost

Beban bunga 197.938 96.239 Interest cost
(Keuntungan) kerugian aktuarial Net actuarial (gain)/losses
neto yang diakui (7.172) 2.860 recognized
Beban jasa lalu - non vested 87.112 239 Past service cost - non vested
Amortisasi beban jasa lalu - 668 Past service cost - amortization
1.019.559 762.993
Perubahan satu poin persentase asumsi tingkat A one percentage point change in the assumed
diskonto akan memiliki dampak terhadap discount rate would have the following effects
liabilitas imbalan kerja efek sebagai berikut: on the employee benefits liabilities as follows:
2014
Kenaikan (335.700) Increase

Penurunan 210.307 Decrease
Jumlah-jumlah dalam tahun ini dan 4 tahun Amounts for the current and previous 4
sebelumnya sebagai berikut: years are as follows:
2014 2013 2012 2011 2010
Nilai kini liabilitas aktuaria Present value of actuarial

3.385.561 1.879.080 1.971.814 1.277.950 720.165 liability
Penyesuaian liabilitas Experience adjustment
program 240.425 118.571 49.077 798 (81.408) on liability
88


23. MODAL SAHAM 23. SHARE CAPITAL
Pemegang saham Perusahaan dan persentase The Company’s shareholders and the ownership
kepemilikan pada tanggal-tanggal 31 Desember as of December 31, 2014 and 2013 were as
2014 dan 2013 adalah sebagai berikut: follows:
Total saham/ % kepemilikan/ Nilai/ Nilai/

Pemegang Saham/ Number of % of Amount Amount
Shareholders shares ownership (Rp’000) (US$)
PT Toba Sejahtra 1.444.750.000 71,79% 288.950.000 31.795.873

Bintang Bara B.V. 201.250.000 10,00% 40.250.000 4.317.555
PT Bara Makmur Abadi 125.755.000 6,25% 25.151.000 2.739.760
PT Sinergi Sukses Utama 102.700.000 5,10% 20.540.000 2.237.473
Roby Budi Prakoso 73.355.000 3,64% 14.671.000 1.598.148
Davit Togar Pandjaitan 15.000.000 0,75% 3.000.000 330.118
Masyarakat/Public 49.681.000 2,47% 9.936.200 1.058.958
Total 2.012.491.000 100,00% 402.498.200 44.077.885
Seluruh saham Perusahaan yang diterbitkan All the Company’s issued shares are listed on the
tercatat pada Bursa Efek Indonesia. Indonesia Stock Exchange.
Pengelolaan Modal Capital Management
Tujuan utama pengelolaan modal Perusahaan The primary objective of the Company’s capital
adalah untuk memastikan terpeliharanya rasio modal management is to ensure that healthy capital
yang sehat untuk mendukung usaha dan ratios are maintained in order to support its
memaksimalkan imbalan bagi pemegang saham. business and maximize shareholders’ value.
Manajemen mengelola struktur permodalan Managemet manages the Company’s capital

Perusahaan dan melakukan penyesuaian, structure and makes adjustments to it, in light of
berdasarkan perubahan kondisi ekonomi. Untuk changes in economic conditions. To maintain or
memelihara atau menyesuaikan struktur permodalan, adjust the capital structure, management may
manajemen dapat menyesuaikan pembayaran adjust the dividend payment to shareholders,
dividen kepada pemegang saham, menerbitkan issue new shares or raise debt financing. No
saham baru atau mengusahakan pendanaan melalui changes were made in the objectives, policies or
pinjaman. Tidak ada perubahan atas tujuan, processes during the years presented.
kebijakan maupun proses selama tahun penyajian.
Kebijakan manajemen adalah mempertahankan Management’s policy is to maintain a healthy

struktur permodalan yang sehat untuk mengamankan capital structure in order to secure access to
akses terhadap pendanaan pada biaya yang wajar. financing at a reasonable cost.
24. TAMBAHAN MODAL DISETOR 24. ADDITIONAL PAID-IN CAPITAL
Akun ini terdiri dari: This accounts consist of:
2014 2013
Paid-in capital
Agio saham 132.176.790 132.176.790 in excess of par value
Selisih nilai transaksi kombinasi Difference arising from business
bisnis entitas combination transaction among
sepengendali (2.307.521) (2.307.521) entities under common control
129.869.269 129.869.269
89


24. TAMBAHAN MODAL DISETOR (lanjutan) 24. ADDITIONAL PAID-IN CAPITAL (continued)
a. Agio saham a. Paid-in capital in excess of par value
Akun ini merupakan selisih lebih nilai setoran This account represents the excess of capital
modal yang dilakukan oleh PT Bara Makmur contributions made by PT Bara Makmur
Abadi, Bpk. Roby Budi Prakoso, PT Sinergi Abadi, Mr. Roby Budi Prakoso, PT Sinergi
Sukses Utama dan Penawaran Umum Saham Sukses Utama and the Intial Public Offering
Perdana Perusahaan, terhadap nilai nominal of the Company, compared to the nominal
saham, setelah dikurangi dengan biaya emisi value of the shares, net of the share issuance
saham. costs.
Biaya emisi saham merupakan biaya-biaya yang Share issuance costs represent costs directly
berkaitan langsung dengan penerbitan saham attributable to the issuance of new shares of
baru Perusahaan yang dilakukan melalui the Company in respect of the Initial Public
Penawaran Umum Saham Perdana. Offering.
b. Selisih transaksi kombinasi bisnis entitas b. Difference arising from the business
sepengendali combination among entities under common
control
Akun ini merupakan selisih antara jumlah This account represents the difference
imbalan yang dialihkan dan jumlah tercatat aset between the amount of consideration
neto yang diterima dari transaksi kombinasi transferred and the net carrying amounts of
bisnis pada tahun 2010 antara Perusahaan net assets acquired arising from business
dengan TS sehubungan dengan akuisisi ABN, combination transactions in 2010 between the
TBE dan TMU masing-masing sebesar Company and TS in relation to the
AS$1.671.407, AS$508.448 dan AS$127.666. acquisitions of ABN, TBE and TMU
amounting to US$1,671,407, US$508,448
and US$127,666, respectively.
25. DIVIDEN KAS 25. CASH DIVIDENDS
a. Berdasarkan keputusan Dewan Direksi dan a. Based on the decisions of the Company’s Board
Dewan Komisaris yang dituangkan dalam of Directors and Board of Commissioners stated
Sirkuler Dewan Direksi dan Sirkuler Dewan in the Board of Directors’ circular resolution and
Komisaris tertanggal 29 Agustus 2014, telah Board of Commissioners’ circular resolution
disetujui pembayaran dividen tunai interim dated August 29, 2014, a total interim cash
untuk tahun 2014 sebanyak-banyaknya dividends for 2014 at a maximum of
sejumlah AS$3.000.000. Dividen tunai interim US$3,000,000, was approved. Such interim
tersebut telah dibayarkan pada bulan Oktober cash dividends were paid in October 2014
2014 sebesar AS$3.000.000. amounted to US$3,000,000.
b. Berdasarkan keputusan Rapat Umum b. Based on decisions of the Company’s Annual
Pemegang Saham Tahunan Perusahaan General Shareholders’ Meeting held on May 21,
tanggal 21 Mei 2014, pemegang saham 2014, the shareholders approved the distribution
menyetujui penggunaan laba bersih of the profit attributable to the owner of the
Perusahaan yang dapat diatribusikan kepada Company for the year ended December 31,
pemilik entitas induk untuk tahun buku yang 2013 amounting to US$18,543,538 as follows:
berakhir pada tanggal 31 Desember 2013
sebesar AS$18.543.538 sebagai berikut:
i. Sebesar AS$1.500.000 digunakan sebagai i. Amounting to US$1,500,000 is used for
penyisihan cadangan sesuai dengan appropriation of retained earnings in
ketentuan Pasal 70 Undang-Undang No. accordance with Article 70 of Law No. 40
40 Tahun 2009. Year 2009.
ii. Sebesar AS$6.490.238 dibagikan sebagai ii. Amounting to US$6,490,238 is distributed as

dividen tunai. cash dividends.
90


25. DIVIDEN KAS (lanjutan) 25. CASH DIVIDENDS (continued)
c. Berdasarkan Surat Edaran Keputusan Dewan c. Based on the Circular Decision of the
Komisaris Perusahaan sebagai pengganti Company’s Board of Commissioners in lieu of
Rapat Dewan Komisaris Perusahaan, tanggal the Board Commissioners Meeting dated March
16 Maret 2012, Dewan Komisaris menyetujui 16, 2012, Board of Commissioners agreed to
pembagian dividen sementara sebesar distribute interim dividends amounting to
Rp41.500.000.000 (setara dengan Rp41,500,000,000 (equivalent to
AS$4.521.683). Sampai tanggal 31 Desember US$4,521,683). Until December 31, 2012 the
2012, Perusahaan telah membayar Company has paid Rp9,165,000,000 (equivalent
Rp9.165.000.000 (setara dengan with US$1,000,000).
AS$1.000.000).
d. Berdasarkan keputusan Rapat Umum d. Based on decisions of the Company’s Annual
Pemegang Saham Tahunan Perusahaan General Shareholders’ Meeting held on June 28,
tanggal 28 Juni 2013, pemegang saham 2013, the shareholders approved the distribution
menyetujui penggunaan laba bersih of the profit attributable to the owner of the
Perusahaan yang dapat diatribusikan kepada Company for the year ended December 31,
pemilik entitas induk untuk tahun buku yang 2012 amounting to US$3,198,832 as follows:
berakhir pada tanggal 31 Desember 2012
sebesar AS$3.198.832 sebagai berikut:
i. Sebesar AS$31.988 digunakan sebagai i. Amounting to US$31,988 is used for
penyisihan cadangan sesuai dengan appropriation of retained earnings in
ketentuan Pasal 70 Undang-Undang accordance with Article 70 of Law No. 40
No. 40 Tahun 2009. Year 2009.
ii. Sebesar AS$3.166.844 dibagikan sebagai ii. Amounting to US$3,166,844 is distributed as

dividen tunai. cash dividends.
Dalam Rapat Umum Pemegang Saham In the Company’s Annual General Shareholders’
Tahunan Perusahaan tanggal 28 Juni 2013, Meeting held on June 28, 2013, the
pemegang saham juga menetapkan shareholders also approved the distribution of
pembagian dividen tunai sebesar cash dividends amounting to US$2,499,135
AS$2.499.135 yang diambil dari saldo laba which is taken from the balance of retained
ditahan awal tahun 2012. earnings at the beginning of 2012.
Dividen yang diterima oleh PT Toba Sejahtra The dividend that was received by PT Toba
di tahun 2013 telah dikurangkan dengan Sejahtra in 2013 is deducted with interim
dividen interim sebesar AS$1.000.000 yang dividends of US$1,000,000 which was received
telah diterimanya di tahun 2012. in 2012.
26. SELISIH AKUISISI KEPENTINGAN NON- 26. DIFFERENCE ARISING FROM ACQUISITION
PENGENDALI NON-CONTROLLING INTERESTS
Akun ini merupakan selisih antara jumlah tercatat This account represents the difference between the
kepentingan non-pengendali pada tanggal carrying amount of the non-controlling interests as
transaksi dengan nilai wajar imbalan yang diberikan of the transactions date and the fair value of the
Perusahaan sehubungan dengan transaksi consideration paid by the Company in relation to
pembelian saham TBE dan TMU dari pemegang the acquisition of TBE and TMU’s shares from the
saham non-pengendali entitas anak pada tahun non-controling shareholders of the subsidiaries in
2012, masing-masing sebesar AS$60.440.297 dan 2012, amounting to US$60,440,297 and
AS$29.185.433. US$29,185,433, respectively.
91


27. KERUGIAN KUMULATIF ATAS INSTRUMEN 27. CUMULATIVE LOSSES ON DERIVATIVE

DERIVATIF UNTUK LINDUNG NILAI ARUS KAS INSTRUMENTS FOR CASH FLOW HEDGES
Pada tahun 2014, Kelompok Usaha melakukan In 2014, the Group entered into cash flow hedges
lindung nilai arus kas atas perkiraan transaksi- for forecasted transactions of fuel purchases for
transaksi pembelian bahan bakar untuk keperluan operating of mining equipment using derivative
operasi peralatan tambang dengan menggunakan financial instruments (Note 34). These hedging
instrumen keuangan derivatif (Catatan 34). Lindung transactions were entered into to manage the risk
nilai ini dilakukan untuk mengelola risiko fluktuasi of fluctuations in fuel prices that may occur as a
harga bahan bakar yang mungkin terjadi akibat result of forecasted fuel purchase transactions.
perkiraan transaksi pembelian bahan bakar.
Hasil pengujian efektivitas lindung nilai arus kas di The results of prospective and retrospective test of
atas secara prospektif dan retrospektif terbukti the hedge effectiveness of the above mentioned
sangat efektif. Sehingga, selisih harga yang timbul cash flows hedge were proven to be highly
dari instrumen lindung nilai derivatif tersebut diakui effective. As a result, the fuel price differences
dalam akun ”kerugian kumulatif atas instrumen arising from the derivative hedging instruments are
derivatif untuk lindung nilai arus kas” sebagai recognized in "cumulative losses on derivative
bagian ekuitas. Selisih harga tersebut akan diakui instruments for cash flow hedges" account under
sebagai bagian dari harga perolehan bahan bakar the equity. These price differences will be
yang dilindung nilai. Jumlah selisih harga bahan recognized as part of acquisition costs of the fuel
bakar yang dicatat di dalam akun “Kerugian being hedged. Total price differences recognized
Kumulatif Atas Instrumen Derivatif Untuk Lindung under "Cumulative Losses On Derivative
Nilai Arus Kas” pada per tanggal 31 Desember Instruments For Cash Flow Hedges" account as of
2014 adalah sebesar AS$2.381.176. December 31, 2014 amounted US$2,381,176.
28. KEPENTINGAN NON-PENGENDALI 28. NON-CONTROLLING INTERESTS
Mutasi kepentingan non-pengendali untuk masing- Movement of non-controlling interest during the
masing periode pelaporan adalah sebagai berikut: respective reporting periods are as follows:
______________ ______________________________________________________________
2014
Pendapatan
komprehensif
Saldo lain/ Bagian atas Bagian atas Saldo
1 Jan. 2014/ Other laba/(rugi) neto/ dividen/ 31 Des. 2014/
Balance Akuisisi/ comprehensive Share in net Share in Balance
Jan. 1, 2014 Acquisition income profit/(loss) dividend Dec. 31, 2014
ABN 26.342.709 - (1.538.143) 17.691.649 (10.780.000) 31.716.215 ABN

TBE 756 - - 199 (267) 688 TBE
TMU 28.135 - - 35 - 28.170 TMU
PKU (259.003) - 26.066 (218.651) - (451.588) PKU
Total 26.112.597 - (1.512.077) 17.473.232 (10.780.267) 31.293.485 Total
______________ ______________________________________________________________
2013
Pendapatan
komprehensif
Saldo lain/ Bagian atas Bagian atas Saldo
1 Jan. 2013/ Other laba/(rugi) neto/ dividen/ 31 Des. 2013/
Balance Akuisisi/ comprehensive Share in net Share in Balance
Jan. 1, 2013 Acquisition income profit/(loss) dividend Dec. 31, 2013
ABN 25.322.163 - - 16.210.546 (15.190.000) 26.342.709 ABN

TBE 709 - - 192 (145) 756 TBE
TMU 28.065 - - 70 - 28.135 TMU
PKU - (261.343) 152.893 (150.553) - (259.003) PKU
Total 25.350.937 (261.343) 152.893 16.060.255 (15.190.145) 26.112.597 Total
92


29. PENJUALAN 29. SALES
Tahun yang berakhir

2014 2013
Luar negeri 498.244.912 419.701.764 Export
Lokal 1.720.730 2.147.973 Local
Total 499.965.642 421.849.737 Total
Selama tahun 2014 dan 2013, tidak terdapat During 2014 and 2013, there is no sales to related
penjualan kepada pihak berelasi. parties.
Rincian pelanggan dengan nilai penjualan melebihi The details of customers with sales of more than
10% dari total penjualan adalah sebagai berikut: 10% from the total sales are as follows:
Tahun yang berakhir

2014 2013
Total: Total:
Glencore International AG 93.258.363 51.769.202 Glencore International AG
Mercuria Energy Group Ltd 89.826.338 42.300.192 Mercuria Energy Group Ltd
Vitol Asia Pte, Ltd 82.189.589 4.468.929 Vitol Asia Pte, Ltd
Dragon Energy Corporation 70.115.075 87.529.504 Dragon Energy Corporation
PT Pinang Export Indonesia - 70.996.932 PT Pinang Export Indonesia
Eagle Power Corporation - 51.345.866 Eagle Power Corporation
Sub-total 335.389.365 308.410.625 Sub-total
Persentase: Percentage:
Glencore International AG 19% 12% Glencore International AG
Mercuria Energy Group Ltd 18% 10% Mercuria Energy Group Ltd
Vitol Asia Pte, Ltd 16% 1% Vitol Asia Pte, Ltd
Dragon Energy Corporation 14% 21% Dragon Energy Corporation
PT Pinang Export Indonesia - 17% PT Pinang Export Indonesia
Eagle Power Corporation - 12% Eagle Power Corporation
Persentase terhadap Percentage from the

total penjualan 67% 73% total sales
93


30. BEBAN POKOK PENJUALAN 30. COST OF GOODS SOLD
Tahun yang berakhir

2014 2013
Biaya produksi: Production costs:
Pengupasan tanah 300.361.274 235.795.399 Overburden removal
Pengangkutan dan
penambangan batubara 23.992.703 18.450.303 Coal extraction and coal hauling
Sewa mesin, peralatan Machineries, equipment and
dan kendaraan 14.562.148 14.519.897 vehicle rental
Bahan bakar 7.636.292 6.448.649 Fuel
Penyusutan (Catatan 10) 5.991.211 3.621.997 Depreciation (Note 10)
Gaji, upah dan Salaries, wages and
tunjangan karyawan 5.564.220 5.544.004 employee allowance
Amortisasi aset Amortization of mine
pertambangan (Catatan 12) 5.585.177 3.576.234 properties (Note 12)
Perawatan dan pemeliharaan 3.943.634 2.353.710 Repairs and maintenances
Pengelolaan dan reklamasi Environmental and
lingkungan hidup dan penutupan reclamation costs and mine
tambang 807.338 473.957 closure
Pemindahan lumpur 489.985 2.986.933 Mud removal
Lain-lain 3.411.551 2.887.858 Others
Total biaya produksi 372.345.533 296.658.941 Total production cost
Pembelian batubara - 520.000 Coal purchased

Pengangkutan dan crane 26.990.187 26.230.600 Barging and crane
Royalti (Catatan 42a) 24.486.245 21.538.984 Royalty (Note 42a)
Barang dalam proses: Work- in- process:
Batubara baku Raw Coal
Awal tahun 6.858.180 7.865.000 Beginning of year
Akhir tahun (9.110.216) (6.858.180) End of year
Barang jadi: Finished Goods:
Batubara industri Industrial Coal
Awal tahun 24.046.991 20.388.978 Beginning of year
Akhir tahun (31.852.485) (24.046.991) End of year
Beban pokok penjualan 413.764.435 342.297.332 Cost of goods sold
Beban pokok penjualan tersebut diatas termasuk The above cost of goods sold include cost of good
beban pokok penjualan tanda buah segar untuk sold of fress fruit bunch for the year ended
tahun yang berakhir pada tanggal 31 Desember December 31, 2014 amounted to US$1,440,787
2014 sebesar AS$1.440.787 (2013: AS$640.168). (2013: US$640,168)
94


30. BEBAN POKOK PENJUALAN (lanjutan) 30. COST OF GOODS SOLD (continued)
Pembelian barang dan jasa dari pihak ketiga yang Purchases of materials and services from third
nilainya secara individual melebihi 10% dari total parties which individually exceed 10% of total sales
penjualan adalah sebagai berikut: are as follows:
Tahun yang berakhir

2014 2013
PT Petrosea Tbk 163.137.098 76.104.786 PT Petrosea Tbk

PT Pro Energy 6.771.522 64.262.138 PT Pro Energy
Total 169.908.620 140.366.924 Total
PT Petrosea Tbk 33% 18% PT Petrosea Tbk

PT Pro Energy 1% 15% PT Pro Energy
Total 34% 33% Total
31. BEBAN UMUM DAN ADMINISTRASI 31. GENERAL AND ADMINISTRATIVE EXPENSES
Tahun yang berakhir

2014 2013
Gaji, upah, bonus dan Salaries, wages, bonuses,

kesejahteraan karyawan 13.981.792 13.722.135 and employee benefits
Program tanggung jawab sosial Corporate social responsibility
dan lingkungan perusahaan 6.230.081 5.497.245 and environment program
Biaya pajak 1.484.672 446.675 Tax expenses
Perlengkapan dan peralatan kantor 1.393.135 1.230.793 Office supplies and utilities
Sewa kantor dan kendaraan 1.235.630 857.813 Office and vehicle rent
Penyusutan (Catatan 10) 1.142.370 1.104.592 Depreciation (Note 10)
Perjalanan dinas 862.103 760.429 Business travel
Pajak Bumi dan Bangunan 837.999 772.026 Land and building tax
Jasa profesional 764.814 578.036 Professional fees
Penyisihan kerugian penurunan Provision for impairment
nilai piutang 874.360 1.753.446 losses on receivable
Representasi dan jamuan 385.781 442.040 Representation and entertainment
Lain-lain 2.013.163 1.514.316 Others
Total beban umum Total general and adminsitrative

dan administrasi 31.205.900 28.679.546 expenses
95


32. BEBAN PENJUALAN DAN PEMASARAN 32. SELLING AND MARKETING EXPENSES
Tahun yang berakhir

2014 2013
Komisi 141.917 365.273 Commission

Beban pemasaran 50.291 44.893 Marketing expense
Total beban penjualan Total selling
dan pemasaran 364.698 528.132 and marketing expenses
33. PENDAPATAN (BEBAN) LAIN-LAIN-NETO 33. OTHER INCOME (EXPENSES)-NET
Tahun yang berakhir

2014 2013
Pendapatan atas Income from

selisih waktu berlabuh, neto 1.996.287 181.895 dispatch and demurrage, net
Kerugian penjualan dan penghapusan Loss on sale and disposal of
aset tetap (365.610) (163.832) fixed assets
Beban pengalihan kewajiban Domestic market obligation transfer
pemenuhan kebutuhan dalam negeri - (745.907) expenses
Lain-lain (254.653) 375.194 Miscellaneous
Total 1.376.024 (352.650) Total
34. INSTRUMEN DERIVATIF 34. DERIVATIVE INSTRUMENTS

Kelompok Usaha menghadapi risiko kerugian yang The Group faces exposures on risk of losses
dapat timbul dari fluktuasi harga jual batu bara arising from the fluctuations in the selling price of
dan/atau harga beli bahan bakar dan menggunakan coal and purchase price of fuel and manages to
instrumen keuangan derivatif untuk mengurangi reduce the risks by entering into financial derivative
risiko tersebut. instruments.
Berdasarkan perkiraaan untuk 12 bulan atas Based on a 12-month forecast of the required gas
kebutuhan komoditas bahan bakar, Kelompok oil supply, the Group hedges the purchase price
Usaha melakukan lindung nilai menggunakan using swap transaction on commodity purchase
transaksi swap atas perjanjian pembelian komoditas contract. The swap contract transaction do not
tersebut. Transaksi swap komoditas bahan bakar result in physical delivery of gas oil commodities,
tidak dihasilkan dari penyerahan komoditas bahan but are designated as cash flow hedges to offset
bakar secara fisik, melainkan ditujukan sebagai the effect of price changes in gas oil commodities.
lindung nilai arus kas untuk saling hapus atas efek
perubahan komoditas bahan bakar.
Kelompok Usaha juga menghadapi risiko kerugian The Group faces exposures on risk of losses
yang dapat timbul dari fluktuasi tingkat bunga pasar arising from the fluctuations in the market interest
sehubungan dengan bunga atas pinjaman bank rates in relation to interest on syndicated loan and
sindikasi dan menggunakan instrumen keuangan manages to reduce the risks by entering into
derivatif untuk mengurangi risiko tersebut. financial derivative instruments.
Berikut ini adalah kontrak instrumen keuangan The following is the Group‘s contracts derivative
derivatif yang dimiliki Kelompok Usaha untuk tahun financial instruments for the years ended
yang berakhir pada tanggal-tanggal 31 Desember December 31, 2014 and 2013:
2014 dan 2013:
96


34. INSTRUMEN DERIVATIF (lanjutan) 34. DERIVATIVE INSTRUMENTS (continued)
2014 2014
a. ABN a. ABN
Dalam bulan April dan November 2014, ABN In April and November 2014, ABN has entered
menandatangani beberapa perjanjian yang into several separate agreements with BNP
terpisah dengan BNP Paribas sehubungan dengan Paribas in relation to the swap contract
transaksi swap komoditas bahan bakar dengan transactions for gas oil commodities, which are
rincian sebagai berikut: as follows:
Pihak lawan/Counterparty: BNP Paribas
Jumlah
kuantitas ABN membayar
Tanggal Tanggal nosional/ Harga atau menerima
efektif/ Terminasi/ Total tetap/ harga tetap/
No./ Effective Termination notional Fixed ABN pays or
No. date date quantity price receives fixed price Referensi harga/Commodity reference
1. 01 Mei 2014/ 31 Desember 2014/ 60.000/ 118/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC
May 01, 2014 December 31, 2014 60,000 118 Pay
2. 01 January 2015/ 31 Desember 2015/ 144.000/ 95/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC
January 01, 2015 December 31, 2015 144,000 95 Pay
3. 01 January 2015/ 31 Desember 2015/ 60.000/ 90/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC
January 01, 2015 December 31, 2015 60,000 90 Pay
Sehubungan dengan transaksi swap komoditas In relation to the commodity swap for gas oil
bahan bakar, untuk kontrak yang selesai dalam which has been terminated in 2014, Group
tahun 2014, Kelompok Usaha mencatat kerugian recognized a net loss amounting to
neto sebesar AS$611.955 dalam laba rugi tahun US$611,955 in the profit or loss for 2014 with
2014 dengan utang derivatif sebesar AS$306.750 derivative liability amounting to US$306,750 as
pada tanggal 31 Desember 2014. of December 31, 2014.
Perubahan nilai wajar kontrak tersebut diatas pada The change in fair value of the above contracts
tanggal 31 Desember 2014 adalah sebesar as of December 31, 2014 amounting to
US$4.185.424, yang dilaporkan sebagai Utang US$4,185,424 is reported as Derivative
derivatif pada laporan posisi keuangan payables in the statement of consolidated
konsolidasian tanggal 31 Desember 2014 financial position as of December 31, 2014
(Catatan 27). (Note 27).
b. TBS b. TBS
(i) Suku Bunga Cap (i) Interest Rate Cap

TBS membayar
Tanggal Tanggal Nilai Bunga atau menerima
efektif/ Terminasi/ nosional/ tetap/ bunga tetap/
Effective Termination Notional Fixed TBS pays or receives
date date amount interest fixed interest Referensi bunga/Interest reference
30 September 2014/ 30 Maret 2018/ 35.000.000/ 577.500/ Membayar/ USD-LIBOR-BBA

September 30, 2014 March 30, 2018 35,000,000 577,500 Pay
Perubahan nilai wajar kontrak tersebut di atas The change in fair value of the above
pada tanggal 31 Desember 2014 adalah contract as at December 31, 2014 is
sebesar AS$552.308 sebagai keuntungan yang amounting to US$552,308 as gain
diakui dalam laporan laba rugi komprehensif recognized in the consolidated statement of
konsolidasian. comprehensive income.
97


2014 (lanjutan) 2014 (continued)
b. TBS (lanjutan) b. TBS (continued)
(ii) Swap Komoditas (ii) Commodity Swap
Dalam bulan Oktober dan November 2014, In October and November 2014, TBS has
TBS menandatangani beberapa perjanjian yang entered into several separate agreements
terpisah dengan Standard Chartered with Standard Chartered in relation to the
sehubungan dengan transaksi swap komoditas swap contract transactions for gas oil
bahan bakar untuk keperluan kegiatan commodities for the purpose of mining
operasional tambang IM dan TMU dengan operations of IM and TMU, which are as
rincian sebagai berikut: follows:
Pihak lawan/Counterparty: Standard Chartered
Jumlah
kuantitas TBS membayar
No./ Effective Termination notional Fixed TBS pays or
1. 1 Desember 2014/ 30 November, 2015/ 18.000/ 101.400/ Membayar/ GAS OIL-SINGAPORE-PLATTS ASIA-PACIFIC
December 1, 2014 November 30, 2015 18,000 101,400 Pay
2. 1 December 2014/ 30 November 2015/ 18.000/ 100.500/ Membayar/ GAS OIL-SINGAPORE-PLATTS ASIA-PACIFIC
December 1, 2014 November 30, 2015 18,000 100,500 Pay
Perubahan nilai wajar kontrak tersebut diatas The change in fair value of the above
pada tanggal 31 Desember 2014 adalah sebesar contracts as of December 31, 2014
AS$1.040.335, yang dilaporkan sebagai Utang amounting to US$1,040,335, which is
derivatif pada laporan posisi keuangan reported as Derivative payables in the
konsolidasian tanggal 31 Desember 2014 statement of consolidated financial position
(Catatan 27). as of December 31, 2014 (Note 27).
2013 2013
ABN ABN
Dalam bulan November 2013, ABN menandatangani In November 2013, the ABN has entered into
beberapa perjanjian yang terpisah dengan Australia several separate agreements with Australia and
and New Zealand Banking Group Limited dan BNP New Zealand Banking Group Limited, and BNP
Paribas sehubungan dengan transaksi swap Paribas in relation to the swap contract
komoditas gas oil dengan rincian sebagai berikut : transactions for gas oil commodities, which are as
follows:
Pihak lawan/Counterparty: Australia and New Zealand Banking Group Limited
Jumlah
1. 02 Januari 2014/ 31 Desember 2014/ 90.000/ 117,23/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC
January 02, 2014 December 31, 2014 90,000 117.23 Pay

Jumlah
1. 01 Januari 2014/ 31 Desember 2014/ 90.000/ 117,00/ Membayar/ GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC
January 01, 2014 December 31, 2014 90,000 117.00 Pay
98


2013 (lanjutan) 2013 (continued)
ABN (lanjutan) ABN (continued)
Dalam tahun 2013, ABN melakukan penyelesaian In 2013, ABN early terminated commodity swap
awal terhadap perjanjian swap komoditas gas oil for gas oil with the Australia and New Zealand
dengan Australia and New Zealand Banking Group Banking Group Limited and BNP Paribas,
Limited dan BNP Paribas, dimana ABN mencatat whereby ABN recognized a gain amounting to
keuntungan sebesar AS$693.712 dan diakui dalam US$693,712, which is recorded in the
laporan laba rugi komprehensif konsolidasian tahun consolidated statement of comprehensive income
2013. for 2013.
Transaksi swap gas oil di atas adalah untuk The gas oil swap transactions is to hedge risk
melindungi risiko fluktuasi harga bahan bakar yang against gas oil purchase of ABN for producing
timbul dari transaksi pembelian bahan bakar ABN coal in order to fulfill ABN’s sales commitments.
untuk memproduksi batu bara dalam rangka
memenuhi komitmen penjualan ABN.
Perjanjian sehubungan dengan kontrak derivatif The agreements on the above derivative contracs
diatas sesuai dengan ISDA Master Agreement 2002 are based on ISDA Master Agreement 2002 and
dan tidak ada persyaratan tambahan penting no other additional significant conditions.
lainnya.
Tidak ada transaksi derivatif yang dilakukan oleh There is no derivative transactions for which the
Kelompok Usaha selain untuk tujuan lindung nilai. management entered into other than for hedging
purposes.
35. TRANSAKSI DAN SALDO PIHAK BERELASI 35. RELATED PARTY TRANSACTIONS AND
BALANCES
Dalam kegiatan usaha normalnya, Kelompok In the ordinary course of business, the Group
Usaha melakukan transaksi dengan pihak berelasi. engaged into transactions with related parties.
Sifat transaksi dan hubungan dengan pihak The nature of transactions and relationships with
berelasi adalah sebagai berikut: related parties are as follows:
Pihak berelasi/ Hubungan/ Sifat transaksi/
Related parties Relationship Nature of transactions
PT Toba Sejahtra Pemegang saham pengendali/ Pinjaman modal kerja, uang muka
Controlling shareholder dividen dan pembayaran lainnya/
Working capital loan, advance dividends
and other payment
PT Kutai Energi Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/
Member of the same group Working capital loan
PT Kimco Armindo Anggota dari kelompok usaha yang sama/ Pinjaman modal kerja/
Member of the same group Working capital loan
PT Toba Pengembang Anggota dari kelompok usaha yang sama/ Uang muka pembelian aset/
Sejahtra Member of the same group Advances for purchase of assets
Bpk. Davit Togar Pandjaitan Anggota keluarga terdekat pemegang Dividen/

saham mayoritas TS/ Dividends
Immediate family member of the majority
shareholder of TS
99


(lanjutan) BALANCES (continued)
Saldo dengan pihak berelasi adalah sebagai Balances with related parties are as follows:
berikut:
a. Piutang usaha a. Trade receivables
2014 2013
Piutang usaha Trade receivables
Aset Lancar Current assets
Anggota dari kelompok usaha Member of the
yang sama: same group:
PT Kimco Armindo 2.314.838 2.314.838 PT Kimco Armindo
Dikurangi: Less:
Penyisihan kerugian Allowance for
penurunan nilai (1.736.129) (1.157.419) impairment losses
578.709 1.157.419
Persentase terhadap total aset 0,2% 0,4% As a percentage to total assets
b. Piutang lain-lain b. Other receivables
Piutang lain-lain - aset tidak lancar Other receivables - non-current assets
2014 2013
Piutang lain-lain Other receivables
Aset tidak lancar Non-current assets
Pemegang saham pengendali: Controlling shareholder:
PT Toba Sejahtra 25.427.191 26.487.401 PT Toba Sejahtra
PT Kutai Energi 3.731.828 3.585.614 PT Kutai Energi
PT Kimco Armindo 1.360.419 1.312.335 PT Kimco Armindo
Total 30.519.438 31.385.350 Total
Dikurangi: Less:
Penyisihan kerugian Allowance for
penurunan nilai (891.677) (596.027) impairment losses
29.627.761 30.789.323
100


berikut: (lanjutan) (continued)
c. Uang muka - jangka panjang c. Advances - long-term portion
2014 2013
Uang muka - jangka panjang Advances - long-term portion

Aset tidak lancar Non-current assets
PT Toba Pengembang Sejahtra 3.628.392 - PT Toba Pengembang Sejahtra
PT Kutai Energi 518.318 542.106 PT Kutai Energi
4.146.710 542.106
Saldo piutang lain - lain kepada PT Toba Other receivable balances from PT Toba
Sejahtra terutama merupakan pinjaman modal Sejahtra mainly represents working capital loan
kerja dengan bunga tahunan sebesar 3,75%- granted by the Company with an interest at
4,25% di atas LIBOR untuk 3 bulan. Pengenaan 3.75%-4.25% above the LIBOR for 3 months.
bunga ini mulai berlaku semenjak tanggal This interest is effective since August 22, 2011.
22 Agustus 2011. Piutang bunga yang dicatat Interest receivable as of December 31, 2014
pada tanggal 31 Desember 2014 sebesar amounted to US$3,268,764 (2013:
AS$3.268.764 (2013:AS$2.341.730) US$2,341,730).
Saldo piutang lain-lain dari PT Kutai Energi Other receivable balances from PT Kutai
terutama merupakan pinjaman modal kerja Energi mainly represents working capital loan
dengan bunga sebesar 6,5% untuk pinjaman with an interest of 6.5% for loan denominated
dalam mata uang Rupiah dan 4% untuk in Rupiah and 4% for loan denominated in U.S.
pinjaman dalam mata uang Dolar Amerika Dollar. This interest is effective since January
Serikat. Pengenaan bunga ini mulai berlaku 1, 2012. Interest receivable as of December 31,
sejak tanggal 1 Januari 2012. Piutang bunga 2014 amounted to US$600,841 (2013:
yang dicatat pada tanggal 31 Desember 2014 US$404,458).
sebesar AS$600.841 (2013: AS$404.458).
Saldo piutang lain-lain dari PT Kimco Armindo Other receivable balances from PT Kimco
terutama merupakan pinjaman modal kerja Armindo mainly represents working capital loan
dengan bunga sebesar 6,5% untuk pinjaman with an interest of 6.5% for loan denominated
dalam mata uang Rupiah dan 4% untuk in Rupiah and 4% for loan denominated in U.S.
pinjaman dalam mata uang Dolar Amerika Dollar. This interest is effective since
Serikat. Pengenaan bunga ini mulai berlaku January 1, 2012. Interest receivable as of
sejak tanggal 1 Januari 2012. Piutang bunga December 31, 2014 amounted to US$177,820
yang dicatat pada tanggal 31 Desember 2014 (2013: US$120,281).
sebesar AS$177.820 (2013: AS$120.281).
101


berikut: (lanjutan) (continued)
d. Utang dividen d. Dividend payables
2014 2013
Utang dividen Dividend payables

Anggota keluarga terdekat Immediate family member of the
pemegang saham mayoritas TS : majority shareholder of TS:
Bpk. Davit Togar Pandjaitan 288.289 290.856 Mr. Davit Togar Pandjaitan
Total 288.289 290.856 Total
Persentase terhadap total liabilitas 0,2% 0,2% As a percentage to total liabilities
e. Utang lain - lain e. Other payables
2014 2013
Utang lain-lain Other payable

Jangka panjang Non-current
Pemegang saham pengendali : Controlling shareholder:
PT Toba Sejahtra 2.242.526 2.288.701 PT Toba Sejahtra
Total 2.242.526 2.288.701 Total
Persentase terhadap total liabilitas 1,4% 1,3% As a percentage to total liabilities
Saldo utang lain-lain-jangka panjang kepada TS Other payable balance-non current to TS

merupakan pinjaman untuk modal kerja tanpa represents non-interest bearing loan obtained
bunga yang diterima entitas anak. by subsidiaries.
Kompensasi dan imbalan lain The compensation and other benefits
Kompensasi dan imbalan lain yang diberikan The compensation and other benefits provided
kepada Dewan Komisaris dan Direksi to the Boards of Commissioners and Directors
Perusahaan untuk tahun yang berakhir pada of the Company for the years ended
tanggal-tanggal 31 Desember 2014 dan 2013 December 31, 2014 and 2013 are as follows:
adalah sebagai berikut:
Tahun yang berakhir

2014 2013
Imbalan jangka pendek 1.535.931 1.302.512 Short-term benefits
Total 1.535.931 1.302.512 Total
102


36. LABA PER SAHAM DASAR 36. BASIC EARNINGS PER SHARE
Laba per saham adalah sebagai berikut: Earnings per share are as follows:
Tahun yang berakhir

2014 2013
Laba tahun berjalan yang dapat Profit for the year
Pemilik entitas induk 18.327.272 18.543.538 Equity holders of the parent entity
Rata-rata tertimbang jumlah Weighted average
saham biasa untuk number of
menentukan laba neto ordinary shares for basic
per saham dasar earnings per share
(lembar saham) 2.012.491.000 2.012.491.000 (number of shares)
Laba tahun berjalan Basic earnings per share
per saham dasar 0,0091 0,0092 for the year
Laba per saham dilusian adalah sama dengan laba Diluted earnings per share is the same as the basic
per saham dasar karena Perusahaan tidak memiliki earnings per share since the Company does not
efek berpotensi dilusi. have potential dilutive securities.
37. ASET DAN LIABILITAS MONETER DALAM 37. MONETARY ASSETS AND LIABILITIES
MATA UANG ASING DENOMINATED IN FOREIGN CURRENCIES
Mata uang
asing
(Rp’000) dan
(Yen)/
Foreign Ekuivalen
currencies Dolar AS/
(Rp’000) and U.S Dollar
31 Desember 2014 (Yen) equivalent December 31, 2014
Aset Assets
Kas dan setara kas Rupiah/Rupiah 94.063.219 7.561.352 Cash and cash equivalents
Piutang lain-lain Rupiah/Rupiah 51.458.819 4.136.561 Other receivables
Jaminan reklamasi Rupiah/Rupiah 21.944.110 1.763.996 Reclamation Guarantee
Total Aset 13.461.909 Total Assets
Liabilitas Liabilities
Utang usaha Rupiah/Rupiah 27.101.336 2.178.564 Trade payables
Yen/Yen 62.240 522
Utang lain-lain Rupiah/Rupiah 27.910.222 2.243.587 Other payables
Utang pajak Rupiah/Rupiah 22.295.059 1.792.207 Taxes payables
Utang bank Rupiah/Rupiah 150.971.044 12.135.936 Bank loans
Beban Akrual Rupiah/Rupiah 7.297.055 586.580 Accrued expenses
Provisi untuk reklamasi Provision for reclamation
dan penutupan tambang Rupiah/Rupiah 55.935.378 4.496.413 and mine closure
Liabilitas imbalan kerja jangka Short-term employee benefits
pendek Rupiah/Rupiah 37.765.986 3.035.851 liabilities
Liabilitas Imbalan kerja jangka Long-term employee benefits
panjang Rupiah/Rupiah 35.337.935 2.840.670 liabilities
Sewa pembiayaan Rupiah/Rupiah 4.405.365 354.129 Finance lease
Total Liabilitas 29.664.459 Total Liabilities

Liabilitas neto 16.202.550 Net liabilities
103


37. ASET DAN LIABILITAS MONETER DALAM 37. MONETARY ASSETS AND LIABILITIES
MATA UANG ASING (lanjutan) DENOMINATED IN FOREIGN CURRENCIES
(continued)
Mata uang
asing
(Rp’000) dan
(Euro)/
Foreign Ekuivalen
currencies Dolar AS/
(Rp’000) and U.S Dollar
31 Desember 2013 (Euro) equivalent December 31, 2013
Aset Assets
Kas dan setara kas Rupiah/Rupiah 300.856.760 24.682.645 Cash and cash equivalents
Piutang lain-lain Rupiah/Rupiah 48.482.747 3.977.582 Other receivables
Jaminan reklamasi Rupiah/Rupiah 11.281.831 925.575 Reclamation Guarantee
Total Aset 29.585.802 Total Assets
Liabilitas Liabilities
Utang usaha Rupiah/Rupiah 49.952.155 4.098.134 Trade payables
Euro/Euro 2.599 3.610
Utang lain-lain Rupiah/Rupiah 27.896.976 2.288.701 Other payables
Utang pajak Rupiah/Rupiah 31.435.724 2.579.024 Taxes payables
Utang bank Rupiah/Rupiah 137.762.260 11.302.179 Bank loans
Beban akrual Rupiah/Rupiah 12.070.486 990.277 Accrued expenses
Provisi untuk reklamasi Provision for mine
dan penutupan reclamation and
tambang Rupiah/Rupiah 48.168.697 3.951.817 mine closure
Liabilitas Imbalan kerja jangka Short-term employee benefits
pendek Rupiah/Rupiah 40.718.366 3.340.583 liabilities
Liabilitas Imbalan kerja jangka Long-term employee benefits
panjang Rupiah/Rupiah 23.683.946 1.943.059 liabilities
Sewa pembiayaan Rupiah/Rupiah 2.323.772 190.645 Finance lease
Total Liabilitas 30.688.029 Total Liabilities
Liabilitas neto 1.102.227 Net liabilities
Apabila posisi aset neto dalam mata uang selain If the net position of assets in currencies other than
AS$ pada tanggal 31 Desember 2014 dinyatakan US$ as of December 31, 2014, is reflected using
dengan menggunakan kurs tengah nilai tukar mata the middle rates of exchange as of March 9, 2015,
uang asing pada tanggal 9 Maret 2015 maka the net liabilities in foreign currencies will decrease
liabilitas neto dalam mata uang asing akan by approximately US$141,839.
menurun sebesar lebih kurang AS$141.839.
38. INFORMASI SEGMEN USAHA 38. OPERATING SEGMENT INFORMATION
Segmen operasi Kelompok Usaha yaitu The Group operating segments are coal mining
pertambangan batubara dan perkebunan. Kegiatan and plantation. The operational activities of the
operasional segmen operasi Kelompok Usaha Group’s operating segments are carried out in
dijalankan di Kalimantan. Kalimantan.
Berikut informasi tentang wilayah geografis dari Below is information regarding geographical location
pelanggan: of the customers:
Perkebunan/ Pertambangan/ Total/
Plantation Mining Total
2014 2014
Asia - 498.244.912 498.244.912 Asia
Domestik 1.072.442 648.288 1.720.730 Domestic
Total 1.072.442 498.893.200 499.965.642 Total
104


38. INFORMASI SEGMEN USAHA (lanjutan) 38. OPERATING SEGMENT INFORMATION

(continued)
Berikut informasi tentang wilayah geografis dari Below is information regarding geographical location
pelanggan (lanjutan): of the customers (continued):
Perkebunan/ Pertambangan/ Total/

Plantation Mining Total
2013 2013
Asia - 419.701.764 419.701.764 Asia
Domestik 265.065 1.882.908 2.147.973 Domestic
Total 265.065 421.584.672 421.849.737 Total
Berikut ini adalah informasi segmen berdasarkan Segment information based on business segments is
segmen usaha: presented below:

2014
Perkebunan/ Pertambangan/ Eliminasi/ Total/

Plantation Mining Elimination Total
Laporan laba rugi Consolidated statement of

komprehensif konsolidasian comprehensive income
Penjualan 1.072.442 498.893.200 - 499.965.642 Sales

Harga Pokok Penjualan 1.440.787 411.969.277 354.371 413.764.435 Cost of goods sold
Laba/(Rugi) operasi (966.211) 57.557.156 (561.697) 56.029.248 Operating profit/(loss)
Pendapatan keuangan 1.240 4.185.330 (1.675.044) 2.511.526 Finance income
Beban keuangan (1.926.415) (3.413.904) 696.770 (4.643.549) Finance charges
Laba sebelum pajak 53.897.225 Profit before tax

Beban pajak - neto (18.096.721) Tax expense - net
Laba tahun berjalan 35.800.504 Profit for the year
Laporan posisi keuangan Consolidated statement of

konsolidasian financial position
Aset segmen 14.768.091 287.449.608 (1.607.457) 300.610.242 Segment assets

Liabilitas segmen 24.243.413 145.015.811 (11.001.568) 158.257.656 Segment liabilities
Informasi lainnya Other Information

Belanja modal 960.675 14.488.391 - 15.449.066 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 638.082 12.525.377 - 13.163.459 and amortization
105


38. INFORMASI SEGMEN USAHA (lanjutan) 38. OPERATING SEGMENT INFORMATION

(continued)
Berikut ini adalah informasi segmen berdasarkan Segment information based on business segments is
segmen usaha (lanjutan): presented below (continued):

2013
Perkebunan/ Pertambangan/ Eliminasi/ Total/
Plantation Mining Elimination Total
Laporan laba rugi Consolidated statement of
komprehensif konsolidasian comprehensive income
Penjualan 265.065 421.584.672 - 421.849.737 Sales

Harga Pokok Penjualan 640.168 341.657.164 - 342.297.332 Cost of goods sold
Laba/(Rugi) operasi (725.546) 46.681.978 4.058.882 50.015.314 Operating profit/(loss)
Pendapatan keuangan 4.737 4.905.158 (842.127) 4.067.768 Finance income
Beban keuangan (784.722) (3.212.543) 317.202 (3.680.063) Finance charges
Laba sebelum pajak 50.403.019 Profit before tax
Beban pajak - neto (15.799.226) Tax expense - net
Laba tahun berjalan 34.603.793 Profit for the year
Laporan posisi keuangan Consolidated statement of

konsolidasian financial position
Aset segmen 13.231.386 295.132.098 3.284.455 311.647.939 Segment assets

Liabilitas segmen 20.780.853 167.946.864 (7.561.022) 181.166.695 Segment liabilities
Informasi lainnya Other Information
Belanja modal 42.618 18.250.835 - 18.293.453 Capital expenditures
Penyusutan, deplesi Depreciation, depletion
dan amortisasi 279.312 8.235.913 - 8.515.225 and amortization
106


39. INSTRUMEN KEUANGAN 39. FINANCIAL INSTRUMENTS
Seluruh nilai tercatat instrumen keuangan The carrying value of all financial instruments
mendekati nilai wajar dari instrumen keuangan approximates their respective fair values.
tersebut.
Berikut ini adalah metode dan asumsi yang The following are the methods and assumptions
digunakan manajemen dalam mengestimasi nilai used by management to estimate the fair value of
wajar dari setiap golongan instrumen keuangan each class of the Group’s financial instruments:
Kelompok Usaha:
1. Kas dan setara kas, piutang usaha dan piutang 1. Cash and cash equivalents, trade receivables and
lain-lain. other receivables.
Untuk aset keuangan jangka pendek yang For financial assets that are due within 12 months,
akan jatuh tempo dalam waktu 12 bulan, nilai the carrying values of the financial assets are
tercatat aset keuangan tersebut dianggap telah perceived to approximate their fair values.
mencerminkan nilai wajar dari aset keuangan
tersebut.
2. Nilai wajar dari setoran jaminan ditentukan 2. Fair value of security deposits are determined by
dengan mendiskontokan arus kas masa discounting the future cash flows using prevailing
datang menggunakan suku bunga yang interest rates of observable market transactions for
berlaku dari transaksi pasar yang dapat an instrument with the same requirements, credit
diamati untuk instrumen dengan persyaratan, risk and maturity. Security deposit in form of time
risiko kredit dan jatuh tempo yang sama. deposit earns interest income at market rate, thus
Setoran jaminan dalam bentuk deposito the carrying value approximate their fair values.
berjangka menghasilkan bunga dengan tingkat
bunga pasar, sehingga nilai tercatatnya
dianggap mencerminkan nilai wajar.
3. Utang usaha, utang lain-lain dan beban akrual 3. Trade payables, other payables and accrued
expenses.
Untuk liabilitas keuangan jangka pendek yang For financial liabilities that are due within 12 months,
akan jatuh tempo dalam waktu 12 bulan, nilai the carrying value of the financial liabilities is
tercatat liabilitas keuangan tersebut dianggap perceived to approximate their fair value.
telah mencerminkan nilai wajar dari liabilitas
keuangan tersebut.
4. Utang bank 4. Bank loans

Utang bank memiliki suku bunga variabel yang Bank loans have floating interest rates which are
disesuaikan dengan pergerakan suku bunga adjusted in the movements of market interest rates,
pasar sehingga jumlah terutang liabilitas thus the payable amounts of these financial liabilities
keuangan tersebut telah mendekati nilai wajar. approximate their fair values.
107


39. INSTRUMEN KEUANGAN (lanjutan) 39. FINANCIAL INSTRUMENTS (continued)
Berikut ini adalah metode dan asumsi yang The following are the methods and assumptions
digunakan manajemen dalam mengestimasi nilai used by management to estimate the fair value of
wajar dari setiap golongan instrumen keuangan each class of the Group’s financial instruments
Kelompok Usaha (lanjutan): (continued):
5. Instrumen derivatif 5. Derivative instruments

Perusahaan mengukur nilai wajar untuk The Company measures fair value for financial
instrumen keuangan yang diakui pada nilai instrument recognized at fair values using the
wajar dengan menggunakan tingkat hirarki following hierarchy level:
berikut ini: - Level 1: Quoted market price in an active
- Tingkat 1: Harga kuotasi di pasar yang aktif market for an identical instrument,
untuk instrumen keuangan yang sejenis, - Level 2: Valuation techniques based on
- Tingkat 2: Teknik penilaian berdasarkan observable inputs,
input yang dapat diobservasi, - Level 3: Valuation techniques using
- Tingkat 3: Teknik penilaian yang significant unobservable inputs.
menggunakan input signifikan yang tidak
dapat diobservasi.
As of 31 December 2014, the Company has
Pada tanggal 31 Desember 2014, Perusahaan financial instrument recognized at fair value
mempunyai instrumen keuangan yang diakui which are derivative assets and liabilities. Those
pada nilai wajar yaitu aset derivatif dan liabilitas financial instruments are measured at hierarchy
derivatif. Instrumen keuangan tersebut diukur level 2. The Company does not have any
berdasarkan hirarki tingkat 2. Perusahaan tidak financial instrument recognized at fair values that
memiliki instrumen keuangan yang diakui pada are measured using hierarchy level 1 and 3 and
nilai wajar yang diukur berdasarkan hirarki there is no reclassification between them.
tingkat 1 dan 3 dan tidak ada perpindahan
diantaranya.
40. KEBIJAKAN DAN TUJUAN MANAJEMEN 40. FINANCIAL RISK MANAGEMENT OBJECTIVES
RISIKO KEUANGAN AND POLICIES
Manajemen risiko Risk management
Risiko utama yang timbul dari instrumen keuangan The main risks arising from the Group’s financial
Kelompok Usaha adalah risiko nilai tukar mata instruments are foreign exchange rate risk, credit
uang asing, risiko kredit dan risiko likuiditas. risk and liquidity risk. The importance of managing
Kepentingan untuk mengelola risiko ini telah these risks has significantly increased in light of the
meningkat secara signifikan dengan considerable change and volatility in both
mempertimbangkan perubahan dan volatilitas Indonesian and international financial markets.
pasar keuangan baik di Indonesia maupun Management reviews and approves the policies for
internasional. Manajemen menelaah dan managing these risks which are summarized
menyetujui kebijakan untuk mengelola risiko-risiko below.
yang dirangkum di bawah ini.
Risiko nilai tukar mata uang asing Foreign exchange rate risk
Risiko nilai tukar mata uang asing adalah risiko Foreign exchange rate risk is the risk that the fair
dimana nilai wajar atau arus kas masa datang dari value or future cash flows of a financial instrument
suatu instrumen keuangan akan berfluktuasi akibat will fluctuate because of changes in foreign
perubahan nilai tukar mata uang asing. Eksposur exchange rates. The Group’s exposure to
Kelompok Usaha terhadap fluktuasi nilai tukar exchange rate fluctuations results primarily from
terutama berasal dari kas dan setara kas dan utang cash and cash equivalent and trade payables
usaha dalam mata uang Rupiah. which are denominated in Rupiah.
108


RISIKO KEUANGAN (lanjutan) AND POLICIES (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange rate risk (continued)
Apabila terjadi penurunan/penguatan nilai tukar If there is weakening/strengthening of US$

mata uang AS$ terhadap nilai tukar mata uang exchange rate, payable in foreign exchange rate
asing, maka utang dalam mata uang asing akan will increase/decrease in US$ term. Management
meningkat/berkurang dalam mata uang AS$. did not hedge this foreign exchange rate.
Manajemen tidak melakukan lindung nilai atas
risiko mata uang ini.
Berikut ini adalah analisis sensitivitas efek 5% Sensitivity analysis of the 5% fluctuation in the
perubahan kurs mata uang asing terhadap laba foreign exchange rates to profit after tax with
setelah pajak dengan semua variabel lain dianggap other variance considered as constant is as
tetap: follow:
2014
Kenaikan 5% (152.436) Increase 5%
Penurunan 5% 152.436 Decrease 5%
Nilai maksimal eksposur adalah sebesar nilai The maximum exposure to the risk are stated in the
tercatat atas aset dan liabilitas sebagaimana yang carrying amount of assets and liabilities as
disajikan dalam Catatan 37. presented in Note 37.
Risiko harga Price risk
Risiko harga adalah risiko fluktuasi nilai instrumen Price risk is the risk that the value of a financial
keuangan sebagai akibat perubahan harga pasar. instrument will fluctuate because of changes in
Kelompok Usaha terkena dampak risiko harga market price. The Group is exposed to coal and
komoditas batubara dan bahan bakar yang fuel commodity price risk due to certain factors,
dipengaruhi oleh beberapa faktor antara lain cuaca, such as weather, government policy, level of
kebijakan pemerintah, tingkat permintaan dan demand and supply in the market and the global
penawaran pasar dan lingkungan ekonomi global. economic environment. Such exposure mainly
Dampak tersebut terutama timbul dari penjualan arises from coal sales and purchase of fuel where
batubara dan pembelian bahan bakar solar, the price of fuel may be affected by international
dimana harga produk tersebut terpengaruh market prices fluctuations.
fluktuasi harga pasar internasional.
Risiko suku bunga atas arus kas Cash flows interest rate risk
Risiko suku bunga atas arus kas merupakan suatu Cash flows interest rate risk is a risk that the future
risiko dimana arus kas masa datang suatu cash flows of a financial instrument will fluctuate
instrumen keuangan akan berfluktuasi akibat because of changes in market interest rates.
perubahan suku bunga pasar. Eksposur yang ada Current exposure related to this risk mainly arises
saat ini terutama berasal dari utang jangka panjang from the long term syndicated bank loans which
atas pinjaman ke bank sindikasi dengan suku bunga bear floating interest rate. Loans at variable rates
mengambang. Pinjaman dengan suku bunga expose the Group to cash flows risk.
mengambang menimbulkan risiko arus kas kepada
Kelompok Usaha.
Perusahaan mengelola risiko suku bunga dengan The Company manages its interest rate risk using
menggunakan transaksi suku bunga Cap selama interest rate Cap transaction over the period of the
periode pinjaman bank sindikasi. Dengan transaksi syndication bank loans. By entering this
ini Perusahaan membatasi eksposur terhadap suku transaction the Company limits its exposure on the
bunga mengambang swap tingkat bunga tertentu. floating interest rate swap to specified interest rate.
Pada tanggal 31 Desember 2014, Perusahaan telah As of 31 December 2014, the Company has
menandatangani swap suku bunga dengan BNP entered into interest rate swap with BNP Paribas
Paribas dan Perusahaan berkeyakinan bahwa and the Company believes that this risk
strategi manajemen risiko ini akan menghasilkan management strategy will result in a positive
manfaat yang positif dalam jangka panjang. benefit in the long term.
109


Risiko suku bunga atas arus kas (lanjutan) Cash flows interest rate risk (continued)
Profil pinjaman Kelompok Usaha adalah sebagai The Group’s loan profile is as follows:
berikut:
2014 2013
Pinjaman dengan suku bunga
mengambang 56.114.739 53.736.418 Loans with floating interest rates
Total 56.114.739 53.736.418 Total
Dampak fluktuasi suku bunga 100 basis poin Effect of interest rates fluctuation of 100 basis
terhadap laba setelah pajak dengan semua variabel points to income after tax with all other variables
lain tetap: constant:
Kenaikan/
penurunan Dampak
dalam terhadap
satuan poin/ beban
Increase/ keuangan/
decrease Effect on financial
In basis point charges
2014 2014
AS$ +100 536.262 US$
AS$ -100 535.941 US$
2013 2013
AS$ +100 606.950 US$
AS$ -100 477.045 US$
Risiko kredit Credit risk

Risiko kredit adalah risiko bahwa Kelompok Usaha Credit risk is the risk that the Group will incur loss
akan mengalami kerugian yang timbul dari arising from their customers, clients or
pelanggan, klien atau pihak lawan yang gagal counterparties that fail to discharge their
memenuhi kewajiban kontraktual mereka. contractual obligations. Management manages and
Manajemen mengelola dan mengendalikan risiko controls this credit risk by setting limits on the
kredit dengan menetapkan batasan jumlah risiko amount of risk they are willing to accept and by
yang dapat diterima dan memantau eksposur monitoring exposures in relation to such limits.
terkait dengan batasan-batasan tersebut.
Kelompok Usaha melakukan hubungan usaha The Group trade only with recognized and
hanya dengan pihak ketiga yang diakui dan creditworthy third parties. It is the Group’s policy
kredibel. Kelompok Usaha memiliki kebijakan untuk that all customers who wish to trade on credit
semua pelanggan yang akan melakukan terms should go through advance payments and
perdagangan secara kredit harus melalui prosedur credit verification procedures. In addition,
pembayaran uang muka dan verifikasi kredit. receivable balances are monitored on an ongoing
Sebagai tambahan, jumlah piutang dipantau secara basis to reduce the exposure to bad debts.
terus menerus untuk meminimalisasi risiko piutang
ragu-ragu.
Sehubungan dengan risiko kredit yang timbul dari In relation to the credit risk arising from other
aset keuangan lainnya yang mencakup kas dan financial instruments including cash and cash in
bank serta deposito berjangka dimana risiko kredit banks and time deposits where the credit risk arise
yang dihadapi timbul karena wanprestasi dari from the default from the counterparty, the Group
counterparty, Kelompok Usaha memiliki kebijakan has a policy to place cash and banks with banks
untuk menempatkan kas dan bank pada bank-bank which have high credit ratings.
dengan peringkat kredit yang tinggi.
110


Nilai maksimal eksposur adalah sebesar nilai The maximum exposure of the credit risk are
tercatat, sebagaimana yang disajikan dalam disclosed in Notes 4, 5 and 6.
Catatan 4, 5, dan 6.
Risiko likuiditas Liquidity risk
Risiko likuiditas didefinisikan sebagai risiko saat The liquidity risk is defined as a risk when the cash
posisi arus kas Kelompok Usaha menunjukkan flow position of the Group indicates that the short-
bahwa pendapatan jangka pendek tidak cukup term revenue is not enough to cover the short-term
menutupi pengeluaran jangka pendek. expenditure.
Kebutuhan likuiditas Kelompok Usaha timbul dari The Group’s liquidity requirements have arisen
kebutuhan untuk membiayai investasi, pengeluaran from the need to finance investments and capital
barang modal dan perluasan area tambang expenditures and mine area expansion. The
batubara. Bisnis batubara entitas anak subsidiaries’ coal business requires substantial
membutuhkan modal yang substansial untuk capital to construct and expand the infrastructure
membangun dan memperluas infrastruktur dan and to fund operations.
untuk mendanai operasional.
Dalam mengelola risiko likuiditas, manajemen In the management of liquidity risk, management
memantau dan menjaga tingkat likuiditas yang monitors and maintains a level of liquidity adequate
dianggap memadai untuk membiayai operasional to finance the Group’s operations and to mitigate
Kelompok Usaha dan untuk mengatasi dampak the effects of fluctuation in cash flows.
dari fluktuasi arus kas. Manajemen juga secara Management also regularly evaluates the projected
rutin mengevaluasi proyeksi arus kas dan arus kas and actual cash flows, including their long term
aktual, termasuk jadwal jatuh tempo utang jangka loan maturity profiles.
panjang mereka.
Tabel berikut ini menunjukan profil jangka waktu The table below summarises the maturity profile of
pembayaran liabilitas keuangan Kelompok Usaha the Group’s financial liabilities as of December 31,
pada tanggal-tanggal 31 Desember 2014 dan 2014 and 2013 based on undiscounted contractual
2013 berdasarkan pembayaran dalam kontrak payments.
yang belum didiskonto.
< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/
31 Desember 2014 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2014
Utang usaha Trade payables

Pihak ketiga 64.087.323 - - - 64.087.323 Third parties
Utang lain-lain Other payables
Pihak ketiga 3.709 - - - 3.709 Third parties
Pihak berelasi - 2.242.526 - - 2.242.526 Related parties
Beban akrual 4.935.975 - - - 4.935.975 Accrued expenses
Utang dividen 288.289 - - - 288.289 Dividend payable
Utang bank - 17.062.500 28.437.500 10.715.434 56.215.434 Bank loans
Utang Pajak 5.326.115 - - - 5.326.115 Taxes payable
Sewa pembiayaan 962.450 1.062.270 - - 2.024.720 Finance leases
75.603.861 20.367.296 28.437.500 10.715.434 135.124.091
< 1 tahun/ 1 - 2 tahun/ 2 - 3 tahun/ > 3 tahun/ Total/

31 Desember 2013 < 1 year 1 to 2 years 2 to 3 years > 3 years Total December 31, 2013
Utang usaha Trade payables

Pihak ketiga 69.265.229 - - - 69.265.229 Third parties
Utang lain-lain Other payables
Pihak ketiga 1.907 - - - 1.907 Third parties
Pihak berelasi - 2.288.701 - - 2.288.701 Related parties
Beban akrual 6.057.579 - - - 6.057.579 Accrued expenses
Utang dividen 290.856 - - - 290.856 Dividend payable
Utang bank 33.986.691 6.984.473 1.995.564 11.408.274 54.375.002 Bank loans
Utang Pajak 7.227.871 - - - 7.227.871 Taxes payable
Sewa pembiayaan 772.679 739.257 609.160 - 2.121.096 Finance leases
117.602.812 10.012.431 2.604.724 11.408.274 141.628.241
111


41. PERJANJIAN DAN KOMITMEN PENTING 41. SIGNIFICANT AGREEMENTS AND

COMMITMENTS
a. Perusahaan a. The Company
Perusahaan menerbitkan corporate guarantee The Company issued corporate guarantees

sehubungan pinjaman beberapa entitas anak relating to the loan of several of subsidiaries’
(Catatan 19c). loan (Note 19c).
b. Entitas anak – ABN b. Subsidiary – ABN
i. Pada tanggal 25 Agustus 2011, ABN i. On August 25, 2011, ABN has signed
menandatangani amendemen I atas kontrak amendement I to the agreement of
pengupasan tanah dan pengangkutan overburden and coal hauling (“Overburden
batubara (“Overburden Removal Removal Agreement“) with PT Petrosea
Agreement“) dengan PT Petrosea Tbk Tbk in relation to the increase in coal
sehubungan dengan penambahan kapasitas production capacity to 27,250,000 tons per
produksi batubara sebesar 27.250.000 ton year and the changes of the related bank
per tahun dan perubahan pengaturan guarantee placement. In addition, the
penempatan bank garansi. Selain itu, jangka contract period was extended to
waktu kontrak diperpanjang sampai dengan December 31, 2018.
31 Desember 2018.
Berdasarkan Amendemen II Overburden Based on the Amendment II to Overburden

Removal Agreement tertanggal 2 September Removal Agreement dated September 2,
2013, terhitung sejak tanggal 1 Januari 2014, 2013, as of January 1, 2014, ABN has no
ABN tidak lagi berkewajiban menyediakan longer an obligation to provide bank
bank garansi kepada PT Petrosea Tbk. guarantee to PT Petrosea Tbk. This
Perjanjian ini telah mengalami beberapa agreement has been amended several times
perubahan dan perubahan terakhir pada and the latest amendment was on
tanggal 25 November 2014 yang terkait November 25, 2014 which related to the
dengan penyesuaian harga. prices adjustment.
Pada tanggal 5 April 2012, ABN dan On April 5, 2012, ABN and PT Petrosea Tbk
PT Petrosea Tbk juga menandatangani Plant has also entered into Plant Hire Agreement
Hire Agreement sehubungan dengan in relation to the rental of mobile plant
penyewaaan mobile plant milik PT Petrosea belong to PT Petrosea Tbk by ABN for the
Tbk oleh ABN untuk masa sewa terhitung period from January 1, 2012 until the
sejak tanggal 1 Januari 2012 sampai dengan termination of the Overburden Removal
berakhirnya masa berlaku Overburden Agreement dated August 25, 2011 as stated
Removal Agreement tertanggal 25 Agustus above. This agreement has been amended
2011 di atas. Perjanjian ini telah mengalami several times and the latest amendment
beberapa perubahan dan perubahan terakhir was on November 25, 2014 which related to
pada tanggal 25 November 2014 yang terkait the prices adjustment.
dengan penyesuaian harga.
ii. Pada tanggal 1 Maret 2011, ABN ii. On March 1, 2011, ABN signed a contract
menandatangani kontrak dengan with PT Arkananta Apta Pratista (“AAP“) for
PT Arkananta Apta Pratista (“AAP“) untuk a sixty months period in relation to
jangka waktu enam puluh bulan overburden removal and coal hauling.
sehubungan dengan pekerjaan
pemindahan lapisan tanah penutup dan
pengangkutan batubara.
Berdasarkan ketentuan di dalam kontrak Based on the provision of the contract, ABN
tersebut, ABN diharuskan membayar biaya is required to pay AAP a service fee,
jasa kepada AAP, dihitung secara bulanan calculated on a monthly basis, based on a
berdasarkan rumus yang meliputi jumlah formula which includes the amount of raw
batubara mentah dan overburden yang coal and overburden mined and
ditambang dan diangkut. transported.
112



(lanjutan) COMMITMENTS (continued)
b. Entitas anak - ABN (lanjutan) b. Subsidiary - ABN (continued)
iii. Pada tanggal 24 Juli 2008, ABN iii. On July 24, 2008, ABN signed an
menandatangani perjanjian dengan agreement with PT Pelayaran Kartika
PT Pelayaran Kartika Samudra Adijaya Samudra Adijaya (“PKSA”), as amended
(“PKSA”) sebagaimana telah diubah through renewed agreement dated June 23,
melalui pembaharuan perjanjian tanggal 2011 to increase the coal barging capacity
23 Juni 2011 untuk meningkatkan to 26,000,000 tons. This agreement is valid
kapasitas pengangkutan menjadi from August 15, 2011 to December 31,
26.000.000 ton. Perjanjian ini berlaku dari 2015.
tanggal 15 Agustus 2011 sampai
31 Desember 2015.
Perjanjian ini terakhir kali diperbaharui pada This agreement was last amended on
tanggal 19 Juli 2013 terkait dengan July 19, 2013 in relation to the change in
perubahan dasar perhitungan tarif calculation basis for barging fee.
pengangkutan.
iv. ABN menandatangani kontrak jasa iv. ABN signed a coal shipment contract with
pengangkutan batubara dengan PT Pelita PT Pelita Samudera Shipping (“PSS”) on
Samudera Shipping (“PSS”) pada tanggal July 14, 2011 to transport coal from
14 Juli 2011, untuk mengangkut batubara Company’s loading port to appointed vessel
dari pelabuhan ke kapal dengan jumlah with total quantity between 500,000 tons and
500.000 ton sampai dengan 1.500.000 ton. 1,500,000 tons. The agreement was valid
Perjanjian berlaku dari 1 Agustus 2011 from August 1, 2011 to July 31, 2012.
sampai dengan 31 Juli 2012.
Pada tanggal 15 Juli 2012, ABN dan PSS On July 15, 2012, ABN and PSS amended
telah memperbaharui Coal Barging Coal Barging Agreement. The Coal Barging
Agreement. Perjanjian ini mengatur tentang Agreement regulates price and quantity limit
harga dan batas kuantitas dari muatan of coal loaded in details. The Coal Barging
batubara secara rinci. Perjanjian ini berlaku Agreement is valid from August 1, 2012 up to
selama 24 bulan sejak 1 Agustus 2012 July 31, 2014.
sampai dengan 31 Juli 2014.
Pada tanggal 30 Juli 2013, masa perjanjian On July 30, 2013, the term of agreements
yang sebelumnya berakhir pada tanggal which previously valid through July 31, 2014
31 Juli 2014 diperpanjang menjadi 31 Juli has been extended to July 31, 2015, and the
2015 dan kapasitas pengiriman menjadi shipment capacity are revised to 850,000
850.000 ton - 1.000.000 ton di tahun pertama tons - 1,000,000 tons in the first year and
dan 850.000 ton - 1.500.000 ton di tahun ke 850,000 tons - 1,500,000 tons in the second
dua dan ke tiga. and third years.
Jika ABN tidak dapat memenuhi nilai If the ABN could not meet the minimum
minimum penyedian batubara untuk quantity of coal to be delivered, the ABN shall
diangkut, ABN akan membayar selisih pay for any shortfall based on the applied
kekurangan tersebut sesuai dengan tarif rate.
yang berlaku.
113



(lanjutan) COMMITMENTS (continued)
c. Entitas anak – IM c. Subsidiary - IM
i. Pada tanggal 1 Oktober 2012, IM dan i. On October 1, 2012, IM and

PT Petrosea Tbk mengadakan perjanjian PT Petrosea Tbk entered into a mining
kontrak jasa pertambangan. Perjanjian service agreement. The agreement
tersebut mengatur tingkat harga, konsumsi governs, among others, the price rate, fuel
bahan bakar, penyesuaian harga dan hal consumption, price adjustment and other
lainnya. Nilai perjanjian ini bergantung terms. Contract values are dependent on
pada volume tanah overburden yang volumes of overburden moved. The
dipindahkan. Perjanjian ini akan berakhir di agreement will expire on April 30, 2015.
30 April 2015.
ii. Pada tanggal 28 Januari 2013, IM dan ii. On January 28, 2013, IM and PT RPP
PT RPP Contractors Indonesia Contractors Indonesia entered into a mining
mengadakan perjanjian kontrak jasa service agreement. The agreement
pertambangan. Perjanjian tersebut governs, among others, the price rate, fuel
mengatur tingkat harga, konsumsi bahan consumption, price adjustment and other
bakar, penyesuaian harga dan hal lainnya. terms. Contract values depends on volumes
Nilai perjanjian ini bergantung pada volume of overburden moved. The agreement will
tanah overburden yang dipindahkan. expire in January 2018.
Perjanjian ini akan berakhir di Januari
2018.
d. Entitas anak - TMU d. Subsidiary - TMU
i. Pada tanggal 24 Agustus 2011 TMU i. On August 24, 2011 TMU signed a contract
menandatangani kontrak dengan PT Surya with PT Surya Teknik Anugerah (STA) in
Teknik Anugerah (STA) untuk jangka waktu relation with overburden removal and coal
empat tahun sehubungan dengan hauling for four years.
pekerjaan pemindahan lapisan tanah
penutup dan pengangkutan batubara.
ii. Pada tanggal 1 Agustus 2013 TMU ii. On August 1, 2013 TMU signed a contract
menandatangai kontrak dengan PT Bina with PT Bina Sarana Sukses (BSS) in
Sarana Sukses (BSS) untuk jangka waktu relation with overburden removal and coal
tiga tahun sehubungan dengan pekerjaan hauling for three years.
pemindahan lapisan tanah penutup dan
pengangkutan batubara.
42. INFORMASI PENTING LAINNYA 42. OTHER SIGNIFICANT INFORMATION

a. Royalti dan Iuran tetap a. Royalty and Dead rent
Berdasarkan Undang-Undang No. 20 Tahun Based on Act No. 20 Year 1997 regarding state
1997 tentang pendapatan Negara non-pajak non-tax revenue and based on the Government
dan berdasarkan Peraturan Pemerintah Regulation of the Republic of Indonesia No. 9
Republik Indonesia No. 9 Tahun 2012 tentang Year 2012 regarding the rate of state non-tax
tarif pendapatan Negara non-pajak revenue for the Ministry of Energy and Mineral
Kementerian Energi dan Sumber Daya Mineral Resources (“KESDM”), the subsidiares are
(“KESDM”), entitas anak diharuskan untuk required to pay royalty for the sales of coal
membayar royalti dari penjualan hasil produksi production and to pay dead rent fees per
batubara dan diwajibkan untuk membayar iuran hectare of mining rights explored, developed
tetap per hektar atas hak pertambangan yang and extracted which are payable to the
dieksplorasi, dikembangkan dan diekstraksi KESDM. The amount of production royalty is
yang dibayarkan kepada KESDM. Jumlah royalti based on the type of mineral and the quantity
produksi didasarkan pada jenis mineral dan of coal sold.
kuantitas batubara yang dijual.
114


42. INFORMASI PENTING LAINNYA (lanjutan) 42. OTHER SIGNIFICANT INFORMATION

(continued)
a. Royalti dan Iuran tetap (lanjutan) a. Royalty and Dead rent (continued)
Royalti yang dibayarkan kepada Pemerintah Royalty paid to the Government was calculated
dihitung berdasarkan kalori yang terkandung di based on the calories contained in the coal with
dalam batubara dengan tarif 5% dan 7%, rates of 5% and 7%, the quantity sold was
kuantitas yang terjual dikalikan dengan basis multiplied by the base price and the royalty
harga dan tarif royalti tersebut. Berdasarkan rate. Based on the regulation from the Ministry
Peraturan Menteri Energi dan Sumber Daya of Energy and Mineral Resources of the
Mineral No. 17 tahun 2010 mengenai tata cara Republic of Indonesia No. 17 year 2010
penetapan harga patokan penjualan mineral regarding procedures for stipulating benchmark
dan batubara, basis harga adalah yang lebih prices of mineral and coal sales, the base price
tinggi antara harga patokan batubara atau harga is the higher of the coal benchmark price or
jual batubara. coal sales price.
Iuran tetap yang ditagih dihitung dengan dasar Dead rent charged was calculated at a rate of
tarif AS$4/hektar dikalikan dengan luasan US$4/hectare multiplied by the total concession
konsesi yang dimiliki ABN, IM dan TMU. area owned by ABN, IM and TMU.
b. Pengutamaan Pemasokan Kebutuhan b. Priority to Fulfill Domestic Requirement on

Mineral dan Batubara Untuk Kepentingan Mineral and Coal
Dalam Negeri
Dalam bulan Desember 2009, KESDM In December 2009, the KESDM issued
mengeluarkan Permen 34/ 2009 yang antara lain Permen 34/2009, which requires coal mining
mewajibkan perusahaan pertambangan companies (“Entities”) to sell a portion of their
batubara (“Badan usaha”) untuk menjual productions to domestic coal users (“Domestic
sebagian hasil produksinya kepada Pemakai Market Obligation” or “DMO”). Entites which do
batubara dalam negeri (“Domestic Market not fulfill such requirement will be given written
Obligation” atau “DMO”). Badan usaha yang notice maximum 3 times of and reduction of the
tidak dapat mematuhi ketentuan tersebut, akan production in the next year up to 50%.
dikenakan sanksi berupa peringatan tertulis
paling banyak 3 kali dan pemotongan produksi
batubara paling banyak 50% dari produksi tahun
berikutnya.
Sesuai dengan ketentuan dalam Under the provision of the Permen 34/2009,
Permen 34/2009 tersebut, badan usaha yang entities - that have domestic sales in excess of
penjualan dalam negeri melebihi kewajiban their DMO requirement, may transfer the excess
DMO-nya dapat mengalihkan kelebihan to entities which cannot fulfill their DMO
penjualan DMO-nya kepada badan usaha yang requirement.
tidak dapat memenuhi kewajiban DMO-nya.
Kelebihan DMO yang dialihkan tersebut The transferring of excess DMO will be deemed
dianggap sebagai pemenuhan kewajiban DMO as the fulfillment of an entity’s DMO, provided
suatu badan usaha, dengan syarat pengalihan such transfer were approved by the Ministry.
tersebut mendapat persetujuan dari Menteri.
Berdasarkan Keputusan Menteri ESDM Based on letter No. 2901.K/30/MEM/2013 dated

No. 2901.K/30/MEM/2013 tanggal 30 Juli 2013, July 30, 2013, the Company should fulfill an
Perusahaan harus memenuhi kewajiban obligation of 762,292MT. On June 23, 2014, the
762.292MT. Pada tanggal 23 Juni 2014, Ministry of Energy and Natural Resources of the
Kementrian ESDM Republik Indonesia melalui Republic of Indonesia through its letter
surat edaran dengan No. 118/36/DJB/2014, No. 118/36/DJB/2014 announced the fullfilment
mengumumkan bahwa kebutuhan batubara of 2014 domestic market necessity. As a result of
dalam negeri pada tahun 2014 sudah terpenuhi. this announcement, the Company has no DMO
Sehingga, perusahaan tidak lagi mempunyai liability in 2014.
kewajiban DMO di tahun 2014.
115


42. INFORMASI PENTING LAINNYA (lanjutan) 42. OTHER SIGNIFICANT INFORMATION

(continued)
b. Pengutamaan Pemasokan Kebutuhan b. Priority to Fulfill Domestic Requirement on

Mineral dan Batubara Untuk Kepentingan Mineral and Coal (continued)
Dalam Negeri (lanjutan)
Berdasarkan Keputusan Menteri ESDM Based on Minister of MEMR Decree

No. 2934.K/30/MEM/2012 tanggal 8 Oktober No. 2934.K/30/MEM/2012 dated October 8,
2012, persentase minimal penjualan batubara 2012, the minimum DMO requirement is 20.30%
dalam negeri untuk tahun 2013 adalah sebesar of the estimated coal production for 2013,
20,30% dari perkiraan produksi batubara pada whereby the DMO obligation for ABN in 2013 is
tahun 2013, sehingga kewajiban DMO ABN 688,053 ton. Until December 31, 2013, ABN has
untuk tahun 2013 adalah sebesar 688.053 ton. realized its DMO by transferring DMO equivalent
Sampai dengan tanggal 31 Desember 2013, to 121,940 tons. Accordingly, as of December 31,
ABN sudah merealisasikan DMO tersebut 2013, the Group has recognized an accrual for
dengan melakukan pengalihan DMO setara DMO transfer amounting to US$622,724 by ABN
dengan 121.940 ton batubara. Dengan demikian, from other entities (Note 16).
pada tanggal 31 Desember 2013, Kelompok
Usaha mengakui akrual atas pengalihan DMO
dengan nilai AS$622.724 yang akan dilakukan
ABN dari badan usaha lain (Catatan 16).
c. Permasalahan Hukum c. Legal case
Pada tanggal 28 Agustus 2014, Lendy Mursalim, On August 28, 2014, Lendy Mursalim, ZF filed a
ZF mendaftarkan gugatan di Pengadilan Negeri lawsuit at District Court of Tenggarong (“PN
Tenggarong (“PN Tenggarong”) dengan nomor Tenggarong”) under case number
perkara 23/Pdt.G/2014/PN.Trg. Gugatan 23/Pdt.G/2014/PN.Trg. This lawsuit is against H.
tersebut melawan H. Suroso (Ketua RT 23 Suroso (Ketua RT 23 Kelurahan Sanga-Sanga
Kelurahan Sanga-Sanga Dalam, Kecamatan Dalam, Kecamatan Sanga-Sanga, Kabupaten
Sanga-Sanga, Kabupaten Kutai Kartanegara) Kutai Kartanegara) as defendant I for allegation
sebagai tergugat I karena dianggap telah of tort and breach of contract due to
melakukan perbuatan melawan hukum dan termination/cancellation of power of attorney to
melanggar janji dengan membatalkan surat Lendy Mursalim ZF and ABN as defendant II for
kuasa kepada Lendy Mursalim ZF dan ABN allegation of tort to community of RT 23
sebagai tergugat II karena dianggap telah Kelurahan Sanga-Sanga Dalam, Kecamatan
melakukan perbuatan melawan hukum terhadap Sanga-Sanga, Kabupaten Kutai Kartanegara as
masyarakat RT 23 Kelurahan Sanga-Sanga the result of blasting activity conducted by ABN.
Dalam, Kecamatan Sanga-Sanga, Kabupaten In this lawsuit, Lendy Mursalim, ZF asked for a
Kutai Kartanegara akibat kegiatan blasting yang compensation to defendant I and II amounting to
dilakukan oleh ABN. Dalam gugatan ini, Lendy Rp11,250,000,000 and Rp17,500,000,000,
Mursalim, ZF menuntut ganti rugi kepada respectively. As of December 31, 2014, ABN is
tergugat I dan II masing-masing sebesar going through the trial and has not received the
Rp11.250.000.000 dan Rp17.500.000.000. Per verdict of such case (Note 44).
tanggal 31 Desember 2014, ABN masih
mengikuti proses persidangan dan belum
menerima amar putusan atas perkara tersebut
(Catatan 44).
116


43. TRANSAKSI NON KAS 43. NON-CASH TRANSACTIONS
Berikut ini transaksi non-kas yang signifikan: Listed below are significant non-cash transactions:
Tahun yang berakhir

Years ended December 31,
2014 2013
Penambahan aset tetap melalui: Acquisition of fixed assets through:

Sewa pembiayaan 1.242.303 3.007.966 Finance lease
Utang usaha 332.886 1.519.920 Trade payables
Kapitalisasi estimasi biaya Capitalization of the estimated
pembongkaran aset tetap - 222.557 cost of dismantling fixed assets
Realisasi uang muka 167.947 506.899 Advance realization
Efek translasi - 13.552 Translation effect
Penurunan aset tetap melalui: Decrease in fixed assets through:

Penurunan estimasi biaya pembongkaran Decrease in the estimated
aset tetap - (176.672) cost of dismantling fixed assets
Penambahan aset ekplorasi dan evaluasi Increase in exploration and evaluation

melalui: asset through:
Realisasi uang muka 81.866 - Advance realization
Penambahan tanaman belum menghasilkan Additional immature plantations

melalui: through:
Beban pinjaman 162.151 173.588 Borrowing costs
Depresiasi 22.000 24.692 Depreciation
Efek translasi 1.297 (7.274) Translation effect
44. PERISTIWA SETELAH PERIODE PELAPORAN 44. EVENT AFTER THE REPORTING PERIOD
Pada tanggal 21 Januari 2015, majelis hakim PN On January 21, 2015, Panel of Judges of PN
Tenggarong telah menyatakan keputusan mereka Tenggarong has declared their decision that the
yang menyatakan gugatan Lendy Mursalim, ZF lawsuit of Lendy Mursalim, ZF is refused (Note 42c).
tersebut tidak dapat diterima (Catatan 42c). Atas In connection with the decision, Lendy Mursalim, ZF
putusan tersebut, Lendy Mursalim, ZF tidak did not process the appeal to the High Court.
melakukan upaya banding. Oleh karenanya, Accordingly, this decision has been final and legally
putusan majelis hakim ini telah berkekuatan hukum binding.
tetap.
117

CONTENTS
1-19 74-83
OPENING HUMAN RESOURCES
PRESERVING SUSTAINABILITY 2
FINANCIAL HIGHLIGHTS 4
STOCK HIGHLIGHTS 6 84-107
2014 EVENT HIGHLIGHTS 8 CORPORATE GOVERNANCE
AWARDS & CERTIFICATIONS 9
REPORT OF THE PRESIDENT COMMISSIONER 10 GENERAL MEETING OF SHAREHOLDERS 88
REPORT OF THE PRESIDENT DIRECTOR 14 BOARD OF COMMISSIONERS 90
PERSPECTIVES OF THE FOUNDING 19 BOARD OF DIRECTORS 92

SHAREHOLDER AUDIT COMMITTEE 95
CORPORATE SECRETARY 97
INVESTOR RELATIONS 98
LEGAL UNIT 99
20-41 COMPANY DATA AND INFORMATION ACCESS 99
COMPANY PROFILE INTERNAL AUDIT UNIT 103
PUBLIC ACCOUNTANT 105
BRIEF HISTORY OF THE COMPANY 20
RISK MANAGEMENT 105
BUSINESS LINE 22
IMPORTANT MATTERS 106
VISION & MISSION 24
WHISTLEBLOWING SYSTEM 106
BUSINESS STRATEGY 25
ORGANISATION STRUCTURE 26
PROFILES OF THE BOARD OF COMMISSIONERS 28
PROFILES OF THE BOARD OF DIRECTORS 32
SHAREHOLDERS INFORMATION 36 108-118
BRIEF DESCRIPTION OF SUBSIDIARIES 38 CORPORATE SOCIAL
CAPITAL MARKET SUPPORTING
PROFESSIONALS
40 RESPONSIBILITY
ADDRESS OF COMPANY 41 CSR ACTIVITIES IN 2014 111
AND SUBSIDIARIES
Environment 112
Social Community 112
Employment Practices 117
42-73 Product Responsibility 118
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW 44
119
OPERATIONAL REVIEW 54
RESPONSIBILITY FOR ANNUAL REPORT
FINANCIAL REVIEW 62
121
FINANCIAL REPORT
2014 Annual Report
2014 Annual Report 2014 Annual Report
PRESERVING
SUSTAINABILITY

Wisma Bakrie 2, 16th Floor
phone : +6221 5794 5779
fax : +6221 5794 5778
email : corsec@tobabara.com

Preserving Sustainability: 2014 Annual Report

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2014 Annual Report

2014 Annual Report 2014 Annual Report

PT TOBA BARA SEJAHTRA Tbk

PT TOBA BARA SEJAHTRA TBK

REPORT OF THE PRESIDENT DIRECTOR 14 BOARD OF COMMISSIONERS 90

PERSPECTIVES OF THE FOUNDING 19 BOARD OF DIRECTORS 92

42-73 Product Responsibility 118

After building a solid foundation to support the synergy

We encourage Subsidiaries to continue to improve

“Preserving Sustainability” is the theme of the 2014

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 1

MAINTAINING COAL RESERVES

GROWTH OF CORPORATE VALUE

2 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 3

(in US$ unless stated otherwise) 2014 2013 2012

Total Comprehensive Income Attributable to:

4 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Total Assets Sales

2013 311,647,939 2013 421,849,737

2012 261,526,500 2012 396,685,875

Total Liabilities Operating Profit

2013 181,166,695 2013 50,015,314

2012 150,582,193 2012 21,083,331

Total Equity Total Profit for The Year

2013 130,481,244 2013 34,603,793

2012 110,944,307 2012 11,932,682

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 5

SHARE PERFORMANCE 2014

Share Price Volume

6 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Share Performance 2013

Share Performance 2014

Dividend Policy otherwise in accordance with the Company’s Articles of

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 7

March 19, 2014 May 21, 2014 August 13, 2014

September 23-24, November 6, November 12, November 18-19,

8 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Blue Rating Certificate in Company

Blue Rating Certificate in Company

PT Adimitra Baratama Nusantara was PT Adimitra Baratama Nusantara

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 9

Jusman Syafii Djamal

10 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

In the depressed coal market condition,

DEAR DISTINGUISHED SHAREHOLDERS,

Assessment on Board of Directors’ Performance

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 11

Therefore, the Board of Commissioners strongly Improved Corporate Governance Quality

12 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Jusman Syafii Djamal

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 13

14 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

With efforts in efficiency and operational

DEAR DISTINGUISHED SHAREHOLDERS,

Global Economy and Coal Market Conditions

Strategies and Initiatives

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 15

16 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

Our Challenges In the third quarter of 2014, one of our subsidiaries

Both development plans are parts of efficiency efforts

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 17

18 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report