Sis 2018 Ar English Compressed

POISED FOR
G RO W T H
P T SA R ATO G A I N V E S TA M A S E DAYA T B K
2018 ANNUAL REPORT

Disclaimer
This annual report contains “forward-looking” statements that relate to future events, which Further information about risks and uncertainties affecting Saratoga is included throughout
are, by their own nature, subject to significant risks and uncertainties. All statements other our interim financial statements and disclosures which are available on the Company’s
than statements of historical fact contained in this report, including, without limitation, website www.saratoga-investama.com. Should one or more of these risks or uncertainties
those regarding PT Saratoga Investama Sedaya, Tbk. (“Saratoga” or “Company”)’s future materialize, or should underlying assumptions prove incorrect; actual results, performance
financial position and results of operations, strategy, plans, objectives, goals and targets, future or achievements of Saratoga may vary materially from those described in the relevant
developments in the markets where Saratoga participates or is seeking to participate, and any forward-looking statement as being expected, anticipated, intended, planned, believed,
statements preceded by, followed by or that include the words “believe,” “expect,” “aim,” sought, estimated or projected. Saratoga neither intends, nor assumes any obligation, to
“intend,” “will,” “plan,” “look forward to,” “may,” “project,” “estimate,” “anticipate,” update or revise these forward-looking statements in light of developments which differ
“predict,” “seek,” “should” or words of similar meaning, are forward-looking statements. from those anticipated.
The future events referred to in these forward-looking statements involve known and Due to rounding, numbers presented throughout this annual report and other documents
unknown risks, uncertainties and a variety of other factors, many of which are beyond the may not add up precisely to the totals provided and percentages may not precisely reflect
control of Saratoga, which may cause the actual results, performance or achievements to the absolute figures.
be materially different from those expressed or implied by the forward-looking statements.
These factors include in particular, but not limited to, the matters described in Chapter 5: When relying on forward-looking statements, you should carefully consider the possibility
Corporate Governance of our Annual Report. These factors include in particular but are of such risks, uncertainties and events, especially in light of the political, economic, social
not limited to changes in general, national or regional economic and political conditions, and legal environment in which Saratoga, its subsidiaries and affiliates operate. Saratoga
changes in foreign exchange rates, changes in the prices and supply and demand on the makes no representation, warranty or prediction that the results anticipated by such for-
commodity markets, changes in the size and nature of the Company’s competition, changes ward-looking statements will be achieved, and such forward looking statements represent, in
in legislation or regulations and accounting principles, policies and guidelines and changes each case only one of many possible scenarios and should not be viewed as the most likely or
in the assumptions used in making such forward looking statements. standard scenario. Accordingly, you should not place undue reliance on any forward-looking
PT Saratoga Investama Sedaya Tbk. statements.
Contents
HIGHLIGHTS
Saratoga Portfolio Highlights 3
Investment Track Record 4
Active Investment Company 6
2018 in Pictures 9
Financial Highlights 10
R E PORTS
President Commissioner’s Letter 12
Report of the Board of Directors 16
M A N AG E M E N T D I S C U S S I O N & A N A LY S I S 20
I N V E S T E E C O M PA N Y H I G H L I G H T S 26
H U M A N R E SOU RCE S A N D
C O R P O R AT E S O C I A L R E S P O N S I B L I T Y 30
C O R P O R AT E G OV E R N A N C E
I NC LU DI NG R I S K M A NAG E M E N T 36
I M P L E M E N TAT I O N O F T H E C O R P O R AT E
G OV E R NA NC E G U I DA NC E 54
C O R P O R AT E DATA 56
Statement of Responsibility by the Members of BOC and BOD 69
F I NA NCI A L R E PORT 71
Reference OJK Circulation on Annual Report 148
HIGHLIGHTS
HIGHLIGHTS
Poised for Growth
Saratoga is bullish on the long-term prospects of Indonesia.
The future of Indonesia is full of possibilities. It is the largest

economy in Southeast Asia that has consistently grown around
5% annually, a youthful population that is increasingly educated, a
thriving consumer market that is fueled by a fast-growing middle-
class boom, abundant natural resources that are being turned into
higher value goods, and a realistic potential to grow into the fifth
largest economy in the world by 2030.
Like Indonesia, Saratoga looks ahead to a bright future, but with

hard work at hand. Throughout the year we placed a strong
emphasis on strengthening the management of investee companies,
enhancing our human capital, and keeping our business value
propositions relevant to the changing marketplace. We also divested
assets with good valuations.
Saratoga is keen on the prospect of growth in Indonesia amid

the equally dynamic potential of growth throughout Southeast
Asia. We continue to both invest and create value in the nation’s
key growth sectors of Natural Resources, Infrastructures, and the
Consumer Market.
In short, we are poised for growth and are committed to

long-term value creation with our partners, for the benefit
of all our stakeholders.
2 PT SARATOGA INVESTAMA SEDAYA TBK

THE SAR ATOGA
PORTFOLIO H IGH L IGH T S

AS OF YEAR-END 2018
NAT U R A L R ESO U RC ES INFRA STRUCTURE CONSUME R
53% 30% 17%

EA R LY STAGE C O M PA N I ES EA R LY STAGE C O M PA N I ES GROWT H C O M PA N I ES
SIHAYO GOLD LIMITED PT TENAGA LISTRIK GORONTALO PT MITRA PINASTHIKA MUSTIKA TBK.
Gold Power Generation Automotive
Effective Ownership Effective Ownership Effective Ownership
13.33% Listed 46.25% Non-Listed 48.62% Listed
PT AGRA ENERGI INDONESIA GROWT H C O M PA N I ES PT GILANG AGUNG PERSADA

Oil & Gas Lifestyle
Effective Ownership PT NUSA RAYA CIPTA TBK. Effective Ownership
30.00% Non-Listed Construction 5.83% Non-Listed
Effective Ownership
GROWT H C O M PA N I ES 7.12% Listed PT MULIA BOSCO LOGISTIK
Cold-chain Logistics
PT MERDEKA COPPER GOLD TBK. LISTED BLUE CHIPS COMPANIES Effective Ownership
Gold & Copper 7.50% Non-Listed
Effective Ownership PT TOWER BERSAMA INFRASTRUCTURE
20.76% Listed TBK. PT FAMON AWAL BROS SEDAYA
Telecommunication Tower Healthcare
PT PROVIDENT AGRO TBK. Effective Ownership Effective Ownership
Palm Plantation 32.70% Listed 3.06% Non-Listed
Effective Ownership
44.88% Listed PT DELTOMED LABORATORIES
Herbal Medicine
INTERRA RESOURCES LTD. Effective Ownership
Oil & Gas <10% Non-Listed
Effective Ownership
13.54% Listed PT ANEKA GAS INDUSTRI TBK
Air Gas
Effective Ownership
LISTED BLUE CHIPS COMPANIES
6.92% Listed
PT ADARO ENERGY TBK.

Coal & Power Generation
Effective Ownership
15.24% Listed
2018 ANNUAL REPORT 3

HIGHLIGHTS
IN V ESTMENT TR ACK R ECOR D
2002 - 2006 2007 - 2009 2010 2011 2012

NAV PER SHARE (IDR)
7,462
7,157
6,108
3,560
539
PT Adaro Indonesia PT Adaro Energy Tbk. PT Agro Maju Raya PT Medco Power Interra Resources
Natural Resources Natural Resources Natural Resources Indonesia Limited
SARATOGA INVESTMENT ACTIVITY
Coal & Energy Coal & Energy Palm Plantation Infrastructure Natural Resources
Power Generation Oil & Gas
PT Banyan Mas PT Mitra Pinasthika
Infrastructure PT Tower Bersama Mustika Tbk. PT Tri Wahana Seroja Investment
Telco Tower Infrastructure Tbk. Consumer Universal Limited
(formerly Automotive Infrastructure Infrastructure
PT Tenaga Listrik PT Banyan Mas) Oil Refinery Freight Chartering
Gorontalo Infrastructure PT Etika Karya
Infrastructure Telco Tower Usaha Sihayo Gold Limited
Power Generation Consumer Natural Resources
Property Gold
PT Lintas Marga Sedaya
Infrastructure Sumatra Copper and
Toll Road Gold plc
Natural Resources
PT Provident Agro Tbk. Polymetallic
Natural Resources
Palm Oil Plantation
PT Adaro Energy Tbk. PT Tower Bersama PT Provident Agro

LISTING
Infrastructure Tbk. Tbk.
Sold stake in an
investee company
DIVESTMENT

NEW SUCCESSFUL ACTIVE INVESTMENT RECORD
I N V E ST M E N T D I V ESTMENT AMOUNT DIVIDEND INCOME
1 1 1.4T
FROM INVESTEE
COMPANIES
NEW INVESTMENT
I N TH E GROWI N G
DIVESTMENT
IN INF RASTRUCTURE
SEI Z I N G GR EAT I N V EST M EN T
O P P O RTU N I TI ES
900B IDR
CON SUM E R SECTOR SEC TO R DU R I N G TU R BU L EN T TI M ES
2013 2014 2015 2016 2017 2018
8,240
8,174
7,202
5,814
6,557
5,007
Finders Resources PT Gilang Agung PT Agra Energi PT Mulia Bosco PT Deltomed PT Aneka Gas
Limited Persada Indonesia Logistik Laboratories Industri Tbk
Natural Resources Consumer Natural Resources Consumer Consumer Consumer
Polymetallic Lifestyle Oil & Gas Cold-chain logistics Herbal Medicine Air Gas
PT Nusa Raya Cipta PT Trimitra PT Paiton Energy PT Famon Awal

Tbk. Karya Jaya (holding Infrastructure Bros Sedaya
Infrastructure of PT Merdeka Copper Power Generation Consumer
Construction Gold Tbk.) Healthcare
Natural Resources
PT Mitra Pinasthika Gold
Mustika Tbk.
Consumer
Automotive
PT Mitra Pinasthika PT Merdeka Copper

Mustika Tbk. Gold Tbk.
PT Saratoga Investama
Sedaya Tbk.
Sold stake in an Issued EB of USD100 Divested Divested Divested

investee company million PT Pulau Seroja Jaya PT Lintas Marga Sedaya PT Batu Hitam Perkasa
(Paiton Energy)
Divested palm Divested
plantation assets of PT Medco Power Indonesia
PT Provident Agro Tbk.
with a market premium Sold stake in an investee
price per hectare. company

HIGHLIGHTS
SAR ATOGA
I N D O N E S I A’ S AC T I V E I N V E S T M E N T C O M PA N Y
WHO WE ARE
PT Saratoga Investama Sedaya Tbk. (ticker code: SRTG)
is a world-class active investment company in Indonesia with a unique
track record of creating value for our stakeholders and the nation. Our
investments provide the public with access not only to key strategic
growth sectors of Indonesia but also blue chip sector leaders and
promising early stage and growth companies.
WHAT WE DO
INVEST
With a passion for excellence, we actively approach investment
opportunities early on where significant value can be added.
GROW
We are highly active in supporting our investments, leveraging our
expertise in investment management, sector knowledge and wide range
of access to debt and equity capital markets, locally and internationally.
MONETIZE
We actively manage our investments by unlocking value of our investee
companies through capital markets and strategic sales.
VISION MISSION
A WORLD-CLA SS ACTIVE INVESTMENT TO BE THE PARTNER OF CHOICE FOR

COMPANY IN INDONESIA THAT EXCELS INVESTORS TO PARTICIPATE IN THE
ON THE BACK OF STRONG CORPORATE DY NA M I C G ROW T H O F I N D O N E SI A
CHARACTERS TO CREATE VALUE FOR OUR
STA K E H O L D E R S A N D T H E NAT I O N
CORE VALUES CORPORATE CHARACTERS
WORK HARD INTEGRITY

WORK SMART PASSION & ENERGY
WORK THOROUGHLY COMPETENCE & CAPABILITY
WORK WHOLEHEARTEDLY

2018
AT A GLANCE
IDR Billion
2016 2017 2018

1,403
ACTIVE
INVESTING
542
420
OPPORTUNITIES 102 124 91

DISCIPLINED
EXECUTION PRELIMINARY
41 50 47
ASSESSMENTS
DESKTOP
DILIGENCE 27 31 32
TERM
SHEET 2 4 8
NEW
INVESTMENT 2 1 1
VALUE 22,356
GENERATION 19,540
(Net Asset Value) 15,772
ADRO ADRO ADRO

219 295 483
DIVIDEND
TBIG MPMX TBIG
INCOME 190 282 251
PALM TBIG PALM

132 221 117
MPMX PALM BHP

59 79 40
TWU NRCA NRCA

19 5 7
NRCA DELTOMED
3 2
622 882 900

HIGHLIGHTS
SA R ATOGA
I N D O N E S I A’ S AC T I V E I N V E S T M E N T C O M PA N Y
OUR ACTIVE INVESTMENT METHODOLOGY
We are guided by three clear concepts, namely Platforms,

Partnerships and Value creation.
PLATFORMS
We view each investment strategically, as a platform for organic growth
and future bolt on acquisitions within the entire value chain.
PA RT N E R S H I P S
We work closely with existing business owners whose role is critical in providing
continuity and performance. Working with global professional investors, our
role is defined as a vital local partner, providing extensive knowledge of the
market and regulatory environment.
We embrace specialist expertise that can equip our investees with superior
knowledge and technology for competitive advantage.
VA L U E C R E A T I O N
We offer capital support, operational input, financial advisory and access to
significant business expertise and commercial acumen, across the Saratoga
group. Our portfolio provides shareholders with a prudent balance of risk
management and reward.
OUR INVESTMENT FRAMEWORK
Our investment framework is defined by the substantial

development opportunities in Natural Resource, Infrastructure
and Consumer products and services markets – the three key
pillars supporting Indonesia’s economic growth.
Our portfolio is spread across:

•
early stage companies with significant upside;
•
growth companies entering their mature, highly cash
generative phase; and
•
listed blue chip companies with well-established market
positions, offering long term growth and capital appreciation.
•

2018
IN PICTURES
26 J U N E 2 01 8 1 8 O C TO B E R 2 01 8
• Annual General Meeting Shareholders Saratoga supported the Grand Launch of School
• Extraordinary General Meeting Shareholders Building of SMK Ora et Labora, the first 3 + 1 year
• Public Expose 2018 program private Vocation School specializing in
Electric Power Plant Technology
8 D E C E M B E R 2 01 8 1 0 D E C E M B E R 2 01 8 1 2 D E C E M B E R 201 8
The divestment of
PT Batu Hitam Perkasa,
the holder of 5% shares in
PT Paiton Energy.
Saratoga’s Christmas Gathering at Panti Saratoga received an award from Financial

Pondok Kasih Agape Orphanage in Services Authority (OJK) with Indonesian
Cilincing, North Jakarta. Institute for Corporate Directorship (IICD)
as and one of the Top 50 Public Listed
Companies
1 3 D E C E M B E R 201 8 2 0 D E C E M B E R 2 01 8
Saratoga Year-End Party The disclosure of the acquisition of PT Aneka

An annual gathering for Saratoga’s employees Gas Industri Tbk.

HIGHLIGHTS
FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDAT ED A SSET S

IDR billion IDR billion
DESCRIPTION 31 DECEMBER
26,630
2018 2017 2016
25,144
20,115
ASSETS
Cash and cash equivalents 782 902 488
Investments in equity securities 18,730 24,755 23,802
TOTAL ASSETS 20,115 26,630 25,144
LIABILITIES 2016 2017 2018

Borrowing 3,938 2,465 2,792
Medium term notes - - 721
Exchangeable bonds - 959 1,062
CONSOLIDAT ED LI A BILI T IE S
TOTAL LIABILITIES 4,151 4,342 5,778
IDR billion
EQUITY
Net equity attributable to owners of the Company 15,655 22,033 18,984
Non-controlling interest 309 255 382 5,778
TOTAL EQUITY 15,964 22,288 19,366 4,342 4,151
TOTAL LIABILITIES AND EQUITY 20,115 26,630 25,144
2016 2017 2018
CONSOLIDATED STATEMENT OF PROFIT OR LOSS A ND

OTHER COMPR EHENSI V E INCOME
IDR billion
C O N S O L I DAT E D E Q U I T Y
IDR billion
2018 2017 2016
22,033
Income (6,179) 3,878 9,330 18,984
15,655
Expenses (506) 627 893
(Loss) Profit Before Income Tax (6,685) 3,251 8,437
(LOSS) PROFIT FOR THE YEAR (6,135) 3,162 7,534

2016 2017 2018
TOTAL COMPREHENSIVE (LOSS) INCOME FOR THE YEAR (6,134) 3,160 6,088
(Loss) Profit attributable to:

Owners of the Company (6,195) 3,274 7,500 PROFIT ATTRIBUTABLE TO
OWNERS OF THE COMPANY
Total comprehensive (Loss) income attributable to: IDR billion
Owners of the Company (6,194) 3,272 6,079
7,500
(LOSS) EARNING PER SHARE BASIC (whole Rupiah) (2,284) 1,208 2,766
3,274
(6,195)
2016 2017 2018

R AT I O (in percentage or times)
2018 2017 2016
GROWTH RATIOS (%)
Income (259) (58) 52
Expense (19) (30) (120)
Profit for the year (294) (58) 419
Total comprehensive income for the year (294) (48) 727
Total assets (24) 6 51
Total liabilities (4) (25) 11
Net equity (28) 15 69
OPERATING RATIOS (%)

Expense/Income N/A (16) (10)
Profit for the year / Income N/A 82 81
Total comprehensive income for the year / income N/A 81 65
Total profit for the year / average total assets (26) 12 36
Total comprehensive income for the year / average total assets (26) 12 29
Total profit for the year / average net equity (32) 15 49
Total comprehensive income for the year / average net equity (32) 15 39
FINANCIAL RATIOS (times)

Current assets / current liabilities N/A N/A N/A
Total liabilities / total assets 0,21 0,16 0,23
Total liabilities / total equity 0,26 0,19 0,30
Total debt / total assets 0,20 0,13 0,18
Total debt / net equity 0,25 0,16 0,24
CONSOLIDATED STATEMENT OF CASH FLOW

IDR billion
2018 2017 2016

Net cash from operating activities (379) 1,923 293
Net cash used in investing activities - - -
Net cash (used in) from financing activities 168 (1,494) (303)
Cash and cash equivalent at end of year 782 902 488

CHAPTER 1 REPORTS
REPORTS
PRESIDENT COMMISSIONER’S
LETTER
"Despite a turbulent 2018, we remain bullish on the long-term growth

prospects of the Indonesian economy, and Saratoga continues to strive
relentlessly to solidify our position as a leading investment holding
company in Indonesia – Poised for Growth."
The world has gone through a fair amount of challenges in

2018. Confrontational international politics, trade wars, volatile
global commodity prices, and a tightening US monetary policy all
combined to create a challenging global economic environment,
especially felt by the emerging market economies as their currencies
buckled under capital flight and the might of the US dollar.
Indonesia was no exception. The currency weakened against
the USD dollar throughout the year and the interest rate increased
from 4.25% to 6%. However, Indonesia’s economic fundamentals
showed its resilience and endured the challenges with a 5.17% GDP
growth at the end of the year. The fact that Indonesia has been able
to sustain stable economic growth over the past decade is in no small
part a measure of the nation’s strength. Going forward, with improved
infrastructures and systems in energy, transportation, logistics,
telecommunications, healthcare and many other sectors, Indonesia
could sustain even higher economic growth in decades to come.
Saratoga has been committed to Indonesia since the inception
and has been investing in all parts of the economy ever since. Our
goal of the investment is to support the country and government
policies and be able to capitalize on the opportunities at the same
time. Looking back to the two decades of running Saratoga, I think
we have achieved what we set out to do in the beginning, and I
imagine we will continue to do so for the decades to come. None
of our achievement would have been successful without a great
country that is full of abundant resources and opportunities, a smart
government that inspires to be better and stronger every day, a young
population that brings innovation and creativity, and a great team
as I have been blessed with to walk the journey with me in the past
two decades.

CHAPTER 1 REPORTS
PR ESIDENT COMMISSIONER’S LETTER
Saratoga’s Performance in 2018 Strengthening Corporate Governance

Overall, I am pleased with how the performance of our Against increasing uncertainties in both the global and
investment faired in 2018. Here are some highlights of the domestic economic environment, it is prudent to pay more
year under review: attention to good corporate governance. As such, we have
strengthened our governance framework with more robust
• Saratoga posted record dividend amounts of approximately checks and balances, while also increasing the roles of
Rp900 billion from six portfolio companies. governance committees as we continue to be cautious and
• However due to the market volatility and the new accounting measured in achieving our goals through our investment
treatment adapted in 2017, Saratoga posted a net loss of portfolio. Reflecting our cautious approach especially in these
approximately Rp6.2 trillion, driven primarily by the decline turbulent times, we spent most of our time and resources at
of the market valuation of PT Adaro Energy Tbk. and improving the quality of our investment portfolio.
PT Tower Bersama Infrastructure Tbk. shares. It is worth The Board of Directors has done a fine job and performed
pointing out the loss is unrealized and will rebound once the beyond my expectation In 2018. The Board of Commissioners
share prices move in our favor. In fact, the loss was lessened met on 6 occasions, and jointly 5 times with the Board of
as stock prices on the Indonesia Stock Exchange – including Directors to examine and review the company’s performance.
those of our portfolio companies – have climbed back since The Board of Commissioners also reviewed the work of
the start of 2019. the Audit Committee and Nomination and Remuneration
• At the Saratoga holding level, we made one new investment Committee and a full account of the work of the governance
(PT Aneka Gas Industri Tbk.) and divested PT Batu Hitam committees is included in this report.
Perkasa (Shareholder of Paiton Energy) during the year.
• We also increased our exposure to the technology sector
by investing in funds managed by Provident Capital and
Skystar Capital.
• Throughout the year, we invested in time and efforts to
strengthen the businesses of our portfolio companies. The
following report of the Board of Directors will highlight
these efforts.

Human Capital Remains Key to Growth Looking Ahead
In this unfolding age of robotics and Artificial Intelligence, We remain optimistic about Indonesia’s economic
people smarts and know-how will remain crucial even as future. Notwithstanding the outcome of the presidential and
machines will take over many of society’s menial labors. This legislative election in April 2019, Indonesia should capitalize
means that we will have to equip our youth entering into on its strong momentum of growth, which includes a strong
the workforce, as well as retrain millions of people, with the demographic profile of 260 million people of whom more
new sets of skills that will enable them to thrive in the digital than half are below 35 years of age – only approaching their
world. It is a tall challenge for any emerging economies such peak productive years; the largest economy in ASEAN, one of
as Indonesia, but one that must be surmounted. Technology the fastest growing regions of the world; and largely untapped
waits for no one. natural resources of which Indonesia could add significant
Saratoga has always placed a strong emphasis on the value to, going forward.
continuous development of its people, instilling them with And so I am pleased to close my report by reiterating the
skills and leadership values that keep them motivated to excel. fact that there is not a better time to invest in Indonesia than
We are also active in sharing and imparting these skills among today. We stand ready to support your investment goals with
the people we work with in our investee companies. Outside our in-depth knowledge of Indonesia, its markets and business
of Saratoga, we have made education a cornerstone of our landscapes.
corporate social responsibility programs, in recognition of the We thank the Management and employees of Saratoga and
crucial role that education plays in promulgating sustainable our investee companies, all of who have done reasonably well
development and long-term economic growth of a nation. under the challenging conditions of 2018. We also thank our
shareholders and all other stakeholders for their continuing
trust and support. May God bless us all as we look ahead to a
bright future for the world, for Indonesia and Saratoga.
For and on behalf of the Board of Commissioners,
EDW IN SOERYA DJAYA

President Commissioner

CHAPTER 1 REPORTS
MICH A EL SOERYA DJAYA

President Director, provides an overview of the Saratoga portfolio
and explains how the company is still primed for growth even
as it underwent a challenging year in 2018.
REPORTS
OF THE BOARD OF DIRECTORS
The macroeconomic condition in 2018 has proven to be Despite the challenges, we had a productive year in 2018.
an eventful year for Indonesia on a number of fronts. The At the Saratoga level, we made one new investment in 2018
GDP grew by 5.17% from 2017, which is in line with the by way of PT Aneka Gas Industri Tbk. and towards the end
consensus from the beginning of the year. However, the rising of the year, divested one company in our portfolio, PT Batu
interest rate both in Indonesia and the US, the weakening of Hitam Perkasa, minority shareholder of the Paiton Energy. On
the Rupiah against the US dollar, and the volatile movement the investee company level, we have assisted PT Adaro Energy
of the commodities have created uncertainty and obstacles Tbk. in securing the funding for its acquisition of Kestrel
to the investment environment in Indonesia. In addition, mine asset in Australia, and PT Merdeka Copper Gold Tbk.
on a humanitarian level, Indonesia experienced a series of in financing to acquire two mining assets in Wetar Island and
earthquakes, tsunamis and volcanic eruptions that took heavy Sulawesi, a producing and green-field copper and gold mine,
tolls on human lives, properties and livelihoods. respectively.
In the midst of these challenges, we chose to be conservative, We continued to support the management of Awal Bros
but yet nimble and opportunistic in the way we made decisions Hospital Group, our growing hospital chain that provides
in 2018. Reflecting this caution, a good portion of our time internationally accredited, world-class healthcare services to
and resources were spent on helping our existing portfolio the increasingly affluent population of Indonesia. Saratoga’s
companies. As an active investment manager, we don’t think our role in the development of this business is to provide senior
work is done the moment we deploy investment capital, in fact, management personnel to work side-by-side with Awal Bros.
the hard work begins right after. In countless occasions, we took executives, ensuring that our hospitals are run and managed
the time to review the business, identify issues and provide the professionally to the highest international standards.
best solution for the business. We continue to learn and grow Other major initiatives in 2018 include the continued efforts
through each challenge and are able to bring more value to the at PT Mitra Pinasthika Mustika Tbk. (MPMX), our diversified
next business we partner with. I personally believe building a automotive and financial services group. These include the
business is a life-long journey and I feel immensely blessed to termination of the dealership agreement with the main
always have my Saratoga colleagues beside me along the way. principal, a change in the company’s top management, and a

sale of one of the Group’s businesses at an attractive valuation. My fellow Director, Lany D. Wong, who joins Saratoga as
We believe that MPMX has what it takes to thrive in the future, Chief Financial Officer in June 2018, will elaborate further
especially on the strength of its significant market leadership of on our results of operations and financial condition in 2018.
Honda motorcycles that MPMX enjoys in East Java. She will also highlight the current economic conditions of
Last but not least, as we have mentioned in the previous Indonesia, and what Saratoga can expect as we move resolutely
reports, we are keenly aware of the potential upside of the forward in 2019 and beyond, committed to further growth.
technology sector and have started adding exposure via fund Saratoga has remained true to its basic investment strategy
investments some time ago. As of the end of 2018, we have that aims to capitalize on key sectors of the Indonesian economy
invested through two of our partners: Skystar Capital and with strong growth potential over the long term. We have not
Provident Capital. wavered from our three key choices of natural resources,
My fellow Director, Andi Esfandiari, who oversees Saratoga’s infrastructure, and consumer good and services sectors.
existing portfolios, will provide highlights of the performances Moreover, we continue to focus our investment preferences on
of some of our investee companies in his following report. companies that have the potential to become market leaders
Allow me now to briefly touch on the financial condition of based on their unique business value propositions.
Saratoga in 2018. Despite challenges in 2018, Saratoga remains the premiere
Along with our cautious approach to investing, we have investment holding company that is most regarded for our
remained prudent with our financial management, maintaining integrity, discipline, prudence, and not least of all, creative
a strong balance sheet. Even as our financial health remains investment solutions. We are committed towards harvesting
robust, we continue to maintain a healthy leverage ratio, and more growth in the future, and we continue to share these
thereby positioning us in good stead to capitalize on investment opportunities with our shareholders, our business partners and
opportunities that may arise in the future. In addition, our the Saratoga group of companies.
strong balance sheet is complemented by our growing dividend
income from our portfolio companies.

CHAPTER 1 REPORTS
R EPORT OF THE BOA R D OF DIR ECTORS
In addition to organic growth, MDKA has also sought for

long-term growth potential from acquisition. In May 2018, the
company acquired Finders Resources Limited, an Australian-
listed mining company and in November 2018, MDKA
acquired a greenfield mining asset in Sulawesi.
We are fully confident of MDKA’s capabilities, and truly
excited about its long-term growth prospects.
PT Mitra Pinasthika Mustika Tbk. (MPMX).
Another significant development in our investee companies was
the continuing transformation of the MPMX to become more
efficient and growth-oriented. In addition to a management
change, MPMX also streamlined its business by closing its car
dealership business and divesting the lubrication business to
ExxonMobil at an attractive valuation. We believe that MPMX
will do much better by focusing on its market leadership in
motorcycle sales and services, combined with related financing
and insurance services that currently form part of the MPMX.
There is much potential to be had in MPMX and we continue
to be confident in the group businesses going forward.
A NDI ESFA NDI A R I
Awal Bros Hospital Group. We also see excellent
Portfolio Director, provides a review of key developments
long-term growth potential in the healthcare business of Awal
in Saratoga’s investment portfolio.
Bros Hospital Group, the growing hospital chain that provides
world-class hospital services at affordable prices. We believe
that this is the right time to develop a stake in the hospital
Notwithstanding the challenging conditions that many of us business for several reasons. First, there is a growing number
encountered in 2018, it was still an exciting year of growth for of middle-class Indonesians who are now able to afford and
Saratoga and our stable of investee companies. I am extremely demand for high quality healthcare services. Secondly, because
proud of how they performed and how resilient they were in of this growing affluence, there has also been a growing
weathering through the challenges upon them. Below are some number of insurance companies – including major global
of the highlights. insurers – that offer healthcare plans for both individuals
PT Merdeka Copper Gold Tbk. (MDKA). As one and corporations. Thirdly and perhaps more importantly,
of the most exciting discoveries and developments of any despite the strong growth in the number of hospital rooms in
gold and copper mines in the world in recent years, MDKA Indonesia in recent years, there are simply not enough hospitals
has proven itself to be truly worth its weight in gold. Since to care for over 130 million Indonesians who are currently the
its first gold pour in April 2017, it has moved quickly in 2018 middle class. Never mind some seven million Indonesians who,
to increase installed capacity for gold and silver production at according to World Bank statistics, move up the social ladder
the Tujuh Bukit Mine in East Java; made significant progress into the middle-class segment each year.
in the porphyry development of the same mine; and acquired Mulia Bosco Logistik (MBL). As in healthcare, we
two new mining areas with substantial ore resources outside see equally excellent prospects for MBL, which under the
of Java. co-arrangement of Saratoga, has become a successful merger
By year-end 2018, MDKA was on schedule with its oxide between one of the leading cold storage and transportation
expansion project that will double installed ore processing service providers – a perfect combination to serve the robust
capacity by the first quarter of 2019. MDKA also made good F&B industry in Indonesia. The company’s combined services
progress of its porphyry project pre-feasibility work at the of cold storage and transportation have enhanced its business
Tujuh Bukit Mine where construction for the oxide expansion value proposition, attracting major customers from the F&B
is now ongoing. The porphyry copper and gold mineral industry. At issue now is how to satisfy customers more, and
resources at the Tujuh Bukit Mine are among the world’s more. The company is doing a good job at it, and continually
largest deposits, the operations of which make MDKA truly a seeks to find ways to improve its management and service
world-class mining company. quality.

Deltomed Laboratory. It’s been almost two years since Indonesia maintained its annual GDP growth of around
we welcomed Deltomed to our investment portfolios. In 2018 5.17% in 2018, as it had done over the past several years. The
we continued to support Deltomed in its business expansion, year was notable for the tightening monetary policy of the US
marketing and distribution strategy and product development. Federal Reserve Board, which induced capital outflows from
The sector of the health supplement and herb medicine is young so-called emerging market countries, which in turn exposed
and growing and we have full confidence that Deltomed will the vulnerabilities of their currencies. The Indonesian rupiah
continue to deliver outstanding results for the years to come. was no exception. It fell against the US dollar to a value over
Last but not least, we need to mention our two stalwart Rp15.000 to the US dollar and prompted Bank Indonesia to
investee companies – PT Adaro Energy Tbk. and PT Tower raise the benchmark interest rate of the rupiah by as much as
Bersama Infrastructure Tbk. – both of which are well- 150 basis points.
established blue-chip companies with strong revenue streams Capital outflows from Indonesian equities and bonds
from their considerable assets. Despite the decline of their affected the capital markets negatively, pulling down the Jakarta
stock prices in 2018, these two companies have remained well Composite Index (JCI) of the Indonesia Stock Exchange to
managed and able to sustain both earnings and profitability. below 5,600, having reached its highest record of 6,600 in 2018.
Our investment portfolio, while mainly focused on the three The degree of capital flight from emerging markets was
key sectors as defined by our growth strategy, nevertheless runs exacerbated by fears of an escalating trade war between the
the gamut of both industrial and individual needs. We are US and China. However, those fears subsided when the two
currently invested in healthcare services, energy consumption, opposing sides declared a temporary truce during the G-20
food storage, herbal medicines, mobile connectivity, precious meeting in Argentina in December 2018. Almost immediately,
metals, transportation, apparels, lifestyle watches, and many global capital flows returned to emerging markets, including
more. Indonesia. The rupiah strengthened to close at nearly
There is no doubt that Saratoga will benefit from the Rp14.000 to the US dollar, while JCI climbed back to around
continuing growth of the Indonesia economy, as we continue 6,200 by year-end 2018.
to strive to provide high-quality services to growing industries, These episodes reminded us of how global economies
businesses and individual consumers. are closely intertwined and how Indonesian interest rate and
currency can be vulnerable during the turbulent times. In
2018 we took a cautious approach when we review our balance
sheet. We try to manage the interest rate risk by fixing part
of the interest payments, and FX risk by applying hedging
derivatives. We try to keep the leverage ratio at a healthy level,
and keep our options open to various funding sources, either
via equity or debt market. In the last quarter of 2018, we
have also executed some early repayment of our borrowings
to improve our debt maturity profile in 2019 – from USD
87 million to USD 75 million, at this level our obligation is
easily covered by our dividend income. This again reflects our
prudence approach in managing our debt and cash flow.
Saratoga’s Results of Operations and Financial

Condition
A cyclical downturn in commodity prices as well as a decline
in the stock valuation of some of our listed investee companies
had detrimental effects on Saratoga’s net asset valuation
and earnings in 2018. The net asset value of our investment
portfolio decreased by 29.45%, from IDR22.36 trillion in 2017
to IDR 15.77 trillion in 2018. Earnings fell significantly as we
L A N Y D. WONG also incurred an unrealized net loss of IDR 6,194 billion as
Finance Director, provides an update on the economy, at year-end 2018, mainly as a result of declining stock prices
earnings, and the financial position of Saratoga for the of our listed investee companies on the Indonesia Stock
year, and as at 31 December 2018 Exchange. Since then, market has rebound and share prices
moved in our favor.

CHAPTER 2 MANAGEMENT DISCUSSION & ANALYSIS
M A NAGEMENT
DISCUSSION A ND A NA LYSIS
of the Company's Results of Operations and Financial Condition

for the Year Ending 31 December 2018
We are the first company in Indonesia that

implemented PSAK 65 accounting treatment,
a better and more transparent way for us to
express the financial performance.
20 20 SARATOGA INVESTAMA SEDAYA TBK

PT
The Management Discussion and Analysis chapter should The year on year (YOY) comparisons are as follow:
be read in conjunction with the Company’s consolidated Table showing increase/decrease and one off adjustment in
financial statements which form an integral part of this annual 2018, variance as well.
report.
IDR Billion
Saratoga presented its financial statement with the
implementation of PSAK 65 - exception on consolidation Investee companies 2018 2017 Increase %
(decrease)
(equivalent to IFRS 10) since 2016, which is applicable only
PT Tower Bersama Infrastructure Tbk (4.213) 2.128 (6.341) -298%
for investment entity. The implementation of this standard
PT Adaro Energy Tbk (3.140) 479 (3.619) -756%
is to reflect the business model of Saratoga as an investment
PT Merdeka Copper Gold Tbk 1.130 105 1.025 976%
holding company. In terms of the valuation of the investee
PT Mitra Pinasthika Mustika Tbk (141) 325 (466) -143%
companies, closing price is used for public-listed companies,
PT Provident Agro Tbk (217) (405) 187 -46%
internal valuation for private companies and acquisition cost
Others (670) (275) (395) 143%
for early stage investments.
TOTAL (7.251) 2.357 (9.608) -408%
In 2018, Saratoga has opted to conduct an early adoption
of PSAK 71 – Financial Instruments (equivalent to IFRS
9) as a replacement of PSAK 55. The reason for the early
2. Dividend, Interest and Investment Income
adoption is to align the treatment of our investment portfolio.
Prior to the implementation, the mark-to-market value of the
Dividend
valuation of the Available-for-Sale Investment (ownership
In 2018, Saratoga posted IDR 900 billion of dividend
less than 20%) was recorded in the Other Comprehensive
income, a record amount since Saratoga became a publicly
Income in Balance Sheet, while under the new standard, this
listed company. The breakdown of the dividend is as
is reclassified to Profit and Loss statement. In connection with
follows:
this change the Statements of Financial Position and Profit and
Loss is restated for 2017 to bring a comparable result for our IDR Billion
financial statement in both years. There is no implication to
Investee companies 2018 2017 Increase %
the total equity’s value from shareholders’ perspective since the (decrease)
adjustment is a reclassification exercise. PT Adaro Energy Tbk 483 295 188 64%
PT Tower Bersama Infrastructure Tbk 251 221 30 14%
Statements of Profit or Loss PT Provident Agro Tbk 117 79 38 48%
The Profit or Loss are derived by two major components: PT Batu Hitam Perkasa 40 - 40 N/A
PT Nusa Raya Cipta Tbk 7 5 2 39%
1. Net loss on investment in equity securities PT Deltomed Laboratories 2 - 2 N/A
A net loss on investment in equity securities of IDR PT Mitra Pinasthika Mustika Tbk - 282 (282) N/A
7,251 billion was posted in 2018. The loss was mainly TOTAL 900 882 18 2%
attributed to the decline of the share price movement
of Tower Bersama (TBIG) – IDR 4.2 trillion and Adaro Adaro and Tower Bersama continue to be our strong
Energy (ADRO) – IDR 3.1 trillion. The loss was lessened performer in the back of strong operation and financial
by the increase of the share price of Merdeka Copper result in both companies. We also want to highlight that
Gold (MDKA) – IDR 1.1 trillion. Though a heavy loss was we have booked gain of IDR 175 billion from sale of our
incurred in 2018 it is worth pointing out that the loss was investments, which brings a total of IDR 1.1 trillion income.
unrealized and has no implication to the company’s cash
flow. The share prices of ADRO and TBIG have bounced Operating expenses
back since early 2019 while we are writing the report and As an investment company, Saratoga maintains a
we continue to be confident in the business performance of tight budget control. Operating cost mainly came from
our investee companies. compensation and benefit of IDR 138 billion in 2018 (vs.
IDR 213 billion in 2017). By comparison, operating cost in
2018 was 0.74 basis point of Saratoga’s total investment value
(Assets under Management –AUM) of IDR18.73 trillion as at
year’s end. The decline in operating cost was mainly attributed
to the reduction of transaction costs in 2018 in relation to the
divestment activities.

NET ASSET VALUATION AS PER 31 DECEMBER 2018
CURRENT PREVIOUS YEAR END

31 December 2018 31 December 2017
(IDR full amount)
(IDR full amount)

Market Price
Market Price
Market Price
(IDR billion )
(IDR billion )
(IDR billion)
Ownership
Ownership
Valuation
Valuation
Effective
Effective
Currency
Change
Change
I N V EST MEN T S
(%)
NATURAL RESOURCES
PT Adaro Energy Tbk IDR 15,24% 1.215 5.923 15.19% 1.860 9.037 -3.114 -34%
PT Provident Agro Tbk IDR 44,88% 260 831 44.88% 328 1.048 -217 -21%
Sihayo Gold Limited AUD 13,33% 0,02 48 13.33% 148 34 14 43%
Interra Resources Limited SGD 13,54% 0,03 26 15.67% 628 50 -24 -48%
PT Merdeka Copper Gold Tbk. IDR 20,76% 3.500 3.025 18.94% 2.140 1.447 1.578 109%
Non listed companies
PT Agro Maju Raya 25.00% Fair Value 25.00% Fair Value
PT Agra Energi Indonesia 30.00% Fair Value 30.00% Fair Value
Non listed companies subtotal IDR 107 27 80 296%
Others IDR - 380 -380 -100%
INFRASTRUCTURE
PT Tower Bersama Infrastructure Tbk. IDR 32,70% 3.600 5.341 32,51% 6.425 9.465 -4.124 -44%
PT Nusa Raya Cipta Tbk. IDR 7.12% 386 67 7.12% 380 66 1 2%
PT Seroja Investment Limited 23.26% 0.03 27 23.26% 0.04 38 -11 -29%
PT Tenaga Listrik Gorontalo 46.25% Fair Value 46.25% Fair Value
Non listed companies subtotal IDR 69 12 57 475%
Others IDR 185 359 -174 -48%
CONSUMER
PT Mitra Pinasthika Mustika Tbk. IDR 48.62% 905 1.964 48.62% 970 2.105 -141 -7%
PT Aneka Gas Industri Tbk IDR 6,92% 680 144 <5% 605 1 143 10.253%
PT Bumi Hijau Asri 99,99% Fair Value 99,99% Fair Value
PT Mulia Bosco Logistik 7.50% Fair Value 7.50% Fair Value
PT Gilang Agung Persada 5.83% Fair Value 4.17% Fair Value
PT Deltomed Laboratories <10% Fair Value <10% Cost
PT Famon Awal Bros Sedaya 3.06% Fair Value 3.06% Cost
Non listed companies subtotal IDR 517 584 -67 -11%
Others IDR 635 187 448 240%
Sum of investee companies 18.909 24.840 -5.931 -24%

- Debt 3.920 3.394 526 15%
+ Cash 783 910 -127 -14%
Net Asset Value 15.772 22.356 -6.583 -29%
Net Asset Value Per Share (IDR) 5.814 8.240 -2.427 -29%
DISCLAIMER:
BI MID RATE PER 31 DECEMBER 2018 BI MID RATE PER 31 DECEMBER 2017 The information contained in this document is intended solely for the use
of our internal reference. We used conservative method to do the above
USD/IDR 14.481 USD/IDR 13.548 calculation. There might be some difference of calculation against the market
value. We make no representations or warranties, express or implied, with
AUD/IDR 10.211 AUD/IDR 10.557 respect to the information herein.
SGD/IDR 10.603 SGD/IDR 10.134

CONSOLIDATED STATEMENTS OF FINANCIAL CONSOLIDATED LIABILITIES
POSITION
CONSOLIDATED LIABILITIES IDR Billion
CONSOLIDATED ASSETS IDR Billion
Description 2018 2017 Increase
Description 2018 2017 Increase (decrease) %
(decrease) % Accrued expenses 4 4 13%
Cash and cash equivalents 782 902 -13% Income tax payable 47 131 -64%
Restricted cash 1 8 -94% Other taxes payable 2 13 -85%
Receivables, net 366 623 -41% Unearned revenue 5 1 282%
Prepaid taxes 1 - N/A Borrowings 3.938 2.465 60%
Advances and prepaid expenses 2 13 -87% Exchangeable bonds - 959 -100%
Investment in equity securities 18.730 24.755 -24% Derivative financial liabilities 13 - N/A
Advances for investment in equity securities 97 94 4% Deferred tax liabilities, net 122 752 -84%
Equity share swap - 55 -100% Employee benefits liabilities 20 17 16%
Derivative financial assets 50 52 -4% Total liabilities 4.151 4.342 -4%
Investment properties 82 123 -33%
Other assets 4 5 -17% Our consolidated liabilities amounted to IDR4,151 billion
Total assets 20.115 26.630 -24% in 2018, compared to IDR4,342 billion in 2017. The decrease
was mainly due to decline in deferred tax liabilities as a result
of the decline in Adaro shares (for indirect holding).
CONSOLIDATED ASSET In terms of financing activities, the following took place in
Cash and Cash Equivalents & Restricted Cash 2018:
The consolidated cash and cash equivalents consisted of • Redemption on Exchangeable Bonds with nominal amount
cash in hand and in banks (third parties) both in IDR and of USD68.7 million
USD. Cash and cash equivalents amounted to IDR 782 billion • Repayment of Natixis bilateral borrowing – USD26.25
as of end of 2018, which reflected the cash holding in Saratoga million
and its consolidated non-operating investment entities. • Repayment of ING bilateral borrowing – USD20 million
• Repayment of MUFG borrowing – IDR 30 billion
Receivable from Third Parties • New drawdown from Bank of Tokyo Mitsubishi of IDR275
Receivables from third parties mainly consist of receivables billion
from investee companies and business partners related to an • New drawdown from HSBC of USD 50 million
investment placement scheme. Saratoga charges interest on
some of these receivables, and may from time to time convert Ability to Service Debt
the receivables into stakes in the investee company. Since The debts of Saratoga and its subsidiaries are cautiously
these receivables only apply to newly start-up companies, the managed to ensure that they are aligned with the repayment
duration of the receivables from third parties can be longer capability. As of 31 December 2018, the total consolidated
than a year. debt was at IDR 3,938 billion, consisting of USD 176.8 million
and IDR 1,360 billion.
Collectability of Receivables
Receivables from third parties could be payable if the The debt maturity profile is shown below:
investee company can fund the operation themselves.
Alternatively, it is also common to convert the receivables into
stake-ownership in the investee company. MATURITY PROFILE AS PER 31 DECEMBER 2018 IDR Billion
2019 2020 2021 2022 2023

Investment in Equity Securities
The decline in our Investment in equity securities was
-12.3
mainly driven by the decrease in share prices of Tower
-40 -40
Bersama and Adaro as mentioned before. However the loss -497
-614
was lessened by the increase of the share price of Merdeka
Copper Gold (MDKA).
-854
-869
-1,086

In order to service debt, Saratoga maintains several sources

CONSOLIDATED EQUITY IDR Billion
of cash flow:
Description 2018 2017 Increase
1. Dividend Income (decrease) %
Saratoga recognized a record dividend income of IDR Share capital at par value Rp100 (whole Rupiah)
900 billion in 2018, a slight increase from 2017. The dividend per share, authorized capital 9,766,680,000 shares,
income is 3.2x of our interest expense, which reflects our issued and fully-paid capital 2,712,967,000 shares 271 271 0%
low interest coverage ratio and this also reflects that our debt Additional paid-in capital 5.185 5.185 0%
capacity can still grow, if required . The detail of our dividend Treasury shares (4) (5) -26%
income was stated in Revenue section. Accumulated share-based payments 46 31 50%
Difference in translation of financial statements in
2. Divestment foreign currency 27 27 0%
Divestment from our investment holdings has provided Other equity components 24 24 0%
immediate cash flow to undertake the repayments of some of the Retained earnings 10.106 16.500 -39%
borrowings. In the last quarter of 2018, Saratoga successfully Equity attributable to owners of the Company 15.655 22.033 -29%
divested Batu Hitam Perkasa (BHP) – a shareholder of Paiton
Energy. The divestment has generated a cash flow of 9 million As of the end of 2018, the Net Debt ratio to NAV was 20%,
USD. while our Debt to Equity ratio was 25%, both are considered
low from capital structure, which reflects our prudent measure
3. Fixed Income in our debt management. A healthy ratio is crucial in our debt
Saratoga also received interest income from available management considering the volatility generated in our listed
liquidity deposited in banks, which contributed to an income investment portfolios as well.
of IDR 58 billion in 2018.
Capital Structure and Management Policies CONSOLIDATED STATEMENTS OF CASH FLOW

Concerning Capital Structure Cash Flow from Operating Activities
As an investment company, Saratoga manages capital and The major inflow of the cash in 2018 was dividend income
debt structure prudently to align with its investment horizon as (from cash flow perspective) of IDR 940 billion and proceeds
reflected in the maturity profile of the Company’s debts. from divestments of IDR 558 billion. And the major outflow
of the cash was purchases of equity securities 1.6 trillion and
interest cost of IDR 273 billion. As a result the net cash flow
NET DEBT / NET ASSET VALUES AS PER 31 DECEMBER 2018
used in operating activities was IDR 379 bilion.
IDR Billion
Cash Flow from Investing Activities

15,772
There is no significant transaction to be disclosed in this
section.
3,137
(20% NAV)
Cash Flow from Financing Activities
NET DEBT NET ASSET VALUE In 2018, net cash flow from financing activities amounted to
IDR 168 billion, mainly as a result of the following activities:
• Drawdown of borrowings amounting to USD 50 million
and IDR 275 billion.
DEBT / EQUITY AS PER 31 DECEMBER 2018
• Repayment of our borrowings amounting to USD 145
IDR Billion
million (including the settlement of the Exchangeable
15,655 bonds.
• Utilization on our short term facility amounting to USD
3,938
20 million for a couple of times during the year which
(25% Equity) involved drawdowns and repayments to bridging the gap
on our investments.
DEBT EQUITY

CONSOLIDATED STATEMENT OF
SUBSEQUENT EVENTS
COMPREHENSIVE INCOME IDR Billion
For events subsequent to 31 December 2018, please refer
to Note 25 – Exhibit E/68 of the Consolidated Financial Description 2018 2017 Increase
Statements of the Company in the Financial Report section (decrease) %
of this Annual Report. Net (loss) gain on investment in equity securities (7,251) 2,357 -408%
Dividend, interest and other investment income 1,147 1,540 -26%
Other income 15 34 -56%
COMPARISON BETWEEN TARGET/ Changes of fair value on investment properties 1 (23) -105%
PROJECTION AT THE BEGINNING OF Operating expenses (138) (213) -35%
THE YEAR AND ACTUAL RESULTS OF Bad debt expense (37) (45) -18%
OPERATIONS. Other expenses (49) (22) 123%
Saratoga remains highly selective in new investments Net loss on exchange rate differences (150) (28) 440%
from the numerous opportunities that arise at any given Gain on fair value of equity share swap 24 12 98%
point of time. Each year, Saratoga looks at, and considers, Gain (loss) on fair value of exchangeable bond 7 (66) -111%
around 100 opportunities and decides on, in average, one Net gain on other derivative financial instruments 28 52 -46%
to two new investments. Interest expenses (282) (348) -19%
In 2018, Saratoga made a new investment from 91 (Loss) Profit before tax (6,685) 3,251 -306%
potential investments reviewed in line with the Company’s Income tax benefit (expense)
annual plan. Current (81) (183) -56%
In terms of the operating cost, Saratoga continues Deferred 631 94 572%
to maintain a highly efficient organizational structure in 550 (89) -719%
order to keep operating expenses at a manageable level.
One of the major expenses, namely legal and consulting (Loss) profit for the year (6,135) 3,162 -294%
fees, is inherent in the nature of Saratoga’s business, where Total other comprehensive income (loss) 1 (2) -169%
financial consultants and lawyers are hired to perform due Total comprehensive (loss) income for the year (6,134) 3,160 -294%
diligences on prospective investments and prepare legal
documents in the investment and divestment processes. (Loss) profit for the year attributable to:
Total operating cost in 2018 amounted to IDR 138 Owners of the Company (6.195) 3.274 -289%
billion, which was largely in line with the budget for the Non-controlling interests 60 (112) -153%
year. This is lower in comparison with previous year, due (6,135) 3,162 -294%
to transaction costs incurred for the sale of our investments
in 2017 . Total comprehensive (loss) income for the year attributable to:
Owners of the Company (6,194) 3,272 -289%
Target for next year Non-controlling interests 60 (112) -153%
Saratoga continues to look at new opportunities, and (6,134) 3,162 -294%
aims to make one or two new investments in 2019. A few
potential investments are being looked at in the pipeline,
INVESTMENT IN EQUITY SECURITIES IDR Billion
consisting of opportunities across the three key sectors of
natural resources, infrastructure and consumer. Description 2018 2017 Increase
(decrease) %
Marketing aspects of the Company’s products Listed companies

and services. PT Adaro Energy Tbk (*) 5,924 9,037 -34%
As an investment company, Saratoga does not produce PT Tower Bersama Infrastructure Tbk. (*) 5,341 9,465 -44%
any consumable products or services that need to be PT Merdeka Copper Gold Tbk. (*) 3,025 1,617 87%
marketed. Therefore, the Company does not provide any PT Mitra Pinasthika Mustika Tbk. 1,964 2,105 -7%
marketing activities. All marketing activities are conducted PT Provident Agro Tbk. 831 1,048 -21%
through the investee companies. PT Aneka Gas Industri Tbk. 144 1 10.253%
PT Nusa Raya Cipta Tbk. 67 66 2%
Sihayo Gold Plc, Australia 48 33 45%
Seroja Investment Limited, Singapore 27 38 -29%
Interra Resources Limited, Singapore 26 50 -48%
Finders Resources Limited, Australia - 119 -100%
Others 5 228 -98%
Non-listed entities 1,328 948 40%
Total 18,730 24,755 -24%
(*) include indirect ownership

CHAPTER 3 INVESTEE COMPANY HIGHLIGHTS
I N V ESTEE COM PA N Y
HIGHLIGHT

Together with the investee companies, Saratoga navigated through a challenging year in 2018
with a series of carefully orchestrated steps that consolidated our collective strength further,
nurtured growth, and positioned strategically to capitalize on Indonesia’s exciting future.
These steps comprised of acquiring prospective new assets, monetizing assets through strategic
divestments, growing our businesses, and entering new technolog y sector.
ACQUIRING NEW ASSETS

Investee companies: MDKA, ADRO, TBIG
There were exciting developments in asset acquisitions by Turning to ADRO, the company together with EMR
PT Merdeka Copper Gold Tbk. (MDKA), PT Adaro Energy Capital Ltd, a specialist mining private equity firm, completed
Tbk. (ADRO), and PT Tower Bersama Infrastructure Tbk. the acquisition of Rio Tinto’s 80% interest in the Kestrel Coal
(TBIG). Mine, a world-class high-quality metallurgical coal asset with a
MDKA made strategic acquisitions of two mining assets long-life resource base in the Bowen Basin coal field of Central
in 2018, acquiring majority stakes in Finders Resources, which Queensland, Australia. As of its latest resource update in 2017,
owns an operating copper mine on Wetar Island in Maluku the Kestrel Mine has marketable reserves of 146 million tonnes
Barat Daya Regency, and the Pani advanced gold exploration and resources of 241 million tonnes of these high-quality
project in Pohowatu Regency, Gorontalo Province. metallurgical coals.
Both assets hold tremendous long-term upside potentials. This acquisition marks a significant milestone in ADRO’s
The Wetar copper project has an installed capacity of up strategic expansion of its metallurgical coal portfolio that began
to 25,000 tonnes of copper cathode per annum. An updated with Adaro MetCoal. Both the Adato MetCoal and Kestrel
Mineral Resource and Ore Reserve Estimate as at 31 December mines will strengthen ADRO’s foothold in the metallurgical or
2018 placed Wetar’s resources at 196,000 tonnes of copper metal coking coal market, sustaining ADRO’s growth over the long
contained in a 9.81 million tonnes of mineral resource estimate term.
at an average grade of 1.99%copper, and 93,000 tonnes of In a separate development, TBIG, one of the largest and
copper metal contained in 3.32 million tonnes ore reserve leading shared cellular telecommunication Base Transceiver
estimate at an average grade of 2.81% copper. Station (BTS) tower services providers in Indonesia, made
The Pani advanced gold exploration indicates substantial two acquisitions in 2018, Gihon Telekomunikasi Indonesia
gold resources. A JORC Compliant Mineral Resource (GHON) and Visi Telekomunikasi Infrastruktur (GOLD). As
Estimate in 2014 placed Pani’s resources at 2.37 million ounces of the end of 2018, TBIG owns 50.12% shareholding of
of gold contained in 89.5 million tonnes of ore. GHON and 51% of GOLD. These acquisitions allowed TBIG
to increase its portfolio of towers and tenants.

CHAPTER 3 INVESTEE COMPANY HIGHLIGHTS
DIVEST M ENT S
Investee Companies: MPMX, PALM
Two investee companies, PT Provident Argo Tbk. (PALM)

and PT Mitra Pinasthika Mustika Tbk. (MPMX), have made
successful divestment transactions of their assets in 2018. Here
are the details of the divestments.
We saw an excellent opportunity to divest 100% of MPMX’s
highly valued lubricant business, PT Federal Karyatama
(FKT), to the global energy company, ExxonMobil. The
divestment generated USD436 million for MPMX, enabling it
to post a positive cash balance of over IDR4 trillion as of the
end of 2018, and strengthening the business considerably to
reduce company debts, grow existing businesses, and position
MPMX ahead to invest in new growth areas.
Turning to PALM, due to the persistent challenges of the
palm oil environment in the past few years, the company made
a strategic decision to divest further its plantation assets at a
premium to the larger players where the scale of the economy
matters. The divestment provided PALM with strong cash
flow and allowed the company to explore new business
opportunities.

GROWI N G BU SI N ESSES opportunities. It continues to pursue new product development
Investee Companies: Mulia Bosco Logistics, Awal Bros fervently, increase the number of outlets selling Deltomed
Hospital Group, Deltomed Laboratories brands and products, as a result of which, the company has
benefitted from strong transaction growth. We believe that
Growing the businesses of our investee companies remains Deltomed is barely scratching the surface of the unfolding
a central tenet of Saratoga’s investment model, in which we market preferences toward herbal healthcare treatment, with
invest, grow and monetize companies with long-term growth long term growth opportunities.
prospects. Indeed, Saratoga sees exciting growth opportunities from
In 2018, Saratoga’s main focus was on the continuing Deltomed and all of its consumer-based businesses.
development of the consumer-based businesses. This includes
PT Mulia Bosco Logistics (MBL), the cold storage and VENT URING INTO NEW AREAS
refrigerated transportation services provider; PT Awal Bros It has become obvious that the so-called 4.0 industry is
Hospital Group (FABS), the growing hospital chain group; already upon us, and reshaping the way people around the
and PT Deltomed Laboratories (Deltomed), a pioneering world live, work and play. Indonesia is no exception, where
developer of herbal-based health supplement products. on-line generated businesses are proliferating and harnessing
MBL has grown the number of its refrigerated trucks, phenomenal growth.
warehouses and coverage areas, and will continue to do so with Through two platforms managed by Provident Capital and
the aim to claim market leadership in its areas of operations Skystar Capital, Saratoga has since 2017 begun to invest in
in the not too distant future. FABS chain has begun to build these technology-driven start-ups in various business areas.
more hospitals and looks forward to increasing its footprints Suffice to say that we are cognizant of the exploding new
in the fast-growing healthcare services business in Indonesia. technology sector and have placed one foot firmly in these
Not to be outdone, Deltomed is also eyeing significant growth growing new ventures.

CHAPTER 4 HUMAN RESOURCES AND CORPORATE SOCIAL RESPONSIBLITY
HUM A N R ESOURCES A N D
CORPOR ATE SOCIAL

RESPONSIBLITY

PT
As we continue to strengthen our resources in these exciting times of growth in
the Indonesian economy, the quality of human capital is first and foremost in
Saratoga’s strategy and efforts to achieve sustainable long-term growth.
HUMAN CAPITAL
Employees of Saratoga fully share the vision and mission of the Company, which
are to be a world-class active investment company, and the partner of choice for
investors to partake in the dynamic growth of Indonesia.
To that end, our people understand and embrace the challenges facing them
as both individuals and dedicated professionals. We rise to the challenge, pushing
individual limits, and embracing opportunities to broaden and improve their skills,
working capacities and leadership qualities.
Deepening the Talent Pool

The ever-growing strength of Saratoga includes a deepening talent pool, as the
group continues to invest in the development of employees. In 2018, Saratoga’s
policy on employee development has been enhanced, encouraging every employee at
managerial level to proactively seek areas for his or her personal development. These
employees were encouraged to attend at least one training session per year in order to
refresh their skills and know-how – resulting in a significant increase in development
spending.
Highlights of training and workshop programs organized in 2018 are as follows:
TRAINING PROVIDER ATTENDEE
Certified Management Accountant IPMI Head of Internal Audit

International Business School
Corporate Tax Management IKPI Head of Tax
Tax Planning IKPI Head of Tax
Law of Tax Consultant, Tax Facilities IKPI Head of Tax

and Law Enforcement
Big Data of Taxation Usage by Directorate IKPI Head of Tax

General of Taxes on axpayers and Transfer Pricing
Audit Practice in Indonesia
Building a basic Discounted Sukarnen (In house) Accounting Associate,

Cash flow Basic Accounting Officer and
Internal Audit Officer
Brevet A, B AIA Accounting Clerk
General Affair Management Synergis Training Senior Administration Clerk

& Consulting

HUM A N C APITAL
Saratoga encourages its people to push their individual In June 2018, Lany D. Wong was recruited as our new
limits, and to continuously develop their skills, capacity and Chief Financial Officer (CFO) and succeeded Jerry Ngo as our
leadership. Opportunities are made available from time to former CFO. She is a CFA Charter Holder with over 20 years
time to undertake assignments in investee companies. Annual of experience as a financial executive; and expertise in fund
evaluations are used to determine where gaps can be filled raising, financial control and liability management. She has
through formal training or work experience. Constantly on the also had extensive exposures to structured financing, project
lookout for new talents, Saratoga offers attractive remuneration, financing and various capital market deals.
benefits, and at management level, a share ownership scheme. As of 31 December 2018, Saratoga employed 57 people
and employment turnover was 3.1% or 2 people.
Placement programs A breakdown of employee numbers by Organization Level,
As part of Saratoga’s development program, the Company Education and Age is as follows:
will assign its executives on temporary assignments in investee
companies. This is an approach that benefits Saratoga and
the investee company, as well as the individual assignee – a NUMBER OF EMPLOYEES BY ORGANIZATION LEVEL
win-win for all concerned.
The following executives received temporary assignments Organization Level 2018 2017
to investee companies in 2018: Director 3 3
Manager & Supervisor 31 27
Staff & Non-Staff 23 22
Name Position Assigned Investee Total 57 52
Company
Arif Qasimi Al Bone Chief Financial Officer Mulia Bosco Logistik
Ellie Turjandi Chief Financial Officer Agro Maju Raya NUMBER OF EMPLOYEES BY EDUCATION
Leona Karnali Chief Operation Officer Awal Bros Hospital Group
Christopher Song Oey Marketing Advisor Awal Bros Hospital Group Education 2018 2017
Sales and Marketing Advisor Deltomed Laboratories Undergraduate or Higher 41 34
Diploma 5 5
Actively Engaging and Enabling Employees Others 11 13
Saratoga takes employee feedback into serious consideration Total 57 52
to ensure that we understand what our people need in order to
accomplish their goals. An employee survey conducted at the
end of 2018 indicated that greater attention was required to NUMBER OF EMPLOYEES BY AGE
improve development opportunities and training. Nonetheless,
the same survey also showed that employee engagement had Age 2018 2017
improved significantly. > 50 12 8
41 – 50 17 19
Manpower Planning, Recruitment and Selection 31 – 40 21 19
Manpower needs are defined based on the gaps identified < 30 7 6
in existing capability and future business requirements, which Total 57 52
then become the basis for our recruitment and selection process,
as well as employee development. We continuously analyze, Our recruitment process selects people who embody traits
evaluate and monitor our current manpower conditions in that include integrity, passion and energy, competence and
order to fill-up the manpower gaps. capability. Such characteristics are identified through several
rounds of interviews and a series of technical tests.

Performance Management Establishing Trust and Synergy among Investee
We take performance management seriously. Throughout Companies
2018, as in previous years, managers and employees were Saratoga believes that every great company is built on its
actively involved in the performance management process, own unique culture. We let our investee company management
with both parties providing feedback, a two-way evaluation teams creatively build a culture that fosters a competitive
alongside formal coaching by the supervisor. Towards the end advantage for their companies. However, at Saratoga we also
of the year, employees are assessed on their performances as believe that we can work smarter and better when we synergize,
part of their career-path developments, in line with Saratoga's work hand-in-hand together, and build trust among ourselves.
growth.
Priorities in 2019
Employee Health, Safety and Welfare Saratoga’s latest employee engagement survey indicates
Care for employee welfare is embodied primarily through that despite overall increase in employees’ positive perception
the terms of remuneration and engagement encompassing towards Saratoga, communication between leaders and
the basic salary and thirteenth month allowance, medical employees is an area that requires improvement. For 2019, we
benefits for inpatient and outpatient care, and social security plan to use multiple communication strategy in order to create
coverage. In 2018, the amount of medical benefits provided better communication between leaders and employees.
by the Company for the BoC, BoD and employees totaled Furthermore, we will provide more training and
approximately IDR1.4 billion. development opportunities to all employees and continue to
The Company continuously reviews its competitiveness as encourage their roles and responsibilities to develop their own
an employer against the market to ensure employees remain career paths.
focused on the core work assigned day to day. Saratoga also As part of our ongoing strategy for talent development,
provides a performance-based bonus tied to both company Saratoga will continue to offer valuable working experiences to
and individual performances. our employees by providing unique assignments at our investee
Senior Management is eligible to participate in a Long companies.
Term Incentive Program (“LTIP”) that aligns their interests
with those of shareholders and to ensure their commitment to
sustainable long-term growth for Saratoga. Further details of
LTIP are presented in the Corporate Governance section of
this Annual Report.
In maintaining a safe and healthy working environment,
Saratoga complies with safety laws, standards and guidelines
and recognizes the obligation to conduct all activities with
proper safety precautions.

C O R P O R ATE SOC IAL R E SPONS IBILIT Y
Indonesia’s core strength lies in its youthful population, in which

more than 50% of the nations’ 260 million plus population today
are below 35 years of age. However, this strength can also be a
liability; if Indonesia fails to equip its youth with the knowledge and
skills needed to thrive in today’s world, and that of the future.
Saratoga focuses its corporate social responsibility (CSR) COMMUNITY EMPOWERMENT

programs on enhancing education and the quality of people,
especially the youth, as part of empowering local communities. Education Development
As part of this education process, we also place a strong Saratoga believes that Indonesia’s future lies in the young
emphasis on educating and increasing community awareness people that make up the majority of its population. However,
towards environmental conservation and the need to keep a we also believe that the nation’s biggest challenge is how to
clean and healthy environment in their homes and villages. educate its youth and provide them with the appropriate
In addition to the above, we design our corporate social knowledge and skills to excel in today’s world.
responsibility (CSR) programs with reference to Sustainable Our education programs are dedicated to harnessing this
Development Goals (SDG).As such, our CSR programs have powerful force to propel our nation towards a brighter future. We
stood on three main pillars: Community Empowerment, also aim to increase the opportunities for technical and vocational
Environment and Social & Cultural Development. training, and ultimately to improve access to higher education.
We continue to work collaboratively with our partners Saratoga continues to support SMK Ora et Labora, a
to achieve our long-term objectives. The SGD platform has vocational school specializing in electrical technician training
given businesses the opportunity to bring their expertise, in Indonesia. Our engagement with SMK Ora et Labora is
networks and resources to bear in achieving goals that can be manifestation of such an investment. We believe the school will
transformative for societies. We are committed to playing our produce a continuous stream of trained electrical technicians
part in this endeavor and to demonstrating how the private for Indonesia’s growing power-generating sector.
sector can create financially sustainable business models that In 2018, Saratoga supported the ribbon cutting ceremony
deliver strong returns and achieve high impact. to commemorate the completion of the first phase construction
Moreover, our corporate social responsibility programs work of their school building, and provided the media relations
underline our belief in that companies must not only do good team to boost the good news. In addition to that, several
by their people, but also for the good of their communities. employees of Saratoga volunteered to serve on the School’s
Which is why we continue to pursue our philosophy of Board of Education as the Executive Committee, responsible
investing in people, community and the environment as a way for developing the school’s curriculum, students enrollment,
to achieve long-term sustainable development. also overseeing fundraising.
As we continue to grow along with the communities in which the Saratoga also supports the Young Leaders for Indonesia
Saratoga Group operates, we are particularly focused on aligning (YLI) Program initiated by McKinsey & Company in 2008,
the triple bottom line concept comprising of the three Ps (profit, targeting high performing students from leading universities in
people and planet). Saratoga is committed to consistently deliver Indonesia and others. Th YLI Program aims to build future
concrete contributions toward sustainable national development by generations of leaders of Indonesia, specifically by enhancing
improving the social welfare of local communities. leadership skills and developing networks. In 2018, Saratoga
In 2018, Saratoga spent a lesser amount on all of its continued to support the Young Leader for Indonesia National
CSR activities than that of the previous year, albeit without Program in the Breakthrough Leadership Project (BLP),
lessening the benefits that these activities generate. Our CSR a three-month program involving six selected university
programs have generated more impactful results since most students assigned to assist SMK OeL to develop an enrollment
of the programs had been implemented for several years with marketing communication strategy.
increasingly better experience and expertise. These programs Aside from all the education programs, Saratoga also
continue to focus on improving social welfare and empowering encourages its employees to volunteer as teachers, lecturers
local communities. or coaches in various educational programs of non-profit
The followings are several highlights of our CSR programs organizations.
In 2018.

ENVIRONMENT SOCIAL & CULTURAL DEVELOPMENT
Saratoga continues to enhance synergies with our investee The third pillar of our CSR program is Social And Cultural
companies and partners in implementing programs to create or Development, in which Saratoga undertakes various programs
increase awareness for environmental safety and conservation. or activities with local communities to enrich social and
On 4 November 2018, Saratoga organized the fourth cultural awareness and experiences. One such event in 2018
batch of “To be a New Green Leader”, which is Saratoga’s was a Christmas celebration that Saratoga shared with the
way of sharing the 10-day training the trainers program in boys and girls of the Panti Pondok Kasih Agape Orphanage
collaboration with the Eco Learning Camp Foundation. in Cilincing, North Jakarta. For children who no longer have
Saratoga initiated and developed this program to provide parents, celebrating Christmas with Saratoga and their fellow
training to improve awareness, knowledge and skills to orphans – however modest – instill the spirit of love and care
Indonesian teachers and local leaders who wish to become for one another among these children. A poignant experience
a green leader and have the ability to train people in their to be sure.
respective living areas. In the past, the social and cultural-related activities in our
The Training was held in Eco Camp, an environmental CSR programs have mainly comprised of sponsorships to
training facility in Bandung, West Java, participated by 46 support special events focus on Jakarta area and communities.
Indonesian teachers, school leaders and local leaders from However, since 2018 we have refrained from providing
Sumatera, Java, Kalimantan, Celebes, West Nusa Tenggara one-time sponsorship for isolated events, as we do not see the
and East Nusa Tenggara. value of such sponsorship programs to sustainable long-term
To date, this program has empowered many local leaders growth.
and teachers around Indonesia to achieve great impact in their We are currently re-evaluating our programs for social
areas. In Kalimantan, they encouraged people to do Clean and cultural development. We intend to refocus our efforts
Up Tabalong Day and Clean Up Balangan Day, involving the on programs that will actually lead to sustainable, long-term
participation of more than 100,000 people. benefits. This is partly why we only spent IDR473.5 million in
Alumni of the program also train local residents at home all of our CSR activities in 2018.
organic farming, and encourage students from elementary to Obviously, we will resume our social care program, which
high school to be green leaders. To date, close to 15,000 people aims to improve the social conditions and the quality of life for
have been trained or otherwise participated in the program. communities in which Saratoga operates.
By the end of 2018, the program had been applied in 24 other
provinces since the program was first introduced in 2015.

CHAPTER 5 CORPORATE GOVERNANCE
CORPOR ATE
GOVER NA NCE

PT
The Company consistently implements Good Corporate Governance (GCG) principles across all divisions.
Consistency and integrity in GCG leads to sound decision and discipline, enhancing performance and
creating trust between the Company and its stakeholders
Good corporate governance (GCG) has become an Governance Structure and Accountability
increasingly indispensable tool for companies to navigate Pursuant to prevailing laws and regulations, and in line with
safely through the fast changing business environment that the Company’s Articles of Association, Saratoga’s corporate
companies find themselves in, today. At Saratoga, GCG is governance structure is comprised of the General Meeting of
implemented to (i) enforce company policies from Management Shareholders (GMS), the Board of Commissioners (BOC) and
through to all rank-and-file, (ii) govern and control all company the Board of Directors (BOD).
activities through a set of formal rules and clear mechanisms, The GMS is the highest authoritative body of the Company.
(iii) continuously enhance management accountability to It facilitates shareholders’ points of view and interests over
shareholders, (iv) create clear communications between the important decisions, approves the direction that the Company
Company and all stakeholders, and (v) ensure compliance takes in its best interests, while also taking into account the
with prevailing laws and regulations, including and primarily covenants of the Company’s Articles of Association as well as
pertaining to the rules and guidelines of the Financial Services all prevailing laws and regulations.
Authority (OJK) in Indonesia, and the Indonesia Stock The BOD is charged with day-to-day management of
Exchange (IDX). the Company, supported by an effective management team;
Saratoga strives continuously to improve its GCG policies while the BOC is responsible for conducting oversight on the
and practices, and undertook a number of initiatives in 2018 performance of the Company and its management. Both the
to strengthen governance matters. We completed the Standard BOC and the BOD are responsible for ensuring long-term
Operating Procedures (SOPs) and began to implement sustainability of the Company. Accordingly, the BOD and the
them in all Company divisions. We mended the Board of BOC, along with all employees shall espouse to the same vision,
Commissioners Charter and the Audit Committee Charter mission, values, objectives and targets set by the Company.
to align with prevailing laws and regulations. We carried out In discharging their duties and responsibilities, the
training programs on GCG for Commissioners, Directors BOC is assisted by two supervisory committees, namely the
and senior managers of the Company. We strengthened and Audit Committee and the Nomination and Remuneration
increased monitoring of GCG policies and practices within the Committee.
Saratoga group of companies. On the management side, an Investment Committee
is relied upon by the BOD to provide professional and
independent recommendations, taking GCG principles
into full consideration, with respect to any investment and
divestment activities undertaken by the Company.
GCG CHART OF THE COMPANY
GEN ER A L M EET I N G O F S H A R EH O L D ER S
Board of Commissioners Board of Directors President Director
Nomination & Investment Business Finance Portfolio

Audit
Remuneration Committee Development Director Director
Committee
Committee Director
Internal Corporate
Audit Unit Secretary

GENERAL MEETING OF SHAREHOLDERS (GMS) Annual GMS

The GMS has the authority to amend the Articles of The Annual GMS has been recorded in the Deed of
Association of the Company, to appoint and dismiss the Minutes of Annual GMS of PT Saratoga Investama Sedaya
Company’s Commissioners and Directors, to approve the Tbk. No. 37 dated 26 June 2018 made by Notary Jose Dima
course of direction that the Company takes and to issue Satria, S.H., M.Kn.
resolutions, as well as to approve or disapprove important
decisions thereof. It also has the authority to declare the The resolutions are as follows:
Company’s appropriation of earnings and distribution of FIRST AGENDA: APPROVAL ON THE ANNUAL REPORT
dividends to shareholders. AND RATIFICATION OF THE FINANCIAL STATEMENTS OF
In the Company’s Articles of Association, there are two THE COMPANY FOR THE FINANCIAL YEAR ENDED ON 31
DECEMBER 2017
types of GMS namely the Annual GMS and the Extraordinary
GMS. A GMS is convened pursuant to Law No. 40 Year 2007 1. To approve and accept the Annual Report of the Company for the
year of 2017 and ratify the Consolidated Financial Statements of
concerning Limited Liability Company i.e. Articles 81, 82 and the Company and Subsidiaries for the Financial Year ended on 31
83; OJK Regulation No. 32/POJK.04/2014 as lastly amended December 2017, which has been audited by Public Accountant
Cahyadi Muliono, S.E., CPA, from Public Accountant Firm Siddharta
by OJK Regulation No. 10/POJK.04/2017 regarding Plan Widjaja & Rekan (a member of KPMG Global Network) as stipulated
and Holding of the General Meeting of Shareholders of the in its report No. L.17-6363-18/III.23.002 dated 23 March 2018 with an
“Unqualified Opinion”.
Public Company; and the Company’s Articles of Association. 2. With the Annual Report of the Company for the year 2017 being
For the GMS held in 2018, the Company has appointed approved, and the Consolidated Financial Statements of the Company
and Subsidiaries for the financial year ended on 31 December 2017
independent parties, namely Notary Jose Dima, S.H., M.Kn. being ratified, to grant full release and discharge (Acquit et de Charge)
and PT Datindo Entrycom to tally and/or validate the votes. to the BOD and the BOC of the Company for their management and
supervision during the financial year of 2017, so long such actions
are reflected in the Annual Report and the Consolidated Financial
Statements of the Company and Subsidiaries for the Financial Year
Ended on 31 December 2017 and so long that it is not criminal actions.
INFORMATION ON THE GMS HELD IN 2018

In 2018, the Company convened an Annual GMS and SECOND AGENDA: DETERMINATION ON THE USE OF THE
COMPANY’S NET PROFIT FOR THE FINANCIAL YEAR OF
Extraordinary GMS on 26 June 2018, upon which all 2017
resolutions of each GMS were fully implemented.
1. To approve the use of current year profit attributable to the owners of the
Company for the year 2017 is in the amount of IDR3,231,698,000,000
(three trillion two hundred thirty one billion six hundred ninety eight
million Rupiah) for the following matters:
TYPE OF GMS a. IDR5,000,000,000 (five billion Rupiah) shall be set aside as statutory
Annual GMS and Extraordinary GMS reserve of the Company;
b. IDR201,000,000,000 (two hundred one billion Rupiah) or IDR74
(seventy four Rupiah) per share, will be distributed as final cash
GMS ANNOUNCEMENT dividend to the shareholders of the Company; and
Announced on 18 May 2018 in a national Indonesian newspaper, i.e. c. The remaining amount shall be used for Retained Earning to
Kontan. support the development of the business of the Company.
2. To approve the granting of power and authorization to the BOD to

GMS INVITATION manage the procedure of the payment of such final cash dividend,
Announced on 4 June 2018 in a national Indonesian newspaper, i.e. including but not limited to determine the payment schedule, and
Kontan. to conduct any other actions required in relation to the payment of
the final cash dividend in accordance with the prevailing laws and
regulations.
GMS
The Annual GMS was held on 26 June 2018 at 10.26-11.06 WIB, followed
by the Extraordinary GMS at 11.09-11.23 WIB, at PT Mitra Pinasthika THIRD AGENDA: APPOINTMENT OF THE PUBLIC
Mustika Tbk office, Lippo Kuningan 26th Floor, Jl. H.R. Rasuna Said ACCOUNTANT TO AUDIT THE FINANCIAL STATEMENTS
Kav. B-12F, Kuningan, Jakarta 12940, Indonesia. OF THE COMPANY FOR THE FINANCIAL YEAR ENDED ON
31 DECEMBER 2018
GMS RESOLUTIONS ANNOUNCEMENT 1. To approve the appointment of Public Accountant Cahyadi Muliono,
The resolutions were announced on 27 June 2018 in a national Indonesian S.E., CPA, from Public Accountant Firm Siddharta Widjaja & Rekan (a
newspaper, i.e. Kontan. member of KPMG Global Network) to audit the consolidated financial
statements of the Company for the current financial year and will end
on 31 December 2018;
2. To approve the granting of power and authorization to the BOC of
the Company to determine the honorarium and other reasonable
requirements for such Public Accountant and to appoint a substitute
Public Accountant if the appointed Public Accountant is unable to
perform its duties.

Extraordinary GMS
FOURTH AGENDA: DETERMINATION ON THE SALARY,
HONORARIUM AND ALLOWANCES AND OTHER FACILITIES The Extraordinary GMS has been recorded in the Deed
FOR THE MEMBER OF THE BOARD OF DIRECTORS AND of Minutes of Extraordinary GMS of PT Saratoga Investama
THE BOARD OF COMMISSIONERS FOR THE FINANCIAL
YEAR OF 2018 Sedaya Tbk No. 38 dated 26 June 2018 made by Notary Jose
Dima Satria, S.H., M.Kn.
1. By taking into account the advice and opinion from the Nomination
and Remuneration Committee of the Company, to determine
the remuneration amount for all members of the BOC of the The resolutions are as follows:
Company for the financial year of 2018 in the maximum amount of
Rp15,000,000,000 (fifteen billion Rupiah). FIRST AGENDA: APPROVAL ON THE BUYBACK PLAN OF THE
2. To approve the granting of authorization to the BOC of the Company COMPANY’S SHARES
to determine the details of the distribution of the remuneration amount
to be provided among each member of the BOC by taking into account 1. To approve the buyback of the Company’s shares in the maximum of
the advice and opinion from the Nomination and Remuneration 0.737% (zero point seven three seven percent) of the issued and paid-up
Committee of the Company. capital of the Company or in the maximum of 20,000,000 (twenty
3. To approve the granting of authorization to the BOC of the Company million) shares.
to determine the amount of salary, honorarium and allowances and 2. To approve the granting of power and authorization to the BOD of the
other facilities for the members of the BOD for the financial year of Company, either jointly or individually, to conduct any action necessary
2018. to implement the resolutions of this GMS, including to determine
the requirements for the buyback of the Company’s shares subject to
any prevailing laws and regulations, to appear before an authorized
FIFTH AGENDA: CHANGE OF THE COMPOSITION OF THE official and/or Notary to make and sign necessary deed(s), to submit
BOARD OF DIRECTOR OF THE COMPANY information, to make and sign all necessary documents, and to conduct
all actions deemed necessary, without exception.
1. To accept the resignation of Mr. Ngo, Jerry Go as the Company’s
Independent Director as of the closing of this GMS, and accordingly
to grant full release and discharge (Acquit et de Charge) to Mr. Ngo,
Jerry Go for all his management actions from 1 January 2018 to 26 June SECOND AGENDA: APPROVAL TO USE THE COMPANY’S
2018. TREASURY SHARES FOR LONG TERM INCENTIVE
2. To appoint Ms. Lany D. Wong as the Independent Director of Company PROGRAM
for term of office starting from the closing of this GMS until the closing
of the third Annual GMS from the year 2018, with due regard to the 1. 1To approve the allocation of all of the Company’s treasury shares in
rights of the GMS to terminate at any time. the total of 1,355,800 (one million three hundred fifty five thousand
eight hundred) shares for the implementation of Long Term Incentive
Therefore, the composition of the BOD of the Company is as follows: Program (LTIP) to the employees of the Company.
2. To approve the allocation of a maximum of 4,994,200 (four million nine
BOARD OF DIRECTORS: hundred ninety four thousand two hundred) shares from the buyback
President Director : Michael William P. Soeryadjaya of shares which will be conducted by the Company for the period of
Director : Andi Esfandiari 26 June 2018 until the next Annual General Meeting of Shareholders
Independent Director : Lany D. Wong which will be held at the latest 30 June 2019 for the implementation of
the Long Term Incentive Program to the employees of the Company.
3. To approve the granting of power and authorization to the BOD of 3. To approve the granting of power and authorization to the BOD of
the Company, with substitution rights, to take all actions relating with the Company to act and/or conduct any actions and all arrangements
the resolutions of this GMS, including but not limited to notifying necessary and/or required to implement the Long Term Incentive
the re-appointment of the composition of the BOD to the Minister Program (LTIP), in accordance with the prevailing laws and regulations.
of Law and Human Rights and other competent authorities, to make
or sign deeds, letters or other documents that are required or deemed
necessary, to appear before the Notary to make and sign the statement
of GMS resolutions deed, and to conduct all actions that are required THE BOARD OF COMMISSIONERS
or deemed necessary, and/or required to realize the resolutions of the
GMS.
The BOC serves as the governing body responsible for
SIXTH AGENDA: REPORT FROM THE BOARD OF DIRECTORS
conducting general and/or specific supervisory duties as
ON THE IMPLEMENTATION RESULT OF LONG TERM governed by the BOC Charter and in accordance with the
INCENTIVE PROGRAM (LTIP) Company’s Articles of Association, the applicable laws and
This agenda is a report from the BOD on the Long Term Incentive regulations and the principles of GCG.
Program (LTIP), therefore there was no voting and resolution made in The BOC supervises the BOD in adopting the management
this agenda.
policies of the Company and managing the Company. It also
acts in an advisory capacity to the Directors to ensure the
Company’s compliance with GCG at all organizational levels
and components.
The BOC is a council and each member of the BOC
cannot act alone but must be guided by the decision of the
BOC. The duties of the President Commissioner, as primus
inter pares, is to coordinate the activities of the BOC, to chair
the BOC meeting, and to be the spokesperson representing the
BOC.
The appointment and election of members of the BOC
has complied with applicable laws and regulations.

Disclosure on the remuneration and assessment process The President Commissioner shall chair the meeting
of the BOC is presented in the Remuneration Policy and of the BOC. In the absence or inability of the President
Assessment on Members of the Board of Commissioners and Commissioner to attend a meeting of the BOC, in the case of
the Board of Directors section in this annual report. which it is unnecessary to give evidence to the third parties, the
President Commissioner shall appoint in writing another BOC
Structure and Composition of the Board of member to chair the meeting.
Commissioners A meeting of the BOC shall be legal and entitled to make
In carrying out its duties, the BOC is responsible to the binding resolutions if more than 2/3 (two-thirds) of the
GMS. number of members of the BOC are present or represented
The BOC has met the number and composition as at the meeting.
stipulated in the Company’s Articles of Association and In order to maintain the BOC to be up to date on the
the prevailing regulations of the capital market, as well as Company’s development, several BOC meetings are scheduled
international best-practice guidelines and recommendations. to be followed with a joint meeting with the BOD. The BOC
The BOC of the Company consists of five members, including shall convene a joint meeting with the BOD periodically at
two Independent Commissioners, which account for 40% of least 1 (one) time every 4 (four) months or at any time deemed
the total members of the BOC. necessary by the BOC.
The Nomination and Remuneration Committee shall Throughout the year 2018, the BOC have convened 6 (six)
recommend the criteria and search for the candidate(s) with meetings of the BOC and 5 (five) joint meetings with the BOD.
appropriate qualifications in accordance to the policies and
principles set forth in the BOC Charter. The BOC chooses Meeting of the Board of Commissioners in 2018
the candidate(s) that will fit the Company’s needs and propose
INTERNAL MEETING OF THE BOARD OF COMMISIONERS
him/her to the GMS for approval.
The Company’s Independent Commissioners complies NAME POSITION TOTAL ATTENDANCE %
with the independency criteria as required by OJK Regulation Edwin Soeryadjaya President Commissioner 6 6 100
No. 33/POJK.04/2014 regarding the Board of Directors and Joyce Soeryadjaya Kerr Commissioner 6 6 100
the Board of Commissioners of an Issuer or a Public Company. Indra Cahya Uno Commissioner 6 6 100
All members of the BOC have been re-appointed in 2016. Sidharta Utama Independent Commissioner 6 6 100
As set forth in Deed of Statement of Meeting Resolutions No. Anangga W. Roosdiono Independent Commissioner 6 6 100
22 dated 18 July 2016, made before Humberg Lie, S.H., S.E.,
M.Kn., Notary in Jakarta, the composition of the BOC as of
JOINT MEETING WITH THE BOARD OF DIRECTORS
31 December 2018 is as follows:
NAME POSITION TOTAL ATTENDANCE %
Edwin Soeryadjaya President Commissioner 5 5 100

Name Position Period
Joyce Soeryadjaya Kerr Commissioner 5 5 100
Edwin Soeryadjaya President Commissioner 2016-2019
Indra Cahya Uno Commissioner 5 5 100
Joyce Soeryadjaya Kerr Commissioner 2016-2019
Sidharta Utama Independent Commissioner 5 5 100
Indra Cahya Uno Commissioner 2016-2019
Anangga W. Roosdiono Independent Commissioner 5 5 100
Sidharta Utama Independent Commissioner 2016-2019
Anangga W. Roosdiono Independent Commissioner 2016-2019
The Board of Commissioners - implementation of

A brief profile of each member of the BOC is presented in
duties
the Corporate Information section of this Annual Report.
In 2018, the BOC carried out the following activities:
1. Regularly reviewed and discussed the activities and
Meetings of the Board of Commissioners
recommendations from the Audit Committee and
Meeting of the BOC is held at least 1 (one) time in every
Nomination and Remuneration Committee.
2 (two) months based on the schedule set up at the end of the
2. Reviewed the Company's business strategy, main action
previous year. The BOC meeting may also be held at any
plan, risk policy, budget and annual business plan; set
time deemed necessary by one or more member(s) of the
implementation objectives; monitor the implementation
BOD, based on a written request by one or more member(s)
and performance of the Company; and oversee
of the BOC or based on a written request by one or more
investments, acquisitions and divestments that are beyond
shareholders jointly representing 1/10 (one tenth) of the total
the agreed limits.
number of shares with valid voting rights. The material for the
3. Provided reporting on duties and supervision that have
BOC meeting shall be provided to the meeting participants at
been made during the fiscal year of 2017 to the General
the latest 5 (five) days prior to the meeting.
Meeting of Shareholders.

4. Reviewed the performance of the BOD, BOC, the Audit Structure and Composition of the Board of Directors
Committee, and the Nomination and Remuneration In conducting its duties, the BOD is responsible to the GMS.
Committee for the year 2018. The BOD has met the criteria in respect of the number
5. Reviewed and approved the Company’s annual budget for of members, composition and independent status pursuant
2018 submitted by the BOD. to the Company’s Articles of Association and the prevailing
6. Periodically reviewed, recommended and provided advice regulations of the capital market, as well as in keeping with
to the BOD regarding the investment activities, financial international best-practice guidelines and recommendations.
and operational performance of the Company. Currently, the BOD of the Company consists of three members,
7. Monitored the effectiveness of the Company's including one Independent Director. The composition of the
good corporate governance practices and make BOD has enabled the BOD to make decision effectively, timely
recommendations where appropriate. and independently.
8. Approved the appointment of Public Accountant Firm With respect to the nomination procedures, nominee(s)
to audit the Consolidated Financial Statements of the of the member of the BOD shall be proposed and
Company for the financial year ended on 31 December recommended to the GMS, which nominee(s) for directorship
2018. will be recommended to the BOC by the Nomination and
9. Overseen the implementation of corporate strategy. Remuneration Committee in accordance with the policies and
10. Reviewed and revised the Charter of the Board of principles set forth in the BOD Charter.
Commissioners to be in line with the prevailing regulations.
11. Determining the remuneration amount for the BOD Duties and Responsibilities of the Board of Directors
and BOC for the year of 2018, in accordance with The BOD is responsible for taking care of the day-to-day
the resolutions of the Annual General Meeting of activities of the Company with the best interests of the Company
Shareholders on 26 June 2018. in accordance with the purposes and objectives of the Company
12. Prepared the schedule of the Board of Commissioners as stipulated in the Company’s Articles of Association. The duties
meetings for 2019. of the BOD cover five main tasks in the areas of management,
corporate governance, risk management, internal control and
internal audit.
Training for the Board of Commissioners In accordance with the Company’s Articles of Association,
In furtherance to the capabilities of its BOC, the Company the BOD shall be entitled to represent the Company both inside
provides general access to training courses and education and outside of the court regarding all matters and events, to
programs as a matter of continuing professional education. bind the Company to other party vice versa, to take all actions
The BOC annually plans, determines and budget relevant pertaining to the management and ownership, but with the
trainings and/or professional education programs required limitations that for the following actions shall obtain prior
for each Commissioner as a professional group and for the approval from the BOC:
individual members based on the Company’s agreed budget • To borrow or to grant any loan on behalf of the Company
for the relevant year. (excluding withdrawing money of the Company in banks)
which amount exceed certain limit as determined by the
BOC from time to time;
• To establish a new business or participate in other companies,
THE BOARD OF DIRECTORS
either within or outside Indonesia in the amount exceeding
The BOD is the Company’s organ that holds full 10% (ten percent) of the total of the Company’s equity,
responsibility of corporate management for its interests and to based on the latest financial statement of the Company, for
achieve the Company’s purposes and objectives. Collectively, each project, whereas the equity of the Company consists
the BOD is responsible for leading and managing the Company, of shares capital, additional paid-up capital, retained
to add value and to ensure the sustainability of the Company. earnings and other comprehensive income;
The BOD executes its duties and responsibilities and makes • To sell or otherwise dispose the participation is the
decisions in good faith, care and with full responsibility as subsidiaries or secure the assets of the Company in the
governed by the BOD Charter and in accordance with the amount exceeding 10% (ten percent) of the total of the
Articles of Association of the Company, applicable laws and Company’s equity, based on the latest financial statement
regulations and the principles of GCG. of the Company, for each project, whereas the equity of
The appointment and election of the BOD has complied the Company consists of shares capital, additional paid-up
with the applicable laws and regulations. capital, retained earnings and other comprehensive income;
Disclosure on the remuneration and assessment process • To bind the Company as a guarantor;
of the BOD is presented in the Remuneration Policy and • To approve the appointment and or dismissal of the Head
Assessment on Members of the Board of Commissioners and of the Internal Audit unit;
the Board of Directors section of this Annual Report. • To approve the risk appetite, vision, mission and strategic
plan of the Company.

In order to support effective implementation of its duties, Meetings of the Board of Directors
a division of duties has been agreed among the members of The BOD meetings are held regularly on a monthly basis
the BOD. The assignments are based on the expertise and or more frequently if considered necessary by the BOD. A
experience of each member, with the aim of supporting an quorum is achieved when more than 50% of members are
accurate and quick decision-making process. Each member present at the meeting.
of the BOD may make decisions according to their field and To keep the BOC up to date with the operational and
responsibilities, but the conduct of the BOD’s duties is a shared investment activities of the Company, members of the BOC
responsibility. are invited for joint meeting with the BOD.
Throughout the year 2018, the BOD have convened 12
NAME:
MICHAEL WILLIAM P. SOERYADJAYA
(twelve) meetings and 5 (five) joint meetings with the BOC as
TITLE:
President Director & Business Development Director follows:
» Responsible for coordinating all Company’s operational activities.
» Responsible for optimizing returns for the Company on each of its
investments (realized & unrealized) and ensuring the effectiveness of INTERNAL MEETING OF THE BOARD OF DIRECTORS
any deal sourcing and portfolio monitoring.
Name Position Total Attendance %
Michael William P. Soeryadjaya President Director 12 12 100
NAME:
ANDI ESFANDIARI
TITLE:
Portfolio Director Andi Esfandiari Director 12 12 100
Ngo, Jerry Go Independent Director 6 6 100
» Responsible for supervision of the investee companies of the Company.
(until 26 June 2018)
Lany D. Wong Independent Director 6 6 100
NAME:
LANY D. WONG
TITLE:
Independent Director, Finance Director (from 26 June 2018)
» Responsible for finance activities of the Company.
JOINT MEETING WITH THE BOARD OF COMMISSIONERS

Mr. Michael William P. Soeryadjaya and Mr. Andi Esfandiari
have been re-appointed as the member of the Company’s BOD Name Position Total Attendance %
in 2016 as resolved in the Extraordinary GMS held on 15 June Michael William P. Soeryadjaya President Director 5 4 80
2016, and Ms. Lany D. Wong has been appointed as the member Andi Esfandiari Director 5 5 100
of the Company’s BOD as resolved in the Annual GMS held on Ngo, Jerry Go Independent Director 2 1 50
26 June 2018. As set forth in Deed of Statement of Meeting (until 26 June 2018)
Resolutions No. 22 dated 18 July 2016, made before Humberg Lany D. Wong Independent Director 3 3 100
Lie, S.H., S.E., M.Kn., Notary in Jakarta and Deed of Minutes (from 26 June 2018)
of Annual GMS of PT Saratoga Investama Sedaya Tbk. No.
37 dated 26 June 2018 made by Notary Jose Dima Satria, S.H.,
M.Kn, the composition of the BOD as of 31 December 2018 The Board of Directors Duty Implementation
is as follows: In 2018, the BOD carried out the following major activities:
1. Carried out detailed and routine evaluation of the
performance of each business unit of the Company.
NAME POSITION PERIOD
2. Carried out routine reviews of the Company’s monthly
Michael William P. Soeryadjaya President Director 2016-2019
financial performance.
Andi Esfandiari Director 2016-2019
3. Discussed the Consolidated Company’s financial statements,
Lany D. Wong Independent Director 2018-2021
limited reviewed by independent auditor for the period
ended on 30 June 2018 and audited by independent auditor
A brief profile of each member of the BOD is presented on
for the financial year of 2018.
the Corporate Data section of this Annual Report.
4. Discussed the preparation of the Annual GMS 2018 and
In order to perform such duties and responsibilities, the
the agenda to be discussed.
BOD may also establish a committee to assist the BOD in
5. Discussed the comprehensive work plan and budget for
conducting the analysis and work of the BOD, from time to
2019.
time, as necessary or appropriate.
6. Discussed the medium-term and long-term development
plan of the Company’s business portfolio organically and
inorganically, as well as capital expenditure requirements.

DISCLOSURE OF AFFILIATION
Training Programs for the Board of Directors
In 2018, the BOD actively attended conferences held by TABLE OF FAMILY AND FINANCIAL RELATIONS OF THE
financial institutions in Indonesia and overseas. BOARD OF COMMISSIONERS
Name Family & Financial Relationship with Remarks

BOD BOC Controlling
SELF-ASSESSMENT POLICY OF THE BOARD OF Shareholders
DIRECTORS
Edwin Soeryadjaya Yes Yes Yes -
The BOD shall establish its Key Performance Indicator
Joyce S. Kerr Yes Yes Yes -
and propose to the BOC in the beginning of each year for
Indra Cahya Uno No No Yes -
assessment by the BOC at the year-end. Evaluation on the
Sidharta Utama No No No Independent
BOD performance, individually or collectively, is performed
Anangga W. Roosdiono No No No Independent
on an annual basis. The BOD will also conduct an annual
self-evaluation to determine whether it and its committees are
functioning effectively.
The President Director will review on a periodic basis the TABLE OF FAMILY AND FINANCIAL RELATIONS OF THE
performance of each Director’s duties as well as the role and BOARD OF DIRECTORS
responsibilities of each Director. The assessment will focus on
Name Family & Financial Relationship with Remarks
the Director’s contribution to the Company and specifically
BOD BOC Controlling
focus on areas in which the management believes that the Shareholders
Director could improve.
Michael William P. Soeryadjaya No Yes Yes
The President Director will be reviewed and assessed by
Andi Esfandiari No No No Independent
the President Commissioner. The same assessment criteria as
Ngo, Jerry Go No No No Independent
described above shall be applied.
The Nomination and Remuneration Committee will
receive comments from the President Director and President
Commissioner and report annually to the BOC with an RELATED PARTY TRANSACTION
assessment of the BOD’s performance. The assessment will The Company shall follow all relevant regulations, particularly
be discussed with the full BOC each year. Each standing Bapepam Regulations No. IX.E.1, which contains definition
committee established by the BOD shall review and reassess and detailed procedure to ensure fairness when related party
the adequacy of its charter annually and recommend any transactions and conflict of interest on certain transaction
proposed changes to the BOD for approval. takes place. Any potential conflict of interest and related party
transactions shall be brought up to the Audit Committee.
SUCCESSION PLANNING REMUNERATION POLICY AND ASSESSMENT ON

The BOC, based on recommendation from the Nomination MEMBERS OF THE BOARD OF COMMISSIONERS
and Remuneration Committee, adopts a succession plan that AND THE BOARD OF DIRECTORS
outlines how the Company will prepare the next generation of
its directors. The succession planning includes the roles of the The BOC and the BOD members are entitled to
President Director, Directors and other key executive positions remuneration that comprise of salaries for the Directors,
deemed necessary by the BOC, BOD or the Nomination and honoraria for the Commissioners, and other benefits and
Remuneration Committee. allowances for both of the Directors and Commissioners.
To assist in this process, the President Director shall Pursuant to the Extraordinary GMS held on 26 June 2018, the
work with the BOC or the BOD or the Nomination and GMS has approved that the remuneration for all members of
Remuneration Committee to identify a list of individuals’ best the BOC of the Company for the financial year of 2018 is in
suited to replace the Company’s key executives. The succession the maximum of Rp15,000,000,000 (fifteen billion Rupiah).
plan goes beyond simply naming potential leaders, but also The BOC will then determine the details of the distribution of
identifying plans to professionally develop the Company’s the remuneration amount to be provided among each member
leadership pipeline. The BOD, BOC or the Nomination of the BOC, by taking into account the advice and opinion
and Remuneration Committee should update its succession from the Nomination and Remuneration Committee. The
planning on a regular basis. GMS has also grant authorization to the BOC to determine
the amount of salary, honorarium and allowances and other
facilities for the member of the BOD for the financial year of
2018.

Remuneration for the BOC members is based on the • External relevant regulations (company law, capital market
performance of the BOC, as assessed by the Nomination law, Financial Services Authority regulations, and other
and Remuneration Committee. As for the BOD members, relevant regulations);
their remuneration is based on the Company’s achievement • Internal regulations (Articles of Association, Corporate
against budget and business targets. The remuneration is Governance Code, Code of Conduct, BOC Charter, BOD
also benchmarked against those of industry peers. The Charter and other policies of the Company);
remuneration for the Independent Commissioners does not • The Company’s business model;
include a bonus component to preserve their independent • The Company’s operational system and internal control.
status.
For the year ended on 31 December 2018, the remuneration
COMMITTEES OF THE COMPANY
granted to members of the BOC and the BOD is as follows:
NOMINATION AND REMUNERATION COMMITTEE
Type of Remuneration Total Amount Received by the Board of The Nomination and Remuneration Committee is tasked
and Other Facilities Commissioners and the Board of Directors in year 2018
to provide recommendations to the BOC regarding the
Salary IDR 17,730,861,000
nomination and remuneration for members of the BOC and
Bonus IDR 0
the BOD. The Nomination and Remuneration Committee
Benefit and Allowance IDR 2,330,308,628
Charter has been amended to comply with the OJK
Long Term Incentive Program (Shares) 1,557,000 shares
Regulation No. 34/POJK.04/2014 regarding Nomination and
Remuneration Committee of an Issuer or Public Company,
approved by the BOC and published on the website of the
Other than those that have been stipulated above, no
Company. Such charter includes the structure, membership
personal loans are to be extended to the members of the BOC,
as well as duty and responsibility of the Nomination and
BOD and other executives in Director level of the Company.
Remuneration Committee.
DIVERSITY OF THE COMPOSITION OF THE

Duties and Responsibilities of the Nomination and
BOARD OF COMMISSIONERS AND THE BOARD OF Remuneration Committee
DIRECTORS The duties and responsibilities of the Nomination and
Remuneration Committee are to assist the BOC professionally
The diversity of the composition of the BOC and the BOD and independently as well as by considering the GCG
will encourage more objective and comprehensive decision. principles in giving the recommendation related with systems
The composition of the BOC and the BOD in terms of and procedures related to:
academic qualifications, expertise, age and gender is presented • The succession program of the member of the BOC and
in detail on the Corporate Data section of this Annual Report. the BOD and strategic position in the management of the
Company.
ORIENTATION PROGRAM FOR NEW DIRECTOR • The identification and proposal of candidates for members
AND COMMISSIONER of the BOC, the BOD and strategic positions in the
management of the Company.
• The determination of the remuneration for members of the
The Company offers an orientation program for new
BOC, the BOD and strategic positions in the management
director and commissioner to ensure that the new director and
of the Company.
commissioner conduct their duties prudently. The orientation
program shall contain the following items:

Terms of Office of the Nomination and Remuneration Nomination and Remuneration Committee Activities
Committee in 2018
The appointment of members of the Nomination and During the meetings held in 2018, the Nomination
Remuneration Committee by the BOC is based on the BOC and Remuneration Committee actively provided feedback,
decision. For the Independent Commissioner who is also a evaluation and discussed, through among others, the following
member of the Nomination and Remuneration Committee, activities:
his/her term of office shall be equal to his/her term of office • Reviewed the profiles and salary of the employees of the
as Independent Commissioner as stipulated by the GMS. For Company.
other members who are not Independent Commissioners, • Formulated and monitored the Key Performance Indicator
their term of office may not exceed the term of office of the of the Company, the BOC, the BOD and the employees of
BOC and can be reappointed for the next period. the Company.
• Monitored human resources activities in the Company i.e.
Composition and Structure of the Nomination and on the recruitment process for managerial level and above.
Remuneration Committee • Carried out assessment processes for the employees of the
The composition of the Nomination and Remuneration Company.
Committee as of 31 December 2018 is as follows: • Approved the implementation of the Long Term Incentive
Program.
• Proposed the 2018 remuneration and annual bonus for the
Commissioners and Directors of the Company.
Anangga W. Roosdiono Chair 2016-2019
Edwin Soeryadjaya Member 2016-2019
The Chair of the Nomination and Remuneration
Handianto Ganis Member 2016-2019
Committee regularly reports the activities of the Committee to
the BOC in the meeting of the BOC.
A brief profile of each member of the Nomination and
Remuneration Committee is presented on the Corporate Data AUDIT COMMITTEE
section of this Annual Report. The Audit Committee is responsible to oversee and
advise the BOC on the effectiveness of internal control and
Independency of the Nomination and Remuneration risk management mechanisms as well as compliance with
Committee applicable internal and external regulations.
The Nomination and Remuneration Committee carries out The BOC has established the Audit Committee in
its tasks and responsibilities professionally and independently, accordance with prevailing laws and regulations with the
without intervention from any party that is not in accordance intention of performing efficiently and effectively. The Audit
with the rules and regulations. Committee is governed through the Audit Committee Charter
which has been approved by the BOC and published on the
Nomination and Remuneration Committee Meeting website of the Company. Such charter includes the structure,
In 2018, the Nomination and Remuneration Committee membership as well as duties and responsibilities of the Audit
has met 4 (four) times, with the attendance of the members as Committee.
follows:
Duties and Responsibilities
The Audit Committee provides professional and
independent opinion to the BOC regarding their responsibility
Name Number of Meetings Present Absent %
to oversee and to advice the BOD in managing the Company.
Anangga W. Roosdiono 4 4 - 100
The Audit Committee has duties and responsibilities
Edwin Soeryadjaya 4 4 - 100
pursuant to OJK Regulation No. 55/POJK.04/2015 regarding
Handianto Ganis 4 4 - 100
Establishment and Working Implementation Guidelines of the
Audit Committee (OJK Regulation No. 55).

Term of Office of the Audit Committee Audit Committee Activities

The appointment of members of the Audit Committee by In 2018, the Audit Committee carried out the following
the BOC is based on the BOC decision. For the Independent activities:
Commissioner who is also a member of the Audit Committee, • Reviewed quarterly and annual financial statements
his/her term of office shall be equal to his/her term of office regularly, prior to submission to OJK and IDX. Particular
as Independent Commissioners as stipulated by the GMS. For attention is paid to the accounting policy (recognition,
other members who are not an Independent Commissioner, presentation, and measurement) and the disclosure in the
their term of office may not exceed the term of office of the notes to financial statements.
BOC and can only be reappointed for another single period. • Reviewed, selected and recommended the appointment
of the Public Accountant Firm to audit the Consolidated
Composition and Structure of the Audit Committee Financial Statements of the Company for the financial year
The composition of the Audit Committee as of 31 ended on 31 December 2018.
December 2018 is as follows: • Reviewed internal audit plan, findings and follow-up on
findings, suggesting internal control improvement and
monitoring the management’s follow-up on the findings.
Sidharta Utama Chair 2016-2019
The Audit Committee also reviewed and provided
Ludovicus Sensi Wondabio Member 2016-2019
suggestion on the 2019 internal audit plan with respect to
Alida Basir Astarsis Member 2016-2019
its adequacy from the perspective of risk-based audit.
• Evaluated the external auditor’s work on the audit for
A brief profile of each member of the Audit Committee
the 2017 financial statements which was completed in
is presented on the Corporate Data section of this Annual
mid-March 2018. The Audit Committee also reviewed the
Report.
overall audit plan and approach as well as independency of
the auditors for the audit of the 2017 financial statements.
Independency of the Audit Committee
• Reviewed the risk management strategy and oversaw the
All members of the Audit Committee are professionals in their
implementation plans that are tailored to the business
field and selected based among others, on integrity, competence,
model of the Company i.e. a holding investment company.
experience and knowledge in financial matters. The Audit
The risk management policy and procedure (including
Committee members are also required to meet the independency
risk assessment) were established and they have been
requirements as stipulated in OJK Regulation No. 55.
implemented since the second quarter of year 2015. The
Audit Committee oversaw the implementation process,
Audit Committee Meeting
making sure that the risk management policy is embedded
Meetings of the Audit Committee are scheduled at the
within the Company’s operation and comply with the
beginning of the year and at any time as deemed necessary. In
Company’s management control process and governance.
2018, the Audit Committee has met 8 (eight) times, with the
• Reviewed the legal and compliance function conducted by
attendance of the members as follows:
Legal and Corporate Secretarial Division. The Legal and
Corporate Secretarial Division ensures that all relevant
Name Number of Meetings Present Absent % and applicable regulations are acknowledged, implemented
Sidharta Utama 8 8 - 100 and socialized within the Company as well as ensuring
Ludovicus Sensi Wondabio 8 8 - 100 that relevant capital market rules are embedded in the
Alida Basir Astarsis 8 8 - 100 internal rules and practices within the Company. The Audit
Committee emphasizes the importance of the company to
Each meeting was attended by at least two members of the fully comply with the applicable rules and regulations.
Committee. For those unable to attend the meetings, the full • Reviewed, revised and agreed on the amendments to the
minutes of meetings were provided to the members. Audit Committee Charter to be in line with the prevailing
laws and regulations. The amendment to the Audit
Committee Charter came into effect on 1 January 2018.

• Agreed on the Audit Committee’s meeting schedule and Term of Office of the Investment Committee
agenda for the year 2019. The term of office for Commissioner who is acting as the
Investment Committee Supervisor shall not be longer than
Overall, the Audit Committee has performed certain his/her term of office as the member of the BOC and can be
actions and measures with regards to their major responsibili- re-appointed for the next period. For Investment Committee
ties, among others: members who is also a member of the BOD, his/her term of
• ensuring the integrity of the Company’s financial reporting office shall not be longer than his/her term of office as the
and internal control systems, and the effectiveness and member of the BOD and can be re-appointed for the next
quality of the audit process performed by the external and period.
internal auditor; For other members of the Investment Committee who are
• ensuring that the Company’s internal control are designed not a Commissioner or Director of the Company, his/her
and implemented efficiently and effectively; term of office follows the process of a relevant investment or
• ensuring that the risk management process are in place and divestment and shall end upon signing the resolution pursuant
effectively implemented; and to such investment or divestment.
• ensuring the Company’s compliance to the applicable rules
and regulations, including regulations from the authorities. Composition and Structure of the Investment
Committee
The Chair of the Audit Committee regularly reports the The composition of the Investment Committee as of 31
activities of the Audit Committee to the BOC in the meeting December 2018 is as follows:
of the BOC.
Edwin Soeryadjaya Supervisor 2016-2019
INVESTMENT COMMITTEE Michael William P. Soeryadjaya Chair 2016-2019
The Investment Committee is responsible to ensure that Andi Esfandiari Member 2016-2019
every investment and divestment activities and decisions made Lany D. Wong Member 2018-2019
by the Company complies with the GCG values.
A brief profile of each member of the Investment Committee is
Duties and Responsibilities presented in the Corporate Data section of this Annual Report.
In order to ensure further governance of its investment and
divestment activities, an Investment Committee has been Investment Committee Meeting
established to make such investment and divestment decisions. In 2018, the Investment Committee has met 20 (twenty)
The Investment Committee is composed of the BOD sitting times, with the attendance of the members as follows:
en banc and supervised by the President Commissioner of the
Name Number of Meetings Present Absent %
Company. All decisions of the Investment Committee need
Edwin Soeryadjaya 20 20 - 100
unanimous agreement of all its members and a sign-off from
Michael William P. Soeryadjaya 20 20 - 100
the President Commissioner. The Investment Committee's
Andi Esfandiari 20 20 - 100
activities are governed by the Investment Committee Charter,
Ngo, Jerry Go 8 8 - 100
which amendment has been made last year and published on
(until 26 June 2018)
the Company’s website.
Lany D. Wong 12 12 - 100
(from 26 June 2018)

Investment Committee Activities Internal Audit Unit Structure

In 2018, the Investment Committee deliberated on a total Based on the BOC Circular Resolution dated 9 February
of 9 new proposals. Of these proposals, a single investment 2016, Lily Herawati serves as the Head of the Internal Audit
was approved and 25 follow-on investments were undertaken of the Company and reports directly to the President Director
in 2018. The Committee also approved a single divestment of the Company.
during the year. The Internal Audit Function consists of internal auditors
with complementary range of educational backgrounds, skills
The Investment Committee regularly reports the activities and work experiences. By the end of 2018, the Internal Audit
of the Investment Committee to the BOC in the joint meeting Unit consisted of two auditors including the Head of Internal
between the BOD and the BOC. Audit and a Senior Officer of Internal Audit.
A brief profile of the Head of the Internal Audit Unit is

presented in the Corporate Information section of this annual
OTHER CORPORATE GOVERNANCE BODIES
report.
INTERNAL AUDIT UNIT
Execution of Internal Audit Works
The Internal Audit Unit of the Company was established
In 2018, Internal Audit carried out four general audits on
on the basis of the Internal Audit Charter. The role of the
several business processes and followed up on all of the audit
Internal Audit Unit is to provide reasonable assurance to the
findings.
BOD in governance, risk management and control, as well
as advice for continuous improvements in existing business
processes. Internal Audit Unit provides professional and CORPORATE SECRETARY
independent opinions about whether the Company’s activities The Company has a Corporate Secretary function
are in accordance with the Company’s rules and regulations. under the Legal and Corporate Secretarial Division that
To carry out its mission, the Internal Audit Unit has developed assists the Company in its communications with the capital
an organizational structure, work standards and practices, market authority, the stock exchange and the public at large.
communication programs and quality assurance programs. The Corporate Secretary also provides recommendations
concerning the implementation of GCG principles. Aside
Duties of the Internal Audit Unit from administering reports to the capital market authority,
The Internal Audit Unit’s duties and responsibilities include the Corporate Secretary coordinates with other divisions
the following: in the Company in order to provide the management with
• Prepare and formulate the Annual Audit Plan. information on the latest changes and developments in capital
• Undertake the audit works in line with the audit plan market regulations. The Corporate Secretary also oversees the
and assess the efficiency and effectiveness of business regular and proper implementation of GMS, the BOD, and
development, portfolio monitoring, finance, accounting, the BOC meetings, as well as providing timely information to
human capital, and legal. shareholders regarding the Company’s performance.
• Test and evaluate the implementation of internal control
and risk management systems in line with the Company’s Corporate Secretary Structure
policies. The Corporate Secretary reports directly to the President
• Provide advice on improvements and objective information Director. Pursuant to BOD Circular Resolution dated 12
on the activities being audited at every level of management. October 2018, the Corporate Secretary functions and respon-
• Prepare the audit findings report and present the report to sibilities are performed by the Legal and Corporate Secretarial
the President Director and the Audit Committees. Division of the Company, with Sandi Rahaju and Juan Akbar
• Monitor, analyze and report the follow up actions as Indraseno as the person-in-charge. The Company does not
recommended. determine the term of office of the Corporate Secretary.
• Evaluate the quality of the internal audit works periodically A brief profile of the Head of the Legal and Corporate
in carrying out the audit program. Secretarial Division is presented in the Corporate Data section
• Undertake special audits when required. of this Annual Report.

Corporate Secretary’s activities in 2018 • Ensuring the Company’s publication and website are easily
Throughout 2018, the Corporate Secretary carried out several accessible to the public and its content is presented in a
activities, including: format that is simple and clear for ease of readability.
• Carried out correspondences and meetings with OJK and
IDX as the capital market regulators. Throughout 2018, the Corporate Communication carried
• Attended conferences and workshops held by OJK, IDX, out various activities, including:
Asosiasi Emiten Indonesia and Indonesia Corporate • Organized the Annual GMS and Public Expose 2018
Secretary Association. • Provided update of the Company’s development to public
• Jointly with the Investor Relations and the Corporate through press releases and corporate website
Communication, provided update of the Company’s • Initiated and managed three Corporate Social
development to the public through press releases, the Responsiblities programs.
Company’s website, and fulfillment of the Company data
requests.
• Submitted four periodic financial reports and one annual INVESTOR RELATIONS
report to OJK and IDX, as well as published these reports In order to achieve its main goal to provide clear
on the Company’s website and announcements of full year communication to the shareholders and investors to maintain
financial statements and half year financial statements in the Company’s goods reputations, Investor Relations
national newspapers. completed various activities throughout 2018.
• Submitted any incidental reports to OJK and IDX as In 2018, Investor Relations provided investors and capital
required under OJK and market participants the access to the Company’s information
• Conducted one Annual GMS and one Extraordinary GMS. and direct meetings with Directors of the Company by way of
• Organized press conferences, meetings and media coverage one-on-one and group meetings, as well as delivery of public
activities with the Corporate Communication. expose. The Directors of the Company actively participated in
• Submitted regular and incidental reports to OJK and IDX many of these occasions.
as required by the prevailing capital market regulations. Investor Relations disseminates information directly
to investors and capital market participants through the
Training for the Corporate Secretary Company’s website to ensure that the shareholders and other
To support the execution of its tasks, the Corporate Secretary capital market participants are able to make a fair decision in
attended a series of competence development programs and investing in the Company.
seminars in 2018 held by OJK and IDX. Investor Relations of the Company reports directly to the
Finance Director and works alongside with the Corporate
Secretary and the Corporate Communication in building a
CORPORATE COMMUNICATION
positive public perception of the Company and assisting in
Corporate Communication takes active roles in managing
ensuring transparency of the Company to the public.
various public and media relations efforts to public. Public and
media relations activities aim to build a positive reputation
OTHER CORPORATE GOVERNANCE INFORMATION
of the Company, through activities and communication with
media, as well as corporate social activities.
ACCESS TO INFORMATION AND COMPANY DATA
Corporate Communication takes active roles in managing
The Company believes that information dissemination to all
various publication materials to public, among others:
stakeholders is an important component to increase internal and
external information transparency, aimed at assisting, maintaining
• Setting implementation strategy of the Company’s
and enhancing stakeholders’ knowledge, understanding and
non-media publication for non-financial public, investor
positive perception on its policies and activities. To provide
and financial community in order to maintain the
up-to-date information to all stakeholders, the Company
Company’s goods reputation.
presents its information portal (www.saratoga-investama.com) in
• Setting implementation strategy of the Company’s
Indonesian and English.
mass media advertisement related to financial and non-
financial aspect in order to maintain the Company’s goods
reputations.

To comply with information disclosure principles, ethical conduct and sanction misconduct within the Company;
the Company always submits reports regarding material and to develop an ethical culture based on such standards and
information and facts through both letters and electronic conduct, led by the Company’s shareholders, commissioners
reporting to OJK and IDX. The Company’s information and management, and followed by all employees.
disclosure is presented through electronic reporting available Internalization and socialization process of the Code of
on the IDX website (www.idx.co.id). Conduct and corporate values for all organizational levels,
including the Commissioners, the Directors and the employees
. is carried out through formal and informal communication
Information Disclosure in 2018 media, such as: discussion and briefing of the management,
In accordance to the principles of transparency and in e-mail blast and others, conducted by Human Resources
compliance with the stock exchange and capital market Division.
information disclosure’s rules and regulations, the Company The detailed contents of the Code of Conduct are available
provides up-to-date information regarding any and all on the Company’s website.
developments of the Company to the shareholders and
capital market authorities through various channels to ensure
effective, equal and timely communication. In addition to BUYBACK OF SHARES OF THE COMPANY
direct reporting to the capital market and stock exchange In accordance with the Deed of Minutes of Extraordinary
authorities, information is disseminated to the shareholders GMS of the Company No. 112 dated 26 April 2017, made
through IDX announcements and the mass media, as well as before Jose Dima Satria, S.H., M.Kn., Notary in Jakarta, the
on the Company’s website. main reason of the Company in conducting the buyback of
shares is with regards to the implementation of the Company’s
Long Term Incentive Program. In addition, the Company
E XT E RNA L RE PO RT S IN 2018 FREQUENCY
considers that the Company's current share price does not
Reports to OJK 56
reflect the actual value/performance of the Company,
Reports to IDX 49
although the Company has performed well.
Annual Report 1
For that reason, the Company seeks a flexibility that allows
Press Release 1
the Company to have a mechanism to maintain the stability
of the Company’s shares price so it could more reflect the
P R E S S RE LE A S E I N 2018 Company’s value/performance, the Company’s shareholders
Date Title approved to implement the buyback of shares of the company
18 October 2018 Ora et Labora Vocational School Produces Skilled Generation for period of 2017-2018 by allocating a maximum of
Specializing in Electric Power Engineering. 20,000,000 (twenty million) of the Company’s shares for the
above purposes.
In 2017, 1,795,100 (one million seven hundred ninety five
ADMINISTRATIVE SANCTION thousand one hundred) shares and in 2018, 1,355,800 (one
In 2018, there were no administrative sanctions enforced million three hundred fifty five thousand eight hundred) shares
on the Company by either IDX or OJK. have been distributed to the employees, with regards to the
Company’s Long Term Incentive Program.
LITIGATION
For the year 2018, there were no civil or criminal legal
proceedings involving the Company, the BOC and/or the
BOD as an indicted party. WHISTLEBLOWING SYSTEM
The Company has its official mechanism for a whistleblower
ETHICS AND SOCIALIZATION OF THE COMPANY’S to report misconduct, as defined in the CGC and the Code of
ETHICS Conduct of the Company.
The Company’s Code of Conduct serves as a guideline for Employees can report any cases of fraud or violation of
directors, commissioners and all employees of the Company in GCG, Code of Conduct, Company’s bylaws, Articles of
conducting interaction and relationships with the stakeholders. Association, prevailing laws and regulations, confidential
The purpose of the Code of Conduct is to guide the information and other misdeeds to the Internal Audit Unit.
implementation of the Company’s commitment to maintain A report of a violation or suspected violation will be kept
highest standards of ethical behavior, to encourage proper confidential to the extent possible, consistent with the need to

conduct an adequate investigation of the matter in question Effectiveness and Efficiency of the Company’s
and the identity of the person will not be revealed. All reports Operations
will be promptly investigated and appropriate action will be Internal Audit has the primary responsibility for ensuring
taken. the various assurance functions are coordinated to provide
Internal Audit Unit will endeavor to ensure that the reasonable assurance that controls are operating effectively.
investigations are conducted as speedily and sensitively as The Company’s management holds the meeting of the
possible without affecting the quality and depth of these BOD, the BOC and management meeting regularly to review
investigations. The person who submits the report will be and ensure timely updates on the business operations, the
informed of the progress and outcome of the investigation in financial performances as well as any potential opportunities
writing. of the Company and its investee companies. This enables
The Company values the help of the employees who the Company’s management to deal with rapidly changing
identify potential problems that the Company needs to economic and competitive environments, priorities, and
address. Any employees who have raised a concern honestly preparation for future growth.
or participated in an investigation, could not be the basis The Company has also established an Internal Audit with
for any adverse employment action, including termination, its main task to provide reasonable assurance to the BOD
demotion, suspension, loss of benefits, threats, harassment, or in corporate governance and risk management and control,
discrimination. In 2018, the Internal Audit Unit have received as well as to provide advice for continuous improvements in
no report of fraud or violation. existing business processes.
Internal Audit provides professional and independent
INTERNAL CONTROL SYSTEMS opinions about whether the Company’s activities are in
The Internal Control System comprises of: accordance with the Company’s rules and regulations.
• An internal control environment disciplined and structured To ensure BOC’s views and recommendations are followed
within the Company. and applied, the Internal Audit Unit attends all Audit
• Assessment and management of business risks. Committee meetings and provides further inputs to senior
• Control activities. management person as relevant.
• Information System and Communication.
• Monitoring.
INSIDER TRADING
RESPONSIBILITIES Any directors, commissioners or employees of the Company,
Everyone in the Company has responsibility for internal including their affiliates, who have access to confidential
control, including the BOD, Internal Auditor Unit, senior or information are not permitted to use or share that information
middle managers and other personnel (all employees of the for securities trading purposes or for any other purposes other
Company). than to conduct the Company’s activities. All non-public
information about the Company shall be considered as
Internal Control Objective confidential information. All directors, commissioners and
Internal control provides 3 (three) categories of objectives, employees of the Company shall report their shares ownership
which allow company to focus on differing aspects of internal upon the Company’s shares or security in the beginning of
control: the year. In 2018, no insider trading was carried out by the
• Operation Objectives – These pertain to effectiveness directors, commissioners or the employees of the Company.
and efficiency of the company operations, including
operational and financial performance goals, and Reliability of Financial Reporting
safeguarding assets against loss. This relates to the preparation of reliable published
• Reporting Objectives – These pertain to reliability of financial statements, including interim and condensed
financial reporting, timeliness, transparency, or other terms financial statements and selected financial data derived from
as set forth by regulators, recognized setters, or policies of such statements, such as earnings releases, reported publicly.
the Company. The Company’s financial statement applies the Indonesia
• Compliance Objectives – These pertain to adherence Financial Accounting Standard. The Company engages one of
to prevailing laws and regulations to which the company the big four Public Accounting Firm to audit the consolidated
is subject. financial statements.

Adherence to Laws and Regulations RISK MANAGEMENT

The Company always refers to the updated applicable laws The Company understands that its active investment
and regulations issued by the regulators. strategy exposes the Company to risks that may slow down the
business growth or even threaten the Company’s existence. We
List of regulation which may have a significant effect put all efforts to identify and manage risks as they arise and at
to the Company the same time focus on managing key risks continuously.
Risk Management is an integral part of the GCG assurance,
working alongside with internal audit and compliance unit.
No. Regulation
The objectives of Risk Management Unit (RMU) include:
1 Government Regulation No. 24 of 2018 on Electronic Integrated Business • Identifying, assessing, managing, and monitoring key risks
Licensing Services together with the BOD and business unit heads to achieve
2 Collective Announcement of the Ministry of Law and Human Rights and the
sustainable growth and protect the interest of shareholders
Ministry of the Economic Coordinator, dated 11 October 2018
and stakeholders.
• Instilling risk awareness culture in the Company.
3 Government Regulation No. 43 of 2018 on Public Participation in the Prevention • Implementing risk management according to good practice
and Suppression of Corruption The BOD plays an active role in ensuring the implementation
4 Regulation of the Financial Services Authority No. 9/POJK.04/2018 on the
of Company’s risk management while the Audit Committee
Acquisition of Publicly Traded Companies
oversees the BOD in conducting the establishment of RMU
and progress on implementation of risk management plan.
5 Regulation of the Financial Services Authority No. 7/POJK.04/2018 on the The Audit Committee escalates major issues to the BOC
Submission of Reports through Issuers or the Electronic Reporting Systems of who oversees the Company’s balance in creating value and
Public Companies managing risks and provides advice to the BOD for further
6 Regulation of the Financial Services Authority No. 21/POJK.04/2018 on Settlement
actions.
Period of Stock Exchange Transaction
7 Decision of the Board of Directors of the Indonesia Stock Exchange concerning RISK MANAGEMENT ACTIVITIES IN 2018
Amendment to Regulation Number I-A concerning Listing of Shares and
Equity-Based Securities other than Shares Published by Listed Company dated 26 Risk Issues Escalation
December 2018 On a weekly basis, risk issues were discussed within internal
meetings at the board and management level. RMU attended
these meetings, noted, and raised issues that are required to be
escalated.
In addition, RMU conducted the following meetings in
2018 to formally escalate issues within the Company:
Date Presented to Agenda
24 April 2018 Audit Committee Review of Financial Risks: FX, Interest

Rate, Equity, and Liquidity Risks
14 December 2018 Audit Committee Review of Financial Risks: FX, Interest

Rate, Equity, and Liquidity Risks

RISK PROFILE
Risks Mitigations
Social-Political, Market, and Economic Risks
Adverse social-political, market and economic conditions can affect Movement of macroeconomic indicators both in Indonesia and globally are closely
our business including reduction in the value of our investments and monitored through various engagements, including the weekly management meetings.
limiting the investment opportunities, which may affect our financial Aligned with our investment focus, we believe that the future growth prospects of Indonesia
conditions. outweigh the social-political, market, and economic risks faced by Indonesia today and the
foreseeable future.
As evidenced by previous experience, unfavorable market conditions may actually offer
new investment opportunities. Saratoga was formed in 1998 at the time of the great Asian
financial crisis.
Risk of Expansion to New Business and Market
As an active investment company, we always strive to look at In capturing opportunities, we follow strict investment process and conduct rigorous analysis
opportunities that can provide the most value to our portfolio. We are and due diligence. We stand-by our rigorous and disciplined approach to our investment
open to enter into new lines of business, new investment strategies, decision making process.
and new geographic markets, which may result in additional risks and
uncertainties in our business.
Exposure to Industry Risks in which Our Investee

Companies Operate
Our investee companies are involved in a number of varying industries, We diversify our exposure through investing in three key sectors and intentionally build
across the Natural Resources, Infrastructure, and Consumer sectors. several platforms within a sector.
Industries in each of these three sectors are subject to specific inherent In all of our listed and unlisted investee companies in which we own considerable shares,
risks. regular risk management reviews are conducted and plans of actions are followed up
judiciously to minimize risks in the respective investee companies.
Funding and Cash Flow Risk
The nature of the business focus is on early stage and long-term We strive to maintain a broad access to funding sources both in the debt and equity markets.
horizon investment which requires significant long-term funding; In 2015, we issued an exchangeable bond and tapped into fixed income market. At the same
depending on credit market conditions we may not be able to renew time, we continued to maintain strong ties with banks and investors.
“such” facilities. Lack of funding may result in foregoing investment Our borrowing maturity profile is aligned with our investment duration.
opportunities. Additionally, we maintain efficient and low cost operations at the parent level.
Market Risks
Adverse movements in equity prices, interest rates, and foreign Our investments such as in PT Adaro Energy Tbk., PT Tri Wahana Universal, and PT
currency exchange rates may affect the Company’s financial Sinar Mentari Prima with USD income provide some natural hedge to our USD liabilities.
performance. Several of our investee companies are able to lock prices in long term sales contract thereby
offering some mitigation against adverse market movements.
In 2015, we managed to issue an exchangeable bond with fixed coupon which reduces our
exposure to interest rate hike.
We manage our USD liabilities through the spot market while continue to look at more
long-term hedging opportunities.
Risk of Dependency on Founders and Key Executives
The loss of services from our founders and executives may have Succession planning is critical. As part of our human resources program, we have developed
material adverse impact on our business. both succession plan and talent management. The Nomination and Remuneration
Committee oversees the succession planning and performance review of our senior
executives.
Risk of Employee Negligence and Misconduct
Employee misconduct could harm the Company by impairing our We select our employees and our representatives in the investee companies carefully and
ability to attract investment and subjecting us to significant financial thoroughly. Our Human Resources Division provides clear guidance for the employees,
loss, legal liability and reputational harm through code of conduct, training and socialization to ensure compliance to rules and
regulations.
To align the interests of employees and the Company, individual performance reviews and
bonuses are carried out on the basis of the Company’s performance.
Risk Due to Regulatory and Legal Complexities
The Company’s investments may involve substantial business, Compliance to prevailing laws and regulations is our top priority. We strive to comply with
regulatory or legal complexities that may entail higher level of all laws and regulations related to our business activities and update our knowledge on
regulatory scrutiny or greater risk of contingent liabilities. changes to prevailing laws and regulations.
We ensure the Company follows the regulatory rules and requirements in the area of capital
market, as well as obtains protection against foreseeable legal risks, and when deemed
necessary, may work closely with legal consultants to strengthen legal risk mitigation.

CHAPTER 6 IMPLEMENTATION OF THE CORPORATE GOVERNANCE GUIDANCE
IMPLEMENTATION OF THE
CORPOR ATE GOVER NA NCE

GUIDA NCE
On 17 November 2015, the Financial Services Authority issued a Circular Letter

No. 32/SEOJK.04/2015 on the Corporate Governance Guidance for Public
Companies. This guidance consists of 5 (five) aspects, 8 (eight) principles, and
25 (twenty five) recommendations on the implementation of aspects and principles
of a good corporate governance. Public companies are recommended to implement
such recommendations and if the public companies have not implemented such
recommendations yet, such public companies shall provide an explanation and
alternative implementation (if any) (Comply or Explain principle).

RECOMMENDATIONS REMARKS
Public Companies have voting procedures, either for open voting or close voting, which Complied
focusing on independency and the interest of the shareholders.
All members of the Board of Directors and the Board of Commissioners of the public Complied
companies are present in the Annual General Meeting of Shareholders.
Summary of the minutes of the General Meeting of Shareholders are available on the Complied
website of the public companies for at least 1 (one) year.
The public companies have a communication policy with the shareholders or investors. Complied
The public companies disclose such communication policy with the shareholders or investors Complied
on the website.
Determination on the number of the member of the Board of Commissioners considering Complied
the condition of the public companies.
Determination on the composition of the member of the Board of Commissioners based on Complied
the variety of required skill, knowledge, and experience.
The Board of Commissioners shall have self-assessment policy to assess the performance of Complied
the Board of Commissioners.
Such self-assessment policy to assess the performance of the Board of Commissioners shall be Complied
disclosed in the Annual Report of the public companies.
The Board of Commissioners has a policy with regards to the resignation of the member of Complied
the Board of Commissioners if being involved in financial crime.
The Board of Commissioners or the Nomination and Remuneration Committee prepares Complied
succession policy for nomination process of a member of the Board of Directors.
Determination on the number of the member of the Board of Directors considering the Complied
condition of the public companies and effectivity in making a decision.
Determination on the composition of the member of the Board of Directors based on the Complied
variety of required skill, knowledge, and experience.
The Director supervises the accounting or financial division shall has the skill and/or Complied
knowledge in accounting sector.
The Board of Directors shall have self-assessment policy to assess the performance of the Complied
Board of Directors.
Such self-assessment policy to assess the performance of the Board of Directors shall be Complied
disclosed in the Annual Report of the public companies.
The Board of Directors has a policy with regards to the resignation of the member of the The Company already has BOD Charter, Code of
Board of Directors if being involved in financial crime. Conduct, Corporate Governance Code and Company
Regulation, however, specific provisions on this matter is
still being prepared.
The public companies have a policy to avoid insider trading. Complied
The public companies have anti-corruption and anti-fraud policy. Complied
The public companies have a policy on selecting and improving the performance of its Not relevant with the Company's business activities
supplier or vendor.
The public companies have a policy with regards to the compliance of the creditors’ rights. Complied
The public companies have whistleblowing system policy. Complied
The public companies have a policy on granting long term incentives to the Board of Complied
Directors and the employees.
The public companies utilize the information technology more broadly other than the website Complied
as the media for disclosure of information.
The Annual Report of the public companies disclose the ultimate beneficial owner in the Complied
shareholding of the public companies at least 5% (five percent), other than the disclosure of
the ultimate beneficial owner in the shareholding of the public companies through the main
shareholder and the controller.
CHAPTER 7 CORPORATE DATA
CORPOR ATE DATA
INFORMATION ON THE COMPANY BUSINESS LINES
Company/Name: As described in our Articles of Association, the main purposes and objectives
PT Saratoga Investama Sedaya, Tbk. of the Company is to carry out trading activities and investment businesses
in the subsidiaries engaging among others in sector of natural resources and
Address : energy, mining, agriculture, plantation, forestry, infrastructure, manufacture,
Menara Karya 15th Floor production, automotive, distribution, trading, technology, property, telecommu-
Jalan HR Rasuna Said Block X-5 Kav. 1-2 nication, transportation, health, financial services, and other services.
Jakarta Selatan, 12950,
INDONESIA In pursuing its purposes and objectives, the Company may carry out the
following main business activities:
Telephone : • To establish new companies or subscribe shares in other companies either
6221 – 5794 4355 directly or indirectly;
• To divest or dispose shares upon the companies in which the Company has
Facsimile : subscribed, either directly or indirectly.
6221 – 5794 4365
To support such main business activities, the Company may engage in the
Email : supporting activities as follows:
investor.relations@saratoga-investama.com • To provide funding and/or financing needed by the companies in which
corporate.secretary@saratoga-investama.com the Company has subscribed for its shares, either directly or indirectly;
• To provide funding and/or financing needed by other companies within
Website : the framework of subscription of shares in such companies or such
www.saratoga-investama.com companies’ group or within the framework of investment of other assets in
such companies or companies’ group; and
Authorized Capital : • To provide management services needed by the subsidiaries or companies
9,766,680,000 shares with nominal value of where the Company has invested either directly or indirectly, in order to
IDR100 per share carry out its business activities.
Issued and Paid-Up Capital:

2,712,967,000 shares
Stock Exchange Listing:

Listed on Indonesia Stock Exchange on
26 June 2013
Stock Ticker Symbol:

SRTG

PT
O R G A N I Z A T I O N S T R U C T U R E
BOARD OF COMMISSIONERS BOARD OF DIRECTORS
E DW I N S O E RYA D J AYA
PRESIDENT COMMISSIONER
J OYC E S O E RYA D J AYA K E R R
I N DR A C A H YA U NO
A NA NG G A W. RO O S DIONO
INDEPENDENT
S I DH A RTA U TA M A
INDEPENDENT
AUDIT NOM I NAT ION & INVESTMENT

COMMITTEE R E M U N E R AT ION COMMITTEE
COMMITTEE
S I DH A RTA U TA M A E DW I N S O E RYA D J AYA
(CHAIRMAN) A NA NG G A W. RO O S DIONO (SUPERVISOR)
(CHAIRMAN)
A L I DA BA S I R A S TA R S I S M I C H A E L W. P. S O E RYA D J AYA
E DW I N S O E RYA D J AYA (CHAIRMAN)
LU D OV IC U S S E N S I W.
HANDIANTO GANIS A N DI E S FA N DI A R I
LANY D. WONG
PRESIDENT DIRECTOR
M I C H A E L W. P. S O E RYA D J AYA
FINANCE PORTFOLIO BUSINESS

DIRECTOR DIRECTOR DEVELOPMENT
LANY D. WONG A N DI E S FA N DI A R I DIRECTOR
M I C H A E L W. P. S O E RYA D J AYA
PORTFOLIO BUSINESS
OP E R AT ION DEVELOPMENT
TEAM TEAM
INTERNAL AUDIT LEGAL & HUMAN

UNIT HEAD C OR P OR AT E RESOURCES &
L I LY H E R AWAT I S E C R E TA R I A L G E N E R A L A F FA I R
DIVISION HEAD DIVISION HEAD
SANDI RAHAJU HANDIANTO GANIS
BUDGETING, INVESTOR C OR P OR AT E RISK C OR P OR AT E TA X

ACCOUNTING, R E L AT ION C OM M U N IC AT ION MANAGEMENT DIVISION HEAD
FINANCE & DIVISION HEAD DIVISION HEAD DIVISION HEAD OLIVIA M.
I N F OR M AT ION
ALBERT SAPUTRO C AT H A R I NA L AT J U BA TOMMY TJIA
SYSTEM DIVISION
HEAD
TOMMY TJIA

COMMISSIONERS’ PROFILES
E DWIN SOERYADJAYA JOYC E SOERYADJAYA K E R R

President Commissioner Commissioner
Edwin Soeryadjaya, 69 years old, an Indonesian Citizen, was Joyce Soeryadjaya Kerr, 68 years old,
appointed as the Company’s President Commissioner by the an Indonesian Citizen, was appointed as
Extraordinary GMS on 22 January 1997 until currently, and also serves the Commissioner of the Company by the
as the Supervisor of the Investment Committee of the Company and Extraordinary GMS on 31 August 1999,
the member of the Nomination and Remuneration Committee of the and continues to serve at such capacity. She
Company. He is also one of the main shareholders of the Company is affiliated with Edwin Soeryadjaya, the
and is affiliated with Michael W.P. Soeryadjaya, the President Director President Commissioner.
of the Company and Joyce Soeryadjaya Kerr, the Commissioner of Currently, she serves as the
the Company. Commissioner in PT Unitras Pertama, one
He started his career in 1978 at Astra International, one of of the main shareholder of the Company.
Indonesia's largest diversified conglomerates founded by his father. In Aside from that, she is the President
1993, he left his position as the Vice President Director and co-founded Commissioner of PT Nonferindo Utama
the Company which focuses on three pillars, i.e. natural resources, and the Managing Director of Inter-Astrea
infrastructure and consumer products. In 1995, under a KSO scheme (HK) Limited.
designed by the Government of Indonesia in cooperation with the She earned a Bachelor of Science from
World Bank, Edwin successfully led AriaWest team to win a 15-year Southern California University, majoring
KSO worth of +USD900,000,000. in Language, Art and Science, specifically
He currently serves as the President Commissioner of PT Adaro in German.
Energy Tbk (coal & energy), PT Tower Bersama Infrastructure Tbk
(telecommunication towers), PT Merdeka Copper Fold Tbk (gold and
copper mining) and PT Mitra Pinasthika Mustika Tbk (consumer
automotive). He is also the Chairman (Non-Executive) in Interra
Resources Limited (oil and gas). A long-time proponent of education,
he remains active in the community through his roles as co-founder of
the William Soeryadjaya Foundation (currently known as William Lili
Foundation) and is the Chairman of the Board of Trustees of Ora Et
Labora Foundation.
Edwin Soeryadjaya graduated from the University of Southern
California with a Bachelor of Business Administration in 1974 and
was awarded as Ernst & Young Entrepreneur of the Year in 2010.
.

I N D R A C A HYA UNO ANAN GGA W. ROOSDIONO SIDH ARTA UTAM A
Commissioner Independent Commissioner Independent Commissioner
Chair of Nomination and Chair of Audit Committee
Remuneration Committee
Indra Cahya Uno, 52 years old, an Anangga W. Roosdiono, 74 years old, Prof. Sidharta Utama, Ph.D., CFA,
Indonesian Citizen, was appointed as the an Indonesian Citizen, was appointed as 53 years old, an Indonesian Citizen,
Commissioner of the Company based the Independent Commissioner of the was appointed as the Independent
on the Shareholders’ Resolution dated 14 Company based on the Shareholders’ Commissioner of the Company by the
May 2013, and continues to serve at such Resolution dated 13 March 2013 and also Extraordinary GMS on 22 February
capacity. He is affiliated with Sandiaga serves as the Chairman of the Nomination 2013, and also serves as the Chairman of
Salahuddin Uno, one of the main and Remuneration Commmittee. Audit Committee.
shareholders of the Company. He is the founder of Roosdiono & He is a professor at the Faculty of
Currently, he serves as the Partners, a full service corporate law firm Economics, University of Indonesia, with
Commissioner of ANTV (PT Cakrawala and member firm of ZICOlaw network. research interest in the area of corporate
Andalas Televisi, the leading entertainment Currently, he also lectures at the Business governance and has been teaching at the
terrestrial television channel in Indonesia). and Management School, Bandung university for more than 20 years.
Indra is also the Chairman of Mien R. Institute of Technology, at the Faculty of Currently, he serves as a secretary of
Uno Foundation (an organization for youth Law, Pelita Harapan University, and at the Board of Trustees at the University of
entrepreneurship education), the Vice the Executive Management School, Bina Indonesia, a member of the International
Chairman of Budaya Luhur Foundation Nusantara University. Accounting Education Standards Board, a
(a national curriculum middle and high He is the Chairman of the Indonesian member of the Trustee Board – Indonesia
school that focuses on active learning), Arbitrators Institute and also a member Institute for Corporate Directorship, a
the Commissioner of Jatis Mobile (PT in several institutions such as the member of the National Council – the
Informasi Teknologi Indonesia, the leading International Bar Association, the Inter Indonesian Institute of Chartered
mobile solution provider), and the founder Pacific Bar Association, the Indonesian Accountants, a member of the Board
of PT TPS Consulting Indonesia, a Bar Association, the Association of of Advisory for Financial Accounting
boutique strategic business transformation Indonesian Capital Market Legal Policy of Bank Indonesia, a member ºof
consultant and a certified member of the Consultants, the Indonesian National Accountancy Monitoring Committee
Indonesian Institute of Commissioners Board of Arbitration, the Indonesian Indonesia – Ministry of Finance, and a
and Directors (a division of the National Sports Arbitration Body, the Kuala member of Supervision Committee of
Committee on Corporate Governance). Lumpur Regional Center of Arbitration ASEAN Bond Fund. He is also serving
He has a Doctor of Philosophy degree (KLRCA), the ASEAN Business Advisory as the Independent Commissioner at PT
in Strategic Management from University Council, and the Indonesian Chamber of Astra International Tbk., as well as being
of Indonesia, Master of Business Commerce and Industry. the Audit Committee member at PT
Administration degree from University of He has a Master of Law degree Indo Tambangraya Megah Tbk. and PT
Southern California, Master of Science from Denver University, Colorado, Holcim Indonesia Tbk.
degree in Aerospace Engineering from and Bachelor of Law Degree from the He has a Doctor of Philosophy degree
University of Michigan, and a Bachelor of University of Indonesia. in Accounting from Texas A&M University,
Science degree in Aerospace Engineering Master of Business Administration degree
from The Wichita State University. from Indiana University, and Bachelor of
Economics degree from the University
of Indonesia. He also holds a profession
title i.e. Chartered Financial Analyst and
Chartered Accountant.

D I R E C TO R S ’ P RO F I L E S
MICHAEL WILLIAM P. ANDI ES FANDIAR I LANY D. WONG

SOERYADJAYA Portfolio Director Finance Director
President Director Independent Director
Business Development Director
Andi Esfandiari, 50 years old, an Lany D. Wong, 49 years old, an
Michael William P. Soeryadjaya, 33 Indonesian citizen, was appointed as Indonesian citizen, was appointed as
years old, an Indonesian citizen, was the Director of the Company by the Independent Director of the Company by
appointed as the President Director of the Extraordinary GMS on 1 December the Annual GMS on 26 June 2018.
Company by the Extraordinary GMS on 2014. Previously, she served as Director
10 June 2015. He is also the chair of the Andi is a cross between an investment and Chief Financial Officer of PT
Investment Committee of the Company. professional and corporate executive Dharma Satya Nusantara Tbk from 2016
He is affiliated with Edwin Soeryadjaya, with more than 20 years of experience. until June 2018 and PT Medco Energi
the President Commissioner and one of As an investment professional, he has a Internasional Tbk from 2013 until 2015.
the main shareholders of the Company. wide range of expertise from transaction During her tenure in Medco from 2006,
Michael has extensive experience analysis to execution as well as board she held several positions as director of
in merger and acquisitions including oversight. His past role as a Chief subsidiaries, Head of Corporate Finance,
involvement in the Initial Public Offering Financial Officer provided him with and Head of Corporate Planning and
of the Company, PT Mitra Pinasthika hand-on experiences in strategic planning, Performance. Prior to that, she worked at
Mustika Tbk., and PT Merdeka Copper financial and risk management, internal PricewaterhouseCoopers as a Manager
Gold Tbk. He has also overseen multiple audit, and shareholders communication. of Financial Advisory Services, Arthur
investments by the Company, recently He was previously with PT Austindo Andersen and Astra International.
including PT Deltomed Laboratories, Nusantara Jaya Agri (Chief Financial She graduated with a degree in
PT Famon Awal Bros Sedaya (Awal Officer), Olympus Capital Holdings Asia Economics (Accounting) from University
Bros Hospital Group), PT Agra Energi (Associate), PT Peregrine Sewu Securities of Indonesia in 1993, and subsequently
Indonesia, and PT MGM Bosco Logistics. (Senior Analyst), and Citibank, N.A. earned a Master in Finance in 1996 from
Currently he is also a Director of PT (Management Associate). Texas A & M University, College Station,
Merdeka Copper Gold Tbk. (gold and Currently, he also represents the USA. She is also a Chartered Financial
copper mining), and a Commissioner of Company as director or commissioner Analyst (CFA) since 2005.
PT Provident Agro Tbk. (palm plantation), in several subsidiaries where he assumes She is not affiliated with the main
and PT Gilang Agung Persada (lifestyle management, supervisory and/or shareholders, other directors and
consumer products). advisory roles. commissioner of the company.
Michael obtained his Bachelor of Arts He graduated with a Bachelor of
degree in Business Administration from Engineering degree from the University
Pepperdine University. of Indonesia. He also holds a Master
of Business Administration degree in
Finance from Case Western Reserve
University, Cleveland, Ohio, United
States of America.
He is not affiliated with the main
shareholder, other directors and
commissioner of the Company.

ADDITIONAL PROFILES
A L I DA BA S I R ASTARSIS HANDIANTO GANIS LILY H ER AWATI

Member of the Audit Committee Member of the Nomination and Head of Internal Audit Unit
Remuneration Committee
Alida Basir Astarsis, 69 years old, an Handianto Ganis, 67 years old, an Lily Herawati, 47 years old, an
Indonesian citizen, has been a member Indonesian citizen, has been appointed Indonesian citizen, was appointed as the
of the Audit Committee of the Company as member of the Nomination and Head of Internal Audit Unit effective as
since June 2014. Currently she serves as a Remuneration Committee of the of 9 February 2016. She has more than
member of the Audit Committee of PT Company by the BOC since April 2013 20 years of experience at Astra Group
Garuda Metalindo Tbk., and Finance and as Human Resources Division Head in corporate function, manufacturing
& Accounting Advisor of Surabaya of the Company since 2007. Currently, industries and trading business. Her last
Oncology Hospital. She is also a member he also serves as the President Director position was as Division Head of Financial
of Indonesia Institute of Chartered of PT Trimitra Utama Selaras and the Planning Analysis, Division Head of
Accountant and Indonesia Audit Commissioner of PT Rahman Abdijaya. Corporate Finance of PT. Astra Otoparts
Committee Institute. Tbk., as well as the Director of PT. Astra
She was graduated with a Bachelor He graduated with a Bachelor Degree Otoparts Tbk.’s subsidiaries.
degree in Accounting from the University in Business Administration and Accounting She obtained her undergraduate
of Airlangga, Surabaya, and had more from California State University, Los degree for Bachelor of Economics from
than 25 years of experience in PT Angeles, as well as a Master of Business Trisakti University, Jakarta. She is a
Unilever Indonesia. Administration degree from the University Certified Management Accountant.
of Southern California, Los Angeles.
LU D OV I C US SENSI S ANDI R AH AJU

WONDABIO Legal and Corporate Secretarial
Member of the Audit Committee Division Head
Ludovicus Sensi Wondabio, 54 years Sandi Rahaju, 50 years old, an

old, an Indonesian citizen, has been a Indonesian citizen, is currently the head
member of the Audit Committee of the of the Legal and Corporate Secretarial
Company since July 2013. Currently, he Division of the Company and is at the
also serves as the Senior Audit Partner same time the person in charge of the
of KAP Mirawati Sensi Idris (a member Company’s Corporate Secretary function
of Moore Stephens International) and which is held by a working unit since
a member of the Audit Committee of July 2016. Formerly, until resigning in
PT Tri Wahana Universal, one of the July 2016, Sandi Rahaju was a member
Company’s investee company. He is also to the Audit Committee of PT. Selamat
a lectures at the Faculty of Economy and Sempurna, Tbk and a member to the
Business, University of Indonesia for audit committee of PT. Mitra Investindo,
Accounting and Auditing subject. Tbk.
He earned a Doctoral Degree in Prior to joining the Company in 2007,
Accounting Science Program, Master she has had over than fifteen years working
Degree in Management of Accounting, experience in a few corporations such
and Bachelor of Economic degree as Taisei Corporation, an international
majoring in Accounting, all of them construction company, PT Kideco Jaya
from the University of Indonesia. Agung, an Indonesian coal mining
company as well as in a couple of law
firms in Indonesia, ie. Pelita Harapan Law
Firm and finally, Hendra Soenardi. Sandi
Rahaju graduated from the University of
Technology, Sydney in 2007 and holds a
doctorate degree in juridical science (SJD).

S H A R E H O L D I N G & C O M PA N Y S T R U C T U R E
As of 31 D e c e mbe r 2 0 1 8
PUBLIC EDWIN SOERYADJAYA JOYCE S. KERR
50.00%
50.00%
PT UNITRAS PERTAMA
31.68%
31.05%
14.65% *)
NATURAL RESOURCES INFRASTUCTURES
MINING PALM PLANTATION SHIPPING POWER PLANT TELECOMMUNICATION CONSTRUCTION
15.24% 44.88% 23.26% 46.25% 32.70% 7.12%
Seroja NRC
ADRO PALM TLG TBIG
Investment
30% 25%
AGRA AMARA
20.76%
MDKA
13.33%
Interra
Resources
13.54%
Sihayo
Gold

SANDIAGA S. UNO
22.62%
CONSUMER PRODUCTS AND SERVICES ADRO: PT Adaro Energy Tbk.

AGII: PT Aneka Gas Industri Tbk.
AGRA: PT Agra Energi Indonesia
AMARA: PT Agro Maju Raya
BHA: PT Bumi Hijau Asri
CONSUMER PRODUCTS LOGISTICS PROPERTY & RENT HEALTH SERVICES DELTOMED: PT Deltomed Laboratories
FABS: PT Famon Awal Bros Sedaya
6.92% 7.5% 99.99% 3.06% FJBL: PT FJB Lifestyle
GAP: PT Gilang Agung Persada
AGII MBL BHA FABS Interra Resources: Interra Resources Limited
MBL: PT Mulia Bosco Logistik
5.83% 100%
MDKA: PT Merdeka Copper Gold Tbk.
SSM MOMENTA: PT Momenta Agrikultura
DELTOMED
MPMX: PT Mitra Pinasthika Mustika Tbk.
8.33% NRC: PT Nusa Raya Cipta Tbk.
PALM: PT Provident Agro Tbk.
FJBL Seroja Investment: Seroja Investment Limited
Sihayo Gold: Sihayo Gold Limited
5.83%
SSM: PT Satria Sukses Makmur
TLG: PT Tenaga Listrik Gorontalo
GAP
TBIG: PT Tower Bersama Infrastructure Tbk.
27.5%
MOMENTA
48.62%
MPMX
Saratoga’s Effective Shares Ownership
*) Saratoga owns 0.03% of total paid-up capital

as a result of the shares buyback transaction as of
31 December 2018.

SHAREHOLDING COMPOSITION
& STOCK PERFORMANCE
SH AR E HOL DING C OMP O S I TION AS OF 31 DEC EMBER 2017
PT Saratoga Investama
Sedaya Tbk. listed a total Name No. of Shareholders No. of Shares Composition (%)
of 2.71 billion shares on the PT UNITRAS PERTAMA 1 885,000,000 32.621
Indonesia Stock Exchange EDWIN SOERYADJAYA 1 842,218,571 31.044
on 26 June 2013, through
SANDIAGA SALAHUDDIN UNO 1 754,115,429 27.797
an Initial Public Offering
of 10% of its total shares PUBLIC (DOMESTIC & FOREIGN)* 839 231,633,000 8.538
raising net IPO proceeds of * Including the treasury shares from the buyback of shares conducted by the Company as per 31 December 2017 in the total of
IDR1.42 trillion. 1,291,100 shares (0.05%).
Use of proceeds from Initial

SH AR E HOL DING C OMP O S I TION AS OF 31 DEC EMBER 2018
Public Offerings has been fully
realized on September 2015 Name No. of Shareholders No. of Shares Composition (%)
and reported in the General PT UNITRAS PERTAMA 1 859,500,000 31.681
Meeting of Shareholders in 15 EDWIN SOERYADJAYA 1 842,218,571 31.044
June 2016
SANDIAGA SALAHUDDIN UNO 1 613,765,429 22.623
PUBLIC (DOMESTIC & FOREIGN)* 618 397,483,000 14.651
*including the treasury shares from the buyback of shares conducted by the Company as per 31 December 2018 in the total of
918,500 shares (0.03%).
SHAREHOLDERS RECORDED AS HOLDING MORE THAN 5% OF THE COMPANY’S SHARES AS OF 31

DECEMBER 2017 AND 31 DECEMBER 2018
2017 2018
Name No. of Shares Percentage No. of Shares Percentage
Ownership Ownership
PT UNITRAS PERTAMA 885,000,000 32.621 859,500,000 31.681
EDWIN SOERYADJAYA 842,218,571 31.044 842,218,571 31.044
SANDIAGA SALAHUDDIN UNO 754,115,429 27.797 613,765,-429 22.623
SHAREHOLDING OWNERSHIP BY THE BOARD OF COMMISSIONERS
2017 2018
Name Position No. of Shares Percentage No. of Shares Percentage
EDWIN SOERYADJAYA President Commissioner 842,218,571 31.044 842,218,571 31.044
JOYCE SOERYADJAYA KERR Commissioner - - - -
INDRA CAHYA UNO Commissioner - - - -
SIDHARTA UTAMA Independent Commissioner - - - -
ANANGGA W. ROOSDIONO Independent Commissioner - - - -
Total 842,218,571 31.044 842,218,571 31.044
SHAREHOLDING OWNERSHIP BY THE BOARD OF DIRECTORS
2017 2018
Name Position No. of Shares Percentage No.of Shares Percentage
MICHAEL WILLIAM P SOERYADJAYA President Director 71,200 0.0026 168,600 0.0062
ANDI ESFANDIARI Director 100,900 0.0037 363,000 0.0134
LANY D. WONG Independent Director - - - -
(FROM 26 June 2018)
Total 172,100 0.0063 531,600 0.0196

DISTRIBUTION OF SHAREHOLDING OWNERSHIP AS OF 31 DECEMBER 2017
Ownership Status No. of Shareholders No. of Shares Composition (%)
Domestic Shareholders
Indonesian Individual 763 1,614,584,500 59.514
Foundation 2 217,400 0.008
Pension Fund 3 802,700 0.029
Insurance 3 9,086,700 0.335
Limited Liability Company 14 893,270,700 32.926
Mutual Funds 4 10,010,200 0.369
Sub Total 789 2,527,972,200 93.181
Foreign Shareholders
Foreign Individual 12 1,637,300 0.060
Foreign Legal Entity 41 183,357,500 6.759
Sub Total 53 184,994,800 6.819
Total 842 2,712,967,000 100
DISTRIBUTION OF SHAREHOLDING OWNERSHIP AS OF 31 DECEMBER 2018
Ownership Status No. of Shareholders No. of Shares Composition (%)
Domestic Shareholders
Indonesian Individual 544 1,471,420,200 54.237
Foundation 1 155,000 0.006
Pension Fund 1 34,700 0.001
Insurance 1 1,342,500 0.049
Limited Liability Company 14 892,825,251 32.909
Mutual Funds 4 11,784,000 0.434
Sub Total 565 2,377,561,651 87.637
Foreign Shareholders
Foreign Individual 9 1,612,400 0.059
Foreign Legal Entity 47 333,792,949 12.304
Sub Total 56 335,405,349 12.363
Total 621 2,712,967,000 100

CHRONOLO GY OF S HAR E L ISTING
Listing Date Issued and Fully Authorized Fully Increase Issued and
Paid Capital (shares) Capital (shares) Paid Capital (shares)
Initial Public Offering 26 June 2013 2,712,967,000 9,766,680,000 430,883,000
in Indonesia Stock Exchange (IDX)
No further shares issuance and no changes in the number of shares since the Initial Public Offering to 31 December 2018.
S HA R E PE R FOR M ANC E IN 2 0 1 8
4600 2500000
4400
2000000
4200
Volume (shares)
Share Price (IDR)

4000
1500000
3800
3600 1000000
3400
500000
3200
Share Price (IDR)
Volume (Share)
3000 0
Jan 18 Feb 18 March 18 April 18 May 18 Jun 18 Jul 18 Aug 18 Sep 18 Oct 18 Nov 18 Dec 18
QUA RT E R LY S H A R E MOV E M E N T I N 2 0 1 7 & 2 0 1 8
2017 2018
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Highest Price (IDR) 3,500 4,450 3,550 3,690 4150 4500 4500 4250
Lowest Price (IDR) 3,250 3,250 3,090 3,300 3570 3600 3510 3500
Closing Price (IDR) 3,290 3,300 3,290 3,580 3829 3999 3842 3807
Average Daily Trading Volume 61,915 712,765 159,916 193,874 120,508 67,620 76,007 72,076
Outstanding Shares 2,712,967,000 2,712,967,000 2,712,967,000 2,712,967,000 2,712,967,000 2,712,967,000 2,712,967,000 2,712,967,000
(shares)
Market Capitalization 8,925,661 8,952,791 8,925,661 9,712,422 10,386,725 10,850,240 10,422,939 10,329,371
(IDR Million)

NAME AND CORRESPONDING
ADDRESS OF SUBSIDIARIES
PT Bumi Hijau Asri Line of Business Year of Investment

Menara Karya 15th Fl. Investment 2010
Jl. H.R Rasuna Said Block X-5 Kav
1-2, Jakarta Selatan 12950 Year of Effective
Establishment Ownership
Telp : +62 21 5794 4355
Fax : +62 21 5794 4365 2007 99.99%
PT Nugraha Eka Kencana Line of Business Year of Investment

Telp : +62 21 5794 4355
Fax : +62 21 5794 4365 2003 99.99%
PT Saratoga Sentra Business Line of Business Year of Investment

Telp : +62 21 5794 4355
Fax : +62 21 5794 4365 2005 99.99%
PT Surya Nuansa Ceria Line of Business Year of Investment

Jl. H.R. Rasuna Said Block X-5 Kav 1-2,
Jakarta Selatan 12950 Year of Effective
Telp : +62 21 5794 4355
Fax : +62 21 5794 4365 2015 99.99%
Line of Business Year of Investment

PT Trimitra Karya Jaya
Jl. H.R. Rasuna Said Block X-5 Kav 1-2,
Year of Effective
Jakarta Selatan 12950
Telp : +62 21 5794 4355
2012 86.50%
Fax : +62 21 5794 4365
PT Wahana Anugerah Sejahtera Line of Business Year of Investment

Jl. H.R Rasuna Said Block X-5 Kav 1-2,
Jakarta Selatan 12950 Year of Effective
Telp : +62 21 5794 4355
Fax : +62 21 5794 4365 2005 99.84%

NA M E S A N D A D D R E S S O F AG E N C I E S
A N D / O R C A P I TA L M A R K E T S U P P O RT I N G
P RO F E S S I O NA L
PUBLIC ACCOUNTANT COMPANY INDEPENDENT ACCOUNTANT

KAP Siddharta Widjaja & Rekan Based on the Circular Resolution in lieu of a Meeting
(a member of KPMG Global Network) of the Board of Commissioners dated 25 June 2018, the
33rd Floor Wisma GKBI BOC approved the appointment of Public Accountant Firm
Jl Jend. Sudirman Kav. 28 Siddharta Widjaja & Rekan (a member of KPMG global
Jakarta 10210, Indonesia network) to audit the Company’s financial statement for the
T. (62-21) 574 2333 financial year ended on 31 December 2018.
F. (62-21) 574 1777 The year 2018 was the sixth year for the Company to
appoint Public Accounting Firm Siddharta Widjaja & Rekan
SHARE REGISTRAR (a member of KPMG global network) and the second year for
PT Datindo Entrycom Public Accountant Cahyadi Muliono, S.E., CPA, to serve as
Jl. Hayam Wuruk No. 28 the accountant to sign the Independent Auditor’s Report for
Jakarta 10210, Indonesia fiscal year 2018, in conducting an audit on financial statements
T. (62-21) 350 8077 (Hunting) of the Company. The appointed Public Accounting Firm has
F. (62-21) 350 8078 completed its work independently, according to professional
standards of public accountant, and the agreed contracts and
CAPITAL MARKET INSTITUTION scope of audit work.
Indonesia Financial Services Authority During 2018, Public Accounting Firm Siddharta Widjaja &
Gedung Sumitro Djojohadikusumo Rekan (a member of KPMG global network) has not provided
Jl. Lapangan Banteng Timur No. 2-4 another consulting services to the Company.
Jakarta 10710, Indonesia
T. (62-21) 385 8001 Financial Year Public Accountant Audit Fee
F. (62-21) 385 8321 2018 Siddharta Widjaja & Rekan IDR 2,360,403,000
2017 Siddharta Widjaja & Rekan DR 2,154,132,000
Indonesia Stock Exchange
Indonesia Stock Exchange Building, 1st Tower
Jl. Jend. Sudirman Kav 52-53 SHARE REGISTRAR
Jakarta Selatan 12190, Indonesia Agreement on the administration of the Company’s share
T. (62-21) 5150515 with regard to Initial Public Offering (IPO) is stated on the
F. (62-21) 5150330 Deed of Share Administration Management Agreement No.
54 dated 10 April 2013 made before Humberg Lie, S.H., S.E.,
Indonesian Central Securities Custodian (KSEI) M.Kn., Notary in Jakarta.
Gedung Bursa Efek Indonesia Tower 1 5th Floor Currently, PT Datindo Entrycom as the Share Register
Jl. Jend. Sudirman Kav. 52-53 provides administration service for secondary market. PT
Jakarta 12190, Indonesia Datindo Entrycom is responsible for the administration of
T. (62-21) 515 2855 shareholders list including changes in the shareholder list on
F. (62-21) 5299 1199 behalf of the public company.
The Company pays an annual fee for the administration service
in the secondary market of Rp44,000,000 (including VAT).
INDONESIAN CENTRAL SECURITIES CUSTODIAN

(KSEI)
Public companies whose shares/securities are registered in
KSEI use KSEI’s services to administer their issued shares/
securities in order to obtain data of investors or securities
holders as part of distribution process in corporate actions. The
Company pays annual fee for membership of Rp11,000,000
(including VAT).

S TAT E M E NTS OF R E SPONSIB ILIT Y BY T H E MEMBERS O F T H E
B OA R D O F C OMM ISSIONE R S A ND BOARD O F DIRECTO RS
We, the undersigned, do hereby declare that all information in the 2018 Annual Report of PT Saratoga Investama Sedaya Tbk. are
presented in full and that we are fully accountable for the accuracy of the information contained in said Annual Report.
We attest to the integrity of this statement,
Jakarta, 31 March 2019
Board of Commissioners
Edwin Soeryadjaya Joyce Soeryadjaya Kerr Indra Cahya Uno

President Commissioner Commissioner Commissioner
Sidharta Utama Anangga W. Roosdiono

Independent Commissioner Independent Commissioner
Board of Directors
Michael William P. Soeryadjaya Andi Esfandiari Lany D. Wong

President Director Director Independent Director

C O N SO L I DAT ED FINANCIAL STATEMENTS
R EF ER EN C E SEOJK
NO. 30-SEOJK.04-2016: ANNUAL REPORT OF PUBLIC COMPANY

PT SARATOGA INVESTAMA SEDAYA Tbk. PT SARATOGA INVESTAMA SEDAYA Tbk.
DAN ENTITAS ANAK AND SUBSIDIARIES
DAFTAR ISI CONTENTS
Ekshibit/
Exhibit
Pernyataan Direksi Tentang Tanggung Jawab Board of Directors’ Statement of Responsibility
Laporan Keuangan Konsolidasian Consolidated Financial Statements

Tahun Berakhir 31 Desember 2018 dan 2017: Years Ended 31 December 2018 and 2017:
Laporan Posisi Keuangan Konsolidasian A Consolidated Statements of Financial Position
Laporan Laba Rugi dan Penghasilan Komprehensif Lain Consolidated Statements of Profit or
Konsolidasian B Loss and Other Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian C Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian D Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian E Notes to the Consolidated Financial Statements
Laporan Auditor Independen Independent Auditors’ Report

FINANCIAL REPORTS

Ekshibit A Exhibit A
PT SARATOGA INVESTAMA SEDAYA Tbk. DAN ENTITAS ANAK PT SARATOGA INVESTAMA SEDAYA Tbk. AND SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2018 DAN 2017 31 DECEMBER 2018 AND 2017
(Dinyatakan dalam jutaan Rupiah, kecuali dinyatakan lain) (Expressed in millions of Rupiah, unless otherwise stated)
31 Desember/
Catatan/ 31 Desember/ December 1 Januari/
Notes December 2018 2017* January 2017*
ASET ASSETS
Kas dan setara kas 4 782.337) 902.173) 488.439 Cash and cash equivalents
Kas yang dibatasi penggunaannya 6 518) 7.859) 269.737 Restricted cash
Piutang, bersih 5,18 365.900) 623.283) 380.600 Receivables, net
Pajak dibayar di muka 9a 819) 136) 976 Prepaid taxes
Uang muka dan beban dibayar di muka 1.662) 12.569) 667 Advances and prepaid expenses
Investasi pada efek ekuitas 7 18.730.170) 24.755.150) 23.801.617 Investments in equity securities
Uang muka investasi pada efek ekuitas 97.302) 93.657) 68.548 Advances for investments in equity securities
Equity share swap 11 -) 54.792) 42.477 Equity share swap
Aset keuangan derivatif 8 49.675) 52.065) - Derivative financial assets
Properti investasi 82.328) 122.807) 84.635 Investment properties
Aset lainnya 4.163) 5.102) 6.576 Other assets
JUMLAH ASET 20.114.874) 26.629.593) 25.144.272 TOTAL ASSETS
LIABILITAS LIABILITIES
Utang lainnya ke pihak ketiga 309) 85) 201 Other payables to third parties
Uang muka penjualan investasi )- ) -) 258.153 Advance from sale of investment
Beban akrual 4.226) 3.741) 20.961 Accrued expenses
Utang pajak penghasilan 9b 46.691) 130.430) 37.375 Income tax payable
Utang pajak lainnya 9c 1.493) 13.103) 22.400 Other taxes payable
Pendapatan diterima dimuka 5.204) 1.362) - Unearned revenue
Pinjaman 10 3.937.919) 2.465.413) 2.791.798 Borrowings
Wesel bayar jangka menengah -) -) 721.108 Medium term notes
Obligasi Tukar 11 -) 958.639) 1.061.926 Exchangeable Bonds
Liabilitas keuangan derivatif 8 13.279) -) - Derivative financial liabilities
Liabilitas pajak tangguhan, bersih 9e 121.641) 752.292) 846.645 Deferred tax liabilities, net
Liabilitas imbalan kerja 19.864) 17.169) 17.168 Employee benefits liabilities
JUMLAH LIABILITAS 4.150.626) 4.342.234) 5.777.735 TOTAL LIABILITIES
EKUITAS EQUITY
Modal saham nilai nominal Share capital at par value

Rp100 (Rupiah penuh) per saham Rp100 (whole Rupiah) per share
Modal dasar 9.766.680.000 lembar saham Authorized capital 9,766,680,000 shares
Modal ditempatkan dan disetor penuh Issued and fully paid-up capital
2.712.967.000 lembar saham 12 271.297 271.297) 271.297 2,712,967,000 shares
Tambahan modal disetor 13 5.185.019 5.184.989) 5.184.989 Additional paid-in capital
Saham treasuri 3e,12 (3.984) (5.406) (9.389) Treasury shares
Akumulasi pembayaran berbasis saham 3j 46.124 30.831) 24.037 Accumulated share-based payments
Selisih penjabaran laporan keuangan Difference in translation of
dalam mata uang asing 3f 26.813 26.767) 26.762 financial statements in foreign currency
Komponen ekuitas lainnya 24.500 24.500) 23.282 Other equity components
Saldo laba 10.105.699 16.500.028) 13.463.356 Retained earnings
EKUITAS YANG DIATRIBUSIKAN KEPADA EQUITY ATTRIBUTABLE TO
PEMILIK PERUSAHAAN 15.655.468 22.033.006) 18.984.334 OWNERS OF THE COMPANY
Kepentingan nonpengendali 2f,14 308.780 254.353) 382.203 Non-controlling interests
JUMLAH EKUITAS 15.964.248 22.287.359) 19.366.537 TOTAL EQUITY
JUMLAH LIABILITAS DAN EKUITAS 20.114.874 26.629.593) 25.144.272 TOTAL LIABILITIES AND EQUITY
* Disajikan kembali (lihat Catatan 2g) As restated (see Note 2g) *
Lihat catatan atas laporan keuangan See notes to the financial statements on
pada Ekshibit E terlampir yang merupakan bagian tidak terpisahkan the accompanying Exhibit E which are an integral part
dari laporan keuangan secara keseluruhan of the financial statements taken as a whole

FINANCIAL REPORTS
Ekshibit B Exhibit B
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
KONSOLIDASIAN COMPREHENSIVE INCOME
TAHUN BERAKHIR 31 DESEMBER 2018 DAN 2017 YEARS ENDED 31 DECEMBER 2018 AND 2017
Tahun berakhir 31 Desember

Catatan/ Years ended 31 December
Notes 2018 2017*
(Kerugian) keuntungan bersih atas investasi pada Net (loss) gain on investments in equity
efek ekuitas 15a (7.251.251) 2.356.526)) securities
Penghasilan dividen, bunga dan investasi lainnya 15b 1.146.608) 1.539.443) Dividend, interest and other investment income
Pendapatan lainnya 15.200) 34.165) Other income
Perubahan nilai wajar properti investasi 1.188) (22.830) Changes of fair value of investment properties
Beban usaha 16 (138.387) (212.717) Operating expenses
Beban penyisihan piutang tak tertagih 5 (36.708) (44.825) Bad debt expense
Beban lainnya (49.104) (22.034) Other expenses
Kerugian neto selisih kurs 3f (150.383) (27.864) Net loss on exchange rate differences
Keuntungan atas nilai wajar equity share swap 11 24.360) 12.315) Gain on fair value of equity share swap
Keuntungan (kerugian) nilai wajar atas obligasi Gain (loss) on fair value of exchangeable
tukar 11 7.086) (65.636) bonds
Keuntungan neto atas instrumen keuangan derivatif Net gain on other derivative financial
lainnya 3a,8 28.306) 52.065) instruments
Beban bunga 3a (281.971) (348.016) Interest expenses
(RUGI) LABA SEBELUM PAJAK (6.685.056) 3.250.592) (LOSS) PROFIT BEFORE TAX
Manfaat (beban) pajak penghasilan 9f Income tax benefit (expense)

Kini (80.762) (182.789) Current
Tangguhan 630.986) 93.835) Deferred
550.224) (88.954)
(RUGI) LABA TAHUN BERJALAN (6.134.832) 3.161.638) (LOSS) PROFIT FOR THE YEAR
PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:
Pos-pos yang tidak akan direklasifikasikan ke laba Items that will never be reclassified to profit
rugi or loss
Pengukuran kembali atas kewajiban imbalan Remeasurements of defined benefits
pasti 1.342) (2.073) obligation
Pajak penghasilan terkait pos-pos yang tidak Tax on items that will never be reclassified
direklasifikasi ke laba rugi (335) 518) to profit or loss
1.007) (1.555)
Pos-pos yang akan direklasifikasikan ke Items that will be reclassified subsequently
laba rugi to profit or loss
Selisih penjabaran laporan keuangan dalam mata Difference in translation of financial
uang asing 3f 62) 7) statements in foreign currencies
JUMLAH PENGHASILAN (KERUGIAN) 1.069 (1.548)

KOMPREHENSIF LAIN TOTAL OTHER COMPREHENSIVE INCOME (LOSS)
JUMLAH (KERUGIAN) PENGHASILAN TOTAL COMPREHENSIVE (LOSS) INCOME
KOMPREHENSIF TAHUN BERJALAN (6.133.763) 3.160.090) FOR THE YEAR
(Rugi) laba tahun berjalan yang diatribusikan

kepada: (Loss) profit for the year attributable to:
Pemilik Perusahaan (6.194.577) 3.274.027) Owners of the Company
Kepentingan nonpengendali 59.745) (112.389) Non-controlling interests
(6.134.832) 3.161.638)
Jumlah (kerugian) penghasilan komprehensif Total comprehensive (loss) income for the year
tahun berjalan yang diatribusikan kepada: attributable to:
Pemilik Perusahaan (6.193.524) 3.272.477) Owners of the Company
Kepentingan nonpengendali 59.761) (112.387) Non-controlling interests
(6.133.763) 3.160.090)
(Rugi) laba per saham (Rupiah penuh): (Loss) earnings per share (whole Rupiah):
Dasar 17a (2.284) 1.208) Basic
Dilusian 17b (2.270) 1.204) Diluted

Ekshibit C/1 Exhibit C/1
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Selisih
penjabaran
laporan
keuangan
dalam mata
uang asing/
Akumulasi Difference
Tambahan pembayaran in translation Komponen
modal berbasis of ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional treasuri/ Accumulated statements in Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital Stock payments currencies components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 31 Desember 2017* 271.297 5.184.989 (5.406) 30.831 26.767 24.500 30.000 16.470.028 22.033.006 254.353 22.287.359) Balance as of 31 December 2017*
Perubahan saham treasuri 3e,12 - - 1.422 - - - - - 1.422 - 1.422) Changes in treasury stock
Tambahan modal disetor dari amnesti pajak 13 - 30 - - - - - - 30 - 30) Additional paid-in capital from tax amnesty
Pembayaran berbasis saham 3j - - - 15.293 - - - - 15.293 - 15.293) Share-based payments
Perubahan bagian kepemilikan di entitas anak - - - - - - - - - (5.108) (5.108) Changes in ownership interest in subsidiaries
Pencadangan saldo laba - - - - - - 5.000 (5.000) - - -) Appropriation of retained earnings
Pembagian dividen - - - - - - - (200.759) (200.759) (226) (200.985) Distribution of dividend
Rugi tahun berjalan - - - - - - - (6.194.577) (6.194.577) 59.745 (6.134.832) Loss for the year
Penghasilan komprehensif lain - - - - 46 - - 1.007 1.053 16 1.069) Other comprehensive income
Saldo pada tanggal 31 Desember 2018 271.297 5.185.019 (3.984) 46.124 26.813 24.500 35.000 10.070.699 15.655.468 308.780 15.964.248 Balance as of 31 December 2018
Lihat catatan atas laporan keuangan pada Ekshibit E terlampir yang merupakan See notes to the financial statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan secara keseluruhan an integral part of the financial statements taken as a whole
2018 ANNUAL REPORT

75
76
Ekshibit C/2 Exhibit C/2
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN (LANJUTAN) CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CONTINUED)
FINANCIAL REPORTS
Ekuitas yang diatribusikan kepada pemilik Perusahaan/Equity attributable to owners of the Company
Laba
Selisih yang
penjabaran belum
laporan direalisasi
keuangan atas aset
PT SARATOGA INVESTAMA SEDAYA TBK

dalam mata keuangan
uang asing/ tersedia
Akumulasi Difference untuk dijual/
Tambahan pembayaran in translation Unrealized Komponen
modal berbasis of gain on ekuitas Saldo laba/ Kepentingan
Modal disetor/ Saham saham/ financial available- lainnya/ Retained earnings nonpengendali/ Jumlah
saham/ Additional treasuri/ Accumulated statements in for-sale Other Tidak Non- ekuitas/
Catatan/ Share paid-in Treasury share-based foreign financial equity Dicadangkan/ dicadangkan/ Jumlah/ controlling Total
Notes capital capital stock payments currencies assets components Appropriated Unappropriated Total interests equity
Saldo pada tanggal 1 Januari 2017 271.297 5.184.989 (9.389) 24.037 26.762 1.473.563) 23.282 25.000 11.964.793 18.984.334 382.203) 19.366.537) Balance as of 1 January 2017
Adjustments from the adoption of PSAK 71

Penyesuaian dari adopsi PSAK 71 (Lihat catatan 2g) - - - - (1.473.563) - - 1.473.563 - -) - (see note 2g)
Saldo pada tanggal 1 Januari 2017* 271.297 5.184.989 (9.389) 24.037 26.762 -) 23.282 25.000 13.438.356 18.984.334 382.203) 19.366.537) Balance as of 1 January 2017*
Perubahan saham treasuri 3e,12 - - 3.983 - - -) - - - 3.983 -) 3.983) Changes in treasury stock
Pembayaran berbasis saham 3j - - - 6.794 - -) - - - 6.794 -) 6.794) Share-based payments
Pencadangan saldo laba - - - - - -) - 5.000 (5.000) - -) - Appropriation of retained earnings
Perubahan bagian kepemilikan di entitas anak - - - - - -) 1.218 - - 1.218 (15.167) (13.949) Changes in ownership interest in subsidiaries
Pembayaran dividen - - - - - -) - - (235.800) (235.800) (296) (236.096) Distribution of dividend
Laba tahun berjalan* - - - - - -) - - 3.274.027 3.274.027 (112.389) 3.161.638) Profit for the year
Penghasilan komprehensif lain* - - - - 5 -) - - (1.555) (1.550) 2) (1.548) Other comprehensive income*
Saldo pada tanggal 31 Desember 2017 271.297 5.184.989 (5.406) 30.831 26.767 -) 24.500 30.000 16.470.028 22.033.006 254.353) 22.287.359) Balance as of 31 December 2017
Lihat catatan atas laporan keuangan pada Ekshibit E terlampir yang merupakan See notes to the financial statements on the accompanying Exhibit E which are
bagian tidak terpisahkan dari laporan keuangan secara keseluruhan an integral part of the financial statements taken as a whole
Ekshibit D Exhibit D
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
Tahun berakhir 31 Desember/

Catatan/ Years ended 31 December
Notes 2018 2017
Arus kas dari aktivitas operasi Cash flows from operating activities
Penerimaan dividen 939.706) 808.989) Receipts of dividends
Penerimaan pendapatan keuangan, jasa manajemen Finance income, management fees and other
dan pendapatan lainnya 38.289) 322.028) income received
Penerimaan dari penjualan investasi pada efek Proceeds from sales of investments in equity
ekuitas 558.398) 2.048.863) securities
Proceeds from sales of investments
Penerimaan dari penjualan properti investasi 41.666) -) properties
Pembayaran beban keuangan (273.002) (364.787) Finance costs paid
Penempatan investasi pada efek ekuitas (1.551.512) (245.022) Purchases of equity securities
Pembayaran kepada karyawan (62.019) (96.875) Payments to employees
Penerimaan (pemberian) piutang 244.494) (225.336) Collection of (provision for) receivables
Pembayaran uang muka investasi (51.754) (92.296) Advances paid for purchases of investments
Pembayaran pajak penghasilan (164.501) (89.734) Income tax paid
Pembayaran kas untuk beban operasi lainnya (98.694) (143.323) Cash payments for other operating expenses
Net cash (used in) from operating

Kas neto (untuk) dari aktivitas operasi (378.929) 1.922.507) activities
Arus kas dari aktivitas investasi Cash flows from investing activity
Perolehan aset tetap/Kas neto untuk aktivitas Acquisition of fixed assets/Net cash used
investasi (162) (39) in investing activity
Arus kas dari aktivitas pendanaan Cash flows from financing activities
Penerimaan dari pinjaman bank 3.053.274) 668.500) Proceeds from bank loans
Pembayaran pinjaman bank (1.727.782) (1.027.117) Repayment of bank loans
Pembayaran wesel bayar jangka menengah -) (725.000) Repayment of medium term notes
Penebusan kembali obligasi tukar 11 (957.681) (176.631) Redemption of exchangeable bonds
Pembelian saham treasuri 12 (6.549) (2.057) Purchase of treasury shares
Tambahan modal disetor dari amnesti pajak 30) -) Additional paid in capital from tax amnesty
Pembayaran dividen (200.759) (235.800) Payments of dividends
Perubahan pada kas yang dibatasi penggunaannya 7.341) 3.725) Changes in restricted cash
Kas neto dari (untuk) aktivitas pendanaan 167.874) (1.494.380) Net cash from (used in) financing activities
Net (decrease) increase in cash and cash

(Penurunan) kenaikan neto kas dan setara kas (211.217) 428.088) equivalents
Pengaruh perubahan selisih kurs dari kas dan setara Effect of changes in exchange rates on cash
kas 91.381) (14.354) and cash equivalents
Cash and cash equivalents at beginning of
Kas dan setara kas pada awal tahun 902.173) 488.439) year
Kas dan setara kas pada akhir tahun 782.337) 902.173) Cash and cash equivalents at end of year

FINANCIAL REPORTS
Ekshibit E/1 Exhibit E/1

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
1. UMUM 1. GENERAL
a. Pendirian Perusahaan dan informasi lainnya a. Establishment of the Company and other
information
PT Saratoga Investama Sedaya Tbk. (“Perusahaan”) PT Saratoga Investama Sedaya Tbk. (the
didirikan di Jakarta berdasarkan Akta Notaris No.41 “Company”) was established in Jakarta based on
tanggal 17 Mei 1991 juncto Akta Notaris No.33 Notarial Deed No.41 dated 17 May 1991 in
tanggal 13 Juli 1992, keduanya dari Ny. Rukmasanti conjuction with Notarial Deed No.33 dated 13 July
Hardjasatya, SH., Notaris di Jakarta. Akta Pendirian 1992, both of Ny. Rukmasanti Hardjasatya, SH.,
Perusahaan tersebut telah memperoleh pengesahan Notary in Jakarta. The Deed of Establishment was
dari Menteri Kehakiman (sekarang Menteri Hukum approved by the Minister of Justice (now known as
dan Hak Asasi Manusia) Republik Indonesia the Minister of Law and Human Rights) of the
berdasarkan Surat Keputusan No.C2– Republic of Indonesia by virtue of decree No.C2-
10198.HT.01.01.TH92 tanggal 15 Desember 1992 10198.HT.01.01.TH92 dated 15 December 1992 and
dan telah diumumkan dalam Berita Negara Republik was published in the State Gazette of the Republic
Indonesia No.19 tanggal 5 Maret 1993, Tambahan of Indonesia No.19 dated 5 March 1993, Supplement
No.973. No.973.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have been
beberapa kali perubahan, terakhir dengan Akta amended several times, most recently by Notarial
Notaris No. 113 tanggal 26 April 2017 dari Jose Deed No. 113 dated 26 April 2017 of Jose Dima
Dima Satria S.H., M.Kn, Notaris di Jakarta, Satria S.H., M.Kn, Notary in Jakarta, concerning the
mengenai perubahan Pasal 3 Anggaran Dasar amendment of Article 3 of the Company’s Articles
Perusahaan. of Association.
Perusahaan berkedudukan di Jakarta Selatan The Company is domiciled in South Jakarta, with its
dengan alamat di Menara Karya Lantai 15, Jl. H.R. address at Menara Karya Lantai 15, Jl. H.R. Rasuna
Rasuna Said Blok X-5, Kav.1-2. Perusahaan memulai Said Blok X-5, Kav.1-2. The Company commenced its
kegiatan komersialnya pada tahun 1992. commercial activities in 1992.
Sesuai dengan Pasal 3 Anggaran Dasar Perusahaan, In accordance with Article 3 of the Company’s
kegiatan usaha Perusahaan adalah menjalankan Articles of Association, the Company’s scope of
kegiatan perdagangan dan usaha investasi pada activities is to conduct business and investment
perusahaan-perusahaan yang bergerak di bidang activities in companies in the sectors of natural
sumber daya alam dan energi, pertambangan, resources and energy, mining, agricultural,
pertanian, perkebunan, kehutanan, infrastruktur, plantation, forestry, infrastructure, manufacturing,
manufaktur, produksi, otomotif, distribusi, production, automotive, distribution, trade,
perdagangan, teknologi, properti, telekomunikasi, technology, property, telecommunication,
transportasi, kesehatan, jasa keuangan, dan jasa transportation, health sectors, financial services,
lainnya. Perusahaan merupakan entitas yang aktif and other services. The Company is an active
melakukan investasi. investment entity.
Induk Perusahaan adalah PT Unitras Pertama. The parent of the Company is PT Unitras Pertama.
Entitas ini memiliki entitas anak dan afiliasi di The entity has subsidiaries and affiliates in
Indonesia. Indonesia.
Pemegang saham mayoritas akhir Perusahaan The ultimate majority shareholders of the Company
adalah Tn. Edwin Soeryadjaya dan Ibu Joyce are Mr. Edwin Soeryadjaya and Mrs. Joyce
Soeryadjaya Kerr. Soeryadjaya Kerr.
Pada tanggal 31 Desember 2018 dan 2017, As of 31 December 2018 and 2017, the Company and
Perusahaan dan entitas anaknya (secara kolektif its subsidiaries (collectively referred to as the
disebut sebagai “Grup”). “Group”).
b. Dewan komisaris, direksi, komite audit dan b. Board of commissioners, directors, audit
karyawan committee and employees
Susunan anggota dewan komisaris, direksi dan The members of board of commissioners, directors
komite audit Perusahaan pada tanggal and audit committee of the Company as of
31 Desember 2018 dan 2017 adalah sebagai berikut: 31 December 2018 and 2017 were as follows:


(LANJUTAN) (CONTINUED)
1. UMUM (lanjutan) 1. GENERAL (continued)

b. Dewan komisaris, direksi, komite audit dan b. Board of commissioners, directors, audit
karyawan (lanjutan) committee and employees (continued)
31 Desember 2018 31 December 2018
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Sidharta Utama Independent Commissioner
Komisaris independen Anangga W. Roosdiono S.H. Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Andi Esfandiari Director
Direktur Independen Lany Djuwita Independent Director
Komite audit: Audit committee:
Ketua Sidharta Utama Chairman
Anggota Alida Basir Member
Anggota Ludovicus Sensi W. Member
Dewan komisaris: Board of commissioners:
Presiden Komisaris Edwin Soeryadjaya President Commissioner
Komisaris Joyce Soeryadjaya Kerr Commissioner
Komisaris Indra Cahya Uno Commissioner
Komisaris independen Sidharta Utama Independent Commissioner
Komisaris independen Anangga W. Roosdiono S.H. Independent Commissioner
Direksi: Directors:
Presiden Direktur Michael W.P. Soeryadjaya President Director
Direktur Andi Esfandiari Director
Direktur Independen Ngo Jerry Go Independent Director
Komite audit: Audit committee:
Ketua Sidharta Utama Chairman
Anggota Alida Basir Member
Anggota Ludovicus Sensi W. Member
Berdasarkan Rapat Umum Pemegang Saham Based on the Annual General Meeting of
Tahunan (RUPST) Perusahaan yang dilakukan pada Shareholders (RUPST) of the Company which was
tanggal 15 Juni 2016, para pemegang saham held on 15 June 2016, the shareholders approved to
Perusahaan menyetujui untuk mengangkat kembali reappoint all members of the Board of
seluruh anggota Dewan Komisaris dan Direksi Commissioners and Directors of the Company until
Perusahaan sampai dengan penutupan Rapat Umum the closing of the Annual General Meeting of
Pemegang Saham Tahunan pada tahun 2019. Shareholders in year 2019.
Dalam Rapat Umum Pemegang Saham Tahunan dan In the Annual and Extraordinary General Meeting of
Luar Biasa (RUPSTLB) Perusahaan yang dilakukan Shareholder (RUPSTLB) of the Company which was
pada tanggal 26 Juni 2018, para pemegang saham held on 26 June 2018, the shareholders of the
Perusahaan menerima pengunduran diri dari Company accepted the resignation of Ngo Jerry Go
Ngo Jerry Go sebagai Direktur Independen serta as the Independent Director and agreed to appoint
mengangkat Lany Djuwita sebagai Direktur Lany Djuwita as the new Independent Director. This
Independen yang baru. Pengunduran diri serta resignation and the assignment was accepted and
pengangkatan tersebut telah diterima dan disetujui approved by the shareholders through the
oleh pemegang saham dalam rapat RUPSTLB Company’s RUPSTLB.
tersebut.
Pada tanggal 31 Desember 2018 dan 2017, As of 31 December 2018 and 2017, the Company
Perusahaan mempekerjakan 57 karyawan dan 52 employed 57 employees and 52 employees,
karyawan (termasuk direksi dan karyawan kontrak respectively (includes directors and contractual
Perusahaan). employees).
c. Penawaran umum perdana saham Perusahaan c. The Company’s initial public offering
Pada tanggal 18 Juni 2013, Perusahaan On 18 June 2013, the Company received the
memperoleh pernyataan efektif dari Otoritas Jasa effective statement from the Indonesia Financial
Keuangan (OJK) melalui Surat No.S-175/D.04/2013 Services Authority (OJK) through the Letter
untuk melakukan Penawaran Umum Perdana Saham No.S-175/D.04/2013 to perform the Initial Public
sebanyak 271.297.000 saham biasa atas nama Offering of 271,297,000 common shares with par
dengan nilai nominal Rp100 (Rupiah penuh) per value of Rp100 (whole Rupiah) at the offering price
saham dengan harga penawaran sebesar Rp5.500 of Rp5,500 (whole Rupiah) each share through
(Rupiah penuh) per saham melalui pasar modal dan capital market and the shares were listed on the
saham telah dicatatkan pada Bursa Efek Indonesia Indonesia Stock Exchange on 26 June 2013.
pada tanggal 26 Juni 2013.

FINANCIAL REPORTS

d. Program opsi saham untuk karyawan manajemen d. Management employee stock option and share
dan pemberian saham grants program
Berdasarkan akta berita acara Rapat Umum Based on the Minutes of the Company’s
Pemegang Saham Luar Biasa Perusahaan No. 111 Extraordinary General Meeting of Shareholders
tanggal 22 Februari 2013 jo. akta berita acara No. 111 dated 22 February 2013 jo. the deed of
Rapat Umum Pemegang Saham Luar Biasa Minutes of the Company’s Extraordinary General
Perusahaan No. 59 tanggal 21 Januari 2014 jo. Meeting of Shareholders No. 59 dated 21 January
akta berita acara Rapat Umum Pemegang Saham 2014 jo. the deed of Minutes of the Company’s
Tahunan No. 52 tanggal 10 Juni 2015 jo. akta Annual General Meeting of Shareholders No. 52
berita acara Rapat Umum Pemegang Saham dated 10 June 2015 jo. the deed of Minutes of the
Tahunan No. 76 tanggal 15 Juni 2016, yang Company’s Annual General Meeting of
seluruhnya dibuat di hadapan Humberg Lie, SH, Shareholders No. 76 dated 15 June 2016, all of
SE, MKn, Notaris di Jakarta, para pemegang saham which are drawn before Humberg Lie, SH, SE, MKn,
menyetujui Program opsi saham untuk karyawan a Notary in Jakarta, the shareholders approved
manajemen (MESOP) yang meliputi anggota the Management Employee Stock Option Program
Komisaris kecuali Komisaris Independen, Direksi, (MESOP) covering the Commissioners except
karyawan perusahaan dan karyawan yang Independent Commisioners, Directors, employees
ditugaskan pada perusahaan asosiasi - manajemen and assigned employees in associate companies –
senior. Opsi diberikan melalui tiga tahapan dan senior management. The options were granted
masing-masing opsi akan berakhir dalam jangka through three stages and each of the options will
waktu 5 (lima) tahun. expire in 5 (five) years time.
Perusahaan memberikan 3 (tiga) opsi dengan The Company has granted 3 (three) options with
rincian sebagai berikut: details as follows:
Tanggal/Date Jumlah saham/Number of shares Harga pelaksanaan/Exercise price

7 Februari/February 2014 14.421.000 Rp4.777
23 Januari/January 2015 16.270.000 Rp4.953
18 Agustus/August 2015 10.966.000 Rp4.905
Alokasi opsi tersebut berdasarkan 50% time vested The options are subject to 50% time vested and
dan 50% performance vested. 50% performance vested.
Berdasarkan keputusan edaran di luar rapat Direksi In accordance with the circular resolution in lieu
Perusahaan tanggal 22 Februari 2016, Direksi telah of a meeting of the Board of Directors of the
memutuskan untuk membatalkan seluruh program Company on 22 February 2016, the Board of
opsi saham yang telah disetujui oleh Direksi Directors has resolved to revoke the previous stock
sebelumnya. Semua karyawan yang berpartisipasi option program. All employees who participated in
dalam program opsi saham sebelumnya secara the previous stock option program are
otomatis berhak atas saham dengan rasio konversi automatically entitled to shares with conversion
dari program lama sebagai berikut: ratio from the old program as follows:
Rasio konversi / Conversion ratio
Asal program opsi saham / Source
of stock option program Time vested Performance vested
1 Hak opsi = 1/(2,82) saham 1 Hak opsi = 1/(10,99) saham
7 Februari / February 2014 1 Option right = 1/(2,82) shares 1 Option right = 1/(10,99) shares
23 Januari / January 2015 1 Option right = 1/(3,67) shares 1 Option right = 1/(8,61) shares
18 Agustus / August 2015 1 Option right = 1/(3,29) shares 1 Option right = 1/(8,35) shares
Penghapusan program opsi saham ini juga telah The revocation of stock option program has been
disetujui oleh pemegang saham Perusahaan sesuai approved by the shareholders of the Company in
dengan akta berita acara Rapat Umum Pemegang accordance with the deed of Minutes of the
Saham Luar Biasa Perusahaan No. 77 tanggal Company’s Extraordinary General Meeting of
15 Juni 2016 yang dibuat di hadapan Humberg Lie, Shareholders No. 77 dated 15 June 2016 by
SH., SE., MKn, Notaris di Jakarta. Selain itu, pada Humberg Lie, SH, SE, MKn, a Notary in Jakarta. In
rapat yang sama, para pemegang saham juga addition, in the same meeting, the shareholders
menyetujui untuk melaksanakan program Insentif also approved to implement the Long Term
Jangka Panjang kepada karyawan Perusahaan Incentive Program for the employees of the
berbasis kinerja dan waktu kerja, serta Company on the basis of time vested and
menyetujui untuk memberikan kuasa dan performance vested, as well as to approve to grant
wewenang kepada Direksi Perusahaan untuk power and authorities to the Board of Directors of
merealisasikan pelaksanaan program tersebut. the Company to realize the implementation of
such program.


d. Program opsi saham untuk karyawan manajemen d. Management employee stock option and share
dan pemberian saham (lanjutan) grants program (continued)
Berdasarkan beberapa keputusan edaran di luar In accordance with the circular resolution in lieu
rapat Direksi Perusahaan, Direksi telah of a meeting of the Board of Directors of the
memutuskan untuk mengalokasikan sebanyak- Company, the Board of Directors of the Company
banyaknya jumlah lembar saham tertentu untuk approved to allocate a maximum number of shares
pelaksanaan Program Insentif Jangka Panjang for the implementation of the Long Term Incentive
sebagai berikut: Program as follows:
Tanggal keputusan Program Insentif Jangka Panajang/

edaran/Circular resolution date Jumlah lembaran saham/ Number of shares Long Term Incentive Program
22 Juni/June 2016 3.500.000 lembar saham/number of shares 2016 - 2019

16 Juni/June 2017 5.450.000 lembar saham/number of shares 2017 – 2020
28 Juni/June 2018 7.665.000 lembar saham/number of shares 2018 - 2021
Pemberian saham sebagaimana diuraikan diatas The share grants as described above were
dialokasikan berdasarkan 50% time vested dan 50% allocated subject to 50% time vested and 50%
performance vested. performance vested.
e. Entitas anak e. Subsidiaries
Perusahaan mengkonsolidasikan entitas anak consolidated the following subsidiaries:
berikut ini:
Persentase kepemilikan/ Mulai beroperasi
Kegiatan usaha/ Percentage of komersial/ Jumlah aset sebelum eliminasi/
Entitas anak/ Domisili/ Nature of Ownership Commencement Total assets before elimination
Subsidiaries Domicile activities 31 Desember / 31 Desember/ of commercial 31 Desember / 31 Desember/
December 2018 December 2017 operations December 2018 December 2017
% % Rp Rp
Kepemilikan langsung/Direct ownership

Jasa investasi/
PT Saratoga Sentra Business (SSB) Jakarta 99,99 99,99 2005 1.198.170 1.825.311
Investment services
Jasa investasi/
PT Nugraha Eka Kencana (NEK) Jakarta 99,99 99,99 2003 414.263 224.852
Investment services
Jasa investasi/
PT Wahana Anugerah Sejahtera (WAS)
Jakarta Investment services 99,85 99,85 2005 4.813.839 8.588.184
Jasa investasi/
PT Bumi Hijau Asri (BHA) Jakarta 99,99 99,99 2007 200.470 193.774
Investment services
Jasa investasi/
PT Wana Bhakti Sukses Mineral (WBSM) Jakarta 73,68 73,68 2007 168.497 211.815
Investment services
Entitas terstruktur untuk

keperluan pendanaan
Asia Legacy International Investment Ltd. /Structured entity for
(Asia) Cayman Company’s financing 100 100 2015 103.439 4.388

keperluan pendanaan
Bravo Magnum International Investment /Structured entity for
Ltd. (Bravo) Cayman Company’s financing 100 100 2015 103.437 4.391

keperluan pendanaan
Cedar Legacy International Holding Ltd. /Structured entity for
(Cedar) Cayman Company’s financing 100 100 2015 109.403 4.730

keperluan pendanaan
Delta Investment Horizon International Ltd. /Structured entity for
(Delta) Cayman Company’s financing 45 45 2015 563.862 973.085
keperluan pendanaan
Emerald Investment Horizon Ltd. /Structured entity for
(Emerald) Cayman Company’s financing 45 45 - 6.284 6.092
Jasa investasi/
PT Trimitra Karya Jaya (TKJ) Jakarta 86,49 86,49 - 2.027.485 1.259.867
Investment services
Jasa investasi/
PT Surya Nuansa Ceria (SNC) Jakarta 99,99 99,99 - 21.385 27.136
Investment services
Jasa investasi/
PT Lintas Indonesia Sejahtera (LIS) Jakarta 99,99 - - 8.005 -
Investment services

FINANCIAL REPORTS

e. Entitas anak (lanjutan) e. Subsidiaries (continued)

Persentase kepemilikan/ Mulai beroperasi
Kegiatan usaha/ Percentage of komersial/ Jumlah aset sebelum eliminasi/
Entitas anak/ Domisili/ Nature of Ownership Commencement Total assets before elimination
Subsidiaries Domicile activities 31 Desember / 31 Desember/ of commercial 31 December / 31 Desember/
December 2018 December 2017 operations December 2018 December 2017
% % Rp Rp
Kepemilikan tidak langsung melalui SSB/

Indirect ownership through SSB
Jasa investasi/
PT Interra Indo Resources (IIR) Jakarta 99,99 99,99 2004 7.425 372.141
Investment services
Kepemilikan tidak langsung melalui NEK/
Indirect ownership through NEK
Jasa investasi/
PT Sukses Indonesia (SI) Jakarta 99,67 99,67 2001 55.782 55.581
Investment services
Kepemilikan tidak langsung melalui BHA/
Indirect ownerships through BHA
Jasa investasi/
PT Sarana Asri (SA) Jakarta 60 60 2008 1.362 1.377
Investment services
Kepemilikan tidak langsung melalui Asia, Bravo dan Cedar/
Indirect ownership through Asia, Bravo and Cedar

keperluan pendanaan
Delta Investment Horizon International Ltd. /Structured entity for
(Delta) Cayman Company’s financing 55 55 2015 563.862 973.085

keperluan pendanaan
Emerald Investment Horizon Ltd. /Structured entity for
(Emerald) Cayman Company’s financing 55 55 - 6.284 6.092
2. DASAR PENYUSUNAN LAPORAN KEUANGAN 2. BASIS OF PREPARATION OF THE CONSOLIDATED

KONSOLIDASIAN FINANCIAL STATEMENTS
a. Pernyataan kepatuhan a. Statement of compliance
Laporan keuangan konsolidasian telah disusun dan The consolidated financial statements are prepared
disajikan sesuai dengan Standar Akuntansi and presented in accordance with Indonesian
Keuangan di Indonesia (SAK). Financial Accounting Standards (SAK).
b. Dasar pengukuran b. Basis of measurement
Laporan keuangan konsolidasian disusun atas dasar The consolidated financial statements are prepared
akrual dengan menggunakan konsep nilai historis, on the accrual basis using the historical cost
kecuali ketika standar akuntansi mengharuskan concept, except where the accounting standards
pengukuran nilai wajar. require fair value measurement.
c. Laporan arus kas c. Statement of cash flows
Laporan arus kas konsolidasian disusun dengan The consolidated statement of cash flows is
menggunakan metode langsung (direct method) prepared using the direct method by classifying the
dengan mengklasifikasikan arus kas berdasarkan cash flows on the basis of operating, investing, and
aktivitas operasi, investasi, dan pendanaan. financing activities.
d. Mata uang fungsional dan penyajian d. Functional and presentation currency
Laporan keuangan konsolidasian disajikan dalam The consolidated financial statements are presented
Rupiah, dibulatkan ke dalam jutaan terdekat, yang in Rupiah, rounded to the nearest million which is
merupakan mata uang fungsional Perusahaan. the Company’s functional currency.



KONSOLIDASIAN (lanjutan) FINANCIAL STATEMENTS (continued)
e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
Penyusunan laporan keuangan konsolidasian The preparation of consolidated financial

mengharuskan manajemen untuk membuat statements requires management to make
pertimbangan, estimasi dan asumsi yang judgements, estimates and assumptions that affect
mempengaruhi penerapan kebijakan akuntansi the application of accounting policies and the
serta jumlah aset, liabilitas, pendapatan dan reported amounts of assets, liabilities, income and
beban yang dilaporkan. Hasil aktual dapat berbeda expenses. Actual results may differ from those
dari nilai-nilai estimasi tersebut. estimated amounts.
Estimasi dan asumsi yang mendasarinya ditinjau Estimates and underlying assumptions are reviewed
secara berkesinambungan. Perubahan terhadap on an ongoing basis. Revisions to estimates are
estimasi diakui secara prospektif. recognised prospectively.
Informasi mengenai pertimbangan kritis dalam Information about critical judgements in applying
penerapan kebijakan akuntansi yang memiliki accounting policies that have the most significant
dampak paling signifikan terhadap jumlah yang effect on the amounts recognized in the
diakui di laporan keuangan konsolidasian consolidated financial statements includes the
termasuk penentuan investee yang harus determination of investee to be consolidated in
dikonsolidasikan sesuai PSAK 65 (Catatan 2f). accordance to PSAK 65 (Note 2f).
Informasi mengenai ketidakpastian asumsi dan Information about the assumptions and estimation
estimasi yang dapat mengakibatkan penyesuaian uncertainties that may result in a material
material pada tahun berikutnya termasuk adjustment within the following year includes
pengakuan aset pajak tangguhan: ketersediaan recognition of deferred tax assets: availability of
laba fiskal mendatang untuk memungkinkan future taxable profit to enable the Company to
Perusahaan mengakui aset pajak tangguhan atas recognize deferred tax assets for tax loss carry
kompensasi rugi fiskal (Catatan 9) dan pengukuran forwards (Note 9) and the measurement of fair
nilai wajar, baik untuk aset dan liabilitas keuangan values, for both financial and non-financial assets
dan non-keuangan. and liabilities.
Ketika mengukur nilai wajar aset atau liabilitas, When measuring the fair value of an asset or a
Perusahaan menggunakan data pasar yang dapat liability, the Company uses observable market data
diobservasi sejauh mungkin. Nilai wajar ditentukan to the extent possible. Fair values are determined
dengan menggunakan input hirarki berikut ini yang using the following hierarchy of inputs used in the
digunakan dalam teknik penilaian atas aset dan valuation techniques for assets and liabilities:
liabilitas:
Level 1: kuotasi harga (tanpa disesuaikan) Level 1: quoted prices (unadjusted) in active
dalam pasar aktif untuk aset atau liabilitas markets for identical assets or liabilities.
yang identik.
Level 2: input selain kuotasi harga yang Level 2: inputs, other than quoted prices
termasuk dalam level 1, yang dapat included in Level 1, that are observable, either
diobservasi, baik secara langsung (yaitu harga) directly (i.e. prices) or indirectly (i.e. derived
atau secara tidak langsung (yaitu berasal dari from other observable prices).
harga lain yang dapat diobservasi).
Level 3: input yang tidak berdasarkan data Level 3: inputs that are not based on
pasar yang dapat diobservasi (input yang tidak observable market data (unobservable inputs).
dapat diobservasi).
Jika input yang digunakan untuk mengukur nilai If the inputs used to measure the fair value of an
wajar aset atau liabilitas diambil dari berbagai asset or a liability are drawn from a mixture of
sumber yang berbeda atas nilai wajar hirarki, different level sources of the fair value hierarchy,
maka pengukuran nilai wajar untuk seluruh kelas then the fair value measurement for the entire
aset atau liabilitas dianggap telah dilakukan class of the asset or liability is considered to have
menggunakan level input terendah yang signifikan been done using the lowest level input that is
atas keseluruhan pengukuran (level 3 menjadi yang significant to the entire measurement (Level 3
terendah). being the lowest).

FINANCIAL REPORTS


e. Penggunaan pertimbangan, estimasi dan asumsi e. Use of judgements, estimates and assumptions
(lanjutan) (continued)
Informasi lebih lanjut tentang input dan asumsi Further information about the significant inputs
signifikan yang digunakan dalam mengukur nilai and assumptions made in measuring fair values is
wajar dimasukkan dalam catatan berikut: included in the following notes:
- Catatan 7 – investasi pada efek ekuitas - Note 7 – investment in equity securities
- Catatan 8 – instrumen keuangan derivatif - Note 8 – derivative financial instruments
- Catatan 11 – obligasi tukar dan equity swap - Note 11 – exchangeable bonds and equity swaps
- Catatan 20 – nilai wajar instrumen keuangan - Note 20 – fair value of financial instruments
f. Prinsip konsolidasi f. Principles of consolidation
Entitas anak adalah entitas yang dikendalikan oleh Subsidiaries are entities controlled by the Group
Grup baik secara langsung maupun tidak langsung. both directly or indirectly. The Group controls an
Grup mengendalikan suatu entitas ketika Grup entity when it is exposed to, or has rights to,
terekpos dengan, atau memiliki hak atas, imbal hasil variable returns from its involvement with the
variabel dari keterlibatan Grup dengan entitas dan entity and has the ability to affect those returns
memiliki kemampuan untuk mempengaruhi imbal through its power over the entity.
hasil tersebut melalui kekuasaan Grup di entitas.
Perusahaan memenuhi persyaratan sebagai entitas The Company is a qualifying investment entity
investasi kualifikasian sebagaimana diatur dalam stipulated in PSAK 65 “Consolidated Financial
PSAK 65 "Laporan Keuangan Konsolidasian", oleh Statements”, and accordingly investments in
karena itu investasi di entitas yang dikendalikan - controlled entities – as well as investments in
serta investasi dalam entitas asosiasi dan ventura associates and joint ventures are measured at fair
bersama diukur pada nilai wajar melalui laba rugi value through profit or loss (FVTPL) in accordance
(FVTPL) sesuai PSAK 55 dengan pengecualian untuk with PSAK 55 with the exception of subsidiaries
entitas anak yang dianggap perpanjangan tangan dari that are considered an extension of the Company’s
aktivitas investasi Perusahaan (yaitu entitas anak investing activities (i.e. a subsidiary that is non-
yang bukan merupakan entitas investasi (sesuai investment entity (in accordance with PSAK 65)
dengan PSAK 65) yang hanya memberikan jasa which only provides investment management
manajemen investasi ke Perusahaan). Oleh karena services to the Company). As a result, the
itu, Perusahaan hanya mengkonsolidasikan entitas Company only consolidates subsidiaries that are
anak yang bukan merupakan entitas investasi (sesuai non-investment entities (in accordance with PSAK
dengan PSAK 65) tetapi memberikan jasa manajemen 65) which provide investment management services
investasi pada Perusahaan (lihat Catatan 1e untuk to the Company (see Note 1e for the list of
daftar entitas anak yang dikonsolidasikan). consolidated subsidiaries).
Kepentingan nonpengendali atas aset neto entitas Non-controlling interests in the net assets of
anak diidentifikasi pada tanggal kombinasi bisnis subsidiaries are identified at the date of business
yang selanjutnya disesuaikan dengan proporsi atas combination and afterwards are adjusted by
perubahan ekuitas entitas anak dan disajikan sebagai proportion of changes in equity of subsidiaries and
bagian dari ekuitas pada laporan posisi keuangan presented as a part of equity in the consolidated
konsolidasian. statement of financial position.
Bila pengendalian berakhir dalam periode berjalan, Where control ceases during a financial period, its
hasil usaha entitas tersebut dimasukkan ke dalam results are included in the consolidated financial
laporan keuangan konsolidasian untuk bagian tahun statements for the part of the year during which
dimana pengendalian masih berlangsung. control existed.
Kebijakan akuntansi yang digunakan dalam The accounting policies adopted in preparing the
penyusunan laporan keuangan konsolidasian telah consolidated financial statements have been
diterapkan secara konsisten oleh Grup dalam semua consistently applied by the Group in all material
hal yang material. respects.
Seluruh transaksi dan saldo yang material antara All material transactions and balances between
perusahaan-perusahaan yang dikonsolidasikan telah consolidated companies have been eliminated,
dieliminasi, termasuk keuntungan dan kerugian hasil including unrealized gains and losses arising from
dari transaksi antar perusahaan yang belum intercompany transactions.
direalisasi.



f. Prinsip konsolidasi (lanjutan) f. Principles of consolidation (continued)
Perubahan dalam bagian kepemilikan Perusahaan Changes in the Company’s ownership interest in a
pada entitas anak yang dikonsolidasikan yang tidak consolidated subsidiary that do not result in the loss
mengakibatkan hilangnya pengendalian dicatat of control are accounted for as equity transactions.
sebagai transaksi ekuitas. Bagian Perusahaan atas The Company’s share of equity transactions of the
transaksi ekuitas entitas anak tersebut disajikan subsidiaries is presented as "other equity
sebagai "komponen ekuitas lainnya" dalam bagian components" under the equity section of the
ekuitas pada laporan posisi keuangan konsolidasian. consolidated statement of financial position. When
Ketika pengendalian atas entitas anak yang control over a previous consolidated subsidiary is
dikonsolidasikan hilang, bagian kepemilikan yang lost, any remaining interest in the entity is
tersisa di entitas tersebut diukur kembali pada nilai remeasured at fair value and the resulting gain or
wajarnya dan keuntungan atau kerugian yang loss is recognised in profit or loss.
dihasilkan diakui dalam laba rugi.
g. Perubahan kebijakan akuntansi g. Changes in accounting policies
Grup melakukan penerapan dini Pernyataan Standar The Group early adopted Statement of Financial
Akuntansi Keuangan (“PSAK”)-71 “Instrumen Accounting Standards (“PSAK”)–71 “Financial
Keuangan”, efektif 1 Januari 2018, menggantikan Instruments”, effective 1 January 2018, replacing
kebijakan sebelumnya yang berdasarkan PSAK-55 the previous policy which was based on PSAK-55;
“Instrumen Keuangan: Pengakuan dan Pengukuran”. “Financial Instruments: Recognition and
Sejalan dengan ketentuan transisi PSAK-71, Grup Measurement”. In line with the transition
menerapkan PSAK-71 secara retrospektif. Sehingga, provisions of PSAK-71, the Group applied the PSAK-
informasi komparatif tanggal 31 Desember 2017 71 retrospectively. Accordingly, the comparative
serta untuk tahun yang berakhir pada tanggal financial information as of 31 December 2017, for
31 Desember 2017, dan tanggal 1 Januari 2017 telah the year ended 31 December 2017, and as of
disajikan kembali. 1 January 2017 has been restated.
Implikasi dari penerapan awal PSAK-71 terhadap The effect of the initial application of PSAK-71 on
laporan keuangan Grup terutama terkait klasifikasi the Group’s financial statements mainly relates to
aset keuangan dan liabilitas keuangan. PSAK-71 the classification of financial assets and financial
memiliki tiga kategori klasifikasi utama aset liabilities. PSAK-71 contains three principal
keuangan: diukur pada biaya perolehan classification categories for financial assets:
diamortisasi, pada nilai wajar melalui penghasilan measured at amortized cost, fair value through
komprehensif lain (“FVOCI”) dan pada nilai wajar other comprehensive income (“FVOCI”) and fair
melalui laba rugi (“FVTPL”). Secara umum, value through profit or loss (“FVTPL”). The
klasifikasi aset keuangan menurut PSAK-71 classification of financial assets under PSAK-71 is
berdasarkan model bisnis pengelolaan aset keuangan generally based on the business model in which a
tersebut dan karakteristik arus kas kontraktualnya. financial asset is managed and its contractual cash
PSAK-71 menghilangkan beberapa kategori aset flow characteristics. PSAK-71 eliminates the
keuangan yang sebelumnya berdasarkan PSAK-55, previous PSAK-55 categories of held to maturity,
yang dimiliki hingga jatuh tempo, pinjaman yang loans and receivables and available for sale.
diberikan dan piutang dan tersedia untuk dijual. Certain investments in equity instruments which
Investasi dalam efek ekuitas tertentu yang were previously categorized as available for sale
sebelumnya dikategorikan sebagai tersedia untuk are now accounted as FVTPL.
dijual, sekarang diakui sebagai FVTPL.
Dalam menerapkan PSAK-71, Grup juga merubah In applying PSAK-71, the Group also changed its
kebijakan akuntansinya terkait penurunan nilai aset accounting policies regarding impairment of
keuangan dan liabilitas keuangan yang ditetapkan financial assets and financial liabilities designated
diukur pada nilai wajar melalui laba rugi. Akan as fair value through profit or loss. However, these
tetapi, perubahan tersebut tidak memiliki implikasi changes did not have a significant impact for the
yang signifikan terhadap Grup saat penerapan awal Group at the initial application of PSAK-71.
PSAK-71.
Penyesuaian atas informasi keuangan komparatif The restatement adjustments made to the
karena penerapan PSAK 71 disajikan di Catatan 24. comparative information for the adoption of
PSAK-71 are disclosed in Note 24.

FINANCIAL REPORTS

3. IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Kebijakan-kebijakan akuntansi berikut ini telah The accounting policies set out below have been
diterapkan secara konsisten untuk semua periode yang applied consistently to all periods presented in these
disajikan dalam laporan keuangan konsolidasian. consolidated financial statements.
a. Instrumen keuangan a. Financial instruments
Suatu instrumen keuangan diakui pada saat Grup A financial instrument is recognized when the Group
menjadi pihak dari ketentuan kontrak suatu become a party to the contractual provisions of the
instrumen keuangan. Aset keuangan dihentikan instrument. Financial assets are derecognized when
pengakuannya pada saat hak kontraktual Grup atas the Group’ contractual rights to the cash flows from
arus kas yang berasal dari aset keuangan tersebut the financial assets expire, i.e. when the asset is
kadaluwarsa, yaitu ketika aset dialihkan kepada transferred to another party without retaining
pihak lain tanpa mempertahankan pengendalian control or when substantially all risks and rewards
atau pada saat seluruh risiko dan manfaat telah are transferred. Financial liabilities are
ditransfer secara substansial. Liabilitas keuangan derecognized if the Group’ obligation expire, or are
dihentikan pengakuannya jika liabilitas Grup discharged or cancelled.
kadaluwarsa, atau dilepaskan atau dibatalkan.
(1) Aset keuangan (1) Financial assets
Saat pengakuan awal, suatu aset keuangan On initial recognition, a financial asset is
diklasifikasikan sebagai diukur pada: biaya classified as measured at: amortized cost;
perolehan diamortisasi; nilai wajar melalui fair value through other comprehensive
penghasilan komprehensif lain (“FVOCI”) – income (“FVOCI”) – debt investment; FVOCI –
investasi dalam efek utang; FVOCI – investasi equity investment; or fair value through
dalam efek ekuitas; atau nilai wajar melalui profit or loss (“FVTPL”). Financial assets are
laba rugi (“FVTPL”). Aset keuangan not reclassified subsequent to their initial
selanjutnya tidak direklasifikasi kecuali Grup recognition unless the Group changes its
mengubah model bisnisnya dalam mengelola business model for managing the financial
aset keuangan tersebut. asset.
Suatu aset keuangan, yang tidak ditetapkan A financial asset, which is not designated as
pada FVTPL, adalah diukur pada biaya at FVTPL, is measured at amortized cost if it
perolehan diamortisasi apabila dikelola is held within a business model whose
dalam model bisnis yang bertujuan untuk objective is to hold assets to collect
memiliki aset keuangan tersebut dalam contractual cash flows and its contractual
rangka mendapatkan arus kas kontraktual terms give rise on specified dates to cash
dan persyaratan kontraktual dari aset flows that are solely payments of principal
keuangan tersebut menghasilkan arus kas and interest on the principal amount
pada tanggal tertentu yang semata dari outstanding.
pembayaran pokok dan bunga dari jumlah
pokok terutang.
Suatu investasi dalam efek utang, yang tidak A debt investment, which is not designated
ditetapkan pada FVTPL, adalah diukur pada as at FVTPL, is measured at FVOCI if it is
biaya perolehan diamortisasi apabila dikelola held within a business model whose objective
dalam model bisnis yang bertujuan untuk is achieved by both collecting contractual
memiliki aset keuangan tersebut dalam cash flows and selling financial assets and its
rangka mendapatkan arus kas kontraktual contractual terms give rise on specified dates
dan persyaratan kontraktual dari aset to cash flows that are solely payments of
keuangan tersebut menghasilkan arus kas principal and interest on the principal
pada tanggal tertentu yang semata dari amount outstanding.
pembayaran pokok dan bunga dari jumlah
pokok terutang.



a. Instrumen keuangan (lanjutan) a. Financial instruments (continued)
(1) Aset keuangan (lanjutan) (1) Financial assets (continued)
Saat pengakuan awal investasi dalam efek On initial recognition of an equity

ekuitas, yang bukan dimiliki untuk investment that is not held for trading, the
diperdagangkan, Grup dapat membuat Group may irrevocably elect to present
pilihan yang takterbatalkan untuk subsequent changes in the investment’s fair
menyajikan perubahan selanjutnya pada value in other comprehensive income. This
nilai wajar investasi dalam efek ekuitas election is made on an investment-by-
tersebut dalam penghasilan komprehensif investment basis.
lain. Pemilihan ini dilakukan per setiap
investasi dalam efek ekuitas.
Seluruh aset keuangan, termasuk aset All financial assets, including derivative
keuangan derivatif, yang tidak financial assets, not classified as measured
diklasifikasikan sebagai diukur pada biaya at amortized cost or FVOCI as described
perolehan diamortisasi atau FVOCI sesuai above are measured at FVTPL. On initial
penjabaran di atas adalah diukur pada recognition, the Group may irrevocably
FVTPL. Pada pengakuan awal, Grup dapat designate a financial asset that otherwise
menetapkan pilihan takterbatalkan untuk meets the requirements to be measured at
mengukur suatu aset keuangan, yang amortized cost or at FVOCI as at FVTPL if
memenuhi ketentuan untuk diukur pada doing so eliminates or significantly reduces
biaya perolehan diamortisasi atau pada an accounting mismatch that would
FVOCI, pada FVTPL apabila penetapan otherwise arise.
tersebut mengeliminasi atau secara
signifikan mengurangi inkonsistensi
pengukuran yang timbul tanpa penetapan
tersebut.
Aset keuangan Grup yang diukur pada FVTPL The Group’s financial assets measured at
adalah investasi pada efek ekuitas, uang FVTPL are investments in equity securities,
muka investasi pada efek ekuitas, equity advance for investments in equity securities,
share swap dan aset keuangan derivatif. equity share swap and derivative financial
Aset keuangan tersebut diukur pada nilai assets. These financial assets are measured
wajar. Keuntungan dan kerugian bersih, at fair value. Net gains and losses, including
termasuk penghasilan bunga atau dividen, any interest or dividend income, are
diakui di laba rugi. recognized in profit or loss.
Aset keuangan Grup yang diukur pada biaya The Group’s financial assets measured at
perolehan diamortisasi adalah kas dan setara amortized cost are cash and cash
kas, kas yang dibatasi penggunaannya dan equivalents, restricted cash and receivables.
piutang. Aset keuangan tersebut awalnya These financial assets are initially recognized
diakui pada nilai wajar ditambah biaya at fair value plus directly attributable
transaksi yang dapat diatribusikan secara transaction costs and subsequently measured
langsung dan selanjutnya diukur pada biaya at amortized cost using the effective interest
perolehan diamortisasi dengan menggunakan method. The amortized cost is reduced by
metode suku bunga efektif. Biaya perolehan impairment losses. Interest income, foreign
diamortisasi dikurangi dengan penurunan exchange gains and losses and impairment
nilai. Penghasilan bunga, keuntungan dan are recognized in profit or loss. Any gain or
kerugian nilai tukar, dan penurunan nilai loss on derecognition is also recognized in
diakui di laba rugi. Keuntungan atau profit or loss.
kerugian dari penghentian pengakuan juga
diakui di laba rugi.
Grup tidak memiliki aset keuangan yang The Group does not have any financial assets
diukur pada FVOCI. measured at FVOCI.

FINANCIAL REPORTS


a. Instrumen keuangan (lanjutan) a. Financial instruments (continued)

(2) Liabilitas keuangan (2) Financial liabilities
Liabilitas keuangan diklasifikasikan sebagai Financial liabilities are classified as
diukur pada biaya perolehan diamortisasi atau measured at amortized cost or FVTPL. A
pada FVTPL. Suatu liabilitas keuangan financial liability is classified as measured at
diklasifikasikan sebagai diukur pada FVTPL FVTPL if it is classified as held-for-trading, it
apabila dimiliki untuk diperdagangkan, is a derivative or it is designated as such on
merupakan suatu instrument derivatif atau initial recognition.
ditetapkan sebagai diukur pada FVTPL pada
pengakuan awalnya.
Liabilitas keuangan Grup yang diukur pada The Group’s financial liabilities measured at
FVTPL adalah obligasi tukar. Liabilitas FVTPL are the exchangeable bonds. The
keuangan tersebut ditetapkan sebagai diukur liabilities are designated as measured at
pada FVTPL. Perubahan nilai wajarnya yang FVTPL. Any change of fair value derived
berasal dari perubahan risiko kredit liabilitas from changes of the credit risk of the
tersebut, apabila ada, diakui di penghasilan liabilities are recognized in other
komprehensif lain. Keuntungan dan kerugian comprehensive income. Other net gains and
lainnya, termasuk biaya bunga, diakui di laba losses, including any interest expense, are
rugi. recognized in profit or loss.
Liabilitas keuangan Grup lainnya adalah utang The Group’s other financial liabilities are
lainnya ke pihak ketiga, beban akrual, other payables to third parties, accrued
pinjaman, wesel bayar jangka menengah dan expenses, borrowings, medium term notes,
uang muka penjualan investasi. Liabilitas and advance from sale of investment. These
keuangan tersebut awalnya diakui pada nilai financial liabilities are initially recognized at
wajar ditambah biaya transaksi dan fair value plus transaction costs and
selanjutnya diukur pada biaya perolehan subsequently measured at amortized cost
diamortisasi dengan menggunakan metode using the effective interest method. Interest
suku bunga efektif. Biaya bunga dan expense and foreign exchange gains and
keuntungan dan kerugian nilai tukar diakui di losses are recognized in profit or loss. Any
laba rugi. Keuntungan atau kerugian dari gain or loss on de-recognition is also
penghentian pengakuan juga diakui di laba recognized in profit or loss.
rugi.
(3) Penentuan nilai wajar (3) Determination of fair value
Nilai wajar adalah harga yang akan diterima Fair value is the price that would be received
untuk menjual suatu aset atau harga yang to sell an asset or the price that would be
akan dibayar untuk mengalihkan suatu paid to transfer a liability in an orderly
liabilitas dalam transaksi teratur antara pelaku transaction between market participants at
pasar pada tanggal pengukuran. the measurement date.
(4) Penghentian pengakuan (4) Derecognition

Grup menghentikan pengakuan aset keuangan The Group derecognizes the financial assets
ketika, dan hanya ketika, hak kontraktual atas when, and only when, the contractual rights
arus kas yang berasal dari aset keuangan to receive the cash flows from these
tersebut kadaluarsa atau Grup mentransfer financial assets have ceased to exist or The
seluruh hak kontraktual tersebut di mana Group transfers such contractual rights, in
seluruh risiko dan manfaat atas kepemilikan which substantially all the risks and rewards
aset keuangan juga dialihkan. Setiap hak atau of ownership of the financial assets are also
kewajiban atas aset keuangan yang dialihkan transferred. Any rights or obligations on the
yang timbul atau yang masih dimiliki oleh Grup transferred financial assets that arise or are
diakui sebagai aset atau liabilitas secara still owned by The Group are recognized as
terpisah. assets or liabilities separately.
Grup menghentikan pengakuan liabilitas The Group derecognizes financial liabilities
keuangan ketika, dan hanya ketika, kewajiban when, and only when, the obligation
yang ditetapkan dalam kontrak kadaluarsa, specified in the contract expires, or is
dilepaskan atau dibatalkan. discharged or cancelled.



Instrumen keuangan (lanjutan) Financial instruments (continued)
(5) Saling hapus instrumen keuangan (5) Offsetting financial instruments
Aset keuangan dan liabilitas keuangan dapat Financial assets and liabilities are set-off and
saling hapus dan nilai bersihnya disajikan the net amount is presented in the
dalam laporan posisi keuangan ketika, dan statements of financial position when, and
hanya ketika, Grup memiliki hak atas dasar only when, The Group has the legal right to
hukum untuk melakukan saling hapus atas set off the amounts and intends either to
jumlah yang telah diakui tersebut dan settle on a net basis or realize the asset and
berniat untuk menyelesaikan secara neto, settle the liabilities simultaneously.
atau merealisasikan aset dan menyelesaikan
liabilitas secara simultan.
Hak saling hapus harus tidak kontinjen atas The right of set-off must not be contingent
peristiwa di masa depan dan harus dapat on a future event and must be legally
dipaksakan secara hukum terhadap seluruh enforceable in all of the following
keadaan sebagai berikut: circumstances:
a. situasi bisnis yang normal; a. the normal course of business;
b. peristiwa kegagalan; dan b. the event of default; and
c. peristiwa kepailitan atau kebangkrutan c. the event of insolvency or bankruptcy of
dari entitas dan seluruh pihak lawan. the Group and all of the counterparties.
(6) Penurunan nilai (6) Impairment

Grup mengakui cadangan untuk kerugian The Group recognizes loss allowances for
kredit ekspektasian (“ECL”) atas aset expected credit loss (“ECL”) on financial
keuangan diukur pada biaya perolehan assets measured at amortized cost. ECLs are
diamortisasi. ECL merupakan suatu perkiraan a probability-weighted estimate of credit
probabilitas tertimbang atas terjadinya losses. Credit losses are measured as the
kerugian kredit. Kerugian kredit diukur present value of all cash shortfalls, i.e. the
sebagai nilai kini atas seluruh kekurangan difference between the cash flows due to the
penerimaan kas, yaitu selisih antara arus kas entity in accordance with the contract and
yang terutang ke Grup sesuai kontrak dan the cash flows that the Group expects to
arus kas yang diharapakan akan diterima receive. ECLs are discounted at the effective
Grup. ECL didiskontokan dengan suku bunga interest rate of the financial asset.
efektif dari aset keuangannya.
Pada setiap tanggal pelaporan, Grup At each reporting date, the Group assesses
menelaah apakah aset keuangan diukur pada whether financial assets carried at amortized
biaya perolehan diamortisasi mengalami cost are credit-impaired. A financial asset is
kredit macet. Suatu aset keuangan ‘credit-impaired’ when one or more events
mengalami “kredit macet” apabila terdapat that have a detrimental impact on the
satu atau lebih peristiwa, yang memiliki estimated future cash flows of the financial
implikasi menurunkan atas perkiraan arus kas asset have occurred.
masa depan dari aset keuangan, telah
terjadi.
Bukti bahwa suatu aset keuangan mengalami Evidence that a financial asset is credit-
kredit macet, termasuk data yang dapat impaired, includes the following observable
diobservasi berikut: data:
kesulitan keuangan signifikan dari significant financial difficulty of the

debitur; borrower or issuer;
ada probabilitas bahwa peminjam akan it is probable that the borrower will enter
bangkrut atau mengalami reorganisasi bankruptcy or other financial
keuangan; atau reorganisation; or
suatu pelanggaran dari kontrak seperti a breach of contract such as a default or
gagal bayar, atau sudah menunggak lebih being more than 90 days past due.
dari 90 hari.

FINANCIAL REPORTS


Transaksi dengan pihak-pihak berelasi Related party transactions
Grup menerapkan PSAK 7, Pengungkapan Pihak- The Group applies PSAK 7, Related Party Disclosures.
pihak Berelasi. PSAK ini mensyaratkan The PSAK requires the disclosures of related party
pengungkapan hubungan, transaksi dan saldo relationships, transactions and outstanding balances,
pihak-pihak berelasi, termasuk komitmen, dalam including commitments, in the consolidated financial
laporan keuangan konsolidasian. statements.
Kas dan setara kas c. Cash and cash equivalents
Kas dan setara kas mencakup kas, kas pada bank, Cash and cash equivalents are cash on hand, cash in
deposito berjangka dan investasi jangka pendek banks, time deposits and short-term investments
yang akan jatuh tempo dalam waktu tiga bulan with a maturity period of three months or less at
atau kurang terhitung sejak ditempatkan, dan the time of placement and which are not used as
tidak digunakan sebagai jaminan atau tidak collateral or are not restricted.
dibatasi penggunaannya.
d. Investasi pada entitas asosiasi Investments in associates
Entitas asosiasi adalah suatu entitas dimana Grup Associates are entities in which the Group has
memiliki pengaruh signifikan tetapi bukan significant influence but not control or joint control
pengendalian atau pengendalian bersama, atas over the entities’ financial and operating policies.
kebijakan finansial dan operasional entitas Significant influence is presumed to exist when the
tersebut. Pengaruh signifikan dianggap ada apabila Group holds at least 20% but not more than 50% of
Grup memiliki paling sedikit 20% tetapi tidak lebih the voting power of the entities.
dari 50% hak suara entitas tersebut.
Seperti yang dijelaskan di Catatan 2f, As discussed in Note 2f, the Company met the
Perusahaan memenuhi kriteria sebagai entitas criteria as an investment entity as required by PSAK
investasi yang disyaratkan oleh PSAK 65 “Laporan 65 “Consolidated Financial Statements”, and
Keuangan Konsolidasian” oleh karena itu investasi accordingly investments in associates are measured
pada entitas asosiasi diukur pada nilai wajar at fair value through profit or loss.
melalui laba rugi.
Dividen atas investasi ini, jika ada, diakui pada Dividends on these investments, if any, are
laba rugi pada saat hak Grup untuk memperoleh recognized in profit or loss when the Group’s right
pembayaran dividen ditetapkan. to receive the dividends is established.
e. Saham treasuri Treasury stock
Saham treasuri diukur sebesar imbalan yang Treasury stock is measured at consideration paid,
dibayarkan, termasuk biaya transaksi signifikan including any significant directly attributable
yang dapat diatribusikan secara langsung transaction costs (net of taxes), and is deducted
(dikurangi pajak), dan dikurangkan dari ekuitas from equity attributable to the owners of the
yang dapat diatribusikan kepada pemilik Company.
Perusahaan.
f. Transaksi dan saldo dalam mata uang asing f. Transactions and balances in foreign currencies
Transaksi dalam mata uang asing dijabarkan ke Transactions in foreign currencies are translated to
masing-masing mata uang fungsional Grup the respective functional currencies of the Group at
berdasarkan kurs yang berlaku pada saat transaksi the exchange rates prevailing at the time the
dilakukan. Pada tanggal pelaporan, aset dan transactions are made. At reporting date, monetary
liabilitas moneter dalam mata uang asing assets and liabilities denominated in foreign
dijabarkan ke mata uang fungsional berdasarkan currencies are retranslated to the functional
kurs yang berlaku pada tanggal tersebut. Laba atau currency at the exchange rate at that date. The
rugi selisih kurs yang timbul dikreditkan atau resulting gains or losses are credited or charged to
dibebankan pada laporan laba rugi dan penghasilan the statement of profit or loss and other
komprehensif lain tahun berjalan. comprehensive income for the year.


3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG SIGNIFIKAN 3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

.(lanjutan) (continued)
f. Transaksi dan saldo dalam mata uang asing f. Transactions and balances in foreign currencies
Untuk tujuan konsolidasi, laporan posisi keuangan For the purpose of consolidation, the statement of
entitas anak yang menggunakan mata uang selain financial position of a subsidiary reporting in a
Rupiah dijabarkan ke Rupiah berdasarkan kurs yang currency other than the Rupiah is translated to
berlaku pada tanggal pelaporan. Penghasilan dan Rupiah at the exchange rates prevailing at the
beban dijabarkan ke Rupiah dengan kurs rata-rata reporting date. The income and expenses are
yang berlaku selama tahun berjalan. Selisih kurs translated to Rupiah at the average exchange rates
yang dihasilkan diakui pada pendapatan prevailing during the year. The resulting exchange
komprehensif lain dalam laporan laba rugi dan differences are recognized in other comprehensive
penghasilan komprehensif lain konsolidasian dan income in the consolidated statement of profit or
diakumulasikan dalam ekuitas di dalam pos selisih loss and other comprehensive income, and are
penjabaran laporan keuangan dalam mata uang accumulated in equity under the difference in
asing. translation of financial statements in foreign
currency.
Aset dan liabilitas nonkeuangan yang diukur pada Non-monetary assets and liabilities that are
nilai wajar dalam mata uang asing dijabarkan measured at fair value in a foreign currency are
kembali ke mata uang fungsional dengan retranslated to the functional currency at the
menggunakan kurs yang berlaku pada tanggal nilai exchange rate at the date that the fair value was
wajar ditentukan. Aset dan liabilitas nonkeuangan determined. Non-monetary items that are
yang diukur atas dasar nilai historis dalam mata measured based on historical cost in a foreign
uang asing dijabarkan menggunakan kurs yang currency are translated using the exchange rate at
berlaku pada tanggal transaksi. the date of the transaction.
Selisih mata uang asing dalam penjabaran ulang Foreign currency differences arising on
pada umumnya diakui pada laba rugi. Akan tetapi, retranslation are generally recognized in profit or
selisih mata uang asing dari penjabaran investasi loss. However, foreign currency differences
ekuitas yang tersedia untuk dijual diakui dalam arising from the retranslation of available-for-sale
penghasilan komprehensif lain, kecuali pada equity investments are recognized in other
penurunan nilai dimana selisih mata uang asing comprehensive income, except on impairment in
yang telah diakui dalam penghasilan komprehensif which case foreign currency differences that have
lain akan diakui ke laba rugi. been recognized in other comprehensive income
are recognized to profit or loss.
Ketika investasi atas entitas yang memiliki mata When an investment in an entity with a functional
uang fungsional selain Rupiah dilepas, pengaruh currency other than the Rupiah is disposed or
signifikan atau pengendalian bersama hilang, significant influence or joint control is lost, the
jumlah akumulasi cadangan penjabaran terkait cumulative amount in the translation reserve
entitas tersebut direklasifikasi ke laba rugi sebagai related to that entity is reclassified to profit or
bagian dari keuntungan atau kerugian pelepasan. loss as part of the gain or loss on disposal. When
Ketika Grup melepas sebagian kepemilikan atas the Group disposes of only part of its interest in a
entitas anak yang memiliki entitas semacam ini subsidiary that includes such entity while retaining
namun tetap mempertahankan pengendalian, control, the relevant proportion of the cumulative
proporsi akumulasi cadangan penjabaran terkait amount of translation reserve is reattributed to
akan diatribusikan kembali ke kepentingan non-controlling interests.
nonpengendali.
Kurs yang digunakan untuk menjabarkan mata uang The exchange rates used against the Rupiah at the
asing ke dalam Rupiah pada tanggal pelaporan reporting dates are as follows:
adalah sebagai berikut :
31 Desember/ 31 Desember/
December 2018 December 2017
Rupiah penuh/Whole Rupiah
1 Dolar Amerika Serikat (Dolar

AS/USD) 14.481 13.548 United States Dollar (USD) 1
1 Dolar Singapura (Dolar SG/SGD) 10.603 10.134 Singapore Dollar (SGD) 1
1 Dolar Australia (Dolar AUS/AUD) 10.211 10.557 Australian Dollar (AUD) 1

FINANCIAL REPORTS


g. Pajak penghasilan g. Income tax
Grup memperhitungkan konsekuensi pajak kini dan The Group accounts for the current and future tax
mendatang dari pemulihan (penyelesaian) jumlah consequences of the future recovery (settlement)
tercatat aset (liabilitas) masa depan yang diakui of the carrying amount of assets (liabilities) that
dalam laporan posisi keuangan konsolidasian, dan are recognized in the consolidated statement of
dari transaksi serta kejadian lain dari periode kini financial position, and transactions and other
yang diakui dalam laporan keuangan konsolidasian. events of the current period that are recognized in
the consolidated financial statements.
Grup mencatat tambahan pajak penghasilan yang The Group presents additional income tax of
berasal dari periode lalu yang ditetapkan dengan previous periods through a tax assessment letter
Surat Ketetapan Pajak (SKP), jika ada, sebagai (SKP), if any, assessed as part of “Income Tax
bagian dari “Beban Pajak Penghasilan” dalam Expense” in the consolidated statement of profit
laporan laba rugi dan penghasilan komprehensif or loss and other comprehensive income.
lain konsolidasian.
Beban pajak penghasilan terdiri dari beban pajak Income tax expense comprises current and
kini dan pajak tangguhan penghasilan badan. Pajak deferred corporate income tax. Current tax and
kini dan pajak tangguhan diakui dalam laba rugi, deferred tax are recognized in profit or loss,
kecuali jika pajak tersebut terkait dengan except to the extent that they relate to items
transaksi atau kejadian yang diakui secara recognized directly in equity or in other
langsung dalam ekuitas atau dalam penghasilan comprehensive income.
komprehensif lain.
Pajak kini adalah pajak terutang atau piutang Current tax is the expected tax payable or
pajak yang diharapkan atas laba kena pajak (rugi refundable on taxable income or loss for the year,
pajak) selama tahun berjalan, dengan using tax rates substantively enacted as of the
menggunakan tarip pajak yang secara substantif reporting date, and includes true-up adjustments
berlaku pada tanggal pelaporan, dan termasuk made to the previous years’ tax provisions either
penyesuaian atas provisi beban pajak tahun-tahun to reconcile them with the income tax reported in
sebelumnya baik untuk direkonsiliasikan dengan annual tax returns, or to account for differences
pajak penghasilan yang dilaporkan pada pelaporan arising from tax assessments.
pajak tahunan, atau untuk memperhitungkan
selisih yang timbul dari pemeriksaan pajak.
Grup menerapkan metode aset dan liabilitas dalam The Group applies the asset and liability method in
menghitung beban pajaknya. Dengan metode ini, determining its income tax expense. Under this
aset dan liabilitas pajak tangguhan diakui pada method, deferred tax assets and liabilities are
setiap tanggal pelaporan sebesar perbedaan recognized at each reporting date for temporary
temporer aset dan liabilitas untuk tujuan differences between the assets and liabilities for
pelaporan keuangan dan tujuan perpajakan. financial reporting purpose and for taxation
Metode ini juga mengharuskan pengakuan manfaat purposes. This method also requires the
pajak di masa yang akan datang, seperti recognition of future tax benefits, such as tax loss
kompensasi rugi fiskal, jika besar kemungkinan carryforwards, to the extent that realization of
manfaat pajak tersebut dapat direalisasi. such benefits is probable.
Pajak tangguhan diukur dengan menggunakan tarif Deferred tax is measured at the tax rates that are
pajak yang diharapkan untuk diterapkan atas expected to be applied to the temporary
perbedaan temporer pada saat pembalikan, difference, when they reverse, based on the laws
berdasarkan peraturan yang berlaku atau secara that have been enacted or substantially enacted at
substantif telah berlaku pada tanggal pelaporan. the reporting date.
Aset dan liabilitas pajak tangguhan disajikan saling Deferred tax assets and liabilities are offset in the
hapus di laporan posisi keuangan konsolidasian, consolidated statement of financial position,
kecuali aset dan liabilitas pajak tangguhan untuk except if these are for different legal entities, in
entitas hukum yang berbeda, hal ini berlaku juga the same manner the current tax assets and
untuk penyajian aset dan liabilitas pajak kini. liabilities are presented.



g. Pajak penghasilan (lanjutan) g. Income tax (continued)
Dalam menentukan nilai pajak kini dan pajak In determining the amount of current and deferred
tangguhan, Grup memperhitungkan dampak dari tax, the Group takes into account the impact of
posisi pajak yang tidak pasti dan tambahan pajak uncertain tax positions and any additional taxes
dan penalti. and penalties.
Pajak final atas beberapa jenis transaksi yang Final tax on certain transactions is calculated
dikenakan atas nilai brutonya (yaitu atas jumlah based on the gross amount (i.e., amounts of cash
uang yang diterima) tidak dianggap sebagai pajak received) is not considered as income tax.
penghasilan.
h. Laba bersih per saham h. Earnings per share
Laba (rugi) bersih per saham dasar dihitung dengan Basic earnings per share are computed by dividing
membagi laba (rugi) tahun berjalan yang dapat profit (loss) for the year attributable to the owners
diatribusikan kepada pemilik Perusahaan dengan of the Company by the weighted average of total
jumlah rata-rata tertimbang saham outstanding/issued shares during the year.
beredar/ditempatkan selama tahun yang
bersangkutan.
Laba (rugi) per saham dilusian dihitung dengan Diluted earnings per share are computed by
membagi laba (rugi) tahun berjalan yang dapat dividing profit (loss) for the year attributable to
diatribusikan kepada pemilik Perusahaan dengan owners of the Company to the weighted average of
total rata-rata tertimbang saham total outstanding/issued share after considering
beredar/ditempatkan setelah mempertimbangkan adjustments for conversion of all dilutive potential
penyesuaian atas dampak konversi dari semua ordinary shares that may be issued by the
instrumen berpotensi saham biasa bersifat dilutif Company.
yang mungkin diterbitkan Perusahaan.
i. Informasi segmen i. Segment reporting
Grup mengidentifikasikan segmen operasi The Group identifies its operating segments on the
berdasarkan pelaporan internal yang dikaji secara basis of internal reports that are regularly
berkala oleh pengambil keputusan operasional reviewed by the chief operating decision maker in
utama dalam rangka mengalokasikan sumber daya order to allocate resources to the segment and
dan menilai kinerja segmen operasi tersebut. assess its performance.
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 Direksi sebagai pengambil Board of Directors as the Group’s chief operating
keputusan operasional Grup. decision makes.
j. Pembayaran berbasis saham j. Share based-payments
Perusahaan memberikan opsi saham dan saham The Company provides stock options and share
kepada manajemen karyawan yang memenuhi grants to the eligible employees through the
syarat melalui Program Opsi Saham dan Program Management Employee Stock Option and Share
Pemberian Saham untuk Karyawan Manajemen. Grant Plan. The settlements of the plan are made
Penyelesaian program ini dilakukan sebagian partially through cash (cash settled share-based
melalui kas (pembayaran berbasis saham yang payment arrangement) and through shares (equity
diselesaikan dengan kas) dan sebagian melalui settled share-based payment arrangement).
saham (pembayaran berbasis saham yang
diselesaikan dengan instrumen ekuitas).
Nilai wajar saat tanggal pemberian kompensasi The grant-date fair value of share-based payment
berbasis saham ke karyawan diakui sebagai beban compensation granted to employees is recognized
karyawan, beserta perubahan terkaitnya di as an employee expense, with a corresponding
ekuitas, selama periode sampai dengan karyawan increase in equity, over the period that the
berhak tanpa syarat atas penghargaan tersebut. employees become unconditionally entitled to the
awards.

FINANCIAL REPORTS


j. Pembayaran berbasis saham (lanjutan) j. Share based-payments (continued)
Nilai yang diakui sebagai beban disesuaikan untuk The amount recognized as an expense is adjusted
menggambarkan nilai penghargaan yang terkait to reflect the number of awards for which the
dengan kondisi masa kerja yang diharapkan dapat related service conditions are expected to be met,
terpenuhi, sehingga pada akhirnya nilai yang diakui such that the amount ultimately recognized as an
sebagai beban didasarkan pada nilai penghargaan expense is based on the number of awards that
yang memenuhi kondisi jasa terkait pada saat meet the related service conditions at the vesting
tanggal vesting. Untuk kompensasi berbasis saham date. For share-based compensation with market
dengan kondisi kinerja pasar, nilai wajar saat performance conditions, the respective grant-date
tanggal pemberiannya diukur untuk merefleksikan fair value is measured to reflect such conditions
kondisi tersebut dan tidak terdapat penyesuaian and there is no true-up for differences between
untuk perbedaan antara hasil yang diharapkan dan expected and actual outcomes.
aktualnya.
Nilai wajar dari opsi saham ditentukan berdasarkan The fair value of the share options is computed
hasil penilaian penilai berkualifikasi dengan based on calculations by a qualified valuer using
menggunakan metode Black-Scholes, yang the Black-Scholes model, which is considered as
merupakan hirarki pengukuran nilai wajar level 2. level 2 of the fair value hierarchy measurement.
Asumsi dan input yang digunakan dalam teknik Assumptions and inputs in valuation technique
penilaian termasuk harga pasar kuotasian di pasar include quoted market prices in active markets for
aktif untuk instrumen serupa, suku bunga bebas similar instruments, risk-free and benchmark
risiko dan acuan yang digunakan dalam estimasi interest rates used in estimation discount rates.
tarif diskonto.
Nilai wajar dari jumlah yang terutang kepada The fair value of the amount payable to employees
karyawan terkait dengan program pembayaran which are related to cash-settled share based
berbasis saham yang diselesaikan dengan kas, payment arrangements is recognized as an expense
diakui sebagai beban beserta perubahan terkaitnya with a corresponding increase in liabilities, over
di liabilitas, selama periode sampai dengan the period during which the employees become
karyawan berhak tanpa syarat berhak atas unconditionally entitled to payment. The liability
pembayaran tersebut. Kewajiban tersebut diukur is remeasured at each reporting date and at
kembali pada setiap tanggal pelaporan dan pada settlement date based on the fair value of the
tanggal pembayaran berdasarkan nilai wajar dari program. Any changes in the liability are
program. Setiap perubahan dalam kewajiban recognized in profit or loss.
diakui dalam laba rugi.
Perusahaan telah mengakui masing-masing sebesar has recognized Rp46,124 and Rp30,831,
Rp46.124 dan Rp30.831 sebagai akumulasi respectively as accumulated share based
pembayaran berbasis saham. payments.


4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
31 Desember / 31 Desember/
Kas Cash on hand
Rupiah 12 13 Rupiah
Kas di bank (pihak ketiga) Cash in banks (third parties)

Rupiah Rupiah
PT Bank DBS Indonesia 16.237 25.395 PT Bank DBS Indonesia
PT Bank Permata Tbk. 3.545 5.963 PT Bank Permata Tbk.
MUFG Bank, Ltd., Jakarta Branch 2.335 1.351 MUFG Bank, Ltd., Jakarta Branch
PT Bank Central Asia Tbk. 934 526 PT Bank Central Asia Tbk.
PT Bank HSBC Indonesia 930 417 PT Bank HSBC Indonesia
Standard Chartered Bank Indonesia 179 180 Standard Chartered Bank Indonesia
Citibank, NA., Indonesia Branch 117 57 Citibank, NA., Indonesia Branch
PT Bank Mega Tbk. 81 82 PT Bank Mega Tbk.
PT Bank CIMB Niaga Tbk. 20 10 PT Bank CIMB Niaga Tbk.
PT Bank UOB Indonesia 6 6 PT Bank UOB Indonesia
PT Bank ANZ Indonesia - 375 PT Bank ANZ Indonesia
24.384 34.362
Dolar AS US Dollar
PT Bank HSBC Indonesia 9.891 460 PT Bank HSBC Indonesia
PT Bank Permata Tbk. 2.711 2.960 PT Bank Permata Tbk.
MUFG Bank, Ltd., Jakarta Branch 1.517 1.356 MUFG Bank, Ltd., Jakarta Branch
Standard Chartered Bank Indonesia 578 3.268 Standard Chartered Bank Indonesia
Citibank, NA., Indonesia Branch 307 120 Citibank, NA., Indonesia Branch
PT Bank Mega Tbk. 103 97 PT Bank Mega Tbk.
United Overseas Bank Limited - 44 United Overseas Bank Limited
118.840 95.417
Dolar AUS AUS Dollar

PT Bank Permata Tbk. 21 23 PT Bank Permata Tbk.
Dolar Singapura Singapore Dollar

United Overseas Bank Limited - 49 United Overseas Bank Limited
Jumlah kas di bank 143.245 129.851 Total cash in banks
Deposito berjangka di bank pihak

ketiga Time deposits in third party banks
Rupiah Rupiah
Dolar AS US Dollar
MUFG Bank, Ltd., Jakarta Branch - 33.995 MUFG Bank, Ltd., Jakarta Branch
362.216 312.250
Jumlah deposito berjangka 639.080 772.309 Total time deposits
Jumlah kas dan setara kas 782.337 902.173 Total cash and cash equivalents

FINANCIAL REPORTS

4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
Pada tanggal 31 Desember 2018 dan 2017, Grup tidak As of 31 December 2018 and 2017, the Group has no
menempatkan kas dan setara kasnya pada pihak cash and cash equivalents placed at related party.
berelasi.
Kisaran suku bunga kontraktual dari deposito berjangka The range of contractual interest rates earned from
di atas adalah sebagai berikut: the above time deposits is as follows:
Rupiah 5,6% - 8,0% 5,5% - 6,0% Rupiah

Dolar AS 1,7% - 2,0% 0,3% - 1,12% US Dollar
5. PIUTANG 5. RECEIVABLES
Pihak berelasi Related parties

Dolar AS ) ) US Dollar
Eastern Field Developments Eastern Field Developments
Limited (a) 50.684 -) Limited (a)
Rupiah ) ) Rupiah
PT Dwinad Nusa Sejahtera (b) 36.708 36.708) PT Dwinad Nusa Sejahtera (b)
PT Agro Maju Raya (c) - 312.577) PT Agro Maju Raya (c)
PT Tenaga Listrik Gorontalo (d) - 71.650) PT Tenaga Listrik Gorontalo (d)
Piutang dividen: Dividend receivables:
PT Adaro Strategic Capital 89.303 111.137) PT Adaro Strategic Capital
PT Adaro Energy Tbk. 40.621 49.850) PT Adaro Energy Tbk.
PT Adaro Strategic Lestari 35.599 44.302) PT Adaro Strategic Lestari
Dikurangi cadangan kerugian Deducted allowance for
penurunan nilai (36.708) (44.825) impairment losses
Jumlah pihak berelasi 216.207 581.399) Total related parties
Pihak ketiga Third parties

Rupiah 144.923 41.829) Rupiah
Dolar AS 34.590 27.954) US Dollar
Dikurangi cadangan kerugian Deducted allowance for
penurunan nilai (29.820) (27.899) impairment losses
Jumlah pihak ketiga 149.693 41.884) Total third parties
Jumlah bersih 365.900 623.283) Total, net


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

Perubahan cadangan kerugian penurunan nilai adalah The movement of the allowance for impairment losses
sebagai berikut: is as follows:
Saldo awal 72.724 54.068 Beginning balance

Efek perubahan selisih kurs 1.921 385 Effect of changes of foreign exchanges
Penambahan cadangan 36.708 44.825 Addition of allowance
Pembalikan (44.825) (26.554) Reversal
Saldo akhir 66.528 72.724 Ending balance
Informasi tambahan: Additional information:
a. Pada tanggal 8 Maret 2018, Perusahaan a. On 8 March 2018, the Company entered into a loan
menandatangani perjanjian pinjaman dengan agreement with Eastern Field Developments
Eastern Field Developments Limited (EFDL) dengan Limited (EFDL) with maximum facility up to
jumlah fasilitas maksimum sebesar USD30.000.000 USD30,000,000 and cannot be re-drawn. This loan
dan fasilitas ini tidak dapat ditarik kembali. provided by the Company for the purpose of
Pinjaman ini diberikan oleh Perusahaan dalam investment and will mature within 1 year after
rangka investasi dan akan jatuh tempo dalam drawdown.
jangka waktu 1 tahun sejak penarikan pinjaman.
Pada tanggal 31 Desember 2018, masih terdapat As of 31 December 2018, the balance of
saldo piutang EFDL sebesar USD3.500.000. receivables from EFDL amounted to USD3,500,000.
Pinjaman ini akan jatuh tempo pada tanggal 30 This loan will be due on 30 March 2019.
Maret 2019.
b. Perusahaan memberikan Pinjaman kepada b. The Company provided a loan to PT Dwinad Nusa
PT Dwinad Nusa Sejahtera (Dwinad), dengan Sejahtera (Dwinad), with total loan amounting to
jumlah total pinjaman sebesar Rp64.689. Rp64,689.
Seluruh pinjaman tersebut akan jatuh tempo dalam All loans will due within 2 (two) days after Dwinad
waktu 2 (dua) hari setelah Dwinad melunasi dana has repaid the balance in relation to the Senior
pinjaman sehubungan dengan Perjanjian Pinjaman Facility Agreement between Dwinad, Nomura
Senior antara Dwinad, Nomura Singapore Limited Singapore Limited and Indonesia Eximbank. This
dan Indonesia Eximbank. Pinjaman ini akan jatuh loans will be due in 2019.
tempo pada tahun 2019.
Selama tahun 2017, Dwinad telah melakukan During 2017, Dwinad has partially settled its
pelunasan sebagian atas kewajibannya kepada obligations to the Company pursuant to the Loan
Perusahaan berdasarkan Perjanjian Pinjaman Agreement with a payment amount of Rp27,981
tersebut dengan jumlah sebesar Rp27.981 dimana whereby from this settlement, the Company has
atas penyelesaian ini, Perusahaan mendapatkan obtained additional 168,652,663 shares in
tambahan 168.652.663 lembar saham Sumatra Sumatra Copper & Gold Plc. As of 31 December
Copper & Gold Plc. Pada tanggal 31 December 2018 2018 and 2017, the outstanding receivable from
dan 2017, saldo piutang Dwinad adalah sebesar Dwinad was Rp36,708.
Rp36.708.
Pada tanggal 31 December 2018, Perusahaan telah As of 31 December 2018, The Company provided
mengakui cadangan kerugian penurunan nilai untuk an allowance for impairment losses for this
piutang tersebut sebesar Rp36.708. receivable amounting to Rp36,708.
c. Sampai dengan 31 Desember 2017, grup c. Up to 31 December 2017, the Group provided loans
memberikan pinjaman kepada PT Agro Maju Raya to PT Agro Maju Raya (AMR), an associate, with
(AMR), entitas asosiasi, dengan jumlah total total amount of Rp312,577. On 30 May 2018, AMR
sebesar Rp312.577. Pada tanggal 30 Mei 2018, AMR has settled all of these loans.
telah menyelesaikan seluruh pinjaman tersebut.

FINANCIAL REPORTS

5. PIUTANG (lanjutan) 5. RECEIVABLES (continued)
d. Pada tanggal 21 November 2014, sebagaimana d. On 21 November 2014, as most recently amended
terakhir kali diubah pada tanggal 27 April 2018, on 27 April 2018, the Company entered into a loan
Perusahaan menandatangani perjanjian pinjaman agreement with PT Tenaga Listrik Gorontalo
dengan PT Tenaga Listrik Gorontalo (TLG), (TLG), an associate, to provide a loan to TLG in an
perusahaan asosiasi, untuk jumlah maksimal aggregate principal amount up to Rp79,650. As of
sebesar Rp79.650. Per 31 Desember 2017, 31 December 2017, the loan provided to TLG was
pinjaman yang diberikan kepada TLG adalah amounted to Rp71,650.
sebesar Rp71.650.
Pada tanggal 31 Desember 2017, Perusahaan As of 31 December 2017, The Company provided
mencadangkan kerugian penurunan nilai untuk an allowance for impairment loss of the
piutang tersebut sebesar Rp44.825 dan pada receivables amounting to Rp44,825 and on 18 July
tanggal 18 Juli 2018, TLG telah menyelesaikan 2018, TLG settled all of these loans.
seluruh pinjaman tersebut.
Manajemen berkeyakinan bahwa cadangan kerugian

Management believes that the allowance for
penurunan nilai untuk piutang telah mencukupi untuk
impairment losses of receivables is adequate to cover
menutup kemungkinan kerugian atas tidak tertagihnya
any possible losses from non-collectible receivables.
piutang.
6. KAS YANG DIBATASI PENGGUNAANNYA 6. RESTRICTED CASH

31 Desember / 31 Desember/
Pihak ketiga Third parties
Rupiah Rupiah
Dolar AS US Dollar
Natixis 407 374 Natixis
ING Bank N.V 7 7.385 ING Bank N.V
484 7.825
Jumlah 518 7.859 Total
Pada tanggal 31 Desember 2018 dan 2017, kas yang As of 31 December 2018 and 2017, the restricted cash
dibatasi penggunaannya merupakan jaminan kas atas was collateral for bank loans (Note 10).
pinjaman bank (Catatan 10).

7. INVESTASI PADA EFEK EKUITAS 7. INVESTMENT IN EQUITY SECURITIES

Rincian investasi pada efek ekuitas adalah sebagai berikut: The detail of the investment in equity securities is as follows:
31 Desember/December 2018 31 Desember/December 2017
Investasi/Investments Persentase Teknik penilaian Nilai wajar/ Persentase Teknik penilaian Nilai wajar/
kepemilikan/ nilai wajar Fair value kepemilikan/ nilai wajar Fair value
Percentage of (Catatan 2e)/ Percentage of (Catatan 2e)/
ownership Fair value valuation ownership Fair value valuation
techniques techniques
(Note 2e) (Note 2e)
Rp Rp
INFRASTRUKTUR / INFRASTRUCTURE
Investasi di perusahaan publik/Investment in listed entities:
PT TOWER BERSAMA INFRASTRUCTURE TBK.

Kepemilikan tidak langsung melalui entitas anak: PT Wahana Anugerah Sejahtera dan Delta
Investment Horizon International Ltd./Indirect ownership through subsidiary: PT Wahana
Anugerah Sejahtera, Delta Investment Horizon International Ltd. 32,70% Level 1 5.341.120 32,51% Level 1 9.465.211
PT NUSA RAYA CIPTA TBK

Kepemilikan langsung/Direct ownership 7,12% Level 1 67.130 7,12% Level 1 66.087
SEROJA INVESTMENT LIMITED, SINGAPURA / SINGAPORE

Kepemilikan langsung/Direct ownership 23,26% Level 1 26.961 23,26% Level 1 37.731
Investasi di perusahaan non-publik/Investment in non-listed entities:
ENTITAS LAINNYA / OTHER ENTITIES

Kepemilikan langsung/Direct ownership
- Kepemilikan di entitas infrastruktur 1/Interest in infrastruktur entity 1 - - - 16,67% Level 3 87.711
Kepemilikan tidak langsung melalui entitas anak/Indirect ownership through subsidiary:
PT Saratoga Sentra Business, PT Wana Bhakti Sukses Mineral, PT Wahana Anugerah
Sejahtera
- Kepemilikan di entitas infrastruktur 2/Interest in infrastructure entity 2 20 - 50% Level 2 7.072 20 - 50% Level 2 6.502
- Kepemilikan di entitas infrastruktur 3/Interest in infrastructure entity 3 20 - 50% Level 2 542 20 - 50% Level 2 541
- Kepemilikan di entitas infrastruktur 4/Interest in infrastructure entity 4 20 - 50% Level 2 68.795 20 - 50% Level 2 11.806
- Kepemilikan di entitas infrastruktur 5/Interest in infrastructure entity 5 < 20% Biaya/Cost 84 < 20% Biaya/Cost 84
2018 ANNUAL REPORT

99
100
FINANCIAL REPORTS
7. INVESTASI PADA EFEK EKUITAS (lanjutan) 7. INVESTMENT IN EQUITY SECURITIES (continued)
Rincian investasi pada efek ekuitas adalah sebagai berikut (lanjutan): The detail of the investment in equity securities is as follows (continued):

(Note 2e) (Note 2e)
Rp Rp
INFRASTRUKTUR (lanjutan) / INFRASTRUCTURE (continued)
Investasi di perusahaan non-publik (lanjutan)/Investment in non-listed entities (continued):
ENTITAS LAINNYA (lanjutan)/ OTHER ENTITIES (continued)

- Kepemilikan di entitas infrastruktur 6/interest in infrastructure entity 6 20 - 50% Level 3 167.572 20 - 50% Level 3 210.778
- Kepemilikan di entitas infrastruktur 7/interest in infrastructure entity 7 20 - 50% Level 2 1.624 20 - 50% Level 2 1.624
- Kepemilikan di entitas infrastruktur 8/interest in infrastructure entity 8 < 20% Biaya/Cost 347 < 20% Biaya/Cost 347
Jumlah investasi di infrastruktur/Total investment in infrastructure 5.681.247 9.888.422
SUMBER DAYA ALAM / NATURAL RESOURCES
PT ADARO ENERGY TBK. (2018: 15,24%; 2017: 15,19%)

Kepemilikan langsung/direct ownership 3,74% Level 1 1.452.035 3,68% Level 1 2.192.770
Kepemilikan tidak langsung melalui asosiasi/Indirect ownership through: PT Adaro Strategic
Capital (ASC) (**) 25% Level 2 3.197.233 25% Level 2 4.894.234
Kepemilikan tidak langsung melalui asosiasi/Indirect ownership through: PT Adaro Strategic
Lestari (ASL) (**) 29,79% Level 2 1.274.467 29,79% Level 2 1.950.932
5.923.735 9.037.936
(**) Nilai ini merupakan nilai investasi Perusahaan pada ASC dan ASL dimana nilai wajar dari ASC dan ASL sebagian besar berasal dari nilai investasi pada saham di PT Adaro Energy Tbk melalui kepemilikan tidak langsung di PT Adaro Strategic Investments/ This amount represents the
investment in ASC and ASL whereas the fair value of ASC and ASL mainly represents the investment in PT Adaro Energy Tbk through indirect ownership in PT Adaro Strategic Investments.

(Note 2e) (Note 2e)
Rp Rp
SUMBER DAYA ALAM (lanjutan) / NATURAL RESOURCES (continued)
Investasi di perusahaan publik (lanjutan)/Investment in listed entities (continued):
PT MERDEKA COPPER GOLD TBK.

Kepemilikan langsung/direct ownership dan Kepemilikan tidak langsung melalui entitas
anak/Indirect ownership through subsidiary: PT Trimitra Karya Jaya 20,76% Level 1 3.025.313 18,94% Level 1 1.617.173
PT PROVIDENT AGRO TBK.

Kepemilikan tidak langsung melalui entitas anak/Indirect ownership through subsidiary:
PT Saratoga Sentra Business 44,87% Level 1 830.677 44,87% Level 1 1.047.930
SUMATRA COPPER & GOLD PLC, AUSTRALIA

Kepemilikan langsung/direct ownership 35,91% Level 1 - 38,40% Level 1 220.802
FINDERS RESOURCES LTD., AUSTRALIA

Kepemilikan langsung/direct ownership - - - 6,09% Level 1 119.172
INTERRA RESOURCES LTD., SINGAPURA/ SINGAPORE

Kepemilikan langsung/direct ownership 13,54% Level 1 26.086 15,67% Level 1 49.863
SIHAYO GOLD PLC., AUSTRALIA

Kepemilikan langsung/direct ownership 13,33% Level 1 47.949 13,33% Level 1 33.484
2018 ANNUAL REPORT

101
102
FINANCIAL REPORTS

Ownership Fair value valuation ownership Fair value valuation
(Note 2e) (Note 2e)
Rp Rp
SUMBER DAYA ALAM (lanjutan) / NATURAL RESOURCES (continued)

Kepemilikan tidak langsung melalui entitas anak/Indirect ownership through subsidiaries:
PT Saratoga Sentra Business, PT Surya Nuansa Ceria
- Kepemilikan di entitas sumber daya alam 1/Interest in natural resource entity 1 20 - 50% Level 2 193 20 - 50% Level 2 193
- Kepemilikan di entitas sumber daya alam 2/Interest in natural resource entity 2 < 20% Biaya/Cost 1 < 20% Biaya/Cost 1
- Kepemilikan di entitas sumber daya alam 3/Interest in natural resource entity 3 20 - 50% Level 2 21.098 20 - 50% Level 2 26.845
Jumlah investasi di sumber daya alam/Total investment in natural resources 9.875.052 12.153.399

(Note 2e) (Note 2e)
Rp Rp
PRODUK KONSUMEN / CONSUMER PRODUCTS
PT MITRA PINASTHIKA MUSTIKA TBK.

Kepemilikan langsung/direct ownership 48,62% Level 1 1.963.643 48,62% Level 1 2.104.678
PT ANEKA GAS INDUSTRI TBK.

Kepemilikan langsung/direct ownership 6,92% Level 1 144.381 < 5% Level 1 1.395

Kepemilikan langsung/direct ownership
- Kepemilikan di ekuitas saham/ interest in equity shares < 5% Level 1 4.653 < 5% Level 1 6.615

- Kepemilikan di entitas produk konsumen 1/interest in consumer product entity 1 20 – 50% Level 3 14.885 20 – 50% Biaya/Cost 13.679
- Kepemilikan di entitas produk konsumen 2/interest in consumer product entity 2 < 20% Level 3 28.515 < 20% Level 3 58.501
- Kepemilikan di entitas produk konsumen 5/interest in consumer product entity 5 < 20% Level 3 34.658 < 20% Biaya/Cost 3.396
PT Saratoga Sentra Business dan/and PT Nugraha Eka Kencana
- Kepemilikan di entitas produk konsumen 6/interest in consumer product entity 6 > 50% Level 2 135.938 > 50% Level 2 131.647
- Kepemilikan di entitas produk konsumen 7/interest in consumer product entity 7 < 20% Level 3 89.283 < 20% Biaya/Cost 69.083
Jumlah investasi di produk konsumen/Total investment in consumer products 2.545.383 2.533.672
2018 ANNUAL REPORT

103
104
FINANCIAL REPORTS


(Note 2e) (Note 2e)
Rp Rp
LAIN-LAIN/ OTHERS

- Investasi di dana 1/investment in fund 1 - Level 2 227.993 - Level 2 175.690
- Investasi di dana 2/investment in fund 2 - Biaya/Cost 39.329 - -

PT Nugraha Eka Kencana dan/and PT Saratoga Sentra Business
- Investasi di dana 3/investment in fund 3 - Biaya/Cost 357.290 - - -
- Investasi di reksadana 1/investment in a mutual fund 1 - Level 1 1.945 - Level 1 2.036
- Kepemilikan di entitas lain-lain 1/interest in other entity 1 < 20% Biaya/Cost 1.931 < 20% Biaya/Cost 1.931
Jumlah investasi di lain-lain/Total investment in others 628.488 179.657
JUMLAH INVESTASI PADA EFEK EKUITAS/ TOTAL INVESTMENT IN EQUITY SECURITIES 18.730.170 24.755.150


Ringkasan informasi tambahan investasi Summary of additional information for investment
Ringkasan informasi tambahan investasi pada efek A summary of additional information for investment in
ekuitas adalah sebagai berikut: equity securities is as follows:
Sumatra Copper and Gold Plc. (SUM) Sumatra Copper and Gold Plc. (SUM)
Selama tahun 2017, Perusahaan melakukan During 2017, the Company acquired 1,195,427,387
penambahan investasi di SUM sebanyak 1.195.427.387 additional shares in SUM with total value of Rp150,698
saham dengan nilai sebesar Rp150.698 sebagai bagian as a part of shareholder debt restructuring.
dari restrukturisasi utang pemegang saham.
Pada tanggal 31 Desember 2018, Perusahaan telah On 31 December 2018, the Company has reserved
mencadangkan kerugian penurunan nilai atas seluruh investment losses for all investment values in SUM
nilai investasi di SUM terkait dengan penangguhan related to the suspension of operation at PT Dwinad
operasi tambang di PT Dwinad Nusa Sejahtera Nusa Sejahtera (Dwinad), a subsidiary of SUM. Dwinad
(Dwinad), entitas anak SUM. Dwinad terus berdiskusi continues to discuss with its Lenders and stakeholders
dengan Pemberi Pinjaman dan pemangku kepentingan about restructuring options.
tentang opsi restrukturisasi.
PT Merdeka Copper Gold Tbk (MDKA) PT Merdeka Copper Gold Tbk (MDKA)
Selama tahun 2017, Perusahaan telah memperoleh During 2017, the Company acquired 1,946,400
tambahan investasi sebanyak 1.946.400 saham MDKA additional shares of MDKA with total acquisition cost of
dengan jumlah harga perolehan sebesar Rp4.215. Rp4,215.
Sepanjang tahun 2018, Grup telah melakukan During 2018, the Group has carried out several
beberapa kegiatan investasi dan divestasi di MDKA investment activities and divestment in MDKA
(termasuk dalam rangka berpartisipasi dalam (including in order to participate in the right issue with
penerbitan saham baru dengan Hak Memesan Efek Preemptive Rights (HMETD), and buying and selling
Terlebih Dahulu (HMETD), serta pembelian dan from the market). The additional investment from
penjualan dari pasar). Adapun jumlah tambahan participation in the right issue and purchases from the
investasi dari partisipasi dalam HMETD dan pembelian market in 2018 was 237,486,887 shares with the total
dari pasar pada tahun 2018 adalah sebanyak acquisition price of Rp547,299. In 2018, the Company
237.486.887 saham dengan total harga perolehan sold 128,800,000 shares with total value of Rp309,120.
sebesar Rp547.299. Pada tahun 2018, Perusahaan
menjual 128.800.000 saham dengan nilai sebesar
Rp309.120.
Finders Resources Limited (Finders) Finders Resources Limited (Finders)
Pada tanggal 9 April 2018, Perusahaan telah menjual On 9 April 2018, the Company sold its ownership in
seluruh kepemilikan saham di Finders kepada Eastern Finders to Eastern Field Development Limited (EFDL)
Field Development Limited (EFDL) dengan nilai sebesar for USD8,464,942.
USD8.464.942.

FINANCIAL REPORTS

Ringkasan informasi tambahan investasi (lanjutan) Summary of additional information for investment
(continued)
PT Adaro Energy Tbk (ADRO) PT Adaro Energy Tbk (ADRO)
tambahan saham ADRO sebanyak 16.182.300 saham additional ADRO shares with a total accumulated
dengan akumulasi biaya perolehan sebesar Rp26.698. acquisition cost of Rp26,698.
Sihayo Gold Limited (Sihayo) Sihayo Gold Limited (Sihayo)
tambahan saham Sihayo sebanyak 20.595.200 saham additional Sihayo shares with a total accumulated
dengan akumulasi biaya perolehan sebesar Rp3.047. acquisition cost of Rp3,047.
PT Provident Agro Tbk. (PALM) PT Provident Agro Tbk. (PALM)
Selama tahun 2017, Grup telah memperoleh tambahan During 2017, the Group acquired 50,708,128
saham PALM sebanyak 50.708.128 saham dengan additional PALM shares with a total accumulated
akumulasi biaya perolehan sebesar Rp18.817. acquisition cost of Rp18,817.
PT Tower Bersama Infrastructure Tbk. (TBIG) PT Tower Bersama Infrastructure Tbk. (TBIG)
Selama tahun 2017, Grup telah memperoleh tambahan During 2017, the Group acquired 12,088,200
saham TBIG sebanyak 12.088.200 saham dengan additional TBIG shares with a total accumulated
akumulasi biaya perolehan sebesar Rp61.147. acquisition cost of Rp61,147.
Selama tahun 2018, Grup telah memperoleh tambahan During 2018, the Group acquired 1,937,800 additional
saham TBIG sebanyak 1.937.800 saham dengan TBIG shares with a total accumulated acquisition cost
akumulasi biaya perolehan sebesar Rp9.601 dan of Rp9,601 and 26,703,100 shares of TBIG which come
sebanyak 26.703.100 saham yang berasal dari from equity share swap settlement related to
penyelesaian equity share swap sehubungan dengan exchangeable bonds (Note 11).
obligasi tukar (Catatan 11).
Ringkasan perubahan nilai wajar Summary of changes in fair values
A summary of changes in fair values for the years

ended 31 December 2018 and 2017 was as follows:
31 Desember/December 2018
Perubahan
Saldo awal/ nilai wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Infrastruktur 9.888.422) 214.538 (4.348.765) (72.948) 5.681.247 Infrastructure
Sumber daya alam 12.153.399) 843.167 (2.767.954) (353.560) 9.875.052 Natural resources
Produk konsumen 2.533.672) 170.659 (157.316) (1.632)) 2.545.383 Consumer products
Lainnya 179.657) 421.717 27.114) -) 628.488 Others
24.755.150) 1.650.081 (7.246.921) (428.140) 18.730.170


Perubahan
Saldo awal/ nilai wajar/ Saldo akhir/
Beginning Penambahan/ Changes Pelepasan/ Ending
balance Additions in fair value Divestments balance
Infrastruktur 9.169.932 61.148) 2.076.300) (1.418.958) 9.888.422) Infrastructure
Sumber daya alam 12.071.719) 176.633) 94.659) (189.612) 12.153.399) Natural resources
Produk konsumen 2.363.487) 154.090) 101.158) (85.063) 2.533.672) Consumer products
Lainnya 196.478) 2.699) (19.429) (91) 179.657) Others
23.801.616) 394.570) 2.252.688) (1.693.724) 24.755.150)
Metode perhitungan nilai wajar The calculation of the fair value method
Perhitungan metode nilai wajar level 2 dan 3 The calculation of the fair value method level 2 and 3
menggunakan beberapa metode pendekatan sebagai use several methods of approach as follows:
berikut:
Pendekatan nilai aset bersih Net asset value approach
Perusahaan menggunakan nilai tercatat aset bersih The Company uses the book value of net assets of the
pada perusahaan investasi dalam menentukan nilai investees in determining the value of their
investasi mereka. Investasi yang dinilai dengan investments. The investments valued using this
menggunakan pendekatan ini, umumnya hanya berlaku approach generally is only applicable for entities
untuk entitas (entitas dimana Grup melakukan (investees) which have the items in the financial
investasi) yang memiliki pos-pos dalam laporan statements where the book value approximates their
keuangannya di mana nilai tercatatnya mendekati fair value.
nilai wajarnya.
Pendekatan pasar dan pendekatan pendapatan Market approach and income approach
Manajemen menggunakan dua pendekatan yaitu Management uses both income approach (the
pendekatan pendapatan (analisa arus kas terdiskonto Discounted Cash Flow (DCF) analysis) and market
(DCF)) dan pendekatan pasar (berdasarkan pada approach (based on the market multiple from
beberapa pasar dari perusahan sejenis) untuk comparable companies) to estimate the fair value of
mengestimasi nilai wajar dari investasi tersebut. the investments. The market approach is used to
Pendekatan pasar digunakan untuk memeriksa kembali cross-check the value estimated based on the DCF
nilai estimasi berdasarkan analisa DCF. analysis.
8. INSTRUMEN KEUANGAN DERIVATIF 8. DERIVATIVE FINANCIAL INSTRUMENTS
a. Kontrak opsi mata uang asing a. Foreign currency option contracts
Kontrak opsi mata uang asing yang diadakan oleh The foreign currency option contracts entered
Perseroan dengan pihak ketiga berikut memiliki into by the Company with the following third
ketentuan pada tanggal 31 Desember 2018 dan parties had terms as of 31 December 2018 and
2017 sebagai berikut: 2017 as follows:
Nilai wajar pada/

Fair value as of
Tipe
kontrak/ 31 Desember/ Tanggal Tanggal jatuh
Contract Jumlah Nosional/ Tingkat premi/ 31 Desember/ December efektif/ tempo/
type Notional amount Contract rate December 2018 2017 Effective date Maturity date
19 September/
Natixis, Paris/ September 15 Mei/
France Beli/Buy USD 81.700.000 13.500 – 15.000 - 23.289 2017 May 2018
DBS Bank Ltd,

Singapura/ 26 Oktober/ 2 Oktober/
Singapore Beli/Buy USD 25.000.000 13.800 – 15.300 21.369 13.019 October 2017 October 2019
36.750.000
(terdiri atas 3 bagian 1 Pebruari,2 Mei
masing-masing sebesar & 2 Agustus/
DBS Bank Ltd, USD 12.250.000)/ 1 February,
Singapura/ consist of 3 legs of 26 Oktober/ 2 May &
Singapore Beli/Buy USD USD12.250.000 each) 13.800 – 15.300 28.306 15.757 October 2017 2 August 2019

FINANCIAL REPORTS

8. INSTRUMEN KEUANGAN DERIVATIF (lanjutan) 8. DERIVATIVE FINANCIAL INSTRUMENTS (continued)
a. Kontrak opsi mata uang asing (lanjutan) a. Foreign currency option contracts (continued)
Kontrak di atas digunakan oleh Perusahaan untuk The contracts are used by the Company to reduce
mengurangi risiko arus kas dari fluktuasi nilai tukar the cash flows risk arising from USD/IDR exchange
USD/IDR untuk pembayaran pokok utang obligasi di rate fluctuations for the principal repayment of
anak Perusahaan yang berpotensi terjadi di bulan bonds payable in a subsidiary of the Company
Mei 2018 (Catatan 11), dan untuk pembayaran which potentially occur in May 2018 (Note 11) and
hutang bank Perusahaan dan entitas anak yang for the payments of the Company’s and subsidiary’s
akan jatuh tempo pada tahun 2019. bank loan which will mature in 2019.
Sesuai dengan yang tertera di dalam kontrak, As stipulated in the foreign currency option
instrumen ini memberikan perlindungan penuh contracts, the instruments provide the Company
kepada Perusahaan atas fluktuasi nilai tukar with full protection against USD/IDR exchange rate
USD/IDR jika nilai tukar USD/IDR melebihi kurs fluctuation if the USD/IDR spot rate exceeds lower
batas bawah tetapi kurang dari atau sama dengan strike rate but is less than or equal to upper strike
kurs batas atas. Namun demikian, instrumen rate. The hedging instrument, however, will only
lindung nilai ini hanya akan menyediakan provide protection capped at Rp1,500 (whole
perlindungan maksimal sebesar Rp1.500 (Rupiah Rupiah) if the USD/IDR spot rate exceeds upper
penuh), apabila nilai tukar USD/IDR melebihi kurs strike rate.
batas atas.
Perusahaan membayar premium dengan jumlah The Company paid the total premium of
sebesar USD4.392.720 untuk kontrak opsi mata USD4,392,720 for the foreign currency option and
uang asing ini yang dicatat sebagai bagian dari recorded this as part of interest expenses in the
beban bunga di dalam laporan laba rugi dan consolidated statement of profit or loss and other
penghasilan komprehensif lain konsolidasian untuk comprehensive income for the year ended
tahun yang berakhir pada tanggal 31 Desember 31 December 2017.
2017.
b. Kontrak interest rate swap b. Interest rate swap contracts
Perusahaan mengadakan kontrak interest rate The Company entered into interest rate swap
swap dengan tujuan lindung nilai risiko fluktuasi contracts to hedge the risks of fluctuations in cash
arus kas yang ditimbulkan oleh perubahan tingkat flows arising from changes in interest rate on the
suku bunga atas pinjaman yang diterima dalam borrowings denominated in foreign currency which
mata uang asing dengan tingkat suku bunga bear floating interest rates.
mengambang.
Nilai wajar pada/

Fair value as of
Tipe Tingkat suku
kontrak/ bunga tetap/ 31 Desember/ Tanggal Tanggal jatuh
Contract Jumlah nosional/ Fixed interest 31 Desember/ December efektif/ tempo/
type Notional amount rate December 2018 2017 Effective date Maturity date
MUFG Bank Ltd., Mengamb USD 25.000.000 2,89% (4.728) - 12 September/ 29 Maret/March
Jakarta Branch ang jadi September 2018 2023
tetap/
Floating
to fixed
rate
DBS Bank Ltd., Mengamb USD 25.000.000 3,09% (8.551) - 15 Oktober/ 15 September/
Singapura/Singa ang jadi October 2018 September 2023
pore tetap/
Floating
to fixed
rate
Pada tanggal 31 Desember 2018, nilai wajar dari As of 31 December 2018, the fair value of the foreign
kontrak opsi mata uang asing dan interest rate swap currency option contracts and the interest rate swap
menghasilkan aset derivatif sebesar Rp49.675 resulted as derivative assets of Rp49,675
(USD3.434.656) dan liabilitas derivatif sebesar Rp13.279 (USD3,434,656) and derivative liabilities of Rp.13,279
(USD917.753). (USD917,753).
Pada tanggal 31 Desember 2017, nilai wajar dari As of 31 December 2017, the fair value of the foreign
kontrak opsi mata uang asing menghasilkan aset currency option contracts resulted as derivative assets
derivatif sebesar Rp52.065 (USD3.841.283). of Rp52,065 (USD 3,841,283).


9. PERPAJAKAN 9. TAXATION
a. Pajak dibayar di muka a. Prepaid taxes

Perusahaan The Company

Pajak Pertambahan Nilai 519 - Value Added Tax
Entitas anak Subsidiaries

Pajak penghasilan pasal 4 (2) 300 136 Income tax article 4 (2)
819 136
b. Utang pajak penghasilan b. Income tax payable
Pajak penghasilan badan Corporate income tax
Tahun kini 29.484 27.741 Current year
29.484 27.741

Pajak penghasilan badan Corporate income tax
Tahun kini 17.207 102.689 Current year
17.207 102.689
46.691 130.430
c. Utang pajak lainnya c. Other tax payables


Pajak pertambahan nilai - 60 Value added tax
Pajak penghasilan: Income tax:
Pasal 4(2) 8 8 Article 4(2)
Pasal 21 854 11.095 Article 21
Pasal 23 377 63 Article 23
1.239 11.226

Pajak pertambahan nilai 225 1.856 Value added tax
Pajak penghasilan pasal 23 29 21 Income tax article 23
254 1.877
1.493 13.103

FINANCIAL REPORTS

9. PERPAJAKAN (lanjutan) 9. TAXATION (continued)
d. Perhitungan pajak kini d. Calculation of current tax
Rekonsiliasi antara (rugi) laba konsolidasian A reconciliation between consolidated (loss) profit
sebelum pajak penghasilan dengan beban pajak before income tax and income tax expense is as
penghasilan adalah sebagai berikut: follows:
December 2018 December 2017*
(Rugi) laba konsolidasian sebelum Consolidated (loss) profit before
pajak penghasilan (6.685.056) 3.250.592 income tax
Dikurangi: Less:
(Rugi) laba sebelum (4.260.505) 1.864.702 (Loss) profit before income tax
pajak penghasilan entitas anak of subsidiaries
Eliminasi dan penyesuaian lainnya ke Elimination and other adjustments

metode biaya (3.139.456) 412.034 to cost method
Laba sebelum pajak Profit before income tax
penghasilan Perusahaan 714.905 973.856 of the Company
Koreksi fiskal: Fiscal corrections:

Penghasilan dividen final (677.780) (770.706) Final dividend income
Keuntungan atas penjualan aset Gain on sale of investment and
investasi dan derivatif (84.988) (403.413) derivative assets
Pembalikan atas piutang tak Reversal of allowance for
tertagih (44.825) (26.554) doubtful accounts
Beban bunga 152.699 158.092 Interest expenses
Beban gaji karyawan dan Salary expenses and other
kompensasi karyawan 66.743 79.174 employees compensation
Penyisihan piutang tak tertagih 36.708 44.825 Bad debt expenses
Beban imbalan kerja 4.038 (2.072) Post employment benefit
Lainnya 77.613 127.197 Others
Laba kena pajak Perusahaan 245.113 180.399 The Company’s taxable profit
Tarif pajak yang berlaku 25% 25% Enacted tax rate
Beban pajak penghasilan kini Current income tax expense

Perusahaan 61.278 45.100 The Company
Entitas anak 19.484 137.689 Subsidiaries
Beban pajak penghasilan kini 80.762 182.789 Current income tax expense
Dikurangi: kredit pajak penghasilan Less: income tax credit

Perusahaan (31.794) (17.359) The Company
Entitas anak (2.577) (35.136) Subsidiaries
Jumlah kredit pajak penghasilan (34.371) (52.495) Total income tax credit
Taksiran utang pajak Estimated income tax payables

Perusahaan (29.484) (27.741) The Company
Total estimated income tax
Jumlah taksiran utang pajak (46.691) (130.430) payable
Taksiran pajak dibayar dimuka Estimated prepaid tax

Entitas anak 300 136 Subsidiaries


* Disajikan kembali (lihat Catatan 2g dan 24) As restated (see Note 2g dan 24) *
e. Aset dan liabilitas pajak tangguhan e. Deferred tax assets and liabilities
Diakui dalam
penghasilan
Diakui komprehensif
dalam lain/
Saldo laba rugi/ Recognized in Saldo
awal/ Recognized other akhir/
Beginning in profit or comprehensive Ending
balance loss income balance
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 4.292 1.009 (335) 4.966 Employee benefits liabilities
Investment in equity
Investasi pada efek ekuitas (712.092) 620.059 - (92.033) securities
(707.800) 621.068 (335) (87.067)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, bersih (44.492) 9.918 - (34.574) subsidiaries, net
Liabilitas pajak tangguhan, bersih (752.292) (121.641) Deferred tax liabilities, net
31 Desember/December 2017*
Diakui dalam
penghasilan
Diakui komprehensif
dalam lain/
Saldo laba rugi/ Recognized in Saldo
awal/ Recognized other akhir/
Beginning in profit or comprehensive Ending
balance loss income balance
Aset (liabilitas) pajak tangguhan Deferred tax assets (liabilities) of
Perusahaan: the Company:
Liabilitas imbalan kerja 4.292 (518) 518 4.292 Employee benefits liabilities
Investment in equity
Investasi pada efek ekuitas (593.940) (118.152) - (712.092) securities
(589.648) (118.670) 518 (707.800)
Liabilitas pajak tangguhan Deferred tax liabilities of the
entitas anak, bersih (256.997) 212.505 - (44.492) subsidiaries, net
Liabilitas pajak tangguhan, bersih (846.645) (752.292) Deferred tax liabilities, net

FINANCIAL REPORTS

e. Aset dan liabilitas pajak tangguhan (lanjutan) e. Deferred tax assets and liabilities (continued)
Berikut aset pajak tangguhan yang The following deferred tax assets
belum diakui: have not been recognized:
Provision for impairment of
Provisi atas penurunan nilai piutang 16.632 18.181 receivables
Kerugian yang belum direalisasi atas Unrealized losses on investment in
investasi pada efek ekuitas 380.757 240.508 equity securities
Rugi fiskal 41.842 15.474 Tax loss carry forwards
439.231 274.163
Perbedaan temporer yang menimbulkan aset pajak The temporary difference that gives rise to the
tangguhan untuk kerugian yang belum direalisasi deferred tax asset for the unrealized losses on
atas investasi pada efek ekuitas tidak akan investment in equity securities does not expire,
kadaluwarsa, namun secara historis, Perusahaan however historically the Company cannot account
tidak dapat mengakui kerugian investasi offshore for losses on offshore investments as deductible
sebagai biaya yang dapat dikurangkan untuk expenses for the income tax calculation,
keperluan perhitungan pajak, oleh karena itu accordingly the Company does not recognize the
Perusahaan tidak mengakui aset pajak tangguhan deferred tax assets with respect to this matter.
atas hal ini.
Perbedaan temporer yang menimbulkan aset pajak The temporary differences that gives rise to the
tangguhan untuk penyisihan penurunan nilai piutang deferred tax asset for the provision for impairment
juga tidak akan kadaluwarsa, namun sebelum of receivables also does not expire, however before
cadangan tersebut dapat dibebankan, Perusahaan such provision can be deductible the Company must
harus memberikan bukti bahwa piutang tidak provide evidence that the receivables are not
tertagih, dan dengan demikian harus menghapus collectible, and thereby must write off the
nilai piutang yang tidak tertagih. uncollectible balances.
Rugi fiskal, yang sebagian besar berasal dari anak Tax loss carry forwards, which mainly coming from
Perusahaan pada tanggal 31 Desember 2018 dan subsidiaries as of 31 December 2018 and 2017
2017 sebesar Rp167.369 dan Rp61.895, akan amounted to Rp167,369 and Rp61,895 respectively,
berakhir di tahun 2023 (2017: berakhir di 2022) jika will expire in 2023 (2017: expire in 2022) if not
tidak dimanfaatkan dengan laba fiskal pada masa utilized against future taxable profits. Deferred
mendatang. Aset pajak tangguhan tidak diakui tax assets have not been recognized with respect
sehubungan dengan hal-hal ini karena tidak mungkin to these items because it is not probable that
bahwa laba fiskal pada masa mendatang akan future taxable profits will be available against
memadai untuk dikompensasi dengan keuntungan which the Group can utilize the benefits
yang bisa dimanfaatkan oleh Grup. therefrom.


f. Beban pajak penghasilan f. Income tax expense
Rekonsiliasi antara beban pajak penghasilan, yang The reconciliation between income tax expense as
dihitung dengan menggunakan tarif pajak yang calculated by applying the applicable tax rate to
berlaku atas laba komersial sebelum pajak the commercial profit before income tax and the
penghasilan dan beban pajak penghasilan bersih, net income tax expense as presented in the
seperti yang tercantum dalam laporan laba rugi consolidated statement of profit or loss is as
konsolidasian adalah sebagai berikut: follows:
December 2018 December 2017 *
(Rugi) laba konsolidasian sebelum Consolidated (loss) profit before

pajak penghasilan (6.685.056) 3.250.592 income tax
Dikurangi: Less:
(Rugi) laba sebelum pajak (Loss) profit before income tax of
penghasilan entitas anak (4.260.505) 1.864.702 subsidiaries
Eliminasi dan penyesuaian ke Eliminations and other and adjustments
metode biaya (3.139.456) 412.034 to cost method
Laba sebelum pajak Profit before income tax of

penghasilan Perusahaan 714.905 973.856 the Company
Tarif pajak yang berlaku 25% 25% Statutory tax rate
Beban pajak penghasilan 178.726 243.464 Income tax expense

Pengaruh pajak Tax effect on fiscal
atas koreksi fiskal (118.457) (197.846) corrections
Pengaruh pajak atas kerugian Tax effect on loss on (loss) gain
investasi pada efek ekuitas (620.059) 118.152 investment in equity securities
(Manfaat) beban pajak penghasilan: Income tax (benefit) expense:

Perusahaan (559.790) 163.770 The Company
Entitas anak 9.566 (74.816) Subsidiaries
(Manfaat) beban pajak penghasilan (550.224) 88.954 Income tax (benefit) expense

FINANCIAL REPORTS

f. Beban pajak penghasilan (lanjutan) f. Income tax expense (continued)
Komponen beban pajak penghasilan adalah sebagai The components of income tax expense are as
berikut: follows:
Kini: Current:
Perusahaan 61.278 45.100 The Company
Entitas anak 19.484 137.689 Subsidiaries
80.762 182.789
Tangguhan: Deferred:
Perusahaan (621.068) 118.670 The Company
(630.986) (93.835)
(550.224) 88.954
Sesuai peraturan perpajakan di Indonesia, Under the taxation laws of Indonesia, the Company
Perusahaan dan entitas anak melaporkan/ and subsidiaries submit tax returns on the basis of
menyetorkan pajak-pajaknya berdasarkan self- self-assessment. The tax authorities may assess or
assesssment. Otoritas pajak dapat menetapkan amend taxes within the statute of limitations,
atau mengubah pajak tersebut dalam batas waktu under prevailing regulations.
yang ditentukan sesuai dengan ketentuan yang
berlaku.
Posisi pajak Perusahaan mungkin dapat The Company’s tax positions may be challenged by
dipertanyakan otoritas pajak. Manajemen dengan the tax authorities. Management vigorously
seksama mempertahankan posisi pajak Perusahaan defends the Company’s tax positions which are
yang diyakininya belandaskan dasar teknis yang believed to be grounded on sound technical basis,
kuat, sesuai dengan peraturan perpajakan. Oleh in compliance with tax regulations. Accordingly,
karena itu, manajemen berkeyakinan bahwa akrual management believes that the accruals for tax
atas liabilitas pajak mencukupi untuk seluruh tahun liabilities are adequate for all open tax years
pajak yang belum diperiksa berdasarkan based on the assessment of various factors,
penelaahan atas berbagai faktor, termasuk including interpretations of tax law and prior
interpretasi peraturan perpajakan dan pengalaman experience. The assessment relies on estimates
sebelumnya. Penelaahan tersebut didasarkan atas and assumptions and may involve judgment about
estimasi dan asumsi dan melibatkan pertimbangan future events. New information may become
akan kejadian di masa depan. Informasi baru available that causes management to change its
mungkin dapat tersedia yang menyebabkan judgment regarding the adequacy of existing tax
manajemen merubah pertimbangannya mengenai liabilities. Such changes to tax liabilities will
kecukupan liabilitas pajak yang ada. Perubahan impact tax expense in the period in which such
terhadap liabilitas pajak ini akan mempengaruhi determination is made.
beban pajak di periode dimana penentuan tersebut
dibuat.


10. PINJAMAN 10. BORROWINGS

Pinjaman bank 3.485.087 1.785.444 Bank loans

Pinjaman bank 434.430 677.400 Bank loans
Akrual beban bunga 44.995 16.945 Accrued interest

Dikurangi: biaya transaksi yang belum Less: unamortized
diamortisasi (26.593 ) (14.376) transaction costs
3.937.919 2.465.413
Dalam
ribuan Dalam ribuan
Dolar AS/ Setara Rp/ Dolar AS/ Setara Rp/
In thousands Equivalent In thousands Equivalent
of US Dollar Rp of US Dollar Rp
Pinjaman bank: Bank loans:

Rupiah Rupiah
MUFG Bank, Ltd., Jakarta MUFG Bank, Ltd., Jakarta
Branch - 635.000 - 390.000 Branch
PT Bank DBS Indonesia - 725.000 - - PT Bank DBS Indonesia
Dolar AS US Dollar
PT Bank HSBC Indonesia 60.000 868.860 - - PT Bank HSBC Indonesia
ING Bank N.V. 40.000 579.240 40.000 541.920 ING Bank N.V.
Natixis 36.750 532.177 63.000 853.524 Natixis
Standard Chartered Bank Standard Chartered Bank
London 10.000 144.810 - - London
Jumlah pinjaman bank 146.750 3.485.087 103.000 1.785.444 Total bank loans
Biaya transaksi yang belum Unamortized transaction
diamortisasi (25.432) (10.721) costs
Jumlah pinjaman Perusahaan 3.500.530 1.786.244 Total loans of the Company

Pinjaman bank: Bank loans:
Dolar AS US Dollar
ING Bank N.V. 30.000 434.430 50.000 677.400 ING Bank N.V.
Jumlah pinjaman bank 30.000 434.430 50.000 677.400 Total bank loans
Biaya transaksi yang belum Unamortized transaction
diamortisasi (1.161) (3.655) costs
Jumlah pinjaman entitas anak 437.389 679.169 Total loans of the subsidiaries
Jumlah pinjaman Grup 3.937.919 2.465.413 Total loans of the Group

116
FINANCIAL REPORTS


10. PINJAMAN (lanjutan) 10. BORROWINGS (continued)

Ikhtisar perjanjian pinjaman bank: Summary of bank loans’ agreement:
Batas
Entitas/ Bank Tanggal maksimum Jangka waktu fasilitas/Duration of Deskripsi/Description
Entity perjanjian/ kredit/Maximum facilities
Agreement date credit limit
Perusahaan/ Standard Chartered Bank London 5 Maret/ USD10.000.000 Fasilitas ini tersedia selama satu tahun Fasilitas revolving pinjaman jangka pendek/Revolving short term
The (SCB) March 2014 sejak tanggal perjanjian loan facility.
Company ditandatangani, diamandemen pada Tujuan dari pinjaman ini adalah untuk pendanaan/The purpose of
tanggal 6 April 2015 dan akan this borrowing is for financing.
diperpanjang secara otomatis untuk
periode setiap 12 bulan. Pada akhir Pada tanggal 31 Desember 2018, fasilitas ini dimanfaaatkan
periode ketersediaan, Bank seluruhnya oleh Perusahaan/ On 31 December 2018, this facility is
berdasarkan kebijaksanaannya sewaktu- fully utilized by the Company.
waktu berhak melanjutkan fasilitas
untuk 12 bulan berikutnya atau
membatalkannya. Jangka waktu
maksimal untuk setiap pinjaman adalah
3 bulan sejak pencairan/The facility is
available for one year from the date of
the agreement signed on 6 April 2015
and shall be automatically extended
for every 12 months period. At the end
of availability period, the Bank at its
own discretion has the right to
continue the facility for another
12 months or cancel the facility. The
maximum period for each loan is
3 months from disbursement.

Ikhtisar perjanjian pinjaman bank (lanjutan): Summary of bank loans’ agreement (continued):
Tanggal Batas maksimum Jangka waktu fasilitas/Duration of

Entitas/ perjanjian/
Bank kredit/Maximum facilities Deskripsi/Description
Entity Agreement date credit limit
Perusahaan/ PT Bank HSBC Indonesia 11 September/ USD10.000.000 Fasilitas ini tersedia selama satu Fasilitas revolving pinjaman jangka pendek/Revolving short term
The Company September 2014 (yang telah tahun sejak tanggal perjanjian loan facility.
ditingkatkan ditandatangani pada tanggal 11
menjadi September 2014 dan akan
Tujuan dari pinjaman ini adalah untuk pendanaan/The purpose of
USD20.000.000 diperpanjang secara otomatis untuk
this borrowing is for financing.
pada tanggal 4 periode setiap 12 bulan dan akan
Februari terus berlaku hingga Bank secara
2019/which has tertulis membatalkan, menghentikan, Pada tanggal 31 Desember 2018, fasilitas ini dimanfaaatkan
been increased to atau membebaskan Debitur dari seluruhnya oleh Perusahaan / On 31 December 2018, this facility is
USD20,000,000 on kewajibannya sesuai dengan fully utilized by the Company.
4 February 2019) perjanjian, jangka waktu untuk setiap
penarikan pinjaman adalah 1, 3 dan
6 bulan sejak pencairan/The facility
is available for one year from the
date of the agreement signed on
11 September 2014 and shall be
automatically extended for every
12 months period and shall continue
to be applicable until the Bank
cancel, cease, or discharge in writing
the Borrower from its obligations
under the agreement, with maximum
period for each loan of 1, 3 and 6
months from disbursement.
2018 ANNUAL REPORT

117
118

FINANCIAL REPORTS
Ikhtisar perjanjian pinjaman bank (lanjutan): Summary of bank loans’ agreement (continued):
Tanggal Batas maksimum Jangka waktu fasilitas/Duration of

Entitas/ perjanjian/ kredit/Maximum
Bank facilities Deskripsi/Description
Entity

Agreement date credit limit
Perusahaan/ ING Bank N.V. 29 September/ USD40.000.000 5 tahun setelah penarikan pinjaman Tujuan dari pinjaman ini adalah untuk pendanaan/The purpose of
The September 2014 pertama dengan batas waktu this borrowing is for financing.
Company penarikan pinjaman sampai dengan
tanggal 20 Juli 2017/ Fasilitas ini sudah dimanfaaatkan seluruhnya oleh Perusahaan dan
5 years after the first utilization nilai yang terhutang pada tanggal 31 Desember 2018 adalah sebesar
date with availability period until USD40.000.000/This facility has been fully utilized by the Company
20 July 2017. and the outstanding borrowing as of 31 December 2018 is
USD40,000,000.
Perusahaan/ Natixis 30 Oktober/ USD80.000.000 5 tahun dan 3 bulan setelah Tujuan dari pinjaman ini adalah untuk pendanaan/The purpose of
The October 2014 penarikan pinjaman/5 years and this borrowing is for financing.
Company 3 months after the utilization date.
Fasilitas ini sudah dimanfaaatkan seluruhnya oleh Perusahaan dan
nilai yang terhutang pada tanggal 31 Desember 2018 adalah sebesar
USD36.750.000/This facility has been fully utilized by the Company
and the outstanding borrowing as of 31 December 2018 is
USD36,750,000.
Perusahaan/ MUFG Bank, Ltd., Jakarta Branch 26 September/ Rp400.000 5 tahun sejak tanggal perjanjian/5 Tujuan dari pinjaman ini adalah untuk pembiayaan kembali untuk
The September 2016 years from the date of the pinjaman yang sudah ada di Perusahaan/The purpose of this
Company agreement. borrowing is for refinancing existing loan facility of the Company.

Rp360.000/This facility has been fully utilized by the Company and
the outstanding borrowing as of 31 December 2018 is Rp360,000.

Ikhtisar perjanjian pinjaman bank (lanjutan): Summary of bank loans’agreement (continued):

Tanggal Batas maksimum Jangka waktu
Entitas/ perjanjian/ kredit/Maximum credit fasilitas/Duration of
Bank Deskripsi/Description
Entity Agreement date limit facilities
Perusahaan/ PT Bank DBS Indonesia (“DBS”) 10 Oktober/ Rp725.000 5 tahun sejak penarikan Tujuan dari pinjaman ini adalah untuk membayar kembali Pinjaman
The Company October 2017 Pinjaman pertama/ 5 years yang jatuh tempo serta pendanaan untuk biaya dan pengeluaran yang
from the first utilisation terkait dengan tujuan tersebut/The purpose of that borrowing is for
date. managing the Company’s loan maturity profile and
financing/refinancing payment of all fees and expenses in relation to
the above purposes.

Rp725.000/This facility has been fully utilized by the Company and
the outstanding borrowing as of 31 December 2018 is Rp725,000.
Perusahaan/ PT Bank DBS Indonesia (“DBS”) 16 Oktober/ Rp370.000 dan/and 1 tahun sejak tanggal Tujuan dari pinjaman ini adalah untuk pendanaan/the purpose of this
the Company October 2017 USD35.000.000 perjanjian/1 year from the borrowing is for financing.
date of the agreement.
(batas maksimum kredit ini
bergantung pada jumlah Pada tanggal 31 Desember 2018, Perusahaan tidak memiliki saldo
deposito yang tersedia di Pinjaman ini telah terutang atas fasilitas ini/As of 31 December 2018, the Company has
anak perusahaan pada saat diperpanjang dan akan no outstanding balance on this facility.
pencairan Pinjaman/ the berakhir pada tanggal 16
maximum limit of this Oktober 2019/this facility
credit depends on the has been extended and will
amount of deposits expire on 16 October 2019.
available in the subsidiary
upon disbursement of the
Loan)
2018 ANNUAL REPORT

119
120

FINANCIAL REPORTS
Ikhtisar perjanjian pinjaman bank (lanjutan): Summary of bank loans’agreement (continued):

Entitas/Entity Bank Tanggal Batas maksimum Jangka waktu fasilitas/Duration of Deskripsi/Description
perjanjian/ facilities
kredit/Maximum
Agreement date
credit limit
Perusahaan/ MUFG Bank, Ltd., Jakarta 29 Maret/ March USD37.500.000 29 Maret/March 2023 Tujuan dari pinjaman ini adalah untuk pembiayaan kembali atas
the Company Branch 2018 (yang dapat Fasilitas Pinjaman yang sudah ada, untuk investasi dan untuk memenuhi
ditarik dalam USD kebutuhan modal dari anak perusahaan/The purpose of this borrowing
atau is for refinancing existing loan facilities, investments and meet any
Rupiah/which can capital demand from any of the Company’s subsidiaries.
be drawdown in
USD or Rupiah)
Pada tanggal 31 Desember 2018, Perusahaan telah memanfaatkan
fasilitas tersebut sebesar Rp275.000/As of 31 December 2018, the
Company has utilized this facility amounting to Rp275,000.
Perusahaan/ PT Bank HSBC Indonesia 26 April/ April USD50.000.000 5 tahun sejak tanggal pencairan Tujuan dari pinjaman ini adalah untuk pendanaan umum/The purpose
the Company (“HSBC”) 2018 pertama dari fasilitas/5 year from of this borrowing is for general financing.
the first utilisation date.
seluruh fasilitas tersebut sebesar USD50.000.000/As of 31 December
2018, the Company has fully utilized this facility amounting to
Rp50,000,000.
Entitas anak/ ING Bank N.V. 7 Desember/ USD50.000.000 8 November/November 2019 Tujuan dari pinjaman ini adalah untuk pendanaan/The purpose of this
subsidiary: December 2012 borrowing is for financing.
PT Wahana fasilitas tersebut sebesar USD30.000.000/As of 31 December 2018, the
Anugerah Company has utilized this facility amounting to USD30,000,000.
Sejahtera
(WAS)


Kisaran suku bunga kontraktual atas pinjaman Perusahaan yang diberikan oleh Bank The range of contractual interest rate on the Company’s borrowings provided by the
adalah sebagai berikut: Banks are as follows:
2018 2017
Rupiah JIBOR + 3,5% - 3,75% JIBOR + 3,5% - 3,75% Rupiah

Dolar AS LIBOR + 3,25% - 4% LIBOR + 3,25% - 4% US Dollar
Ringkasan perubahan pinjaman selama tahun berjalan adalah sebagai berikut: Summary of changes in borrowings during the year is as follows:
2018
Saldo awal 2.465.413) Beginning balance

Penerimaan dari pinjaman bank 3.053.274) Proceeds from bank loans
Pembayaran pinjaman bank (1.727.782) Repayments of bank loans
Perubahan saldo akrual beban bunga 28.050) Change in accrued interest balance
Perubahan saldo biaya transaksi yang belum diamortisasi (12.217) Change in unamortized transaction costs balance
Pengaruh perubahan selisih kurs 131.181) Effect of changes in exchange rate
Saldo akhir 3.937.919) Ending balance
Persyaratan pinjaman Covenants
Grup diwajibkan oleh krediturnya untuk memenuhi batasan-batasan tertentu, seperti The Group is required by the lenders to comply with certain covenants, such as
batasan rasio keuangan dan persyaratan administrasi tertentu. financial ratio covenants and certain administrative requirements.
Pinjaman terhutang dijamin dengan sebagian saham TBIG, ADRO dan/atau MPMX, yang The outstanding loans are secured by pledges of TBLG, ADRO and/or MPMX shares,
dimiliki (secara langsung atau tidak langsung) oleh Perusahaan. Nilai saham yang owned (directly or indirectly) by the Company. The value of the pledged shares is
dijaminkan harus setidaknya 1,67 – 2 kali dari saldo terhutang required to be at least 1.67 – 2 times of the total outstanding amounts.
Sehubungan dengan fasilitas pinjaman, Perusahaan diwajibkan untuk In relation to the loan facilities, The Company is required to maintain minimum
mempertahankan nilai pasar investasi minimum terhadap pinjaman tidak investment market value to unconsolidated debt (including contingency) of two (2)
terkonsolidasi (termasuk kontinjensi) sebesar dua (2) kali. times.
2018 ANNUAL REPORT

121
FINANCIAL REPORTS

11. OBLIGASI TUKAR 11. EXCHANGEABLE BONDS

Pada tanggal 26 Mei 2015, Perusahaan, melalui entitas On 26 May 2015, the Company, through its subsidiary,
anaknya Delta Investment Horizon International Ltd. Delta Investment Horizon International Ltd. (the ‘Issuer’)
(‘Penerbit’) menerbitkan obligasi berjangka waktu issued five-year bonds which are exchangeable to shares
lima tahun yang dapat ditukar dengan saham yang held by the Group in PT Tower Bersama Infrastructure
dimiliki Grup atas PT Tower Bersama Infrastructure Tbk. (“TBIG”). The terms and conditions of the
Tbk. (“TBIG”). Persyaratan dan ketentuan dari obligasi exchangeable bonds are summarized as follows:
yang dapat ditukar adalah sebagai berikut:
a) Jenis obligasi a) Type of bonds

Terdaftar di luar negeri – SGX, dijamin, obligasi dapat
ditukar/Registered overseas – SGX, guaranteed, exchangeable bonds
USD100.000.000 (setelah pembelian kembali obligasi tukar serta
penukaran lebih awal dengan opsi jual oleh pemegang obligasi, pada
b) Total face value of
tanggal 31 Desember 2018, seluruh obligasi telah lunas
bonds
b) Nilai nominal dibayar/subsequent to buy back exchangeable bonds and early
obligasi redemption through put option by bondholders, as of 31 December
2018, all of the bonds were fully repaid)
c) Tingkat suku bunga
obligasi: c) Bond Interest rate:
3% per tahun, terutang setiap tanggal 26 Mei dan 26 Nopember/ 3%
Kupon Coupon rate
per year, payable semi annually on 26 May and 26 November
Yield to maturity 3,75% per tahun/per year Yield to maturity
d) Tanggal jatuh
26 Mei/May 2020
tempo d) Date of bond maturity
5 tahun, dengan opsi jual di tahun ketiga/
5 years, with put option at third year
e) Jumlah jatuh
tempo 103,8139% dari nilai pokok/of principal amount e) Maturity amount
Penukaran pada tanggal jatuh tempo/Redemption on maturity
date:
Penukaran secara sekaligus pada saat jatuh tempo untuk jumlah
pokok obligasi dimana kondisi belum terjadi dan hak pertukaran
belum digunakan/ Redemption in a lump sum on the maturity
date for the principal amount of bonds for which a condition has
not occurred and the exchange right has not been exercised.
Penukaran lebih awal/ Early redemption:
Penerbit memiliki call option, sedangkan pemegang obligasi
memiliki put option/ the issuer has a call option, whereas the
bondholders have a put option.
Penukaran lebih awal dapat dilakukan berdasarkan tabel berikut ini

f) Metode penukaran (tabel ini disajikan dengan mengacu kepada nilai nominal obligasi f) Principal redemption
obligasi sebesar USD100.000 per lembar)/Early redemption can be done method
based on the table set out below (this table is presented with
reference to the value of the bonds for each USD100,000 principal
amount):
26 Nopember/November 2015 USD100.375,00
26 Mei/May 2016 USD100.751,41
26 Mei/May 2017 USD101.508,46
26 Mei/May 2018 USD102.271,20
26 Mei/May 2019 USD103.039,67


11. OBLIGASI TUKAR (lanjutan) 11. EXCHANGEABLE BONDS (continued)
Put option dapat diambil, jika salah satu kondisi di bawah ini
terjadi/The put option can be exercized if any of the following
conditions occur:
i. Pada tahun ketiga dari tanggal pembayaran (26 Mei 2018)/ On
the third anniversary of the date of payment (26 May 2018).
g) Put option oleh g) Put option by
ii. Jika ada perubahan pengendalian terjadi di SIS/if any change
pemegang obligasi bondholders
of control occurs in SIS.
iii. Terjadi delisting saham TBIG dari bursa saham atau transaksi
mereka ditangguhkan selama 30 hari perdagangan/TBIG
shares are delisted from the stock exchange or their
transaction is suspended for 30 trading days.
Call option dapat dilakukan jika salah satu dari kondisi berikut
terjadi/The call option can be exercized if any of the following
conditions occurs:
i. Pada atau setelah tanggal 16 Juni 2018 jika harga penutupan
TBIG selama 20 hari transaksi dalam 30 hari berturut-turut
mencapai 130% atau lebih dari harga pertukaran antara 3
tahun dari tanggal penerbitan - 26 Mei 2015 dan 30 hari kerja
untuk tanggal jatuh tempo/On or after 16 June 2018 if the
h) Call option oleh h) Call option by the
closing price of TBIG for 20 transactional days in 30
penerbit issuer
consecutive transactional days reaches 130% or more of the
exchange price between 3 years from the issuance date – 26
May 2015 and 30 business days to the maturity date.
ii. Jika saldo obligasi yang belum ditebus mencapai kurang dari
10% dari jumlah total yang dikeluarkan (clean up call)/if the
balance of bonds that has not been redeemed reaches less
than 10% of the sum of the total issued amount (clean up
call).
i) Hal-hal lain
sehubungan dengan i) Other matters
penukaran: relating to exchange:
- Rasio tukar 100% - Exchange ratio
- Nilai tukar (harga - Exchange price
saham TBIG per (TBIG price per
lembar) Rp10.707 shares
- Jenis saham yang Saham biasa/Common shares - Type of shares to
akan ditukar PT Tower Bersama Infrastructure Tbk. be exchanged
- Periode untuk - Period to apply
Tanggal mulai/start date: 26 Juli/July 2015
mengajukan for exchange
Tanggal akhir/end date: 19 Mei/May 2020
pertukaran
- Perihal mengenai Ketika kondisi untuk penyesuaian harga pertukaran terpenuhi, - Matters for the
penyesuaian harga misalnya dividen saham, maka harga pertukaran akan adjustment of
pertukaran disesuaikan dengan provisi yang telah dibuat sehubungan dengan exchange price
perjanjian obligasi yang terkait/When a condition for
re-adjustment of the exchange price has occurred, such as a
stock dividend, the exchange price will be adjusted in
accordance with the provisions in the relevant bonds purchase
agreement.
Perusahaan bertindak sebagai guarantor atas The Company acts as guarantor in relation with the
penerbitan obligasi tukar ini. issuance of the exchangeable bonds.
Obligasi tukar adalah instrumen campuran yang The exchangeable bonds are hybrid instruments which
mengandung satu atau lebih derivatif melekat. Grup contain one or more embedded derivatives. The Group
telah memilih untuk menetapkan obligasi tukar sebagai has elected to designate the exchangeable bonds as
liabilitas keuangan yang diukur pada nilai wajar melalui financial liabilities measured at fair value through
laba rugi, pada saat pengakuan awal dan selanjutnya. profit or loss on initial recognition and subsequent
measurement.

FINANCIAL REPORTS

Sampai 31 Desember 2017, Grup telah melakukan Up to 31 December 2017, the Group has bought back
pembelian kembali obligasi tukar dengan total harga exchangeable bonds with a total purchase price of
pembelian sebesar USD29.074.500 untuk nominal obligasi USD29,074,500 for the nominal value of the bond of
sebesar USD31.300.000. USD31,300,000.
Pada tahun 2018, Grup telah melakukan penyelesaian In 2018, the Group has settled all of the remaining
seluruh obligasi tukar yang tersisa dengan total nilai exchangeable bonds with a total payment value of
pembayaran sebesar USD70.247.273 untuk nominal USD70,247,273 for the nominal value of the bond
obligasi sebesar USD68.700.000. Pada tanggal amounting to USD68,700,000. As of 31 December 2018,
31 Desember 2018 tidak terdapat obligasi tukar yang no exchangeable bonds were outstanding.
masih terhutang.
Nilai wajar dari obligasi tukar pada tanggal 31 Desember The fair value of the exchangeable bonds as of
2017 adalah sebesar USD70.758.668 (setara dengan 31 Desember 2017 was USD70,758,668 (equivalent to
Rp958.639). Rp958,639).
Nilai wajar obligasi diukur menggunakan model berikut The fair value of the bonds is measured using the
(nilai wajar level 2): following model (fair value level 2):
1) Penilaian komponen derivatif melekat 1) Valuation of embedded derivative component

Grup menggunakan model Binomial Tree untuk The Group used a Binomial Tree model to project
memproyeksikan pergerakan harga saham TBIG, dan the stock price paths of TBIG, and computing the
menghitung nilai lnstrumen melalui metode iterasi Instrument value through a backward iteration
mundur. Dalam model tersebut, nilai lnstrumen method. In the model, the value of the Instrument
tersebut dihitung sebagai jumlah dari nilai ekuitas is computed as the sum of equity value and debt
dan nilai utang, di mana nilai Ekuitas diukur dari value, where equity value measures the upside
kenaikan nilai saham yang dikonversi dan nilai utang value of converted stock and debt value measures
diukur dari nilai pokok dan bunga, termasuk the value of the principal and interest, including any
pelunasan awal, jika obligasi tidak dikonversi. early redemption, if not converted. The sum of both
Jumlah kedua nilai ekuitas dan nilai utang akan the equity value and the debt value would be the
menjadi nilai wajar seluruh instrumen. Oleh karena fair value of the entire instrument. The embedded
itu nilai komponen derivatif melekat adalah derivative component is therefore the difference
perbedaan antara total nilai instrumen dan between the Instrument value and the debt
komponen utang yang dibahas di bawah. Dalam component as to be discussed below. In the model,
model tersebut, Grup berasumsi bahwa jika the Group assumes that if bondholder decides to
pemegang obligasi memutuskan untuk melaksanakan exercise the Conversion option, all of the
opsi konversi, seluruh saham yang dapat dikonversi exchangeable shares would be exercised.
akan ditukarkan.
2) Penilaian komponen utang 2) Valuation of debt component

Grup telah menggunakan pendekatan arus kas The Group has used the discounted cash flow
terdiskonto untuk menilai komponen utang. Grup approach to value the debt component. The Group
memperkirakan arus kas yang diharapkan di masa estimates the expected future cash flows based on
depan berdasarkan persyaratan kontrak. Tingkat the contractual terms. The discount rate used is
diskonto yang digunakan didasarkan pada suku bunga estimated based on the appropriate risk free rate
bebas resiko dan resiko kredit yang sesuai. and credit spread.


Asumsi dan input yang digunakan dalam teknik Assumptions and inputs used in the valuation techniques
penilaian termasuk harga saham TBIG, volatilitas include share price of TBIG, volatility price, dividend
harga, imbal hasil dividen, suku bunga bebas resiko, yield, risk free rate, credit spread and USD-IDR foreign
resiko kredit dan forward kurs valuta asing (USD-IDR). exchange forward rate.
Kontrak opsi mata uang asing Foreign currency option contracts
Pada tanggal 19 September 2017, Perusahaan telah On 19 September 2017, The Company has entered into a
melakukan kontrak opsi mata uang asing dengan foreign currency option contract with Natixis to hedge
Natixis untuk melakukan lindung nilai terhadap risiko changes in cash flow risks arising from fluctuations in the
arus kas dari fluktuasi nilai tukar USD/IDR pada saat USD/IDR exchange rate upon repayment of the principal
pembayaran pokok obligasi tukar (Catatan 8). Pada of the exchangeable bonds (Note 8). As of 31 December
tanggal 31 Desember 2018, kontrak opsi ini telah 2018, this contract has ended.
berakhir.
Equity share swap (aset keuangan yang diukur pada Equity share swap (financial asset measured at fair
nilai wajar melalui laba rugi) value through profit or loss)
Sehubungan dengan penerbitan obligasi tukar yang In relation to the issuance of exchangeable bonds as
dijelaskan di atas, pada tanggal 21 Mei 2015, Delta discussed above, on 21 May 2015, Delta Investment
Investment Horizon International Ltd. ("entitas anak") Horizon International Ltd. (“subsidiary”) entered into
menandatangani perjanjian Equity Share Swap Equity Share Swap agreement (“Agreement”) with
("Perjanjian") dengan Standard Chartered Bank, Standard Chartered Bank, Singapore (SCB). Under the
Singapura (SCB). Berdasarkan perjanjian tersebut, agreement, the subsidiary agreed to initially pay SCB
entitas anak setuju untuk membayar dimuka kepada USD18,800,000 for a future delivery, by SCB to the
SCB sebesar USD18.800.000 untuk penyelesaian di subsidiary, a fixed number of shares of 26,703,100 shares
masa yang akan datang oleh SCB kepada entitas anak in PT Tower Bersama Infrastructure Tbk. (“TBIG”).
sebanyak 26.703.100 lembar saham di PT Tower
Bersama Infrastructure Tbk. ("TBIG").
Penyelesaian tersebut dapat dilakukan setiap saat The settlement can be done anytime prior to 26 May
sebelum 26 Mei 2018. Metode penyelesaian yang 2018. The default settlement method is through physical
utama adalah melalui penyerahan berupa fisik saham, settlement, although the subsidiary, may in giving
meskipun entitas anak juga dapat memilih notice, elect partial cash settlement and partial physical
penyelesaian sebagian secara tunai dan sebagian settlement. If cash settlement is elected, the cash to be
secara fisik saham dengan cara pemberitahuan lebih settled is based on the valuation of TBIG share at the
dahulu. Jika penyelesaian secara tunai yang dipilih, settlement date. Any cash settlement is in USD. The
maka nilai tunai dihitung berdasarkan penilaian subsidiary also receives interest at a rate of 0.5% on any
saham TBIG pada tanggal penyelesaian. Penyelesaian outstanding amount.
secara tunai adalah dalam dolar AS. Entitas anak juga
menerima bunga sebesar 0,5% atas jumlah yang belum
dilunasi.
Grup telah memilih untuk menetapkan kontrak The Group had elected to designate this hybrid
instrumen campuran ini sebagai aset keuangan yang instrument contract as a financial asset measured at fair
diukur pada nilai wajar melalui laba rugi pada saat value through profit or loss on initial recognition and
pengakuan awal dan selanjutnya. Nilai wajar dari subsequent measurement. The fair value of the equity
equity swap pada tanggal 31 Desember 2017 sebesar swap as of 31 December 2017 amounting to Rp54,792 of
Rp54.792 untuk 8.522.000 saham, yang dihitung 8,522,000 shares, which is mainly based on TBIG closing
terutama berdasarkan harga penutupan saham TBIG share price (fair value level 2).
(nilai wajar level 2).
Pada tanggal 31 Desember 2018, seluruh Equity Share As of 31 December 2018, all of the Equity Share Swap has
Swap telah selesai dengan penyerahan saham TBIG been settled with the receipt of TBIG shares as
sebagai metode penyelesaian. settlement method.

FINANCIAL REPORTS

12. MODAL SAHAM 12. SHARE CAPITAL
Susunan pemegang saham Perusahaan dan The composition of the shareholders of the Company and
kepemilikannya masing-masing pada tanggal their respective ownership interests as of
31 Desember 2018 dan 2017 adalah sebagai berikut: 31 December 2018 and 2017 are as follows:
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 859.500.000 31,6812 85.950 PT Unitras Pertama
Edwin Soeryadjaya 842.218.571 31,0442 84.222 Edwin Soeryadjaya
Sandiaga S. Uno 613.765.429 22,6234 61.377 Sandiaga S. Uno
Michael W.P. Soeryadjaya 168.600 0,0062 17 Michael W.P. Soeryadjaya
Andi Esfandiari 363.000 0,0134 36 Andi Esfandiari
Masyarakat 396.032.900 14,5977 39.603 Public
2.712.048.500 99,9661 271.205
Saham treasuri 918.500 0,0339 92 Treasury stock
2.712.967.000 100,0000 271.297
Ditempatkan dan disetor penuh/
Issued and fully paid-up
Persentase
kepemilikan/
Saham/ Percentage Jumlah/
Shares of ownership Amount
PT Unitras Pertama 885.000.000 32,6211 88.500 PT Unitras Pertama
Edwin Soeryadjaya 842.218.571 31,0442 84.222 Edwin Soeryadjaya
Sandiaga S. Uno 754.115.429 27,7967 75.412 Sandiaga S. Uno
Michael W.P. Soeryadjaya 71.200 0,0026 7 Michael W.P. Soeryadjaya
Andi Esfandiari 100.900 0,0037 10 Andi Esfandiari
Ngo Jerry Go 613.100 0,0226 61 Ngo Jerry Go
Masyarakat 229.556.700 8,4615 22.956 Public
2.711.675.900 99.9524 271.168
Saham treasuri 1.291.100 0,0476 129 Treasury stock
2.712.967.000 100,0000 271.297
Undang-Undang Perseroan Terbatas Republik Indonesia The Limited Liability Company Law of the Republic of
mengharuskan pembentukan cadangan umum dari laba Indonesia requires the establishment of a general
bersih sejumlah minimal 20% dari jumlah modal yang reserve from net income amounting to at least 20% of
ditempatkan dan disetor penuh. Cadangan umum ini the Company’s issued and paid up capital. This general
disajikan sebagai saldo laba dicadangkan pada laporan reserve is disclosed as appropriated retained earnings in
posisi keuangan konsolidasian. Tidak ada batasan waktu the consolidated statement of financial position. There
untuk membentuk cadangan tersebut. is no time limit on the establishment of the reserve.
Berdasarkan Rapat Umum Pemegang Saham Tahunan

tanggal 26 April 2017, pemegang saham menetapkan Based on the Annual General Shareholders Meeting
cadangan umum sebesar Rp 5.000 dari laba tahun 2016. dated 26 April 2017, the shareholders approved to
appropriate Rp 5,000 of the statutory reserve from
earnings in 2016.
Berdasarkan Rapat Umum Pemegang Saham Tahunan Based on the Annual General Shareholders Meeting
tanggal 26 Juni 2018, pemegang saham menetapkan dated 26 June 2018, the shareholders approved to
cadangan umum sebesar Rp 5.000 dari laba tahun 2017. appropriate Rp 5,000 of the statutory reserve from
earnings in 2017.


12. MODAL SAHAM (lanjutan) 12. SHARE CAPITAL (continued)

Saham Treasuri Treasury Stock
Selama tahun 2017, Perusahaan melakukan During 2017, the Company bought back a portion of
pembelian kembali sebagian saham yang shares which are publicly traded in the Indonesia Stock
diperdagangkan di Bursa Efek Indonesia sebagaimana Exchange, as allowed by Bapepam-LK Regulation No.
diperkenankan sesuai Peraturan Bapepam-LK XI.B.2 regarding “Buy Back of Shares Issued by the
No. XI.B.2 tentang “Pembelian Kembali Saham yang Issuer or Public Company”, Attachment of the Decree
Dikeluarkan oleh Emiten atau Perusahaan Publik”, of Chairman of Bapepam-LK No. Kep-105/BL/2010 on
Lampiran Keputusan Ketua Bapepam-LK No. Kep- 13 April 2010 as approved by the shareholders of the
105/BL/2010 tanggal 13 April 2010 sebagaimana Company in the Extraordinary General Meeting of
telah disetujui oleh pemegang saham Perusahaan Shareholders on 26 April 2017 pursuant to Deed of
dalam Rapat Umum Pemegang Saham Luar Biasa Minutes of Extraordinary General Meeting of
tanggal 26 April 2017 berdasarkan Akta Berita Acara Shareholders of PT Saratoga Investama Sedaya Tbk.
Rapat Umum Pemegang Saham Luar Biasa No. 112 dated 26 April 2017, made by Jose Dima
PT Saratoga Investama Sedaya Tbk. No. 112 tanggal Satria, S.H., M.Kn., Notary in South Jakarta. The buy-
26 April 2017, dibuat oleh Jose Dima Satria, S.H., back was executed from the date of the meeting
M.Kn., Notaris di Jakarta Selatan. Pembelian resolutions until the Annual General Meeting of
kembali tersebut terhitung sejak persetujuan rapat Shareholders which will be held in 2018. During 2017,
ini hingga Rapat Umum Pemegang Saham Tahunan the Company bought back 626,600 shares for a total
Perusahaan yang akan diadakan pada tahun 2018. purchase price of Rp2,057. In addition, during 2017
Selama tahun 2017, Perusahaan telah melakukan the Company has also distributed shares 3 (three)
pembelian kembali sebanyak 626.600 saham dengan times to its employees with regards to the
jumlah nilai pembelian sebesar Rp2.057. Selain itu, implementation of Long Term Incentive Program of
selama tahun 2017 Perusahaan juga telah 3 (tiga) 1,795,100 shares for a total distribution price of
kali membagikan saham kepada karyawan Rp6,040. Therefore, as of 31 December 2017, the
Perusahaan sehubungan dengan Program Insentif Company’s treasury shares were amounting to
Jangka Panjang Perusahaan sebanyak 1.795.100 1,291,100 (Rp5,406).
saham dengan jumlah nilai distribusi sebesar
Rp6.040. Dengan demikian, per tanggal 31 Desember
2017, jumlah saham treasuri Perusahaan adalah
sebanyak 1.291.100 saham (Rp5.406).
Selama tahun 2018, Perusahaan telah melakukan During 2018, the Company bought back 1,716,300
pembelian kembali sebanyak 1.716.300 saham shares for a total purchase price of Rp6,549. In
dengan jumlah nilai pembelian sebesar Rp6.549. addition, the Company has also distributed 2,088,900
Selain itu, Perusahaan juga telah membagikan shares to its employees with regards to the
2.088.900 saham kepada karyawan Perusahaan implementation of Long Term Incentive Program for a
sehubungan dengan Program Insentif Jangka Panjang total distribution price of Rp7,971. Therefore, as of
Perusahaan dengan jumlah nilai distribusi sebesar 31 December 2018, the Company’s treasury shares
Rp7.971. Dengan demikian, per tanggal 31 Desember were amounting to 918,500 shares (Rp3,984).
2018, jumlah saham treasuri Perusahaan adalah
sebanyak 918.500 saham (Rp3.984).
Pembagian kepada Pemegang Saham Distribution to Shareholders

Pada tanggal 26 Mei 2017, Perusahaan membagikan On 26 May 2017, the Company distributed cash
dividen tunai sebesar Rp235.800 (Rp87 (Rupiah dividends amounting to Rp235,800 (Rp87 (whole
penuh) per saham). Pembagian ini berdasarkan Rupiah) per share). The distribution was based on
keputusan rapat umum pemegang saham tanggal 26 decision of the annual general shareholder’s meeting
April 2017. on 26 April 2017.
Pada rapat umum pemegang saham tahunan tanggal At the annual general shareholder’s meeting on
26 Juni 2018, Perusahaan mengumumkan pembagian 26 June 2018, the Company declared a distribution of
dividen tunai senilai Rp200.759 (Rp74 (Rupiah cash dividends amounting to Rp200,759 (Rp74 (whole
penuh) per saham) yang dibagikan pada tanggal 27 Rupiah) per share) which was distributed on 27 July
Juli 2018. 2018.

FINANCIAL REPORTS

13. TAMBAHAN MODAL DISETOR 13. ADDITIONAL PAID-IN CAPITAL
Merupakan agio saham pada tanggal 31 Desember Represents additional paid-in capital as of 31 December
2018 dan 2017 yang timbul dari transaksi berikut: 2018 and 2017 which was derived from the following
transactions:
Setoran modal saham 73.729 73.729 Share capital payments

Penawaran umum saham perdana 1.465.004 1.465.004 Initial public offering
Biaya penerbitan saham (69.035) (69.035) Share issuance costs
Amnesti pajak 86.828 86.798 Tax amnesty
Restructuring transactions between
Restrukturisasi entitas sepengendali 3.628.493 3.628.493 entities under common control
5.185.019 5.184.989
Tambahan modal disetor dari amnesti pajak Additional paid-in capital from tax amnesty derived
berasal dari aset (yaitu kas dan properti) yang from assets (i.e. cash and properties) declared by the
diungkapkan oleh Grup selama program amnesti Group during the tax amnesty program.
pajak.
14. KEPENTINGAN NONPENGENDALI 14. NON-CONTROLLING INTERESTS
Rincian bagian kepentingan nonpengendali atas The detail of non-controlling interests’ share in equity
ekuitas entitas anak yang dikonsolidasi adalah of the consolidated subsidiaries are as follows:
sebagai berikut:
Saldo awal 254.353 382.203 Beginning balance

Bagian atas laba (rugi) komprehensif 59.761 (112.387) Share in comprehensive income (loss)
Pembagian dividen untuk kepentingan Dividend distribution for non-controlling
nonpengendali (226) (296) interests
Perubahan bagian kepemilikan di Changes in ownership interest in
entitas anak (5.108 ) (15.167) subsidiaries
308.780 254.353
Entitas anak
lainnya dengan
kepentingan
nonpengendali
tidak
material/Other
subsidiaries with
immaterial non-
controlling
WBSM TKJ SA interest Jumlah/Total
31 Desember 2018: 31 December 2018:

Persentase pemilikan
kepentingan Non-controlling interest’s
nonpengendali 26,32% 13,51% 40,00% percentage of ownership
Aset lancar 926 2.027.485 1.362 Current assets

Aset tidak lancar 167.572 - - Non-current assets
Liabilitas jangka pendek (33.399) (221.912) - Current liabilities
Aset neto yang
diatribusikan kepada Net assets attributable to
pemilik perusahaan 135.099 1.805.573 1.362 owners of the Company
Aset neto milik

kepentingan Net assets attributable to
nonpengendali 35.558 243.933 545 28.744 308.780 non-controlling interest


14. KEPENTINGAN NONPENGENDALI (lanjutan) 14. NON-CONTROLLING INTERESTS (continued)
Entitas anak lainnya

dengan kepentingan
nonpengendali tidak
material/Other
subsidiaries with
immaterial non-
WBSM TKJ SA controlling interest Jumlah/Total
31 Desember 2017: 31 December 2017:

Persentase pemilikan
kepentingan Non-controlling interest’s
nonpengendali 26,32% 13,51% 40,00% percentage of ownership
Aset lancar 1.038 391 1.377 Current assets

Aset tidak lancar 210.778 1.259.476 - Non-current assets
Liabilitas jangka pendek (44.185) - (38) Current liabilities
Aset neto yang
diatribusikan kepada Net assets attributable to
pemilik perusahaan 167.631 1.259.867 1.339 owners of the Company
Aset neto milik

kepentingan Net assets attributable to
nonpengendali 44.120 170.208 536 39.489 254.353 non-controlling interest
15. PENGHASILAN 15. INCOME

a. Keuntungan (kerugian) bersih atas investasi pada a. Net gain (loss) on investments in equity securities
efek ekuitas
Infrastruktur Infrastructure
PT Tower Bersama
Infrastructure Tbk. (4.212.845) 2.127.804 PT Tower Bersama Infrastructure Tbk.
Seroja Investment Limited (10.770) (14.626 ) Seroja Investment Limited
PT Nusa Raya Cipta Tbk. 1.043 8.696 PT Nusa Raya Cipta Tbk.
Lainnya (126.193 ) (45.574 ) Others
Jumlah – Infrastruktur (4.348.765 ) 2.076.300 Total - Infrastructure
Sumber daya alam Natural resources

PT Adaro Strategic Capital (1.697.001) 431.824 PT Adaro Strategic Capital
PT Merdeka Copper Gold Tbk. 1.129.639 105.475 PT Merdeka Copper Gold Tbk.
PT Adaro Strategic Lestari (676.465) 172.131 PT Adaro Strategic Lestari
PT Adaro Energy Tbk. (767.433) (125.272 ) PT Adaro Energy Tbk.
Sumatra Copper & Gold Plc (220.802) 21.754 Sumatra Copper & Gold Plc
PT Provident Agro Tbk. (217.254) (404.642 ) PT Provident Agro Tbk.
Interra Resources Ltd. (23.776) (6.225) Interra Resources Ltd.
Sihayo Gold Plc. 11.419 4.767 Sihayo Gold Plc.
Lainnya (310.612 ) (105.153 ) Others
`
Jumlah – Sumber daya alam (2.772.285 ) 94.659 Total – Natural resources
Produk konsumen Consumer products

PT Mitra Pinasthika Mustika
Tbk. (141.035 ) 325.466 PT Mitra Pinasthika Mustika Tbk.
PT Aneka Gas Industri Tbk. (10.789 ) 51 PT Aneka Gas Industri Tbk.
Lainnya (5.492 ) (120.521 ) Others
Jumlah – Produk konsumen (157.316 ) 204.996 Total – Consumer products
Lainnya 27.115 (19.429 ) Others
Jumlah (7.251.251 ) 2.356.526 Total

FINANCIAL REPORTS

15. PENGHASILAN (lanjutan) 15. INCOME (continued)
b. Penghasilan dividen, bunga dan investasi lainnya b. Dividend, interest and other investment income
Dividen 899.548 882.463 Dividend

Pendapatan investasi lainnya 188.593 619.595 Other investment income
Pendapatan bunga 58.467 37.385 Interest income
1.146.608 1.539.443
16. BEBAN USAHA 16. OPERATING EXPENSES
Gaji karyawan dan kompensasi Employees’ salaries and

lainnya 92.860 111.091 other compensation
Jasa profesional 21.989 77.406 Professional fees
Sewa 8.884 10.485 Rental
Kantor 8.330 4.144 Office
Perjalanan 1.883 1.636 Travelling
Penyusutan aset tetap 1.045 1.360 Depreciation of fixed assets
Lainnya 3.396 6.595 Others
138.387 212.717
17. (RUGI) LABA PER SAHAM 17. (LOSS) EARNINGS PER SHARE
a. (Rugi) Laba per saham dasar a. Basic (loss) earnings per share
(Rugi) laba per saham dasar dihitung dengan cara Basic (loss) earnings per share is calculated by
membagi (rugi) laba neto yang dapat diatribusikan dividing net (loss) profit attributable to owners of
kepada pemilik Perusahaan dengan rata-rata the Company by the weighted average of ordinary
tertimbang saham biasa yang beredar pada tahun shares outstanding during the year.
berjalan.
(Rugi) laba neto yang dapat

diatribusikan kepada pemilik Net (loss) profit attributable
Perusahaan (6.194.577) 3.274.027 to owners of the Company
Rata-rata tertimbang saham Weighted average number of
biasa yang beredar 2.712.006.811 2.711.065.422 ordinary shares issued
(Rugi) laba per saham dasar

yang dapat diatribusikan Basic (loss) earnings per share
kepada pemilik Perusahaan attributable to owners of the
(Rupiah penuh) (2.284) 1.208 Company (whole Rupiah)


17. (RUGI) LABA PER SAHAM (lanjutan) 17. (LOSS) EARNINGS PER SHARE (continued)
b. Laba per saham dilusian b. Diluted (loss) earnings per share

Perhitungan (rugi) laba per saham dilusian telah The calculation of diluted (loss) earnings per share
didasarkan pada (rugi) laba neto yang dapat has been based on the following net (loss) profit
diatribusikan kepada pemilik Perusahaan dan attributable to owners of the Company and
jumlah rata-rata tertimbang saham biasa yang weighted-average number of ordinary shares
beredar setelah penyesuaian atas dampak dari outstanding after adjustments for the effects of all
semua instrumen berpotensi saham biasa yang dilutive potential ordinary shares.
bersifat dilutif.
(Rugi) laba neto yang dapat
diatribusikan kepada Net (loss) profit attributable
pemilik Perusahaan (6.194.577) 3.274.027 to owners of the Company
Rata-rata tertimbang saham
biasa yang beredar setelah
penyesuaian atas Weighted average number of
dampak dari semua instrumen ordinary shares outstanding after
berpotensi saham biasa yang adjustments for the effects of all
bersifat dilutif 2.728.435.672 2.719.590.283 dilutive potential ordinary shares
(Rugi) laba per saham dilusian

yang dapat diatribusikan Dilutive (loss) earnings per share
kepada pemilik Perusahaan attributable to owners of
(Rupiah penuh) (2.270) 1.204 the Company (whole Rupiah)
18. SIFAT HUBUNGAN, SALDO DAN TRANSAKSI DENGAN 18. NATURE OF RELATIONSHIP, BALANCES AND
PIHAK-PIHAK BERELASI TRANSACTIONS WITH RELATED PARTIES
Ikhtisar transaksi dan saldo dengan Summary of transactions and balances with related
pihak-pihak berelasi adalah sebagai berikut: parties is as follows:
Persentase terhadap jumlah aset konsolidasian/
Nilai tercatat/Carrying amounts Percentage to total consolidated assets
31 Desember/ 31 Desember/ 31 Desember/ 31 Desember/
December 2018 December 2017 December 2018 December 2017
Piutang/receivables:
PT Agro Maju Raya - 312.577 - 1,17%

Eastern Field Developments Limited 50.684 - 0,25% -
PT Dwinad Nusa Sejahtera - 36.708 - 0,14%
PT Tenaga Listrik Gorontalo - 26.825 - 0,10%
Piutang dividen/Dividend receivables:
PT Adaro Strategic Lestari 35.599 44.302 0,18% 0,16%
PT Adaro Energy Tbk. 40.621 49.850 0,20% 0,19%
PT Adaro Strategic Capital 89.303 111.137 0,44% 0,42%
216.207 581.399 1,07% 2,18%
Nilai tercatat/Carrying amounts

Pendapatan bunga: Interest income:

PT Merdeka Copper Gold Tbk 8.250 - PT Merdeka Copper Gold Tbk
Eastern Field Developments Limited 1.740 - Eastern Field Developments Limited
9.990 -

Jasa manajemen: Management fee:

PT Mitra Pinasthika Mustika Tbk - 556 PT Mitra Pinasthika Mustika Tbk
PT Bumi Suksesindo - 281 PT Bumi Suksesindo
- 837

FINANCIAL REPORTS

PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
Beban Sewa: Rent expense:

PT Satria Sukses Makmur 5.339 5.873 PT Satria Sukses Makmur
PT Mitra Pinasthika Mustika Rent 1.568 2.349 PT Mitra Pinasthika Mustika Rent
PT Dayakarya Solusi Sejati 315 - PT Dayakarya Solusi Sejati
PT Surya Anugerah Kencana 195 - PT Surya Anugerah Kencana
7.417 8.222
Tabel berikut mengikhtisarkan transaksi dan saldo The following table summarizes the transactions and
yang tereliminasi pada saat proses konsolidasi: balances which were eliminated in the consolidation
process:
Piutang: Receivable:
PT Trimitra Karya Jaya 206.852 - PT Trimitra Karya Jaya

Uang muka penyertaan saham: Advances for investment in shares:

PT Saratoga Sentra Business 510.059 444.835 PT Saratoga Sentra Business
PT Wahana Anugerah Sejahtera 260.000 - PT Wahana Anugerah Sejahtera
PT Nugraha Eka Kencana 219.400 - PT Nugraha Eka Kencana
989.459 444.835

Pinjaman: Borrowings:
PT Trimitra Karya Jaya 1.999.964 - PT Trimitra Karya Jaya
PT Nugraha Eka Kencana - 168.605 PT Nugraha Eka Kencana
1.999.964 168.605

Pendapatan dividen: Dividend income:

PT Wahana Anugerah Sejahtera 151.135 179.722 PT Wahana Anugerah Sejahtera
PT Saratoga Sentra Business 116.942 - PT Saratoga Sentra Business
PT Nugraha Eka Kencana 44.353 88.596 PT Nugraha Eka Kencana
312.430 268.318

Pendapatan Bunga: Interest income:

PT Trimitra Karya Jaya 74 - PT Trimitra Karya Jaya

Beban Bunga: Interest expense:

PT Nugraha Eka Kencana 13.428 - PT Nugraha Eka Kencana


PIHAK-PIHAK BERELASI (lanjutan) TRANSACTIONS WITH RELATED PARTIES (continued)
Selama tahun 2018, Grup mengakui pembagian During 2018, the Group recognized dividend
dividen dari ASC, TBIG, PALM, ADRO dan ASL masing- distributions from ASC, TBIG, PALM, ADRO and ASL
masing sebesar Rp261.220, Rp250.969, Rp116.614, amounting to Rp261,220, Rp250,969, Rp116,614,
Rp117.710 dan Rp104.130. Rp117,710 dan Rp104,130, respectively.
Selama tahun 2018, Perusahaan menjual sebanyak During 2018, the Company sold 128,800,000 shares of
128.800.000 saham MDKA dengan nilai sebesar MDKA with total value of Rp309,120 to
Rp309.120 kepada PT Suwarna Arta Mandiri, anak PT Suwarna Arta Mandiri, a subsidiary of PALM.
perusahaan dari PALM.
Selama tahun 2017, Grup mengakui pembagian dividen During 2017, the Group recognized dividend
dari ASC, ASL, ADRO, MPMX, TBIG dan PALM masing- distributions from ASC, ASL, ADRO, MPMX, TBIG and
masing sebesar Rp157.524, Rp62.793, Rp74.675, PALM amounting to Rp157,524, Rp62,793, Rp74,675,
Rp282.070, Rp221.578 dan Rp78.605. Rp282,070, Rp221,578 and Rp78,605, respectively.
Perusahaan memberikan remunerasi kepada anggota The Company provided remuneration to the
Komisaris dan Direksi Perusahaan (Personel Commissioners and Directors of the Company (Key
Manajemen Kunci) berupa gaji dan tunjangan dengan Management Personnel) in the form of salaries and
jumlah keseluruhan sebesar Rp23.052 dan Rp38.887 other benefits totaling Rp23,052 and Rp38,887 for 2018
untuk tahun 2018 dan 2017. and 2017, respectively.
Pihak-pihak berelasi dan sifat hubungan adalah The related parties and the nature of relationships are
sebagai berikut: as follows:
Pihak-pihak berelasi/Related parties Sifat hubungan/Nature of relationship
PT Saratoga Sentra Business Entitas anak/Subsidiary
PT Nugraha Eka Kencana Entitas anak/Subsidiary
PT Satria Sukses Makmur Entitas anak/Subsidiary
PT Wana Bhakti Sukses Mineral Entitas anak/Subsidiary
PT Trimitra Karya Jaya Entitas anak/Subsidiary
PT Agro Maju Raya Entitas asosiasi/Associate
PT Dwinad Nusa Sejahtera Entitas asosiasi/Associate
PT Tenaga Listrik Gorontalo Entitas asosiasi/Associate
PT Adaro Strategic Lestari Entitas asosiasi/Associate
PT Adaro Strategic Capital Entitas asosiasi/Associate
PT Bumi Suksesindo Entitas asosiasi/Associate
PT Mitra Pinasthika Mustika Rent Entitas asosiasi/Associate
PT Tower Bersama Infrastructure Tbk Entitas asosiasi/Associate
PT Provident Agro Tbk Entitas asosiasi/Associate
PT Suwarna Arta Mandiri Entitas anak/subsidiary PT Provident Agro Tbk
PT Merdeka Copper Gold Tbk Entitas asosiasi/Associate
Eastern Field Developments Limited Entitas anak/subsidiary PT Merdeka Copper Gold Tbk
PT Adaro Energy Tbk Entitas investasi dari pemegang saham akhir/Investment
entity of an ultimate shareholder

134
FINANCIAL REPORTS


19. INFORMASI SEGMEN 19. SEGMENT INFORMATION
Perusahaan membagi kategori informasi segmen menjadi 3 (tiga) sektor utama yang The Company categories the segment information into 3 (three) main sectors which are
merupakan target investasi dari Perusahaan. theinvestment target of the Company.
Penetapan segmen ini ditentukan berdasarkan pertimbangan sebagai berikut: These segments are determined based on the following considerations:
1. Sumber Daya Alam 1. Natural Resources
Indonesia adalah negara yang kaya dengan sumber daya alam. Perusahaaan Indonesia is a country rich with natural resources. The Company viewed this sector as a
memandang sektor ini sebagai keunggulan kompetitif dari negara Indonesia, sehingga competitive advantage of Indonesia, thus providing an investment opportunity.
memberikan peluang investasi yang besar.
2. Infrastruktur 2. Infrastructure
Indonesia memiliki cakupan geografis yang luas dengan penduduk yang banyak, Indonesia has a wide geographical coverage with a large population, thus providing
sehingga memberikan peluang investasi di sektor infrastruktur, misalnya jalan tol, investment opportunities in the infrastructure field, such as toll roads, power plants,
pembangkit tenaga listrik, transportasi dan sebagainya. Hal ini yang melatarbelakangi transportation and so on. This is the background that drives the Company to actively
Perusahaan melakukan investasi secara aktif pada sektor ini. invest in this sector.
3. Prosuk konsumen 3. Consumer products

Indonesia memiliki jumlah penduduk yang besar yang merupakan sasaran pasar bagi Indonesia has a large population which is the target market for the retail sector. The
sektor ritel. Perusahaan memandang sektor ini sangat prospektif, oleh karena itu Company viewed this as a very prospective sector, therefore the Company is actively
Perusahaan melakukan investasi secara aktif pada sektor ini. investing in this sector.

19. INFORMASI SEGMEN (lanjutan) 19. SEGMENT INFORMATION (continued)
Informasi segmen operasi Grup tahun yang berakhir 31 Desember 2018 dan 2017 adalah sebagai The Group’s operating segment information for the years ended 31 December 2018 and 2017 was
berikut: as follows:
Kantor Pusat dan
Infrastruktur/ Sumber daya alam/ Produk konsumen/ lain-lain/ Jumlah/
Infrastructure Natural resources Consumer products Head office & others Total
Penghasilan (kerugian) (3.959.636) (2.089.042) (153.740) 23.532 (6.178.886) Income (loss)

Beban - (36.708) - (469.462) (506.170) Expenses
Laba sebelum pajak (3.959.636) (2.125.750) (153.740) (445.930) (6.685.056) (Loss) profit before tax
Beban pajak penghasilan 25.699 601.969 2.309 (79.753) 550.224 Income tax expense
(Rugi) laba tahun berjalan (3.933.937) (1.523.781) (151.431) (525.683) (6.134.832) (Loss) profit for the year
Penghasilan komprehensif lain 62 - - 1.007 1.069 Other comprehensive income
Jumlah penghasilan komprehensif tahun berjalan
(3.933.875) (1.523.781) (151.431) (524.676) (6.133.763) Total comprehensive income for the year
Aset segmen dilaporkan 5.691.126 10.257.880 2.695.131 1.470.737 20.114.874 Reportable segment assets
Kantor Pusat dan
Infrastruktur/ Sumber daya alam/ Produk konsumen/ lain-lain/ Jumlah/
Infrastructure Natural resources Consumer products Head office & others Total
Penghasilan 2.250.764 1.086.862 464.509 76.049 3.878.184 Income

Beban (44.825) - - (582.767) (627.592) Expenses
Laba sebelum pajak 2.205.939 1.086.862 464.509 (506.718) 3.250.592 (Loss) profit before tax
Beban pajak penghasilan 212.227 (183.026) 65.152 (183.307) (88.954) Income tax expense
(Rugi) laba tahun berjalan 2.418.166 903.836 529.661 (690.025) 3.161.638 (Loss) profit for the year
Penghasilan komprehensif lain 7 - - (1.555) (1.548) Other comprehensive income
Jumlah penghasilan komprehensif tahun berjalan 2.418.173 903.836 529.661 (691.580) 3.160.090 Total comprehensive income for the year
Aset segmen dilaporkan 10.023.694 12.747.974 2.575.071 1.282.854 26.629.593 Reportable segment assets
Lokasi operasi komersial investee dari semua investasi Grup adalah di Indonesia. The underlying investee’s commercial operation of the Group’s investments are in Indonesia.
2018 ANNUAL REPORT

135
FINANCIAL REPORTS

20. NILAI WAJAR INSTRUMEN KEUANGAN 20. FAIR VALUE OF FINANCIAL INSTRUMENTS
Tabel di bawah menunjukkan nilai tercatat dan nilai The following table shows the carrying amounts and
wajar aset dan liabilitas keuangan, termasuk levelnya fair values of financial assets and liabilities, including
dalam hirarki nilai wajar. Informasi di dalam tabel their levels in the fair value hierarchy. It does not
tidak termasuk nilai wajar aset dan liabilitas keuangan include fair value information for financial assets and
yang tidak diukur pada nilai wajar, yang nilai financial liabilities not measured at fair value if the
tercatatnya diperkirakan mendekati nilai wajarnya. carrying amount is a reasonable approximation of fair
value.
Nilai
tercatat/Carrying
amount Nilai wajar/Fair value
Nilai wajar melalui
laba rugi/Fair
value through
31 Desember/December 2018 profit or loss Biaya/Cost *) Level 1/Level 1 Level 2/Level 2 Level 3/Level 3 Jumlah/Total
Investasi pada efek ekuitas (Catatan 7)/
Investment in equity securities (Note 7) 18.730.170 398.982 12.931.893 4.934.955 464.340 18.730.170
Aset keuangan derivatif (Catatan 8)/
Derivative financial assets (Note 8) 49.675 - - 49.675 - 49.675
Jumlah aset keuangan/ Total financial assets 18.779.845 398.982 12.931.893 4.984.630 464.340 18.779.845
Liabilitas keuangan derivatif (Catatan 8)/

Derivative financial liabilities (Note 8) 13.279 - - 13.279 - 13.279
Jumlah liabilitas keuangan/Total
financial liabilities 13.279 - - 13.279 - 13.279
Investasi pada efek ekuitas (Catatan 7)/
Investment in equity securities (Note 7) 24.755.150 88.521 16.964.947 7.068.367 633.315 24.755.150
Instrumen keuangan derivatif (Catatan 8)/
Derivative financial instruments (Note 8) 52.065 - - 52.065 - 52.065
Equity share swap (Catatan/Note 11) 54.792 - - 54.792 - 54.792
Jumlah aset keuangan/Total financial assets 24.862.007 88.521 16.964.947 7.175.224 633.315 24.862.007
Obligasi tukar/Exchangeable bonds

(Catatan/Note 11) 958.639 - - 958.639 - 958.639
Jumlah liabilitas keuangan/Total
financial liabilities 958.639 - - 958.639 - 958.639
*) Manajemen berpendapat bahwa untuk investasi yang baru diperoleh *) Management believes that investment that was recently acquired (within the last 12
(dalam 12 bulan terakhir), nilai perolehannya masih mencerminkan nilai months), the acquisition cost still reflects fair value.
wajar.
21. MANAJEMEN RISIKO KEUANGAN 21. FINANCIAL RISK MANAGEMENT
Grup menyadari bahwa risiko merupakan bagian yang The Group realizes that risk is an integral part of its
tidak terpisahkan dari operasional Grup dan dapat operational activities and can be managed practically
dikelola secara praktis dan efektif setiap hari. and effectively day by day.
Pengelolaan risiko Grup mencakup keseluruhan lingkup Risk management within the Group includes overall
aktivitas usaha Grup, yang didasarkan pada kebutuhan scope of business activities within the Group, which is
akan keseimbangan antara fungsi operasional bisnis based on the necessity of balance between business
dengan pengelolaan risikonya. Dengan manajemen operational function and its risk management thereof.
risiko dan kebijakan yang berfungsi baik, maka By means of proper risk management and policy, thus
manajemen risiko akan menjadi mitra strategis bagi the risk management is a strategic partner to the
bisnis dalam mendapatkan hasil optimal dari operasi business in obtaining optimal outcomes from the
Grup. Group’s course of operations.
Berbagai aktivitas yang dilakukan membuat Grup The Group’s various activities expose it to a variety of
terekspos terhadap berbagai risiko keuangan, termasuk financial risks, including the effects of foreign
dampak nilai tukar mata uang asing dan tingkat suku currency exchange rates and interest rates. The
bunga. Tujuan dari manajemen risiko Grup adalah objectives of the Group’s risk management are to
untuk mengidentifikasi, mengukur, mengawasi, dan identify, measure, monitor, and manage basic risks in
mengelola risiko dasar dalam upaya melindungi order to safeguard the Group's long term business
kesinambungan bisnis dalam jangka panjang dan continuity and to minimize potential adverse effects
meminimalisasi dampak yang tidak diharapkan pada on the financial performance of the Group.
kinerja keuangan Grup.


21. MANAJEMEN RISIKO KEUANGAN (lanjutan) 21. FINANCIAL RISK MANAGEMENT (continued)
Grup memiliki eksposur terhadap risiko investasi dan The Group has exposure to investment risk and also the
risiko-risiko atas instrumen keuangan seperti risiko risks from financial instruments, such as credit risk,
kredit, risiko pasar, risiko likuiditas dan risiko market risk, liquidity risk and capital risk.
permodalan.
a. Risiko kredit a. Credit risk
Risiko kredit adalah risiko kerugian yang timbul Credit risk is the risk of loss if the Group’s
jika pelanggan Grup gagal memenuhi kewajiban customers fail to fulfill their contractual
kontraktualnya. Risiko kredit terutama melekat obligations. Credit risk is primarily attributable to
kepada kas dan setara kas dan piutang usaha. its cash and cash equivalents and trade receivables.
Grup menempatkan kas dan setara kas pada The Group deposits its cash and cash equivalents at
institusi keuangan yang terpercaya. Risiko kredit reputable financial institutions. Credit risk is
dikelola terutama melalui penetapan kebijakan managed primarily through determining the credit
Grup dalam pemberian fasilitas kredit untuk policies to mitigate the credit risk of receivables.
mengurangi risiko kredit atas piutang. Saldo Receivable balances are monitored on an ongoing
piutang dimonitor secara berkelanjutan untuk basis to reduce the exposure to bad debts.
mengurangi eksposur terhadap kredit macet.
Eksposur maksimum dari aset keuangan di The maximum exposure of the financial assets in
laporan posisi keuangan konsolidasian terhadap the consolidated statements of financial position is
risiko kredit adalah sama dengan nilai equal to their carrying amounts.
tercatatnya.
Konsentrasi risiko kredit dari piutang Grup per The concentration of credit risk of the Group’s
31 Desember 2018 dan 2017 berdasarkan segmen receivables based on operating segments as of
operasi adalah: 31 December 2018 and 2017 is:
Infrastruktur - 26.825 Infrastructure

Sumber Daya Alam 297.173 554.966 Natural Resources
Produk Konsumen 67.145 41.400 Consumer Products
Kantor Pusat dan lain-lain 1.582 92 Head Office and Others
365.900 623.283
Tabel berikut menyajikan rincian aset keuangan The following table presents the detail of financial
berdasarkan kualitas kreditnya: assets by their credit quality:
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas dan setara kas 782.325 - 782.325 Cash and cash equivalents
Kas yang dibatasi penggunaannya 518 - 518 Restricted cash
Piutang 365.900 66.528 432.428 Receivables
Aset keuangan derivatif 49.675 - 49.675 Derivative financial asset
1.198.418 66.528 1.264.946
Nilai tercatat/ Penurunan nilai/
Carrying amount Impairment Pokok/Gross
Kas dan setara kas 902.160 - 902.160 Cash and cash equivalents
Kas yang dibatasi penggunaannya 7.859 - 7.859 Restricted cash
Piutang 623.283 72.724 696.007 Receivables
Instrumen keuangan derivatif 52.065 - 52.065 Derivative financial instruments
1.585.367 72.724 1.658.091
b. Risiko pasar b. Market risk
Grup terekspos terhadap risiko pasar yang The Group is exposed to market risk in relation to
berkaitan dengan perubahan nilai suku bunga dan changes in interest rates and foreign exchange
nilai tukar mata uang asing yang akan rates which may result in decrease in income, or
menyebabkan berkurangnya penghasilan, atau increase in the Group’s cost of capital.
bertambahnya biaya modal Grup.

FINANCIAL REPORTS

Risiko nilai tukar mata uang asing Foreign exchange risk
Risiko nilai tukar mata uang asing adalah risiko Foreign exchange rate risk is the risk that the
bahwa nilai wajar atau arus kas masa depan fair value or future cash flows of a financial
instrumen keuangan akan berfluktuasi karena instrument will fluctuate because of changes in
perubahan dalam nilai tukar mata uang. Grup foreign exchange rates. The Group is exposed to
terekspos terhadap pergerakan nilai tukar mata foreign exchange rate risk mainly from the US
uang asing terutama dari pinjaman bank dalam Dollar denominated loans from bank. This risk is,
mata uang Dolar AS. Risiko ini, sampai pada batas to some extent, mitigated by certain investments
tertentu, dimitigasi dengan investasi dan and dividend income that is denominated in USD.
penghasilan dividen dalam mata uang Dolar AS.
Grup secara aktif menangani risiko valuta asing The Group is actively addressing the remaining
yang tersisa melalui: foreign exchange risk through:
1. Pembelian US Dolar dari pasar spot atau dari 1. Buying USD in spot market or from
entitas anak/ ventura bersama/ perusahaan
asosiasi. subsidiaries/joint ventures/ associates.
2. Mencari solusi alternatif lain dalam mengatasi 2. Seeking other alternative solutions in
risiko, yaitu melalui lindung nilai penuh atau addressing the risk, i.e a full or partial
parsial. hedging.
Kegiatan ini diambil dalam menjamin kelangsungan These activities are taken in order to safeguard
hidup jangka panjang Grup dan meminimalisasi the Group’s long term continuity and to
dampak yang buruk terhadap kinerja keuangan minimize potential adverse effects on the
Grup. financial performance of the Group.
Tabel berikut menyajikan posisi keuangan Grup The following table presents the Group’s
dalam mata uang asing yang dominan: financial position in major foreign currencies:
Lainnya setara
Dolar AS/Others
Dolar AS/ in USD Total Dolar
USD equivalents AS/USD
Aset Assets
Kas dan setara kas 33.219.729 1.468 33.221.197 Cash and cash equivalents
Piutang 3.829.396 - 3.829.396 Receivables
37.082.582 1.468 37.084.050
Liabilitas Liabilities
Beban akrual (35.023) - (35.023) Accrued expenses
Pinjaman (178.215.209) - (178.215.209) Borrowings
(178.250.232) - (178.250.232)
Laporan posisi keuangan eksposur Net statement of financial position

bersih (141.167.650) 1.468 (141.166.182) exposure
Kontrak opsi mata uang asing Foreign currency options contract
(Catatan 8) 61.750.000 - 61.750.000 (Note 8)
Eksposur bersih (79.417.650) 1.468 (79.416.182) Net exposure


b. Risiko pasar (lanjutan) b. Market risk (continued)
Risiko nilai tukar mata uang asing (lanjutan) Foreign exchange risk (continued)
Lainnya setara
Dolar AS/Others
Dolar AS/ in USD Total Dolar
USD equivalents AS/USD
Aset Assets
Kas dan setara kas 26.197.728 5.318 26.203.046 Cash and cash equivalents
Piutang 4.099 - 4.099 Receivables
26.779.446 5.318 26.784.764
Liabilitas Liabilities
Beban akrual (13.580) - (13.580) Accrued expenses
Pinjaman (154.220.671) - (154.220.671) Borrowings
Obligasi tukar (70.758.668) - (70.758.668) Exchangeable bonds
(224.992.919) - (224.992.919)
Laporan posisi keuangan eksposur Net statement of financial position

bersih (198.213.473) 5.318 (198.208.155) exposure
Kontrak opsi mata uang asing Foreign currency options contract
(Catatan 8) 143.450.000 - 143.450.000 (Note 8)
Eksposur bersih (54.763.473) 5.318 (54.758.155) Net exposure
Menguatnya/melemahnya Rupiah terhadap Dolar The strengthening/weakening of the Rupiah against

AS pada 31 Desember 2018 dan 2017 akan the USD at 31 December 2018 and 2017 would have
mengakibatkan peningkatan atau penurunan increased or decreased equity and profit or loss by
ekuitas dan laba rugi sebesar jumlah yang the amount shown below, assuming all other
ditunjukkan di bawah ini, dengan asumsi seluruh variables held constant.
variabel lainnya tetap.
Rupiah menguat 5%: Rupiah strengthens by 5%:

Ekuitas [naik (turun)] 43.126 27.820 Equity [increase (decrease)]
Laba rugi [naik (turun)] 43.126 27.820 Profit or loss [increase (decrease)]
Rupiah melemah 5%: Rupiah weakens by 5%:

Ekuitas [naik (turun)] (43.126) (27.820) Equity [increase (decrease)]
Laba rugi [naik (turun)] (43.126) (27.820) Profit or loss [increase (decrease)]

FINANCIAL REPORTS

b. Risiko pasar (lanjutan) b. Market risk (continued)
Risiko suku bunga Interest rate risk
Risiko suku bunga timbul dari perubahan suku Interest rate risk arises from the effects of
bunga pasar atas nilai wajar aset dan liabilitas fluctuations in the prevailing levels of market
keuangan. Grup menerbitkan obligasi tukar yang interest rates on the fair value of financial assets
terekspos terhadap risiko nilai wajar dari suku and liabilities. The Group issued exchangeable
bunga. Eksposur Grup terhadap risiko arus kas dari bonds that expose the Group to fair value interest
suku bunga dimitigasi dengan penggunaan suku rate risk. The Group’s exposure to cash flow
bunga tetap dari obligasi dan equity swap. Dampak interest rate risk is mitigated by the use of fixed
dari perubahan suku bunga terhadap nilai wajar interest rates on the bonds and equity swap. The
dari obligasi dijelaskan di Catatan 11. impact of interest rate changes upon fair value of
the bonds is discussed in Note 11.
Risiko suku bunga Grup juga timbul dari pinjaman The Group’s interest rate risk also arises from
bank dan fasilitas kredit yang diterbitkan dengan bank loans and credit facilities issued at floating
dasar suku bunga mengambang. Oleh karena itu, interest rates. Accordingly, the Group has an
Grup memiliki eksposur atas fluktuasi arus kas yang exposure to fluctuation in cash flows due to
diakibatkan oleh perubahan suku bunga yang changes in interest rates, which is partially offset
sebagian dihapuskan oleh suku bunga mengambang with floating interest rates from cash and cash
dari kas dan setara kas, piutang non-usaha dan kas equivalents, non-trade receivables and restricted
yang dibatasi penggunaannya. Grup mengelola cash. The Group manages interest income through
penghasilan bunga melalui kombinasi antara suku a mix of fixed and floating interest rates of cash
bunga tetap dan mengambang untuk kas dan setara and cash equivalents (including time deposits),
kas (termasuk deposito berjangka), piutang non- non-trade receivables, and restricted cash and
usaha, dan kas yang dibatasi penggunaannya dan makes comparison of such rates in the relevant
membuat perbandingan tingkat suku bunga dengan financial markets. The Group believes that a
yang ada di pasar keuangan. Grup berkeyakinan change in interest rates at the end of the
bahwa perubahan pada suku bunga di akhir periode reporting period, with all other variables remain
pelaporan, dimana semua variabel lain tetap sama, constant, would not have significant impact to
tidak akan memiliki dampak signifikan terhadap equity and profit or loss.
ekuitas dan laba rugi.
c. Risiko likuiditas c. Liquidity risk
Risiko likuiditas merupakan risiko yang timbul Liquidity risk is a risk that arises in situations
dalam situasi dimana arus kas masuk Grup dari where the Group’s cash inflows from short-term
pendapatan jangka pendek tidak cukup untuk revenue is not adequate to cover cash outflows
memenuhi arus kas keluar untuk pengeluaran for short-term expenditure.
jangka pendek.
Untuk mengelola risiko likuiditas, Grup menerapkan To manage its liquidity risk, the Group applies the
manajemen risiko sebagai berikut: following risk management:
1. memonitor dan menjaga kas dan setara kas di 1. monitor and maintain its cash and cash
level yang diperkirakan cukup untuk mendanai equivalents at a level deemed adequate to
kegiatan operasional Grup dan mengurangi finance the Group's operational activities and
pengaruh fluktuasi dalam arus kas; to mitigate the effect of fluctuations in cash
flows;
2. secara rutin memonitor perkiraan arus kas dan 2. regularly monitor projected and actual cash
arus kas aktual; flow;
3. secara rutin memonitor profil jatuh tempo 3. regularly monitor loan maturity profiles and
pinjaman dan melakukan penyesuaian make relevant adjustments;
seperlunya;
4. secara terus-menerus menilai kondisi pasar 4. continuously assess the financial markets for
keuangan untuk kesempatan memperoleh dana; opportunities to raise funds; and
dan
5. sebagai tambahan, Grup memiliki fasilitas 5. in addition, the Group has a stand-by loan
pinjaman stand-by yang dapat ditarik sesuai facility that can be drawn down upon request
dengan permintaan untuk mendanai kegiatan to fund its operations when needed.
operasi pada saat diperlukan.


c. Risiko likuiditas (lanjutan) c. Liquidity risk (continued)
Tabel berikut menyajikan liabilitas keuangan Grup The following table presents the Group’s financial
berdasarkan jatuh tempo kontraktualnya, termasuk liabilities based on their contractual maturities,
estimasi pembayaran bunga. including the estimated interest payments:
Jatuh tempo/Maturity period
Arus kas Kurang dari
kontraktual/ 1 tahun/
Nilai tercatat/ Contractual cash Less than 1-2 tahun/ 2-5 tahun/
Carrying amount flows 1 year 1-2 years 2-5 years

Utang lainnya ke Other payables to
pihak ketiga 309 309 309 - - third parties
Beban akrual 4.226 4.226 4.226 - - Accrued expenses
Pinjaman 3.937.919 4.756.020 1.373.149 842.951 2.539.920 Borrowings
3.942.454 4.760.555 1.377.684 842.951 2.539.920
Jatuh tempo/Maturity period

Arus kas Kurang dari
kontraktual/ 1 tahun/
Nilai tercatat/ Contractual cash Less than 1-2 tahun/ 2-5 tahun/
Carrying amount flows 1 year 1-2 years 2-5 years

Utang lainnya ke Other payables to
pihak ketiga 85 85 85 - - third parties
Beban akrual 3.741 3.741 3.741 - - Accrued expenses
Pinjaman 2.465.413 2.802.283 358.825 1.295.673 1.147.785 Borrowings
Obligasi tukar 958.639 1.037.783 27.922 27.922 981.939 Exchangeable bonds
3.427.878 3.843.892 390.573 1.323.595 2.129.724
d. Risiko permodalan d. Capital risk

Tujuan Grup mengatur modal adalah untuk The Group’s objective in managing capital is to
menjaga kemampuan Perusahaan untuk safeguard the Company’s ability to continue as a
melanjutkan usaha yang terus menerus supaya going concern in order to provide returns for
memberikan keuntungan kepada pemegang saham shareholders and benefits for other stakeholders,
dan manfaat ke pemangku kepentingan lainnya, as well as to maintain an optimal capital structure
serta untuk mempertahankan struktur modal yang to reduce the cost of capital.
optimal untuk mengurangi biaya modal.
Grup secara aktif dan rutin menelaah dan The Group actively and regularly reviews and
mengelola struktur permodalan dengan manages its capital structure by taking into
mempertimbangkan kebutuhan modal masa depan consideration the future capital requirements and
dan efisiensi modal Grup, profitabilitas masa capital efficiency of the Group, prevailing and
sekarang dan yang akan datang, proyeksi arus kas projected profitability, projected operating cash
operasi, proyeksi belanja modal dan proyeksi flows, projected capital expenditures and
peluang investasi yang strategis. projected strategic investment opportunities.
Grup mengevaluasi struktur modalnya melalui rasio The Group evaluates its capital structure through
pinjaman terhadap modal (gearing ratio) yang the debt-to-equity ratio (gearing ratio), which is
dihitung dengan membagi pinjaman neto dengan calculated by dividing the net debt to equity. Net
modal. Pinjaman neto adalah jumlah liabilitas debt represents the sum of liabilities as presented
sebagaimana disajikan di laporan posisi keuangan in the consolidated statement of financial position
konsolidasian dikurangi kas dan setara kas. less cash and cash equivalents. The equity relates
Sedangkan modal meliputi seluruh ekuitas yang to the entire attributable equity to owners of the
dapat diatribusikan kepada pemilik Perusahaan. Company. As of reporting dates, the calculations
Pada tanggal pelaporan, perhitungan rasio of this ratio are as follows:
tersebut adalah sebagai berikut:

FINANCIAL REPORTS

d. Risiko permodalan d. Capital risk

Jumlah liabilitas 4.150.626 4.342.234 Total liabilities

Dikurangi: kas dan setara kas (782.337) (902.173) Less: cash and cash equivalents
Pinjaman neto 3.368.289 3.440.061 Net debt
Jumlah ekuitas yang diatribusikan Total equity attributable to the
kepada pemilik Perusahaan 15.655.468 22.033.006 owners of the Company
Rasio pinjaman terhadap modal 0,22 0,16 Debt to equity ratio
e. Risiko harga saham e. Equity price risk

Perusahaan telah menginvestasikan aset dalam The Company has maintained reasonable amounts
jumlah yang wajar pada efek ekuitas. Perusahaan of invested assets in equity securities. The
berinvestasi dalam bisnis yang memiliki ekonomi Company invests in businesses that possess
yang sangat baik, dengan manajemen yang cakap excellent economics, with able and honest
dan jujur dan dengan harga yang masuk akal. management and at sensible prices.
Harga pasar dari efek ekuitas tergantung pada Market prices of equity securities instruments are
fluktuasi yang dapat berdampak pada jumlah subject to fluctuation and consequently the
realisasi atas penjualan dari nilai investasi di masa amount realized in the subsequent sale of an
depan dapat berbeda secara signifikan dari nilai investment may significantly differ from the
yang dilaporkan sekarang. Fluktuasi harga pasar currently reported value. Fluctuation in the
dari instrumen tersebut dapat disebabkan oleh market price of such instruments may result from
perubahan karakteristik ekonomi yang mendasari perceived changes in the underlying economic
investee, harga relatif dari alternatif investasi dan characteristics of the investee, the relative price
kondisi pasar secara umum. of alternative investments and general market
conditions.
Lihat Catatan 7 untuk penjelasan atas pengukuran Please see Note 7 for discussion on the fair value
nilai wajar efek ekuitas. measurement of equity securities.
Menguatnya/melemahnya harga saham tertentu The strengthening/weakening of certain share

pada 31 Desember 2018 dan 2017 akan prices at 31 December 2018 and 2017 would have
mengakibatkan peningkatan atau penurunan increased/ decreased equity and profit and loss by
ekuitas dan laba rugi sebesar jumlah yang the amount shown below, assuming all other
ditunjukkan di bawah ini, dengan asumsi seluruh variables held constant.
variabel lainnya tetap.
ADRO menguat/ melemah 5%: ADRO strengthens/ weakens by 5%:

Ekuitas [naik/turun] 240.290 366.332 Equity [increase/decrease]
Laba rugi [naik/turun] 240.290 366.332 Profit or loss [increase/decrease]
TBIG menguat/ melemah 5%: TBIG strengthens/ weakens by 5%:

MDKA menguat/ melemah 5%: MDKA strengthens/ weakens by 5%:

MPMX menguat/ melemah 5%: MPMX strengthens/ weakens by 5%:



22. SIGNIFICANT AGREEMENTS, COMMITMENTS AND

22. PERJANJIAN PENTING, IKATAN DAN KONTINJENSI CONTINGENCIES
Dibawah ini merupakan perjanjian penting, ikatan dan Below are significant agreements, commitments and
kontinjensi yang dimiliki oleh Grup: contingencies of the Group:
a. Pada tanggal 30 Juli 2014, Perusahaan telah a. On 30 July 2014, the Company entered into an
menandatangani perjanjian dengan FJ Benjamin agreement with FJ Benjamin Singapore Pte. Ltd.
Singapore Pte. Ltd. dalam rangka pembelian to purchase Mandatory Convertible Bonds (MCB)
Mandatory Convertible Bonds (MCB) yang issued by PT Gilang Agung Persada (GAP) for a
diterbitkan oleh PT Gilang Agung Persada (GAP) total value of USD3,000,000. Under the
dengan nilai sebesar USD3.000.000. Berdasarkan agreement, the MCB can be converted into new
perjanjian tersebut, MCB dapat dikonversikan shares which shall maintain the Company’s
menjadi saham baru untuk mempertahankan ownership in GAP. This MCB has been amended
kepemilikan Perusahaan di GAP. Ketentuan MCB on 16 May 2018, among others, to amend
ini telah di amandemen pada tanggal 16 Mei 2018, maturity date of the MCB to 31 January 2020 or
antara lain, mengubah tanggal jatuh tempo MCB on any other date as agreed in writing by both
menjadi 31 Januari 2020 atau pada tanggal lain parties.
yang disepakati secara tertulis oleh kedua belah
pihak.
b. Pada tanggal 30 Juli 2014, Perusahaan telah b. On 30 July 2014, the Company entered into an
menandatangani perjanjian untuk memiliki agreement to subscribe exchangeable bond issued
obligasi tukar yang diterbitkan oleh PT Sukses by PT Sukses Mitra Persada for a total value
Mitra Persada dengan nilai sebesar USD166.667, of USD166,667, which if exercised, will enable
yang jika ditukar, akan meningkatkan kepemilikan the Company to increase its stake in GAP by up
saham Perusahaan di GAP sebesar 1,67%. Pada to additional 1.67%. On 9 May 2018, the
tanggal 9 Mei 2018, Perusahaan telah Company has converted this exchangeable bond
mengkonversi obligasi tukar ini sehingga and therefore increased the Company’s
meningkatkan kepemilikan Perusahaan di GAP ownership in GAP to become 5.83%.
menjadi 5,83%.
c. PT Trimitra Karya Jaya, anak perusahaan c. PT Trimitra Karya Jaya, a subsidiary of the
Perseroan (“TKJ”), telah menandatangani Company ("TKJ"), has signed Promissory Notes
Perjanjian Penerbitan Surat Hutang dengan Issuance Agreements with Merdeka Mining
Merdeka Mining Partners Pte. Ltd. (“MMP”) Partners Pte. Ltd. ("MMP") in August and
pada bulan Agustus dan September 2016 dengan September 2016 for the amount of
jumlah sebesar USD 14.465.000. USD 14,465,000.
Sehubungan dengan hal tersebut, TKJ memiliki In relation to this, TKJ has an Option Right
Hak Opsi dimana TKJ memiliki hak untuk dapat whereby TKJ has the right to buy 99,813,347
membeli 99.813.347 saham MDKA yang dimiliki shares owned by MMP in MDKA. In 2018, TKJ has
MMP. Di tahun 2018, TKJ telah melaksanakan hak exercised its Option Right in MMP for total
opsi yang dimilikinya terhadap MMP dengan nilai amount of Rp222,584. The transfer of MDKA
total sebesar Rp222.584. Pengalihan saham MDKA shares from MMP to TKJ was completed on
ini telah selesai dilakukan pada tanggal 11 December 2018 and MMP has fully repaid the
11 Desember 2018 dan MMP telah melunasi jumlah principle of its loan.
pokok utangnya.
d. Pada tanggal 31 Januari 2018, PT Tri Wahana d. On 31 January 2018, PT Tri Wahana Universal
Universal (“TWU”), anak perusahaan PT Wana (“TWU), a subsidiary of PT Wana Bhakti Sukses
Bhakti Sukses Mineral, telah menghentikan Mineral, ceased the operations of its mini
kegiatan operasionalnya sehubungan dengan refinery, due to the implementation of a new
implementasi peraturan baru mengenai ruling on crude oil price formula that made
perhitungan harga minyak mentah yang membuat TWU’s business activities no longer viable.
aktivitas bisnis TWU tidak dapat berjalan lagi.

FINANCIAL REPORTS

23. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN 23. THE COMPLETION OF CONSOLIDATED FINANCIAL
STATEMENT
Laporan keuangan konsolidasian disetujui untuk The Company’s consolidated financial statements were
diterbitkan oleh Direksi pada tanggal 25 Maret 2019. authorized for issuance by the Board of Directors on
25 March 2019.
24. INFORMASI KEUANGAN KOMPARATIF 24. COMPARATIVE FINANCIAL INFORMATION
Seperti yang dijelaskan di Catatan 2g, Grup As disclosed in Note 2g, the Group retrospectively
menerapkan Pernyataan Standar Akuntansi Keuangan adopted the Statement of Financial Accounting
(“PSAK”) 71, “Instrumen Keuangan”, secara Standards (“PSAK”) - 71, “Financial Instruments”,
restrospektif efektif 1 Januari 2018 sejalan dengan effective 1 January 2018 in line with the transition
ketentuan transisi PSAK - 71. Sehingga, informasi provisions of PSAK – 71. Accordingly, the comparative
komparatif tanggal 31 Desember 2017 serta untuk financial information as of 31 December 2017, for the
tahun yang berakhir pada tanggal 31 Desember 2017, year ended 31 December 2017, and 31 December 2016
dan 31 Desember 2016 (darimana informasi keuangan (from which financial information as of 1 January 2017
tanggal 1 Januari 2017 berasal). has been derived).
Karena penerapan kebijakan akuntansi baru tersebut, As a result of applying the new accounting policy,
investasi dalam efek ekuitas yang sebelumnya investments in equity instruments which were
dikategorikan sebagai tersedia untuk dijual, sekarang previously categorized as available for sale have been
dicatat sebagai aset keuangan yang diukur pada accounted as financial assests measured at FVTPL.
FVTPL.
Dibawah ini adalah ikhtisar informasi yang dilaporkan The following is a summary of the information as
sebelumnya sebelum penerapan dan penyesuaian atas previously reported prior to the adoption of PSAK-71,
PSAK-71 dan informasi yang disajikan kembali, adjustments made and the restated information, as of
tanggal 1 Januari dan 31 Desember 2017: 1 January 2017 and 31 December 2017:
LAPORAN POSISI KEUANGAN CONSOLIDATED STATEMENT OF
KONSOLIDASIAN 1 Januari/January 2017 FINANCIAL POSITION
Dilaporkan
sebelumnya/ Disajikan
As previously Penyesuaian/ kembali/
reported adjustments As restated
EKUITAS EQUITY
Laba yang belum direalisasi atas Unrealized gain on investments
investasi pada efek ekuitas 1.473.563 (1.473.563) - in equity securities
Dilaporkan
sebelumnya/ Disajikan
LAPORAN POSISI KEUANGAN As previously Penyesuaian/ kembali/ CONSOLIDATED STATEMENT OF
KONSOLIDASIAN reported adjustments As restated FINANCIAL POSITION
EKUITAS EQUITY
Laba yang belum direalisasi atas Unrealized gain on investments
investasi pada efek ekuitas 1.515.892 (1.515.892) - in equity securities
Penyesuaian di atas tidak menyebabkan perubahan The above adjustments did not result in any change to
terhadap total aset, total liabilitas atau total ekuitas the previously reported total assets, total liabilities or
yang dilaporkan sebelumnya. total equity.


24. INFORMASI KEUANGAN KOMPARATIF (lanjutan) 24. COMPARATIVE FINANCIAL INFORMATION (continued)
Dampak dari penerapan PSAK-71 untuk tahun yang The impact of the adoption of PSAK-71 for the year
berakhir tanggal 31 Desember 2017, adalah sebagai ended 31 December 2017 is as follows:
berikut:
Dilaporkan
sebelumnya/ Disajikan CONSOLIDATED STATEMENTS OF
LAPORAN LABA RUGI DAN PENGHASILAN As previously Penyesuaian/ kembali/ PROFIT OR LOSS AND OTHER
KOMPREHENSIF LAIN KONSOLIDASIAN: reported adjustments As restated COMPREHENSIVE INCOME
Keuntungan bersih atas investasi pada Net gain on investments in equity

efek ekuitas 2.293.403 63.123 2.356.526 securities
Beban pajak penghasilan (79.292) (9.662) (88.954) Income tax expense
PENGHASILAN KOMPREHENSIF LAIN: OTHER COMPREHENSIVE INCOME:

Pos-pos yang akan direklasifikasikan ke Items that subsequently will be
ke laba rugi reclassified to profit or loss
Perubahan neto nilai wajar aset keuangan Net changes in fair value of available
tersedia untuk dijual 63.123 (63.123) - for-sale financial assets
Implikasi pajak terkait pos-pos yang Tax effect of items that will be
direklasifikasi ke laba rugi (9.662) 9.662 - reclassified to profit or loss
Penyesuaian di atas tidak menyebabkan perubahan The above adjustments did not result in any change to
terhadap total penghasilan komprehensif atau arus kas the previously reported total comprehensive income or
yang dilaporkan sebelumnya. cash flows.
25. PERISTIWA SETELAH PERIODE PELAPORAN 25. SUBSEQUENT EVENTS
a. Pada tanggal 31 Januari 2019, Perusahaan telah a. On 31 January 2019, the Company obtained a new
memperoleh fasilitas pinjaman baru dari ING Bank loan facility from ING Bank N.V, a Singapore
N.V, cabang Singapura dengan jumlah maksimal branch with total maximum amount of
saham sebesar USD40.000.000. USD40,000,000.
b. Pada tanggal 6 Maret 2019, Perusahaan telah b. On 6 March 2019, the Company has acquired
memperoleh tambahan 160.326.106 saham additional 160,326,106 shares of PT Mitra
PT Mitra Pinasthika Mustika Tbk. (MPMX) dengan Pinasthika Mustika Tbk. (MPMX) with total amount
nilai sebesar Rp152.310 yang merupakan hasil dari of Rp152,310 resulting from the Voluntary Tender
Penawaran Tender Sukarela yang dilakukan oleh Offer conducted by the Company on MPMX’s shares
Perusahaan atas saham MPMX sehingga therefore the Company's share ownership in MPMX
kepemilikan saham Perusahaan di MPMX increased from 48.62% to 52.21%.
mengalami kenaikan dari 48,62% menjadi 52,21%.

FINANCIAL REPORTS

REFERENCE SEOJK
N O. 3 0 - S E O J K . 0 4 - 2 0 1 6 : A N N UA L R E P O RT O F P U B L I C C O M PA N Y
PAGE PAGE
I. General Provision 7) earning (loss) per share; 10

1. Annual Report of a listed company is one of the 8) total assets; 10
most important sources as the base for investors or 9) total liabilities; 10
shareholders in making investment decision, and is a 10) total equities; 10
means of monitoring issuers or public company. 11) profit (loss) to total assets ratio; 11
2. Along with the development of Capital Market and the 12) profit (loss) to equities ratio; 11
growing needs of investors or shareholders regarding 13) profit (loss) to income ratio; 11
information disclosure, the Board of Directors and 14) current ratio; 11
the Board of Commissioners are required to improve 15) liabilities to equities ratio; 11
the quality of information disclosure through annual 16) liabilities to total assets ratio; and 11
report. 17) other information and financial ratios relevant NA
3. Annual Report should be prepared in an orderly to the Issuer or Public Company and type of
manner and should be informative to provide industry;
conveniences for the investors or shareholders in getting
the information they need. b. Stock Information
4. This Circular Letter of the Financial Service Agency Stock Information (if any) at least contains:
serves a guidelines for Issuers or Public Companies that 1) shares issued for each three-month period in the
should be applied in preparing their Annual Report. last 2 (two) fiscal years (if any), at least covering:
a) number of outstanding shares; 66
II. Format Of Annual Report b) market capitalization based on the price at
1. Annual Report should be presented in the printed the Stock Exchange where the shares listed
format and in electronic document copy. on; 66
2. The printed version of the Annual Report should be c) highest share price, lowest share price,
printed on light-colored paper of fine quality, in A4 closing share price at the Stock Exchange
size, bound and can be reproduced in good quality. where the shares listed on; and 66
3. The Annual Report presented in electronic document d) share volume at the Stock Exchange where 66
format is the Annual Report converted into pdf format. the shares listed on;
- Information in point a) should be disclosed
III. Content Of Annual Report by the Issuer, the public company whose
shares is listed or not
1. General Provision listed in the Stock Exchange;
a. Annual Report should contain at least the following - Information in point b), point c), and point
information: d) only be disclosed if the Issuer is a public
1) summary of key financial information; 10-11 company whose shares is listed in the Stock
2) stock information (if any); 66 Exchange;
3) the Board of Directors report; 16-19 2) in the event of corporate actions, including NA
4) the Board of Commissioners report; 12-15 stock split, reverse stock, dividend, bonus share,
5) profile of Issuer or Public Company; 5 and change in par value of shares, then the
6) management discussion and analysis; 20-25 share price referred to in point 1), should be
7) corporate governance applied by the Issuer or 36-55 added with explanation on:
Public Company; a) date of corporate action;
8) corporate social and environmental 34-35 b) stock split ratio, reverse stock, dividend,
responsibility of the Issuer or Public Company; bonus shares, and change in par value of
9) audited annual report; 71-147 shares;
10) statement that the Board of Directors and the 69 c) number of outstanding shares prior to and
Board of Commissioners are fully responsible after corporate action; and
for the Annual Report; d) share price prior to and after corporate
b. Annual Report may present the information in form action;
of images, charts, tables, and diagrams are presented
by mentioning the title and/or clear description, that 3) in the event that the company’s shares were NA
is easy to read and be understood; suspended and/or delisted from trading during
the year under review, then the Issuers or Public
2. Description of Content of Annual Report Company should provide explanation on the
a. Summary of Key Financial Information 10-11 reason for the suspension and/or delisting; and
Summary of Key Financial Information contains
financial information presented in comparison 4) in the event that the suspension and/or delisting NA
with previous 3 (three) fiscal years or since as referred to in point 3) was still in effect until
commencement of business if the Issuers or the the date of the Annual Report, then the Issuer
Public Company commencing the business less than or the Public Company should also explain the
3 (three) years, at least contain: corporate actions taken by the company
1) income/sales; 10 in resolving the suspension and/or delisting;
2) gross profit; 10
3) profit (loss); 10 c. The Board of Directors Report
4) total profit (loss) attributable to equity holders of The Board of Directors Report should at least
the parent entity and non-controlling interest; 10 contain the following items:
5) total comprehensive profit (loss); 10 1) the performance of the Issuer or Public
6) total comprehensive profit (loss) attributable 10 Company, at least covering:
to equity holders of the parent entity and non a) strategy and strategic policies of the Issuer 16
controlling interest; or Public Company;
b) comparison between achievement of results 19
and targets;
c) challenges faced by the Issuer or Public 16-19
Company;

PAGE PAGE
2) description on business prospects; 16 h) disclosure of affiliation with other members 60

3) implementation of good corporate governance of the Board of Directors, members of
by Issuer or Public Company; and the Board of Commissioners, and major
4) changes in the composition of the Board of 32 shareholders (if any) including name of the
Directors and the reason behind (if any); affiliated party;
8) the Board of Commissioners profiles, at least
d. The Board of Commissioners Report include:
The Board of Commissioners Report should at least a) name; 58-59
contain the following items: b) latest photograph; 58-59
1) assessment on the performance of the Board of 14 c) age; 58-59
Directors in managing the Issuer or the Public d) citizenship; 58-59
Company; e) education; 58-59
2) supervision on the implementation of the 14 f) history position, covering information on:
strategy of the Issuer or Public Company; (1) legal basis for the appointment 58-59
3) view on the business prospects of the Issuer or 15 as member of the Board of
Public Company as established by the Board of Commissioners who is not
Directors; Independent Commissioner at the said
4) view on the implementation of the corporate 14 Issuer or Public Company;
governance by the Issuer or Public Company; (2) legal bases for the first appointment 58-59
5) changes in the composition of the Board of NA as member of the Board of
Commissioners and the reason behind (if any); Commissioners who also Independent
6) the frequency and procedure of providing 14 Commissioner at the said Issuer or
advice to members of the Board of Directors; Public Company;
(3) dual position; as member of the Board 58-59
e. Profile of the Issuer or Public Company of Commissioners, member of the
Profile of the Issuer or Public Company should Board of Directors, and/or member
cover at least: of committee and other position (if
1) name of Issuer or Public Company, including NA any); and
change of name, reason of change, and the (4) working experience and period in and 58-59
effective date of the change of name during the outside the Issuer or Public Company;
year under review; g) competency enhancement education and/ 41
2) access to Issuer or Public Company, including 56 or training program for member of the
branch office or representative office, where Board of Commissioner during the year
public can have access of information of the under review (if any);
Issuer or Public Company, which include: h) affiliation with other members of the Board 58-59
a) address; of Commissioners, and major shareholders
b) telephone number; (if any) including name of the affiliated
c) facsimile number; party; and
d) e-mail address; and i) statement of independence of Independent NA
e) website address; Commissioner in the event that the
3) brief history of the Issuer or Public Company; 6 Independent Commissioner has been
4) vision and mission of the Issuer or Public 6 appointed more than 2 (two) periods (if
Company; any);
5) line of business according to the latest Articles 56 9) in the event that there were changes in the
of Association, and types of products and/or composition of the Board of Commissioners
services produced; and/or the Board of Directors occurring
6) structure of organization of the Issuer or Public 57 between the period after year-end until the date
Company in chart form, at least 1 (one) level the Annual Report submitted, then the last
below the Board of Directors, with the names and the previous composition of the Board of
and titles; Commissioners and/or the Board of Directors
7) the Board of Directors profiles include: shall be stated in the Annual Report;
a) name and short description of duties and 60 10) number of employees and description of 32
functions; distribution of education level and age of the
b) latest photograph; 60 employee in the year under review;
c) age; 60 11) names of shareholders and ownership
d) citizenship; 60 percentage at the end of the fiscal year,
e) education; 60 including:
f) history position, covering information on: 60 a) shareholders having 5% (five percent) or 64-65
(1) legal basis for appointment as member more shares of Issuer or Public Company;
of the Board of Directors to the said b) Commissioners and Directors who own 64-65
Issuer or Public Company; shares of the Issuers or Public Company;
(2) dual position, as member of the Board 60 and
of Directors, member of the Board of c) groups of public shareholders, or groups of 65-65
Commissioners, and/or member of shareholders, each with less than 5% (five
committee, and other position (if any); percent) ownership shares of the Issuers or
and Public Company;
(3) working experience and period in and 60
outside the Issuer or Public Company;
g) competency enhancement education and/ 43
or training program for member of the
Board of Directors during the year under
review (if any); and

REFERENCE SEOJK
PAGE PAGE
12) number of shareholders and ownership d) sales/operating revenues, expenses and 10-11, 22-25
percentage at the end of the fiscal year, based profit (loss), other comprehensive revenues,
on: and total comprehensive profit (loss); and
a) ownership of local institutions; 65 e) cash flows; 10-11, 22-25
b) ownership of foreign institutions; 65 3) the capacity to pay debts by including the 23-24
c) ownership of local individual; and 65 computation of relevant ratios;
d) ownership of foreign individual; 65 4) accounts receivable collectability of the Issuer 23
13) information on major shareholders and 43, 64 or Public Company, including the computation
controlling shareholders the Issuers of Public of the relevant ratios;
Company, directly or indirectly, and also 5) capital structure and management policies 24, 141
individual shareholder, presented in the form of concerning capital structure, including the basis
scheme or diagram; for determining the said policy;
14) name of subsidiaries, associated companies, 67 6) discussion on material ties for the investment of NA
joint venture controlled by Issuers or Public capital goods, including the explanation on at
Company, with entity, percentage of stock least:
ownership, line of business, total assets and a) the purpose of such ties; NA
operating status of the Issuers of Public b) source of funds expected to fulfill the said NA
Company (if any); ties;
For subsidiaries, include the addresses of the c) currency of denomination; and NA
said subsidiaries; d) steps taken by the Issuer of Public NA
15) chronology of share listing, number of shares, 56, 64, 66, Company to protect the position of a
par value, and bid price from the beginning of 68, 79 related foreign currency against risks;
listing up to the end of the financial year, and 7) discussion on investment of capital goods NA
name of Stock Exchange where the Issuers of which was realized in the last fiscal year, at least
Public Company shares are listed; include:
16) chronology of securities listing in addition to the 122,23 a) type of investment of capital goods; NA
said security in point 15), which at least should b) objective of the investment of capital NA
contain the name of the Securities, year of goods; and
issuance, date of maturity, bid price, and rating c) value of the investment of capital goods; NA
of the securities (if any); 8) material Information and facts that occurring 145
17) name and address of capital market supporting 68 after the date of the accountant’s report (if any);
institutions and/or professionals; 9) information on the prospects of the Issuer or 2
18) in the event that the capital market supporting 68 the Company in connection with industry,econ-
professionals provide services on a regular omy in general, accompanied with supporting
basis to the Issuer or the Public Company, then quantitative data if there is a reliable data
information on the services provided, fee and source;
period of assignment should be disclosed; and 10) comparison between target/projection at 25
19) awards and/or certification of national and beginning of year and result (realization),
international scales bestowed on the Issuer or concerning:
Public Company during the last fiscal year (if a) income/sales;
any), covering: b) profit (loss);
a) name of award and/or certification; 9 c) capital structure; or
b) organization/institution that gives the 9 d) others that deemed necessary for the Issuer
awards; and or Public Company;
c) award/certificate validity period (if any); 9 11) target/projection at most for the next one year 15, 25
of the Issuer or Public Company, concerning:
f. Management Discussion and Analysis a) income/sales;
Management Analysis and Discussion Annual b) profit (loss);
should contain discussion and analysis on financial c) capital structure; or
statements and other material information d) dividend policy;
emphasizing material changes that occurred during e) or others that deemed necessary for the
the year under review, at least including: Issuer or Public Company;
1) operational review per business segment, 12) marketing aspects of the company’s products NA
according to the type of industry of the Issuer and/or services the Issuer or Public Company,
or Public Company including: among others marketing strategy and market
a) production, including process, capacity, and 20-25 share;
growth; 13) description regarding the dividend policy during
b) income/sales; and 20-25 the last 2 (two) fiscal years, at least:
c) profitability; 20-25 a) dividend policy;
2) comprehensive financial performance analysis b) the date of the payment of cash dividend 127
which includes a comparison between the and/or date of distribution of non-cash
financial performance of the last 2 (two) fiscal dividend;
years, and explanation on the causes and effects c) amount of cash per share (cash and/or non 38, 75
of such changes, among others concerning: cash); and
a. current assets, non-current assets, and total 10-11, 22-25 d) amount of dividend per year paid; 127
assets;
b) short term liabilities, long term liabilities, 10-11, 22-25
total liabilities; 10-11, 22-25
c) equities;

PAGE PAGE
14) use of proceeds from Public Offerings, under 64 2) the Board of Commissioners, among others
the condition of: include:
a) during the year under review, on which a) duties and responsibilities of the Board of 37, 39, 40
the Issuer has the obligation to report the Commissioners;
realization of the use of proceeds, then b) statement that the Board of Commissioner
the realization of the cumulative use of has already have the board manual or
proceeds until the year end should be charter;
disclosed; c) procedure, legal basis, structure, and 40
and amount of remuneration for each member
b) in the event that there were changes in of Board of Commissioners;
the use of proceeds as stipulated in the d) policies and frequency of meeting of 40
Regulation of the Financial Services the Board of Commissioners, including
Authority on the Report of the Utilization meeting with the Board of Directors, and
of Proceeds from Public Offering, then attendance of each member of the Board
Issuer should of Commissioners in the said meetings;
explain the said changes; e) policies of the Issuer or Public Company 43
15) material information (if any), among others 27, 28, 96 regarding the assessment on the
concerning investment, expansion, divestment, performance of the Board of Directors
acquisition, debt/capital restructuring, and Board of Commissioners and the
transactions with related parties and implementation, at least covering:
transactions with conflict of interest that (1) procedure for the implementation of WIP
occurred during the year under review, among performance assessment;
others include: (2) criteria for assessment; and
a) transaction date, value, and object; (3) assessor;
b) name of transacting parties; f) assessment on the performance of WIP
c) nature of related parties (if any); 131-133 the committees under the Board of
d) description of the fairness of the Commissioners; and
transaction; and g) in the event that the Board of NA
e) compliance with related rules and Commissioners does not establish
regulations; the Nomination and Remuneration
16) changes in regulation which have a significant 52 Committee, than should contain at least:
effect on the Issuer or Public Company and (1) reason not to establish the committee;
impacts on the company (if any); and and
17) changes in the accounting policy, rationale and 85, 14, 20 (2) procedure of nomination and
impact on the financial statement (if any); remuneration performed in the year
under review;
g. Corporate Governance of the Issuer or 3) Sharia Supervisory Board, for Issuer or Public NA
Public Company Company that conduct business based on sharia
Corporate Governance of the Issuer or Public law, as stipulated in the articles of association, at
Company contains at least: least containing:
1) the Board of Directors, covering: a) name;
a) the tasks and responsibilities of each b) duty and responsibility of Sharia
member of the Board of Directors; 18, 32, 42 Supervisory Board; and
b) statement that the Board of Directors has c) frequency and procedure in providing
already have board manual or charter; 41, 44 advice and suggestion, as well as the
c) procedure, legal basis, structure, and compliance of Sharia Principles by the
amount of remuneration of each member 43 Issuer or Public Company in the Capital
of the Board of Directors, relation between Market;
remuneration and performance of the
Issuer or Public Company; 4) Audit Committee, among others covering:
d) the policies and the frequency of the a) name and position in the committee; 45-46
meeting of the Board of Directors, 42 b) age; 59, 61
including the joint meeting with Board c) citizenship; 59, 61
of Commissioners, and attendance of d) education background; 59, 61
member of the Board of Directors in the e) history of position; including: 59, 61
said meeting; (1) legal basis for the appointment as
e) information on the resolution from member of the committee;
the AGM of the previous 1 (one) year, 39 (2) dual position, as member of Board
covering: of Commissioners, member of Board
(1) AGM resolutions that were realized of Directors, and/or member of
during the fiscal year; and committee, and other position (if any);
(2) explanation for the unrealized and
resolution; (3) working experience and period in and
f) information regarding the AGM resolution outside the Issuer or Public Company;
in the year under review, including: 39 f) period and terms of office of the member 45
(1) AGM resolutions that were realized of Audit Committee;
during the fiscal year; and g) statement of independence of the Audit 46
(2) explanation for the unrealized Committee;
resolution; h) policies and implementation of the 46
g) assessment on the performance of the frequency of meeting of the Audit
committee under the Board of Directors; Committee and attendance of member of
Audit Committee;

REFERENCE SEOJK
PAGE PAGE
i) education and/or training during the year 59, 61 h) brief description on the implementation of 48
under review (if any); and duty of Internal Audit Unit during the year
j) the activities of the Audit Committee in the 46 under review;
year under review, in accordance with the 8) description on internal control system adopted
Audit Committee Charter; by the Issuer or Public Company, at least
5) other committee of the Issuer or the Public covering:
Company formed to support the function and a) financial and operational control, and 51
duty of the Board of Directors and/or the compliance to the other prevailing rules;
Board of Commissioners, such as Nomination and
and Remuneration Committee, containing: b) review on the effectiveness of internal 51
a) name and position in the Committee; control systems;
b) age; 59, 61 9) risk management system implemented by the
c) citizenship; company, at least includes:
d) education background; a) general description about the company’s 52,53
e) history of position, including: risk management system the Issuer or
(1) legal basis for the appointment as 44 Public Company;
member of the committee; b) types of risk and the management; and 52,53
(2) dual position, as member of Board of 59, 61 c) review the effectiveness of the risk 52,53
Commissioners, member of Board of management system applied by the Issuer
Directors, and/or or Public Company;
member of committee, and other 10) important cases faced by the Issuer or Public
position (if any); and Company, subsidiaries, current members of
(3) working experience and period in and 59, 61, 58, 60 the Board of Commissioners and the Board of
outside the Issuer or Public Company; Directors, among others include:
f) period and terms of office of the member 44, 47 a) substance of the case/claim; 50
of Committee; b) status of settlement of case/claim; and 50
g) description of duty and responsibility; 44, 47 c) potential impacts on the condition of the 50
h) statement that the Committee has already 44, 47 Issuer or Public Company;
have the Charter; 11) information about administrative sanctions 50
i) statement of independence of the 45, 47 imposed to Issuer or Public Company, members
Committee; of the Board of Commissioners and the Board
j) policies and frequency of meeting of 45,47 of Directors, by the Capital Market Authority
the committee, and attendance of each and other authorities during the last fiscal year
member of the committee in the said (if any);
meetings; 12) information about codes of conduct of the
k) education and/or training during the year NA Issuer or Public Company, includes:
under review (if any); and a) key points of the code of conduct; 50
l) brief description on the activities of the 45,47 b) socialization of the code of conduct and 50
committee; enforcement; and
6) Corporate Secretary, including: c) statement that the code of conduct is 50
a) name; 48,61 applicable for the Board of Commissioners,
b) domicile; 48,61 the Board of Directors, and employees of
c) history of position, including: the Issuer of Public Company;
(1) legal basis for the appointment as 48 13) information about corporate culture (if any) of 6,50
Corporate Secretary; and the Issuer or Public Company;
(2) working experience and period in and 61 14) description of employee or management stock
outside the Issuer or Public Company; ownership program of the Issuer or Public
d) education background; 61 Company, among others contains:
e) education and/or training during the year 49 a) number of share and/or option; 50
under review; and b) period; 50
f) brief description on the implementation 49 c) requirement for eligible employee and/or 50
of duties of the Corporate Secretary in the management; and
year under review; d) exercised price; 50
7) Internal Audit Unit, among others including: 57,61 15) description of whistleblowing system at the
a) name of Head of Internal Audit Unit; Issuer or Public Company (if any), among
b) history of position, including: others include:
(1) legal basis for the appointment as 48 a) mechanism for violation reporting; 51
Head of Internal Audit Unit; and b) protection for the whistleblower; 51
(2) working experience and period in and 61 c) handling of violation reports; 51
outside the Issuer or Public Company; d) unit responsible for handling of violation
c) qualification or certification as internal NA report; and
auditor (if any); e) results from violation report handling, at 51
d) education and/or training during the year 31 least includes:
under review; (1) number of complaints received and 51
e) structure and position of Internal Audit 48 processed during the fiscal year; and
Unit; (2) follow up of complaints; 51
f) description of duties and responsibilities; 48
g) statement that the Internal Audit Unit has 48
already have Internal Audit Unit charter;
and

PAGE PAGE
16) implementation of the Guidelines of Corporate 55 2) In the event that the Issuer or the Public NA
Governance for Public Companies for Issuer Company imparts information on social and
issuing Equitybased Securities or Public environmental responsibility as referred to
Company, including: in point 1) in separate report such corporate
a) statement regarding recommendation that 55 social and environmental responsibility report,
have been implemented; and/or or sustainability report, then the Issuers or the
b) description of recommendation that have NA Public Company is excluded from disclosing
not been implemented, along with the information on social and environmental
reason and alternatives of implementation responsibility in Annual Report; and
(if any); 3) The said report in point 2) should be submitted NA
to the Financial Service Authority along with
h. Social and Environmental Responsibility of the Annual Report;
the Issuer or Public Company
1) Information on social and environmental 35 i. Audited Annual Financial Statement 71
responsibility of the Issuer or Public Company Financial Statements included in Annual Report
that covers policies, types of programs, and cost, should be prepared in accordance with the
among others related to: Financial Accounting Standards in Indonesia
a) environment, among others: and audited by an Accountant. The said financial
(1) he use of environmentally friendly and NA statement should be included with statement of
recyclable materials and energy; responsibility for financial report as stipulated in the
(2) the waste treatment systems of the NA legislations in the Capital Markets sector governing
Issuer or Public Company; the responsibility of the Board of Directors on the
(3) mechanism for filling complaint on NA financial report or the legislations in the Capital
environmental issues; and Markets sector governing the periodic reports
(4) environmental certifications; NA of securities company in the event the Issuer is a
b) employment practices, occupational health 33 Securities Company; and
and safety, among others:
(1) gender equality and equal work j. Letter of Statement of the Board of 69
opportunity; Directors and the Board of Commissioners
(2) work and safety facilities; 33 regarding the Responsibility for Annual
(3) employee turnover; 32 Reporting
(4) work incident rate; Letter of statement of the Board of Directors
(5) education and/or training; 31 and the Board of Commissioners regarding the
(6) remuneration; and 45 responsibility for Annual Reporting should be
(7) mechanism for filling complaint on prepared according to the format of letter of
employment issues; statement of member of Board of Directors
c) social and community development, among 35 and the Board of Commissioners regarding the
others: responsibility for Annual Reporting as attached
(1) the use of local work force; in the Attachment, which is an integral part of
(2) empowerment of local communities 34 this Circulation Letter of the Financial Services
among others through the use of raw Authority.
material produced by the community
or by providing education;
(3) improvement of public social facilities
and infrastructure;
(4) other form of donation; and 35
(5) dissemination of the policies and
procedures of anti-corruption at
the Issuers or Public Company, and
training on anti-corruption (if any);
d) products and/or services responsibilities,
among others:
(1) consumers’ health and safety; NA
(2) products and/or services information; NA
and
(3) facilities, number, and resolution of NA
consumer complaint.

P T S A R ATO G A I N V E S TA M A S E DAYA T B K
201 8 A N N UA L R E P O R T
Menara Karya 15th Fl.

Jl. H.R Rasuna Said Block X-5 Kav 1-2,
Jakarta Selatan 12950
Telp : +62 21 5794 4355
Fax: +62 21 5794 4365

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POISED FOR

2018 ANNUAL REPORT

Poised for Growth

Saratoga is bullish on the long-term prospects of Indonesia.

The future of Indonesia is full of possibilities. It is the largest

Like Indonesia, Saratoga looks ahead to a bright future, but with

Saratoga is keen on the prospect of growth in Indonesia amid

In short, we are poised for growth and are committed to

2 PT SARATOGA INVESTAMA SEDAYA TBK

PORTFOLIO H IGH L IGH T S

NAT U R A L R ESO U RC ES INFRA STRUCTURE CONSUME R

53% 30% 17%

PT AGRA ENERGI INDONESIA GROWT H C O M PA N I ES PT GILANG AGUNG PERSADA

PT ADARO ENERGY TBK.

2018 ANNUAL REPORT 3

IN V ESTMENT TR ACK R ECOR D

2002 - 2006 2007 - 2009 2010 2011 2012

PT Adaro Energy Tbk. PT Tower Bersama PT Provident Agro

Infrastructure Tbk. Tbk.

4 PT SARATOGA INVESTAMA SEDAYA TBK

2013 2014 2015 2016 2017 2018

PT Nusa Raya Cipta PT Trimitra PT Paiton Energy PT Famon Awal

PT Mitra Pinasthika PT Merdeka Copper

Sold stake in an Issued EB of USD100 Divested Divested Divested

2018 ANNUAL REPORT 5

A WORLD-CLA SS ACTIVE INVESTMENT TO BE THE PARTNER OF CHOICE FOR

CORE VALUES CORPORATE CHARACTERS

WORK HARD INTEGRITY

6 PT SARATOGA INVESTAMA SEDAYA TBK

2016 2017 2018

OPPORTUNITIES 102 124 91

ADRO ADRO ADRO

PALM TBIG PALM

MPMX PALM BHP

TWU NRCA NRCA

622 882 900

2018 ANNUAL REPORT 7

OUR ACTIVE INVESTMENT METHODOLOGY

We are guided by three clear concepts, namely Platforms,

OUR INVESTMENT FRAMEWORK

Our investment framework is defined by the substantial

Our portfolio is spread across:

8 PT SARATOGA INVESTAMA SEDAYA TBK

Saratoga’s Christmas Gathering at Panti Saratoga received an award from Financial

Saratoga Year-End Party The disclosure of the acquisition of PT Aneka

2018 ANNUAL REPORT 9

CONSOLIDATED STATEMENT OF FINANCIAL POSITION CONSOLIDAT ED A SSET S

LIABILITIES 2016 2017 2018

TOTAL LIABILITIES AND EQUITY 20,115 26,630 25,144

2016 2017 2018

CONSOLIDATED STATEMENT OF PROFIT OR LOSS A ND

(LOSS) PROFIT FOR THE YEAR (6,135) 3,162 7,534

(Loss) Profit attributable to:

Total comprehensive (Loss) income attributable to: IDR billion

Owners of the Company (6,194) 3,272 6,079

2016 2017 2018

10 PT SARATOGA INVESTAMA SEDAYA TBK

OPERATING RATIOS (%)

FINANCIAL RATIOS (times)

CONSOLIDATED STATEMENT OF CASH FLOW

2018 2017 2016

2018 ANNUAL REPORT 11

"Despite a turbulent 2018, we remain bullish on the long-term growth