188,12 % Danareksa. today LABA BERSIH NET PROFIT PENDAPATAN TOTAL REVENUE EKUITAS TOTAL SHAREHOLDERS EQUITY LABA BERSIH NET PROFIT

Danareksa today

% 188,12 LABA BERSIH NET PROFIT

377.207

484.057 (Rp Juta /Rp Million)

(Rp Juta/ Rp Million)

58.886


758.878

817.764

2009

2010

2009

2010

2009

2010

(Rp Juta /Rp Million)

PENDAPATAN TOTAL REVENUE

20.438

LABA BERSIH NET PROFIT



EKUITAS

TOTAL SHAREHOLDERS’ EQUITY

02

Laporan Tahunan Annual Report 2010

Preserving Excellence

Daftar Isi Table Of Contents

01 03 04 06

Preserving Excellence Visi & Misi

Vision & Mission

Strategi Perusahaan Company Strategy

Profil Perusahaan

Kelola Perusahaan 60 Tata Good Corporate Governance Bisnis 77 Tinjauan Business Review 78 PT Danareksa (Persero) 82 PT Danareksa Sekuritas

Company Profile

88 PT Danareksa Investment Management

08

Sekilas Danareksa

90 PT Danareksa Finance

10

Lini Bisnis

12 14 16

Danareksa at a Glance

Sumber Daya Manusia 96 Human Resources Ikhtisar Keuangan Informasi 100 Teknologi Information Technology Maintaining Standard of Excellence Jawab Sosial 103 Tanggung Peristiwa Penting 2010 Perusahaan Core Business

Financial Highlights

Maintaining Standard of Excellence Event Highlights

tahun 2010 20 Ulasan 2010 Year in Review 21 28

92 PT Danareksa Capital

Sambutan Komisaris Utama Message from President Commissioner

Dewan Komisaris Board of Commissioners

32

Laporan Direktur Utama

38

Direksi

42

Indikator Kinerja Utama

44

Tinjauan Keuangan & Kinerja Perusahaan - 2010

Report from President Director Board of Directors Key Performance Indicator

Company Performance & Financial Review - 2010

Corporate Social Responsibility

Organisasi 108 Struktur Organization Structure Senior 109 Pejabat Senior Officers dan Layanan 110 Produk Products & Services 114 Alamat Addresses Jawab 116 Tanggung Pelaporan Keuangan

Responsibility for Financial Reporting

Keuangan Konsolidasian 117 Laporan Consolidated Financial Statements

Visi Vision Menjadi perusahaan penyedia jasa keuangan terkemuka di regional To be the pre-eminent financial services company in the region

Misi Mission

• Menciptakan nilai tambah bagi stakeholder melalui layanan keuangan, terutama di bidang pasar modal • Mendorong perkembangan dan edukasi mengenai pasar modal di Indonesia • •

Creating value for stakeholders by providing financial services, primarily in the capital markets. Promoting the development of Indonesian capital market.

04



Strategi Perusahaan Company Strategy

Kompetensi bisnis yang telah terbangun dengan kokoh dan langkah ekspansif merupakan inisiatif nyata Danareksa untuk terus mencapai pertumbuhan bisnis secara berkelanjutan. Building solid business competency and expansive measures are Danareksa’s true initiatives to continue to achieve sustainable business growth.



05

Iklim kompetisi bisnis yang semakin kompleks menuntut semua elemen bisnis merangkai berbagai inisiatif. Fluktuasi ekonomi dunia yang terjadi dalam beberapa tahun terakhir mendorong Danareksa untuk mengimplementasikan strategi yang tepat. Mendasarkan pada kompetensi bisnis yang telah terbangun dengan kokoh, langkah ekspansif menjadi inisiatif nyata bagi Danareksa untuk terus mencapai pertumbuhan bisnis secara berkelanjutan. Menjawab tantangan di masa depan, Danareksa telah menetapkan strategi bisnis yang akan dijalankan pada tahun 2011 yaitu : 1. Fokus pada penguatan anak perusahaan (empowerment of subsidiary companies). 2. Meningkatkan Other Financing sehingga Danareksa tidak hanya berperan sebagai broker namun juga investor. 3. Meningkatkan pengelolaan risiko dan tata kelola perusahaan yang baik. 4. Memperluas pangsa pasar perusahaan.

Building solid business competency and expansive measures are Danareksa’s true initiatives to continue to achieve sustainable business growth. The creation of the subsidiaries increasingly solidifies Danareksa’s existence in the midst of an increasingly complex business competition. The increasingly complex business climate demands all business elements to create various initiatives. The global economy’s fluctuation in recent years has led Danareksa to implement the right strategy. Based on its firmly built business competency, expansive measures have become the real initiative for Danareksa to continuously achieve sustainable business growth. The restructuring initiative through the creation of subsidiaries solidifies Danareksa’s existence in the midst of an increasingly complex business competition. To meet the challenges of the future, Danareksa has determined its business strategies for 2011, which are: 1. Focus on empowerment of subsidiary companies. 2. Increase Other Financing whereby Danareksa does not merely serve as a broker but also as an investor. 3. Improve risk management and corporate governance. 4. Expand the Company’s market share.

06



Sebagai perusahaan BUMN, Danareksa senantiasa berperan aktif dalam membangun industri pasar modal Indonesia. Di tengah percaturan bisnis global, dari masa ke masa Danareksa selalu menjadi katalisator berbagai kemajuan industri pasar modal Indonesia. Dengan sinergi yang kuat dengan seluruh anak perusahaan, Danareksa optimis akan terus memberikan kontribusi positif pada pembangunan ekonomi Indonesia. As a State-Owned Enterprise (SOE), Danareksa constantly plays an active role in the development of Indonesia’s capital market industry. Through the years, Danareksa has always served as the catalyst for the development of Indonesia’s capital market in the midst of the global business arena. Through all of its subsidiaries’ solid synergy, Danareksa is optimistic that it can continue to significantly provide positive contribution to all processes of national development.


Profil Perusahaan Company Profile


07

08



Sekilas Danareksa Danareksa at a Glance

Didirikan Founded

1976

Pegawai Employees

351

Pendapatan 2010 2010 Revenues

Rp 484.057

Juta/Million

Ekuitas

Total Shareholders’ Equity

Rp 817.764

Juta/Million

Sentra Investasi Danareksa Danareksa Investment Center

31

Sebagai Badan Usaha Milik Negara (BUMN) yang didirikan pada tahun 1976, PT Danareksa (Persero) mengemban misi utama untuk mendorong perkembangan pasar modal di Indonesia. Danareksa melaksanakan misi ini melalui berbagai aktivitas usaha yang mendorong terciptanya pertumbuhan bisnis yang berkelanjutan.

Founded in 1976 as a State-Owned Enterprise, PT Danareksa’s (Persero) main mission is to drive the development of capital market in Indonesia. Danareksa brings this mission to fruition through various initiatives that promote sustainable business growth.

Didukung oleh 351 pegawai dan 31 Sentra Investasi Danareksa (SID) yang tersebar di seluruh Indonesia, Danareksa memanifestasikan inisiatif ekspansi bisnis melalui berbagai layanan jasa keuangan terintegrasi, yang mencakup jasa bank investasi (investment bank), perantara perdagangan saham dan obligasi, pengelolaan investasi, jasa multifinance dan tresuri. Semua layanan yang disediakan Danareksa tersebut didukung oleh tim riset andal; baik melalui Equity Research untuk analisis pasar saham dan Debt Research untuk pasar obligasi serta Danareksa Research Institute.

Supported by 351 employees, 31 Danareksa Investment Centers (SID) located across Indonesia, Danareksa manifests its business expansion initiatives through a variety of integrated financial services such as investment banking services, stock and bond brokerage, investment management, multi-finance and treasury services. All services provided are handled by a skilled management team; either by Equity Research for analysis of stock market and Debt Research for bond market as well as Danareksa Research Institute.

Danareksa Research Institute (“DRI”) adalah lembaga riset Danareksa yang melakukan riset ekonomi seluas mungkin, membahas masalah dan tren ekonomi nasional, regional dan global serta menyediakan informasi yang berharga bagi para pelaku bisnis dan ekonomi baik di sektor umum maupun swasta.

Danareksa Research Institute is a research institution conducting economic research as extensively as possible, discussing about economic problems and trends in national, regional and global scales as well as providing valuable information for business and economy practitioners either in general or private sectors.

Sebagai pelopor pasar modal di Indonesia, Danareksa aktif berinovasi dalam menghasilkan berbagai produk dan jasa yang beragam; termasuk pembentukan reksa dana berbasis syariah dan reksa dana berdenominasi dollar Amerika Serikat. Di samping itu, Danareksa juga membantu pelaku bisnis, baik swasta maupun Pemerintah dalam pendanaan melalui emisi saham dan surat utang, maupun untuk memenuhi kebutuhan strategis lainnya, termasuk merjer dan akuisisi, pembiayaan proyek dan restrukturisasi.

As the pioneer in Indonesian capital market, Danareksa actively innovates to create a variety of products and services; including the formation of sharia based mutual funds and US Dollar denominated mutual funds. In addition, Danareksa also assists business practitioners, both from private and state owned enterprises in funding through issuance of shares and bonds, as well in the fulfillment of other strategic needs, including merger and acquisition, project financing and restructuring.



Memasuki era komunikasi dan telekomunikasi yang terus berkembang, Danareksa telah menyediakan layanan pasar modal via internet dan jaringan komunikasi mobile semisal GSM. Melalui produk D’ONE (Danareksa Online), kini nasabah dapat secara mandiri melaksanakan transaksinya secara real time dan online.

Entering growing communication and telecommunication era, Danareksa has provided services of capital market by internet and mobile communication network such as GSM. Through D’ONE (Danareksa Online) product, the customers may independently do transactions at real time and online.

Melalui jasa dan produk-produk yang beragam, Danareksa melayani investor individu maupun institusi dalam membantu memenuhi kebutuhan investasi melalui beragam aktivitas di pasar modal. Dalam mendukung program-program Pemerintah, Danareksa bertindak sebagai promotor dan senantiasa berperan aktif sebagai katalisator yang memprakarsai berbagai kemajuan dalam industri pasar modal Indonesia.

With a number of services and products, Danareksa serves both individual and institutional investors by meeting the investors’ needs through various capital market activities. In supporting the government, Danareksa acts as a promoting agent and actively plays roles as catalyst initiating progresses in Indonesian capital market industry.

09

Danareksa memahami peran pentingnya dalam mendukung pembangunan ekonomi Indonesia, khususnya perkembangan pasar modal di Indonesia. Dengan dukungan sumber daya manusia yang andal serta strategi bisnis yang memadai, secara konsisten Danareksa mampu mencapai pertumbuhan yang berkesinambungan. Danareksa constantly seeks to play an active role in the development of Indonesia’s capital market industry. Through all of its credible human resources and precise business strategies, Danareksa has been consistently able to achieve sustainable growth.

010



Lini Bisnis Core Business

Akselerasi yang tercipta antara Danareksa dengan seluruh anak perusahaan menjadi salah satu motor dalam menjalankan aktivitas usaha yang terus berkelanjutan. Melalui produk dan layanan yang beragam, Danareksa terus mencapai pertumbuhan bisnis yang signifikan. The acceleration created between Danareksa and all of its subsidiaries constantly serves as the main driver for Danareksa to sustainably implement its business expansion activities. Danareksa continues, through its diversified products and services, to be able to achieve significant business growth. Seiring perkembangan bisnis yang cepat, Perusahaan harus mampu menciptakan dan menjaga akselerasi seluruh elemen yang dimiliki. Perusahaan juga dituntut untuk semakin jeli dalam membaca, menangkap serta menciptakan peluangpeluang bisnis baru.

In line with rapid business growth, the Company must be able to create and maintain the acceleration through all elements at its disposal. The Company is also expected to be increasingly adept at interpreting, reaping as well as creating business opportunities.

Didasari semangat memajukan industri pasar modal Indonesia, Danareksa telah memiliki lini-lini bisnis dan anak perusahaan yang fokus pada bidang tertentu untuk mencapai tujuan bisnis dan pertumbuhan usaha yang optimal.

With the spirit of developing the capital market industry, Danareksa has carried out a number of innovations by establishing business lines and subsidiaries focusing on its respective fields to achieve optimum business objectives and business growth.

Guna lebih menyempurnakan bisnis model sehingga mampu menangkap peluang-peluang investasi, Danareksa mendirikan PT Danareksa Capital, di samping anak perusahaan lain yang telah ada, seperti PT Danareksa Sekuritas, PT Danareksa Investment Management dan PT Danareksa Finance. Dalam menjalankan usahanya, PT Danareksa Capital juga menyediakan jasa konsultan manajemen.

To optimize the business model to capture opportunities in investment banking, Danareksa has formed PT Danareksa Capital, in addition to other existing subsidiaries, among others: PT Danareksa Sekuritas, PT Danareksa Investment Management and PT Danareksa Finance. In overtaking its business, PT Danareksa Capital also provides management consultant services.

Selain melalui anak perusahaan yang telah dibentuk, PT Danareksa (Persero) juga memiliki lini bisnis seperti Tresuri, Proprietary Trading, Other Financing dan Pemulihan Aktiva.

Aside from these subsidiaries, PT Danareksa (Persero) also has a business line such as Treasury, Proprietary Trading, Other Financing and Asset Recovery.



011

PT DANAREKSA (Persero)

Investment Banking

•

Equity Capital Market

•

Debt Capital Market

•

Retail Distribution

•

Cyber Business

Treasury

•

Proprietary Trading

•

Other Financing

•

Asset Recovery

•

Danareksa Research Institute

PT Danareksa Investment Management

PT Danareksa Sekuritas •

•

•

Investment Management

PT Danareksa Capital

PT Danareksa Finance

•

Structured Product and Finance

•

Other Financing

•

Private Equity

•

Fund Creation

012



Ikhtisar Keuangan Financial Highlights Rp Juta (kecuali dinyatakan lain)

HASIL OPERASIONAL Operating Results

Rp Million (unless stated otherwise)

GROWTH 2010

2010

2009

2008

2007

2006

Pendapatan Revenues

28,33%

484.057

377.207

219.918

505.849

334.427

Laba Usaha Operating Income

60,22%

84.673

52.846

44.019

170.380

110.105

Laba Sebelum Pajak Profit Before Tax

30,02%

93.811

72.151

52.460

107.967

130.321

188,12%

58.886

20.438

23.447

56.197

98.439

Total Aktiva Total Assets

6,40%

2.663.355

2.503.130

2.997.632

3.300.648

2.158.365

Total Kewajiban Total Liabilities

5,81%

1.845.588

1.744.250

2.248.425

2.572.195

1.487.210

-9,77%

1.076.135

1.192.722

993.355

495.462

397.979

7,76%

817.764

758.878

749.205

728.451

671.153

0,00%

701.480

701.480

701.480

701.480

701.480

188,11%

83.945

29.136

33.425

80.112

140.330

Laba Bersih terhadap Rata-rata Ekuitas Return on Average Equity

176,67%

7,47%

2,70%

3,20%

8,00%

15,80%

Laba Bersih terhadap Rata-rata Aktiva Return on Average Assets

225,71%

2,28%

0,74%

2,06%

4,79%

1,31%

19,38%

23,85%

21,34%

38,97%

Laba Bersih Net Profit

POSISI Keuangan Financial Position

Pinjaman Jangka Panjang Long Term Debt Ekuitas Total Shareholders’ Equity

DATA SAHAM Per Common Share Data Saham Beredar (Jumlah Saham) Share Outstanding (number of shares) Laba Bersih per Saham (dalam Rupiah penuh) Net Profit per Share (in full Rupiah)

RASIO PENTING Share Data

Laba Sebelum Pajak terhadap Pendapatan Pre-Tax Operating Ratio Pinjaman Jangka Panjang terhadap Ekuitas Leverage Rasio Kewajiban terhadap Ekuitas Debt to Equity Ratio Jumlah Pegawai Number of Employees

1,588

0,74% 261

19,13%

675 502

-16,29%

131,59%

157,20%

132,60%

68,00%

59,30%

-1,79%

225,69%

229,80%

300,10%

353,10%

221,60%

6,04%

351

331

353

339

294



JUMLAH AKTIVA (Rp Juta)

PENDAPATAN (Rp Juta)

Total Assets (Rp Million)

Revenue (Rp Million)

505.849

484.057 377.207

334.427

3.300.648 2.997.632

2.663.355 2.503.130

2.158.365

219.918

2010 2008 2009 2007 2006

LABA SEBELUM PAJAK (Rp Juta) Profit before Tax (Rp Million)

2010 2008 2009 2007 2006

EKUITAS (Rp Juta)

Total Shareholders’ Equity (Rp Million)

130.321 671.153

107.967

817.764 749.205 758.878 728.451

93.811 72.151 52.460

2010 2008 2009 2006 2007

2010 2008 2009 2006 2007

013

014



2006

2008

• The Best Domestic Securities House Asiamoney • Top Analyst for Utility and Small Cap Research #1 Asiamoney • The Best Analyst #4 Asiamoney • The Best Domestic Bond House Finance Asia • Champion of Good Corporate Governance Ikatan Komite Audit Indonesia • Best Bond House IFRASIA • The Best Pension Fund (for asset category below Rp 50 billion) Dana Pensiun • Reksa Dana Campuran Syariah Terbaik “Danareksa Syariah Berimbang” Investor • The Best Mutual Fund based on USD Fixed Income category (for Reksa Dana Danareksa Melati Dollar) Investor • Great Contribution in Foreign Exchange Transactions 2006 (for Treasury) Citibank Jakarta • The Most Active Underwriter Surabaya Stock Exchange

The Best Debt House in 2008 Asiamoney The Best Investment Bank in 2008 FinanceAsia The Best Equity House in 2008 FinanceAsia The Best Bond House in 2008 FinanceAsia Indonesian Best Investment Bank in 2008 ALPHA Southeast Asia • Indonesia’s Most Admired Company BusinessWeek Indonesia • “e-Company Award 2008” Warta Ekonomi • Best USD Bond for Danareksa Melati Dolar Investor

2007

2009

• The Best Domestic Equity House Asiamoney • The Best Domestic Bond House Asiamoney • The Most Active Underwriter Surabaya Stock Exchange • The Best Investment Bank FinanceAsia • The Best Equity House FinanceAsia • The Best Bond House FinanceAsia • No. 1 in Underwriting League Tables for IDR Bond Bloomberg • No. 1 in Underwriting League Tables for Domestic IPO Bloomberg • Indonesian Best Investment Bank ALPHA South East Asia • Indonesian Best Equity House ALPHA South East Asia • Indonesian Best Broker ALPHA South East Asia • Best Equity Fund based on Risk Adjusted Return, Risk Ratio & Snail Trail 2001-2006 (for Danareksa Mawar) Finansial Bisnis Informasi & Bisnis Indonesia • Ranked 5th for the Best Balanced Fund (for Danareksa Anggrek) Finansial Bisnis Informasi & Bisnis Indonesia

• Best Investment Bank in Indonesia FINANCEASIA • Best Security Broker in Indonesia FINANCEASIA • Gold Medal - Best Bond Issuer PEFINDO - CREDIT RATING INDONESIA • Silver Medal - Most Active Underwriter PEFINDO CREDIT RATING INDONESIA • Best Investment Bank in Indonesia ALPHA South East Asia • First Prize, Website with the Fastest Response KEMENTERIAN BUMN RI & KEMENTERIAN KEUANGAN RI • Best Selling Agent (State Retail Bonds - Seri ORI006) KEMENTERIAN BUMN RI & KEMENTERIAN KEUANGAN RI • Best Domestic Investment Bank THE ASSET • Islamic Deal of The Year 2009 THE ASSET • Second Prize, “Other Finance” Category Business Improvement Through IT Innovation WARTA EKONOMI • CEO Idaman 2009 (#1 Non-Bank Financial Sector) WARTA EKONOMI • CEO Idaman 2009 (#1 Non-Public Companies Category) WARTA EKONOMI • Islamic Deal of The Year Republic of Indonesia: US$650m five-year Global Sukuk IFRASIA • Best Equity House in Indonesia ASIAMONEY • Best Debt House in Indonesia ASIAMONEY • Best Local Brokerage ASIAMONEY • Best Partner - Category Securities Company JAMSOSTEK

• • • • •



• • • • • • • • • •

015

Best Securities Broker FINANCE ASIA Best Investment Bank FINANCE ASIA Best Bond House FINANCE ASIA Best Investment Bank THE ASSET Indonesia’s Best Domestic House Asia Money Best Institutional Broker ALPHA SOUTHEAST ASIA Best Retail Broker ALPHA SOUTHEAST ASIA Best Mid-Cap Equity Deal of the Year in Southeast Asia ALPHA SOUTHEAST ASIA Best Securities House MAJALAH INVESTOR Most Active Lead Underwriter MAJALAH INVESTOR

2010 Maintaining Standard of Excellence Penghargaan dan Prestasi Awards and Achievements

016



Peristiwa Penting 2010 2010 Event Highlights

Memberikan gambaran pada nasabah Danareksa tentang kondisi perekonomian terkini dan prediksi ekonomi selama satu tahun ke depan, setiap awal tahun PT Danareksa menyelenggarakan acara Economic Outlook. Untuk Economic Outlook 2010, diselenggarakan di Hotel Grand Hyatt Jakarta pada tanggal 20 Januari 2010. To provide information to Danareksa customers on current economic condition and economic prediction for one year ahead, PT Danareksa regularly organizes an “Economic Outlook” at every beginning of the year. Economic Outlook 2010 was held at the Grand Hyatt Hotel, Jakarta on 20 January 2010. Untuk lebih memperkenalkan produk Sukuk Ritel pada masyarakat umum, pada tanggal 7-22 Januari 2010 dilaksanakan Pre Marketing dan sosialisasi Sukuk Ritel Seri SR-002 serentak di lima kota besar; Semarang, Balikpapan, Medan, Makasar dan Surabaya. Dalam gambar terlihat Bapak Dahlan Siamat sedang memberikan pemaparan tentang Sukuk Ritel SR-002 di Semarang. To promote Retail Sukuk products to the public, on 7-22 January 2010 Pre Marketing and the socialization of Retail Sukuk Series SR-002 was held in five big cities; Semarang, Balikpapan, Medan, Makasar and Surabaya. In the picture, Mr Dahlan Siamat was giving explanation on Retail Sukuk SR-002 in Semarang. Makan siang Direksi dan karyawan PT Danareksa dilakukan secara rutin per divisi. Dengan kegiatan ini diharapkan hubungan antara karyawan dan BOD semakin akrab dan cair. Sehingga tanpa sungkan terjadi komunikasi dan masukanmasukan yang dapat meningkatkan performa perusahaan secara langsung maupun tidak langsung. A lunch gathering with BOD and employees of PT Danareksa is regularly held by each division. This initiative is expected to improve the relationship between the employees and BOD and to promote effective communications that can enhance the Company’s performance, directly or indirectly.

JANUARI

FEBRUARI Mempererat kerja sama dan memperlancar pertukaran informasi, secara rutin PT Danareksa melakukan kunjungan ke kantor-kantor media. Dalam foto tampak Bapak Edgar Ekaputra dan Bapak Stephanus Turangan sedang berbincang-bincang dengan Pemimpin Redaksi Investor Daily, Bapak Primus Dorimulu. To strengthen cooperation and promote information exchange, PT Danareksa conducts regular visit to media offices. In the photograph, Mr Edgar Ekaputra and Mr Stephanus Turangan were exchanging conversation with Editor in Chief of Investor Daily, Mr Primus Dorimulu.


Dimaksudkan untuk mempererat hubungan dengan nasabah loyal Danareksa, PT Danareksa Investment Management secara berkala melakukan Client Loyalty Program. Untuk tahun 2010, program dilaksanakan tanggal 21-25 April di Beijing. With the spirit to enhancing relationship with Danareksa loyal customers, PT Danareksa Investment Management organizes regular Client Loyalty Program. In 2010, the program was held in Beijing on 21-25 April.

APRIL

JUNI Pada tanggal 7 Juni 2010 sekitar 100 orang mahasiswa Fakultas Ekonomi Trisakti melakukan kunjungan ke kantor Pusat Danareksa. Dalam kunjungan tersebut, PT Danareksa memperkenalkan tentang pasar modal dan produk-produk investasi. On 7 June 2010, about 100 students from Faculty of Economics, Trisakti University visited Danareksa Head Office. During the visit, PT Danareksa was introducing the students to capital market and investment products.


Salah satu bentuk CSR PT Danareksa adalah edukasi pasar modal. Untuk itu, secara regular Danareksa menerima kunjungan pelajar, mahasiswa dan masyarakat umum yang membutuhkan informasi seputar pasar modal. Dalam gambar tampak kunjungan mahasiswa Universitas Islam Nasional pada tanggal 9 Mei 2010. One of CSR activities of PT Danareksa focus on capital market education. Hence, Danareksa opens its door to many visits made by high school students, university students, and public who are in need for capital market information. In picture, a visit by Universitas Islam Nasional students on 9 May 2010.

MEI

017

Guna meningkatkan layanan pada nasabah agar dapat bertransaksi dengan mudah dan aman dimanapun berada, pada tanggal 19 Mei 2010 Danareksa meluncurkan D’ONE, Online trading yang memiliki banyak keunggulan. Dengan D’ONE, nasabah tidak hanya dapat melakukan transaksi jual beli saham, namun juga Reksadana dan Obligasi. To improve customer service and to provide easy and convenient transactions, on 19 May 2010 Danareksa launched D’ONE, an Online trading that offers many advantages. With D’ONE, not only can the customers make transactions on stocks, but also on mutual funds and bonds.

018



JULI “Di dalam tubuh yang sehat, terdapat Jiwa yang kuat”, karena itulah, Danareksa Investment Management mengajak para agen dan nasabah loyalnya ikut dalam kompetisi bowling yang diadakan pada tanggal 2 Juli 2010. Believing in the concept of “a healthy mind in a healthy body”, Danareksa Investment Management organized a bowling competition participated by the agents and loyal customers on 2 July 2010. PT Danareksa selalu berpartisipasi aktif dalam setiap kegiatan yang dilaksanakan oleh Kementerian BUMN. Dalam gambar tampak perwakilan Danareksa dalam Pekan Olah Raga antar BUMN yang dilaksanakan tanggal 23 Juli 2010. PT Danareksa has been an active participant in every activity held by State Ministry of State Owned Enterprises (BUMN). In the picture, representatives of Danareksa was taking part in State Owned Enterprise Sport Week, on 23 July 2010.

AGUSTUS Setiap tanggal 17 Agustus keluarga besar Danareksa mengadakan upacara bendera. Upacara yang diikuti Direksi dan segenap karyawan Danareksa dilakukan untuk memupuk rasa nasionalisme dan kebangsaan. Every year on 17 August, Danareksa holds a flag raising ceremony. The activity is attended by the BOD and employees and aims at promoting their nationalism and boosting their patriotism.

Malam apresiasi dilaksanakan untuk melepas Bapak Dino Pati Djalal, Komisaris PT Danareksa yang ditugaskan untuk menjadi Duta Besar Indonesia di Amerika Serikat. Malam apresiasi juga ditujukan untuk Bapak M. Hanif yang telah berakhir masa jabatannya sebagai direktur PT Danareksa. A farewell reception was held in honor of Mr Dino Pati Djalal, a Commissioner of PT Danareksa who resigned from his position following his appointment as the Ambassador of Indonesia to the United States of America. This event was also in honor of Mr M. Hanif who had just completed his term as the Director of PT Danareksa.


Pada saat rapat pembahasan Rencana Kerja dan Anggaran Perusahaan 2011 pada tanggal 9-11 Oktober di Bali. Discussion meeting on the Company’s 2011 work plan and budget, on 9-11 October in Bali.

OKTOBER


Sebagai salah satu bentuk perwujudan sinergi BUMN, Danareksa Investment Management dengan PT Permodalan Nasional Madani (PNM) melakukan penandatanganan kerja sama penerbitan Reksa Dana Penyertaan Terbatas (RDPT). To establish the synergy amongst stateowned enterprises, Danareksa Investment Management signed a cooperation agreement on the issuance of Limited Shares Mutual Funds, with PT Permodalan Nasional Madani (PNM).

NOVEMBER

Jelang pergantian tahun, Danareksa menyelenggarakan acara-acara yang bertujuan untuk meningkatkan kualitas hubungan dengan stakeholders dan nasabah. Gambar diambil dalam acara “Agent Gathering” yang diadakan pada tanggal 17 Desember 2011. To mark the year end, Danareksa holds a number of activities aimed to promoting quality relations with its stakeholders and customers. In the picture, an “Agent Gathering” event held on 17 December 2011.

DESEMBER

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Ulasan Tahun 2010 2010 Year in Review

Pada tahun 2010, Danareksa berhasil mengukir kinerja keuangan yang menggembirakan. Dalam situasi bisnis yang kondusif tersebut, Danareksa mampu meningkatkan profitabilitas. Danareksa successfully achieved optimum financial performance in 2010. In a conducive business situation, Danareksa was able to continue to enhance profitability.



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Kinerja 2010 2010 Performance Pendapatan Revenues

Laba usaha Operating Income

Laba Sebelum Pajak Profit before Tax


Laba Bersih per Lembar Saham Net Profit per Share

Laba Bersih terhadap RataRata Ekuitas Return on Average Equity

Laba Bersih terhadap RataRata Aktiva Return on Average Assets

484.057 84.673 93.811 58.886 83.945 7,47% 2,28%

28,33% Rp Juta

Rp Million

60,22% Rp Juta

Rp Million

30,02% Rp Juta

Rp Million

188,12% Rp Juta

Rp Million

188,11% Rupiah

176,67%

225,71%

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Sambutan Komisaris Utama Message from the President Commissioner

Para Pemegang Saham yang Terhormat,

Honorable Shareholders,

Perkenankan pada kesempatan ini saya atas nama seluruh anggota Dewan Komisaris menyampaikan penghargaan yang tinggi atas sikap dan kerjasama yang baik dari Direksi sepanjang tahun ini. Dengan sikap keterbukaan dan semangat kerjasama yang baik itu, Dewan Komisaris tidak mengalami hambatan apa pun baik dari jajaran Direksi maupun jajaran di bawahnya untuk dapat melaksanakan fungsi Dewan Komisaris tersebut.

I wish to take this opportunity, on behalf of all members of the Board of Commissioners, to express our high appreciation to the Board of Directors for their good working relationship and cooperation throughout the year. With the spirit of transparency and good cooperation, the Board of Commissioners did not encounter any obstacles in performing its supervisory duties, either from the Board of Directors or other working units.

Pada kesempatan ini pula saya ingin menyatakan penghargaan dan terima kasih yang sebesar-besarnya kepada para nasabah, baik nasabah ritel maupun institusi, yang telah memberikan kepercayaan kepada PT Danareksa (Persero) melalui penggunaan berbagai jasa yang dimiliki dan ditawarkan kepada masyarakat. Tanpa kepercayaan dan dukungan para nasabah tidak mungkin PT Danareksa (Persero) sebagai suatu entitas usaha akan berkembang. Oleh karena itu, sangat diharapkan agar kiranya kepercayaan masyarakat pada umumnya dan para nasabah pada khususnya kepada PT Danareksa (Persero), bukan saja dapat senantiasa dipelihara dan juga ditingkatkan.

Furthermore, I would also like to express our sincere gratitude to our retail and institutional clients for their trust in using our products and services. Their trusts and supports have contributed so much to the Company’s success and growth. Looking forward to the future, we have high hope that PT Danareksa continues to maintain and enhance the trust of our client customers and of the people at large.

Pada tahun 2010, banyak hal yang telah direkomendasikan oleh Dewan Komisaris kepada Direksi. Di antaranya yang penting adalah rekomendasi terkait penerbitan Obligasi V Danareksa. Sesuai dengan Keputusan RUPS tentang RKAP Tahun 2010 tanggal 15 Januari 2010, Dewan Komisaris telah diberi wewenang untuk memberikan persetujuan/penolakan terhadap rencana Direksi untuk melakukan penerbitan Obligasi V. Dewan Komisaris telah memberikan persetujuan untuk menerbitkan obligasi tersebut. Dalam tahun 2010, Dewan Komisaris juga telah memberikan nasihat dan tanggapan atas laporan hasil audit Auditor Independen untuk audit umum tahun buku 2009, melakukan kunjungan dan pemberian nasihat ke beberapa Sentra Investasi Danareksa (SID), pemilihan dan penetapan Auditor Independen pelaksana audit umum tahun buku 2010, memberikan saran dan masukan atas penyelesaian Non Performing Assets dan berbagai nasihat dan saran lainnya sebagai pelaksanaan fungsi Dewan Komisaris yang ditentukan oleh Undang-Undang Perseroan Terbatas dan Undang-Undang BUMN.

Throughout 2010, the Board of Commissioners has issued a number of recommendations to the Board of Directors, including the recommendation for the issuance of Danareksa Bond V. By virtue of the Resolution of the General Meeting of Shareholders (GMS) dated 15 January 2010 regarding the 2010 Work Plan and Budget (WPB), the Board of Commissioners has been authorized to approve or disapprove the proposal submitted by the Board of Directors pertaining to Bond V issuance. The Board of Commissioners has issued its approval for the issuance of the said Corporate Bonds. During 2010, the Board of Commissioners gave its opinion about and response to the audit report as submitted by the Independent Auditor pertaining to 2009 general audit, conducted visits and gave advices to several Danareksa Investment Centers (SID), selected and appointed Independent Auditors for 2010 general audit, provided recommendations pertaining to resolutions of Non Performing Assets, as well as several other recommendations in line with the supervisory functions of the Board of Commissioners, pursuant to the Limited Liability Act and State Owned Enterprise Act.


Penerapan prinsip tata kelola perusahaan yang baik dan sehat / Good Corporate Governance (GCG) merupakan pilar utama yang selalu dipegang teguh oleh seluruh jajaran pegawai Danareksa dalam beraktivitas. The implementation of good and sound corporate governance / Good Corporate Governance (GCG) represents the main pillars that are always firmly held by all of Danareksa’s employees throughout their activities.

Sutan Remy Sjahdeini Komisaris Utama President Commissioner


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PT Danareksa (Persero) sampai dengan akhir tahun 2010 telah memperlihatkan kinerja keuangan dan praktik-praktik Tata Kelola Perusahaan yang Baik (Good Corporate Governance). Menyangkut kinerja keuangan, terutama laba bersih Perusahaan, kinerjanya telah melampaui target yang telah ditentukan walaupun beberapa jenis pendapatan masih di bawah target. Kenyataan tersebut menunjukkan bahwa manajemen telah berhasil mengendalikan biaya. Pencapaian laba bersih tersebut di samping sebagai hasil kerja keras Direksi, juga karena kualitas sumber daya manusia di bawah jajaran Direksi yang sangat baik di samping motivasi tinggi dan kerja keras mereka itu.

Over the course of 2010, PT Danareksa (Persero) demonstrated solid financial performance and compliance of Good Corporate Governance practices. With regard to financial performance, the Company posted net profit that exceeded the targeted figure, despite the fact that some revenues were under the targets. These results reflected the management’s ability to consistently maintain cost control, while tapping prolific contribution of professionals with motivation and hard work.

Melihat prestasi atau kinerja suatu perusahaan harus pula melihat bagaimana tingkat produktivitas pegawai secara rata-rata. Sejak tahun 2008 produktivitas pegawai, sebagaimana ditunjukkan oleh rasio laba bersih terhadap jumlah pegawai, mengalami peningkatan. Diharapkan pada tahun 2011 Direksi PT Danareksa (Persero) dapat makin meningkatkan tingkat produktivitas ratarata pegawai secara berkesinambungan, sehingga pada gilirannya produktivitas dan kinerja perusahaan akan semakin meningkat pula.

A company’s achievements primarily reflect its human resources productivity. Since 2008, the Company’s productivity, as indicated by ratio of net profit to the number of employees, has consistently increased. We are confident that this achievement will be constantly maintained in 2011, which in turn, will have positive impact to the Company’s overall performance.

Tidak dapat dipungkiri bahwa kinerja keuangan PT Danareksa (Persero) di tahun 2010 didukung pula oleh iklim ekonomi makro Indonesia yang baik di tengah-tengah pemulihan ekonomi global. Dengan kondisi ekonomi domestik yang stabil dan perkiraan bahwa perekonomian global tumbuh secara moderat, maka ekonomi Indonesia di tahun 2011 diproyeksikan untuk terus tumbuh pada tingkat yang sehat.

It is inevitable that the financial performance of PT Danareksa (Persero) in 2010 was also supported by favorable macroeconomic climate in the midst of recovering global economy. With continuing stability of domestic economy and forecasted moderate growth of global economy, we are confident that the Indonesian economy is on track for healthy growth in 2011.

PT Danareksa (Persero) pada tahun 2010 telah mendirikan anak perusahaan yang baru, yaitu: PT. Danareksa Capital. Perusahaan ini melakukan kegiatan usaha yang berupa pengelolaan aset dan penasihat keuangan bagi kepentingan nasabahnya. Diharapkan di tahun 2011 PT. Danareksa Capital dapat memberikan sumbangan pendapatan dan keuntungan yang berarti bagi PT Danareksa (Persero). Oleh karena itu, besar harapan Dewan Komisaris agar Direksi PT. Danareksa (Persero) dan Direksi PT Danareksa Capital untuk dapat memberikan arahan dan bimbingan sehingga PT Danareksa Capital dapat menghasilkan kinerja yang ditargetkan.

PT Danareksa (Persero) in 2010 has founded a new subsidiary, namely PT Danareksa Capital, which will provide asset management and financial advisory services to its customers. Embarking 2011, we trust that PT Danareksa Capital will provide sizeable contributions to PT Danareksa (Persero). Therefore, the Board of Commissioners requests that the Board of Directors of both PT Danareksa (Persero) and PT Danareksa Capital will be able to guide PT Danareksa Capital to achieve the targeted performance.

Kami memahami bahwa hingga saat ini, PT Danareksa (Persero) masih berfokus pada pangsa pasar privatisasi BUMN. Oleh karenanya, kami mengharapkan agar Direksi melakukan berbagai persiapan yang diperlukan untuk dapat mendukung sepenuhnya rencana privatisasi BUMN tahun 2011.

Today, PT Danareksa (Persero) remains to be dependent on market share from privatization of State Owned Enterprises (SOE) and for that matter, we call for the Board of Directors to do all necessary preparations to ensure support to SOE privatization programs in 2011.



025

Pada saat ini, pangsa pasar privatisasi BUMN masih mendominasi usaha Perusahaan. Sementara itu, potensi pasar swasta masih belum digarap dengan optimal. Karena itu diharapkan agar di tahun 2011 Direksi PT Danareksa (Persero) dan anak perusahaannya akan memberikan perhatian lebih besar dan lebih gigih untuk menggarap potensi pasar swasta. Apabila PT Danareksa (Persero) dapat menggarap secara optimal pangsa pasar swasta, maka posisi PT Danareksa (Persero) di arena persaingan sesama perusahaan sekuritas akan lebih baik.

Today, our share market is still dominated by privatization of stateowned companies. Meanwhile, the potential of private companies segment is yet to be optimally explored during the year. The Board of Commissioners expects that in 2011, the Board of Directors of PT Danareksa (Persero) and its subsidiaries will exercise greater efforts and allocate more resources to better serve the private companies segment which eventually will strengthen the Company’s competitive position within the capital market industry.

Berkenaan dengan pelaksanaan Tata Kelola Perusahaan yang Baik di lingkungan PT Danareksa (Persero) pada tahun 2010, kami berpendapat pelaksanaan tersebut semakin menunjukkan kemajuan seperti antara lain terlihat dari telah tersusunnya beberapa SOP. Namun kami berpendapat bahwa penyempurnaan pelaksanaan Tata Kelola Perusahaan harus terus diupayakan sehingga dari waktu ke waktu menjadi semakin baik dan sesuai dengan standar internasional.

In the area of Good Corporate Governance (GCG) within PT Danareksa (Persero) in 2010, we are pleased to report that the implementation of GCG continued to make progress as various Standard Operating Procedures (SOP) has been completed during the year. Looking ahead, we are committed to further improving the quality of GCG practices aligned with international standards.

Penerapan praktik Tata Kelola Perusahaan yang Baik selama tahun 2010 telah membantu PT Danareksa (Persero) untuk berhasil mengurangi atau meminimalkan dampak negatif krisis perekonomian global terhadap kinerja Danareksa di tahun 2010. Beberapa transaksi bisnis yang terkena ekses negatif dari krisis global telah dapat ditangani dengan baik oleh Direksi dan jajaran di bawahnya sehingga besarnya laba bersih perusahaan dapat tercapai melampaui target berkat terkendalinya dengan baik biaya-biaya perusahaan sebagaimana telah dikemukakan di atas.

The implementation of Good Corporate Governance was instrumental in the Company’s effort to guard its performance against the global economic crisis in 2010. The Board of Directors, supported by the management team, was able to resolve faulty business transactions due to the global crisis, thereby the company’s net profit could be achieved exceeding target due to operational costs that were maintained at controllable level.

Pada tahun 2011 mendatang, Direksi dan jajaran di bawahnya diharapkan dapat melanjutkan pengkajian terhadap mekanisme dan prosedur kerja (SOP) yang dilaksanakan oleh suatu komite ad hoc yang akan dibentuk. Pengkajian ini diharapkan dapat diselesaikan sebelum akhir tahun 2011 dan bertujuan untuk memastikan bahwa kepatuhan, di samping aspek-aspek efisiensi dan efektivitas bisnis, dalam rangka mendukung kegiatan transaksi dan pengelolaan perusahaan di tahun 2011 dan tahuntahun berikutnya.

In 2011, the Board of Directors and the management team are expected to continue reviewing the quality of key Standard Operating Procedures (SOPs) and working mechanisms by an ad hoc committee yet to be established. The objective is to ensure that all SOPs have incorporated the compliance requirements, in addition to the aspects of business efficiency and effectiveness, in order to achieve performance targets for year 2011 and beyond.

PT Danareksa (Persero) merupakan perusahaan yang juga memiliki kepedulian terhadap pengembangan UKM, antara lain pelaksanaan Program Kemitraan dan Bina Lingkungan (PKBL) dengan senantiasa mengacu kepada Peraturan Menteri Negara BUMN No. 05/MBU/2007 tanggal 27 April 2007. Tujuan PKBL sendiri secara umum adalah untuk meningkatkan kemampuan usaha kecil agar menjadi tangguh dan mandiri, serta melaksanakan program

PT Danareksa (Persero) is also committed to developing Small and Medium Enterprises (SME), including the implementation of the Partnership and Environment Development Program (PKBL). This is in line with the SOE Minister Decree No. 05/MBU/2007 dated 27 April 2007. The objectives of PKBL are: to develop and empower the SME to become competitive and independent, as well as to empower communities through the utilization program of funding

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pemberdayaan kondisi sosial masyarakat melalui pemanfaatan dana dari bagian laba BUMN. Pada saat ini, PKBL tersebut telah disalurkan kepada UKM di daerah Malang dan Yogyakarta. Ke depan, Perusahaan juga diharapkan dapat memperluas cakupan penerapan PKBL ke luar pulau Jawa, terutama di Indonesia Bagian Timur. Pelaksanaan PKBL, telah meningkatkan persepsi masyarakat terhadap PT Danareksa (Persero) sehingga pada gilirannya sudah barang tentu menciptakan citra positif bagi Perusahaan. Di samping itu dari sisi kepatuhan¸ berarti pelaksanaan program PKBL tersebut telah menunjukkan bahwa PT Danareksa (Persero) telah sungguh-sungguh berupaya untuk melaksanakan amanat peran BUMN sebagai motor penggerak pembangunan ekonomi di Indonesia.

allocated from SOE net profits. Currently, Danareksa PKBL is being implemented for SME in Malang and Yogyakarta. Going forward, we expect to see the PKBL implementation coverage to be expanded beyond Java island, particularly to Eastern parts of Indonesia. The implementation of PKBL has received positive responses from the communities, which eventually translate into positive impressions of the Company. Furthermore, the successful implementation of PKBL has also signified the Company’s role as agent of development.

Memasuki tahun 2011, PT Danareksa (Persero) akan terus melanjutkan kerja kerasnya seperti di tahun lalu. Semangat ini didasari prediksi bahwa tahun 2011 masih akan diwarnai dengan beberapa tantangan yang dipicu oleh faktor-faktor seperti kenaikan harga minyak bumi dan komoditi lainnya, krisis global yang belum sepenuhnya pulih, maupun masalah politik sosial, baik di dalam negeri maupun di banyak negara. Walaupun pertumbuhan industri kita termasuk dalam beberapa negara yang memiliki pertumbuhan positif, namun tantangantantangan tersebut tentunya akan berdampak bagi iklim investasi dan perekonomian di Indonesia.

Moving into year 2011, PT Danareksa (Persero) is committed to continuing its hard work. At macroeconomic level, the year 2011 is predicted to be a challenging one as oil and commodity prices are projected to increase, the global economy is projected to experience a slow recovery, and political and social uprising are expected to occur. Although the Indonesian economy is expected to sustain its growth, the above challenges shall have considerable impact to the Indonesian economic and investment climate.

Lebih lanjut lagi, kita semua telah memaklumi bahwasanya AFTA akan dimulai pada tahun 2015 dan status ASEAN telah diarahkan oleh para pemimpinnya menjadi suatu legal entity, melalui misi ASEAN untuk mendirikan ASEAN Economic Community (AEC) pada tahun 2015. Misi ini tertuang dalam Cha-an Hua Hin Declaration on the Road Map for the Asean Community tertanggal 1 Maret 2009 untuk dilaksanakan antara 2009 – 2015. Untuk itu, mulai sekarang PT Danareksa (Persero) dan Direksi perusahaanperusahaan anak harus menyadari dan memantau terus arah perkembangan pembentukan AEC tersebut hingga terbentuknya nanti pada tahun 2015. Terhitung tahun 2015, national treatment principle akan diberlakukan bagi seluruh perusahaan dan warga negara ASEAN di setiap negara ASEAN. Beberapa perkembangan lain yang juga perlu dicermati adalah berlakunya WTO secara menyeluruh di tahun 2020,

As we all know, the ASEAN Free Trade Agreement (AFTA) will take into effect by 2015, whilst the ASEAN will evolve to become the ASEAN Economic Community (AEC) in 2015, pursuant to Cha-an Hua Hin Declaration on the Road Map for the ASEAN Community dated 1 March 2009. Starting in 2015, ASEAN will implement “national treatment principle” for ASEAN citizens and corporations. These developments shall be closely monitored by the Board of Directors, along with the full implementation plan of WTO in 2020.

Sebagai penutup, Dewan Komisaris mengharapkan PT Danareksa (Persero) sudah mampu menghimpun dana publik pada tahun 2014, sehingga dapat memperkuat struktur permodalan

In conclusion, the Board of Commissioners hopes that by 2014, PT Danareksa (Persero) will be able to strengthen its capital structure through, among others, the IPO initiatives. This is critical to ensure



PT Danareksa (Persero) dalam rangka menghadapi berdirinya AEC di tahun 2015. Dengan demikian, PT Danareksa (Persero) diharapkan mampu meningkatkan daya saingnya untuk mengimbangi perusahaan-perusahaan sekuritas asal negaranegara ASEAN yang diperkirakan akan memasuki pasar di Indonesia. Untuk itu, kiranya seluruh aspek persiapan perlu dipersiapkan dan dikaji secara mendalam dengan seluruh pihak terkait, khususnya Kementrian BUMN selaku pemegang saham.

027

Company’s competitive edge in responding to the competition from other securities companies of other ASEAN countries entering Indonesian market. For that purpose, we urge the Board of Directors to carry out all necessary preparations and reviews, closely work with related stakeholders, particularly with The Ministry of State Owned Enterprises, being the Company’s shareholder.


028




Mohamad Ikhsan Komisaris Commissioner



Emmy Yuhassarie Ruru Komisaris Commissioner


Agus Sumartono Komisaris Commissioner

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Warga Negara Indonesia. Lahir di Surabaya tahun 1936. Memperoleh gelar Sarjana Hukum dari Fakultas Hukum Universitas Airlangga pada tahun 1963 serta gelar Doktor dari Universitas Indonesia pada tahun 1993. Tahun 1996 diangkat sebagai Guru Besar Mata Kuliah Hukum Perbankan pada Fakultas Hukum Universitas Airlangga. Sebagian besar karirnya dicurahkan pada PT Bank Negara Indonesia (Persero) Tbk sejak tahun 1963 sampai dengan tahun 1997 dengan jabatan terakhir sebagai Direktur Bidang Hubungan Lembaga. Sejak tahun 1992, aktif di berbagai kegiatan baik bidang pendidikan maupun organisasi dengan mengemban berbagai jabatan. Beberapa posisi yang masih diemban sampai saat ini antara lain Arbiter Badan Arbitrase Pasar Modal Indonesia, Arbiter Badan Arbitrase Nasional Indonesia (BANI), serta Presiden Direktur Business Reform & Reconstruction Corporation (BRRC). Di bidang pendidikan antara lain Guru Besar pada Magister Kenotariatan Universitas Padjajaran, Guru Besar pada Magister Hukum Universitas Indonesia, serta Sekolah Staf dan Pimpinan Bank (SESPIMBANK). Bergabung dengan PT Danareksa sejak tahun 2007 sampai sekarang dengan mengemban jabatan sebagai Komisaris Utama. Indonesian citizen. Born in Surabaya in 1936. Obtained Law Degree from the Faculty of Law at Airlangga University in 1963 and Doctoral Degree from the University of Indonesia in 1993. In 1996 was promoted as the professor of Banking Law at Faculty of Law of Airlangga University.

Sutan Remy Sjahdeini

Most of his career was dedicated to PT Bank Negara Indonesia (Persero) Tbk from 1963 to 1997 with the last position as Director of Institution Relations. Since 1992, he was active in a variety of activities either in education or organization by assuming several positions. At present he still serves as Arbiter of he Indonesian Capital Market Arbitrage Board, Arbiter of Indonesian National Board of Arbitrage Board (BANI), as well as President Director of Business Reform & Reconstruction Corporation (BRRC). In education field, his current positions as Professor in Magister of Notary at Padjajaran University, Professor of Magister of Law of the University of Indonesia and School of Banking Leadership (SESPIMBANK). He joined with PT Danareksa since 2007 up to now as the President Commissioner.

Komisaris Utama President Commissioner

Warga Negara Indonesia. Dilahirkan di Sigli, Nanggroe Aceh Darussalam tahun 1964. Menamatkan pendidikan Sarjana Ekonomi di Fakultas Ekonomi Universitas Indonesia tahun 1988 dan meraih gelar Master of Art in Economics dari Vanderbilt University, AS tahun 1991, serta gelar PhD in Economics dari University of Illinois, AS tahun 1998. Beberapa posisi yang masih diemban hingga saat ini antara lain staf pengajar di Universitas Indonesia sejak tahun 1989, Tim Kelompok Kerja Pengkajian Dampak Makro Ekonomi Terhadap Agribisnis sejak tahun 2001, Koordinator Kelompok Kerja Bidang Penelitian dan Pengembangan, Sekretariat Komite Penanggulangan Kemiskinan dan Tim Koordinasi Penyiapan Penyusunan Perumusan Kebijakan Penanggulangan Kemiskinan (TKP3KPK), Menko Kesra sejak tahun 2002, Staf Khusus Kementerian Koordinator Bidang Perekonomian sejak tahun 2005 dan Komisaris Independen PT Bakrie & Brothers Tbk sejak tahun 2006. Bergabung dengan PT Danareksa sejak tahun 2007 sebagai Komisaris hingga saat ini. Indonesian citizen. Born in Sigli, Nanggroe Aceh Darussalam in 1964. Completed education of Economic degree at Faculty of Economics of University of Indonesia in 1988 and obtained Master of Art in Economics from Vanderbilt University, USA in 1991, as well as PhD in Economics from University of Illinois, USA in 1998. He holds current positions as lecturer at the University of Indonesia since 1989, Team Member of Working Group of Assessment of Macro Economy Impact on Agribusiness since 2001, Working Group Coordinator of Research and Development, Secretariat of Poverty Reduction Committee and Coordinating Team for the Preparation and Formulation of Poverty Reduction Strategy (TKP3KPK) of Coordinating Minister of People’s Welfare since 2002, Special Staff of Coordinating Ministry for Economic Affairs since 2005 and Independent Commissioner of PT Bakrie & Brothers Tbk since 2006. He joined PT Danareksa as Commissioner from 2007 until today.




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Warga Negara Indonesia, lahir di Mojokerto, Jawa Timur tahun 1950. Memperoleh gelar Sarjana Hukum dari Fakultas Hukum Universitas Airlangga pada tahun 1980 dan gelar Master of Law (LLM) dari UC Berkeley, AS tahun 1982. Sejak tahun 1997 hingga sekarang mengemban tanggung jawab sebagai Dosen Fakultas Hukum Universitas Airlangga dan Direktur Center for Legal Studies. Pada Bulan Mei–Desember 2001, menjabat sebagai Konsultan Penasehat untuk Bank Pembangunan Asia (ADB), Maret-Juni 2003 sebagai Ketua Tim Konsultan Bank Dunia dan pada bulan Juni-Desember 2003 menjabat sebagai Konsultan untuk European Meeting (ASEM). Beberapa jabatan yang masih diemban sampai saat ini antara lain sebagai staf ahli Menteri Negara BUMN sejak tahun 2007 dan Konsultan Hukum Emmy Y. Ruru sejak tahun 2008. Menjabat sebagai Komisaris PT Danareksa sejak tahun 2008 sampai sekarang dan pada tahun 2009 juga menjabat sebagai Ketua Komite Audit PT Danareksa. Indonesian citizen, born in Mojokerto, East Java in 1950. Earned Bachelor of Law degree from Faculty of Law at Airlangga University in 1980 and Master of Law (LLM) degree from UC Berkeley, USA in 1982. Since 1997 having taken responsibilities as a lecturer at Faculty of Law at Airlangga University and a Director at Center for Legal Studies. From May to December 2001 served as Advising Consultant for Asian Development Bank, as Head of World Bank Consultant Team in March to June 2003, and in June-December 2003 as a consultant for European Meeting (ASEM). She holds current positions as Expert Staff of State Minister of BUMN since 2007 and Legal Consultant of Emmy Y. Ruru since 2008. She has served as Commissioner of PT Danareksa since 2008 prior to the position of Head of Audit Committee of PT Danareksa in 2009.


Warga Negara Indonesia. Lahir di Magetan pada tahun 1952. Meraih gelar Sarjana Hukum Tata Negara dari Universitas Islam Indonesia, Yogyakarta tahun 1978 dan gelar Magister Hukum dari Universitas Krisnadwipayana, Jakarta tahun 2009. Bergabung dengan PT Danareksa pada tahun 2010 sebagai Komisaris hingga sekarang. Sejak tahun 2005 hingga saat ini menjabat sebagai Deputi Sekretaris Kabinet Bidang Administrasi Sekretariat Kabinet. Sejarah karirnya diawali pada Biro Personil Sekretariat Kabinet pada tahun 1980-1983. Pada tahun 1983-1989 menjabat sebagai Kepala Sub Bagian Departemen & Lembaga, Bagian Mutasi Jabatan Biro Personil. Tahun 1989–2000 menjabat sebagai Kepala Bagian Mutasi Jabatan dan pada tahun 2000-2005 menjabat sebagai Kepala Biro Personil Sekretariat Kabinet. Indonesian citizen. Born in Magetan in 1952. Obtained Law of State Structure degree from Islamic University of Indonesia, Yogyakarta in 1978 and Magister of Law degree from Krisnadwipayana University in 2009. He joined PT Danareksa since 2010 as Commissioner. Having served as Deputy Secretary of Ministry for Administration, Ministry Secretariat since 2005. His career was started at Ministry Secretariat Personnel Bureau in 1980-1983. Afterwards he served as Head of Sub Division of Department & Institution, Division of Position Mutation of Personnel Bureau in 1983-1989, Head of Position Mutation Division in 1989–2000 and Head of Ministry Secretariat Personnel Bureau in 2000-2005.


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Dalam dinamika pertumbuhan ekonomi Indonesia pada 2010, Danareksa berhasil mewujudkan kinerja yang menggembirakan dengan strategi pengelolaan risiko yang memadai dan penerapan tata kelola perusahaan yang baik. In the midst of rapid changes brought by Indonesia’s economic growth in 2010, Danareksa has demonstrated its admirable performance which was attributed to its risk management strategy and the implementation of good corporate governance.

Edgar Ekaputra Direktur Utama President Director



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Laporan Direktur Utama

Report from the President Director

Sepanjang tahun 2010, dunia bisnis disibukkan dengan aktivitas pemulihan ekonomi akibat krisis finansial global yang terjadi pada 2008. Amerika Serikat, Jepang dan negara-negara di kawasan Eropa berupaya membenahi pondasi ekonomi mereka dengan mengeluarkan berbagai kebijakan yang dianggap mampu mendorong pertumbuhan ekonomi.

The business world was preoccupied with economic recovery activities throughout 2010 as a consequence from the global financial crisis that occurred in 2008. The United States, Japan, and the European nations sought to strengthen the foundations of their economy through various policies that were capable of driving economic growth.

Hal yang menggembirakan di antaranya adalah bahwa pertumbuhan perekonomian Indonesia berjalan baik, antara lain berkat dukungan sektor perdagangan terutama di bidang ekspor, investasi dan konsumsi. Pertumbuhan ini secara langsung membawa dampak positif pada bisnis pasar modal. Didukung iklim ekonomi Indonesia yang membaik, Danareksa mampu memanfaatkan momentum ini untuk meningkatkan kinerja bisnis yang berkesinambungan.

Admirable aspects that occurred includes Indonesia’s positive economic growth that culminated as a result of, among others, the support of the trading sector, specifically within the areas of export, investment, and consumption. This growth had a direct positive impact on the capital market business. Supported by Indonesia’s improved economic climate, Danareksa was able to capitalize this momentum to enhance a sustainable business performance.

Dalam menjalankankan aktivitasnya, Danareksa selalu berupaya melakukan penyempurnaan proses kerja yang efisien dan dalam koridor kehati-hatian. Berbagai inisiatif peningkatan kontrol dan inovasi tidak hanya ditujukan untuk melakukan percepatan bisnis, namun juga meningkatkan ketahanan organisasi terhadap dampak kondisi eksternal, termasuk kondisi ekonomi global.

In carrying out its activities, Danareksa constantly strives to improve work processes to ensure its operation efficiency and prudence. Various initiatives aimed at enhancing control and innovation were not merely aimed at accelerating business, but also sought to enhance the organizational resilience in the face of the challenges brought about by external conditions such as the global economic conditions.

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Sepanjang tahun 2010, dunia bisnis disibukkan dengan aktivitas pemulihan ekonomi akibat krisis finansial global yang terjadi pada 2008. Amerika Serikat, Jepang dan negara-negara di kawasan Eropa berupaya membenahi pondasi ekonomi mereka dengan mengeluarkan berbagai kebijakan yang dianggap mampu mendorong pertumbuhan ekonomi.

The business world was preoccupied with economic recovery activities throughout 2010 as a consequence from the global financial crisis that occurred in 2008. The United States, Japan, and the European nations sought to strengthen the foundations of their economy through various policies that were capable of driving economic growth.

Hal yang menggembirakan di antaranya adalah bahwa pertumbuhan perekonomian Indonesia berjalan baik, antara lain berkat dukungan sektor perdagangan terutama di bidang ekspor, investasi dan konsumsi. Pertumbuhan ini secara langsung membawa dampak positif pada bisnis pasar modal. Didukung iklim ekonomi Indonesia yang membaik, Danareksa mampu memanfaatkan momentum ini untuk meningkatkan kinerja bisnis yang berkesinambungan.

Admirable aspects that occurred includes Indonesia’s positive economic growth that culminated as a result of, among others, the support of the trading sector, specifically within the areas of export, investment, and consumption. This growth had a direct positive impact on the capital market business. Supported by Indonesia’s improved economic climate, Danareksa was able to capitalize this momentum to enhance a sustainable business performance.

Dalam menjalakankan aktivitasnya, Danareksa selalu berupaya melakukan penyempurnaan proses kerja yang efisien dan dalam koridor kehati-hatian. Berbagai inisiatif peningkatan kontrol dan inovasi tidak hanya ditujukan untuk melakukan percepatan bisnis, namun juga meningkatkan ketahanan organisasi terhadap dampak kondisi eksternal, termasuk kondisi ekonomi global.

In carrying out its activities, Danareksa constantly strives to improve work processes to ensure its operation efficiency and prudence. Various initiatives aimed at enhancing control and innovation were not merely aimed at accelerating business, but also sought to enhance the organizational resilience in the face of the challenges brought about by external conditions such as the global economic conditions.

Melanjutkan pengembangan bisnis dari pondasi yang telah dirintis sejak 2008 yang fokus pada bisnis ritel, strategi ini terbukti mampu menyeimbangkan kontribusi pendapatan perusahaan dari nasabah ritel dan nasabah institusi. Pada akhir 2010, jumlah rekening nasabah ritel adalah 32.160 rekening, meningkat 15,44% dari 27.858 rekening pada tahun 2009. Peningkatan jumlah nasabah individu ini adalah bagian dari strategi kami dalam menyikapi persaingan di pasar modal.

In line with the business strategy that was developed since 2008, which focused on the retail business, this strategy proves to be capable of balancing corporate revenues derived from retail clients with those from institutional clients. At the end of 2010, the number of retail customer accounts amounted to 32,160 accounts, or represents a 15.44% increase from 27,858 accounts in 2009. This growth in individual customers is part of our strategy to deal with the competition in the capital market.

Kami yakin bahwa optimalisasi sinergi antar divisi bisnis di Danareksa dapat saling menunjang dalam pencapaian target kinerja perusahaan. Penekanan terhadap aktivitas ini selain mampu meningkatkan volume transaksi dan pendapatan setiap divisi bisnis, juga berhasil mengangkat reputasi Danareksa. Atas hasil kerja dan hasil dari sinergi tersebut, Danareksa berhasil mendapatkan pengakuan prestasi dari berbagai media internasional maupun nasional. Media terpercaya seperti Finance Asia, Asia Money, Alpha Southeast Asia, The Asset dan

We are confident that by optimizing synergy across our business divisions, Danareksa can achieve the Company’s performance target. In addition to enhancing transactional volume and revenues derived from every business division, these activities have been able to promote Danareksa’s reputation. For the results of its effort and synergy, Danareksa has earned a number of recognitions from many international as well as national media. Credible media such as Finance Asia, Asia Money, Alpha Southeast Asia, The Asset and Bisnis Indonesia presented various prestigious awards for the Company.



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Bisnis Indonesia memberikan beberapa penghargaan bergengsi. Tidak kurang dari 10 pengakuan prestasi ini diterima Danareksa di tahun 2010 saja. Di samping itu, Kementerian Keuangan Republik Indonesia juga menganugerahi sebagai Agen Penjual terbaik untuk program pemasaran Obligasi Negara Ritel/ORI dan Sukuk Negara Ritel).

In fact, Danareksa received no less than 10 awards in 2010. In addition to this, the Ministry of Finance of the Republic of Indonesia also awarded Danareksa the award as the Best Selling Agent for the marketing of the State Retail Bonds/ORI and the State Retail Sukuk program.

Pada tahun 2010, kinerja pasar modal Indonesia mengalami pertumbuhan yang cukup menggembirakan. Indeks Harga Saham Gabungan (IHSG) ditutup pada level 3.703,5 meningkat 46,13% dari 2.534,4 pada awal tahun 2010. Sementara rata-rata volume perdagangan saham harian sebesar Rp 4,9 triliun atau naik 25,64% dari Rp 3,9 triliun pada tahun 2009. Sementara itu aktivitas bisnis reksa dana secara nasional tumbuh 28,46% dari Rp 114,2 triliun di tahun 2009 menjadi Rp 146,7 triliun di tahun 2010.

Indonesia’s capital market performance grew significantly in 2010. The Composite Share Price Index (IHSG) closed at a level of 3,703.5, or 46.13% higher from 2,534.4 in early 2010. In the meantime, the average daily share trading volume amounted to Rp 4.9 trillion or 25.64% higher from Rp 3.9 trillion in 2009. Meanwhile, mutual fund business activities grew 28.46% nationally from Rp 114.2 trillion in 2009 to Rp 146.7 trillion in 2010.

Meneruskan tema tahun 2009 yaitu “Embracing Change for A Better Future”, tahun 2010 merupakan tahun tinggal landas bagi Danareksa. Seiring pertumbuhan industri pasar modal, perusahaan mampu meraih momentum dengan mengukir peningkatan kinerja. Danareksa berhasil membukukan pertumbuhan pendapatan usaha sebesar 28,33% dari Rp 377,21 miliar pada tahun 2009 menjadi Rp 484,06 miliar di akhir 2010. Sedangkan total beban yang tercatat pada akhir tahun 2010 adalah Rp 399,38 miliar. Dari pencatatan tersebut, laba sebelum pajak mencapai Rp 93,81 miliar. Dengan beban pajak sebesar Rp 34,92 miliar, laba bersih Danareksa tahun 2010 mengalami pertumbuhan 188,12% dari Rp 20,44 miliar pada tahun 2009 menjadi Rp 58,89 miliar di tahun 2010.

Continuing on the theme of, “Embracing Change for A Better Future”, set in 2009, 2010 was indeed the launching year for Danareksa. In line with the capital market industry’s growth, the Company seized the momentum to improve performance. Danareksa was able to book revenue growth of 28.33% from Rp 377.21 billion in 2009 to Rp 484.06 billion at the end of 2010. At the same time, total expenses registered at the end of 2010 were Rp 399.38 billion. As a result of these achievements, profit before tax amounted to Rp 93.81 billion with tax expenses at Rp 34.92 billion, all of which led Danareksa to secure a net profit growth of 188.12% from Rp 20.44 billion in 2009 to Rp 58.89 billion in 2010.

Seiring pertumbuhan industri reksa dana pada tahun 2010, aktivitas manajemen investasi berhasil meningkatkan dana kelolaan atau asset under management (AUM) sebesar 43,45% menjadi Rp 10,56 triliun pada akhir 2010 dari Rp 7,36 triliun di tahun 2009.

In line with the mutual fund industry’s growth in 2010, investment management activities successfully increased Assets Under Management (AUM) by 43.45% to Rp 10.56 trillion at the end of 2010 from Rp 7.36 trillion in 2009.

Kami memahami bahwa penerapan manajemen risiko yang memadai dan tata kelola perusahaan yang baik merupakan instrumen kunci keberhasilan Danareksa. Pengakuan kinerja yang kami peroleh dari berbagai institusi internasional dan nasional, semakin memantapkan langkah untuk terus

We fully realize that the implementation of adequate risk management and good corporate governance constitutes Danareksa’s key success factors. The awards that we received from various international as well as national institutions in recognition of our achievements and performance increasingly reinforces our

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menyempurnakan proses pengelolaan risiko dan sistem prosedur untuk mengakomodir dinamika bisnis dan organisasi.

path towards continuously improving risk management and systems procedure to meet changes to business and the organization.

Sesuai dengan visi dan misi perusahaan, Danareksa berkomitmen menjaga peran strategis perusahaan Badan Usaha Milik Negara (BUMN) untuk turut serta memacu pertumbuhan pasar modal Indonesia. Peran tersebut kami wujudkan melalui berbagai program, termasuk edukasi pasar modal baik untuk nasabah Danareksa maupun masyarakat umum. Peran aktif lain yang diambil adalah pelaksanaan rangkaian kegiatan tanggung jawab sosial perusahaan (Corporate Social Responsibility - CSR) yang dilaksanakan Danareksa melalui aktivitas program kemitraan dan bina lingkungan (PKBL).

Aligning the Company’s vision and mission, Danareksa is committed to maintaining the strategic role of the State-Owned Enterprises (SOE) by contributing to the growth of Indonesia’s capital markets. We have exercised this role through various programs, which includes capital market education programs targeted at both Danareksa’s customers and the general public. Other active role that we took was a series of Corporate Social Responsibility (CSR) activities such as, partnership programs and community development programs.

Danareksa optimis untuk tinggal landas pada tahun 2011. Berdasarkan indikator ekonomi dan yield di Indonesia, secara konservatif kami memprediksi kecenderungan bahwa IHSG akan terus mengalami pertumbuhan sekitar 20%. Sementara itu, ekonomi Indonesia akan terus meningkat sampai setidaknya empat tahun ke depan.

Danareksa is optimistic that it will be able to ‘take off’ in 2011. Based on the economic indicators and yield in Indonesia, we conservatively project the Composite Share Price Index to continue to grow by around 20%. In the meantime, the Indonesian economy will likely continue to grow for at least the next four years.

Kami terus melanjutkan upaya ekspansi usaha yang telah kami rintis pada awal 2010, yaitu memperkuat basis nasabah ritel baik melalui perluasan jaringan cabang fisik di kota-kota di Indonesia

We will continue to expand the business that we pioneered in early 2010 to strengthen our retail customer base through the expansion of branch networks in cities within Indonesia and through the development of

Pendapatan (Rp Juta) Revenue (Rp Million)

Laba Bersih per Saham (Dalam Rupiah Penuh) Net Profit per Share (In Full Rupiah)

505.849

484.057

140.330

377.207 334.427

83.945

219.918

28,33%

80.112

33.425

29.136

188,11% 2006 2007 2008 2009

2010

2006 2007 2008 2009

2010



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maupun pengembangan jaringan virtual, melalui cyber branch. Dengan demikian, kami akan lebih terjangkau oleh para nasabah di mana saja.

a virtual network by means of a cyber branch. As a result, we will be more accessible to all our customers wherever they are.

Guna menjawab tantangan di tahun 2011, kami menetapkan capaian yang akan kami wujudkan, yang fokus pada beberapa aktivitas usaha yaitu penguatan anak perusahaan, peningkatan pengelolaan risiko (risk management), penguatan pangsa pasar dan peningkatan kegiatan investasi melalui pendirian Danareksa Capital.

To meet the challenges in 2011, we have set objectives that focus on a number of business activities, which includes strengthening subsidiaries, enhance risk management, strengthen market share, and intensify investment through the creation of Danareksa Capital.

Kami memahami bahwa seluruh pencapaian kinerja dan pelaksanaan rencana bisnis yang ditetapkan adalah berkat dukungan seluruh stakeholder. Mewakili jajaran Direksi, saya mengucapkan terima kasih kepada seluruh karyawan yang telah memberikan dedikasi, loyalitas dan usaha terbaik demi kesuksesan Danareksa. Apresiasi yang tinggi juga kami persembahkan kepada seluruh nasabah yang telah memberikan kepercayaan dan berjuang bersama kami membangun pasar modal Indonesia. Tidak lupa kami menghaturkan terima kasih mendalam kepada Dewan Komisaris yang telah memberikan dukungan melalui pengawasan yang optimal dan saran-saran perbaikan yang tiada henti sehingga kami dapat membuat keputusan yang tepat dan cepat. Kami yakin dengan kerja sama dan dukungan dari berbagai pihak, Danareksa mampu mencapai pertumbuhan yang berkesinambungan.

We fully realize that our achievements to date and our ability to accomplish our business plans were made possible by our stakeholders support. On behalf of the Board of Directors, I would like to convey my gratitude to all our employees for their dedication, loyalty and utmost efforts for the sake of Danareksa’s success. We would also like to extend our highest appreciation to all our customers for their trust and efforts to develop Indonesia’s capital markets. Last but not least, our utmost gratitude is also extended to the members of the Board of Commissioners for their support given through their optimum supervision and recommendations for improvements that allowed us to make appropriate and prompt decisions. We are confident that through the cooperation and support granted by various parties, Danareksa will be able to achieve a sustainable growth.


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Direksi

Board of Directors

Stephanus Turangan Direktur Director

Aloysius Kiik Ro Direktur Director




Heru D. Adhiningrat Direktur Director

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Warga Negara Indonesia. Dilahirkan di Jakarta tahun 1958. Meraih gelar Sarjana Ekonomi tahun 1984 dari Universitas Indonesia dan gelar Magister Management dari Universitas Indonesia tahun 2003. Karir di Danareksa diawali pada tahun 1995 dan diangkat sebagai Direktur Utama PT Danareksa pada bulan November 2007 sampai dengan sekarang dan membawahi Divisi Corporate Secretary, Internal Audit, Compliance, Danareksa Research Institute, Chief Financial Officer dan Risk Management & SOP. Sebelumnya, selama kurun waktu tahun 1995 hingga 2001, pernah menjabat berbagai posisi strategis di PT Danareksa antara lain Penasehat Koperasi Danareksa dan Yayasan Danareksa, Direktur Utama di hampir semua anak perusahaan PT Danareksa serta Direktur PT Danareksa. Pada tahun 2006-2007 menjabat sebagai Direktur Utama PT NC Securities. Indonesian citizen. Born in Jakarta in 1958. Earned Bachelor of Economics degree in 1984 and Magister Management degree from the University of Indonesia in 2003. His career at Danareksa was started in 1995, and since November 2007 he has been promoted as President Director. He holds same position up to now and supervising Divisions of Corporate Secretary, Internal Audit, Compliance, Danareksa Research Institute, Chief Financial Officer and Risk Management & SOP. Previously in the period of 1995 to 2001 he served some strategic positions at PT Danareksa including Advisor of Danareksa Cooperative and Danareksa Foundation, President Director at several of PT Danareksa subsidiaries and Director of PT Danareksa. In 2006-2007 he was the President Director of PT NC Securities.


Warga Negara Indonesia, lahir di Kupang tahun 1961. Meraih gelar Sarjana Akuntansi tahun 1986 dari Universitas Gajah Mada dan gelar MBA bidang Keuangan dari University of Illinois, AS tahun 1994 serta gelar Ph.D bidang Keuangan dari University of Kentucky, AS tahun 1998. Menjabat sebagai Direktur PT Danareksa sejak tahun 2005 hingga sekarang dan membawahi divisi Capital Market Operation & Custody, Investment Management Operation, Treasury, Proprietary, Finance Operation, Information Technology, General Affair, Purchasing & Procurement, Human Resources, Legal, Cyber Business dan Afiliasi. Sejarah karir diawali sebagai Asisten Dosen di Universitas Gajah Mada pada tahun 1985-1986. Pada tahun 1990-1992 mengemban tugas sebagai Analis Keuangan, Departemen Keuangan RI. Aktif di berbagai kegiatan riset untuk lembaga asing sejak tahun 1996 antara lain sebagai Research Assistant di University of Kentucky dan Research Associate di Merrill Lynch-Global HQ, New York, AS. Tahun 1999-2000 menjadi staf Kementerian BUMN dan menjabat sebagai Asisten Deputi Restrukturisasi & Privatisasi Kementerian BUMN pada tahun 2002-2005. Indonesian citizen, born in Kupang in 1961. Obtained degree in Accountancy in 1986 from Gajah Mada University and MBA degree in Finance from University of Illinois, USA in 1994 as well as Ph.D in Finance from University of Kentucky, USA in 1998. Serving as Director of PT Danareksa since 2005 up to now and supervising Divisions of Capital Market Operation & Custody, Investment Management Operation, Treasury, Proprietary, Finance Operation, Information Technology, General Affair, Purchasing & Procurement, Human Resources, Legal, Cyber Business and Affiliation.

Aloysius Kiik Ro Direktur Director

His career was started as assistant lecturer at Gajah Mada University in 1985-1986. Afterwards in 1990-1992 he served as Financial Analyst of Indonesian Ministry of Finance. Having been active in several research activities for foreign institutions since 1996 including as Research Assistant at University of Kentucky and Research Associate at Merrill Lynch-Global HQ, New York, USA. In 1999-2000 he was appointed as staff of Ministry of BUMN and Assistant to Deputy of Restructuring and Privatization of Ministry of BUMN in 2002-2005.



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Warga Negara Indonesia. Lahir di Sangasanga pada tahun 1960. Meraih gelar MBA bidang Business Administration/ Finance pada tahun 1986 dari California State University, AS dan MBA Finance dari West Coast University, AS tahun 1987. Menjabat sebagai Direktur PT Danareksa sejak tahun 2009 hingga sekarang dengan membawahi Divisi Investment Banking, Investment Management, Structured Product & Finance, Institutional Coverage, Other Financing dan Asset Recovery. Pengalaman karir diawali sebagai Purchasing Officer Pertamina Los Angeles, AS tahun 1984-1985. Menjabat sebagai Finance Manager TH International Corp tahun 1987, Manager PT Multicor Securities tahun 1989-1992 dan Direktur di PT Multicor Securities tahun 19921993. Pernah menjabat sebagai Direktur PT Credit Lyonnais Capital Indonesia tahun 1993-1994. Selama kurun waktu tahun 1994 hingga 2007 memegang jabatan sebagai Direktur di berbagai perusahaan sekuritas dan pada tahun 2007-2009 menjabat sebagai Wakil Direktur Utama PT Semen Gresik (Persero). Indonesian citizen. Born in Sangasanga in 1960. Earned MBA degree in Business Administration/ Finance in 1986 from California State University, USA and MBA degree in Finance from West Coast University, USA in 1987. Having been a Director at PT Danareksa since 2009 until today and supervise Divisions of Investment Banking, Investment Management, Structured Product & Finance, Institutional Coverage, Other Financing and Asset Recovery.

Heru D. Adhiningrat

His career was begun as Purchasing Officer at Pertamina Los Angeles, USA in 1984-1985. Served as Finance Manager of TH International Corp in 1987, Manager of PT Multicor Securities in 1989-1992 and Director of PT Multicor Securities in 1992-1993. Trusted as Director of PT Credit Lyonnais Capital Indonesia in 1993-1994. For the period 1994 to 2007 he pursued his career as Director at several securities companies and in 2007-2009 served as Vice President Director of PT Semen Gresik (Persero).

Direktur Director

Warga Negara Indonesia. Dilahirkan pada tahun 1965 di Bandung. Meraih gelar Bachelor of Science bidang Business Management dari Case Western University, Cleveland, Ohio, AS tahun 1988 dan Master of Business Administration bidang International Business Management dari Baldwin Wallace University-Berea, Ohio, AS tahun 1990. Menjabat sebagai Direktur PT Danareksa sejak tahun 2009 hingga sekarang dengan membawahi divisi Equity Capital Market, Debt Capital Market, Retail Distribution, Treasury, Proprietary, Equity Research dan Debt Research. Sebelum bergabung dengan PT Danareksa, pernah menjabat sebagai Assistant Manager PT Astley Pearce Nusantara tahun 19921993, Senior Manager PT Sigma Batara tahun 1993-1995, Direktur PT Bahana Securities pada tahun 1995-2003, Head of Equity International Sales PT Nomura Indonesia pada tahun 1999-2000, Managing Director PT Mandiri Sekuritas tahun 2003-2006 dan Direktur pada Deutsche Bank AG pada tahun 2006-2009. Indonesian citizen. Born in 1965 in Bandung. Earned Bachelor of Science in Business Management from Case Western University, Cleveland, Ohio, USA in 1988 and Master of Business Administration majoring International Business Management from Baldwin Wallace University, Berea, Ohio, USA in 1990. Having served as Director of PT Danareksa since 2009 up to now and supervise Divisions of Equity Capital Market, Debt Capital Market, Retail Distribution, Treasury, Proprietary, Equity Research and Debt Research. Prior to joining PT Danareksa, he was Assistant Manager at PT Astley Pearce Nusantara in 1992-1993, Senior Manager at PT Sigma Batara in 1993-1995, Director of PT Bahana Securities in 1995-2003, Head of Equity International Sales of PT Nomura Indonesia in 1999-2000, Managing Director of PT Mandiri Sekuritas in 2003-2006 and Director at Deutsche Bank AG in 2006-2009.

Stephanus Turangan Direktur Director

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LABA BERSIH (Rp Juta)

Rasio laba bersih terhadap RATA-RATA ekuitas (ROAE)

Net Profit (Rp Million) 98.439

Return on Average Equity (ROAE)

188,12%

176,67%

15,80%

58.886

56.197

8,00% 23.447

20.438

2006 2007 2008 2009

3,20%

2010

LABA BERSIH Konsistensi dalam menerapkan strategi konsolidasi telah memperkuat fondasi Perseroan dalam menentukan langkah ke depan. Melalui kinerja aktivitas bisnis yang baik, Danareksa berhasil mencatat peningkatan laba bersih yang signifikan sebesar 188,12% dari Rp 20,44 miliar tahun 2009 menjadi Rp 58,89 miliar pada akhir tahun 2010.

NET profit

7,47%

Consistency in implementing a consolidation strategy strengthened the Company’s foundation to determining its future steps. Through improved business activities, Danareksa successfully posted a significant increase in net profit by 188.12% from Rp 20.44 billion in 2009 to Rp 58.89 billion at the end of 2010.

2,70%

2006 2007 2008 2009

Rasio Laba Ekuitas

Bersih

terhadap

2010

RATA-RATA

Danareksa mampu mencapai hasil yang semakin baik dengan dicanangkannya interaksi sinergi yang kokoh dengan seluruh stakeholders. Rasio laba bersih terhadap rata-rata ekuitas (ROAE) meningkat sebesar 176,67% dari 2,70% tahun 2009 menjadi 7,47% tahun 2010.

Return on average equity (ROAE)

The synergy that was firmly built with all of its stakeholders has led Danareksa to generate significant returns. The Return on Average Equity (ROAE) Ratio increased by 176.67% from 2.70% in 2009 to 7.47% in 2010.



Rasio laba bersih terhadap RATA-RATA AKTIVA (roaa)

Return on Average Assets (ROAA)

225,71% 4,79% 2,28%

2,06% 0,74%

0,74%

2006 2007 2008 2009

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Berbagai tolok ukur kinerja Danareksa menunjukkan peningkatan yang menggembirakan. Hasil ini menjadi fondasi yang kuat bagi Danareksa untuk terus memacu pertumbuhan bisnis. Danareksa’s various business performance points towards positive growth. These results serve as the strong basis for Danareksa to continue to generate business growth.

2010

Rasio Laba Bersih terhadap RATA-RATA AKTIVA

Didukung Sumber Daya Manusia (SDM) yang kompeten, Danareksa berhasil mengoptimalkan seluruh sumber daya yang dimiliki sehingga mampu membukukan pertumbuhan laba yang signifikan. Hal ini tercermin dari peningkatan pada rasio laba bersih terhadap rata-rata aktiva sebesar 225,71% dari 0,74% tahun 2009 menjadi 2,28% tahun 2010.

return on average assets (ROAA)

Backed by a competent Human Resources (HR), Danareksa successfuly optimizing its resources and as the result booked significant growth in its profit. This is reflected in the increase of Return on Average Asset (ROA) by 225.71% from the position of 0.74% in 2009 to 2.28% in 2010.

Indikator Kinerja Utama Key Performance Indicators

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Danareksa mampu mengukir kinerja optimal melalui implementasi strategi ekspansi dengan berbagai produk baru yang diluncurkan pada tahun 2010. Pendapatan naik 28,33%, laba usaha tumbuh 60,22%, dan laba bersih meningkat 188,12%. Untuk tahun kinerja 2010, Danareksa berhasil mempersembahkan imbal hasil optimal kepada pemegang saham. Implementing the expansion strategy through various new products that were launched in 2010 has driven Danareksa to successfully record optimum performance. Revenues increased by 28.33%, operating income grew by 60.22%, and net profit increased by 188.12%. For 2010 performance, Danareksa successfully provided optimum returns for its shareholders.



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Tinjauan Keuangan & Kinerja Perusahaan - 2010 Company Performance & Financial Review - 2010

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Tinjauan Keuangan & Kinerja Perusahaan Company Performance & Financial Review TINJAUAN UMUM

BUSINESS ENVIRONMENT

PT Danareksa (Persero) dan segenap anak perusahaannya secara umum bergerak dalam usaha bank investasi (investment bank), intermediasi di pasar modal dan pengelolaan investasi, yang kesemuanya terpapar pada volatilitas dan pergerakan beberapa faktor yang tidak dapat diprediksi sebelumnya. Termasuk dalam hal ini fluktuasi harga pasar dari efek yang diperdagangkan di pasar modal.

PT Danareksa (Persero) and its subsidiaries operate in investment banking business, capital market intermediary services and investment management, all of which are exposed to volatilities and movements of unpredictable factors, including fluctuations of the price of securities traded on the capital market.

Proses perbaikan ekonomi dunia yang terjadi selama tahun 2010 menyebabkan terjadinya sentimen positif pelaku pasar di bursa saham nasional maupun global. Beberapa fenomena ekonomi seperti perbedaan arah kebijakan ekonomi antara negara berkembang dengan negara maju, kenaikan harga komoditas pangan memang menyebabkan terjadinya fluktuasi ekonomi. Kendati demikian, secara umum perekonomian global mengarah pada perkembangan positif. Berbagai indikator pertumbuhan ekonomi di sebagian besar negara di dunia tercetak dengan angka positif. Padahal, pada tahun-tahun sebelumnya, tidak sedikit negara yang mengalami pertumbuhan negatif.

The economic recovery efforts exercised on a global scale have led to positive sentiments in domestic and international capital markets. Despite some minor differences in the economic policy directions taken in industrial and developing economies – such as commodity price increase, the global economy in general demonstrated that it is on track for solid recovery and growth. This is indicated by the positive trends in all economic indicators, contrasting the trends in previous years whereby the same indicators were on the negative sides.

Kondisi tersebut juga terjadi di Indonesia. Secara umum, pada tahun 2010 indikator ekonomi Indonesia menunjukkan perkembangan yang menggembirakan dengan pertumbuhan ekonomi tercatat sebesar 6,9%. Tak bisa dihindari, peningkatan harga komoditas pangan menyebabkan tekanan inflasi di atas ekspektasi yang ditetapkan. Namun hal ini merupakan kendala umum yang dialami hampir di seluruh dunia.

These favorable trends have also taken place in Indonesia. Overall, in 2010, the nation’s economy showed favorable performance, growing at a 6.9%. Inflation rates, on the other hand, rose rather significantly, mainly triggered by sharp increase in commodity prices. These trends, however, occurred in most of the world’s economies.

Meski demikian, hingga akhir 2010 kondisi nilai tukar Rupiah terhitung kokoh. Melimpahnya kondisi likuiditas di luar negeri serta kebijakan ekonomi yang kurang diminati di negara asal investor, mendorong masuknya modal asing ke Indonesia dalam jumlah yang cukup besar.

Nevertheless, Rupiah managed to maintain its stability until year end of 2010. The abundance of liquidity overseas, coupled with economic policies unfavorable to investors in their countries of origin, has also triggered significant increase in capital inflows.

Inisiatif ekspansi bisnis yang terus dijalankan secara konsisten menghasilkan peningkatan laba usaha sebesar % Consistent implementation of business expansion activities has resulted in 60.22% increase in Operating Profit.

60,22



Kondisi ini mendorong pertumbuhan kinerja pasar modal Indonesia, di mana Indeks Harga Saham Gabungan (IHSG) ditutup pada level 3.703,5, meningkat 46,13% dari 2.534,4 pada awal tahun 2010. Di samping itu, rata-rata volume perdagangan saham harian juga naik menjadi Rp 4,9 triliun atau meningkat 25,64% dari Rp 3,9 triliun per hari pada tahun 2009. Reksadana tumbuh 28% dari Rp 114,2 triliun di tahun 2009 menjadi Rp 146,7 triliun di tahun 2010.

Hasil Operasi

Seiring dengan membaiknya kondisi perekonomian tersebut, Danareksa mampu meningkatkan kinerja usaha dengan baik. Kegiatan bisnis Perseroan beserta seluruh anak perusahaannya menghasilkan pendapatan sebesar Rp 484,06 miliar, atau naik 28,33% dari tahun sebelumnya, yang berjumlah Rp 377,21 miliar. Sementara itu aset tumbuh dari Rp 2.503,13 triliun pada tahun 2009 menjadi Rp 2.663,36 triliun pada akhir tahun 2010.

047

Such encouraging economic conditions have led to outstanding performance of Indonesia’s capital market, as among others indicated by the composite index, which grew by 46.13% from beginning of the year’s position of 2,534.4 to become 3,703.5 at the end of the year. Average trading volume, on the other hand, rose sharply by 25.64% from Rp 3.9 trillion per day in 2009 to Rp 4.9 trillion per day in 2010. Mutual funds also grew by 28% from Rp 114.2 trillion in 2009 to Rp 146.7 trillion in 2010.

Results of Operations

Along with the growing economy, Danareksa was successful in delivering excellent operational performance. Business operations of the Company and its subsidiaries generated revenues of Rp 484.06 billion, which rose by 28.33% from previous year figure of Rp 377.21 billion. While asset under management grew from Rp 2,503.13 trillion in 2009 to Rp 2,663.36 trillion at the end of 2010.

Kontribusi Pendapatan Usaha Perusahaan dan Anak Perusahaan 2010 Operating Income Contributions from Company and Subsidiaries in 2010

Perusahaan dan Anak Perusahaan Company and Subsidiaries

Pendapatan Usaha (Rp Juta) Operating Income (Rp Million)

Kontribusi (%) Contribution (%)

PT Danareksa (Persero)

210.570

38,68

PT Danareksa Sekuritas

192.944

39,86


87.128

18,00


16.757

3,46

Eliminasi dalam Pendapatan Usaha Perusahaan dan Anak Perusahaan Elimination in Operating Income from Company and Subsidiaries

(23.342)

-

Jumlah Total

484.057

100,00

048



Aktivitas bisnis yang terus ditingkatkan tersebut memerlukan peningkatan beban usaha, yang pada tahun 2010 tercatat sebesar Rp 238,34 miliar atau meningkat 38,05% dibandingkan posisi akhir tahun 2009 yang sebesar Rp 172,64 miliar. Beban bunga juga mengalami peningkatan sebesar 6,15% dari Rp 151,72 miliar tahun 2009 menjadi Rp 161,05 miliar pada akhir tahun 2010. Dari hasil di atas, laba usaha meningkat 60,22% dari tahun sebelumnya yang sebesar Rp 52,85 miliar, menjadi Rp 84,67 miliar pada akhir tahun 2010.

The escalating business expansion implemented during the year requires increases in operating expense causing it to rise by 38.05%, from Rp 172.64 billion to Rp 238.34 billion. Interest expenses, on the other hand, also grew by 6.15% from Rp 151.72 billion in 2009 to Rp 161.05 billion in 2010. In the end, operating profit rose by 60.22% from Rp 52.85 billion to Rp 84.67 billion in 2010.

Sementara itu, pada akhir tahun 2010, beban pajak menurun 32,47% dari Rp 51,71 miliar tahun 2009 menjadi Rp 34,92 miliar pada tahun 2010. Sehingga laba bersih meningkat 188,12% dari Rp 20,44 miliar tahun 2009 menjadi Rp 58,89 miliar pada akhir tahun 2010.

Meanwhile, by the end of 2010, tax expenses decreased by 32.47% from Rp 51.71 billion in 2009 to Rp 34.92 billion in 2010. In turn, net profit grew by 62.23% from Rp 52.85 billion last year to become Rp 84.67 billion in 2010.

Hasil Operasi

Operation Result Rp Juta

Rp Million

Uraian Description

Growth 20092010

2010

2009

2008

2007

2006

Pendapatan Revenues

28,33%

484.057

377.207

219.918

505.849

334.427

Laba Usaha Operating Income

60,22%

84.673

52.846

44.019

170.380

110.105

Laba Sebelum Pajak Profit Before Tax

30,02%

93.811

72.151

52.460

107.967

130.321


188,12%

58.886

20.438

23.447

56.197

98.439

Laba Bersih per Saham Net Profit per Share

188,11%

83.945

29.136

33.425

80.112

140.330

Transaksi Signifikan

Pada tahun 2010, terdapat 23 aktivitas Penawaran Saham Perdana (atau IPO – initial public offering) dengan total nilai penjaminan emisi sebesar Rp 29,68 triliun. Dalam aktivitas tersebut, Danareka berperan aktif, baik sebagai Joint Lead Underwriter, Lead Underwriter maupun Underwriter dengan total pangsa pasar sebesar 63,73% atau total porsi penjaminan sebesar Rp 18,91 triliun.

Material Transactions

Throughout 2010, as many as 23 companies were engaged in Initial Public Offerings (IPOs) with total underwriting values of Rp 29.68 trillion. Danareksa actively participated in those IPOs, providing services as Joint Lead Underwriter, Lead Underwriter and Underwriter with total market share of 63.73% and total underwriting values of Rp 18.91 trillion.



049

Penawaran Saham Perdana Perusahaan Tahun 2010 & Peran Danareksa Companies’ IPO and Danareksa’s Roles in 2010

Nama Emiten Name of Issuers

Peran Danareksa Danareksa’s Roles

Nilai Emisi (Rp Juta) Underwriting Value (Rp Million)

Pembangunan Perumahan

Joint Lead Underwriter

581.827

Bukit Uluwatu Villa

Lead Underwriter

222.857

Berau Coal Energy

Underwriter

1.360.000

Harum Energy

Underwriter

2.600.000

Indofood CBP Sukses Makmur

Underwriter

6.291.600

Krakatau Steel


2.681.750

Borneo Lumbung Energi

Underwriter

5.174.910

Jumlah Total

18.912.944

Selama tahun 2010, total market emisi penjaminan obligasi sebesar Rp 38,23 triliun, di mana Danareksa berpartisipasi dalam penjaminan obligasi tersebut sebesar Rp 21,75 triliun atau pangsa pasar 56,88%.

During 2010, total underwriting values from companies engaged in Bonds issuance are Rp 38.23 trillion. Danareksa provided services with total underwriting values of Rp 21.75 trillion, representing a market share of 56.88%.

Penerbitan Obligasi & Peran Danareksa 2010 Danareksa’s Roles and Bonds Issuance in 2010

Nama Emiten Name of Issuers

Peran Danareksa Danareksa’s Roles

Nilai Emisi (Rp Jutaan) Underwriting Value (Rp Million)

PLN (Persero)


BFI Finance Indonesia

Lead Underwriter

Federal International Finance


1.500.000

Bank OCBC NISP


880.000

Telkom (Persero)


3.000.000

CIMB Niaga

Underwriter

1.380.000

PLN (Persero)


3.000.000

Sarana Multigriya Financial


727.000

Jasa Marga


1.500.000

Adira Dinamika Multifinance


2.000.000

BW Plantation


700.000

Bank Danamon Indonesia


2.800.000

Bank BTPN


Jumlah Total

3.000.000 160.000

1.100.000 21.747.000

050



DANA KELOLAAN

ASSETS UNDER MANAGEMENT

Sementara itu pertumbuhan yang terjadi pada industri reksa dana selama tahun 2010 juga membawa dampak signifikan pada pendapatan Perseroan. Melalui berbagai produk reksa dana yang ditawarkan, total Nilai Aktiva Bersih (NAB) reksa dana meningkat 43,45% menjadi Rp 10,56 triliun pada akhir tahun 2010 dari Rp 7,36 triliun pada akhir tahun 2009. Hal ini berdampak pada peningkatan pendapatan dari jasa pengelolaan reksa dana sebesar 40,89% menjadi Rp 50,37 miliar pada akhir tahun 2010.

In the meantime, solid growth in mutual funds industry throughout 2010 also yielded significant contributions to Danareksa’s revenues. Through the sales of various mutual fund products, Danareksa’s net asset value (NAV) grew by 43.45% from Rp 7.36 trillion in 2009 to Rp 10.56 trillion in 2010. Consequently, fee-based income from mutual fund management increased by 40.89% to Rp 50.37 billion in 2010.

Tinjauan Keuangan

Financial Review

Laba/Rugi

Profit/Loss

Pendapatan Usaha

Operating Income

Beban Keuangan dan Beban Usaha

Financing Expenses and Operating Expenses

Dalam periode tahun buku yang sama, beban usaha meningkat dari Rp 172,64 miliar pada akhir tahun 2009 menjadi Rp 238,34 miliar pada akhir tahun 2010. Peningkatan ini terutama karena peningkatan beban Pengembangan Usaha dari Rp 9,43 miliar tahun 2009 menjadi Rp 27,36 miliar tahun 2010. Hal ini sejalan dengan inisiatif aktivitas bisnis yang dijalankan Perseroan selama tahun 2010. Selain itu, peningkatan beban usaha juga karena peningkatan beban gaji dan pelatihan dari Rp 116,93 miliar tahun 2009 menjadi Rp 144,98 miliar tahun 2010.

During the same fiscal year, operating expense also rose from Rp 172.64 billion in 2009 to the rise of Rp 238.34 billion in 2010. This increaseismainly causedbyrisingBusinessDevelopmentExpensesfrom Rp 9.43 billion in 2009 to Rp 27.36 billion in 2010. This is in line with the business activities during 2010. Besides, the rise in operating expense was also due to increase in salary and training expenses from Rp 116.93 billion in 2009 to Rp 144.98 billion in 2010.

Selama tahun 2010, pendapatan usaha mengalami peningkatan 28,33% dari Rp 377,21 miliar tahun 2009 menjadi Rp 484,06 miliar tahun 2010. Peningkatan ini terutama disebabkan oleh Laba dari Perdagangan Surat Berharga dan Selisih Perubahan Nilai Wajar Efek Diperdagangkan sebesar 322,63% dibandingkan posisi akhir tahun 2009 yang mengalami kerugian sebesar Rp 64,76 miliar menjadi Laba sebesar Rp 144,18 miliar pada akhir tahun 2010. Hal ini sejalan dengan semakin membaiknya kondisi ekonomi yang menyebabkan terjadinya peningkatan harga efek-efek yang diperdagangkan di Bursa pada tahun 2010 dibandingkan pada tahun 2009. Pada akhir tahun 2010, Perseroan membukukan peningkatan beban bunga sebesar 6,15% menjadi Rp 161,05 miliar dibandingkan posisi akhir tahun 2009 yang sebesar Rp 151,72 miliar. Aktivitas bisnis yang dilakukan melalui penerbitan obligasi berdampak pada peningkatan beban kupon obligasi yang harus dibayar Perseroan dari Rp 142,87 miliar tahun 2009 menjadi Rp 155,70 miliar pada tahun 2010.

Over the course of 2010, operating income grew by 28.33% from Rp 377.21 billion in 2009 to Rp 484.16 billion in 2010, primarily driven by 322.63% increase in Gain from Marketable Securities and Variance of Change of Fair Value of Securities for Trade, from a Loss of Rp 64.76 billion in 2009 to become a Gain of Rp 144.18 billion in 2010. This is in line with continuing trends of economic recovery, causing increase in the volume of marketable securities traded in the stock exchange in 2010.

At year end 2010, the Company posted 6.15% increase in interest expense to Rp 161.05 billion compared to 2009 position of Rp 151.72 billion. The business activities conducted during the year through, among others, the debt issuances have made debt coupon expense to rise from Rp 142.87 billion in 2009 to become Rp 155.70 billion in 2010.



051

Penghasilan Lain-lain Bersih

Other Revenues Net

Pajak Penghasilan

Income Taxes

Laba Usaha dan Laba Sebelum Pajak

Operating Profit and Profit Before Taxes

Seiring kenaikan pendapatan usaha, pada periode yang sama laba sebelum pajak penghasilan juga mengalami peningkatan sebesar 30,02% dibandingkan posisi akhir tahun 2009 yang sebesar Rp 72,15 miliar pada akhir tahun 2009 menjadi Rp 93,81 miliar pada akhir tahun 2010.

In line with the increase in operating income, profit before taxes increased by 30.02% from Rp 72.15 billion in 2009 to Rp 93.81 billion in 2010.

Laba Bersih dan Laba Bersih per Saham

Net Profit and Net Profit per Share

Seiring dengan peningkatan laba bersih dan jumlah saham beredar yang tidak mengalami penambahan, perseroan mampu meningkatkan imbal hasil kepada pemegang saham. Pada akhir tahun 2010, laba bersih per lembar saham meningkat sebesar 188,11% dari Rp 29.136 per lembar saham pada tahun 2009 menjadi Rp 83.945 per lembar saham.

Along with the increase in net profit and the number of shares issued, the Company’s net profit per share also sharply increased by 188.11%, from Rp 29,136 per share in 2009 to Rp 83,945 per share this year.

Penghasilan lain-lain bersih turun sebesar 52,67% dari Rp 19,31 miliar tahun 2009 menjadi Rp 9,14 miliar pada akhir tahun 2010 terutama karena kerugian selisih kurs bersih dari sebesar Rp 371,17 juta pada akhir tahun 2009 menjadi rugi sebesar Rp 1,99 miliar pada akhir tahun 2010. Jumlah beban pajak terdiri dari Pajak Kini dan Pajak Tangguhan. Secara total, Beban Pajak turun sebesar 32,47% dari Rp 51,71 miliar pada tahun 2009 menjadi Rp 34,92 miliar di tahun 2010. Per 31 Desember 2010, Perseroan membukukan peningkatan laba usaha sebesar 60,22% dari posisi akhir tahun 2009 yang sebesar Rp 52,85 miliar menjadi Rp 84,67 miliar.

Berdasarkan berbagai variable di atas, pada akhir tahun buku 2010, perseroan mencatat peningkatan laba bersih yang signifikan yaitu sebesar 188,12% dibandingkan posisi akhir tahun 2010 yang sebesar Rp 20,44 miliar menjadi Rp 58,89 miliar.

Other Revenues (Net) were lowered by 52.67% from Rp 19.31 billion in 2009 to Rp 9.14 billion at the end of 2010, mainly caused by losses due to exchange rates difference from gain, from a loss of Rp 371.17 million in 2009 to a loss of Rp 1.99 billion in 2009.

Tax expenses consist of Current and Deferred taxes. In total, Tax Expenses decreased by 32.47% from Rp 51.71 billion in 2009 to Rp 34.92 billion in 2010. As of 31 December 2010, the Company posted operating profit that increased by 60.22% to Rp 84.67 billion from 2009 position of Rp 52.85 billion.

Based on the above variables, at the end of 2010, the Company recorded a convincing 188.12% increase in net profit, from Rp 20.44 billion in 2009 to Rp 58.89 billion in 2010.

052



Neraca Aktiva

Balance Sheet Assets

Jumlah aktiva konsolidasian Perseroan pada tanggal 31 Desember 2010 meningkat menjadi Rp 2,66 triliun dari Rp 2,50 triliun pada tanggal 31 Desember 2009. Komponen terbesar adalah Kas dan Setara Kas diikuti oleh portofolio efek serta Piutang kegiatan perantara perdagangan efek.

The Company’s total consolidated assets as of 31 December 2010 rose to Rp 2.66 trillion from Rp 2.50 trillion in 31 December 2009. The largest component of asset is Cash and Cash Equivalent, followed by securities portfolio and Receivables from Brokerage Activities.

Sesuai karakteristik usaha yang dijalankan, terdapat beberapa akun pada aset yang penting karena memiliki nilai yang relatif material atau bersifat khusus. Beberapa akun tersebut yaitu : Efekefek, Piutang Usaha, Piutang Kegiatan Perantara Perdagangan Efek, dan Piutang Kegiatan Pendanaan: • Jumlah Efek Perseroan pada tanggal 31 Desember 2010 sebesar Rp 592,13 miliar atau meningkat 25,48% dibanding tanggal 31 Desember 2009 yang sebesar Rp 471,90 miliar. Peningkatan terutama disebabkan kenaikan efek saham sebesar Rp 93,39 miliar dari Rp 58,41 miliar tahun 2009 menjadi Rp 151,80 miliar tahun 2010 dan kenaikan efek obligasi sebesar Rp 58,51 miliar dari Rp 32,24 miliar tahun 2009 menjadi Rp 90,75 miliar tahun 2010 yang disertai dengan pencairan atau penurunan reksa dana sebesar Rp 39,66 miliar dari 346,04 miliar tahun 2009 menjadi Rp 306,38 miliar tahun 2010.

In line with the nature of the Company’s business operations, there are important accounts discussed herein, due to its specific or material characteristics. Those accounts include Securities, Account Receivables, Receivables from Brokerage Activities and Receivables from Financing Activities: • As of 31 December 2010, the Company’s marketable securities totaled Rp 592.13 billion, representing 25.48% increased from 31 December 2009 position of Rp 471.90 billion. Such increase was primarily attributable to increase of equity securities of Rp 93.39 billion, from Rp 58.41 billion in 2009 to Rp 151.80 billion in 2010, while increase in debt securities of Rp 58.51 billion from Rp 32.24 billion in 2009 to Rp 90.75 billion in 2010, accompanied by redemption or decrease in mutual funds of Rp 39.66 billion from Rp 346.04 billion in 2009 to Rp 306.38 billion in 2010.

•

Piutang Usaha perseroan selama tahun 2010 meningkat sebesar Rp 61,09 miliar dari Rp 196,54 miliar tahun 2009 menjadi Rp 257,63 miliar tahun 2010. Peningkatan terutama karena meningkatnya piutang pembiayaan sebesar Rp 63,04 miliar dari Rp 191,79 miliar tahun 2009 menjadi Rp 254,83 tahun 2010.

•

The Company’s account receivables in 2010 increased by Rp 61.09 billion from Rp 196.54 billion in 2009 to Rp 257.63 billion in 2010. This increase was mainly due to increase of Rp 63.04 billion in Financing Receivables, from Rp 191.79 billion in 2009 to Rp 254.83 billion in 2010.

•

Pada akhir tahun 2010, Piutang Kegiatan Perantara Perdagangan Efek Perseroan turun sebesar Rp 82,66 miliar dari 521,98 miliar tahun 2009 menjadi Rp 439,32 miliar tahun 2010. Penurunan ini terutama disebabkan oleh penurunan piutang Margin sebesar Rp 42,42 miliar dari Rp 70,45 miliar tahun 2009 menjadi Rp 28,02 miliar tahun 2010. Selain itu, penurunan piutang Kegiatan Perantara Perdagangan Efek Perseroan juga disebabkan oleh penurunan Piutang Pada Lembaga Kliring dan Penjaminan sebesar Rp 21,23 miliar dari Rp 84,05 tahun 2009 miliar menjadi Rp 62,82 miliar tahun 2010.

•

At year end of 2010, the Company’s Receivables from Brokerage Activities decreased by Rp 82.66 billion from Rp 521.98 billion in 2009 to Rp 439.32 billion in 2010. This decrease was mainly caused by decrease of Rp 42.42 billion in Margin Receivables from Rp 70.45 billion in 2009 to Rp 28.02 billion in 2010. In addition, such decline was also due to decrease of Rp 21.23 billion in Receivables from Central Securities Depository Agency from Rp 84.05 billion in 2009 to Rp 62.82 billion in 2010.

•

Piutang Kegiatan Pendanaan meningkat sebesar Rp 10,76 miliar dibanding akhir tahun 2009 yang sebesar Rp 45,29 miliar menjadi Rp 55,79 miliar pada tahun 2010. Peningkatan ini terutama disebabkan oleh meningkatnya kegiatan anjak piutang kepada pihak ketiga sebesar Rp 13,35 miliar dari Rp 40,79 miliar tahun 2009 menjadi Rp 54,14 miliar tahun 2010.

•

Receivables from Financing Activities increased by Rp 10.76 billion from Rp 45.29 billion in 2009 to Rp 55.79 billion in 2009. This increase was primarily attributable to increase of Rp 13.35 billion in Factoring to third party from Rp 40.79 billion in 2009 to Rp 54.14 billion in 2010.



053

Kewajiban

Liabilities

Terdapat beberapa akun pada kewajiban yang penting karena memiliki nilai relatif material atau sifatnya khusus, yaitu Pinjaman Bank, Hutang Kegiatan Perantara Perdagangan Efek, dan Pinjaman Jangka Panjang.

Some important liabilities accounts, due to their material value or specific characteristics, are Bank Loan, Payables from Brokerage Activities and Long Term Liabilities.

•

Pada akhir tahun 2010, Jumlah Pinjaman Bank Perseroan sebesar Rp 50 miliar. Pinjaman ini diperlukan Perseroan untuk memenuhi kebutuhan likuiditas operasional perusahaan. Pada akhir tahun 2009, perseroan tidak memiliki pinjaman Bank.

•

At year end 2010, total Bank Loans amounted to Rp 50 billion. The loans were obtained to fulfill the Company’s operational liquidity requirements. At the end of 2009, the Company did not have any Bank Loans.

•

Per 31 Desember 2010, Jumlah Hutang Kegiatan Perantara Perdagangan Efek Perseroan meningkat 29,02% dari Rp 468,41 miliar tahun 2009 menjadi Rp 604,32 miliar. Kenaikan ini terutama disebabkan oleh kenaikan Hutang Nasabah sebesar Rp 84,23 miliar dari Rp 464,55 miliar tahun 2009 menjadi Rp 548,78 miliar pada akhir tahun 2010.

•

As of 31 December 2010, the Company’s Payables from Brokerage Activities increased by 29.02% from Rp 468.41 billion in 2009 to Rp 604.32 billion in 2010. Such increase was mainly due to increase in Payables from Customers of Rp 84.23 billion from Rp 464.55 billion in 2009 to Rp 548.78 billion in 2010.

•

Jumlah Pinjaman Jangka Panjang Perseroan turun sebesar Rp 326,59 miliar dari posisi akhir tahun 2009 yang sebesar Rp 1.072,72 miliar menjadi Rp 746,13 miliar. Penurunan ini terutama disebabkan oleh adanya pinjaman jangka panjang yang akan jatuh tempo dalam satu tahun sebesar Rp 330 miliar.

•

The Company’s Long Term Loan decreased by Rp 326.59 billion from 2009 position of Rp 1,072.72 billion to Rp 746.13 billion. The decrease was due to portion of longterm liabilities with current maturity amounted to Rp 330 billion.

Per 31 Desember 2010, jumlah kewajiban konsolidasi Perseroan sebesar Rp 1.845,59 miliar. Mengalami kenaikan sebesar 5,81% dibanding posisi akhir tahun 2009 yang sebesar Rp 1.744,25 miliar. Kewajiban Perseroan terdiri dari Kewajiban Jangka Pendek sebesar Rp 1.099,45 miliar, dan Kewajiban Jangka Panjang sebesar Rp 746,14 miliar. Kontributor terbesar Kewajiban Jangka Pendek adalah Hutang Kegiatan Perantara Perdagangan Efek sebesar 54,97% dan Pinjaman Jangka Panjang yang akan jatuh tempo dalam satu tahun sebesar 30,01%.

As of 31 December 2010, the Company’s total consolidated liabilities amounted to Rp 1,845.59 billion, which represented an increase by 5.81% from 2009 position of Rp 1,744.25 billion in 2010. The Company’s Liabilities consist of Short Term liabilities of Rp 1,099.45 billion and Long Term Liabilities of Rp 746.14 billion. Payables from Brokerage Activities took the biggest portion of the Company’s Long Term Liabilities with 54.97%, followed by Current Maturities with 30.01%.

054



7,76%

758,878

817,764

2009

2010


Ekuitas


Total Shareholders’ Equity



055

Ekuitas

Equity

Arus Kas

Cash Flow

Arus Kas dari aktivitas Operasi terutama berasal dari peningkatan penerimaan pendapatan operasional sebesar Rp 375,21 miliar dan dari Penerimaan Bunga dan Deviden sebesar Rp 130,17 miliar. Selain itu arus kas yang diperoleh dari aktivitas operasi juga berasal dari penerimaan pembayaran sehubungan dengan transaksi pasar modal bersih sebesar Rp 116,87 miliar.

Cash Flow from Operating Activities are generated by increase in operating income by Rp 375.21 billion and Interest and Dividends revenues of Rp 130.17 billion. Also, such cash flow was generated by payments received due to net transactions in capital market that amounted to Rp 116.87 billion.

Arus kas yang diperoleh dari aktivitas investasi berasal dari penerimaan efek dimiliki hingga jatuh tempo sebesar Rp 16,80 miliar. Sementara untuk mendukung inisiatif ekspansi usaha, Perseroan telah menggunakan Kas untuk aktivitas pendanaan sebesar Rp 70,00 miliar.

Cash Flow from Investing Activities is generated from securities held to maturity, which amounted to Rp 16.80 Cash Flow from Operating Activities. Further, to support business expansion initiatives, the Company utilized its Cash for financing activities in the amount of Rp 70.00 billion.

Rasio Penting

Key Ratios

Rasio Likuiditas

Liquidity Ratio

Rasio Kewajiban terhadap Ekuitas

Debt to Equity Ratio

Jumlah ekuitas Perseroan per 31 Desember 2010 sebesar Rp 817,76 miliar. Mengalami peningkatan sebesar Rp 58,88 miliar atau 7,76% dibanding periode yang sama tahun 2009 yang sebesar Rp 758,88 miliar. Peningkatan ini terutama disebabkan oleh penurunan akumulasi kerugian sepanjang periode tahun 2010 sebesar Rp 58,88 miliar dan seiring dengan peningkatan Laba Bersih Perseroan. Arus Kas Perseroan selama periode satu tahun yang berakhir pada tanggal 31 Desember 2010 diperoleh dari aktivitas operasi sebesar Rp 116,80 miliar.

Rasio likuiditas Perseroan untuk periode 12 bulan yang berakhir pada tanggal 31 Desember 2010 adalah sebesar 226,93%. Pada akhir periode tahun 2009, rasio likuiditas Perseroan sebesar 346,95%. Meskipun mengalami sedikit penurunan dibanding periode tahun sebelumnya, maka dengan rasio likuiditas di atas 226,93% menunjukkan bahwa Perseroan memiliki kemampuan yang sangat baik dalam memenuhi kewajiban jangka pendek dengan menggunakan aset lancar yang dimiliki oleh Perseroan. Rasio Kewajiban terhadap Ekuitas di tahun 2010 tercatat 225,69%, atau lebih rendah dari tahun 2009 yang tercatat sebesar 229,80%. Hal ini menunjukkan semakin menguatnya struktur modal Perusahaan mengingat pembiayaan yang didanai dari hutang semakin kecil.

As of 31 December 2010, the Company posted total equity of Rp 817,76 billion, which grew by Rp 58.88 billion or 7.76% compared to 2009 results of Rp 758.88 billion. This increase was mainly attributed to decline of accumulated losses during 2010 in the amount of Rp 58.88 billion and in line with increase in the Company’s Net Profit.

The Company’s Cash Flow for the year ended on 31 December 2010 were resulted from operating activities in the amount of Rp 116.80 billion.

For the period of 12 month ended on 31 December 2010, the Company reported liquidity ratio of 226.93%. At the end of 2009, the Company liquidity ratio was posted at 346.95%. Despite a slight decline compared to the previous year position, the 2010 ratio indicated that the Company maintains its strong capability to meet its short term liabilities using its current assets position.

Debt to Equity Ratio for 2010 was 225.69%, which decreased slightly from 2009 position of 229.80%. This year’s position indicated the Company’s improving capital structure as portions of debt financing continued to decline.

056



Laba Bersih terhadap Rata-rata Aktiva Return On Average Assets (ROAA)

Laba Bersih terhadap Rata-rata Ekuitas Return On Average Equity (ROAE)

4,79%

15,80%

8,00%

7,47%

2,28%

2,06% 0,74% 0,74%

3,20% 2,70%

2010 2008 2009 2007 2006

Laba Sebelum Pajak Terhadap Pendapatan Pre-tax Operating Ratio

2006 2010 2008 2009 2006 2007

38,97%

23,85% 21,34% 19,13% 19,38%

Pinjaman Jangka Panjang Terhadap Jumlah Ekuitas Long Term Loan to Equity

2008 2009 2006 2007

2010

Jumlah Kewajiban Terhadap Ekuitas Debt to Equity Ratio 353,10%

157.20% 132.60%

300,11%

131.59% 221,60%

229,80% 225,69%

68.00% 59.30%

2010 2008 2009 2006 2007

2010 2008 2009 2006 2007



057

Transaksi dengan Pihak yang Memiliki Hubungan Istimewa (Afiliasi)

Transactions with Affiliated Parties

Perusahaan dan perusahaan anak melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa sesuai dengan PSAK No. 7, “Pengungkapan Transaksi Dengan Pihak yang Mempunyai Hubungan istimewa”. Transaksi dengan Badan Usaha Negara atau Badan Usaha Milik Daerah (BUMN/ BUMD) dan institusi lain yang terkait dengan Republik Indonesia tidak diungkapkan sebagai transaksi dengan pihak yang mempunyai hubungan istimewa.

The Company and its subsidiaries made transactions to affiliated parties as governed under PSAK No. 7 “Disclosures of Transactions with Affiliated Parties”. Transactions with State Owned Enterprises (SOE/BUMN) and Provincial Owned Enterprises (BUMD) and other State institutions are not required to be disclosed as transactions with affiliated parties.

1. Perusahaan bekerja sama dengan PT Danareksa Sekuritas, PT Danareksa Investment Management, PT Danareksa Finance dan PT Danareksa Futures dalam pengembangan usaha, pembiayaan dan pemasaran. Semua beban Perusahaan Anak yang ditanggung lebih dahulu oleh Perusahaan akan ditagih kemudian. Pada akhir tahun, dalam laporan keuangan konsolidasian, semua hutang dan piutang, bunga dan imbalan jasa sehubungan dengan transaksi tersebut dieliminasi.

1.

The Company forges partnerships with PT Danareksa Sekuritas, PT Danareksa Investment Management, PT Danareksa Finance and PT Danareksa Futures in business, financing and marketing development. All subsidiary expenses are initially paid for by the Company to be reimbursed afterward. At the end of the year, when consolidating the financial reports, all payables, receivables, interests and provision fees due to such transactions shall be set off.

2. Pegawai Perusahaan membentuk Dana Pensiun Danareksa (DPD) dan Yayasan Kesejahteraan Pegawai (YKP) Danareksa. DPD mengelola dana pensiun pegawai Perusahaan dan YKP mengelola Tunjangan Hari Tua (THT). YKP memiliki PT Reksasentosa Dinamika (RSD) dan PT Reksatama Dinamika (RTD). RSD mengelola salah satu bangunan milik Perusahaan dan menerima jasa manajemen.

2.

The Company’s employees have established Danareksa Pension Foundation (DPD) and Danareksa Employee Prosperity Foundation (YKP). DPD manages Tunjangan Hari Tua (THT). YKP owns and manages PT Reksasentosa Dinamika (RSD) and PT Reksatama Dinamika (RTD). RSD manages one building that are owned by the company for an agreed upon management fees.

3. RTD telah dikontrak oleh Perusahaan untuk mengelola semua kegiatan yang berhubungan dengan Sertifikat Danareksa, sebagai imbalan, pemegang sertifikat membayar biaya komisi sebesar 0,5% - 1% untuk setiap transaksi kepada RTD. Perusahaan memiliki kewajiban kepada Para pemegang Sertifikat Danareksa sebesar Rp 1,43 Miliar masing-masing pada tanggal 31 Desember 2010 dan 2009 yang dicatat dalam akun Hutang Lain-lain. Beberapa pegawai Perusahaan ditugaskan mengelola RTD dan gaji mereka akan dibebankan kembali secara tahunan.

3.

RTD has been appointed by the Company to manage the activities related to Danareksa Certificate. In return, RTD receives 0.5% - 1% commission from the investors for each transaction, which are posted in the account of Other Debts. The Company’s liabilities to Danareksa Certificate holders that amounted to Rp 1,43 Billion for debts with maturity of both 2009 and 2010. Some of the Company’s employees are seconded to the subsidiaries for managing RTD and their salaries will be reclassified on annual basis.

4. Berdasarkan perjanjian antara Perusahaan dengan Yayasan Danareksa tertanggal 3 Januari 2000, Perusahaan menyetujui untuk memberikan jasa pengelolaan dan administrasi kepada Yayasan Danareksa. Yayasan Danareksa akan membayar imbalan atas jasa yang diberikan sebesar 1,0% dari jumlah biaya yang dikeluarkan dan ditagih setiap 6 bulan oleh Perusahaan. Perjanjian ini berlaku sejak tanggal 1 Januari 2000 dan dapat diakhiri oleh salah satu pihak berdasarkan perjanjian tertulis kedua belah pihak. Selain itu, Perusahaan juga menandatangani perjanjian dengan Yayasan Danareksa tertanggal 3 Januari 2000 sehubungan dengan penyediaan data penelitian dimana Yayasan Danareksa setuju memberikan hasil-hasil penelitian, data, informasi maupun pengetahuan dan keahlian yang dimiliki dan/atau dihasilkan kedua belah pihak untuk dipergunakan oleh Perusahaan dan Perusahaan Anak sesuai kebutuhan masing-masing.

4.

Based on the agreement between the Company and Danareksa Foundation dated on 3 January 2000, the Company agreed to outsource its management and administration function to Danareksa Foundation. In return, the Danareksa Foundation receives fees of 1.0% annually, payable for every 6 month. This Agreement has been in effect since 1 January 2000 and may be terminated based on prior written notice from one Party to Another. The Company also signed an agreement with Danareksa Foundation dated 3 January 2000, pertaining to provision of research data whereby the data obtained by both parties shall be accessible to the Company’s and its subsidiaries’ employees to fulfill their requirements.

5. Transaksi sewa pembiayaan Perusahaan dilakukan dengan pihak yang memiliki hubungan istimewa, yaitu PT Reksasentosa Dinamika dan Koperasi Pegawai Danareksa.

5.

The Company engaged in leasing financing transactions with affiliated parties that include PT Reksasentosa Dinamika and Koperasi Pegawai Danareksa.

058



Aktiva dari Transaksi Perusahaan dan Perusahaan Anak dengan Pihak Hubungan Istimewa Assets from the Company and Its Subsidiaries’ Transactions with Related Parties

Aktiva Assets

2010 (RpJuta) (Rp Million)


306.375

346.039

7.630

3.100

Aktiva Assets Reksadana Mutual Funds Piutang Usaha Sewa Pembiayaan Accounts Receivable Leases PT Reksasentosa Dinamika PT Reksasentosa Dinamika Koperasi Danareksa Koperasi Danareksa

7.124

Aset Lain-lain Piutang Other Assets Receivables Yayasan Danareksa Yayasan Danareksa

0.655

8.525

PT Reksatama Dinamika PT Reksatama Dinamika

0.001

1.092

PT Reksasentosa Dinamika PT Reksasentosa Dinamika

0.004

0.002

314.665

365.882

11,81%

14,62%

Jumlah Total Persentase Akun Aktiva dengan Pihak Hubungan Istimewa Terhadap Jumlah Aktiva Percentage of Assets Accounts with Related Parties to Total Assets

Kewajiban dari Transaksi Perusahaan dan Perusahaan Anak dengan Pihak Hubungan Istimewa Liabilities from the Company and Its Subsidiaries’ Transactions with Related Parties

Kewajiban Liabilities



Kewajiban Liabilities Hutang Lain-lain Other Liabilities PT Reksatama Dinamika

1.431

1.431

Jumlah Total

1.431

1.431

Persentase Akun Kewajban Kepada Pihak Hubungan Istimewa Terhadap Jumlah Kewajiban Percentage of Liabilities to Related Parties to Total Liabilities

0,08%

0,08%



059

Pendapatan dari Transaksi Perusahaan dan Perusahaan Anak dengan Pihak Hubungan Istimewa Revenue from the Company and Its Subsidiaries’ Transactions with Related Parties


Pendapatan Revenues


Pendapatan Revenue Pendapatan Sewa Pembiayaan Lease Revenue Earned PT Reksasentosa Dinamika

1.234

1.262

Koperasi Danareksa

0.171

0.713

1.405

1.975

0,29%

0,52%

Jumlah Total Persentase Pendapatan dari Pihak Hubungan Istimewa Terhadap Jumlah Pendapatan Percentage of Revenue from Related Parties to Total Revenue

Beban Umum dan Administrasi dari Transaksi Perusahaan dan Perusahaan Anak dengan Pihak Hubungan Istimewa General and Administrative Expenses from the Company and Its Subsidiaries’ Transactions with Related Parties 2010 (RpJuta) (Rp Million)

Beban Umum dan Administrasi General and Administrative Expenses


Beban Umum dan Administrasi General and Administrative Expenses Beban Sewa Kendaraan Vehicle Rental Expense Koperasi Danareksa Koperasi Danareksa

2.516

1.182

12.129

13.334

Jumlah Total

14.645

14.516

Persentase Beban Umum dan Administrasi dari Pihak Hubungan Istimewa Terhadap Jumlah Beban Usaha Percentage of General and Administrative Expenses with Related Parties to Total Operating Expenses

6,14%

8,41%

Beban Sewa Peralatan Equipment Rental Expense PT Reksasentosa Dinamika

Pemegang Saham

Seluruh saham PT Danareksa (Persero) dimiliki oleh Pemerintah Republik Indonesia.

Shareholders

The Company is wholly owned by the Government of the Republic of Indonesia.

060



Melalui implementasi Tata Kelola Perusahaan yang Baik (GCG), Danareksa mampu melewati berbagai tantangan bisnis. Danareksa senantiasa melakukan penyempurnaan GCG sebagai pondasi Perseroan dalam mewujudkan visi menjadi perusahaan penyedia jasa keuangan terkemuka di tingkat regional. By implementing Good Corporate Governance (GCG), Danareksa is able to overcome various obstacles and challenges. Danareksa constantly seeks to improve GCG as the basis for the Company to achieve its vision to become the leading financial services provider in the region.



061

Tata Kelola Perusahaan Good Corporate Governance

062



Tata Kelola Perusahaan Good Corporate Governance Danareksa senantiasa melakukan penyempurnaan praktik Tata Kelola Perusahaan yang Baik (Good Corporate Governance/GCG) sebagai pondasi perusahaan untuk tercapainya pertumbuhan yang berkelanjutan di masa kini dan masa mendatang.

Guna mengoptimalkan kinerja, membangun citra positif perusahaan dan memastikan semua kebijakan dijalankan dengan baik, Danareksa menjadikan etika bisnis dan peraturan perundangundangan yang berlaku sebagai acuan pelaksanaan aktivitasnya. Hal ini tidak terlepas dari kesadaran Danareksa akan peran penting Tata Kelola Perusahaan yang Baik dalam mendukung tercapainya pertumbuhan bisnis yang berkelanjutan serta memberikan manfaat kepada seluruh stakeholders Perseroan.

Danareksa strives to continually perfect the practice of Good Corporate Governance that serves as the Company’s foundation in achieving sustainable growth today and tomorrow.

Danareksa adheres to business ethics and applicable laws in conducting its activities in order to optimize its performance, build positive image, and ensure all policies are implemented properly. Danareksa is aware that Good Corporate Governance plays an important role in supporting the achievement of sustainable business growth, which in turn will benefit all stakeholders.

Dalam penerapan praktik-praktik Tata Kelola Perusahaan yang Baik tersebut, Danareksa senantiasa mengacu pada lima prinsip dasar, yaitu keterbukaan, akuntabilitas, pertanggungjawaban, kemandirian dan kewajaran. Dalam pelaksanaannya, Danareksa menerjemahkan kelima prinsip tersebut sesuai dengan ketentuan umum yang berlaku yaitu:

Danareksa refers to the five basic principles in the implementation of Good Corporate Governance, namely transparency, accountability, responsibility, independency and fairness. Danareksa applies the five aforementioned principles in accordance with applicable general provisions, which are:



063

Lima Prinsip Dasar Tata Kelola Perusahaan Five Basic Principles of GCG

• • • • •

Transparency Accountability Responsibility Independency Fairness

Keterbukaan

Transparency

Perusahaan senantiasa menyediakan informasi penting dan relevan bagi pemangku kepentingan secara tepat waktu, kemudahan akses dan dalam bentuk yang mudah dipahami.

The company strives to continuously provide essential information relevant to stakeholders in a timely manner by providing easy access and in a form that is easy to understand.

Sesuai dengan kategori informasi, informasi yang tidak termasuk kategori “rahasia” diberikan tidak hanya terbatas pada apa yang sesuai dengan peraturan perundangan-undangan, namun juga informasi penting lainnya yang berguna bagi para pemangku kepentingan dalam pengambilan keputusan.

The information provided is not limited to those required by law, but also other important information that could be useful for the decision-making of stakeholders, excluding information that is considered “confidential” in the category of information.

Akuntabilitas

Perseroan dikelola dengan cara yang benar dan terukur, sesuai dengan kepentingan Perseroan dengan tetap mengutamakan keperluan pemangku kepentingan. Perseroan mempertanggungjawabkan kinerjanya secara terbuka/ transparan dan wajar, sehingga memiliki akuntabilitas yang baik dan pada akhirnya mencapai kinerja yang lebih membanggakan dan berkelanjutan.

Tanggung jawab

Dalam menjalankan usahanya, Perseroan berpegang teguh pada prinsip kehati-hatian dan memastikan kepatuhan atas undangundang, anggaran dasar, peraturan perusahaan dan peraturanperaturan lain yang berlaku. Selain itu, dalam rangka memelihara kesinambungan usaha jangka panjang dan memperoleh pengakuan sebagai Good Corporate Citizen, perseroan berupaya memenuhi tanggung jawabnya terhadap masyarakat dan lingkungan.

Kemandirian

Perseroan dikelola dengan mengutamakan kemandirian untuk menghindari dominasi dan intervensi pihak lain. Setiap organ perusahaan memiliki kewajiban melaksanakan fungsi dan tugasnya sesuai dengan anggaran dasar dan peraturan perundang-undangan, tanpa saling mendominasi serta bebas dari benturan kepentingan, pengaruh atau tekanan pihak mana pun, sehingga pengambilan keputusan dilakukan secara obyektif.

Kewajaran dan Kesetaraan

Dalam melaksanakan kegiatan usahanya, Perseroan menyadari keharusan dalam memerhatikan kepentingan pemegang saham dan pemangku kepentingan lain menurut azas kewajaran dan kesetaraan. Perseroan juga memberikan kesempatan yang sama tanpa membedakan suku, agama, ras, golongan, jender dan kondisi fisik dalam hal perekrutan karyawan dan pengembangan karir.

Accountability

The Company’s management is correct and measured taking into consideration the interests of its stakeholders. The Company transparently and reasonably takes responsibility for its performance. As such, the Company is expected to have better accountability, which will ultimately help the Bank achieve praiseworthy, sustainable performance.

Responsibility

The Company firmly holds on to the principle of prudence, and ensures compliance with prevailing laws, articles of association and regulations. In addition, the Company endeavors to fulfill its responsibilities toward the public and the environment in order to maintain long-term sustainability and attain recognition as a Good Corporate Citizen.

Independency

The Company is independently managed to avoid domination and intervention of other parties. Elements of the company are obliged to exercise their respective functions and duties in accordance with the articles of association and the laws, without dominating each other, free from conflicts of interest, influence or pressure. As such, decisions can be made objectively.

Fairness and Equality

The Company understands that it must fairly and equally consider the interests of shareholders and other stakeholders in conducting its business activities. The Company provides equal opportunities regardless of religion, race, class, gender and physical condition in the recruitment and throughout the career of its employees.

064



Praktik Tata Kelola Perusahaan Yang Baik Di Pt Danareksa (Persero)

Implementation of Good Corporate Governance in PT Danareksa (Persero)

Danareksa menjalankan praktik Tata Kelola Perusahaan yang Baik melalui perangkat-perangkat yang terdiri dari Rapat Umum Pemegang Saham (RUPS), Dewan Komisaris dan Direksi, beberapa komite serta unit-unit fungsional lain.

Danareksa conducts the practice of Good Corporate Governance through infrastructure comprising the General Meeting of Shareholders, the Board of Commissioners and the Board of Directors, assisted by various committees and other functional units.

Rapat Umum Pemegang Saham

General Meeting Of Shareholders

Rapat Umum Pemegang Saham (RUPS) merupakan organ perusahaan yang memiliki kewenangan tertinggi yang tidak dilimpahkan kepada Dewan Komisaris dan/atau Direksi. Sesuai Anggaran Dasar Perseroan, RUPS memiliki kewenangan mengangkat dan memberhentikan anggota Dewan Komisaris dan Direksi, menetapkan remunerasi bagi Dewan Komisaris dan Direksi serta meminta pertanggungjawaban Dewan Komisaris dan Direksi atas pelaksanaan tugas-tugas pengelolaan Perseroan. RUPS juga memiliki kewenangan dalam melakukan perubahan atas Anggaran Dasar Perseroan.

The General Meeting of Shareholders (AGM) is the highest organ of the Company holding all the authority that is not delegated to the Board of Commissioners and/or Board of Directors. In accordance with the Articles of Association, the AGM has the authority to appoint and dismiss members of the Board of Commissioners and Board of Directors, determine the remuneration for Commissioners and Directors, request the Board of Commissioners and Board of Directors to account for their management of the Company, and to effect changes to the Articles of Association.



Pelaksanaan RUPS dilakukan setidaknya satu kali dalam satu tahun (RUPS Tahunan), namun apabila terdapat sesuatu hal strategis dan mempengaruhi kelangsungan Perseroan secara keseluruhan, RUPS dapat diselenggarakan sewaktu-waktu melalui Rapat Umum Pemegang Saham Luar Biasa (RUPSLB). Pada tahun 2010, Perseroan menyelenggarakan RUPS pada tanggal 7 Juli 2010 dengan hasil-hasil keputusan yang telah dilaporkan kepada otoritas terkait, sesuai peraturan yang ada.

DEWAN KOMISARIS

065

The AGM is held at least once a year (Annual AGM). Nevertheless, an Extraordinary General Meetings can also be held should there be strategic issues and issues that might affect the performance of the Company as a whole. In 2010, the Company held an AGM on July 7, 2010. The resolutions of the meeting have been reported to the relevant authorities in accordance with applicable regulations.

Board of Commissioners

Dewan Komisaris bertugas untuk melakukan supervisi, memberikan saran dan rekomendasi kepada Direksi mengenai hal-hal yang berkaitan dengan masalah-masalah strategis, kebijakan dan pengelolaan Perseroan pada umumnya.

The Board of Commissioners is responsible for conducting supervision, providing advice and recommendation to the Board of Directors regarding strategic issues, policies and the management of the Company in general.

Komposisi Dewan Komisaris

Composition Of The Board Of Commissioners

Susunan Dewan Komisaris Danareksa pada 31 Desember 2010 adalah sebagai berikut:

The composition of Danareksa’s Board of Commissioners as per December 31, 2010 is as follows:

Dewan Komisaris beranggotakan 4 (empat) orang dengan komposisi satu orang Komisaris Utama dan tiga orang Komisaris. Pada tahun 2010 terdapat perubahan susunan Dewan Komisaris, dengan berakhirnya jabatan Komisaris Bapak Dino Patti Djalal sehubungan dengan penugasan beliau sebagai Duta Besar Republik Indonesia di Amerika Serikat, dan dipilihnya Bapak Agus Sumartono sebagai Komisaris.

The Board of Commissioners has 4 (four) members composing of one Chairman and three Commissioners. In 2010 there were changes in the composition of the Board of Commissioners with the resignation of Mr Dino Patti Djalal from his commissioner post in connection with his appointment as Ambassador of the Republic of Indonesia to the United States of America, and the assignment of Mr Agus Sumartono as Commissioner.

Dewan Komisaris


Nama Name

Jabatan

Position


Komisaris Utama President Commissioner

Mohamad Ikhsan

Komisaris Commissioner

Emmy Yuhassarie Ruru


Agus Sumartono


Profil singkat masing-masing anggota Dewan Komisaris dapat dilihat pada bagian biografi Dewan Komisaris dalam Laporan Tahunan ini.

Brief profile of each member of the Board of Commissioners can be seen in the Board of Commissioners biographies section in this Annual Report.

066



Direksi

Board of DIRECTORS

Guna mencapai tujuan Perseroan, Direksi bertanggung jawab dalam pengelolaan dan menjaga kepentingan Perseroan dengan menetapkan kebijakan-kebijakan yang diperlukan serta memberikan arahan-arahan berdasarkan prinsip kehati-hatian dengan mengacu pada ketentuan yang ada.

The Board of Directors is responsible for managing and maintaining the interests of the Company. The board establishes the necessary policies and gives directions based on the principle of prudence by referring to existing provisions in order to achieve to Company’s objectives.

Komposisi Direksi

Composition of the Board of Directors

Pada tahun 2010 terdapat perubahan susunan Direksi Perseroan, dengan berakhirnya masa jabatan Bapak Muhammad Hanif, sehingga pada 31 Desember 2010, susunan Direksi PT Danareksa (Persero) menjadi sebagai berikut:

In 2010, there was a change in the composition of the Board of Directors of the Company with the end of Mr. Muhammad Hanif’s term of office, so that on 31 December, 2010, the Board of Directors of PT Danareksa (Persero) were:

Direksi

Board of Directors

Nama Name

Position

Edgar Ekaputra

Direktur Utama President Director

Aloysius Kiik Ro

Direktur Director

Stephanus Turangan

Direktur Director

Heru D. Adhiningrat

Direktur Director

Jabatan

Profil singkat masing-masing anggota Direksi dapat dilihat pada bagian biografi Direksi dalam Laporan Tahunan ini.

Brief profile of each member of the Board of Directors can be seen in the Directors biographies in this Annual Report

Rapat Dewan Komisaris dan Direksi

Meetings of the Board of Commissioners and the Board of Directors

Dalam menjalankan tugas dan tanggung jawabnya, Dewan Komisaris dan Direksi selalu melakukan koordinasi, pertemuan dan rapat-rapat guna membahas berbagai agenda; baik rapatrapat di dalam Dewan Komisaris sendiri, rapat-rapat di Direksi serta rapat gabungan antara Dewan Komisaris dan Direksi. Secara ringkas, informasi frekuensi dan kehadiran Komisaris dan Direksi dalam masing-masing rapat tersebut, dapat dilihat dalam tabel berikut:

The Board of Commissioners and the Board of Directors always coordinate and meet to discuss various agenda in carrying out their duties and responsibilities. The Boards meet separately or together in joint meetings between the Board of Commissioners and the Board of Directors. A summary of information regarding the frequency and attendance of Commissioners and Directors in their meetings, can be seen in the following table:



067

Rapat Dewan Komisaris, Rapat Direksi dan Rapat Dewan Komisaris-Direksi Attendance in Meeting

Jumlah Kehadiran dalam Rapat Attendance Rapat Dewan Komisaris BOC Meeting

Rapat Direksi BOD Meeting

11

29

2

Jumlah Rapat Number of Meetings

Rapat Dewan Komisaris-Direksi BOC-BOD Meeting

Dewan Komisaris Board of Commissioners 11

-

2

Mohamad Ikhsan


6

-

2


6

-

2

Agus Sumartono

2

-

-

Dino Patti Djalal *

1

-

2

Edgar Ekaputra

-

29

2

Direksi Board of Directors Aloysius Kiik Ro

-

29

2

Stephanus Turangan

-

29

2

Heru D. Adhiningrat

-

20

2

Muhammad Hanif **

-

16

2

* Masa tugas berakhir pada bulan 4 September 2010 ** Masa tugas berakhir pada bulan 14 Juli 2010

Remunerasi Dewan Komisaris dan Direksi

Anggota Dewan Komisaris dan Direksi menerima remunerasi kerja berupa gaji dan tunjangan lainnya dengan total jumlah Rp 11,42 miliar pada tahun 2010. Sedangkan pada tahun buku 2009, jumlah remunerasi yang dibayarkan kepada Dewan Komisaris dan Direksi adalah sebesar Rp 11,93 miliar.

Komite-komite Pengawasan dan Eksekutif

Dalam pelaksanaan tugas-tugas dan fungsinya, Dewan Komisaris dibantu oleh sebuah komite pengawasan, yaitu Komite Audit, yang bertanggung jawab kepada Dewan Komisaris. Di samping itu ada beberapa komite eksekutif seperti: Komite Manajemen Risiko, Komite Sumber Daya Manusia, Komite Teknologi Informasi, Komite Investasi dan Komite Asset & Liability, yang semuanya berada di bawah Direksi. Tugas, tanggung jawab dan keanggotaan masing-masing komite tersebut disajikan secara terinci di bawah ini:

* Resigned from the position on 4 September2010 ** Resigned from the position on 14 July 2010

Remuneration of the Board of Commissioners and the Board of Directors

Members of the Board of Commissioners and the Board of Directors receive remuneration in the form of salaries and other benefits, which amounted to a total of Rp 11,42 billion in fiscal year 2010. In fiscal year 2009, the amount of remuneration paid to the Board of Commissioners and the Board of Directors amounted to Rp 11.93 billion.

Supervisor and Executive Committees

In performing its duties and functions, the Board of Commissioners is assisted by a supervisory committee, namely, the Audit Committee that answers to the Board of Commissioners. In addition, there are several executive committees such as: Risk Management Committee, Human Resources committee, Information Technology Committee, Investment Committee and Asset & Liability Committee, all of whom are under the Board of Directors. Duties, responsibilities and membership of each committee are presented below:

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Komite Audit

Audit Committee

Keanggotaan Komite Audit adalah sebagai berikut:

Membership of the Audit Committee is as follows:

Komite Audit bertugas untuk memberikan pendapat profesional independen kepada Dewan Komisaris mengenai suatu hal atau laporan yang disampaikan Direksi kepada Dewan Komisaris, mengidentifikasi hal yang memerlukan perhatian Dewan Komisaris dan melakukan tugas lain sesuai penugasan dari Dewan Komisaris.

The Audit Committee is responsible to provide independent professional opinion to the Board of Commissioners regarding issues or reports submitted by the Board of Directors to the Board of Commissioners, to identify issues requiring the attention of the Board of Commissioners, and to perform other duties as assigned by the Board of Commissioners.

Keanggotaan Komite Audit Member of Audit Committee

Nama Name

Position


Ketua Chairwoman

Purwadi

Anggota Member

Arini Imamawati

Anggota Member

Jabatan

Komite Manajemen Risiko

Risk Management Committee

Komite Sumber Daya Manusia

Human Resources Committee

Komite Teknologi Informasi

Information Technology Committee

Komite Manajemen Risiko melaksanakan fungsinya untuk mengevaluasi, mengembangkan kebijakan dan parameter pengelolaan risiko di seluruh aspek kegiatan usaha Perseroan. Komite ini diketuai oleh Direktur Utama dan beranggotakan seluruh anggota Direksi serta Kepala Divisi Risk Management. Komite Sumber Daya Manusia bertanggungjawab dalam mengevaluasi serta mengembangkan kebijakan Perseroan yang terkait dengan seleksi, rekrutmen dan remunerasi karyawan. Komite ini diketuai oleh Direktur Utama dan beranggotakan seluruh jajaran Direksi, dibantu oleh Sekretaris Komite yang merupakan pejabat Divisi Sumber Daya Manusia. Tanggung jawab Komite Teknologi Informasi adalah untuk mengkaji dan menyetujui usulan-usulan e-blueprint berikut perangkat keras (hardware) dan perangkat lunak (software) serta sumber daya lainnya yang diperlukan dalam pengembangan bisnis dan sistem perusahaan. Komite ini diketuai oleh Direktur Utama, dan berangkotakan direksi serta Kepala Divisi Teknologi Informasi.

Risk Management Committee evaluates and develops risk management policies and parameters in all aspects of the Company’s business activities. The committee is chaired by the President Director with all the other Directors and Head of Risk Management Division.

The Human Resources Committee is responsible for the evaluation and development of policies related to the selection, recruitment and remuneration of employees. The Committee is chaired by the President Director, with all other Directors as members, and assisted by officers from Human Resources Division as Committee Secretary.

The Information Technology Committee is responsible for evaluating and authorizing “e-blueprint” policies and recommendations including hardware and software required in supporting the Company’s business development. The committee is chaired by the President Director, board members and Head of Information Technology.



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Komite Investasi

Investment Committee

Komite Asset & Liability

Asset & Liability Committee

Sekretaris Perusahaan

Corporate Secretary

Divisi Audit Internal

Internal Audit Division

Di samping itu, internal audit juga melakukan penelaahan atas ketaatan Perseroan terhadap undang-undang dan peraturan yang berlaku, informasi mengenai Perseroan, termasuk rencana jangka panjang perusahaan, rencana kerja dan anggaran perusahaan, laporan manajemen serta tugas-tugas lain yang diberikan oleh Dewan Komisaris.

In addition, the Internal Audit Unit also conducts a review of the Company’s compliance with the laws and regulations; information about the Company such as the company’s long-term plan, work plan and budget, management reports and other tasks given by the Board of Commissioners.

Pelaksanaan & Hasil Audit

Audit & Results

Komite Investasi mempunyai wewenang untuk membuat, mengevaluasi dan menerapkan kebijakan umum dan strategi dalam kegiatan investasi dan perdagangan Perseroan. Komite ini diketuai oleh Direktur Utama dan beranggotakan Direksi lainnya.

Pengelolaan risiko yang berkaitan dengan likuiditas Perseroan secara keseluruhan, termasuk risiko pasar, risiko tingkat bunga dan risiko valuta asing adalah tanggung jawab dari Komite Asset & Liability (ALCO). Direktur Utama sebagai Ketua dengan Anggota Direksi, Kepala Divisi Treasury dan Kepala Divisi Risk Management. Sekretaris Perusahaan mengemban tanggung jawab untuk menyampaikan informasi yang berkaitan dengan kinerja Perseroan kepada seluruh pemangku kepentingan sesuai ketentuan yang ada, serta menjamin kepatuhan Perseroan terhadap seluruh peraturan dan ketentuan yang relevan. Sekretaris Perusahaan juga bertugas mengelola hubungan dengan media massa agar citra perusahaan terjaga. Posisi ini dijabat oleh Bondan Pristiwandana sejak tahun 2009. Sesuai regulasi yang telah ditetapkan oleh regulator Bapepam-LK, Satuan Kerja Audit Intern (SKAI) mempunyai tugas dan tanggung jawab untuk membantu Dewan Komisaris dalam memastikan efektivitas sistem pengendalian intern dan pelaksanaan tugas auditor. Dalam pelaksanaannya lingkup tugas ini meliputi penilaian atas hasil audit, serta memberikan rekomendasi dan pandangan/review untuk penyempurnaannya.

Penerapan audit di PT Danareksa meliputi pelaksanaan pemeriksaan sesuai dengan Program Kerja Pengawasan Tahunan (PKPT) tahun 2010 terhadap beberapa obyek pemeriksaan, yang mencakup aktivitas Investment Banking, Equity Capital Market, Debt Capital Market, Retail Distribution berikut 31 Sentra Investasi Danareksa (SID), Treasury, Corporate Secretary dan Teknologi Informasi.

The Investment Committee is responsible for formulating, evaluating and implementing the general policies and strategy regarding the Company’s investment and trading activities. The Investment Committee is chaired by the President Director, with other Directors as members. The Asset & Liability Committee (ALCO) is responsible for managing risks related to the overall liquidity position of the Company, including market risk, interest rate risk, and foreign exchange risk. This committee is chaired by the President Director with other board members, Head of Treasury Division and Head of Risk Management Division. The Corporate Secretary is responsible for the disclosure of information regarding the Company’s performance to stakeholders in accordance with prevailing regulations, and ensures compliance with all applicable laws and regulations. The Corporate Secretary also handles media relations to maintain the Company’s reputation and image. This position has been held by Bondan Pristiwandana since 2009.

In accordance with the regulation set by the regulator Bapepam-LK, Internal Audit Unit (SKAI) has the duty and responsibility to assist the Board of Commissioners in ensuring the effectiveness of internal control system and auditors’ performance. The scope of this task includes assessing audit results, and providing recommendations and views/review for improvement.

PT Danareksa’s audit was conducted in accordance with the 2010 Annual Work Program Supervision (PKPT). The audit included the activities of Investment Banking, Equity Capital Markets, Debt Capital Markets, Treasury, Corporate Secretary, Information Technology, and Retail Distribution, i.e, 31 Danareksa Investment Centers (SID).

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Penentuan obyek pemeriksaan ini dilakukan melalui pendekatan Risk Based Audit (Pemeriksaan Berbasis Risiko) baik dalam perencanaan maupun pelaksanaannya, dengan penekanan pada area yang memiliki risiko tinggi. Pendekatan lainnya adalah melalui pertimbangan cukup lama atau jarangnya suatu aktivitas proses bisnis tersebut diperiksa.

Audit objects are selected using the Risk-Based Audit approach in both planning and implementation with emphasis on high-risk area. Other approaches involve lengthy deliberation or audit of infrequent business process activity.

Selain pemeriksaan yang telah direncanakan dalam PKPT tersebut, internal audit juga melakukan review secara rutin atas prosedur yang disiapkan oleh Divisi Risk Management. Selanjutnya jika dipandang perlu, Internal Audit juga melaksanakan pemeriksaan khusus untuk menindaklanjuti suatu permasalahan yang memerlukan pendalaman.

In addition to the audit planned in PKPT, Internal Audit also conducts regular reviews of procedures prepared by the Risk Management division. And when necessary, Internal Audit also conducts special audit to follow up on an issue that requires examination.

Selain berdasarkan PKPT, dalam menjalankan tanggung jawabnya, tim Internal Audit juga melakukan koordinasi dengan pemeriksa eksternal guna mendukung kelancaran pelaksanaan pemeriksaan yang dilakukan. Pihak pemeriksa eksternal antara lain: Kantor Akuntan Publik, Badan pemeriksa Keuangan (BPK)-RI, BapepamLK, Bursa Efek Indonesia dan Badan Pengawasan Keuangan dan Pembangunan (BPKP).

In carrying out its responsibilities, the Internal Audit team also works closely with external auditors to support a smooth audit process. The external auditors are, among others: Public Accountants, BPK-RI, Bapepam-LK, IDX and BPK.

Sejauh ini tidak ada kendala yang dihadapi oleh tim Internal Audit dalam melaksanakan aktivitas pemeriksaan dan lain-lainnya. Pada tahun 2010, Divisi Internal Audit juga melakukan revisi atas Internal Audit Charter sesuai dengan ketentuan Bapepam-LK No. IX.1.7

Thus far, Internal Audit has not encountered any problem in performing audit and other activities. In 2010, the Internal Audit Division also revised the Internal Audit Charter in accordance with the provisions stipulated in Bapepam-LK No. IX.1.7

Tanggung Jawab Sosial Perusahaan


Akuntan Publik

Public Accountant

Transaksi dengan Pihak Terafiliasi

Transactions with Affiliated Parties

Informasi rinci mengenai Tanggung Jawab Sosial Perusahaan dapat dilihat pada bab Tanggung Jawab Sosial Perusahaan dalam Laporan Tahunan ini. RUPS Tahunan Perseroan untuk tahun buku 2010 telah memberikan pelimpahan wewenang kepada Dewan Komisaris untuk menunjuk Kantor Akuntan Publik (KAP) dalam rangka audit laporan keuangan tahun buku 2010. Selanjutnya setelah melalui prosedur tender yang berlaku, Dewan Komisaris menunjuk KAP RSM Aryanto, Amir Jusuf, Mawar & Saptoto; yang beralamat di Plaza ABDA lantai 10, Jl Jenderal Sudirman Kav 59, Jakarta 12190. Penjelasan terinci terkait Transaksi dengan Pihak Terafiliasi pada tahun 2010 dapat dilihat pada Laporan Keuangan Audit Perseroan.

Detailed information on Corporate Social Responsibility can be viewed on Corporate Social Responsibility section of this Annual Report. Annual General Meeting of the Company for the fiscal year 2010 delegated authority to the Board of Commissioners to appoint a Public Accounting Firm (KAP) to audit the financial statements for financial year 2010. Following the applicable tender process, the Board of Commissioners appointed KAP RSM Aryan, Amir Jusuf, Mawar & Saptoto, which is located at Plaza ABDA 10th floor, Jl Jenderal Sudirman Kav 59, Jakarta 12190. Detailed explanation related to Transactions with Affiliated Parties in 2010 can be viewed on the Audit of Financial Statements.



Kasus Hukum yang Dihadapi

Legal Cases

Peringkat Obligasi

Bonds Rating

Sampai dengan tanggal publikasi Laporan Tahunan ini, Perseroan tidak terlibat dalam suatu kasus hukum yang dapat berpengaruh secara signifikan pada kinerja operasional maupun kondisi keuangan Perseroan. Pada akhir tahun 2010, Perseroan telah menerbitkan obligasi yang hingga kini masih beredar yaitu Obligasi II Danareksa Tahun 2007 senilai Rp 500 miliar dengan jangka waktu 5 (lima) tahun, Obligasi III Danareksa Tahun 2008 Seri-B senilai Rp 130 miliar dengan jangka waktu 3 (tiga) tahun, Obligasi III Danareksa Tahun 2008 Seri-C senilai Rp 250 miliar dengan jangka waktu 5 (lima) tahun dan Obligasi IV Danareksa Tahun 2009 senilai Rp 200 miliar dengan jangka waktu 2 (dua) tahun. Sesuai dengan hasil pemeringkatan yang dilakukan oleh Pefindo, obligasi-obligasi tersebut memperoleh peringkat idA.

071

Up to the date of publication of this Annual Report, the Company is not involved in any legal case that could significantly affect the operational performance or financial condition.

At the end of 2010, the Company has issued bonds that are still circulating namely, the 5-year Danareksa Bonds II Year 2007 valued at Rp 500 billion, the 3-year Danareksa Bonds III Year 2008 Series-B valued at Rp 130 billion, the 5-year Danareksa Bonds III Year 2008 Series-C valued at Rp 250 billion and the 2-year Danareksa Bonds IV Year 2009 valued at Rp 200 billion. In accordance with the rating conducted by Pefindo, the aforementioned bonds are rated idA.

072



Pengelolaan Risiko Risk Management

Pengendalian risiko di semua lini bisnis merupakan penerapan secara bertahap dari konsep Enterprise Risk Management (ERP) yang terintegrasi dan komprehensif. Danareksa telah meletakkan fondasi bagi pembentukan kerangka kerja pengelolaan risiko secara memadai sejalan dengan pertumbuhan usaha Perseroan. The implementation of risk management in all business aspects reflects the continuous efforts to enhance integrated and comprehensive Enterprise Risk Management (ERP). Danareksa has built a solid foundation for risk management platform, aligned with the Company’s business growth. Danareksa menempatkan manajemen risiko sebagai elemen sangat penting dalam kegiatan usahanya. Hal ini didasari pada pemikiran untuk menjaga keseimbangan antara penciptaan nilai melalui ekspansi usaha dengan risiko yang ada dalam setiap kegiatan usaha. Secara umum, pengelolaan risiko bertujuan untuk mengurangi dampak risiko yang tidak terduga dan melindungi Perseroan dari kemungkinan kerugian akibat risikorisiko tersebut.

Risk Management is regarded as the key success factor in Danareksa’s business operation, since the efforts of pursuing value creation through business expansion shall be balanced with mitigating the inherent risks arising from such expansion. In general, the risk management activities are geared toward mitigating the risk factors and protecting the Company from the losses potentially caused by such risks.

Kerangka kebijakan dan prosedur pengelolaan risiko dikembangkan untuk mengidentifikasi dan menganalisis, melakukan pengukuran dan pemantauan risiko, serta menetapkan batasan, kebijakan, dan prosedur yang dapat mengendalikan risiko-risiko yang ada sehingga tetap berada dalam ambang toleransi risiko yang telah ditetapkan. Hal ini mencakup pedoman kebijakan, prosedur, limit transaksi, proses persetujuan dan peraturan lain yang berlaku bagi semua lini bisnis dan aktivitas usaha, sesuai dengan skala prioritas dan potensi risiko yang ada.

The risk management framework and procedures have been developed to identify, analyze, measure and monitor risk factors, and to define the limits, policies and procedures in controlling the risk factors so that they can be maintained within the predetermined tolerance level. These include the development of procedures, guidelines, transaction limits, approval processes and other regulations applicable in all business aspects and activities based on their priority scales and risk potentials.

Dalam pengelolaan risiko, Direksi telah membentuk komitekomite yang berfungsi untuk melakukan analisis dan pengelolaan risiko atas suatu usulan transaksi, sehingga potensi risiko yang ada dapat diidentifikasi dengan baik dan mitigasi atas risiko tersebut dapat diterapkan secara memadai, yaitu Risk Management Committee, Asset & Liability Committee dan Investment Committee.

For this purpose, the Board of Directors has established committees responsible for risk analysis and management for certain transaction proposal, so that risk potential can be accurately identified and mitigated. The committees are Risk Management Committee, Asset and Liability Committee and Investment Committee.

Pada tahun 2010, Perseroan telah mengidentifikasi beberapa faktor risiko strategis yang berkaitan dengan kegiatan usahanya. Perseroan juga telah melakukan berbagai langkah dan mengembangkan kebijakan-kebijakan penting untuk mengurangi faktor-faktor risiko, antara lain:

During 2010, the Company has identified several strategic risk factors related to its business activities. Furthermore, the Company has also taken steps in formulating key policies for risk management, such as:


Risiko Pembiayaan

Risiko pembiayaan didefinisikan sebagai risiko kegagalan counterparty dan/atau nasabah untuk memenuhi kewajiban finansialnya kepada Perseroan. Risiko pembiayaan dikelola dengan menetapkan kebijakan dan prosedur yang mencakup: a. Analisis keuangan atas setiap counterparty transaksi. b. Penetapan batasan transaksi untuk setiap instrumen terhadap tiap counterparty. c. Penetapan batas maksimum tenor transaksi untuk setiap counterparty. d. Penetapan kualitas instrumen yang diperdagangkan (misalkan kriteria investment grade untuk obligasi). e. Penetapan prasyarat jaminan dan/atau batasan covenant terutama dalam transaksi pembiayaan. f. Penetapan batas forced sell dalam transaksi dengan menggunakan margin. g. Penetapan settlement risk yaitu risiko di mana counterparty gagal untuk mengirimkan dana atau surat berharga sesuai perjanjian yang telah disepakati bersama. h. Kajian Tahunan atas semua batasan yang ada untuk setiap counterparty transaksi. i. Semua usulan transaksi harus dievaluasi terlebih dahulu oleh Risk Management Division sebelum mendapat persetujuan dari Direksi.

Risiko Pasar


073

Financing Risk

Financing Risk is defined as risk of failure of counterparty and/or customer to meet their financial obligation to the Company. The financing risk is managed by formulating policies and procedures that include: a. Financial analysis for each counterparty transaction. b. Determining transaction limits for each instrument provided to counterparty. c. Determining maximum transaction tenor for counterparty. d. Determining the quality of trading instruments (such as investment grade criteria for bonds). e. Determining collateral requirements and covenant limits, particularly for financing transactions. f. Determining forced-sell limits in margin trading. g. Defining the settlement risk – a risk factor whereby counterparty fails to perform transfer of fund or marketable securities according the previously agreed contract. h. Annual Review on every limit for counterparty’s transaction. i. Risk Management Division shall evaluate all transaction proposals prior to approval by the Board of Directors.

Market Risk

Risiko pasar didefinisikan sebagai risiko yang dihadapi oleh Perseroan sebagai dampak dari perubahan-perubahan harga pasar dari portofolio instrumen efek yang diperdagangkan Perseroan di berbagai pasar keuangan, misalnya akibat perubahan nilai tukar mata uang, suku bunga, atau harga efek di bursa, yang berpengaruh terhadap portofolio Perseroan.

Market Risk is defined as risks exposed to the Company arising from price changes of securities instruments traded by the Company in various financial market. Such risks include risks associated with fluctuations in exchange rates, interest rate, or securities prices affecting the Company’s portfolio.

Perseroan melakukan pendekatan marked-to-market (MTM) dan sistem limit cut loss. Proses MTM ini dilakukan secara berkala setiap harinya terhadap semua instrumen keuangan yang dimiliki Perseroan terutama: instrumen efek ekuitas, instrumen efek hutang dan posisi valuta asing.

The Company applies marked-to-market (MTM) approach and cutloss limit system. The MTM process is conducted daily for all Company’s financial instruments, especially equity securities instruments, fixed income securities instruments and foreign exchange position.

Pengelolaan risiko pasar efek ekuitas dilaksanakan melalui pembatasan maksimum posisi ekuitas untuk setiap trader, pembatasan melalui daftar saham yang boleh diperdagangkan, pembatasan komposisi untuk setiap efek ekuitas, dan pembatasan atas maximum loss dalam portofolio ekuitas.

The risk management of equity securities market is performed through determining maximum limit of equity position for each trader, limitations through tradable shares, limitations on composition of each equity securities instruments and maximum loss limit for equity portfolio.

074



Pengelolaan risiko pasar efek hutang dilaksanakan melalui pembatasan maksimum posisi obligasi, pembatasan komposisi obligasi korporasi per issuer, daftar obligasi yang boleh diperdagangkan, maksimum tenor dari obligasi serta pembatasan atas maximum loss untuk obligasi.

The risk management of fixed income securities market is implemented by means of limitations on bonds positions, limitations on corporate bonds composition for each issuer, preparation of the tradable bonds list, maximum tenor of bonds and setting the maximum loss for bonds.

Pengelolaan risiko pasar valuta asing dilakukan dengan pembatasan Net Open Position, pembatasan atas maximum loss untuk valuta asing, pembatasan atas instrumen (seperti spot, forward, dan swap), daftar valuta asing (currency) yang diperbolehkan untuk diperdagangkan, serta maksimum tenor atau panjang transaksi valuta asing.

The foreign exchange risk management is implemented through limitations on Net Open Position and maximum foreign exchange loss and instrument limitations (such as spot, forward and swap), list of tradable foreign currency, as well as maximum tenor for foreign exchange transactions.

Pengelolaan risiko atas pembiayaan dilakukan dengan cara penetapan BMPF (Batas Maksium Pemberian fasilitas) untuk satu obligor, monitoring secara berkala atas kualitas aktiva produktif melalui rapat ALMA (Asset Liability Management).

The financing risk management is conducted through the creation of Legal Financing Limit (BMPF) for an obligor, as well as regular monitoring on asset quality through Asset Liability Management (ALMA) meetings.

Risiko Operasional

Operational Risk

Risiko operasional didefinisikan sebagai risiko terjadinya kerugian secara langsung maupun tidak langsung sebagai dampak dari kegagalan atau ketidakmampuan proses internal. Proses internal umumnya terkait dengan faktor kesalahan karyawan, penipuan, atau kegagalan sistem teknologi, yang dapat mengakibatkan timbulnya risiko hukum, risiko kepatuhan atau risiko reputasi. Oleh karena itu, Danareksa telah menerapkan pengamanan secara fisik terhadap lokasi kantor-kantor Perseroan, dan memanfaatkan teknologi untuk memastikan keamanan terhadap data-data serta informasi penting Perseroan.

Operational risk is defined as risks of losses arising (directly and/ or indirectly) from failures or incompetence in internal processes. Incompetence in internal process typically related to human errors, fraud or failures in systems and technology that can lead to the occurrence of legal, compliance and reputation risks. For that purpose, Danareksa has ensured the security of its offices, as well as utilized information technology to ensure security of its critical data and information.

Mengingat semakin pentingnya peran teknologi informasi dalam semua kegiatan usaha Perseroan seperti pada Straight Through Processing, yaitu suatu sistem transaksi langsung ke bursa, Danareksa telah melakukan evaluasi standar keamanan teknologi informasi sesuai dengan pendekatan COBIT (Control Objective for Information and Related Technology). Upaya tersebut juga disertai dengan peningkatan prosedur pemrosesan transaksi, kepatuhan terhadap peraturan dan perundang-undangan yang berlaku, serta implementasi standar etika bisnis dan etika kerja perusahaan. Dengan demikian, Danareksa telah meletakkan pondasi bagi pembentukan kerangka kerja pengelolaan risiko operasional yang komprehensif.

Along with the increasingly critical roles of information technology in all aspects of the Company’s business activities, including in Straight Through Processing or direct access transactions to the capital market, Danareksa has evaluated its information technology security standards using the COBIT (Control Objective for Information and Related Technology) methodology. These efforts are further supported by enhancements in transaction processing procedures, in compliance with prevailing laws and regulations, as well as implementation of corporate business and work ethics. Those activities are conducted as part of building solid foundation for a comprehensive operational risk management platform.


Kinerja Divisi Risk Management Tahun 2010


075

Risk Management Performance in 2010

Sejalan dengan strategi untuk mengoptimalkan peran anak perusahaan (empowerment) maka Divisi Risk Management menekankan pada 3 (tiga) fungsi pokok yaitu pengkinian kebijakan transaksi, prosedur operasi standar dan monitoring posisi aktiva dan pasiva melalui ALMA (Asset Liability Management).

In support to the Company’s strategy in empowering its subsidiaries, the Risk Management Division focuses its activities in 3 (three) key functions, namely updating of transaction policies, updating of standard operating procedures and monitoring of assets and liability positions through ALMA (Asset Liability Management).

Untuk memastikan bahwa pengelolaan risk management di masing-masing anak perusahaan dilakukan secara memadai maka di masing-masing anak perusahaan tersebut dibentuk Komite Risk Management yang secara matrik melakukan koordinasi dengan Komite Risk Management Induk Perusahaan dengan tujuan konsolidasi pengelolaan risiko.

To ensure consistent risk management practices, Danareksa has established Risk Management Committee in each subsidiary with a matrix coordination line to Holding Company’s Risk Management Committee so that risk management activities can be consolidated.

Selama tahun 2010, Danareksa telah melakukan serangkaian upaya pengelolaan risiko terkait dengan seluruh aktivitas Perseroan. Hal yang cukup mendasar yang dilakukan Divisi Risk Management pada tahun 2010 adalah melakukan penyusunan, memperbaharui dan mengkoordinir kebijakan dan prosedur kegiatan usaha (SOP) yang dibutuhkan oleh perusahaan dan anak perusahaan. Sebanyak 9 (sembilan) kebijakan baru dan 22 SOP telah diselesaikan pada tahun 2010.

Throughout 2010, Danareksa conducted series of risk management activities that involved the entire organizational lines. Amongst the fundamental programs implemented during the year are the development, updating and implementation of standard operating procedures (SOP) at corporate and subsidiary levels. As many as 9 (nine) new policies and 22 (twenty two) SOP have been completed in 2010.

Kebijakan-kebijakan tersebut mencakup: 1. Peraturan tentang Prinsip Mengenal Nasabah, 2. Transaksi Perantara Perdagangan Efek Ritel, 3. Transaksi Online Trading 4. Transaksi Marjin 5. Batas Maksimum Pemberian Fasilitas, 6. Perubahan Susunan Komite Pengelolaan Risiko PT Danareksa (Persero) 7. Pembentukan Komite Pengelolaan Risiko PT Danareksa Sekuritas, 8. Pembentukan Komite Pengelolaan Risiko PT Danareksa Investment Management 9. Kebijakan Transaksi dalam kegiatan Proprietary

The newly established policies are: 1. Know Your Customer Policy 2. Retail Securities Brokerage Transactions 3. Online Trading Transactions 4. Margin Trading Transactions 5. Legal Financing Limit 6. Changes in Memberships of Risk Management Committee at PT Danareksa (Persero) 7. Establishment of Risk Management Committee at PT Danareksa Sekuritas, 8. Establishment of Risk Management Committee at PT Danareksa Investment Management 9. Proprietary Trading Transaction Policy

Dengan telah diselesaikannya 9 (Sembilan) Kebijakan tersebut, total yang diselesaikan pada tahun 2010 berjumlah sebanyak 31 (Tiga puluh satu) SOP dan Kebijakan. Semua Kebijakan dan SOP telah diimplementasikan pada Divisi General Affairs, Human Resources, Procurement, Risk Management dan Proprietary Trading serta pada Divisi Equity Capital Market dan PT Danareksa Investment Management. Kebijakan dan SOP juga telah disosialisasikan kepada seluruh Sentra Investasi Danareksa (SID).

With the completion of the above 9 (nine) Policies, Danareksa has established a total of 31 (thirty one) SOPs and Policies. All of those SOPs and Policies have been implemented in General Affairs Division, Human Resources Division, Procurement Division, Risk Management Division, Proprietary Trading Division, Equity Capital Market Division and at PT Danareksa Investment Management. Socializations on such SOP and Policies has also been conducted for all Danareksa Investment Centers (SID).

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Pada tahun yang sama, juga telah diselesaikan Kebijakan dan SOP bagi proyek Online Trading, revisi Kebijakan Transaksi Margin dan Kebijakan Transaksi Repo. Terkait dengan aktivitas bisnis ini, Divisi Risk Management telah menyelesaikan 22 (dua puluh dua) SOP.

During the year, Danareksa has also completed the development of SOPs and Policies for Online Trading, revision of Margin Trading Transaction Policy and Repo Transaction Policy. In this area, the Risk Management Division has established 22 (twenty two) SOPs.

Sejalan dengan dengan usulan transaksi yang akan dijalankan, produk baru yang dikeluarkan serta fasilitas baru yang diberikan kepada nasabah dan counterparty, Divisi Risk Management telah melakukan evaluasi dan rekomendasi untuk menganalisa risiko bisnis kegiatan tersebut. Upaya ini dituangkan dalam Memorandum Evaluasi Risiko (MER).

With regards to the transactions proposal, new products and new facilities offered to customers and counterparties, Risk Management Division has evaluated and prepared recommendations pertaining to the potential risks of those activities. These recommendations are contained in the Risk Evaluation Memorandum (REM).

Divisi Risk Management juga melakukan pemeriksaan terhadap kelengkapan aplikasi pembukaan rekening baru nasabah Danareksa Sekuritas khususnya dengan trading limit di atas Rp 500 juta. Persetujuan aplikasi telah dilakukan melalui sistem pendukung Onestop.

The Risk Management Division has also reviewed the applications of PT Danareksa Sekuritas new customer’s account, particularly with trading limit exceeding Rp 500 million. Endorsement for this application is provided through Onestop supporting system.

Agenda lain yang juga telah selesai adalah memberikan laporan posisi aktivitas trading, posisi aset dan kewajiban perusahaan serta laporan atas posisi dan proses pengelolaan net open position atas posisi valas Perseroan. Hal ini bertujuan untuk memastikan bahwa semua aktivitas Danareksa selalu dilaksanakan dalam koridor pengelolaan risiko yang terkendali. Semua laporan tersebut telah dilaporkan Direksi pada setiap pelaksanaan rapat ALCO.

Another agenda that has been completed during the year was the preparation reports on trading positions and activities, asset and liability positions, and foreign exchange net open position and activities. This is to ensure that all of Danareksa’s business activities are conducted within the approved risk management policies. All of those reports have been submitted to the Board of Directors during the ALCO meetings.

Selain agenda-agenda di atas, pada tahun 2010 Divisi Risk Management juga terlibat dalam beberapa proyek yang dijalankan Danareksa yaitu Project Kondor Plus dan Project Dormant Account.

Additionally, in 2010 the Risk Management Division has also engaged in Kondor Plus and Dormant Account projects.

Pada Project Kondor Plus, Divisi Risk Management berperan sebagai penyusun limit transaksi dan limit lawan transaksi. Divisi juga berperan dalam membuat kebijakan dan SOP yang berkaitan dengan Kondor Plus. Dalam menjalankan peran tersebut, divisi Risk Management menggunakan beberapa modul Kondor Plus sebagai acuan dalam menganalisa risiko. Modul tersebut antara lain Kplus, Kredit Global Risk (KGR) dan Market Limit System (MLS). Pada bulan Oktober dan Desember 2010 tim sedang menjalankan proses User Acceptance Test (UAT), yang meliputi proses yang berjalan dari front office, middle office dan back office. Project Kondor Plus merupakan proyek implementasi aplikasi Treasury pengganti aplikasi Quantum.

In Kondor Plus Project, the role of Risk Management Division is to set up the transaction and counter-transaction limits. In addition, the Division also prepared SOPs and policies for the Kondor Plus Project, using the Kondor Plus modules as reference for risk assessment. The modules used for assessment are Kplus, Kredit Global Risk (KGR) and Market Limit System (MLS). In October and December 2010, the team conducted the User Acceptance test (UAT) that covers the whole process, from the front office to the middle office and back office processes. The Kondor Plus Project is the implementation of new Treasury application that replaced Quantum application.

Project Dormant Account adalah proyek yang terkait dengan peraturan KSEI No. KEP-016/DIR/1209 tanggal 9 Desember 2009 yang mengatur tentang Sub Rekening Efek Tidak Aktif (Dormant Account). Dalam proyek ini, divisi Risk Management berperan menyusun kebijakan dan SOP yang berkaitan dengan Dormant Account.

The Dormant Account Project is implemented in response to KSEI Regulation No. KEP-016/DIR/1209 dated 9 December 2009 regarding Dormant Accounts. In this project, the role of Risk Management Division is to prepare policies and SOPs for Dormant Account.



077

Tinjauan Bisnis Business Review

PT Danareksa (Persero) PT Danareksa Sekuritas PT Danareksa Investment Management PT Danareksa Finance PT Danareksa Capital

Aktivitas bisnis Danareksa terdiri dari beragam layanan dan produk-produk pasar modal serta pembiayaan dan private equity yang secara operasional dilakukan oleh anak perusahaan. Danareksa’s business activities consist of various capital market services and products as well as multifinancing and private equity. In daily operation, these activities are provided by Danareksa’s subsidiaries.

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PT Danareksa • • • • •


(Persero)

Treasury Proprietary Trading Other Financing Asset Recovery Danareksa Research Institute

Sinergi yang dibangun PT Danareksa (Persero) dengan segenap perusahaan afiliasinya mengukuhkan keberadaan Danareksa sebagai salah satu perusahaan penyedia jasa keuangan terkemuka. Di tengah membaiknya kondisi ekonomi global dan persaingan usaha yang semakin ketat, pada tahun 2010 Danareksa mampu mencetak peningkatan kinerja dan pertumbuhan perusahaan dengan baik. The synergy fostered by PT Danareksa (Persero) and its subsidiaries has reaffirmed its position as the leading regional financial services company. Amidst the recovery global economic condition increasingly competitive market, Danareksa has successfully achieved growth milestones in 2010.



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Sejak krisis finansial global yang terjadi tiga tahun silam, perekonomian Indonesia secara konsisten mengalami perbaikan yang menggembirakan. Hal ini terlihat dari dari variabel-variabel makro ekonomi yaitu pada tahun 2010 Produk Domestik Bruto (PDB) Indonesia tumbuh 6,10%. Sementara itu tingkat suku bunga relatif tetap selama satu tahun yaitu 6,50% dan nilai tukar Rupiah menguat 4,35% dari Rp 9.400/USD pada akhir tahun 2009 menjadi Rp 8.991/USD. Di sisi lain, meningkatnya harga komoditas pangan dunia berpengaruh pada harga komoditas tersebut di Indonesia dan menyebabkan inflasi sebesar 6,96%. Kendati demikian, angka tersebut masih terkendali mengingat pondasi perekonomian Indonesia yang cukup kuat.

Following the financial crisis that hit the country three years back, the Indonesian economy has experienced steady growth as indicated by the macroeconomic figures for 2010. Gross Domestic Product (GDP) grew at 6.10% clip, while interest rate remained stable at 6.50% and Rupiah value appreciated by 4.35% from Rp 9,400/USD at year end 2009 to Rp 8,991/USD at the end of 2010. On the other hand, as commodity prices rose during the year, price levels increased, and in turn, causing the inflation to move upward and ended the year with annual inflation rate of 6.96%. Nonetheless, the economy remained manageable, as other indicators suggested that it maintained solid foundation and performance throughout the year.

Kondisi ini mendorong kinerja pasar modal Indonesia selama tahun 2010, sehingga Indeks Harga Saham Gabungan (IHSG) mengalami pertumbuhan yang menggembirakan yaitu sebesar 46,13%. Kenaikan ini juga terjadi pada volume ratarata perdagangan saham harian yang mencapai Rp 4,9 triliun atau naik 25,64% dibandingkan kondisi pada tahun 2009.

The above condition has been supportive to the capital market, posting an encouraging growth during 2010. The Composite Index closed the year at the level 46.13% higher than the figure recorded at year end 2009. This increase is further signified by the 25.64% growth in average stock trading volume of Rp 4.9 trillion per day in 2010 compared to 2009.

Hasil usaha tersebut berkat pengelolaan Perseroan yang memadai dan peran semua lini bisnis Danareksa yang dalam melakukan usahanya didukung oleh beberapa anak perusahaan dan segenap divisi pendukung. Secara ringkas aktivitas beberapa anak perusahaan adalah seperti di bawah ini:

All these performance was made possible by contributions from all business units in Danareksa with the support from all Company’s subsidiaries. The descriptions for each company are as follows:


B idang usaha yang ditangani PT Danareksa Sekuritas meliputi aktivitas bank investasi (Penjaminan emisi saham, penjaminan emisi obligasi, penasihat keuangan – termasuk kegiatan merjer dan akuisisi); perantara perdagangan saham, perantara perdagangan obligasi; serta distribusi ritel untuk menyalurkan produk-produk Danareksa serta memperkenalkan pasar modal kepada masyarakat umum. Dalam aktivitasnya, PT Danareksa Sekuritas didukung oleh divisi-divisi Equity Research dan Debt Research.


T Danareksa Investment Management melakukan aktivitas P pengelolaan produk reksa dana termasuk promotor produk reksa dana yang diperdagangkan; di samping memberikan jasa pengelolaan investasi bagi institusi-institusi lain. Pada tahun 2010, jumlah aset yang dikelola (asset under management – AUM) mencapai lebih dari Rp 10 triliun.


P T Danareksa Sekuritas provides services that include investment banking (stock and bond underwriting, advisory including Merger and Acquisition), stock brokerage services, bonds brokerage services and retail distribution network to market Danareksa’s products and to promote capital market industry to the general public. In performing its business, PT Danareksa Sekuritas is supported by Equity Research and Debt Research Divisions.


T Danareksa Investment Management provides management P services for mutual fund products, including serving as promoter for traded mutual fund products and providing investment management advices to institutional investors. In 2010 total assets under management (AUM) was more than Rp 10 trillion.

080




ntuk melengkapi ragam layanan di samping aktivitas di U pasar modal, melalui PT Danareksa Finance, Danareksa menyediakan layanan pembiayaan yang lebih luas, berupa fasilitas anjak piutang dan sewa guna usaha.



T Danareksa Finance provides a variety of financing services that P include receivables financing and business leasing to compliment its capital market products.


Seiring dengan meningkatnya kompetisi jasa keuangan di mana perusahaan menilai perlunya adanya suatu penyempurnaan bisnis model, antara lain untuk menangkap peluang-peluang investasi maka pada tahun 2010, Perusahaan mendirikan PT Danareksa Capital. Di samping itu, Danareksa Capital juga menyediakan jasa konsultan manajemen.

T he Company founded PT Danareksa Capital in 2010 to provide complete range of investment services, including management consulting services. This is in response to the increasingly competitive market in the financial service industry and in the efforts to improve the Company’s business model in order to capture more business opportunities.

Sebagai perusahaan induk (holding company), PT Danareksa (Persero) juga menangani lini bisnis yang menghasilkan pendapatan finansial, seperti Tresuri, Proprietary Trading, Other Financing, Pemulihan Aktiva dan Danareksa Research Institute.

As holding company, Danareksa manages business operations that generates income such as Treasury, Proprietary Trading, Other Financing, Asset Recovery, and Danareksa Research Institute.

Divisi Tresuri

Treasury Division

Aktivitas tresuri dilakukan oleh Divisi Tresuri sebagai bagian dari PT Danareksa (Persero) dan merupakan bagian pengelolaan investasi perseroan, yang memanfaatkan sumber daya dan wawasan yang luas akan pasar uang domestik maupun internasional. Dalam pengelolaan sumber data serta penggunaanya dalam rangka untuk mendukung setiap kegiatan yang dilakukan divisi-divisi lain. Divisi ini juga membantu para nasabah dalam mengelola aset dan kewajiban keuangan mereka.

Treasury Division is a business unit directly under the management of holding company, being part of Company’s investment management which capitalize on its resources and experience in both domestic and international money market, in managing resources and its allocation to support other division activities. Other services offered by this division is providing the customers with financial asset and liability management.

Sumber pendanaan yang diperoleh divisi Tresuri berasal dari pihak ketiga yang terdiri dari pinjaman jangka pendek dan pinjaman jangka panjang dari penerbitan obligasi. Pendanaan tersebut digunakan untuk dialokasikan pada berbagai jenis investasi yang meliputi kebutuhan kas perseroan dan surat berharga perseroan.

Funding for Treasury division is obtained from third parties in the forms of short-term loans and long-term debts. Those funding are then allocated for various investment instruments based on the Company’s cash and securities requirements.

Pengelolaan dana dilakukan di pasar uang, transaksi valuta asing dan reksa dana. Kegiatan pasar uang meliputi penempatan dana pada deposito Rupiah dan Dollar AS serta instrumen jangka pendek lainnya. Dari hasil penempatan dana pada deposito (Rupiah dan USD) serta instrumen pasar uang jangka pendek yang lain berhasil diperoleh pendapatan bunga sebesar Rp 40,55 miliar.

The functions of fund management are performed by managing transactions in foreign exchange and mutual funds. The activities include placements in Rupiah and US Dollar deposits and other shortterm instruments. From its placements in time deposits (in Rupiah and US Dollar) and other money market short term transactions, the Company earned interest income of Rp 40.55 billion.

Sementara itu hasil dari pinjaman jangka pendek dari bank (dalam bentuk money market line) dan hasil penjualan obligasi Danareksa II, III, IV dan V menghasilkan kontribusi sebesar Rp 1.126,13 miliar. Atas pendanaan tersebut, beban yang ditanggung mencapai Rp 161,05 miliar. Seluruh dana pihak ketiga dan modal yang telah disetor dialokasikan pada berbagai jenis kegiatan usaha Danareksa. Pada penempatan reksa dana di PT Danareksa Investment Management dan perusahaan pengelola aset lainnya membukukan pendapatan sebesar Rp 6,65 miliar.

The short term loans from banks (money market line) and the issuance of Danareksa Bonds II, III and IV have earned Treasury Division total revenue of Rp 1,126.13 billion. In the meantime, interest expenses payable due to the above loan facilities amounted to Rp 161.05 billion. All collected third party funds and capital were placed in various instruments managed by Danareksa. From mutual funds placement in PT Danareksa Investment Management and other asset management companies, this Division earned a revenue of Rp 6.65 billion

Untuk melengkapi layanan terhadap nasabah terutama nasabah perusahaan dan bank BUMN, divisi Tresuri menyediakan layanan jasa hedging untuk risiko nilai tukar, suku bunga dan harga komoditi.

To enrich its service offered to corporate and state owned enterprise customers, Treasury Division provides hedging services for foreign exchange, interest rates and commodity prices.


Proprietary Trading

Guna mengoptimalkan pendapatan, Perseroan melakukan aktivitas perdagangan efek untuk kepentingan Danareksa, yang pada tahun 2010 menghasilkan pendapatan sebesar Rp 122,02 miliar.

OTHER FINANCING

Peseroan juga melakukan aktivitas pembiayaan lainnya untuk mengoptimalkan pendapatan. Aktivitas ini termasuk reverse repo dan investasi lainnya.

Divisi Pemulihan Aktiva


081

Proprietary Trading

The company engages in proprietary trading transactions in order to optimize income from its securities portfolio, and resulted an increased in operating revenues of Rp 122.02 billion.

OTHER FINANCING

To optimize its revenue, the company also engaged in Other Financing such as reverse repo and other investments.

Asset Recovery Division

Paparan risiko baik berupa gagal bayar maupun kesulitan pembayaran nasabah merupakan hal yang melekat pada aktifitas bisnis pembiayaan Danareksa. Untuk penanganan yang efektif, pengelolaan aset-aset bermasalah difokuskan dalam unit kerja khusus di bawah Divisi Pemulihan Aktiva. Divisi ini mengelola asetaset bermasalah milik Perseroan melalui aktivitas untuk menagih pembayaran bunga, denda maupun cicilan atas pokok fasilitas kepada debitur, mengupayakan restrukturisasi fasilitas, melakukan pengambilalihan dan penjualan agunan maupun menjalankan proses hukum terhadap debitur.

Operating in financing industry, Danareksa’s business inherently related to risk exposures including risks of default and payment interruptions. To effectively manage delinquent assets, Danareksa centralized its handling activities under Asset Recovery Division, previously NPA Division. This division is responsible to formulate strategies and workplans in collecting interests or installment payment for principle facility, facility restructuring, collateral seizure or sale and pursuing litigation actions against the borrowers.

Non performing Asset yang tercatat dalam pembukuan perusahaan merupakan surat sanggup yang dibeli oleh Danareksa serta fasilitas pembiayaan yang diberikan kepada debitur-debitur sebelum terjadinya krisis moneter pada tahun 1997. Krisis tersebut memberi dampak keuangan yang signifikan kepada para debitur, sehingga pembayaran kewajiban tersebut kepada Danareksa mengalami hambatan. Kendati saat ini telah dilakukan penyisihan kerugian atas seluruh piutang tak tertagih, adalah tugas Divisi Pemulihan Aktiva untuk mengoptimalisasi pengelolaan aset-aset dengan tingkat pengembalian yang maksimal serta senantiasa mematuhi ketentuan peraturan perundang-undangan yang berlaku, khususnya Danareksa selaku Badan Usaha Milik Negara.

Non-performing assets recorded in the company’s account are promissory notes purchased by Danareksa and financing facilities provided to our customers prior to 1997 monetary crisis. Such crisis has caused significant obstacle to debtor’s ability to continually pay installments of their debts. Although the Company has allocated provision for losses for all of uncollectible receivables, the Asset Recovery Division remains to be responsible to pursue maximum recovery rate whilst maintaining compliance to prevailing laws and regulations, particularly concerning Danareksa as State Owned Enterprises.

Pada tahun 2010 Divisi Pemulihan Aktiva membukukan total pendapatan dari hasil penagihan non performing loan sebesar Rp 19,66 miliar, terdiri dari pendapatan bunga lainnya Rp 2,86 miliar dan pemulihan provisi Rp 16,80 miliar. Namun, sesuai kaidah akuntansi, pendapatan dari pemulihan provisi tidak dicatat sebagai pendapatan usaha.

In 2010 the Asset Recovery Division posted total income of Rp 19.66 billion, consisting of other interest income of Rp 2.86 billion and recovery provision of Rp 16.80 billion. Nevertheless, in accordance with the accounting principles, these incomes were not accounted as operating income.



Perseroan memiliki sendiri lembaga riset ekonomi yang bernama Danareksa Research Institute (“DRI”) yang berdiri sejak 1999. DRI melakukan riset ekonomi seluas mungkin yang diperuntukkan bagi para pelaku bisnis dan ekonomi baik di sektor umum maupun swasta. Dalam setiap laporan-laporannya, DRI membahas masalah dan tren ekonomi nasional, regional dan global serta menyediakan informasi yang berharga bagi pembuat keputusan baik di sektor umum maupun swasta untuk mengambil keputusan yang tepat dalam suatu masa krisis (kontraksi) ataupun dalam ledakan ekonomi (ekspansi).

Since 1999, the Company manages its own economic research unit titled Danareksa Research Institute (DRI). The main activities of DRI is conducting wide array of economic research for fulfilling the needs of economic and business communities both in public and private sectors. In its reports, DRI discusses trends of national, regional and global economy and provides valuable information for decision makers in public and private sectors so that appropriate decisions can be made both in economic crisis (contraction) and expansion periods.

Adapun laporan-laporan yang diproduksi DRI di antaranya DRI Weekly Currency, DRI Consumer Confidence Index, DRI Business Sentiment Index, DRI CPI and SBI Outlook, DRI Early Economic Indicators, DRI Yearly Outlook dan Laporan DRI untuk Topik Khusus.

The reports published by DRI include DRI Weekly Currency, DRI Consumer Confidence Index, DRI Business Sentiment Index, DRI CPI and SBI Outlook, DRI Early Economic Indicators, DRI Yearly Outlook and DRI Special Reports.

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PT Danareksa Sekuritas • • • • •

Investment Banking Equity Capital Market Debt Capital Market Retail Distribution Cyber Business

Selama tahun 2010, jumlah Penjaminan Emisi Saham di Bursa Efek Indonesia mencapai Rp 29,67 triliun. Di mana jumlah Rp 18,9 triliun dihasilkan oleh Danareksa Sekuritas, sehingga mencapai pangsa pasar 63,73%. Sementara itu di pasar obligasi, Danareksa terlibat aktif di dalam penjaminan emisi obligasi dengan nilai emisi sebesar Rp 38,23 triliun dengan pangsa pasar sebesar 56,88%. In 2010, the total value of underwriting transaction made at Indonesia Stock Exchange was Rp 29.67 trillion, of which Rp 18.9 trillion was derived by Danareksa Sekuritas, reflecting a 63.73% market share. Meanwhile, in bonds market, Danareksa was actively involved in bonds underwriting transaction and posted a value of Rp 38.23 trillion indicating a 56.88% market share.


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Pangsa Pasar Penjaminan Emisi Saham

Market Share of Stock Underwriting Transaction

63,73

%

Pangsa Pasar Penjaminan Emisi Obligasi

Market Share of Bonds Underwriting Transaction

56,88

%

Membaiknya kondisi ekonomi global pada tahun 2010, berdampak positif bagi pasar modal Indonesia, terbukti dengan meningkatnya Indeks Harga Saham Gabungan (IHSG) menjadi 3.703,51 atau kenaikan sebesar 46.13% dari posisi 2.534,36 di akhir tahun 2009. Peningkatan ini diikuti dengan meningkatnya rata-rata volume perdagangan harian menjadi sebesar Rp 4,9 triliun per hari, atau naik 25,64% dari rata-rata harian pada tahun sebelumnya, yang sebesar Rp 3,9 triliun per hari.

The year 2010 saw an encouraging trend for Indonesia’s capital market, evidenced by the Composite Stock Price Index (IHSG) that reached 3,703.512 point at the end of 2010, an increase by 46% from end of 2009 position of 2,534.356. This good trend was also supported by the increasing stock trading averaged Rp 4.9 trillion per day, denoting a 25.64% increase from the previous year average of Rp 3.9 trillion per day.

KINERJA DIVISI Tahun 2010

Divisional Business Report 2010

Divisi Investment Banking

Investment Banking Division

Dalam kegiatan Penjaminan Emisi, Divisi Investment Banking melakukan Penjaminan emisi efek saham (equity underwriting) untuk penawaran umum saham perdana dan/ atau penawaran umum terbatas dalam rangka hak memesan efek terlebih dahulu (rights issue). Selain itu, dapat juga bertindak sebagai arranger untuk transaksi penempatan langsung (private placement). Dalam proses Penjaminan Emisi Saham ini, perusahaan memberikan saran-saran mengenai strategi dan bentuk instrumen yang tepat dalam melakukan emisi, termasuk mengenai gambaran kondisi pasar modal (lokal maupun internasional) untuk penawaran saham perdana tersebut serta hal-hal lain. Selama tahun 2010, total aktivitas Penjaminan Emisi Saham di Bursa Efek Indonesia adalah sebesar Rp 29,67 triliun. Dari jumlah tersebut, Danareksa berpartisipasi sebesar Rp 18,91 triliun atau pangsa pasar 63,73%.

In Emission Underwriting business, the Company’s Investment Banking Division provided equity underwriting services for initial public offerings and/or rights issues. In addition, the Division also provides services as arranger in private placement transactions. In Equity Emission Underwriting, the Division provides advice pertaining to strategies and instruments suitable for the clients, including latest insights on local and international capital markets. Throughout 2010, Equity Underwriting business in the Indonesian Stock Exchange amounted to Rp 29.67 trillion, with Danareksa’s participation totaled Rp 18.91 trillion, or market share of 63.73%.

Selain itu, Danareksa Sekuritas juga berperan aktif dalam melakukan kegiatan Penjaminan Emisi Obligasi dan bertindak sebagai arranger untuk produk-produk pendapatan tetap (fixed income). Selama tahun 2010 terdapat 26 perusahaan yang melakukan penawaran obligasi di pasar modal dengan nilai emisi sebesar Rp 38,23 triliun dengan pangsa pasar Danareksa sebesar 56,88%.

Additionally, Danareksa Sekuritas also actively engage in Bond Underwriting and act as fixed income products arranger. During 2010,the Company saw 26 companies that received letter of effective listing from Bapepam-LK as the result of bond offering in the capital market, with total emission value of Rp 38.23 trillion contributing to Danareksa’s market share of 56.88%.

Kegiatan utama dalam divisi Investment Banking melalui PT Danareksa Sekuritas dibagi menjadi kegiatan Penjaminan Emisi dan Penasihat Keuangan. Kegiatan yang pertama adalah kegiatan yang membantu calon emiten dalam proses penawaran efek ekuitas maupun efek bersifat hutang. Sedangkan aktivitas kedua, meliputi pemberian pendapat, rekomendasi atau masukan kepada klien secara menyeluruh.

Through the Investment Banking Division, PT Danareksa Sekuritas provides various investment banking services. The services include equity and bond underwriting, financial advisory. The first service offers the potential listed companies in their equity securities or bond offering process, while the second service offers them thorough advisory, recommendation or insight.

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Selain dari kegiatan penjaminan emisi, Divisi Investment Banking juga memberikan layanan jasa penasihat keuangan yang berkaitan dengan pemberian rekomendasi, masukan dan jasa konsultansi keuangan lainnya; seperti jasa restrukturisasi perusahaan dan keuangan, merjer dan akuisisi. Pendapatan jasa penasihat keuangan pada tahun 2010 diperoleh dari kegiatan tender offer saham Multi Bintang, MTN Sarana Multigriya Financial, MTN Perumnas, Garuda Indonesia, MTN BCA Finance, PTPN VII dan PTPN II.

In addition to underwriting activities, Investment Banking division also provides financial advisory services, which include recommendation, insights and other other financial service, such as financial and company restructuring as well as merger and acquisition.The revenue received from financial advisory service in 2010 was received from the tender offer of Multi Bintang stocks, Medium Term Notes (“MTN”) of Sarana Multigriya Financial, BCA Finance, PTPN VII and PTPN II.

Divisi Perdagangan Saham

Equity Capital Market Division

Secara umum, kondisi pasar modal dalam dua tahun terakhir terus menunjukkan perbaikan dan semakin kondusif di tahun 2010. Hal ini menyebabkan meningkatnya nilai kapitalisasi pasar di Bursa Efek Indonesia dan meningkatkan kegiatan transaksi perdagangan saham di mana hal ini mempengaruhi secara positif kegiatan divisi Equity Capital Market. Dalam rangka memanfaatkan kondisi pasar modal yang kondusif tersebut, divisi Equity Capital Market telah melakukan berbagai kegiatan investor gathering, media workshop dan lain-lain.

In general, the economic conditions have extended significant and conducive improvement in 2010. This has increased the market capitalization in Indonesia Stock Exchange as well as stock transaction activities, affecting positively to our Equity Capital Market Division. To seize optimally from this opportunities, Equity Capital Market Division organized a number of activities such as investor gathering, media workshop and others.

Pendapatan lainnya yang dicapai selama tahun 2010 dihasilkan dari aktivitas jasa perantara perdagangan saham diperoleh dari nasabah institusi, fund manager, dana pensiun, dan asuransi serta penghasilan dari bunga repo.

Other significant revenue booked in 2010 was from equity brokerage activities. It was collected from institutional customer, fund manager, pension fund and repo income.

Di samping itu, divisi Equity Capital Market juga melakukan kegiatan sebagai agen penjual dalam kegiatan pasar perdana dengan berkoordinasi dengan divisi Investment Banking. Pada tahun 2010, pendapatan jasa penjualan pada transaksi emisi saham diperoleh dari proses pencatatan saham perdana (IPO) PT Bank Tabungan Negara, PT Bukit Uluwatu, PT Pembangunan Perumahan dan placement PT Indo Tambangraya Megah.

The Equity Capital Market Division, in cooperation with Investment Banking Division, provided sales of newly-issued shares for IPO and rights issue activities. This revenue was earned from the IPO’s of PT Bank Tabungan Negara, Bukit Uluwatu, Pembangunan Perumahan and the placement of Indo Tambangraya Megah.

Selama tahun 2010, Perseroan memutuskan untuk tidak memberikan fasilitas margin trading baru kepada nasabah institusi, namun tetap menjaga fasilitas margin trading yang sudah ada.

During 2010, this Division halted its margin trading facilities to new institution customers, and only maintained its services to existing customers.

Kegiatan utama perseroan yang dilakukan dalam divisi Equity Capital Market melalui PT Danareksa Sekuritas adalah berperan sebagai perantara (brokerage) perdagangan efek saham. Dalam menjalankan kegiatannya, divisi Equity Capital Market menyediakan solusi dan jasa investasi yang komprehensif kepada para nasabah yang mencakup antara lain equity research, stock trading, margin financing, primary issuances dan private placements. Sebagai perantara perdagangan saham, divisi ini dibentuk untuk dapat memberikan pelayanan terpadu, mulai dari pembukaan rekening nasabah, memelihara hubungan baik dengan nasabah dan perusahaan efek lainnya, menyampaikan informasi dan rekomendasi mengenai kondisi pasar serta melaksanakan instruksi jual dan beli atas nama nasabah. Perseroan merupakan salah satu perusahaan efek yang memiliki pangsa pasar yang signifikan di pasar saham dengan memiliki jaringan bisnis yang luas baik di dalam maupun di luar negeri.

The main business of Equity Capital Market division under PT Danareksa Sekuritas is providing brokerage services in equity trading. The Division provides full range of investment solution and services that include equity research, stock trading, margin financing, primary issuances and private placements. As equity trade broker, the Division was created to provide integrated services, from opening investment accounts, fostering constructive relationships with the clients and other securities companies, providing capital market updates and recommendations, as well as performing buy and sell transactions on behalf of the clients. The Company maintains its position as one of the leading securities companies with significant market shares and having extensive domestic and international business network.



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Divisi Distribusi Ritel

Retail Distribution Division

Pada awal berdirinya, SID berada di kota-kota Surabaya dan Jakarta (area Mangga Dua dan Pondok Indah). Seiring berjalannya waktu, dan untuk memberikan kesempatan pada pengusahapengusaha lokal untuk berusaha di bidang pasar modal, maka Perseroan merilis Pola Program Kemitraan dalam bentuk waralaba (franchise) dan referal.

In its early development stage the SID was opened in Surabaya and Jakarta (in Mangga Dua and Pondok Indah area). Overtime, the distribution network is developed using franchise and referral methods to provide opportunities for local entrepreneurs in developing business in the capital market industry.

Untuk melayani nasabah ritel tersebut, divisi Retail Distribution melalui PT Danareksa Sekuritas bertugas mengelola jaringan distribusi yang dinamakan Sentra Investasi Danareksa (SID) dan outlet Danareksa. Saat ini divisi Retail Distribution memiliki 35 titik jaringan distribusi yang berlokasi di 18 kota di seluruh Indonesia. Terdiri dari 22 SID dan 9 outlet, baik yang dimiliki Danareksa sendiri maupun melalui kerjasama dengan mitra, dan 4 kemitraan dengan Bank Danamon. Selama tahun 2010, Divisi Distribusi Ritel telah menambah 1 (satu) SID di Solo dan 4 (empat) outlet di Universitas Islam Negeri Malik Ibrahim dan Universitas Ma Chung di Malang, Kebun Jeruk Jakarta, serta Cirebon.

To serve retail customers, Retail Distribution Division, through PT Danareksa Sekuritas, manages distribution network, consisting of Sentra Investasi Danareksa (SID) and Danareksa outlets. Presently, Retail Distribution Division operates 35 distribution outlets in 18 cities throughout Indonesia. Those outlets comprises 22 SID and 9 Danareksa outlets – both own operation and franchised operation – as well as 4 joint-outlets with Bank Danamon. Over the course of 2010, the Retail Distribution Division opened 1 (one) new SID in Solo and 4 (four) new outlets at Malik Ibrahim Islamic State University Negeri and Ma Chung University in Malang, as well as in Kebun Jeruk Jakarta and Cirebon.

Melalui peluncuran fasilitas online trading “Danareksa Online” (yang disingkat D’ONE – baca: “di-wan”) yang terdiri dari Danareksa TradePro, Danareksa WebTrade dan Danareksa Mobile, selama tahun 2010, Divisi berhasil meningkatkan jumlah rekening baru nasabah ritel sebanyak 4.302 rekening atau tumbuh 15,44% menjadi 32.160 rekening, dibandingkan dengan tahun 2009 yang sebesar 27.858 rekening.

In 2010, the Division also launched Danareksa Online (D’ONE), an online trading facility consisting of Danareksa TradePro, Danareksa WebTrade and Danareksa Mobile. With this launching, the Division was successful in adding 4,302 new retail accounts, making a total of 32,160, which represents 15.44% growth from 2009 record of 27,858 accounts.

Divisi Perdagangan Surat Utang/Obligasi

Debt Capital Market Division

Selama ini Perseroan telah terlibat aktif dalam kegiatan penawaran perdana Surat Utang Negara (SUN) dan obligasi korporasi lainnya. Penetapan Perseroan sebagai salah satu dealer utama (primary dealer) untuk SUN dan sebagai agen penjualan untuk Obligasi

The Company has been actively involved in initial public offerings for Government Bonds (SUN) and other corporate bonds. With its firm commitment, the Company was appointed as one of the primary dealers for SUN and as marketing agent for the Indonesian

Sejak lebih dari 10 tahun silam, Perseroan membuka jalur distribusi yang bertujuan memasarkan produk-produk dan melayani masyarakat untuk bertransaksi di pasar modal yang disebut dengan Sentra Investasi Danareksa (SID). Di samping sebagai fungsi pemasaran, SID juga bertujuan untuk menjalankan salah satu misi Perseroan yaitu membantu pemerintah untuk lebih memasyarakatkan pasar modal secara langsung ke masyarakat di daerah seluruh Indonesia, sehingga ke depannya akan memiliki pengetahuan yang lebih cermat dan bijak dalam bertransaksi. Melalui proses tersebut diharapkan industri pasar modal yang prospektif akan berkembang dan pengetahuan nasabah ritel semakin mendalam mengenai Pasar Modal, dan dari segi bisnis akan mendorong tingkat aktifitas transaksi perantara perdagangan nasabah ritel serta berdampak pada peningkatan kinerja pendapatan Divisi Retail Distribution.

Kegiatan perantara (brokerage) perdagangan efek surat utang dan kegiatan sales dalam aktivitas pasar perdana efek surat utang dilaksanakan oleh Divisi Debt Capital Market melalui PT Danareksa Sekuritas.

Since the past 10 years, the Company has established extensive distribution network, namely Sentra Investasi Danareksa (SID), to market its products and provides capital market transaction services to the customers. Besides performing marketing functions, SID also carries out the mission to support the Government program in promoting capital market awareness and educating the general public on making smart and wise capital market transactions. These socialization programs were targeted to retail customers so that they can have better knowledge on capital market and eventually will accelerate capital market business growth, particularly in retail stock brokerage business, and generate performance improvement for Retail Distribution Division.

Debt Capital Market Division of PT Danareksa Sekuritas provides debt trading brokerage services and initial public offering of corporate bonds.

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Negara Ritel Indonesia (ORI) serta Sukuk Negara Ritel (SUKRI), menunjukkan komitmen Perseroan kepada pasar yang penting dan berkembang ini. Sebagai langkah lanjut dari komitmen perseroan kepada pasar obligasi ritel, perseroan telah menata suatu sistem perdagangan ritel sendiri. Perseroan memiliki nasabah yang beragam dan jaringan kuat yang memungkinkan perseroan untuk menjadi market maker.

Retail Bonds (ORI) and Indonesian Retail Syariah Bonds (SUKRI). The commitment was also apparent as the Company has established a dedicated retail debt trading system to support its trading and brokerage services. Moreover, the Company also maintains extensive client database and widespread network, enabling the Company to perform as market maker.

Dalam bekerjasama dengan Divisi Investment Banking, divisi Debt Capital Market menjalankan fungsinya sebagai agen penjual (sales) dari obligasi atau sukuk korporasi yang diterbitkan di pasar perdana. Pada tahun 2010, divisi Debt Capital Market melakukan penjualan emisi obligasi 14 perusahaan terkemuka, Sukuk Ritel (SR002), ORI 007, dan lelang Obligasi Negara. Proses penjualan tersebut didukung pula oleh adanya laporan riset dari tim debt research sehingga membantu investor dalam mengambil keputusan untuk berinvestasi di pasar obligasi ini.

Furthermore in 2010, through a joint operation with Investment Banking Division, the Debt Capital Market Division participated in bond emissions from 14 leading corporations, Retail Syariah Bond emission (SR002), Government Bond emission (ORI007) and Government Bond Auction. This sales achievement was attributable in part to research reports produced by debt research team, which many investors found it resourceful to assist them in making investment decisions in the debt market.

Divisi Equity Research dan Divisi Debt Research

Equity Research and Debt Research Divisions

Tim Equity Research menyediakan riset mendalam tentang perusahaan perusahaan yang tercatat di Bursa Efek dan merupakan salah satu tim riset dengan cakupan riset tertinggi di Indonesia. Aktivitas Equity Research termasuk menerbitkan riset-riset harian yakni D-Research untuk distribusi nasabah ritel dan Investment Focus untuk riset saham, maupun riset yang terbit setiap bulan yakni Sharp Focus untuk strategi pasar modal dan Valuation Guide untuk pedoman analisa kuantitatif dengan tujuan menyediakan data terkini serta analisis mendalam atas perusahaan atau sektor pasar berdasarkan pada penilaian atas perubahan peraturan yang berlaku. Pandangan dan analisis ini juga dipaparkan secara langsung kepada klien institusi lokal dan asing melalui kunjungan berkala.

The Equity Research Unit provides in-depth research companies listed in the Stock Exchange and has earned its position as one of the research units having widest scope in Indonesia. The activities of the Equity Research Unit include: the publication of daily research updates titled D-Research for retail customers and Investment Focus for equity research; monthly research updates titled Sharp Focus for capital market strategy and Valuation Guide for quantitative analysis guides and in-depth analysis on companies or market segments based on recent regulatory changes. These opinions and analyses are also presented directly to institutional clients – domestic and foreign – during regular audiences.

Debt Research menyediakan liputan atas pasar obligasi Indonesia, baik untuk obligasi permerintah ataupun obligasi korporasi. Aktivitas utamanya meliputi dukungan untuk primary deal serta analisis pasar obligasi, analisis kredit korporasi dan perkiraan yield. Laporan-laporan yang dihasilkan oleh divisi ini adalah Daily Watch, Weekly Report, Strategy Report, Company Report dan Sector Report. Dalam mendukung aktivitas Danareksa Sekuritas ini, Debt Research juga melakukan kegiatan-kegiatan yang meliputi penyusunan review harian dan mingguan bagi kepentingan internal, khususnya dealer dan broker. Review mingguan ini meliputi prediksi tingkat suku binga SBI 3 bulan mendatang dan kondisi pasar uang serta obligasi. Debt Research juga terlibat dalam pembuatan laporan dalam rangka emisi obigasi apabila

Debt Research Unit, on the other hand, provides comprehensive coverage on the Indonesian bond markets, both in government and corporate segments. Its main activities include providing support for primary deals and analyses on bond market, corporate credits and yield forecasts. Reports published by this Unit are Daily Watch, Weekly Report, Strategy Report, Company Report and Sector Report. In support of Danareksa Sekuritas activities, the Debt Research also produces daily and weekly reviews for internal dealers and brokers. These reviews cover forecasts of 3-month SBI rates as well as bonds and money market performance. The Debt Research Unit also prepares bond emission report, in accordance with the Company’s service as emission manager, and provides data on bond market and the industry. In addition, the Debt Research Unit also made

Dalam menjalankan aktvitasnya, PT Danareksa Sekuritas didukung oleh divisi-divisi riset yang terdiri dari Equity Research dan Debt Research. Adapun garis besar aktivitasnya adalah sebagai berikut:

In performing its business, PT Danareksa Sekuritas is supported by dedicated research units, namely Equity Research Unit and Debt Research Unit, with the activities reported below:


Perseroan menjadi pelaksana emisi serta berpartisipasi dalam penyediaa data pasar obligasi dan industri. Dalam beberapa kesempatan, tim Debt Research juga berpartisipasi sebagai presenter mengenai pasar saham atau industri terkait kepada investor pada khususnya dan edukasi kepada masyarakat pada umumnya.


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presentations regarding the capital market and industry to investors and the general public.

Marciano H. Herman Presiden Direktur President Director Bergabung dengan Danareksa sejak tahun 1996 di divisi Investment Banking. Saat ini beliau memiliki jabatan Presiden Direktur PT Danareksa Sekuritas. Sebelum bergabung dengan Danareksa, bekerja di Ernst & Young International pada tahun 1991–1992, Chryler Corporation pada tahun 1992-1993 dan Ernst & Young International pada tahun 1994-1996. Menyelesaikan pendidikan di Fakultas Ekonomi Jurusan Akuntansi Universitas Indonesia pada tahun 1994. Beliau memiliki berbagai pengalaman menangani transaksi baik untuk Advisory, IPO/AGT, Penerbitan Obligasi, maupun Right Issue perusahaan-perusahaan ternama baik BUMN maupun swasta. Joined Danareksa in 1996 with the Investment Banking Division. He is currently the President Director of PT Danareksa Sekuritas. Prior to joining Danareksa, Marciano Herman worked for Ernst & Young International (1991–1992), Chrysler Corporation (1992-1993) and Ernst & Young International (1994–1996). He has a degree in Accounting from the Universitas Indonesia that he received in 1994 and has extensive experience in handling transactions that includes Advisory, IPO/AGT, Bond Issuances, as well as Right Issues for well-known state-owned and private companies.

Erizal Direktur Director Mengawali karir di PT Toyota Astra Motor pada tahun 1986-1991. Pada tahun 1991 hingga 1996, menjabat sebagai staf senior di Bank Niaga. Karir di Danareksa diawali sebagai staf operation Danareksa Investment Management pada tahun 1996-1998. Sebelum diangkat sebagai Vice President – Head of Capital Market Operation & Custody pada tahun 2005 hingga sekarang. Pernah menjabat sebagai Assistant Manager Operation tahun 1999-200, Manager – Head of Retail & Admin pada tahun 20002001, dan sebagai Assistant Vice President – Head of Investment Management operation tahun 2001-2004. Memegang lisensi sebagai Wakil Agen Penjual Efek Reksa Dana dari Bapepam pada tahun 2004 dan sebagai Wakil Perantara Pedagang Efek tahun 2008. Erizal began his professional career with PT Toyota Astra Motor (1986-1991) and also worked as a senior staff for Bank Niaga (1991-1996). His career with Danareksa began as an operations staff for Danareksa Investment Management (1996-1998) prior to his appointment as Vice President – Head of Capital Market Operations & Custody (2005-present). He has also served in a number of positions within the Company that includes: Assistant Manager-Operations (1999-2000), Manager– Head of Retail & Administration (2000-2001), and as Assistant Vice President– Head of Investment Management operations (2001-2004). Erizal holds licenses as a Mutual Funds Representative Sales Agent from Bapepam (2004) and as a Broker Dealer Representative (2008).

David Agus Direktur Director Meraih gelar master of Business Administration dari University of Houston, Texas pada tahun 1994, beliau mulai bergabung dengan Danareksa pada tahun 1999 pada divisi Investment Banking. Sebelumnya, beliau bekerja di PT Pentasena Securities (1996 - 1998). David memiliki banyak pengalaman mendalam berbagai pada transaksi-transaksi IPO dan obligasi di pasar modal serta konsultan keuangan dan perbankan. He received his Master of Business Administration degree from the University of Houston, Texas in 1994 and joined Danareksa in 1999 with the Investment Banking Division. Prior to this, David worked for PT Pentasena Securities (1996 - 1998). David has vast experience in a number of IPO transactions, financial consulting, and banking.

Edy Sujoso Direktur Director Menamatkan pendidikan Business Administration, Ohio State University, USA pada tahun 1991. Bergabung dengan PT Danareksa Sekuritas sejak tahun 2005. Sebelum pengangkatannya sebagai Dewan Direksi, beliau menjabat sebagai Co-Head Equity Brokerage pada tahun 2007-2009. Sejak tahun 2009 sampai sekarang beliau menjabat sebagai Head of Equity Brokerage dan sejak tahun 2010 beliau diangkat sebagai Direktur. He completed his Master of Business Administration degree from the University of Ohio State, USA in 1991. He joined PT Danareksa Sekuritas since 2005. Prior to his appointment as part of the Board of Directors, he held Co-Head Equity Brokerage position in 2007-2009. Since 2009 up to present time, he held the position of Head of Equity Brokerage and appointed as Director since 2010.

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PT Danareksa Investment Management • Investment Management

Seiring dengan kondisi industri reksa dana yang mengalami peningkatan selama tahun 2010 dan penerapan strategi bisnis yang memadai, PT Danareksa Investment Management berhasil meningkatkan dana yang dikelola (asset under management) sebesar 43,45% menjadi Rp 10,63 triliun. PT Danareksa Investment Management (DIM) has successfully achieved significant increase its assets under management by 43.45% to Rp 10.63 trillion. This success was attributed to the revitalized condition of mutual fund industry in 2010.

Seiring dengan kondisi industri reksa dana yang menggembirakan itu, Danareksa Investment Management berhasil meningkatkan pendapatan dengan baik. Selama ini, Danareksa Investment Management terus mendapatkan kepercayaan dari para investor, baik individu maupun institusi; sehingga berhasil mencetak kinerja usaha yang lebih baik. Atas kepercayaan ini, total dana yang dikelola (asset under management) mencapai Rp 10,63 triliun. In the midst of the favorable economic condition, Danareksa Investment Management was able to take advantage of such favorable condition and turned it into significant revenue growth. As a leading fund manager that provides a variety of investment solutions to its customers, DIM continued to earn individual and institutional investors’ trust and managed to perform above industry average. This is evident in the total assets under management that reached Rp 10.63 trillion.



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Produk-produk reksa dana seperti reksa dana “Mawar Fokus10” dan reksa dana “Syariah Berimbang” berhasil meningkatkan minat masyarakat untuk berinvestasi di pasar modal melalui reksa dana, khususnya nasabah yang telah mengenal reksa dana dengan baik. Di samping itu, Danareksa Investment Management juga mengembangkan sistem pelayanan reksa dana melalui “reksa dana online” yang dapat diikuti mulai Rp 100.000,- saja. Dengan sistem ini, nasabah dapat secara mandiri melakukan transaksi reksa dana secara online dan realtime tanpa bantuan Account Executive. Produk “reksa dana online” ini banyak menarik minat investor pemula dengan kemudahan jumlah penyertaan awal yang relatif terjangkau.

The launch of “Mawar Fokus-10” and “Syariah Berimbang” mutual funds has promoted the interest of the market to invest in the capital market through mutual funds, particularly emongst the customers with good mutual fund knowledge. Additionally, Danareksa Investment Management has also developed on-line mutual fund service system with minimum Rp 100,000 transaction. This system allows the customer to make their mutual fund transaction at their own convenience on-line and real-time with the assistance from our Account Executive. This online mutual fund product has attracted many investors, particularly those of beginners, due to its convenience and lower start up investment.

Hasil di atas ini juga berkat kontribusi sistem pemasaran melalui Bank Agen Penjual, di mana bank-bank yang berkerja sama ini membantu memasarkan produk-produk Danareksa Investment Management kepada para nasabahnya. Mengingat strategi ini telah menunjukkan hasil yang cukup memuaskan, ke depan kerja sama dengan Bank Agen Penjual ini akan terus ditingkat, guna menambah jumlah nasabah tiap bank tersebut dan menambah Bank Agen Penjual itu sendiri.

Such result was attributed to marketing system that DIM is fostering with Sales Agent Banks which engage in marketing DIM’s products to their customers. Going forward, DIM is planning to further expand its bank sales agent network, so it can increase the number of the customers, and the number of cooperating banks.

Kesuksesan dalam pengelolaan reksa dana ini membawa Danareksa Investment Management pada peringkat ke-6 industri reksa dana dalam hal dana kelolaan.

These accomplishments marked another milestone for DIM, placing the Company firmly holding industry’s 6th rank by the amount of funds under management.

Seluruh pencapaian tersebut merupakan hasil dari penerapan strategi yang memadai dan melalui berbagai program yang komprehensif, seperti update kondisi pasar, program conference call, program peningkatan loyalitas serta perumusan skema insentif yang menarik. Selain itu, juga menerapkan strategi peluncuran produk-produk inovatif dengan tingkat pendapatan yang memuaskan. Implementasi dari produk-produk ini diharapkan dapat mengubah paradigma pasar tentang Danareksa, dari manager investasi yang konservatif menjadi profesional yang progresif.

These achievements are the result of accurate strategic planning and implementation, which encompasses comprehensive programs, understanding of latest market condition, conference call programs, loyalty enhancement programs, as well as attractive incentive schemes. Moreover, DIM also implemented innovative product development strategy that focused on attractive returns. With all these strategies, Danareksa is aiming to promote the shift in public perception toward Danareksa, from conservative fund manager to professional and progressive one.

John David Item Presiden Direktur President Director Lahir di Jakarta tahun 1962. Menyandang gelar CFA dari CFA Institute pada tahun 2006 dan MBA dari California State University. Bergabung dengan PT Danareksa Investment Management sejak tahun 2000 sebagai Asisten Vice President sampai dengan tahun 2001. Sebelum pengangkatannya, beliau pernah menjabat sebagai Head of Asset Management di PT Danareksa Investment Management tahun 2005–2007, dan Direktur portofolio PT Danareksa Investment Management, pada tahun 2002–2005. Sebelum bergabung dengan Danareksa beliau pernah berkarir di Citicorp Global Asset Management sebagai Portfolio Manager Tahun 1995–1999. Berbagai kursus dan pelatihan terkait pasar modal, industri keuangan dan manajemen risiko pernah diikuti. Saat ini beliau mengantongi izin WMI No. Kep-80/PM/IP/ WMI/1997 tanggal 18 Juni 1997. He was born in Jakarta, in 1962. He has a degree of CFA from CFA Institute in 2006 and MBA from California State University. He joined PT Danareksa Investment Management since 2000 as Assistant Vice President and ended the tenure in 2001. Prior to his appointment, he held the position of Head of Asset Management in PT Danareksa Investment Management in 2005-2007, and Portfolio Director of PT Danareksa Investment Management in 2002-2005. Prior to joining Danareksa, his career included as Portfolio Manager of Citicorp Global Asset Management in 1995-1999. He participated in various courses and training on capital market, financial industry and risk management. Currently he holds a lisence of WMI No. Kep-80/PM/IP/WMI/1997 dated 18 June 1997.

Prihatmo Hari Mulyanto Direktur Director Lahir tahun 1969 di Karanganyar, beliau meraih gelar Sarjana Agribisnis dari Institut Pertanian Bogor pada tahun 1991. Sebelum pengangkatannya sebagai Vice President pada tahun 2009, beliau menjabat sebagai Manajer pada divisi Invesment Management pada tahun 2000-2005 dan sebagai asisten Manajer di Divisi yang sama sejak tahun 1996 sampai dengan tahun 2000. Selain karir di Danareksa, beliau juga memegang jabatan sebagai Vice President di PT AAA Securitas pada tahun 2000-2005. Sebelumnya, beliau berkarir di PT Daya Mata Agri Lestari pada tahun 1991-1996. Hingga saat ini, beliau masih aktif mengikuti berbagai pendidikan maupun training baik di dalam negeri maupun di luar negeri. He was born in Karanganyar, in 1969 and has a degree in Agribusiness from the Institut Pertanian Bogor (Bogor Agricultural Institute or IPB) that he received in 1991. He worked in various positions within the Company prior to his appointment as Vice President in 2009, and was previously a Manager with the Investment Management Davison (2000-2005) and Assistant Manager within the same Division (1996-2000). Prior to Danareksa, he was the Vice President at PT AAA Securitas (2000-2005), and also worked for PT Daya Mata Agri Lestari (1991-1996). Prihatmo Hari Mulyanto has attended a number of training programs held both within and outside of Indonesia.

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PT Danareksa Finance • Structured Product and Finance

Fokus usaha ini memegang peranan penting dalam mewujudkan komitmen Danareksa untuk menjadi perusahaan penyedia jasa keuangan terpadu bagi nasabah. Melalui layanan ini, Danareksa menyediakan fasilitas alternatif bagi nasabah untuk memenuhi kebutuhan pembiayaan di samping pasar modal. Acuan utama bisnis Danareksa Finance ditujukan pada penyediaan layanan pembiayaan, yaitu produk dan pembiayaan terstruktur (structured product and finance), termasuk fasilitas kemudahan akses layanan multifinance oleh nasabah, antara lain pembiayaan konsumen, anjak piutang dan sewa guna usaha. Ditunjang dengan kinerja likuiditas perusahaan yang menggembirakan, Danareksa berhasil meningkatkan kegiatan Danareksa Finance secara optimal. Dengan fokus pada pembiayaan anjak piutang bertenor jangka pendek, selama tahun 2010, Danareksa Finance berhasil mendapatkan transaksi anjak piutang dari beberapa perusahaan terkemuka dengan nilai total pembiayaan

The area of business remains to be one of the key supporting factors in realizing Danareksa’s commitment to becoming an integrated financial service provider to the customers. Through these financing services, Danareksa offers alternative financing instruments to the customers other than capital market instruments. The main line of business of Danareksa Finance is to provide financing services, particularly structured product and finance. The services include mult ifinance services such as consumer financing, factoring and leasing. Supported by favorable liquidity performance, Danareksa was able to improve Danareksa Finance performance in providing factoring and leasing services. With the focus of providing short-term factoring, in 2010, Danareksa Finance was successful in securing factoring proposal of Rp 309.6 billion from few respectful entities. In compliance with GCG practices, the Company is committed to upholding



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Dengan semakin membaiknya iklim pertumbuhan ekonomi pada tahun 2010, transaksi anjak piutang dan sewa guna usaha menjadi alternatif yang diminati dunia usaha dalam memenuhi kebutuhan likuiditas finansialnya. PT Danareksa Finance berhasil memanfaatkan tren tersebut dalam usaha meningkatkan pertumbuhan perusahaan secara keseluruhan. Along with the growing economy in 2010, factoring and leasing transactions increasingly become attractive alternatives for corporations seeking to fulfill their liquidity requirements. PT Danareksa Finance has been able to capitalize on such market niche, in its support to the overall business growth of the Company.

sebesar Rp 309,60 miliar. Mengacu pada koridor tata kelola perusahaan yang baik dan prinsip manajemen risiko, Danareksa selalu mengkaji profil risiko dari semua permohonan kerja sama yang diterima. Melalui pengkajian yang memadai, Danareksa menyalurkan kebijakan pembiayaan kepada bidang-bidang usaha yang memiliki profil risiko terkendali.

risk management principles in operating its business. Therefore, Danareksa will diligently review and consider the risk profiles of the incoming proposals. Using stringent evaluation procedures for various risk aspects, Danareksa provides financing facilities to businesses with manageable risk profiles. From such prudent financing activities.

Sesuai prinsip pengelolaan risiko, kebijakan dalam penyaluran pembiayaan diaplikasikan dengan memastikan nilai jaminan yang sesuai dengan dana yang disalurkan. Demi memenuhi kebijakan tersebut, DF akan memerlukan jaminan aset di luar aktifitas sewa guna usaha untuk mengantisipasi terjadinya default.

As a state owned enterprise (SOE), Danareksa is faced with some challenges in obtaining collaterals from non-leasing businesses since the Company shall at first obtain shareholders’ approval. Pursuant to risk management principles, financing facilities disbursed to customers must be supported by sufficient collaterals. To ensure such policy is accurately implemented, Danareksa Finance requires customers to provide collaterals from non-leasing businesses to anticipate and prevent default.

Poedji Goesarianto Presiden Direktur President Director Beliau memiliki banyak pengalaman di bidang keuangan, perbankan dan pasar modal. Sebelum bergabung dengan Danareksa pada tahun 2007, beliau menjadi tim likuidasi untuk beberapa Bank Perkreditan Rakyat. Sebelum pengangkatannya sebagai Direktur Utama Danareksa Finance pada tahun 2009, beliau menjabat sebagai Direktur Danareksa Finance pada tahun 2007-2009. He has vast experience in the field of finance, banking, and the capital markets. He joined Danareksa in 2007, and prior to this, was a member of a Team that liquidated a number of Rural Banks. Pudji Goesarianto served as a Director with Danareksa Finance (2007-2009), prior to his appointment as the President Director of Danareksa Finance in 2009.

Afrizal Akmal Direktur Director Meraih gelar MM untuk International Finance dari Prasetya Mulya Bisnis School pada tahun 2003. Sebelum pengangkatannya sebagai direktur, beliau menjabat sebagai Vice President Divisi Manajemen Risiko pada Danareksa (persero) tahun 2003-Juli 2009. Sebelum bergabung dengan Danareksa, beliau pernah memegang berbagai jabatan di industri keuangan dan perbankan. Pada tahun 1991-1999 beliau memegang jabatan sebagai Kepala Divisi di Bank Niaga dan pada tahun 1999-2003, beliau menjabat sebagai Group Head Divisi Management Risiko Badan Penyehatan Perbankan Nasional pada tahun 2003-2009. He received his MM degree in International Finance from the Prasetya Mulya Business School in 2003. Afrizal Akmal served as the Vice President with Danareksa’s Risk Management Division (2003-2009) prior to his appointment as a Director. He has held several positions in the banking and financial sector before joining Danareksa, which includes as a Divison Head with Bank Niaga (1991-1999), and Group Head within the Risk Management Division of the Indonesian Bank Restructuring Agency (2003-2009).

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PT Danareksa Capital • Other Financing • Private Equity • Fund Creation

Seiring dengan semakin banyaknya proyek yang dijalankan, Danareksa melihat hal tersebut sebagai peluang yang sangat potensial. Fokus pada bidang usaha pengelolaan aset, investasi, pembiayaan/ pendanaan dan pemberian jasa penasihat keuangan. Keeping up with the increasing competition in financial service industry, The Company realized the importance of enhancing its business model by capitalizing on the opportunities in asset management, investment, financing/funding and financial advisory services.


PT Danareksa Capital dibentuk pada awal tahun 2010 sebagai implementasi dari strategi jangka panjang perusahaan untuk mengoptimalisasi kinerja bisnis perusahaan. Acuan bisnis Danareksa Capital ini ditujukan khususnya untuk mengelola kegiatan usaha di bidang pengelolaan aset, investasi, pembiayaan/pendanaan dan jasa penasihat keuangan. Mengingat aktivitas kinerja Danareksa Capital baru dimulai pada tahun 2010, unit bisnis ini belum membukukan pendapatan usaha. Kendati demikian, secara fungsional, bidang usaha yang ditangani Danareksa Capital sudah berjalan pada tahun-tahun sebelumnya di bawah Divisi Investment Banking.


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PT Danareksa Capital was established in early 2010 as the implementation of Danareksa’s long-term strategy to optimize its business performance. In particular, Danareksa Capital is set to pursue businesses in the areas of asset management, investment, financing/funding and financial advisory services. Considering the relatively short period of the operation since its inception, this business unit has not posted any revenues yet. Functionally, the business managed by Danareksa Capital was previously operated under Investment Banking Division.

M. Afdal Pamilih Presiden Direktur President Director Meraih gelar MSc dalam Mathematical Sciences dari the University of Texas at Arlington, USA, 1984 dan BSc dalam Mathematics and Computer Sciences dari Jacksonville State University, USA, 1982. Sempat kuliah di Institut Teknologi Bandung di jurusan Teknik Industri sampai tahun 1980. Memulai kariernya di JP Morgan, New York, USA, sebagai programmer/analyst, 1984, sebelum melanjutkan ke County NatWest Government Securities dikota yang sama, sebagai fixed-income quantitative analyst sampai 1989. Sekembalinya ke Indonesia, bergabung dengan Bank Niaga dengan posisi terakhir sebagai Head of Treasury, 1995, kemudian menjadi Direktur Treasury di Bank Papan Sejahtera sampai 1996 sebelum bertugas sebagai Kepala Perwakilan Danareksa di London selama dua tahun. Menjabat sebagai Presiden Komisaris PT Brent Asset Management, perusahaan manajer investasi yang terdaftar di Jakarta sebelum bergabung dengan PT Danareksa Capital sebagai Presiden Direktur pada bulan Oktober 2010. He earned a MSc in Mathematical Sciences from the University of Texas at Arlington, USA, 1984, a BSc in Mathematics and Computer Sciences from Jacksonville State University, USA, 1982, and attended the Bandung Institute of Technology majoring in Industrial Engineering through 1980. He started his career at JP Morgan, New York, USA as a programmer/analyst in 1984 before moving on to County NatWest Government Securities in the same city, as a fixed-income quantitative analyst through 1989. Upon returning to Indonesia, he joined Bank Niaga with last position as Head of Treasury in 1995 and had a stint as Director of Treasury at Bank Papan Sejahtera through 1996 before taking an assignment as Chief Representative of Danareksa in London for a couple of years. He was President Commissioner of PT Brent Asset Management, a registered investment management company in Jakarta, before joining PT Danareksa Capital as President Director in October 2010.

Ernist P. Tamba Direktur Director Menamatkan pendidikan sarjana teknik sipil di Institut Teknologi Bandung tahun 1986 dan Magister Manajemen di Universitas Indonesia tahun 1992. Pada tahun 1996 mendapatkan Sertifikat Lulus Ujian Profesi Wakil Manajer Investasi dan Izin Wakil Penjamin Emisi Efek dari Bapepam-LK. Bergabung dengan Danareksa pada tahun 1992 sebagai Manager di PT Danareksa Finance sampai tahun 1997. Sejak tahun 1997 sampai sekarang memegang jabatan sebagai Vice President di PT Danareksa Sekuritas. Diluar Danareksa, pernah berkarir sebagai Engineer di PT Tripatra Engineering pada tahun 1986-1990. He completed his study with a degree in civil technic of Bandung Institute in 1986 and Master of Management in the University of Indonesia in 1992. In 1996, he obtained a Graduated Sertificate of Investment Assistant Manager Profession and the decree as Guarantor Assistant of Securities Underwriter from Bapepam-LK. He joined Danareksa in 1992 as Manager of PT Danareksa Finance up to 1997. Since 1997 up to present, he holds the position of Vice President of PT Danareksa Sekuritas. Prior to joining Danareksa, he was an Engineer in PT Tripatra Engineering in 1986-1990.

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Kompetensi dan kerjasama tim yang solid dari seluruh SDM telah membuahkan pencapaian kinerja bisnis yang optimal. Secara konsisten Danareksa membangun sinergi seluruh karyawan yang berlandaskan pada filosofi padi yang akan semakin menunduk seiring peningkatan kompetensi diri. The competency and solid teamwork shown by all of the Company’s personnels have resulted in optimum business performance. Danareksa has consistently developed synergy for all its employees based on the rice paddy philosophy, that the more they are competent in their fields the more humble they would be.



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Sumber Daya Manusia Human Resources

Pada akhir tahun 2010, Danareksa mencatat jumlah pegawai dan Management Trainee sebanyak 351 orang. Dibandingkan tahun sebelumnya, jumlah tersebut mengalami peningkatan sebanyak 12 orang. Seiring dengan telah diimplementasikannya program pengelolaan SDM berbasis kompetensi yang dirintis sejak tahun 2009, telah berdampak pada peningkatan produktifitas SDM Danareksa. Hal ini sejalan dengan inisiatif ekspansi bisnis yang dicanangkan perusahaan pada awal tahun 2010 di mana peningkatan kualitas dan produktifitas SDM juga menjadi salah satu indikator keberhasilan inisiatif tersebut.

As of the end of 2010, Danareksa had 351 employees and Management Trainees, an increase of 12 people compared to the previous year. In regards to the competency-based HR management program launched since 2009, the program has brought result in the enhanced productivity for Danareksa’s HR. This is in line with the business expansion initiative launched by the Company in early 2010 wherein HR quality and productivity enhancement have been included as one of the initiative’s success indicators.

Sumber Daya Manusia Danareksa Danareksa’s Human Resources

Status Pegawai Employee Status Tetap Permanent Honorer Honorary/Temporary Total MT Total MT Total Total

Pertumbuhan (%) Growth (%)

2010

2009

313

309

1

32

25

28

6

5

20

351

339

4


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Standar kompetensi SDM yang cukup tinggi di industri pasar modal selalu menjadi acuan Danareksa dalam meningkatkan skill dan kompetensi SDM. Peningkatan kualitas SDM diarahkan untuk memberikan layanan yang terbaik kepada nasabah yang pada akhirnya juga berdampak pada peningkatan bisnis Danareksa. High HR competency standards applied within the Capital Market Industry have always been the benchmark for Danareksa in its efforts to enhance HR skills and competency. HR quality enhancement is designed in such a way that facilitates the ability to provide the best services to its customers, which ultimately will result in business growth for Danareksa.

Dalam komposisi yang lebih rinci, jumlah SDM tersebut dikelompokkan berdasarkan beberapa kategori antara lain: tingkat pendidikan, jenis kelamin, usia, serta masa kerja. Dari seluruh pengelompokkan, komposisi masing-masing kategori dapat dilihat dalam tabel berikut:

In further detail, our human resource is grouped based on a number of categories that includes: educational level, gender, age, and length of service. Based on all these categories, the composition for these categories are as follows:

SDM Berdasarkan Tingkat Pendidikan (%) HR by Educational Level (%)

Tingkat Pendidikan Educational Level

Jumlah

Number

%

13

3

D3

60

18

S1

212

58

S2

64

20

S3

2

1

351

100

Jumlah

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SDM Berdasarkan Jenis Kelamin HR by Gender

Jenis Kelamin Gender Laki-Laki

Jumlah

Number 211

% 60

Perempuan

140

40

Jumlah

351

100

Jumlah

%

SDM Berdasarkan Usia HR by Age

Usia (tahun) Age (years)

Number

<=30

84

24

>30 - <=35

46

13

>35 - <=40

88

25

>40 - <=45

74

21

>45 - <=50

35

10

>50

24

7

351

100

Jumlah

%

Jumlah

SDM Berdasarkan Masa Kerja HR by Length of Service

Masa Kerja (tahun) Length of Service (years) <=5

Number 162

46

>5 - <=10

67

19

>10 - <=15

95

27

>15 - <=20

11

3

>20 - <=25

6

2

10

3

351

100

>25 Jumlah



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Danareksa sangat memahami bahwa industri pasar modal merupakan industri yang sarat dengan risiko. Standar kompetensi SDM yang cukup tinggi menjadi parameter baku yang harus dipenuhi semua perusahaan penyedia jasa keuangan non bank, termasuk Danareksa. Oleh karena itu, upaya peningkatan kualitas, kompetensi serta produktifitas tidak sekedar untuk memenuhi regulasi yang telah ditetapkan oleh Bapepam-LK dan Bursa Efek Indonesia. Lebih dari itu semua, peningkatan kualitas SDM diarahkan untuk memberikan layanan yang terbaik kepada nasabah yang pada akhirnya juga berdampak pada peningkatan bisnis Danareksa.

Danareksa fully realizes that the capital market industry is an industry that is susceptible to risks. High HR competency standards have been the common parameter that must be met by all non-bank financial services providers, including Danareksa. Therefore, efforts towards quality, competency, and productivity enhancement are not merely aimed at fulfilling regulations set by Bapepam-LK and the Indonesia Stock Exchange, but rather at enhancing HR quality to provide the best services to the customers that ultimately translates to business growth for Danareksa.

Sebagai perusahaan penyedia jasa keuangan terkemuka, Danareksa selalu berupaya untuk mempersembahkan layanan yang prima bagi nasabah. Inisiatif tersebut tentunya harus didukung oleh SDM yang berkualitas. Oleh karena itu, secara konsisten Danareksa berupaya meningkatkan kualitas SDM melalui berbagai training, seminar, workshop, baik yang diselenggarakan oleh pihak luar maupun yang bersifat in-house training.

As a leading financial services provider, Danareksa constantly strives to provide superior services to its customers. This initiative naturally requires superior HR to support it. Hence, Danareksa continuously enhances its HR quality through various trainings, seminars, and workshops, either provided by external providers or held in-house.

Selama tahun 2010, Divisi SDM sebagai divisi yang memiliki tanggung jawab mengelola Sumber Daya Manusia telah melakukan berbagai kegiatan yang bermuara pada peningkatan kualitas SDM Danareksa. Sebagai tindak lanjut dari Program Pengelolaan SDM berbasis kompetensi yang dirintis pada tahun 2009, Divisi SDM telah mengimplementasikan Model Kempetensi pada Job Description yang ditindaklanjuti dengan melakukan penyeragaman format job description pada semua divisi di Danareksa. Selain itu, guna meningkatkan efisiensi dalam melakukan pengelolaan SDM, divisi SDM juga melakukan integrasi struktur organisasi pada SISMA.

The HR Division is responsible for managing Human Resources within the organization and has, throughout 2010, organized various activities with the primary goal of enhancing the quality of Danareksa’s HR. Following a competency-based HR Management Program that was designed in 2009, the HR Division has applied a Competency Model to its Job Description that is followed up with a standard job description format for all divisions within Danareksa. Moreover, to enhance efficiency in HR management, the HR Division also integrates its organizational structure to SISMA.

Inisiatif pengembangan skill SDM juga diwujudkan dalam berbagai training yang berfokus pada aspek profesi yang mencakup hard skill maupun soft skill untuk mengasah kemampuan kepemimpinan dan kerjasama tim. Sementara, pada tataran yang lebih luas, Danareksa juga mengirimkan pegawai untuk mengikuti berbagai training eksternal baik di dalam negeri maupun di luar negeri. Melalui berbagai inisiatif tersebut, diharapkan Danareksa memiliki SDM andal dan berkompeten sehingga dapat mengantarkan Danareksa menjadi perusahaan penyedia jasa keuangan terkemuka di tingkat regional. Dengan demikian, Danareksa akan lebih bisa berperan optimal dalam setiap proses pembangunan nasional serta terus memberikan nilai tambah pada seluruh stakeholders.

HR skill development initiative is also carried out through various trainings with focus on professional aspects, including hard skills and soft skills to enhance leadership capabilities and team work. Meanwhile, on a broader scale, Danareksa also sends its personnel to participate in various external trainings, held in Indonesia or overseas. Though these initiatives, Danareksa expects to have more reliable and competent HR who can propel Danareksa to become the leading financial services provider in the region. Therefore, Danareksa will be able to play a more significant role in every process of national development as well as provide added value to all of its stakeholders.

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Teknologi Informasi Information Technology

Dukungan teknologi yang sinergis dan terintegrasi mutlak diperlukan dalam upaya mempertahankan keunggulan kompetitif Danareksa. Tersedianya fasilitas yang memungkinkan nasabah Danareksa melakukan akses ke portfolio investasinya secara mandiri dan di mana saja, dapat dilakukan melalui D’ONE. Di samping itu, layanan virtual account dan implementasi prinsip ITSM (Information Technology Service Management) semakin mengokohkan peranan divisi Teknologi Informasi dalam mendukung bisnis dan operasional Danareksa. To maintain Danareksa’s competitive edge, the Company needs to secure a synergy and thorough supports from technology aspects. Current facilities, such as D’ONE, provide Danareksa’s customers to access their investment portfolio independently and from any location. In addition to this, virtual account services and implementation of the principles of ITSM (Information Technology Service Management) have increasingly strengthened Information Technology Division’s role in supporting Danareksa’s business and operations.



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Dalam upaya mempertahankan keunggulan kompetitif Danareksa di Industri pasar modal Indonesia, dukungan teknologi yang sinergis dan terintegrasi mutlak diperlukan seiring dengan semakin menguatnya tren bisnis ke arah layanan online bagi nasabah pasar modal. Sejalan dengan strategi pemikiran tersebut, pada bulan Mei tahun 2010 Danareksa meluncurkan brand Danareksa Online atau D’ONE (baca:”di-wan”), dengan produk-produk komponennya seperti D’ONE TradePro, D’ONE WebTrade dan D’ONE Mobile. Fasilitas ini memungkinkan nasabah Danareksa melakukan akses ke portfolio investasinya dan melakukan transaksi Pasar Modal di mana saja secara mandiri.

A synergized and integrated technological support is inevitable requirements to maintain Danareksa’s competitive edge in Indonesia’s capital markets, especially to keep with the strong business trend towards online services for capital market customers. In line with this strategic line, in May 2010, Danareksa launched the Danareksa Online brand or D’ONE, along with its component products such as D’ONE TradePro, D’ONE WebTrade and D’ONE Mobile. These facilities provide Danareksa’s customers the ability to access their investment portfolio and transact through the Capital Market both independently and from any location.

Secara ringkas, produk D’ONE TradePro adalah produk basis dari sistem D’ONE yang terintegrasi dan merupakan layanan online untuk transaksi saham, obligasi, reksadana, dan produk pasar modal lainnya. Melalui produk D’ONE Reksa Dana atau Reksa dana Online (RDO), Danareksa adalah institusi pertama di Indonesia yang mengembangkan platform online untuk transaksi reksa dana; di samping yang pertama pula dalam pengembangan platform transaksi smartphone melalui produk D’ONE Mobile.

In essence, the D’ONE TradePro product is a product based on the D’ONE system, which is integrated and is an online service used to transact shares, bonds, mutual funds, and other capital market product. Through the D’ONE Mutual Fund or Online Mutual Fund product, Danareksa becomes the first institution in Indonesia to develop an online platform for transacting mutual funds; as well as the first to develop a smart-phone transaction platform through the D’ONE Mobile product.

Untuk mendukung suksesnya layanan D’ONE, Divisi Teknologi Informasi aktif berkontribusi dalam mengembangkan Danareksa Cyber Center (DCC) yang berfungsi sebagai layanan pendukung (support) bagi nasabah Danareksa pada umumnya dan pengguna D’ONE pada khususnya. Layanan DCC ini dapat diakses secara nasional melalui nomor telepon (021) 500-688, untuk membantu nasabah menggunakan D’ONE secara optimal. Di samping layanan tersebut di atas, nasabah dapat pula mendapatkan informasi dan layanan dari portal website www.danareksaonline.com yang terus menerus dikembangkan dan disempurnakan.

To support the smooth performance of the D’ONE services, the Information Technology Division actively contributes to the development of the Danareksa Cyber Center (DCC), which serves as a support service for Danareksa’s customers in general and D’ONE users in particular. To optimally support customers to use D’ONE, the DCC service can be accessed nationally through the telephone number (021) 500-688. In addition to the above-mentioned service, customers can also receive information and services through the website portal of www.danareksaonline.com that is continually developed and improved.

Layanan yang maksimal juga diberikan dalam hal kemudahan sistem pembayaran. Bekerjasama dengan Bank Permata, Danareksa telah mengimplementasikan berbagai layanan pembayaran (payment gateway) melalui virtual account, di mana nasabah dapat melakukan setoran dan pembayaran secara online dan realtime. Danareksa terus meningkatkan layanan ini dari segi fitur dan fasilitas yang tersedia, serta peningkatan jasa layanan dari sisi jumlah bank yang dapat diakses dan digunakan, sesuai dengan kepemilikan rekening nasabah Danareksa. Strategi pelayanan ini melengkapi jasa produk D’ONE, sehingga hampir seluruh interaksi nasabah dapat dilakukan secara online, virtual, dan cyber, serta dapat dilakukan dari lokasi manapun, nasional bahkan global. Pengembangan layanan berbasis teknologi kepada para nasabahnya ini, terus dilakukan oleh divisi Teknologi Informasi ini dengan selalu mengutamakan kemudahan, kenyamanan dan keamanan dalam bertransaksi.

Additionally, the Company also offers an excellent service in terms of a very convenient payment system. In cooperation with Bank Permata, Danareksa has implemented various payment services (payment gateway) through a virtual account, whereby customers can deposit and pay online and on a real-time basis. Danareksa continues to enhance this service, particularly on the available features and facilities, as well as to add and cooperate with more banks that can be accessed and used, in regards to Danareksa account ownership. The strategy of this service complements D’ONE’s product services, whereby almost all of the customer interaction can be carried out on an online, virtual, and cyber basis, from any location in the world. The Information Technology Division continues to develop technologybased services for customers with emphasis on providing ease of use, comfort, and security in transacting.

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Guna mendukung proses operasional dan aktivitas internal lainnya, Divisi Teknologi Informasi mengimplementasikan sistem organisasi dengan referensi ITSM (Information Technology Service Management), yang antara lain dengan mengembangkan unitunit Service Delivery, Service Support, serta System Development dan Integration. Adapun program-program utama yang dilaksanakan selama tahun 2010 adalah integarasi dan otomatisasi, untuk meningkatkan integrasi dan utilisasi layanan Teknologi Informarsi secara otomatis dan terarah. Program ke dua adalah peningkatan reliability dan kualitas layanan yang diarahkan untuk mendefinisikan layanan teknologi informasi yang dapat dikelola secara terukur dan terus menerus ditingkatkan.

To support the operational process and other internal activities, the Information Technology Division subscribes to the Information Technology Service Management (ITSM) through the development of Service Delivery, Service Support, as well as System Development and Integration. The main programs carried out throughout 2010 are integration and automation, which were implemented to enhance integration and utilization of automatic and appropriate Information Technology services. The second Program involves reliability and service quality enhancement, which were directed to define information technology services for a measurable and continuous improvement.

Program pertama antara lain diwujudkan dengan dukungan terhadap implementasi D’ONE, sedangkan program kedua antara lain diwujudkan dengan ekspansi akses internet hingga 100 Mbps. Selanjutnya melakukan co-location untuk mencapai redundansi layanan, serta menerapkan monitoring keamanan transaksi secara rutin dan berkelanjutan oleh Divisi Teknologi Informasi terhadap semua proses terkait, dan melakukan penetration test terhadap layanan online secara berkala.

The first program was accomplished through, the support of D’ONE, while the second program was achieved by expanding Internet access to up to 100 Mbps. Co-location is subsequently carried out to achieve redundancy, as well as routinely and continuously implement transaction security monitoring by the Information Technology Division of all related processes, and regularly perform a penetration test of the online services.

Dengan berhasilnya kinerja dari kedua program diatas, berbagai rangkaian inisiatif pengembangan teknologi informasi di Danareksa dapat terus dilakukan, yang akhirnya juga akan mendukung prinsip tata kelola perusahaan yang baik (GCG) serta manajemen risiko yang memadai.

Based on the successful performance of the two programs mentioned above, these information technology development initiatives within Danareksa were feasible to be continued, which in turn, will be supporting the principles of Good Corporate Governance (GCG) and providing adequate risk management.



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Tanggung Jawab Sosial Perusahaan


Danareksa mengemban visi yang sangat penting dalam meningkatkan kesejahteraan masyarakat secara luas melalui berbagai program Tanggung Jawab Sosial Perusahaan (CSR). Wujud dari komitmen ini diimplementasikan dengan alokasi dana CSR yang konsisten setiap tahunnya. Danareksa carries a very important vision in improving the welfare of the community at large through various Corporate Social Responsibility (CSR) programs. This commitment is realized and implemented consistently from year to year through the allocation of CSR funds.

Sebagai entitas yang memiliki kepedulian terhadap masa depan Bangsa Indonesia, Danareksa memiliki komitmen untuk mengembangkan dan meningkatkan taraf hidup serta kualitas masyarakat secara luas. Untuk itu, visi meningkatkan kesejahteraan masyarakat melalui berbagai program tanggung Jawab Sosial Perusahaan juga menjadi bagian dari eksistensi Danareksa, di tengah tanggung jawabnya dalam menciptakan profitabilitas.

As an entity with a concern for the future of the Indonesian nation, Danareksa commits to the development and improvement of livelihood and the quality of life of the community at large. Therefore, the vision of improving the welfare of the community through various corporate social responsibility programs is also part of Danareksa existence, apart from its responsibility in creating profitability.

Sesuai dengan kerangka kerja yang telah dicanangkan oleh Kementrian Negara BUMN, program tanggung jawab sosial Danareksa direalisasikan melalui Program Kemitraan dan Bina Lingkungan (PKBL). Seiring dengan kerangka kerja tersebut, sejak tahun 2009, Danareksa juga telah melaksanakan Program Kemitraan melalui pemberian bantuan kepada pelaku usaha kecil dan koperasi. Program ini bertujuan memberi dukungan dalam proses pengembangan para mitra sehingga mampu mendorong kemampuan bersaing mereka di pasar yang semakin kompetitif. Pemberian bantuan disesuaikan dengan kebutuhan mitra binaan agar tercapai optimalisasi manfaat bantuan.

Danareksa’s CSR programs are realized through the Community Development and Partnership Program (PKBL) in accordance with the framework set forth by the Ministry for State-Owned Enterprises (BUMN). Alongside this framework, Danareksa has also been implementing a Partnership Program through the provision of aid to small businesses and cooperatives since 2009. This program aims to provide support in the process of the development of partners so as to foster their ability to compete in an increasingly competitive market. The provision of aid is tailored to the needs of the partners in order to achieve optimal results.

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Selama tahun 2010, Danareksa telah menjalankan berbagai kegiatan dalam kerangka program kemitraan antara lain melalui pemberian bantuan modal kerja kepada pelaku UKM berupa pinjaman berbunga lunak, pelatihan manajemen dan keuangan serta partisipasi para mitra binaan dalam expo/pameran di dalam maupun luar negeri. Cakupan geografis bantuan antara lain di wilayah DI Aceh, Jawa Barat, DKI Jakarta, Jawa Timur, Sulawesi Selatan, Sulawesi Tengah, Sulawesi Tenggara, Nusa Tenggara Timur dan Timor Timur.

During the year 2010, Danareksa conducted various activities within the framework of partnership program, among others, through the provision of working capital to SMEs in the form of soft loans, training in management and finances as well as through the participation of partners in expos/exhibitions at home and abroad. Geographically, this aid was distributed to regions in DI Aceh, West Java, DKI Jakarta, East Java, South Sulawesi, Central Sulawesi, Southeast Sulawesi, East Nusa Tenggara and East Timor.

Bersamaan dengan pencanangan program PKBL oleh Kementerian Negara BUMN, sejak tahun 2007 Danareksa telah menjalankan Program Bina Lingkungan. Program ini bertujuan untuk mendukung berbagai upaya peningkatan kesejahteraan masyarakat dan lingkungan secara keseluruhan. Saat ini, sebagian besar fokus Program Bina Lingkungan masih berada di bidang edukasi pasar modal bagi kalangan akademisi dan masyarakat umum. Program tersebut dijalankan melalui kerjasama dengan berbagai Perguruan Tinggi Negeri dan Swasta melalui berbagai kegiatan yang diselenggarakan di Semarang, Bandung, Malang, Surabaya, Makassar, Tasikmalaya, Medan dan Yogyakarta.

Together with the launch of PKBL program by the Ministry for StateOwned Enterprise, Danareksa has run Community Development Program since 2007. This program aims to support the various efforts to improve the welfare of the community and the environment as a whole. Currently, the focus of the Community Development Program mostly is in the field of capital market education for academics and the general public. The program is run in cooperation with various public and private higher education institutions through various activities held in Semarang, Bandung, Malang, Surabaya, Makassar, Tasikmalaya, Medan and Yogyakarta.

Selain edukasi pasar modal, dalam kerangka Program Bina Lingkungan, Danareksa juga memberikan bantuan pengadaan maupun peningkatan sarana dan prasarana pendidikan serta pelestarian alam di berbagai daerah. Pada tahun 2010, Danareksa telah menjalankan berbagai kegiatan sebagai wujud pelaksanaan program Bina Lingkungan, antara lain: • pemberian komputer untuk SD Muhammadiyah Karangbendo, Yogyakarta • pemberian bantuan komputer untuk SMPN 2 Purwosari, Pasuruan • pemberian beasiswa, peralatan sekolah dan komputer untuk SD Tarakanita Ngembesan dan SD Tarakanita Tritis, Yogyakarta • bantuan sarana/prasarana pendidikan untuk SDN Ngerengket 1-Nganjuk • bantuan bimbingan belajar intensif sukses masuk PTN di 6 untuk siswa kurang mampu melalui Yayasan Mata Air Jakarta • pembangunan fasilitas pendidikan kepada Yayasan As Salam Joglo-Jakarta

In addition to capital market education, Danareksa also provides and improve educational facilities and infrastructure as well as nature conservation in various areas within the framework of the Community Development Program. In 2010, Danareksa conducted various activities in implementing the Community Development program, among others: • computers donation for SD Muhammadiya Karangbendo, Yogyakarta • computers donation to SMPN 2 Purwosari, Pasuruan • provision of scholarships, school supplies and computers for SD Tarakanita Ngembesan and SD Tarakanita Tritis, Yogyakarta • education facilities/infrastructure aid to SDN Ngerengket 1-Nganjuk • intensive tutoring assistance for successful UMPTN in 6 to underprivileged students through Yayasan Mata Air, Jakarta • construction of educational facilities to Yayasan As-Salam Joglo-Jakarta

Pada tahun yang sama, Danareksa juga memberikan bantuan prasarana untuk PAUD Satria-Jakarta, bantuan bahan material untuk renovasi Panti Asuhan Eklesia-Ambarawa, serta menyelenggarakan khitanan massal untuk 100 anak kaum dhuafa.

In the same year, Danareksa also provided infrastructure aid to PAUD Satria-Jakarta, materials for the renovation of Eklesia-Ambarawa Orphanage, as well as held mass circumcision for 100 children from the less fortunate family.



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Peningkatan kualitas lingkungan hidup juga menjadi salah satu fokus kegiatan Program Bina Lingkungan yang dijalankan Danareksa. Seiring dengan berbagai inisiatif untuk meminimalisir dampak pemanasan global yang saat ini marak dilakukan di seluruh penjuru dunia, Danareksa juga berperan aktif dalam inisiatif tersebut. Pada konteks ini, melalui rangkaian program Bina Lingkungan, Danareksa melakukan penanaman 20.000 pohon di Pantai Krakal dan Sundak, Gunung Kidul, penanaman pohon di Pulau Rambut, serta di Cagar Alam Muara Angke.

Danareksa’s Community Development Program is also focused on improving the quality of the environment. Danareksa played an active role in various initiatives to minimize the impact of global warming. In this context, through a series of Community Development program, Danareksa planted 20,000 trees at Krakal beach and Sundak beach, Gunung Kidul, on Pulau Rambut, as well as in Muara Angke Nature Reserve.

Inisiatif peningkatan taraf hidup dan kesejahteraan masyarakat tentunya tidak terlepas dari ketersediaan infrastuktur yang memadai untuk mendukung aktifitas masyarakat. Danareksa sangat memahami hal ini. Oleh karena itu, melalui Program Bina Lingkungan, pada tahun 2010 Danareksa menyalurkan bantuan pembuatan pompa air tenaga kincir angin kepada petani di wilayah pantai Krakal dan Sundak Gunung Kidul. Danareksa juga membangun pembangkit listrik tenaga mikrohidro di Pujon, Malang, dan bantuan pembangunan instalasi air bersih dan MCK untuk masyarakat Desa Cimandala, Bogor. Selanjutnya, implementasi Program Bina Lingkungan di Jawa Timur dijalankan dengan membantu pemerintah daerah untuk menyediakan sarana distribusi air bersih.

Danareksa fully understands that initiatives for the improvement of livelihood and community welfare are intertwined with the availability of adequate infrastructure to support communal activities. Therefore, through the Community Development Program, in 2010 Danareksa delivered aid for the assembly of wind-powered water pumps to farmers in the coastal areas of Sundak and Krakal, Gunung Kidul. Danareksa also built micro hydro power plant in Pujon, Malang, and helped the development of clean water and sanitation facilities for the community of Cimandala Village, Bogor. The Community Development Program in East Java was implemented by helping local governments provide clean water distribution facilities.

Sementara itu pada bidang keagamaan, Danareksa mengakomodasi bantuannya dalam hal: • penyediaan sarana ibadah berupa alat-alat musik kepada Gereja Pantekosta, Pondok Daun; • penggalangan dana dan material untuk pembangunan Musholla Al Anshar, Kudus; • bantuan wakaf Al Qur’an untuk Indonesia.

Meanwhile, Danareksa supported the religious sector by accommodating: • The provision of religious facilities in the form of musical instruments to the Pentecostal Church, Pondok Daun; • Fund raising for the construction of Musholla Al Ansar, Kudus; • Al Qur’an wakaf assistance for Indonesia.

Di samping aktifitas dan program-program bantuan tersebut di atas, Program Bina Lingkungan Danareksa juga mengulurkan tangannya kepada korban bencana alam di berbagai wilayah di Indonesia seperti di Wasior, Mentawai, dan kepada korban letusan Gunung Merapi, Yogyakarta. Pemberian bantuan juga disalurkan dengan penyediaan bahan material untuk perbaikan rumah yang tertimpa bencana tanah longsor di Desa Karang Tengah, Bogor.

In addition to the activities and assistance programs mentioned above, Danareksa Community Development Program also reached out to victims of natural disasters in various regions in Indonesia such as in Wasior, Mentawai, and to the victims of the eruption of Mount Merapi, Yogyakarta. Aid was also channeled by way of providing construction materials to repair houses hit by landslides in the village of Karang Tengah, Bogor.

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Kegiatan Sosial Danareksa 2010 Danareksa Social Activites 2010

Sebagai bagian dari kegiatan Bina Lingkungan, Danareksa senantiasa peduli terhadap pelestarian lingkungan hidup. Salah satu kepedulian tersebut ditunjukkan dengan kegiatan penanaman tanaman bakau di area pantai Pulau Rambut, Kepulauan Seribu, Jakarta. Event ini sekaligus juga bagian dari komitmen “Go Green” yang dicanangkan para Agen Penjual “Obligasi Negara Ritel” beberapa waktu sebelumnya.



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In the Community Development Programs, Danareksa plays an active role in supporting improvement in social and environment as a whole. During 2010, the Community Development Program has also helped to coordinate planting of mangroves in the Rambut island. The event also part of the “Go Green” commitment announced by the authorized selling agents of ORI, the government’s retail bonds in a few months earlier.

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Struktur Organisasi Organization Structure

Risk Management Committee

Shareholders

Personnel Committee IT Committee

Audit Committee


President Director

Investment Committee Asset Liability Committee

Director

Director

Institutional Coverage

Chief Investment Officer

Director Chief Operating Officer

Other Financing

Equity Proprietary

Treasury, Prop & Finance Ops.

Asset Recovery

Debt Proprietary

Information Technology

Treasury

General Affairs Purchase & Procurement

Chief Financial Officer Accounting & Tax Management Reporting Budget Control Corporate Secretary

Human Resources

Risk Management & SOP

Legal

Economic Research (DRI)

Affiliates

Compliance Internal Audit

PT Danareksa Investment Mngt


Investment Banking

Investment Management

ECM Brokerage

Investment Management Operation

Structured Product & Finance


DCM Brokerage Retail Distribution & Cyber Bussiness Equity Research Debt Research Capital Market & Custody Operation

PT Danareksa Capital Private Equity Other Financing Fund Creation



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Pejabat Senior Senior Officers

Marciano H. Herman

David Agus

Erizal

Edy Sujoso

John D. Item

Prihatmo Hari Mulyanto

Poedji Goesarianto

Afrizal Akmal

Muhammad Afdal Pamilih

Ernist P. Tamba

Sujadi

Purbaya Y. Sadewa

Chandra E. Pasaribu

Budi Susanto

Harnugama

Zulfa Hendri

R. Happy Hermanto

Setiawan Queency Putera

Armand E. Richir

Lukman Nurazis

Bondan Pristiwandana

Bondan Pristiwandana

Bob P. Sumitro

Sumedi Rachmanto

R. Maman Sulaiman Juniawan

Freddy Anil

Trisnadi Yulrisman

Andang Nugroho

Imam Pratikno

Didiet Y. Joehono

President Director Danareksa Sekuritas Director Danareksa Sekuritas President Director Danareksa Finance Director Danareksa Capital Equity Research

Chief Investment Officer Institutional Coverage Risk Management & SOP

Proprietary & Finance Operations Information Technology

Tri Astuti Soebiono

Purchasing & Procurement

Director Danareksa Sekuritas President Director Danareksa Investment Management Director Danareksa Finance Retail Distribution Division

Debt Brokerage

Chief Operating Officer Asset Recovery Legal

Compliance

General Affairs

Director Danareksa Sekuritas Director Danareksa Investment Management President Director Danareksa Capital


Treasury

Chief Financial Officer Corporate Secretary

Investment Management Operations Internal Audit

Human Resources

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Produk dan Layanan Products & Services INSTITUSI

INSTITUTIONAL

Penjaminan Emisi Saham

Equity Underwriting

Penjaminan Emisi Obligasi

Bonds Underwriting

Penasihat Keuangan

Financial Advisory

Transaksi Saham

Equity Transactions

Transaksi Obligasi

Bonds Transactions

Layanan inovatif Danareksa yang diwakili oleh Divisi Investment Banking dalam kaitannya dengan proses penjaminan emisi saham, termasuk Initial Public Offering (IPO) dan Rights Issue.

Layanan inovatif Danareksa yang diwakili oleh divisi Investment Banking dalam kaitannya dengan proses penjaminan emisi obligasi, yang terdiri dari Obligasi Korporasi, Obligasi Pemerintah, dan Obligasi Konversi, dengan peran pengatur atau arranger untuk: 1. Medium Term Notes (MTN) 2. Asset-Backed Securities (ABS) 3. Negotiable Certificates of Deposits (NCD) 4. Instrumen fixed income lainnya Divisi Investment Banking mempunyai keahlian dalam memberikan jasa Penasihat Keuangan, termasuk Merger and Acquisition (M&A), Private Placement, Strategic Sale, dan Restructuring Deals. Jasa pelayanan kepada nasabah untuk melakukan transaksi saham di bursa dengan melakukan pembelian dan penjualan saham yang disertai laporan riset yang terpercaya dan jasa penyelesaian dari analis serta trader kami sesuai dengan ketentuan otoritas Pasar Modal dan Perusahaan kami. Menyediakan produk-produk yang inovatif dan aman sesuai dengan kebutuhan nasabah, membantu nasabah dalam melakukan peralihan portofolio obligasi, dan memberikan produkproduk riset baik dalam bentuk riset instrumen utang maupun riset ekonomi, memberikan informasi perkembangan setiap hari, melakukan kunjungan kepada nasabah, serta memberikan pelatihan-pelatihan tentang produk dan pengetahuan dasar.

Kontrak Pengelolaan Aset Investasi (Discretionary)

Perjanjian bilateral antara investor dan divisi Investment Management sebagai manajer investasi untuk mengelola investasi sesuai dengan tujuan dan batasan investasi yang ditetapkan.

An innovative service provided by the Investment Banking Division of Danareksa that is related to the equity securities issuance underwriting process, including Initial Public Offering (IPO) and Rights Issue. An innovative service provided by the Investment Banking Division of Danareksa that is related to the debt securities issuance underwriting process, comprising of Corporate Bonds, Government Bonds, and Convertible Bonds, with the role as arranger in the issuance of: 1. Medium Term Notes (MTN) 2. Asset-Backed Securities (ABS) 3. Negotiable Certificates of Deposits (NCD) 4. Other fixed income instruments.

The Investment Banking Division provides specialists to give Financial Advisory services, which include Merger and Acquisition (M&A), Private Placement, Strategic Sales, and Restructuring Deals. A service provided to clients to conduct equity transactions in the stock exchange through the sale and purchase of shares, complete with reliable research reports and settlement service from our analysts and traders, undertaken according to the Capital Market authorities and Danareksa’s regulations. Provides secure and innovative products to fulfill the needs of clients, assisting clients in portfolio switching, and provides research products on debt instruments as well as economic research, provides information on a daily basis, conducts client site visits, and provides training on products as well as capital market basic knowledge.

Discretionary Investments Assets Management

A bilateral contract between investors and the Investment Management Division to manage the invested funds in line with the agreed investment scope and objectives.



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Jasa Treasuri

Treasury Services

Transaksi Factoring (Anjak Piutang)

Factoring Transactions

Transaksi Leasing (Sewa Guna Usaha)

Leasing Transactions

RITEL

RETAIL

Danareksa Multi Investment Account (DMIA)

Danareksa Multi Investment Account (DMIA)

Reksa Dana

Mutual Funds

Pilihan produk reksa dana tersedia sesuai dengan kebutuhan dan tujuan investasi nasabah.

Mutual funds are available in various products and categories to suit different investment needs of the clients.

1. Reksa Dana Pasar Uang Reksa Dana Pasar Uang (RDPU) adalah reksa dana yang minimum 80% asetnya harus diinvestasikan pada instrumen pasar uang. Imbal hasil dan risiko pada RDPU paling rendah dibandingkan reksa dana lainnya. RDPU ditujukan bagi investor yang sangat konservatif, yang menginginkan pendapatan teratur dengan tingkat risiko kerugian rendah, dan memiliki jangka waktu investasi kurang dari 1 tahun. Tidak seperti reksa dana lainnya, NAB (nilai aktiva bersih) per unit pada RDPU selalu di harga Rp 1.000, sementara unit penyertaan akan terus berubah setiap harinya.

1. Money Market Mutual Funds A money market mutual fund invests a minimum of 80% of its funds in money market instruments. Compared to other types of mutual fund, the money market mutual fund has the lowest yield as well as very low risk. This type of mutual fund is suitable for highly conservative investors who want regular income with a low level of investment risk and an investment horizon of less than 1 year. Unlike other mutual funds, the NAV per participation unit of money market mutual funds is fixed at Rp 1,000, while the number of participation unit changes each day.

Pelatihan, pendampingan dan mitra transaksi Treasuri untuk lindung nilai, pengurangan biaya dan yield enhancement. Merupakan jasa pembiayaan yang siap pakai dengan skema transaksi pembelian dan atau pengalihan serta pengurusan piutang atau tagihan jangka pendek baik transaksi perdagangan dalam atau luar negeri, guna menjamin likuiditas suatu Perusahaan dan menekan biaya produksi barang/jasa yang dihasilkan dan biaya-biaya lain. Merupakan pembiayaan dalam bentuk penyediaan barang modal sesuai kebutuhan perusahaan yang gunanya untuk meningkatkan atau memperlancar produksi dan distribusi barang dan jasa yang dihasilkan perusahaan, baik secara sewa guna usaha dengan hak opsi (finance lease), maupun sewa guna usaha tanpa hak opsi (operating lease) selama jangka waktu tertentu berdasarkan pembayaran secara angsuran.

Layanan bagi investor konservatif maupun investor agresif dalam mengoptimalkan cara berinvestasi dengan kemudahan yang maksimal. Hanya dengan membuka satu rekening efek, seorang investor dapat dengan mudah mengalokasikan Kumpulan dana masyarakat pemodal yang dikelola/ ditempatkan dalam portofolio efek yang dikelola secara benar dan berhati-hati oleh Manajer Investasi kami yang handal.

Training, advisory and counterparty for Treasury transaction in hedging, cost reduction and yield enhancement. A ready to use financing service to ensure the liquidity of a company and reduce goods/services production cost and other costs, which is performed through purchasing transaction schemes as well as the transfer and management of accounts or short term collection for both domestic and international trading transactions.

A financing service to provide capital goods that is suited with the company’s requirements, which is used to improve or expedite the production and distribution of goods and services, both in the form of finance leases as well as operating lease, which is conducted for a certain period and paid through installments.

The perfect product for the conservative as well as the more aggressive investors, for optimum investment with maximum convenience. From just a single account, an investor can allocate his funds into different investment products. Funds collected from different investors are managed by our Investment Manager through portfolio investment in securities or other financial instruments.

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Saat ini, Danareksa Investment Management memiliki dua buah reksa dana pasar uang yang disesuaikan dengan kebutuhan investor: • Danareksa Seruni Pasar Uang II • Danareksa Gebyar Dana Likuid

Currently, Danareksa Investment Management offers two money market mutual fund products to suit investors’ needs: • Danareksa Seruni Pasar Uang II • Danareksa Gebyar Dana Likuid

2. Reksa Dana Obligasi Reksa Dana Obligasi (RDO) adalah reksa dana yang minimum 80% asetnya harus diinvestasikan pada obligasi baik korporasi maupun pemerintah. Imbal hasil dan risiko pada RDO relatif lebih tinggi dibandingkan RDPU. RDO ditujukan bagi investor konservatif, yang menginginkan sedikit pertumbuhan nilai pokok investasi dan telah sanggup menerima adanya penurunan nilai investasi sesaat, dan memiliki jangka waktu investasi antara 1 sampai 3 tahun. Saat ini, Danareksa Investment Management memiliki tiga buah reksa dana obligasi: • Danareksa JS Optima • Danareksa Universitas Indonesia • Danareksa Gebyar Indonesia II

2. Fixed Income Mutual Fund The fixed income mutual fund invests a minimum of 80% of its funds in corporate and government bonds. It has a higher yield and risk level compared to money market mutual funds. The fixed income mutual fund is suitable for conservative investors who want adequate growth on the principal investment value, are willing to risk temporary declines in investment value, with an investment horizon of 3 to 5 years. Currently, Danareksa Investment Management offers three fixed income mutual fund products to suit investors’ needs: • Danareksa JS Optima • Danareksa Universitas Indonesia • Danareksa Gebyar Indonesia II

Selain itu, terdapat tiga buah reksa dana obligasi dalam mata uang Dolar Amerika Serikat: • Danareksa Melati Dollar • Danareksa Melati Premium Dollar • Pundi Reksa Dollar

In addition, there are three fixed income mutual fund products offered in US Dollar denomination: • Danareksa Melati Dollar • Danareksa Melati Premium Dollar • Pundi Reksa Dollar

3. Reksa Dana Campuran Reksa Dana Campuran (RDC) adalah reksa dana yang memiliki kebebasan untuk mengatur komposisi asetnya, baik saham, obligasi, maupun instrumen pasar uang. Imbal hasil dan risiko pada RDC relatif lebih tinggi dibandingkan RDO. RDC ditujukan bagi investor yang bersifat moderat, dan menginginkan pertumbuhan investasi yang cukup tinggi dan sanggup menoleransi adanya fluktuasi atas nilai investasi, jangka waktu investasi antara 3 sampai 5 tahun.

3. Hybrid Mutual Funds A hybrid mutual fund has more flexibility regarding the composition of its underlying assets among equity securities, fixed income securities, or money market instruments. The yield and risk level of a hybrid mutual fund is relatively higher compared to fixed income mutual funds. Hybrid mutual funds are suitable for the moderate investors who want higher investment growth and are ready to tolerate fluctuations in their investment value, with an investment horizon of 3 to 5 years.

Saat ini, Danareksa Investment Management memiliki empat buah reksa dana campuran: • Danareksa Anggrek • Danareksa Anggrek Flexibel • Danareksa Syariah Berimbang • Dana Investasi Bersama

Currently, Danareksa Investment Management offers four hybrid mutual fund products to suit investors’ needs: • Danareksa Anggrek • Danareksa Anggrek Flexibel • Danareksa Syariah Berimbang • Dana Investasi Bersama



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4. Reksa Dana Saham Reksa Dana Saham (RDS) adalah reksa dana yang minimum 80% asetnya harus diinvestasikan pada saham. Investasi di RDS merupakan investasi yang paling berisiko, akan tetapi mempunyai potensi pertumbuhan nilai investasi yang relatif paling tinggi dibandingkan semua jenis reksa dana. RDS ditujukan bagi investor yang bersifat agresif, dan menginginkan pertumbuhan investasi yang tinggi dalam jangka panjang serta sanggup menoleransi fluktuasi nilai investasi yang cukup tajam. Jangka waktu investasi lebih dari 5 tahun.

4. Equity Mutual Fund An equity mutual fund invests a minimum of 80% of its assets in equity securities. Investment in equity mutual funds carries the highest risk level, while offering a relatively higher growth potential in investment value compared with all other types of mutual funds. The equity mutual funds are suitable for the aggressive investors who want high returns on their investment over the long term, are willing to tolerate sharp fluctuations in their investment value, with an investment horizon of more than 5 years.

Saat ini, Danareksa Investment Management memiliki dua buah reksa dana saham: • Danareksa Mawar • Danareksa Mawar Agresif • Danareksa Mawar Fokus 10

Currently, Danareksa Investment Management offers two equity mutual fund products: • Danareksa Mawar • Danareksa Mawar Agresif • Danareksa Mawar Fokus 10

5. Reksa Dana Indeks Reksa Dana Indeks (RDI) adalah reksa dana yang dikelola untuk mendapatkan hasil investasi yang mirip dengan suatu indeks yang dijadikan acuan. Pada RDI, minimum 80% asetnya harus diinvestasikan sesuai dengan aset-aset pada indeks acuannya, yang disebut dengan pengelolaan pasif. RDI ditujukan bagi investor yang menginginkan transparansi atas investasinya dan percaya bahwa pengelolaan secara pasif akan memberikan hasil investasi yang lebih maksimal.

5. Index Mutual Fund An index mutual fund is managed to give an investment return that approximates those of the market index used as a benchmark. An index mutual fund invests a minimum of 80% of its funds on the securities that form the benchmark index. This called a passive fund management. The index mutual funds are suitable for investors who want more transparency on their investments and thus believe that passive fund management will provide the optimum investment results.

Saat ini, Danareksa Investment Management memiliki satu buah reksa dana indeks yaitu: • Danareksa Indeks Syariah

Currently, Danareksa Investment Management offers one index mutual fund product to suit investors’ needs: • Danareksa Indeks Syariah

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Alamat Addresses

HEAD OFFICE Gedung Danareksa Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 – Indonesia Layanan Bebas Pulsa 0-800-1-789-789 Tel. (62-21) 3509888 Fax. (62-21) 3500989 DANAREKSA CALL CENTER E-mail: [email protected] Tel. (62-21) 351 9777 Fax. (62-21) 350 1707 Sentra Investasi Danareksa (SID) Pusat Gedung Danareksa Lantai 2 Jl. Medan Merdeka Selatan No. 14 Jakarta 10110 Tel. : (62-21) 386 5523 Fax. : (62-21) 350 6076 Sentra Investasi Danareksa (SID) Pondok Indah Plaza 5 Blok A/12 Jl Margaguna Raya, Pd Indah, Jakarta 12140 Tel. (021) 739-6988 Fax. (021) 739-6966 Sentra Investasi Danareksa (SID) Mangga Dua Pertokoan Mangga Dua Mall Jl Mangga Dua II/3, Jakarta 10730 Tel. (021) 6230-1988 Fax. (021) 6230-1878 Sentra Investasi Danareksa (SID) Kelapa Gading Jl Raya Boulevard Barat Blok LC-6, Kav. 47, Jakarta 14240 Tel. (021) 4585-7199 Fax. (021) 453-5899 Sentra Investasi Danareksa (SID) Pluit Ruko Megamall Pluit Blok MG No. 39 Jl Raya Pluit Permai 39, Jakarta 14450 Tel. (021) 6669-2777 Fax. (021) 667-0063

Sentra Investasi Danareksa (SID) FE-UI Gedung A, Fakultas Ekonomi Universitas Indonesia Kampus Baru, Depok 16424 Tel. (021) 7884-9149 Fax. (021) 7884-9151 Sentra Investasi Danareksa (SID) Depok Ruko Margonda Residence 12 Jl. Margonda Raya, Depok 16426 Tel. (62-21) 787-1688, Fax. (62-21) 772-12255 Sentra Investasi Danareksa (SID) Puri Indah Rukan Sentra Bisnis Puri Indah. Jl Puri Lingkar Dalam Blok T6/20, Jakarta 11610 Tel. (021) 582-1212 Fax. (021) 582-7494 Sentra Investasi Danareksa (SID) BSD City Ruko BSD Plaza Sek. IV Blok RG No. 9, BSD, Tangerang 15322 Tel. (021) 5315-2666 Fax. (021) 537-0153 Sentra Investasi Danareksa (SID) Outlet Kebun Jeruk Jl. Panjang No. 200 Kb. Jeruk Jakarta 11530 Tel. (021) 5367-5931; (021) 5367-5846; (021) 5367-5883 Fax. (021) 4537-7372 Sentra Investasi Danareksa (SID) Solo Jl. Slamet Riyadi No. 328, Solo 57141 Tel (62-271) 722-632 Fax (62-271) 722-894 Outlet Sentra Investasi Danareksa (SID) Cirebon Jl. Ciptomangunkusumo No. 7 Cirebon 45131 Tel. (0231) 220-365 / 220-366 Fax. (0231) 220-364


Sentra Investasi Danareksa (SID) Bandung Gedung Pinsil Jl. Gatot Subroto no 1 Bandung 40262 Tel (022) 730 3588 Fax (022) 730 2511 Sentra Investasi Danareksa (SID) Semarang Jl. Pandanaran No.80A Semarang 50241 Tel (62-24) 845-4555 Fax (62-24) 845-4222 Sentra Investasi Danareksa (SID) Surabaya Jl Basuki Rahmat 88 - 92 Surabaya 60271 Tel. (031) 534-5888 Fax. (031) 535-2824 Sentra Investasi Danareksa (SID) Malang Jl. Basuki Rahmat No. 95 Malang 65111 Tel. (0341) 329-888 Fax. (0341) 340-651 Sentra Investasi Danareksa (SID) Fak. Ekonomika & Bisnis, UGM Gedung Diploma FEB-UGM Jl Prof. Dr. Mr. Drs. Notonegoro, Bulaksumur, Yogyakarta 55281 Tel. (0274) 551-181 Fax. (0274) 551-050 Sentra Investasi Danareksa (SID) Kuta Gd Tapa, lantai 2 Jl Raya Kuta 27 Abianbase Kuta, Bali 80114 Tel. (0361) 764-604 Fax. (0361) 751-926 Sentra Investasi Danareksa (SID) Samarinda Jl. Gatot Subroto No.80 Lt.3 Samarinda Tel. (62-541) 743-780 Fax. (62-541) 742-110 Sentra Investasi Danareksa (SID) LKBN Antara Jakarta Wisma Antara Lantai 7 Jl. Medan Merdeka Selatan 17 Jakarta 10110 Tel (62-21) 386-0099 Fax (62-21) 386-2299 Sentra Investasi Danareksa (SID) Palembang Jl. Kapten A. Rivai No. 406 C Palembang 30136 Telp. (0711)-365050 Fax. (0711)-363728


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Outlet UIN Maliki Gedung Sosial Fak. Ekonomi Lt 3 Universitas Islam Negeri Maulana Malik Ibrahim Jl. Gajayana No. 50, Malang 65151 Tel. (0341) 558-881 Fax (0341) 558-881 Sentra Investasi Danareksa (SID) Makassar Blvd Ruko Ruby No. 26 Panakukkang Makassar Tel. (0411) 420-888 Fax. (0411) 420-588 Sentra Investasi Danareksa (SID) Univ. Airlangga Jl. Airlangga No.4 Surabaya Tel. (031) 504-4882 Fax. (031) 504-4940 Outlet Universitas Ma Chung Villa Puncak Tidar N-01 Malang 65151 Tel. (0341) 550-171 Fax. (0341) 550-175 Sentra Investasi Danareksa (SID) Bogor Gedung Setya Jaya Jl. Raya Pajajaran No 23 Bogor - 16143 Tel. (0251) 833-8777 Fax. (0251) 839-4777 Sentra Investasi Danareksa (SID) Universitas Kristen Satya Wacana - Salatiga Jl. Diponegoro No. 52 Salatiga 50711 Tel. (0298) 321-117 Sentra Investasi Danareksa (SID) Medan Jl. Pulau Pinang No. 4 Medan 20111 Tel. (061) 452-8100 Fax. (061) 452-7100 Outlet Sentra Investasi Danareksa (SID) IRAI BCA Tower Grand Indonesia Suite 4802 Jl. MH Thamrin No. 1 Jakarta 10310 Tel. (62-61) 235-87011 Fax. (62-61) 235-87012 Outlet Sentra Investasi Danareksa (SID) Tasikmalaya Ruko Asia Plaza No.8 A Jl. H. Mustofa Tasikmalaya - Jawa Barat Tel. (62-265) 929-0997 Fax. (62-265) 331-820

Tanggung Jawab Pelaporan Keuangan Responsibility for Financial Reporting Laporan keuangan dan semua informasi keuangan yang berkaitan dengan laporan tahunan disiapkan oleh Manajemen PT Danareksa (Persero). Dalam pelaksanaannya, Manajemen menerapkan prinsip akuntansi yang berlaku umum dan melakukan penilaian serta estimasi terhadap hal-hal yang dirasa perlu. Untuk memenuhi standar kewajaran dari laporan dan segala informasi ini, Manajemen menerapkan sistem pengawasan internal untuk memastikan bahwa setiap transaksi dilakukan sesuai dengan kebijakan Manajemen.

The financial statements and related financial information in this annual report is prepared by the Management of PT Danareksa (Persero). In doing so, management applied generally accepted accounting principles and also exercised its judgement and made estimates in those instances where they were deemped appropriate. In those instances where they were deemed appropriate. In discharging its responsibility for fairness of these statements and information, the Management maintains a system of internal controls designed to provide reasonable assurance that transactions are executed in accordance with the Management’s authorization.

Unsur penting dari suatu penerapan pengawasan adalah pemilihan, pelatihan dan pengembangan personelnya termasuk di dalamnya pengawasan internal. Manajemen meyakini bahwa sistem pengawasan internal akan mendukung keandalan dan kebenaran dari laporan keuangan.

An important element the establishment of control is the careful selection, training and development of professional personnel, including internal auditors. The Management believes that the system of internal control supports the integrity and reliability of the financial statements.

Selain itu, Perseroan juga diperiksa secara berkala oleh Auditor Negara (BPK) dan beberapa badan regulasi lainnya.

In addition, Danareksa is examined periodically by auditors from the State Audit Board and other regulatory agencies.






Direksi Board of Directors


Aloysius Kiik Ro

Stephanus Turangan

Heru D. Adhiningrat

Direktur Director

Direktur Director

Direktur Director



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Laporan Keuangan Konsolidasi dan Informasi Tambahan untuk Tahun-tahun yang Berakhir 31 Desember 2010 dan 2009 dan Laporan Auditor Independen Consolidated Financial Statements and Supplementary Information for the Years Ended December 31, 2010 and 2009 and Independent Auditor’s Report

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PT DANAREKSA (PERSERO) DAN PERUSAHAAN ANAK

PT DANAREKSA (PERSERO) AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS  

NERACA KONSOLIDASIAN  

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                                               

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      

      

 

 

  

  



    

  

 

  







                                              



 







125

 



CONSOLIDATED BALANCE SHEETS (Continued)  

NERACA KONSOLIDASIAN (Lanjutan)  

 













 

 

                                

 

 

 

 







      

     

     

  

  







 





  

  





  

  



  



  

             

               





 

 





126



 







CONSOLIDATED STATEMENTS OF INCOME   

LAPORAN LABA RUGI KONSOLIDASIAN   

 

 

                   

 

 

 

  







     





     

 

     



 

  



           

       

       







   

   

     







  

    



  





  







  



   

              



     

 

 

 



  

 











































 

 















































 



























 





 





















 

 








CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY   







 




  











 





















LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN   





127

128



 



CONSOLIDATED STATEMENTS OF CASH FLOWS   

LAPORAN ARUS KAS KONSOLIDASIAN   

 

 

                

 

   

   

         

   

 

   

                    









  

  





     

 





 

 





 









 

   

   

    



   

     

   



    



 

   





 



  



 









NOTES TO CONSOLIDATED FINANCIAl STATEMENTS   

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN   

1. Umum 

129

1. General



                                     

                                       

                                                                        

                                                 

 

                                     

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

                                                                                               





                                            





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NOTES TO CONSOLIDATED FINANCIAl STATEMENTS (Continued)   

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)   

  

                          

                                

                                      

      

      

      

      

    

    

    

    

      

      

      

      

      

        

     

     

     

     

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

      

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      

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               

                 

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

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



                                 







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                                                           

                                               

                                  

                                                 



131



          





      

          





   

       



132









                  

  

        

      









    

  

  

   

   

   

        



                         

  

  

  

     







 



















  







 







  

   

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           

2. Summary of Significant Accounting Policies 2. Ikhtisar Kebijakan Akuntansi Penting                                                           

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                                                                                                                                      

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          

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                                              

                                          

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                                                                     

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                                           

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                                     

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                                   

                                  

                                     

                         

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                             

                      

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                                                                                                                                                                                     

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                                                                                                                                                                                                                                                                                                                                                                                                          

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                   

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                                                  

                                                        

                      

                            

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                                                                                                                  

            



 

                                                                 

                            

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                                            

                                                                             

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                                     

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           

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                                                                        

                 

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       

              

                                              

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               

                                         

                   

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                                                                                     

                     

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                                     

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      

                                    

                                                     

                                                    

 

                     

                           

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                                   

            

                                                  

                                             

                                   

                                      

                                   

                               

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                           

                        

                      

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             

               

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                                                                                    

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                                                                                                                                              

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                                                                

 

                                                                                                       

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                                      

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                                                                                       

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                                                                                

                                                                                   

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                                                                   

                                                          

                         

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CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)    

        

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                                         

         

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           

                                      

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  

143

           

  

  

                                       

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  

                                    

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                                                                          

 

                                                                            

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                                                                                     

                                        



                                                                                    

                                                                                                                             

                                                                                                   

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

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                                                                         

                                                                                                                           



     

  

  

     

  

 



  

               

                                                                                                                                                               

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                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       

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                 

                 

                     

                        

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                 

                               

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                    

                   

                                          

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                                          

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                                                                                                                                                              

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3. Risk Management 3. Manajemen Risiko                                                                                                                                                                                                                                                                                                                                                                                                                                                                 

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                                                                                                                                                         

                                                                                     

                                                                                      

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

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4. Cash and Cash Equivalents

4. Kas dan Setara Kas  

                                                            



 





             

             

                 





































 

 





















 

 



                                        











                    

151

 

 

    

    

















                   

  

  









  

 

 

  



 5. Efek-efek    

5. Marketable Securities



                









 

 

  

          



  

  



          

             



152






CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)     

     

    

  

          

 



   

    

    





          



     

      

                                                                            



 

   

    

    

     

 





 

 

 

                                                           





153





              

    

  



 

   

  















            

         

 

  

  

   

   

       



                     

      

 

  

  

  













  





 





             

      

 



 





  

  



    







154







                                                                                            

                                                           

                                             

                                              

                         

                 

          

                    



           



 



 



 

     

  

    

  

 











                                                                                                                                                                            

  



         

           

            

            

             

          

                                                                                                                                                    

 





         

                               

155





             

         

                          



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                               

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                     

                             

                                                                          

                                        

              

  

      



 

      

      

 

      



 

 

       



             



                                                                                    



 







     



     

                                                                       







157





           

                      

    

   

                                                                                                                                                                        

 

   



                                                                                                                                                                  



158







                             



     



       

        



       

         



 



                     

                                                                                                                                                                

                     



                                                                                                                        









6. Piutang Usaha – Pihak Ketiga 

          

6. Account Receivables – Third Parties  

 

   

   

    

    

    

     

  

  





 

 

                           

 

  



  

  



     

 



 

  



    

                  

    





      

159



  

 

  



    



160







                                                                                              

                                       

                            

             

                       

                

                                                       

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                                                                                                                                                        

















  

      

 

  

      





    

 

 

161

 

  





    

 

  

       

       



  





  

                          

  

 

  

  

  7. Piutang Kegiatan Perantara Perdagangan Efek

  



7. Receivable from Brokerage Activities



         













 

 

      

      

 



         





162







                        

                      

      

  



 

 



 



 

       

    

 

     

     



 



 

     



                                          

                                      

             

         



   

   

  

        

    

 

 

  

  

 







     





      

     











                      

  

           





  

                            

  

                  

   

   

   



                  

 

 





 

 

 



      

 

                       

  

         

 



    

                    



                 

   

163



    





164











  

   

 

  

  



  



                               

                      

                               

                  

                     

           

                                             

                              



 



 



 



8. Receivables from Investment Mangement – Third Partis



8. Piutang Kegiatan Manajemen Investasi – Pihak Ketiga 

                   

  









  

  







  






165






9. Piutang Kegiatan Pendanaan 

9. Receivables from Financing Activities

           

 

 

  

  

   



 



   

 

     



     

 

   

    

      

     



                

    



           













  

 

                            

                    

                 









166







                    

  

 

  

  

                     

  



    

 

 



     

   

    

     

































 















  

  

   

 

  

                   





  

  



          











10. Other Receivables – Third Parties

10. Piutang Lain-lain – Pihak Ketiga 

      

167

 

   

    

   



 11. Biaya Dibayar di Muka



11. Prepaid Expense



                                      

12. Investment in Shares

12. Penyertaan Saham 

                         

        

    

       

  





 





























13. Fixed Assets



13. Aset Tetap 

   

   

     



   

   

   

   

   

   

  

  

   

   





       





168







   

   

     



   

   

   

   

   

   

  

  

   

   



                                                        14. Agunan yang Diambil Alih 

   

   



                                             14. Foreclosed Assets



                  

 



 



 

                                       

    

                            













 

       

169

   

 

    

    

   

   

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  

  



                         

                                         

                           

                          

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 



 

                              

                                                                                            







170







15. Other Assets

15. Aset Lain-lain 

          

 





 

     

     

      





               

                

                           

                              

                   16. Hutang Usaha – Pihak Ketiga 

                





 



 

16. Trade Payables – Third Parties

 

  

 

 

 



  





            









171




CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)    

17. Payable From Brokerage Activities

17. Hutang Kegiatan Perantara Perdagangan Efek  

    









   

                         

    

   

    

                      

 

 





 

 

    





                                                        18. Pinjaman Bank



 



     

    





                                            

18. Bank Loan



  





  









172







                

   

19. Hutang Kegiatan Manajemen Investasi                                              

19. Investment Management Payable

20. Bunga yang Masih Harus Dibayar 

  

  21. Biaya yang Masih Harus Dibayar 

          

                                

20. Accrued Interest  

 

  

  

  



21. Accrued Expenses  

 

          

          

          

          











22. Taxation

22. Perpajakan 

  

   





 

 

  

  

       

173



     

      



 

      







     

 





            





 

 

   

   

       

       

                           



            



                                            





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CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)    

     



 

     

     

     







                                                  





  

                                               

   





   

   



    



  

  









 

     

  

  



   

   



 

 

 

 

  





  











                             



           

       

               



 

                        

 

 





 

 

    

    

            

    

    

  

  

  

  

















 

 

   





    

                            

175



 

   



                         





176






CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)                   

 

 

 





   

   





             





                         

      



  



     

   

              





        



    



            











               

177

 

 





 

 





       

       

              





             



             

        

 

 

 

 





        

        

        

        

  



             

        





178







 









                                                                 

                                        

                                    23. Hutang Lain-lain 

                    



 

 

23. Other Payables

 

   

 

  

  

   

                               24. Long Term Debt 24. Pinjaman Jangka Panjang 

      

 

 

    

    





     

 

 







179





             

 

       

 





    

    





      



                                                                                                                                                                                                                   

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          

                

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                                                                                                                                                                                                                         

                                                                                                                 

                                               

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                                                                                                                                                                                                                     

                                                   

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                                                                                                                     

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                                                                                                                                                                                              

                                             





   

        

                                       



                           







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25. Minority Interest

25. Hak Minoritas 

                  

 26. Modal Saham

26. Share Capital



                                                                                                                                                                                                                                                                                                 27. Other Additional Paid-up Capital 27. Tambahan Modal Disetor Lainnya 



                                                            

                                                          



184







                       28. Saldo Laba (Rugi)                          

        

28. Retained Earning (Deficit)            

    

 

  

  

   29. Pendapatan Bunga Dividen dan Sewa Pembiayaan 

       

    









      

      

       

 30. Service Fee Income  

 

    

    

   





29. Interest, Dividends and Lease Income

 30. Pendapatan Jasa 

  



    











31. Gain (Loss) from Trading Securities and Changes in Fair Value of Trading Securities

31. Laba (Rugi) dari Perdagangan Surat Berharga dan Selisih Perubahan Nilai Wajar Efek Diperdagangkan   

    

  33. Beban Bunga 

  

 

    

  32. Pendapatan Jasa Penjaminan Emisi dan Penjualan Efek                 

  

    



                    

 

 

  

  

  



33. Interest Expenses  

 

  

  

  



34. Provision for Diminution (Recovery) in Value of Marketable Securities – Held to Maturity and Customers Receivable

 

 

  

  

  

    

32. Underwriting and Securities Selling Service Income

  34. Penyisihan Penurunan (Pemulihan) Nilai atas Efek yang Dimiliki Hingga Jatuh Tempo dan Piutang Nasabah 

  

185



  





186







35. Beban Gaji dan Pelatihan 

    

  36. Beban Umum dan Aministrasi 

            

  37. Beban Pengembangan Sistem 

       

35. Salaries and Training Expenses  

 

    

    



36. General and Administrative Expenses  

 

            

            

            



37. System Development Expenses  

 

       

       

       

    



       











38. Beban Pengembangan Usaha 

     

38. Business Development Expenses  

 

     

     

 

     



 

 























 





 

 





 









                                 

                      



                                                                      



                            

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40. Employee Benefits

40. Imbalan Kerja

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

39. Income per Share

39. Laba per Saham 

187

          





188









      

 

  











       

            

      

    

   

  

  

   

                  

 

 





  



        



                                     

 

   







                              

   





                   

 

     

   

   

 

 







        











 

 

 

 

   









 

 

 







                                                                                                  



 

     

189



   

      



                                                                              









   







     

           

 

 

 

  

  

  

  

 

 





     





190







               

          

 

   

   

   

















      





            

      

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 

 





 

 





                                                                             

      

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                                                                                





191





                                      

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  

 

  

 

 

  



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  

                    

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41. Transaksi dan Akun Dengan Pihak Hubungan Istimewa                                                                                                                                                             

41. Transaction and Accounts with Related Parties                                                                                                                                                                   

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                                                                                                                                                                                                                                                                

             

 

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 

 

    

  

        







  



 














CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN (Lanjutan)            

 

 

  

       

   

 

   



  

 

  

  

     

193

  

    



  

 





 

 

     



   



 



           

42. Business Segment Information



42. Informasi Segmen Usaha               



                     





194







  

        

   

         

        

   

        



      



 

    



 

 

 







    

    

   

 

 

 

  

  





 







    

    

   

 

 

  

            











  

        

   

        



 

 

 







    

    

   

 

 



     

  



 



 







    

    

   

 

 

  43. Komitmen dan Kontinjensi



195

  

43. Commitment and Contingent

                                                        

                                         









196







44. Monetary Assets, Liabilities and Commitment in Foreign Currency

44. Aset, Kewajiban dan Komitmen Moneter Dalam Mata Uang Asing               

   

  

    

    

    

    









 

 

 

 

 

 

 

 

  45. Kelangsungan Usaha Perusahaan Anak                                                                                                                  



        

 

45. The Subsidiary’s Going Concern





   

                                   

                                                    



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                                    

                                   

                  

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                         

 

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                      46. Financial Assets and Financial Liabilities 46. Aset Keuangan dan Kewajiban Keuangan                                                

             

                      

      

     

     

      



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  

  

  

  

  

  

   

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

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

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

                  

   

 

  

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  

  

  

  

  

  



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

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

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      

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

                      

            

 

 

 

 

 

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





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   

   

   

   

   

  

  

  

  

  

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     

                          47. Penerapan Awal PSAK 50 (Revisi 2006) dan PSAK 55 (Revisi 2006)                                                                                        

     

 

     

                    

      

            

            

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                        

47. First Adoption SFAS 50 (Revised2006) and SFAS 55 (Revised 2006)

                                                                               

48. Statements of Financial Accounting 48. Perkembangan Terakhir Standar Akuntansi Standards Keuangan                                                            










199




   

               

   

   

   

     

                            

                                                                                                         

49. Informasi Keuangan Tambahan

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49. Supplementary Financial Information                                                            

                                                       

50. Subsequent Events

50. Peristiwa Setelah Tanggal Neraca                              

                         





200







               •   •          •                          

   •   •           •                             51. Management’s Responsibility on the Consolidated Financial Statements

51. Tanggung Jawab Manajemen atas Laporan Keuangan Konsolidasian

                          









201 Appendix 1

Lampiran 1

PT DANAREKSA (PERSERO) PARENT COMPANY ADDITIONAL INFORMATION BALANCE SHEETS)  



PT DANAREKSA (PERSERO) PERUSAHAAN INDUK INFORMASI TAMBAHAN NERACA   

                       

  





   

   

    

    

   

   

                     

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202



Appendix 1

Lampiran 1

                            

PT DANAREKSA (PERSERO) PARENT COMPANY ADDITIONAL INFORMATION BALANCE SHEETS (Continued))  



PT DANAREKSA (PERSERO) PERUSAHAAN INDUK INFORMASI TAMBAHAN NERACA (Lanjutan)    

 

 

      

     

  

  

 



         

  

  

  

  

             





 

  



 



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Appendix 2

Lampiran 2 

PT DANAREKSA (PERSERO) PERUSAHAAN INDUK INFORMASI TAMBAHAN LABA RUGI  

    

            

PT DANAREKSA (PERSERO) PARENT COMPANY ADDITIONAL INFORMATION INCOME STATEMENT  

 

 

 

 

 

 





    

          

       

       









      

    

    

      









    

  

  

    









  



203

 



 

 

   





















 













 







































 

 













 

 

 





















PT DANAREKSA (PERSERO) PARENT COMPANY ADDITIONAL INFORMATION STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY  





Appendix 3
























 



PT DANAREKSA (PERSERO) PERUSAHAAN INDUK INFORMASI TAMBAHAN LAPORAN PERUBAHAN EKUITAS  

Lampiran 3

204 Preserving Excellence

188,12 % Danareksa. today LABA BERSIH NET PROFIT PENDAPATAN TOTAL REVENUE EKUITAS TOTAL SHAREHOLDERS EQUITY LABA BERSIH NET PROFIT

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