Tumbuh Tinggi Membangun Negeri

Tumbuh Tinggi Membangun Negeri Tak terasa, tiga puluh tujuh tahun kami hadir di bumi pertiwi Dari Aceh hingga Papua terlihat jelas buah tangan kreasi Kami Sepanjang tahun Kami mengabdi untuk negeri Ratusan ribu tempat hunian telah berdiri Kami persembahkan kepada semua lapisan masyarakat di pelosok negeri Tiga puluh tujuh tahun pula kami telah menjadi bagian dari penduduk negeri Kami turut menjadi saksi pertumbuhan ekonomi Meski sudah banyak yang menjadi bukti Tetapi kami tidak akan berhenti Terus berupaya untuk memaksimalkan potensi yang dimiliki Meski Kami sadar akan beban di pundak kami Tapi kinerja kami tetap harus tinggi Terbukti, karya Kami pun terus menuai prestasi Inilah modal dasar Kami membangun negeri Pemerintah Pusat dan Daerah Kami ajak sinergi National Housing and Urban Development makin memantapkan diri Tekad Kami menjadi agen pembangunan dalam menata wilayah tak pernah berhenti

2

2011

In Developing Motherland No Height is too high for us to Ascend Does not feel, thirty seven years have we been in this motherland — unbelievable! From Aceh to Papua there can be no mistake of the fruits of our creation No year passed without our service for this beloved country Hundreds of thousand residences have been erected As our blessed donation to all walks of life all over this country Thirty seven years we likewise have been an integral part of the population We are also witnesses to the economical growth Much, nay, very much evidence already is notwithstanding Cease we will not Striving to maximize our potential will we be Well do we realize the burden shoulder we Our high performance never will decline We keep reaping achievement that proves it This is our basic capital in the development of this country We invite National Government and Local Government to synergize National Housing and Urban Development keeps growing more and more solid We resolve on being the agent of development in addressing region without end

2011

3

Contents

Daftar Isi Ikhtisar Utama

7

C]q@a_`da_`l

Indikator Kinerja Utama ?jYÚcAc`lakYjC]mYf_Yf

8 9 10 12

C]qH]j^gjeYf[]Af\a[Ylgj >afYf[aYd@a_`da_`l?jYh` >afYf[aYd@a_`da_`l AehgjlYfl=n]flkaf*())

17

EYfY_]e]flJ]hgjl

18

:gYj\g^Kmh]jnakgjqkJ]hgjl :gYj\g^
Ac`lakYjC]mYf_Yf H]jaklaoYH]flaf_*())

Laporan Manajemen DYhgjYf<]oYfH]f_YoYk Laporan Direksi LYf__mf_BYoYZH]dYhgjYf

26 34

HjgÚdH]jmkY`YYf

37

FYeY\Yf9dYeYl Lgf__YcK]bYjY` JaoYqYlKaf_cYl Naka$Eaka\YfFadYa%fadYaH]jmkY`YYf B]fakHjg\mc\YfHjgq]cH]jmefYk BYjaf_YfH]dYqYfYf OadYqY`C]jbY 9cmflYfHmZdac$FglYjak\YfCgfkmdlYf@mcmeH]jmkY`YYf

38 40 42 43 45 53 54 56

Af^gjeYka9fYcH]jmkY`YYf KmeZ]j
57 59

9fYdakY\YfH]eZY`YkYfEYfYb]e]f

65

;gehYfqHjgÚd] Name and Address Ead]klgf] :ja]^g^@aklgjq NakagfYf\EakkagfL`]NYdm]k;gehYfq Hjg\m[lYf\Hjgb][lLqh] F]logjcK]jna[]k Gh]jYlagf9j]Y HmZda[9[[gmflYfl$FglYjqYf\DYoq]j KmZka\aYjqAf^gjeYlagf @meYfJ]kgmj[]k

EYfY_]e]fl9fYdqkak
LafbYmYfEYcjg=cgfgea\YfAf\mklja

66

EY[jg=[gfgea[Yf\Af\mkljqJ]na]o

LafbYmYfGh]jYkagfYd

68

Gh]jYlagfJ]na]o

Caf]jbY:]j\YkYjcYfB]fakMkY`Y

72

>]j^gjeYf[]h]j:mkaf]kkK]_e]fl

Caf]jbYC]mYf_YfH]jmkY`YYf

77

>afYf[aYdH]j^gjeYf[]

AfakaYkaCmf[a

82

Key Initiation

Hjgkh]cH]jmkY`YYf

84

:mkaf]kkHjgkh][l

34

4

2011

LYlYC]dgdYH]jmkY`YYf

87

;gjhgjYl]?gn]jfYf[]

H]f]jYhYfLYlYC]dgdYH]jmkY`YYf <]oYfH]f_YoYk

88 92

Direksi Cgeal]9m\al K]cj]lYjakH]jmkY`YYf

96

Aehd]e]flYlagfg^;gjhgjYl]?gn]jfYf[] :gYj\g^Kmh]jnakgjq :gYj\g^mf\k ;geeale]flg^;gfkme]jHjgl][lagf ;g\]g^;gf\m[l ;gjhgjYl]Kg[aYdJ]khgfkaZadalq

KYlmYfH]f_YoYkAfl]jf Manajemen Risiko C]hYlm`YfL]j`Y\YhH]jmf\Yf_%mf\Yf_Yf H]eZ]jaYf

104 108 110 113 118 119 119 122 123

131

KljmclmjGj_YfakYka HjgÚd<]oYfH]f_YoYk HjgÚd
132 134 137

HjgÚdK]cj]lYjakH]jmkY`YYf HjgÚdC]hYdYKYlmYfH]f_YoYkAfl]jf HjgÚd9f__glYCgeal]9m\al

140

HjgÚdH]bYZYlCYflgjHmkYl HjgÚdH]bYZYlCYflgjJ]_agfYd HjgÚd<]oYfCgeakYjak
DYhgjYfC]mYf_YfCgfkgda\Yka

140 141 141 143 146

Company Data Gj_YfarYlagfYdKljm[lmj] :gYj\g^Kmh]jnakgjqHjgÚd] HjgÚd]g^
149

;gfkgda\Yl]\>afYf[aYdKlYl]e]flk

2011

5

6

2011

AC@LAK9J UTAMA C=Q@A?@DA?@L

2011

7

E9AFH=J>GJE9F;=AF
AF
"TFUNFOJOHLBU 1FOEBQBUBONFOJOHLBU -BCB#FSTJINFMPOKBLIJOHHB .FNQFSUBIBOLBO5JOHLBU,FTFIBUBOEJ,BUFHPSJ"

Z>afYf[] r r r r

"TTFUTHSFX 3FWFOVFHSFX /FU1SPñUTPBSFEVQUP %FHSFFPGTPVOEOFTTXBTNBJOUBJOFEJO$BUFHPSZ"

ZHjg\mcka r r r

5PUBMQSPEVLTJSVNBICFSCBHBJKFOJTNFOJOHLBU 7PMVNFQFOKVBMBOSVNBIEBOSVNBITVTVONFODBQBJ 7PMVNFQFOKVBMBOLBWMJOHUBOBINBUBOH ,5. NFODBQBJ EBSJSFODBOB

ZHjg\m[lagf r r r

5PUBMQSPEVDUJPOPGIPVTFTPGWBSJPVTUZQFTHSFX 7PMVNFPGTBMFPGIPVTFTBOEIJHISJTFSFBDIFE 7PMVNFPGTBMFPGMPUTPGMBOEUPCFVTFEGPSIPVTJOH i,:.u SFBDIFE PGUIFQMBO

ZLYlYC]dgdYH]jmkY`YYf\YfHjg_jYeC]ealjYYf r r r

1FOJOHLBUBOTLPSassessment Good Corporate Governance ($(

1FOJOHLBUBOQFOZBMVSBOEBOBLFNJUSBBOTFCFTBS 5BSHFUQFOZBMVSBOEBOBLFNJUSBBOUFSIBEBQSFODBOBLFSKB NFODBQBJ

Z EYfY_]e]flg^;gehYfqYf\ HYjlf]jkàhHjg_jYe r r r

8

*NQSPWFNFOUPGassessment Good Corporate Governance ($( SBUF *ODSFBTFJOUIFEJTUSJCVUJPOPGQBSUOFSTIJQGVOECZ 5IFUBSHFUQBSUOFSTIJQGVOEEJTUSJCVUJPOBHBJOTUXPSL QMBOSFBDIFE

2011

Z?jYÚcAc`lakYjC]mYf_Yf

Z>afYf[aYd@a_`da_`lk;`Yjl

6OUVLUBIVOUBIVOZBOHCFSBLIJSQBEB%FTFNCFS (dalam miliar rupiah)

'PSUIFZFBSTFOEFE%FDFNCFS JOCJMMJPOTPGSVQJBI

QPENDAPATAN Revenue

QTOTAL AKTIVA Total Assets

2011

1.021,20

1.021,20

2011

1.000

800

600

2.215,74

2.215,74

2.000

1.800

1.600

400

1.400

200

07

0 20

20

0 20

20

0

1.200

11

07

20

20

0 20

0 20

20

0

11

20

2.215,74

QLABA (RUGI) BERSIH Income (Loss) Net 2011

65,80

QTOTAL KEWAJIBAN & EKUITAS Total Liabilities & Equity 2011

80 65,80

20

40

07

0

0 20

0

20

20

0

1 01

2

2.215,74

2.000

1.800

1.600 1.400

40

1.200

80

07

20

QLABA ABA (RUGI) KOTOR Incomee (Loss) Gross 2011 1

430,88

0 20

0

20

20

0

11

20

600 430,88 400

200

07

20

0

20

0

20

20

0

11

20

Z1FSVNOBTUJEBLNFOFSCJULBOTBIBNEBOFGFLMBJOOZBEJQBTBSNPEBM ZPerumnas does not issue shares and other securities in the capital market.

20

9

ZAc`lakYjC]mYf_Yf

Z9;gfkh][lmkg^>afYf[]

6OUVLUBIVOUBIVOZBOHCFSBLIJSQBEB%FTFNCFS (dalam miliar rupiah)

'PSZFBSTFOEJOHPO%FDFNCFS JOCJMMJPO3VQJBI

-

2007

2008

2009

2010

2011

-

1FOEBQBUBO

)BSHB1PLPL -BCB 3VHJ ,PUPS

#FCBO6TBIB

0QFSBUJOH&YQFOTFT

-BCB 3VHJ 6TBIB

0QFSBUJOH1SPñU -PTT

1FOEBQBUBO #JBZB -BJOMBJO

0UIFS*ODPNF &YQFOTFT

1SPñUCFGPSF5BY

-BCB#FSTJI4FCFMVN1BKBL

-BCB#FSTJI

*ODPNF #BTF1SJDF (SPTT1SPñU -PTT

/FU1SPñU

NERACA "LUJWB-BODBS

BALANCE $VSSFOU"TTFUT

"LUJWB5JEBL-BODBS

/PO$VSSFOU"TTFUT

'JYFE"TTFUT 0UIFS"TTFUT

JUMLAH AKTIVA

1.185,71

1.272,65

1.581,70

1.786,65

,FXBKJCBO-BODBS

$VSSFOU-JBCJMJUJFT

,FXBKJCBO5JEBL-BODBS

"LUJWB5FUBQ "LUJWB-BJOMBJO

TOTAL ASSETS

-POH5FSN-JBCJMJUJFT

.JOPSJUZ*OUFSFTUT

1.185,71

1.272,65

1.581,70

1.786,65

2.215,74

&RVJUZ TOTAL LIABILITIES & EQUITY

(SPTT1SPñU.BSHJO 0QFSBUJOH1SPñU.BSHJO

)BL,FQFNJMJLBO.JOPSJUBT &LVJUBT JUMLAH KEWAJIBAN & EKUITAS

2.215,74

.BSHJO-BCB,PUPS .BSHJO-BCB6TBIB

.BSHJO-BCB#FSTJI -BCB#FSTJI5FSIBEBQ&LVJUBT -BCB#FSTJI5FSIBEBQ5PUBM"LUJWB

/FU1SPñU.BSHJO 1SPñU.BSHJOUP&RVJUZ 1SPñU.BSHJOUP5PUBM"TTFUT

5PUBM-JBCJMJUJFTUP&RVJUZ 5PUBM-JBCJMJUJFTUP5PUBM"TTFUT $VSSFOU3BUJP

5PUBM,FXBKJCBO5FSIBEBQ&LVJUBT Y 5PUBM,FXBKJCBO5FSIBEBQ5PUBM"LUJWB Y 3BTJP-BODBS Y RASIO

RATIO

1FOEBQBUBO

*ODPNF

-BCB,PUPS -BCB6TBIB -BCB#FSTJI

OB OB

(SPTT1SPñU 0QFSBUJOH1SPñU /FU1SPñU

5PUBM"TTFUT &RVJUZ

+VNMBI"LUJWB &LVJUBT

10

2011

20

11

ZH]jaklaoYH]flaf_LY`mf*())

ZKa_faÚ[Yfl=n]flkaf*())

Q B9FM9JA2C]qH]j^gjeYf[]Af\a[Ylgj&

Q >=:JM9JA2:LFHjgh]jlq=phg&

Q B9FM9JA2EgMZ]Z]jYhY:MEF&

Q >=:JM9JA2JYcgj\Y&

Q B9FM9JA2EgM:LF%H]jmefYk&

Q E9J=L2EgM\]f_YfE;;$;afY&

Q >=:JM9JA2:LF=phg&

Q E9J=L2EgM\]f_YfE;;$;afY&

12

2011



Q E9J=L2EgM\]f_YfL]dcge&

Q APRIL2H]fYfYeYfHg`gf&

Q E9J=L2GmlZgf\&

Q E=A2?jYf\DYmf[àf_;]fl]jhgafl&

Q APRIL2
Q E=A2EgM?jYf\C]eYf_&

Q APRIL2
Q E=A2LYdcK`goLNJA&

20

13



Q BMDA2
Q BMDA2MdYf_LY`mfc]%+/&

Q BMDA2CmdaY`MemeALA&

Q 9?MKLMK2MhY[YjY@MLJAc]%..&

Q BMDA2EgM\]f_YfHgdja&

Q K=HL=E:=J2?jgmf\Zj]Ycaf_;]j]egfq$?jYf\;]fl]jhgafl&

Q BMDA2H]dYflacYfH]bYZYl:Yjm&

Q K=HL=E:=J2JYcgjhmk&

14

2011



Q GCLG:=J2EgM\]f_YfCYdlae&

Q <=K=E:=J2EgM\]f_YfHLC9A&

Q FGN=E:=J2AI99oYj\&

Q <=K=E:=J2EgM\]f_YfHLHFAA&

Q FGN=E:=J2H]fYfYeYfHg`gf\aK]fljYLaemj&

Q <=K=E:=J2EgMHCKM&

Q FGN=E:=J2LYdcK`goLNGf]&

Q <=K=E:=J2H]dYla`Yf?]f]ja[EYfY_]e]fl&

20

15

16

2011

D9HGJ9F E9F9B=E=F E9F9?=E=FLJ=HGJLK

20

17

KMH=JNAKGJQ:G9J< J=HGJL

D9HGJ9F <=O9FH=F?9O9K

FadYah]fbmYdYfH]jmefYkl]j[YlYl d]Za`laf__a\aZYf\af_lY`mf*()( k]Z]kYjJh/1.$)(EadaYje]fbY\aJh)$(*) Ljadamf$e]f_YdYeah]faf_cYlYfk]Z]kYj Jh**-$)(EadaYjYlYm*0$*0&

H]jmefYkj][gj\]\kYd]nYdm] af*())oYkJh&)&(*)ljaddagf Y_YafklJh&/1.&)(Zaddagfaf*()($ l`]j]Z]af_Yfaf[j]Yk]g^Jh&**-&)( Zaddagfgj*0&*0&

Para Pemangku Kepentingan yang terhormat,

Dear Stakeholders,

UNGKAPAN jYkY kqmcmj YlYk Z]jcY` \Yf cYjmfaY \Yja Lm% `YfQYf_EY`YCmYkYYlYkdaehY`YfZ]jcY`\YfcYjmfaYfqY k]àf__Y cYea \YhYl e]fq]d]kYacYf lm_Yk%lm_Yk CgjhgjYka hY\Y*())\]f_YfZYac&LYcdmhY$hY\Yc]k]ehYlYfqYf_ZYac afah]jc]fYfcYf<]oYfH]f_YoYke]eZ]jacYfYhj]kaYkaqYf_ laf__ac]hY\YbYbYjYf
?DGJQ Z] lg ?g\ 9dea_`lq Zml ^gj O`gk] _jY[] o] ogmd\ fgl `Yn] eYfY_]\ lg \ak[`Yj_] hjgh]jdq gmj [gj% hgjYl] lYkck af *())& afYf[aYdKlYl]e]fl^gj*())&

18

2011

K]l]dYè]f_YdYea_]bgdYcc]mYf_Yf_dgZYdqYf_àf__Y cafa _]bgdYc l]jk]Zml k]YcYf Z]dme e]f]emcYf bmjYf_ l]j% \YdYefqY$ Af\gf]kaY Z]j`Ykad e]dYdma ]^]c \Yja _gf[Yf_Yf c]mYf_Yf_dgZYdl]jk]Zml\]f_YfZYac&K][YjYmeme$caf]jbY h]j]cgfgeaYfeYcjgZYf_kYafal]jmke]fYehadcYfh]j^gjeY qYf_ cmYl \]f_Yf laf_cYl h]jlmeZm`Yf ]cgfgea qYf_ laf__a \Yf Z]jc]dYfbmlYf& @Yd l]jk]Zml \alYf\Ya hY\Y *()) ]cgfgea Af\gf]kaYl]j[YlYllmeZm`.$-&
9^l]j oY\af_ l`jgm_` l`] _dgZYd âfYf[aYd lmjZmd]f[]$ o`gk] oàjd o] [Yf gfdq `gh] lg j][mj fg egj]$ Af\gf]% kaYkge]`goeYfY_]\lgkmjnan]gmlgâlkdana\]^^][l&Af _]f]jYd$ l`] eY[jg%][gfgea[ h]j^gjeYf[] g^ làk [gmfljq k]]eklgZ]fglZY\afna]ogâlkimal]à_`Yf\[gflafmYd ][gfgea[ _jgol` Yk af\a[Yl]\ Zq alk ][gfgea[ _jgol` g^ .&- af *()) Y_Yafkl e]j] .&) af l`] hj]nagmk q]Yj& ?gg\]phgjlh]j^gjeYf[]$à_`hjanYl]k][lgj[gfkmehlagf$ Yf\kljgf_afn]kle]fl[ge]lgZ]l`]\jan]g^l`]][gfgea[ _jgol`& :Yfc Af\gf]kaY hjgb][l]\ Af\gf]kaYf ][gfgea[ _jgol` Ykafl`]jYf_]g^.$+%.$/&K`gmd\làkghlaeakla[hj]\a[% lagfl`YlAf\gf]kaYf][gfgea[_jgol`g^*()*lgZ]à_`]j l`Yfl`Ylg^*())$o]oaddZ]]flald]\lgc]]hY`gh]g^\]dan% ]jYf[]$YdZ]alkdgodq&Lggmj[gfkgdYlagf$9kaYf<]n]dghe]fl :Yfc 9<:!]klaeYl]\l`Yll`]][gfgea[_jgol`g^=mjgh]Yf j]_agf ogmd\ Z] fg egj] l`Yf (&-$ l`gk] g^ BYhYf Yf\ 9K=9Fj]_agfogmd\Z]gfdq*&-Yf\-&+j]kh][lan]dq& Afna]og^l`]_dgZYd][gfgea[[`Ydd]f_]$o]\gj]Ydar] l`Yl Zgl` aehY[l Yf\ ghhgjlmfalq Yj] gh]f ^gj H]jmefYk& @go]n]j$
ZCaf]jbY
Z
<]oYf H]f_YoYk e]fadYa H]jmefYk l]dY` e]fgj]`cYf caf]jbYqYf_d]Za`ZYachY\Y*())&@Ydafal]jda`YlhY\Yh]j% gd]`YfdYZYZ]jka`lY`mf*())k]Z]kYjJh.-$0(EadaYj&H]jgd]% `YfafaZ]jYjlal]jbY\ah]faf_cYlYfJh)1$0/EadaYjYlYm,+$*. \YjadYZY*()(k]Z]kYjJh,-$1+EadaYj&9\YhmfJ]f[YfYC]jbY \Yf 9f__YjYf H]jmkY`YYf JC9H! *()) `YfqY e]ehjgq]cka% cYfh]f[YhYaYfdYZYk]Z]kYjJh-($*(EadaYj$k]àf__Yh]jgd]% `YfdYZY\alY`mf*())e]d]ZaàlYj_]lk]Z]kYjJh)-$.(EadaYj YlYm+)$(/\YjaJC9H*())&

Kmh]jnakgjq:gYj\ghaf]\l`YlH]jmefYk]klYZdak`]\ Z]ll]jh]j^gjeYf[]af*())&LàkakYhhYj]fl^jgel`]f]l hjgâl af *()) Yegmflaf_ lg Jh&.-&0 Zaddagf$ l`]j] Z]% af_Yfaf[j]Yk]g^Jh&)1&0/Zaddagfgj,+&*.[gehYj]\ lg l`Yl af *()( oà[` oYk Jh&,-&1+ Zaddagf& Ogjc HdYf Yf\ ;gehYfq :m\_]l JC9H! g^ *()) gfdq hjgb][l]\ Yhjgâlg^Jh&-(&*(Zaddagf3Ykkm[`$l`]hjgâljYc]\af *())]p[]]\]\l`]lYj_]l]\Jh&)-&.(Zaddagfgj+)&(/g^ l`]*())JC9H&

20

19

:]jacmlafacYeakYehYacYfZ]Z]jYhY[YlYlYfqYf_e]eZ]ja% cYf_YeZYjYfh]f[YhYaYffqYlYH]jmefYkhY\YlY`mf*())2

<]k[jahlagfg^H]jmefYkj]YdY[à]n]e]flaf*())akYk ^gddgok2

FadYah]fbmYdYfH]jmefYkl]j[YlYld]Za`laf__a\aZYf% \af_ lY`mf *()( k]Z]kYj Jh /1.$)( EadaYj e]fbY\a Jh)$(*)Ljadamf$e]f_YdYeah]faf_cYlYfk]Z]kYjJh **-$)(EadaYjYlYm*0$*0& LglYd9k]lbm_Ye]f_YdYeah]faf_cYlYf\]f_Yfhgkaka hY\YlY`mf*())k]Z]kYjJh*&*)-$/,EadaYj&9f_cYafa e]faf_cYlJh,*1$(1EadaYjYlYm*,$(*\YjalY`mf *()(qYf_e]f[YhYaJh)&/0.$.-EadaYj& LglYd C]oYbaZYf H]jmefYk e]f_YdYea h]%faf_cYlYf \]f_YfhgkakahY\YlY`mf*())k]Z]kYjJh)&--*$., EadaYje]faf_cYlJh+.*$1*EadaYjYlYm+($-0\Yja LglYdC]oYbaZYfhY\YlY`mf*()(k]Z]kYjJh)&)01$/* EadaYj& LglYd=cmalYk:]jkaè]f_YdYeah]faf_cYlYf\]f_Yf hgkakahY\YlY`mf*())l]j[YlYlJh..+$)(EadaYje]f% af_cYlJh..$)/EadaYjYlYm))$(0\Yja=cmalYk:]jka` hY\YlY`mf*()(k]Z]kYjJh-1.$1+EadaYj&

H]jmefYk j][gj\]\ kYd] nYdm] af *()) oYk Jh&)&(*) ljaddagf Y_Yafkl Jh&/1.&)( Zaddagf af *()($l`]j]Z]af_Yfaf[j]Yk]g^Jh&**-&)(Zaddagf gj*0&*0&

<]f_Yf_YeZYjYfcaf]jbYl]jk]Zml\aYlYk$eYcYZ]j\YkYj% cYfC]hmlmkYfE]fl]ja:Y\YfMkY`YEadacF]_YjY :MEF!Fg% egj2C=H%)(('E:M'*((*lYf__Yd,Bmfa*((*l]flYf_H]fadYaYf C]k]`YlYf:MEF$qYf_e]dahmla9kh]c2C]mYf_Yf$9kh]cGh]jY% kagfYd\Yf9kh]c9\eafakljYka$eYcYlaf_cYlc]k]`YlYfH]jmefYk eYkmc\YdYecYl]_gja“ Sehat A”\]f_YffadYaZgZgl 78,70.

L`Yfcklgl`]YZgn]hgkalan]h]j^gjeYf[]$H]jmefYkZ]% dgf_klgl`][Yl]_gjq“Sound A” oal`_jY\]78.70 mf\]jl`] Eafakl]jg^KlYl]%Gof]\:mkaf]kk;gf[]jf :MEF!\][j]] fmeZ]j2C=H%)(('E:M'*((*\Yl]\,Bmf]*((*gfl`]9h% hjYakYdg^:MEFKgmf\f]kk[gn]jaf_l`]Ykh][lkg^ÚfYf[]$ gh]jYlagf$Yf\Y\eafakljYlagf&

ZArahan Ke Depan

Z>mlmjakla[
E]f_`Y\Yha h]dmYf_ \Yf lYflYf_Yf \a lY`mf *()*$ <]% oYfH]f_YoYkZ]jc]af_afYfmflmce]fqYehYacYfk]bmedY` YjY`Yf\]eae]f\mcmf_mhYqY
Lg ^Y[] mh lg l`] ghhgjlmfalq Yf\ [`Ydd]f_] af *()*$ l`] Kmh]jnakgjq :gYj\ oak`]k lg [gf^]j ^mlmjakla[ \aj][lagf lgj]af^gj[]l`]
<]oYfH]f_YoYkZ]j`YjYh\YfqYcaf$
Kmh]jnakgjq:gYj\`gh]kYf\Z]da]n]kl`Yll`]
20

LglYd9kk]ldac]oak]oYkaf[j]Yk]\Jh&,*1&(1Zad% dagfgj*,&(*$Z]af_Jh&*$*)-&/,Zaddagfaf*()) Y_YafklJh&)$/0.&.-Zaddagfaf*()(& L`]j] oYk Yf af[j]Yk] g^ Jh&+.*&1* Zaddagf gj +(&-0 af H]jmefYk lglYd daYZadala]k$ ^jge Jh&)$--*&.,Zaddagfaf*())lgJh&)$)01&/*Zaddagf af*()(& L`]j] oYk Yf af[j]Yk] g^ Jh&..&)/ Zaddagf gj ))&(0aflglYdF]l=imalq$Z]af_^jgeJh&-1.&1+ Zaddagfaf*()(lgJh&..+&)(Zaddagfaf*())&

2011

K][YjY c`mkmk$ <]oYf H]f_YoYk e]eaflY
L`]Kmh]jnakgjq:gYj\$afhYjla[mdYj$Ykckl`]
ZProspek Usaha dan Masa Depan

Z:mkaf]kkHjgkh][lYf\>mlmj]

<]oYfH]f_YoYke]eYf\Yf_ZYòYhjgkh]cmkY%`YqYf_ \akmkmfgd]`YkadalYkDacma\alYkH]eZaYqYYfH]jmeY`Yf >DHH!&

L`]Kmh]jnakgjq:gYj\ghaf]kl`Yll`]Zmkaf]kkhjgkh][l Yk \]ha[l]\ Zq l`] afYf[af_Daima\alq>Y[adalq >DHH! oaddj]eYafgh]jYlan]&

20

21

:]jZY_Ya mhYqY h]eYf^YYlYf h]dmYf_ \a eYkY \]hYf afa k]bYdYf\]f_YflYj_]lJ]f[YfYBYf_cYHYfbYf_ JBH!H]jmefYk *((1%*()+&HY\Yh]jag\]afa$H]jmefYkZ]jmhYqYe]fljYfk^gj% masikan diri menjadi FYlagfYd@gmkaf_Yf\MjZYf<]n]dghe]fl Corporation F@M<;!&KljYl]_ae]fmbmh]f[YhYaYfJBHl]jk]Zml Y\YdYè]fbY\acYfH]jmefYkk]ZY_Yah]dYcmmlYeYh]fq]\aY h]jmeY`YYf\YfcYoYkYfh]emcaeYf\aAf\gf]kaY&
NYjagmk]f\]YngmjklYc]f^gjl`]mladarYlagfg^l`]^mlmj] ghhgjlmfalqakafdaf]oal`l`]lYj_]l]\H]jmefYk*((1%*()+ Dgf_%L]jeHdYf JBH!&Aflàkh]jag\l`]H]jmefYkkljan]k lgljYfk^gjealk]dâflgFYlagfYd@gmkaf_Yf\MjZYf<]n]dgh% ment Corporation F@M<;!&L`]Y\ghl]\kljYl]_qlgj]Ydar] l`]dgf_%l]jehdYfakeYcaf_H]jmefYkYkl`]eYafY[lgjaf l`]hjgnakagfg^`gmkaf_Yf\j]ka\]flaYdYj]YafAf\gf]kaY&Al ak]ph][l]\l`YlY^l]j*()+H]jmefYkoaddZ]YZd]lg]j][lfg d]kkl`Yf)(($(((`gmkaf_]n]jqq]Yj&

ZCaf]jbYCgeal]9m\al\a:YoY` <]oYfH]f_YoYk

ZH]j^gjeYf[]g^9m\al;geeall]] mf\]jl`]Kmh]jnakgjq:gYj\

KYYl afa$ H]jmefYk e]eadaca * \mY! cgeal] \a ZYoY` <]oYfH]f_YoYk$qYalmCgeal]9m\al\YfCgeal]H]j]f[YfYYf J]kacgMkY`Y&Cgeal]9m\ale]eadacaH]\geYfC]jbY\YdYe Z]flmc Charter Cgeal] 9m\al \Yf l]dY` Z]j^mf_ka k][YjY ]^]c% la^\YdYee]eZYflm<]oYfH]f_YoYk&Cgeal]9m\alZ]jlm_Yk e]eZYflm <]oYf H]f_YoYk l]jcYal \]f_Yf ]nYdmYka dYhgjYf c]_aYlYfgh]jYkagfYd\YfY\eafakljYkac]mYf_YfqYf_\akmkmf gd]`
9lhj]k]fl$H]jmefYk`Yk* log![geeall]]kmf\]jl`]Km% h]jnakgjq:gYj\$fYe]dq9m\al;geeall]]Yf\:mkaf]kkJakcYf\ HdYffaf_;geeall]]&L`]9m\al;geeall]]`Yk_ma\]daf]kafl`] ^gjeg^9m\al;geeall]];`Yjl]jYf\`YkZ]]f^mf[lagfaf_]^% ^][lan]dqafYkkaklaf_l`]Kmh]jnakgjq:gYj\&L`]9m\al;geeall]] `Ykl`]\mla]kg^Ykkaklaf_l`]Kmh]jnakgjq:gYj\oal`j]kh][llg l`]]nYdmYlagfg^l`]gh]jYlagfYdY[lanala]kj]hgjlYf\ÚfYf[aYd Y\eafakljYlagfhj]hYj]\Zql`]
Cgeal]H]j]f[YfYYfJ]kacgMkY`Y$qYf_l]jZ]flmchY\Y YcàjlY`mf*())Z]jlm_Yke]eZYflm<]oYfh]f_YoYk\YdYe jYf_cYe]faf_cYlcYfh]j]f[YfYYfYclanalYkh]jmkY`YYfk][YjY cgehj]`]fka^\Yfl]jafl]_jYka\]f_YflmbmYfY_YjZaYqYmkY`Y ZakY d]Za` ]Úka]f \Yf k]cYda_mk e]faf_cYlcYf h]f]jaeYYf lYfhY e]f_YZYacYf Z]jZY_Ya j]kacg \Yf cgf\aka c]la\Yc hYk% laYfqYf_emf_cafl]jbY\a\ac]em\aYf`Yjak]jlYc]hYlm`YffqY l]j`Y\Yhh]jYlmjYf\Yfh]jmf\Yf_YfqYf_Z]jdYcm&

:mkaf]kkJakcHdYffaf_;geeall]]$oà[òYk^gje]\ Yl l`] ]f\ g^ *())$ k]jn]k lg Ykkakl l`] Kmh]jnakgjq :gYj\ af l`] [gfl]pl g^ aehjgnaf_ l`] hdYffaf_ g^ [gehYfq Y[la% nala]k [gehj]`]fkan]dq Yf\ afl]_jYlan]dq af gj\]j lg eYc] Zmkaf]kk[gklkegj]]^Ú[a]flYko]ddYkaehjgnaf_l`]kar]g^ j]n]fm]oal`gml\akj]_Yj\af_nYjagmkjakckYf\mf[]jlYafla]k l`Ylea_`lg[[mjafl`]^mlmj]Yf\l`][gehdaYf[]oal`l`] hj]nYadaf_dYok&

ZH]f_]f\YdaYfAfl]jfYd

ZAfl]jfYd;gfljgd

<]oYfH]f_YoYke]f_Yhj]kaYkac]Z]jY\YYf\Yfh]dYckYf% YYf lm_Yk \Yja KYlmYf H]f_YoYkYf Afl]jfYd KHA! H]jmefYk& C]Z]jY\YYf KHA afa e]fbY\a kYdY` kYlm mfkmj h]f_]f\YdaYf eYfYb]e]f \a h]jmkY`YYf&
L`]Kmh]jnakgjq:gYj\Yhhj][aYl]kl`]]pakl]f[]Yf\l`] \ak[`Yj_] g^ \mla]k g^ l`] H]jmefYk Afl]jfYd ;gfljgd Mfal KHA!&Làkmfalk]jn]kYkgf]g^l`]]d]e]flkg^[gehYfq eYfY_]e]fl[gfljgd&Afl`]\ak[`Yj_]gâlk\mla]k$KHA]nY% dmYl]kl`]]^Ú[a]f[q$]^^][lanalq$Yf\][gfgea[nYdm]g^l`] eYfY_]e]fl hjg[]kk af l`] [gfljgd g^ Y[lanala]k Yf\ af l`] eYfY_]e]flg^Zmkaf]kkjakck&KHAYdkg[gf\m[lkgh]jYlagfYd [`][c Yf\ ÚfYf[aYd Yf\ l][`fa[Yd Y\eafakljYlagf [gn]jaf_ dYf\ Y^^Yajk$ hdYffaf_$ \]n]dghe]fl$ eYjc]laf_ Yk o]dd Yk l`] Hjg_jYe g^ HYjlf]jkàh Yf\ =fnajfe]fl EYfY_]e]fl HC:D!g^H]jmefYk&Oàd]kh][aYd[`][c[gn]jkj]na]og^ j]hgjl'[dYaek'[`Yj_]koal`j]kh][llgZmkaf]kkY[lanala]k&

22

2011

C]\]hYf^mf_kaKHAYcYf\alaf_cYlcYfh]jYffqYmflmce]d% YcmcYf\]l]cka\afa ]YjdqoYjfaf_kqkl]e!, dan memastikan c]hYlm`Yf k]laYh mfal c]_aYlYf \YdYe h]jmkY`YYf l]j`Y\Yh h]jYlmjYf \Yf hjgk]k Zakfak'KlYf\Yj Gh]jYlagfYd Hjgk]\mj] KGH!qYf_Z]jdYcm_mfYe]f_àf\Yjak]jlYe]eh]jc][adc]% emf_cafYfl]jbY\afqYh]fqaehYf_Yf\alaf_cYlgh]jYkagfYd&

9`]Y\l`]^mf[lagfg^KHAoaddZ]mh_jY\]\lg[gn]j]Yjdq oYjfaf_kqkl]eYf\lg]fkmj]l`][gehdaYf[]g^]n]jqY[la% nalqmfalafl`][gehYfqoal`l`]hj]nYadaf_KlYf\Yj\Gh]jY% lagfYdHjg[]\mj] KGH!afgj\]jlgYfla[ahYl]Yf\lgeala_Yl] hgkkaZd]\]naYlagfafgh]jYlagfYdd]n]d&

ZLYlYC]dgdYH]jmkY`YYf

Z;gehYfqEYfY_]e]fl

Mflmce]f\gjgf_h]f_]dgdYYfh]jmkY`YYfk][YjYhjg^]% kagfYd$ljYfkhYjYf\Yf]Úka]f\aeaflYGJH=JMEF9K&

Lg ]f[gmjY_] hjg^]kkagfYd$ ljYfkhYj]fl$ Yf\ ]^Ú[a]fl eYfY_]e]fl g^ l`] [gehYfq$ l`] GJH=JMEF9K&

ZH]dYckYfYYfLm_Yk\Yf H]jYf<]oYfH]f_YoYk

Z
<]oYfH]f_YoYkY\YdY`gj_YfH]jmkY`YYfqYf_Z]jlm_Yk e]dYcmcYf h]f_YoYkYf \Yf e]eZ]jacYf fYka`Yl c]hY\Y
Kmh]jnakgjq:gYj\akl`][gehYfqgj_Yfl`Ylk]jn]klg kmh]jnak]Yf\Y\nak]l`]gje]jdq l`][gehgkalagfg^l`]Kmh]jnakgjq:gYj\oYkYk^gddgok2

C]lmY

2

Rmd^qKqYja^Cglg

;`YajeYf

2 Rmd^qKqYja^Cglg

9f__glY

2

)&QmkoYf\Y9&L]e]f__mf_ *&AkeYflg +&EYjm`me:YlmZYjY ,&KgfYl`Y@YdaeQmkm^

E]eZ]jk

2 )&QmkoYf\Y9&L]e]f__mf_ *&AkeYflg +&EYjm`me:YlmZYjY ,&KgfYl`Y@YdaeQmkm^

K]dYfbmlfqYZ]j\YkYjcYfKmjYlC]hmlmkYfE]fl]jaF]_YjY :Y\YfMkY`YEadacF]_YjYFgegj2C=H%)0.'E:M'*())lYf_% _Yd$09_mklmk*())l]flYf_H]eZ]j`]flaYf\YfH]f_Yf_cYl%

20

Fgo$ ZYk]\ gf l`] l`] KlYl] Eafakl]j g^ KlYl]%Gof]\ :mkaf]kk ;gf[]jf \][j]] fmeZ]j2 C=H%)0.'E:M'*()) \Yl]\09m_mkl*())gfl`]
23

Yf9f__glY%9f__glY<]oYfH]f_YoYkH]jmeH]jmefYk&Km% kmfYfC]lmY\Yf9f__glY<]oYfH]f_YoYkZ]jmZYè]fbY\a k]ZY_YaZ]jacml2

E]eZ]jk g^ H]jmefYk Kmh]jnakgjq :gYj\$ l`] [gehgkalagf Yk^gddgok2

C]lmY

2

HYf_a`mlYfEYjhYmf_

;`YajeYf

2 HYf_a`mlYfEYjhYmf_

9f__glY

2

)&QmkoYf\Y9&L]e]f__mf_ *&AkeYflg +&KgfYl`Y@YdaeQmkm^ ,&@&Lmeaqg

E]eZ]jk

2 )&QmkoYf\Y9&L]e]f__mf_ *&AkeYflg +&KgfYl`Y@YdaeQmkm^ ,&@&Lmeaqg

Afl`]\ak[`Yj_]g^l`]kmh]jnakgjqYf\Y\nakgjq^mf[lagf lgoYj\k l`]

Af l`] \]l]jeafYlagf g^ e]]laf_ Y_]f\Y$ l`] Kmh]jnakgjq :gYj\ mk]k \YlY Yf\ af^gjeYlagf Z]af_ l`] jgmlaf] j]hgjlk g^ H]jmefYk$af[geaf_d]ll]jkZgl`^jgeafl]jfYdkgmj[]
ZH]fmlmh

Z;dgkaf_

Kljm[lmjYddq$ l`]j] ak ]klYZdak`]\ Ydj]Y\q _gg\ mf\]j% klYf\af_ Z]lo]]f l`] Kmh]jnakgjq :gYj\ Yf\ l`]
<]oYf H]f_YoYk k]fYflaYkY e]f\mcmf_ bYbYjYf EYfYb]% e]fH]jmefYk\YdYe2e]f_aehd]e]flYkacYfk][YjYcgfkakal]f ?;?$ h]f_]f\YdaYf afl]jfYd \Yf eYfYb]e]f jakacg& K]àf__Y H]jmefYkeYehml]jmklmeZm`\YfZ]jc]eZYf_\]f_YfZYac \Yfk]`Yl$k]dYjYk\]f_Yfh]jlmeZm`Yfh]j]cgfgeaYf:Yf_% kY& CYea qYcaf ZYòY H]jmefYk YcYf eYehm e]f_`YkadcYf

L`] Kmh]jnakgjq :gYj\ YdoYqk kmhhgjlk l`] daf] g^ EYfY_]e]fl g^ H]jmefYk af l`] [gfkakl]fl aehd]e]flY% lagf g^ ?;?$ afl]jfYd [gfljgd Yf\ jakc eYfY_]e]fl& L`Yl oYqH]jmefYkoaddZ][YhYZd]g^]n]j_jgoaf_Yf\\]n]d% ghaf_o]ddYf\kgmf\dq$af`Yjegfqoal`l`]_jgol`g^fY% lagfYd][gfgeq&O]Z]da]n]l`YlH]jmefYkoaddZ][YhYZd]

24

2011

h]jlmeZm`YfqYf_Z]jc]kafYeZmf_Yf\aeYkYqYf_YcYf\Y% lYf_cYj]fYH]jmefYkk]dYdme]e^gcmkcYfmhYqY%mhYqYe]e% h]jcmYl hgf\Yka Zakfak \]f_Yf e]d]lYccYf \YkYj%\YkYj qYf_ ZYac\YdYee]f[YhYalmbmYf&@YdqYf_la\YccYdY`h]flaf_fqY \YdYeh]faf_cYlYfZakfakH]jmefYkqYf_e]jmhYcYfkmeZ]j \YqYmlYeYY\YdY`lYlYfadYaqYf_\a]eZYfgd]òYcadH]eadac Eg\Ydk]jlY\mcmf_Yfeg\YdeYmhmf\mcmf_YfdYaffqY\Yja hYjYh]eYf_cmc]h]flaf_Yf&

g^ eYcaf_ [gflafmgmk _jgol` af l`] ^mlmj] Yk H]jmefYk YdoYqk^g[mkgfl`]]^^gjlklgklj]f_l`]fZmkaf]kk^gmf\Y% lagfZqdYqaf_\gof_gg\_jgmf\klgoYj\l`]_gYdY[à]n]% e]fl&Ogjl`Z]Yjaf_afeaf\nak%§%nakl`]aehjgn]e]flg^ l`] Zmkaf]kk g^ H]jmefYk ak nYdm]$ oà[` ak [gf[mjj]fldq l`]eYafj]kgmj[]k$Y\ghl]\Zql`]j]hj]k]flYlan]kg^;Yha% lYdGof]jkYf\[YhalYdkmhhgjlYf\gl`]jlqh]g^kmhhgjl j]f\]j]\Zql`]klYc]`gd\]jk&

K]cYdadY_acYeae]f_Yhj]kaYkac]hY\YEYfYb]e]f\Yf CYjqYoYf H]jmefYk YlYk h]f[YhYaYf caf]jbY qYf_ ZYac \a lY`mf*())\Yfe]fqYehYacYfl]jaeYcYka`c]hY\Yk]dmjm` h]eYf_cm c]h]flaf_Yf \YdYe `Yd afa c]hY\Y h]dYf__Yf$ j]_mdYlgj$ ealjY c]jbY$ h]fq]\aY ZYjYf_ \Yf bYkY k]jlY c]% hY\YH]e]jaflY`J]hmZdacAf\gf]kaYk]dYcmH]eadacEg\Yd H]jmefYkYlYkc]h]j[YqYYf\Yf\mcmf_YffqYk]dYeYafa&

Gf[]Y_Yafo]Yhhj][aYl]l`]EYfY_]e]flYf\l`]=e% hdgq]]kg^H]jmefYk^gjl`]l`]aj_gg\h]j^gjeYf[]af*()) Yf\ l`Yfc Ydd g^ l`] klYc]`gd\]jk Z]af_$ af làk [Yk]$ l`] [mklge]jk$j]_mdYlgjk$ogjchYjlf]jk$kmhhda]jkg^_gg\kYf\ k]jna[]k$ Yf\ dYkl Zml fgl d]Ykl l`] ?gn]jfe]fl g^ l`] J]hmZda[gÂf\gf]kaYYkl`];YhalYdGof]jg^H]jmefYk^gj l`][gfÚ\]f[]Yf\kmhhgjlYf\_an]fmkkg^Yj&

K]eg_YLm`YfQYf_EY`YCmYkYe]eZ]jcYlamhYqYcalY Z]jkYeYmflmce]jYa`h]jlmeZm`YfqYf_Z]jc]kafYeZmf% _YfZY_aH]jmefYk\Yfk]_]fYhh]eYf_cmc]h]flaf_Yf\a lY`mf%lY`mfe]f\YlYf_&

EYq 9ddY` KmZ`YfY`moYlYdY ngm[`kY^]k @ak _jY[] Yf\ Zd]kkaf_k^gjmklgY[à]n][gflafmYd_jgol`Yf\^gjYddklYc]% `gd\]jklgZ]egj]hjgkh]jgmkafl`][geaf_q]Yjk&

<]oYfH]f_YoYkH]jmeH]jmefYk Kmh]jnakgjq:gYj\g^H]jmeH]jmefYk

PANGIHUTAN MARPAUNG C]lmY%Chairman

20

25

KL9L=E=FLG>:G9J
D9HGJ9F
LglYd9k]lk]dYeYlY`mf*((1%*()) l]jmke]f_YdYeah]faf_cYlYf\]f_Yf hgkakal]jlaf__ahY\YlY`mf*())k]Z]kYj Jh*$*ljadamf&LglYd9k]lafae]f_YdYeac]fYacYf Jh,*1$)eadaYjYlYm*,$(*\YjaLglYd9k]l lY`mf*()(&

LglYd9kk]lk^gjl`]q]Yj*((1%*()) [gflafm]\lgaf[j]Yk]oal`l`] à_`]klhgkalagfaf*())Yegmflaf_lg Jh*&*ljaddagf&LglYdYkk]lk`Ykaf[j]Yk]\lg Jh,*1&)Zaddagfgj*,&(*g^LglYd9kk]lk af*()(&

Pemegang Saham yang Terhormat,

The Honorable Shareholders,

9L9KZ]jcY`\YjaLm`YfQYf_EY`Y=kY$H]jmeH]jmefYk l]dYè]d]oYlalY`mf*())\]f_Yfh]f[YhYaYfcaf]jbYqYf_ hYlml\akqmcmja&K]dYfbmlfqY$h]jc]fYfcYfcYeae]fqYehYa% cYfZ]jZY_Ya`YdqYf_l]dY`cYeadYdma\Yfc]jbYcYfk]hYf% bYf_lY`mf*())qYf_hYlmlcYeakYehYacYf\YdYedYhgjYf lY`mfYf$ k]ZY_Ya Z]flmc h]jlYf__mf_bYoYZYf eYfYb]e]f c]hY\Yh]e]_Yf_kY`Ye\Yfh]eYf_cmc]h]flaf_Yf&

:Ql`]_jY[]g^?g\l`]Gf]$FYlagfYd@gmkaf_=fl]jhjak] `YkhYkk]\l`jgm_`q]Yj*())oal`Y_jYl]^mdogjcY[à]n]% e]fl&>mjl`]jegj]$hd]Yk]Yddgomklg[gfn]qnYjagmk[gf\a% lagfk l`Yl o] `Yn] \gf] Yf\ _gf] l`jgm_` \mjaf_ l`] q]Yj *())afgmjYffmYdklYl]e]fl$YkYeYfa^]klYlagfg^gmjeYfY% _]jaYdj]khgfkaZadalqlgk`Yj]`gd\]jkYf\klYc]`gd\]jk&

H]j]cgfgeaYf_dgZYdeYka`\YdYecgf\akala\Yce]f]flm& OYdYm\YehYccjakak]cgfgeaafaeYka`l]jda`Yl\aZ]Z]jYhY k]clgj$ h]j]cgfgeaYf Af\gf]kaY l]dY` e]fmfbmccYf ZYfqYc h]jZYacYf& Afa l]jda`Yl \Yja j]YdakYka h]jlmeZm`Yf ]cgfgea *())k]Z]kYj.$-$d]Za`ZYac\YjalY`mf*())qYf_lmeZm`

26

L`]_dgZYd][gfgeqj]eYafkafmf[]jlYaf[gf\alagf&Fgl% oal`klYf\af_ l`] aehY[lk g^ làk ][gfgea[ [jak]k oà[` Yj] nakaZd]afk]n]jYdk][lgjk$l`]Af\gf]kaYf][gfgeq`Ykk`gof eYfqaehjgn]e]flk$YkeYqZ]k]]f^jgel`]j]YdarYlagfg^ ][gfgea[_jgolàf*())Yl.$-$Z]ll]jl`Yf*())oà[àkYl .$)&LàkY[à]n]e]flk]jn]kYkYf]na\]f[]g^l`]]^^][lan]%

2011

.$)&H]f[YhYaYfafae]fbY\aZmcla]^]clanalYkc]ZabYcYfÚkcYd \Yfegf]l]jqYf_\aYeZadh]e]jaflY`&

f]kk g^ Úk[Yd Yf\ egf]lYjq hgda[a]k lYc]f Zq l`] ?gn]jf% e]fl&

K]ZY_Ya d]eZY_Y Zakfak eadac h]e]jaflY`$ H]jmefYk Z]jm% hYqY lmjml Z]jh]jYf \YdYe mhYqY e]fY`Yf \Yf c]dmYj \Yja \YehYc cjakak ]cgfgea _dgZYd& :Y_YaeYfY hmf$ cjakak ]cgfgea e]eZmYlZYfqYcc]la\YchYklaYf\a\mfaYmkY`Y&Mflmce]f_Yf% lakahYkafqY$H]jmefYke]dYfbmlcYfc]ZabYcYfZakfaklY`mf*()( \]f_Yfl]jmke]dYcmcYfh]f_]f\YdaYfYlYkk]dmjm`cgehgf]fZa% YqY\Yfh]f]lYhYfkcYdYhjagjalYk\YdYeh]f__mfYYf\YfY&<]f% _Yf\]eacaYf\YfYqYf_\ac]dmYjcYfZ]fYj%Z]fYj\aYdgcYkacYf mflmc e]eZaYqYa YclanalYk qYf_ \ah]jdmcYf mflmc gh]jYkagfYd \YfqYf_eYehme]f\YlYf_cYfh]f\YhYlYfZY_aH]jmefYk&

9k Y Zmkaf]kk ]fl]jhjak] gof]\ Zq l`] ?gn]jfe]fl$ FY% lagfYd@gmkaf_=fl]jhjak]k]]cklghYjla[ahYl]afl`]kmjnanYd$ Yf\lg_]lgml$^jgel`]aehY[lkg^km[`_dgZYd][gfgea[[ja% k]k&@go]n]j$km[`[jak]k`Yk_an]fjak]lgem[`mf[]jlYafla]k afZmkaf]kkÚ]d\&LgYfla[ahYl]al$FYlagfYd@gmkaf_=fl]jhjak] [gflafm]kalkZmkaf]kkhgda[qg^*()(ZqoYqg^kmklYafaf_[gf% ljgdgn]jYdd[gkl[gehgf]flkYf\k[Yd]g^hjagjalqaf^mf\mla% darYlagf&L`]j]^gj]$l`]Zm\_]l]ph]f\]\oYkj]YddqYddg[Yl]\ ^gjÚfYf[af_f][]kkYjqgh]jYlagfkYf\^gj_]f]jYlaf_af[ge] lgFYlagfYd@gmkaf_=fl]jhjak]&

K]dYafalm$
Af Y\\alagf$ :gYj\ g^
Mflmc e]eYklacYf caf]jbY h]jmkY`YYf k]dYjYk \]f_Yf JC9H$ k]dYeY lY`mf *())$
Afgj\]jlg]fkmj]l`Yll`][gehYfqkh]j^gjeYf[]lgZ] afdaf]oal`;gjhgjYl]OgjcHdYfYf\:m\_]l$\mjaf_*())$l`] :gYj\`Y\]f_Y_]\)*lae]kafl]jfYde]]laf_kYf\)*lae]k [ggj\afYlan] e]]laf_k oal` :gYj\ g^ Ljmkl]]k& L`] e]]laf_k Yj]^gjeYdaffYlmj]afgj\]jlgkmh]jnak]ogjcY[à]n]e]fl' h]j^gjeYf[]h]jag\a[YddqYko]ddYklg\ak[mkkl`]YhhjgnYdgf [gjhgjYl] Y[lagfk lg Z] \gf]& Af Y\\alagf lg l`gk] e]]laf_k$ l`]j]`Yn]Z]]fgl`]je]]laf_k`]d\Zqj]dYl]\\aj][lgjYl]k ^gj\]l]jeafaf_aee]\aYl]kljYl]_a[\][akagfk&

HY\Y lY`mf *())$ H]jmefYk la\Yc e]f_YdYea h]j_YflaYf
Fgkm[[]kkagfg^ZgYj\g^\aj][lgjk`]d\ZqFYlagfYd@gmkaf_ =fl]jhjak]af*())&L`][gehgkalagfg^ZgYj\g^\aj][lgjkh]j+) <][]eZ]j*())akYk^gddgok2@aeYoYf9ja]^Km_glg Hj]ka\]fl afYf[]Yf\@meYfJ]kgmj[]k!&

ZC]_aYlYfGh]jYkagfYd\Yf Caf]jbYH]jmkY`YYf*())

ZGh]jYlagfYd9[lanala]kYf\;gehYfqk H]j^gjeYf[]<mjaf_*())

C]_aYlYf gh]jYkagfYd H]jmefYk hY\Y lY`mf *()) l]lYh Z]j^gcmkhY\Yh]f_]eZYf_Yfhjgq]ch]jmeY`Yfc`mkmkfqY \YdYe jYf_cY e]f_]eZYf eaka \Yja H]e]jaflY` mflmc e]% fq]\aYcYfh]jmeY`YfZY_ajYcqYl$ZYacZ]jmhY`mfaYfn]jla%

L`]gh]jYlagfYdY[lanala]kg^FYlagfYd@gmkaf_=fl]jhjak]af *())o]j]^g[mk]\gfl`]\]n]dghe]flg^k]lld]e]flhjgb][lkaf hYjla[mdYjlgZ]Yjl`]eakkagfeYf\Yl]\Zql`]?gn]jfe]fllg hjgna\]`gmkaf_^gjl`]h]ghd]$Zglàf^gjeg^n]jla[Ydj]ka\]f%

20

27

cYd JmkmfYea!\acglY%cglYZ]kYjeYmhmf DYf\]\@gmkaf_ JmeY`K]\]j`YfYK]`Yl!&@Ykadhjg\mckaH]jmefYkZ]jmhY jmeY` \Yf lYfY` qYf_ l]j\aja \Yja . ]fYe! b]fak hjg\mc& C]]fYe b]fak hjg\mc l]jk]Zml Y\YdY` 2 JmeY` K]\]j`YfY LYhYc$ JmeY` K]\]j`YfY$ JmeY` E]f]f_Y`$ JmeY` Lgcg$ JmkmfYea\YfJmkmfYoY& K][YjYc]k]dmjm`Yf$H]jmefYkeYehme]fgj]`cYfcaf]jbY qYf_e]f__]eZajYcYfhY\Y*())&H]jmefYke]f[YlYlcYfh]j% lmeZm`YfdYZYZ]jka`Jh)1$,eadaYjYlYmfYac,)$/1\aZYf\af_ h]jag\]k]Z]dmefqY&H]f[YhYaYfafae]f]jmkcYflj]fh]jlmeZm% `YfdYZYk]bYc*((1kYehYa*())$k]fadYaZ]jlmjml%lmjmlJh+0$/ eadaYj$Jh,.$,eadaYj$\YfJh.-$0eadaYj&9jlafqY$\YdYeh]jag\] l]jk]Zmll]dY`l]jbY\ah]jlmeZm`YfdYZYZ]jka`-0$0)&9\Yhmf J]f[YfY C]jbY \Yf 9f__YjYf H]jmkY`YYf JC9H! *()) `YfqY e]ehjgq]ckacYfh]f[YhYaYfdYZYJh-($*eadaYj& <]f_YfcYlYdYaf$dYZYH]jmefYk*())d]Za`ZYacJh)-$. eadaYjYlYm+)$(/\YjaJC9H& H]f[YhYaYf dYZY Z]jka` lY`mf *()) qYf_ e]faf_cYl afa lYc d]hYk \Yja l]jh]fmàfqY lYj_]l h]fbmYdYf \YdYe JC9H& J]YdakYkah]fbmYdYfJh)$(*)ljadamfe]f[YhYa)(($(.\Yja JC9HJh)$(*(ljadamf&MhYqYH]jmefYk\YdYee]e]fmàlYj% _]lJC9DafaZ]jcYll]jbY\afqYC]jbYkYeYMkY`Y CKM!\]f_Yf ealjY mflmc h]eZYf_mfYf h]jmeY`Yf \Yf JmkmfYea& :adY c]ZabYcYfh]e]jaflY`Z]jmhYh]f]jZalYfYlmjYfmflmc>Ykada% lYkDacma\alYkH]eZaYqYYfH]jmeY`Yf >DHH!la\Ycl]jlmf\Y$
28

laYdYj]Y JmkmfYea!afZa_[ala]kYf\DYf\]\@gmkaf_ @]Ydl`q Yf\Kaehd]@gmk]!&L`]hjg\m[lagfgml[ge]g^FYlagfYd@gmkaf_ =fl]jhjak]Yj]`gmk]kYf\dYf\k[gfkaklg^. kap!lqh]kg^hjg\% m[lk&L`]k]Yj]2LYhYcKaehd]@gmk]$Kaehd]@gmk]$Ea\\d]K[Yd] @gmk]$@ge]K`gh$JmkmfYeaYf\JmkmfYoY& Af_]f]jYd$FYlagfYd@gmkaf_=fl]jhjak]oYkYZd]lgh]j^gje mhda^laf_Y[à]n]e]fl\mjaf_*())&FYlagfYd@gmkaf_=fl]jhjak]% eY\]Yj][gj\g^f]lhjgÚl_jgol`g^Jh)1$,Zaddagfgjaf[j]Yk]\ Yl,)$/1[gehYj]\lghj]nagmkh]jag\&LàkY[à]n]e]fleYaf% lYaf]\l`]lj]f\g^hjgÚl_jgol`kaf[]*((1lg*())$j]kh][lan]dq g^Jh+0$/Zaddagf$Jh,.$,Zaddagf$Yf\Jh.-$0Zaddagf&Oà[` e]Yfk$\mjaf_l`]h]jag\l`]j]`YkZ]]fYf]lhjgÚl_jgol`g^ -0$0)&O`]j]Yk;gjhgjYl]OgjcHdYfYf\:m\_]lg^*())gfdq hjgb][l]\YhjgÚl_Yafg^Jh-($*Zaddagf& Afgl`]jogj\k$l`]hjgÚleY\]ZqFYlagfYd@gmkaf_=fl]j% hjak]*())akJh)-$.Zaddagfgj+)$(/à_`]jl`Yfl`YllYj_]l]\ afl`];gjhgjYl]OgjcHdYfYf\:m\_]l& Làkaf[j]Yk]\f]lhjgÚl_Yafg^*())oYkY[à]n]\\m]lg l`]^mdÚdde]flg^kYd]klYj_]lYkk]lgmlaf;gjhgjYl]OgjcHdYf Yf\:m\_]l&KYd]kj]YdarYlagfoYkYegmfl]\lgJh)$(*)l`jaddagf gjj]Y[`]\)(($(.^jgel`Ylk]lgmlafl`]Zm\_]lg^Jh)$(*( l`jaddagf& L`] km[[]kk eY\] Zq FYlagfYd @gmkaf_ =fl]jhjak]af e]]laf_l`]lYj_]loYkgoaf_lg:mkaf]kkBgaflOgjcoal`Yk% kg[aYl]kafj]ka\]flaYdYj]YYf\Gof]\Kaehd]>dYl JmkmfYea! \]n]dghe]fl&A^l`]_gn]jfe]flkhgda[qlYc]k^gjeYkl`]akkm% Yf[]g^j]_mdYlagfYklg@gmkaf_>afYf[]Daima\alq>Y[adalqakfgl kmkh]f\]\$ l`] :gYj\ ak [gfnaf[]\ l`Yl l`] kYd] eY\] Zq l`] FYlagfYd@gmkaf_=fl]jhjak]oaddZ]à_`]j& Af l]jek g^ ngdme]$ l`] kYd]k g^ dYf\]\ `gmk] Yf\ ÛYlk \mjaf_*())j]Y[`]\1&-+,mfalk&LàkY[à]n]e]flgfdq*$0 à_`]jl`Yfl`]j]YdarYlagfg^*()(g^1&*/+mfalk&O`]j]Ykaf l]jek g^ hjg\m[lagf$ FYlagfYd @gmkaf_ =fl]jhjak] `Yk j]Ydar]\ l`]j]ka\]flaYdYj]Y\]n]dghe]flg^)-&-/)mfalk&LàkY[à]n]% e]flak),-$/-à_`]jl`Yfl`][gjhgjYl]ogjchdYfYf\Zm\_% ]lg^*())YkeYfqYk)(&.0+mfalkYf\*)-$*/à_`]jl`Yfl`] j]YdarYlagfg^*()(g^/&*++mfalk& AfY\\alagflgkYd]af[j]Yk]$làkf]lhjgÚleYfY_]\lgaf% [j]Yk]Ykl`][gehYfqakYZd]lgkmhhj]kk;gklg^?gg\kKgd\ ;?K!afY[gfnaf[af_eYff]j&;gjhgjYl]OgjcHdYfYf\:m\_]l g^*())lYj_]l]\Y;?Kg^.+-$*Zaddagf&O`]j]Ykl`]j]YdarYlagf g^;?Kg^*())akg^Jh-1($+Zaddagf$Jh,,$1Zaddagfgj1*$1* dgo]jl`Yfl`]lYj_]lk]lgmlafL`];gjhgjYl]OgjcHdYf9f\ :m\_]l&=n]fl`gm_`l`]j]oYkkladdYfaf[j]Yk]$l`]]^^gjlkeY\] ZqFYlagfYd@gmkaf_=fl]jhjak]lghjg\m[]Zm\_]l]^Ú[a]f[qoYk YhhYj]fl& L`] j]YdarYlagf g^ Zmkaf]kk daYZadalq g^ *()) oYk Jh *//$) Zaddagf& L`] Yegmfl ak ))/$(- à_`]j l`Yf l`Yl g^ ;gj% hgjYl]OgjcHdYfYf\:m\_]lg^*())g^Jh*+.$/ZaddagfYf\ )+-à_`]jl`Yfl`]j]YdarYlagfg^*()(oà[`Yegmfl]\lgJh

2011

+/*$,YlYmJh.$*/eadaYj\Yjaj]YdakYkaafn]klYkalY`mf*()( k]Z]kYjJh*$+eadaYj&OYdYml]jbY\ah]faf_cYlYf$k]bYlafqY$j]% YdakYkaafn]klYkaafaeYka`\aZYoY`JC9H*())k]Z]kYjJh**$- eadaYj&LYj_]lafn]klYkaqYf_la\Ycl]j[YhYaafadYflYjYfcgf\aka c]mYf_Yfh]jmkY`YYfZ]dmee]f[mcmhak]àf__Y
,+/$)Zaddagf& Af l]jek g^ afn]kle]fl j]YdarYlagf$ FYlagfYd @gmkaf_ =fl]j% hjak] eYfY_]\ lg j]Ydar] Jh 0$-/ Zaddagf& Làk afn]kle]fl j]Yda% rYlagfbmeh]\lg+/*$,gjJh.$*/Zaddagf^jgel`]afn]kle]fl j]YdarYlagfg^*()(oà[`Yegmfl]\lgJh*$+Zaddagf&L`gm_`l`]j] `YkZ]]fYfaf[j]Yk]$Y[lmYddq$làkafn]kle]flj]YdarYlagfakkladd mf\]jl`]lYj_]lg^L`];gjhgjYl]OgjcHdYfYf\:m\_]lg^*()) Yegmflaf_lgJh**$-Zaddagf&Km[`^Yad]\afn]kle]fllYj_]loYk \m]lgafkm^Ú[a]fl[gehYfqkÚfYf[aYd[gf\alagfl`Yll`]
ZLYflYf_YfMkY`Y

Z:mkaf]kk;`Ydd]f_]k

KYdY` kYlm lm_Yk mlYeY H]jmefYk Y\YdY` e]fbY\a h]% fq]\aY h]emcaeYf qYf_ dYqYc \Yf k]`Yl ZY_a c]dgehgc eYkqYjYcYlZ]jh]f_`YkadYfj]f\Y` E:J!&MhYqYH]jmefYk \Yjakakah]fYoYjYfh]emcaeYfafae]f\YhYl\mcmf_Yf\Yja h]e]jaflY` Z]jmhY h]f_mYlYf h]jeaflYYf \Yja E:J& ;YjY% fqY$H]e]jaflYè]eZmYlhjg_jYekmZka\aZmf_Ycj]\alh]% jmeY`Yfc`mkmkmflmcE:JZ]jfYeY>YkadalYkDacma\alYkH]e% ZaYqYYf H]jmeY`Yf >DHH!& DHH&

Gf] g^ l`] eYaf lYkck g^ FYlagfYd @gmkaf_ =fl]jhjak] ak lgZ][ge]Yhjgna\]jg^\][]flYf\`]Ydl`q`gmkaf_^gjdgo af[ge] kg[aYd _jgmh E:J!& L`] ]^^gjlk eY\] Zq FYlagfYd @gmkaf_=fl]jhjak]afl]jekg^làkk]lld]e]flg^^]jaf_j][]an]\ kmhhgjl^jgel`]_gn]jfe]flafl`]^gjeg^l`]af[j]Ykaf_\]% eYf\^jgedgoaf[ge]kg[aYd_jgmh&L`]e][`Yfakeakl`Yll`] _gn]jfe]fleYc]kYkh][aYdafl]j]kl[j]\alkmZka\q^gj`gmkaf_ hjg_jYe ^gj làk _jgmh fYe]\ @gmkaf_ >afYf[af_ Daima\alq >Y[adalq >DHH!&Aflàkhjg_jYe$FYlagfYd@gmkaf_=fl]jhjak] `gd\kYkqf]j_q]kh][aYddqoal`l`]ZYfcaf_k][lgj$af]ph]\al% af_l`]hjg[]kkg^>DHHÚfYf[af_&

DHHYflYjYH]e]j% aflY`\Yfh]jZYfcYfh]fqYdmj>DHH&Afae]eZmYlc]`Y\ajYf h]jYlmjYfl]cfakh]fq]d]f__YjYf>DHHhY\YkmYlmlY`mfbm_Y

20

Afj]Ydalq$dac]YddZmkaf]kkY[lanala]k$alak[geegfa^l`]j] Yj] [`Ydd]f_]k Yf\ gZklY[d]k& =n]jq q]Yj$ l`]j] Yj] YdoYqk mfk]lld]\>DHH[j]\alafl]j]klf]_glaYlagfkZ]lo]]fl`]?gn]jf% e]fl Yf\ l`] ZYfck Yk l`] Y_]fl g^ >DHH \akljaZmlagf& Làk [Ymk]k\]dYqlgl`]hj]k]f[]g^>DHHl][`fa[Ydj]_mdYlagfk&L`]

29

acmll]jlmf\Y&=^]c\Yjah]fmf\YYfafaY\YdY`ZYfcZ]dme ZakYe]f_]dmYjcYfKmjYlH]f]_YkYfH]jk]lmbmYfH]eZ]jaYf Cj]\al KH+C!& :Y_a h]f_]eZYf_$ k]h]jla H]jmefYk$ KH+C qYf_Z]dmec]dmYje]fbY\acYfh]fbmYdYfjmeY`\YflYfY` acmll]j`YeZYl& @YeZYlYf Z]jacmlfqY eYka` \a k]hmlYj h]jYlmjYf& Mf% \Yf_%mf\Yf_Fgegj*0LY`mf*((1l]flYf_HYbYcYclYfqY$eYka`Y\Yk]bmedY`H]e\YqYf_ Z]dmee]eY`Yea\Yfe]eadacaH]j\Yl]flYf_H]f_]dgdYYf :H@L:& C]laY\YYf hYqmf_ `mcme afa e]eZmYl ljYfkYcka hjgh]jlak]\acale]f]emaZYlmkYf\mf_Yf& E]kca Y\Y `YeZYlYf$
30

\]dYqZjgm_`laehY[ll`Yll`]ZYfcakmfYZd]lgakkm]YD]l% l]jg^;j]\al;gfÚjeYlagf9_j]]e]fl KH+C!&>gj\]n]dgh]jk$ km[`YkFYlagfYd@gmkaf_=fl]jhjak]$fgf%akkm]\KH+C[Ymk] l`]aeh]\ae]fllgkYd]kg^l`]`gmk]kYf\dYf\k& L`] f]pl gZklY[d] jYf_]k kladd af d]_akdYlagf& L`] DYo FmeZ]j *0 g^ *((1 j]_Yj\af_ J]_agfYd LYp]k Yf\ D]na]k hjgna\]\l`Yll`];]fljYd?gn]jfe]flljYfk^]jkl`]ja_`llg [gdd][lL`]9[imakalagfJa_`l>]]Gn]jL`]DYf\Yf\:mad\af_k :H@L:! lg l`] Dg[Yd ?gn]jfe]fl D?!& Af gj\]j lg [gdd][l :H@L:$9jla[d])0(g^L`]dYoj]imaj]kL`]Dg[Yd?gn]jfe]fl lg aehgk] J]_agfYd J]_mdYlagf Yk lg :H@L: [gdd][lagf& Af ^Y[l$ l`]j] Yj] Y fmeZ]j g^ dg[Yd _gn]jfe]flk o`g \g fgl mf\]jklYf\ oal` fg klahmdYlagf j]_Yj\af_ l`] EYfY_]e]fl g^ :H@L:& L`] YZk]f[] g^ d]_Yd hjgl][lagf [Ymk]k hjgh]jlq ljYfkY[lagfklgÚf\kge]ljgmZd]k& L`gm_` [gf^jgflaf_ kge] gZklY[d]k$ l`] :gYj\ Z]da]n]k l`Yl ^YeadaYjarYlagf Yf\ [geemfa[YlagfYd ]^^gjlk \gf] Zq l`]?gn]jfe]flk`Ydd^Y[adalYl]l`][gmjk]g^hjgh]jlqZmka% f]kkk][lgjafl`][gmfljql`YlmdlaeYl]dqeYc]kl`]h]j^gj% eYf[]g^FYlagfYd@gmkaf_=fl]jhjak]lg_]lZ]ll]j^jgelae] lglae]&Egj]gn]j$YddhYjla]kj][g_far]l`]hjgkh][lg^hjgh% ]jlqZmkaf]kkk][lgjafAf\gf]kaYZglàfl`]hj]k]flYf\af l`]^mlmj]&DYj_]hghmdYlagfYf\l`]f]]\klgoYj\`gmkaf_ oadd `]a_`l]f l`] \]eYf\ gf hjgh]jlq hjg\m[lk& L`]j]^gj]$ o] j]eYaf ghlaeakla[ lg \]Yd oal` ghhgjlmfala]k Yf\ [`Yd% d]f_]kg^hjgh]jlqZmkaf]kkk][lgj\mjaf_*()*& =^^gjlklgljYfk^gjeaf_l`]FYlagfYd@gmkaf_=fl]jhjak] lgZ][ge]FYlagfYd@gmkaf_MjZYf<]n]dghe]fl;gjhgjY% lagf F@M<;! kladd [gflafm]k& 9k F@M<;$ af Y\\alagf lg alk ^mf[lagfYkYdYj_]k[Yd]@gmkaf_Yf\J]ka\]flaYd9j]Y<]n]d% gh]j9_]f[qafAf\gf]kaYf[ala]k$FYlagfYd@gmkaf_=fl]jhjak] oaddYdkg^mf[lagfYk9_]flg^<]n]dghe]flafmjZYfkhYlaYd YjjYf_]e]fl af Y kqf]j_q oal` L`] ;]fljYd Yf\ Dg[Yd ?gn% ]jfe]flk&Làk[`Yf_]g^^mf[lagfg[[mjkkaf[]L`]FYlagfYd @gmkaf_=fl]jhjak]akl`]gfdqklYl]gof]\]fl]jhjak]l`Ylak %\]^Y[lg%Z]Yjaf_l`]\mlqYkFYlagfYd@gmkaf_9_]f[q^gj hjgna\af_`gmk]k^gjdgo]jaf[ge]kg[aYd_jgmhkafAf\gf]% kaY&@Ynaf_`Y\Yddj]kgmj[]k$]ph]ja]f[]Yf\d]f_l`qljY[c j][gj\^gj+/q]Yjk$FYlagfYd@gmkaf_=fl]jhjak]akj]Y\qlg lYc]l`]ghhgjlmfalq&Afdgf_l]je$FYlagfYd@gmkaf_=fl]j% hjak]aklYj_]laf_lg\]n]dghYkeYfqYk)((&(((mfalk'q]Yj \mjaf_l`]f]pl-%/q]Yjk&

2011

ZLYlYC]dgdYH]jmkY`YYf

Z;gjhgjYl]?gn]jfYf[]

H]jmefYke]qYcafa\Yfe]eadacacgeale]fqYf_laf__a mflmc e]f]jYhcYf lYlY c]dgdY h]jmkY`YYf YlYm ?gg\ ;gj% hgjYl]?gn]jfYf[] ?;?!qYf_ZYac&H]f]jYhYf?;?Y\YdY` h]f\mcmf_ mlYeY l]jombm\fqY h]jlmeZm`Yf Zakfak qYf_ Z]jc]dYfbmlYf \a H]jmefYk&
FYlagfYd @gmkaf_ =fl]jhjak] ak [gfÚ\]fl Yf\ hgkk]kkaf_ Y kljgf_ [geeale]fl lg aehd]e]fl ?gg\ ;gjhgjYl] ?gn]jfYf[] ?;?!&L`]Yhhda[Ylagfg^?;?akl`]eYafhaddYj^gjl`]j]Yda% rYlagfg^kmklYafYZd]Zmkaf]kk_jgolòalàfFYlagfYd@gmkaf_ =fl]jhjak]alk]d^&Mf\]jl`]aehd]e]flYlagfg^?;?hjaf[ahd]$FY% lagfYd@gmkaf_=fl]jhjak]k]]cklg[gehdqoal`Ydd[mjj]flj]_mdY% lagfYf\lghj]hYj]hjgh]j[gjhgjYl]_gn]jfYf[]kljm[lmj]Yf\ e][`Yfake& FYlagfYd @gmkaf_ =fl]jhjak] k`Ydd aehd]e]fl l`] ?;?hjaf[ahd]hmjkmYfllgL`]<][akagfg^KlYl]Eafakl]jg^KlYl] Gof]\=fl]jhjak] KL=!FmeZ]j))/'E%E:M*((*j]_Yj\af_l`] Aehd]e]flYlagfg^?;?YlKL=&L`][geeale]fllgaehd]e]fl l`] ?;? hjaf[ahd] ak eYfa^]kl]\ af Ydd d]n]dk g^ eYfY_]e]fl daf]k$ klYjlaf_ ^jge l`] :gYj\ g^
H]jmefYk l]dY` e]eadaca h]jYf_cYl c]d]f_cYhYf ?;? YflYjY dYaf ?;? ;g\]$ :gYj\ EYfmYd$ ;g\] g^ ;gf\m[l \Yf% ;`Yjl]j& L]jcYal \]f_Yf ;g\] g^ ;gf\m[l$ H]jmefYk l]dY` e]dYcmcYfkgkaYdakYka;g\]g^;gf\m[ll]j`Y\YhcYjqYoYf\a daf_cmf_YfH]jmefYk&:]jZY_Yac]d]f_cYhYfkljmclmj?;?afa e]fbY\acYf`mZmf_Yf
FYlagfYd @gmkaf_ =fl]jhjak] `Yk gof]\ [gehd]l] afkljm% e]flk^gj?;?km[`Yk?;?;g\]$:gYj\EYfmYd$;g\]g^;gf\m[l Yf\ ;`Yjl]j& H]jlYafaf_ lg ;g\] g^ ;gf\m[l$ FYlagfYd @gmkaf_ =fl]jhjak]`Yk[Yjja]\gml^YeadaYjarYlagfg^;g\]g^;gf\m[llg Ydd]ehdgq]]k&NYjagmkkljm[lmjYd[gehd]l]f]kkg^làk?;?eY\] l`]j]dYlagfkàhZ]lo]]fl`]:gYj\g^
Mflmc e]fbY_Y h]dYckYfYYf ?;? l]lYh Z]jbYdYf k][YjY ZYac$ H]jmefYk e]f_]eZYf_cYf Oàkld]Zdgoaf_ Kqkl]e& E]kcahmf`YdafaZYjm\ac]eZYf_cYf$fYemfcYeaZ]jc]qYca% fYf ZYòY `Yd afa YcYf e]eZYoY eYf^YYl eYckaeYd ZY_a H]jmefYk&

Afgj\]jlghj]k]jn]l`]aehd]e]flYlagfg^?;?hjaf[ahd]gf ljY[c$ FYlagfYd @gmkaf_ =fl]jhjak] `Yk \]n]dgh]\ l`] Oàkld]% Zdgoaf_ Kqkl]e& <]khal] l`Yl l`] kqkl]e ak j]dYlan]dq f]o$ o] Z]da]n] l`Yl làk oadd Zjaf_ YZgml l`] ghlaeme Z]f]Úl lg l`] [gehYfq&

ZLYf__mf_BYoYZKgkaYd H]jmkY`YYf

Z;gjhgjYl]Kg[aYdJ]khgfkaZadalq

L`] :gYj\ g^
20

31

KYkYjYf\YjaYclanalYkHC:DH]jmefYk$k]kmYa\]f_Yfh]j% YlmjYf$Y\YdY`mkY`Yc][adZYach]jgjYf_YfYlYmZY\YfmkY`Y qYf_e]ehmfqYah]fbmYdYfh]jlY`mfk]laf__a%laf__afqYJh) eadaYjYlYme]eadacac]cYqYYfk]laf__a%laf__afqYJh*((bmlY$ \admYjlYfY`\YfZYf_mfYf&MkY`Yc][adqYf_e]fbY\aealjY HC:DH]jmefYkafaZ]j_]jYc\aZ]jZY_Yak]clgj$qYalm2af\mklja$ h]j\Y_Yf_Yf$h]jlYfaYf$h]l]jfYcYf$h]jc]ZmfYf$h]jacYfYf$ bYkY$\Yfk]clgjdYaffqY&@af__YYcàj*())$j]YdakYkaHjg_jYe C]ealjYYfH]jmefYkl]dYè]f[YhYaJh)$(*0eadaYjc]hY\Y 1,ealjYZafYYf& 9\Yhmf mflmc Hjg_jYe :afY Daf_cmf_Yf$ \Yja lY`mf *(((àf__YYcàj*())$H]jmefYkZ]dmeZakYe]dYckYfYcYf cYj]fYZ]dmeY\Yh]fqaka`YfdYZYh]jmkY`YYfmflmcHC:D& Cgf\akaafal]jbY\acYj]fYc]mYf_Yfh]jmkY`YYfqYf_Z]dme e]eY\Ya dYflYjYf `Yjmk e]fmlmh c]jm_aYf \a lY`mf%lY`mf k]Z]dmefqY&
32

L`]lYj_]lg^HC:Dhjg_jYe$afY[[gj\Yf[]oal`l`]hj]% nYadaf_j]_mdYlagfk$akkeYddZmkaf]kk]k]al`]j[Yjja]\gmlZq af\ana\mYdgjZmkaf]kk]flalq`Ynaf_kYd]kngdme]g^)Zad% dagfYffmYddq$gj`Ynaf_eYpaemehjgh]jlqnYdm]g^Jh*(( eaddagf$]p[dm\af_dYf\Yf\Zmad\af_k&KeYddZmkaf]kk]kl`Yl Z][ge] hYjlf]jk ^gj HC:D hjg_jYe jmf l`]aj gh]jYlagfk af nYjagmkk][lgjk2af\mkljq$[gee]j[]$Y_ja[mdlmj]$YfaeYd`mk% ZYf\jq$hdYflYlagf$Úk`]ja]k$k]jna[]kYf\gl`]jk][lgjk&Mflad l`] dYl] *())$ l`] j]YdarYlagf g^ làk HYjlf]jkàh Hjg_jYe `]d\ZqFYlagfYd@gmkaf_=fl]jhjak]`Ykj]Y[`]\MK<)&(*0 Zaddagfhjgna\]\lg1,ljYaf]\hYjlf]jk& 9k^gjl`];geemfalq<]n]dghe]flHjg_jYe$^jge*((( lg l`] ]f\ g^ *())$ fg j]YdarYlagf eY\] Zq L`] FYlagfYd @gmkaf_=fl]jhjak]kaf[]l`]j]akfghjgÚlYddgoYf[]^gjl`] HC:DHjg_jYe&Làk[gf\alagfg[[mjk\m]lgafY\]imYl][ge% hYfqkÚfYf[aYd[gf\alagfYkj]kmdlg^dgkk]kZ]af_Zgjf]g^ hj]nagmkq]Yjk& Gflàkg[[Ykagf$A$gfZ]`Yd^g^l`]:gYj\g^YeadqFY%

2011

K]eg_Y \]f_Yf \mcmf_Yf l]jmk e]f]jmk \aZ]jacYf$ YcYf e]fbY\ah]eY[mZY_aH]jmefYkmflmcZ]jcaf]jbYd]Za`ZYac dY_a\aeYkY%eYkYqYf_YcYf\YlYf_&

lagfYd@gmkaf_=fl]jhjak]^gjYddl`]kmhhgjlYf\[gfÚ\]f[] l`]q `Yn] _an]f& @gh]^mddq oal` Ydd l`gk] kmhhgjlk$ o] Yj] ]f[gmjY_]\lgY[à]n]Z]ll]jh]j^gjeYf[]aflae]klg[ge]&

L`]h]j^gjeYf[]j]hgjlg^FYlagfYd@gmkaf_=fl]jhjak] làkq]Yj*())$YkklYl]\aflàk9ffmYdJ]hgjlaf[dm\]k>afYf% [aYdKlYl]e]flk[gfkaklaf_g^:YdYf[]K`]]lYf\HjgÚl Dgkk! KlYl]e]fl ^gj l`] Úk[Yd q]Yj g^ *())$ ak Ym\al]\ Zq HmZda[ 9[[gmflYfl >aje K& EYffYf$ 9j\aYfkqY` 9kkg[aYl]k oal` l`]ghafagfg^ J]YkgfYZd]oal`Fg=p[]hlagf&

K]eg_Y9ddY`KOLe]daehY`cYfjYèYl%FqYk]jlYe]e% ZaeZaf_calY\YdYemhYqYe]f[YhYac]Z]j`YkadYfk]jlYh]j% lmeZm`YfqYf_Z]jc]dYfbmlYf\aeYkY\]hYf&

EYq 9ddY` Z]klgo @ak E]j[q Yf\ _ma\] mk af Y[à]naf_ km[[]kk^mdYf\kmklYafYZd]_jgolàfl`]^mlmj]&

HIMAWAN ARIEF SUGOTO
20

33

L9F??MF?B9O9: H=D9HGJ9F

J=HGJLAF? J=KHGFKA:ADALA=K

<]oYfH]f_YoYk\Yf
:gYj\g^Ljmkl]]kYf\:gYj\g^
BYcYjlY$E]a*()*

BYcYjlY$EYq*()*

<]oYfH]f_YoYk%:gYj\g^Kmh]jnakgjq Direksi %:gYj\g^
PANGIHUTAN MARPAUNG

HIMAWAN ARIEF SUGOTO

C]lmY<]oYfH]f_YoYk%;`YajeYfg^Kmh]jnakgjq:gYj\

34

2011

YUSWANDA A. TEMENGGUNG

SUNARDI

9f__glY<]oYfH]f_YoYk%E]eZ]jKmh]jnakgjq:gYj\

ISMANTO

TEDDY ROBINSON SIAHAAN


SONANTHA HALIM YUSUF

HM. KAMAL KUSMANTORO


TUMIYO

HAKIKI SUDRAJAT


afYf[]Yf\@J
20

35

36

2011

HJG>AD H=JMK9@99F ;GEH9FQHJG>AD=

20

37

38

2011

H=JMEH=JMEF9K OakeYH]jmefYk Bd&<&A&HYfbYalYfCYn&)) BYcYjlYLaemj)++,(%Af\gf]kaY L]d]hgf 2

#.**)0)1,01/ -kYdmjYf!

#.**)0)1+0(*

>Yckaeada 2

#.**)0)1+0*-

=%eYad

cljhmkYl8h]jmefYk&[g&a\

2

O]Zkal] 2

20

ooo&h]jmefYk&[g&a\

39

LGF??9CK=B9J9@

9@AKLGJA;D9F<E9JC

K]bYjY`H]jmefYkk][YjY_YjakZ]kYj\YhYl\aZY_ae]fbY\a Z]Z]jYhYh]jag\]$Z]j\YkYjcYfh]f[YhYaYfqYf_\ah]jgd]`\Yf h]jYfYffqY k]ZY_Ya h]f_]eZYf_ h]jmeY`Yf \Yf h]jemca% eYf\aAf\gf]kaY&H]jmefYk\a\ajacYfZ]j\YkYjcYfH]jYlmjYf H]e]jaflY`Fgegj)*lY`mf)100$\Yf\ak]ehmjfYcYfe]dYdma H]jYlmjYfH]e]jaflY`Fg&)-LY`mf*((,lYf__Yd)(E]a*((,&

L`] àklgjq g^ H]jmefYk af gmldaf] [Yf Z] \ana\]\ aflg k]n]jYdh]jag\kgfl`]ZYkakgâlkY[à]n]e]flYf\jgd]Ykl`] `gmkaf_Yf\k]lld]e]fl\]n]dgh]jafAf\gf]kaY&H]jmefYkoYk ]klYZdak`]\mf\]jl`]?gn]jfe]flJ]_mdYlagfFmeZ]j)*')100 Yf\oYkh]j^][l]\Zql`]?gn]jfe]flJ]_mdYlagfFg&)-'*((, \Yl]\)(EYq*((,&

H]jmefYke]emdYaeakafqY \YdYee]eZYf_mfh]jmeY`Yf jYcqYle]f]f_Y`c]ZYoY` Z]k]jlYkYjYfY\YfhjYkYjYfYfqY& JaZmYfjmeY`\aZYf_mf\a \Y]jY`<]hgc$BYcYjlY$:]cYka \Yfe]dmYkàf__Y;aj]Zgf$ K]eYjYf_$KmjYZYqY$E]\Yf$ HY\Yf_\YfEYcYkkYj&

H]jmefYkk]dYaf e]eZYf_mfjmeY` k]\]j`YfYbm_YemdYa e]jaflakh]eZYf_mfYfjmeY` kmkmfk]\]j`YfY\]f_YflmbmYf e]f\mcmf_hjg_jYeh]j]eYbYYf h]jcglYYf&

HY\Yh]jag\]afa$H]jmefYk e]eZYf_mf`Yehaj-(\Yja lglYdh]eZYf_mfYfh]jmeY`Yf FYkagfYd&E]dgfbYcfqYhjg\mcka h]jmeY`Yfafa\a\gjgf_gd]` hjg_jYeH]e]jaflY`mflmc e]eZYf_mf-((&(((jmeY` k]\]j`YfY JK!\YfjmeY` kYf_Ylk]\]j`YfY JKK!&

1974 - 1982

1983 - 1991

1992 - 1998

H]jmefYkZ]_Yfalkeakkagfafl`] \]n]dghe]flg^`gmkaf_lg_]l`]j oal`h]jlaf]fle]YfkYf\^Y[adala]k ^gjh]ghd]gêa\\d]af[ge] \gofoYj\k&L`gmkYf\kg^\o]dd% af_k`Yn]Z]]fZmadlafl`]j]_agfk g^<]hgc$BYcYjlY$:]cYkal`jgm_` lg;aj]Zgf$K]eYjYf_$KmjYZYqY$ E]\Yf$HY\Yf_$Yf\EYcYkkYj&

H]jmefYkafY\\alagflg\]n]dgh% af_hdYaf\o]ddaf_Z]_YfYdkglg Zj]Ycf]o_jgmf\^gjl`]\]n]dgh% e]flg^kaehd]à_`jak]oal` Yna]olgkmhhgjlaf_l`]mjZYf j]f]oYdhjg_jYe&

Aflàkh]jag\$H]jmefYk`YkZmadl f]Yjdq-(g^l`]lglYdfYlagfYd `gmkaf_\]n]dghe]fl&L`]kgYjaf_ hjg\m[lagfg^`gmkaf_oYk\jan]f Zql`]_gn]jfe]flhjg_jYe g^Zmad\af_-(($(((kaehd] \o]ddaf_k JK!Yf\n]jqkaehd] \o]ddaf_k JKK!&

40

2011

H]jag\]cjakak\aeYfYH]jmefYk e]f_YdYeaj]kljmclmjakYkahafbYe% Yfh]jmkY`YYf\Yfh]fmjmfYf \YdYe[YhY[alqZmad\af_YcaZYl d]eY`fqY\YqYZ]daeYkqYjYcYl c`mkmkffqYeYkqYjYcYl e]f]f_Y`c]ZYoY`&

Caf]jbYH]jmefYkfYacàf__Y e]f[YhYalYj_]lJC9H+(( d]Za`laf__a\YjahY\YlY`mf k]Z]dmefqY&H]jmefYke]fbY\a h]dghgj\Yfh]eaehaf\YdYe h]eZYf_mfYfJmkmfY )&(((Lgo]j&

H]jmefYke]fmbm FYlagfYd@gmkaf_Yf\MjZYf <]n]dghe]fl\]f_Yf e]fbY\ah]dYcmmlYeYh]fq]\aY h]jmeY`Yf\Yfh]jemcaeYf \aAf\gf]kaY&e]j]f[YfYcYf lYj_]lh]eZYf_mfYf )((&(((mfaljmeY`&

1999 - 2007

2007 - 2009

2010 - 2015

;jala[Ydh]jag\o`]j]H]jmefYk mf\]jo]flj]kljm[lmjaf_g^[ge% hYfqdgYfYf\\][j]Yk]afZmad\% af_[YhY[alq\m]lgl`]o]Yc]faf_ g^hmj[`Yk]hgo]jg^l`]h]ghd] gêa\\d]af[ge]\gofoYj\k&

H]jmefYkh]j^gjeYf[]kgYj]\ km[`l`Yll`]JC9HlYj_]loYk +((à_`]jl`Yfl`Ylg^l`] hj]nagmkq]Yjk&H]jmefYkZ][Ye] l`]hagf]]jYf\d]Y\]jafl`] \]n]dghe]flg^)$(((%Lgo]j JYkmfY&

H]jmefYkoYk`]Y\af_^gj FYlagfYd@gmkaf_Yf\MjZYf <]n]dghe]flZqZ][geaf_l`] eYafY[lgjgfl`]hjgnakagf g^`gmkaf_Yf\k]lld]e]flaf Af\gf]kaY$lYj_]llaf_l`]\]n]dgh% e]flg^)(($(((\o]ddaf_k'mfalk&

20

41

:JA=>9;;GMFL

JAO9Q9LKAF?C9L FYeY

FYe]

2 H]jmeH]jmefYk

2H]jmeH]jmefYk

:a\Yf_MkY`YHgcgc2 H]jmeY`Yf\YfCYoYkYfH]emcaeYf

:Yka[Daf]g^:mkaf]kk2@gmkaf_Yf\J]ka\]flaYd9j]Y

LYf__Yd:]j\aja

2)0Bmda)1/,

LYf__Yd:]jgh]jYka 2)0Bmda)1/,

2)0Bmdq)1/,

BYjaf_YfH]dYqYfYf 2 )CYflgjHmkYl$/CYflgjJ]_agfYd$ )CYflgjJ]_agfYdJmkmfYoY$\Yf -0CYflgj;YZYf_

K]jna[]F]logjc

2)@]Y\G^Ú[]$/J]_agfYdG^Ú[]k$ )J]_agfYdJmkmfYoYG^Ú[]$Yf\ -0:jYf[`G^Ú[]k

BmedY`CYjqYoYf 2 )&*1(gjYf_

FmeZ]jg^=ehdgq]]k 2)&*1(h]jkgfk

H]eadac

Gof]j

2 F]_YjYJ]hmZdacAf\gf]kaY

2KlYl]g^J]hmZda[gÂf\gf]kaY

H]jmefYk Y\YdY` :Y\Yf MkY`Y Eadac F]_YjY :MEF! Z]jZ]flmc H]jme H]jmkY`YYf Meme! qYf_ eg\YdfqY )(( h]jk]f Y\YdY` eadac H]e]jaflY` J]hmZdac Af\gf]kaY \Yf e]f_]eZYf eaka c`mkmk&
H]jmefYk ak Y klYl]%gof]\ Zmkaf]kk [gf[]jf :MEF! in the form of H]jme HmZda[;gehYfq!gôà[`l`][YhalYdak gof]\)((Zql`]_gn]jfe]flgÂf\gf]kaYYf\akYkkmeaf_ kh][aYdeakkagf&AloYk]klYZdak`]\mf\]jl`]?gn]jfe]flJ]_m% dYlagf HH!Fg&*1')1/,&KgYklgj]khgfk]lgl`]\qfYea[kg^ [`Yf_]l`YlljYfkhaj]kZglàfka\]Yf\gmlka\]l`][gehYfq$alk ]pakl]f[]oYkj]gj_Yfar]\l`jgm_`l`]?gn]jfe]flJ]_mdYlagf Fg&)*')100&

=fYe Z]dYk lY`mf c]em\aYf k]ajaf_ \]f_Yf dYàjfqY Mf% \Yf_ Mf\Yf_ Fg )1 lY`mf *((+ l]flYf_ :Y\Yf MkY`Y Eadac F]_YjY :MEF!$eYcYHHh]f\ajaYfH]jmefYk\ak]ehmjfYcYf e]dYdmaHHFgegj2)-lY`mf*((,lYf__Yd)(E]a*((,&H]jm% ZY`Yfe]f\YkYjqYf_\aYlmj\YdYeHHl]jk]Zmll]j[]jeafhY\Y hYkYd * kYehYa \]f_Yf hYkYd )* qYf_ YflYjY dYaf e]f_Ylmj l]flYf_ 2 Ka^Yl$ EYckm\ \Yf LmbmYf \a\ajacYffqY H]jmkY`YYf$ C]_aYlYf \Yf H]f_]eZYf_Yf MkY`Y$ Eg\Yd$ H]eZ]flmcYf 9fYcH]jmkY`YYf$H]f_]jY`Yf
Kapl]]fq]YjkdYl]j$afdaf]oal`l`]hjgemd_Ylagfg^l`]9[l Fg&)1'*((+gfl`]KlYl]%Gof]\:mkaf]kk;gf[]jf :MEF!$ l`] _gn]jfe]fl j]_mdYlagf Z]af_ l`]f l`] ^gmf\Ylagf g^ l`] ]klYZdakè]fl g^ H]jmefYk oYk Ye]f\]\ Zq l`] ?gn]jfe]fl J]_mdYlagfFg&)-'*((,\Yl]\)(eYq*((,&L`]ZYka[[`Yf_] mhgf l`] f]o _gn]jfe]fl j]_mdYlagf ak j]Û][l]\ af 9jla[d]k * l`jgm_`)*l`]j]gôà[`hjgna\]afl]jYdaYl`]FYlmj]$Hmjhgk] Yf\GZb][lan]g^l`]]klYZdakè]flg^l`][gehYfq$9[lanala]kYf\ :mkaf]kk <]n]dghe]fl$ ;YhalYd$ =klYZdakè]fl g^ KmZka\aYja]k$ JYakaf_g^HmZda[>mf\$]l[&

HY\YkYYlafaH]jmefYkk]\Yf_e]dYcmcYfj]nakaH]jYlm% jYf H]e]jaflY` Fg&)- LY`mf *((, L]flYf_ H]jmefYk qYf_ YcYf e]fbY\acYf H]jmefYk k]ZY_Ya FYlagfYd @gmkaf_ MjZYf<]n]dghe]fl;gjhgjYlagf F@M<;!&<]f_Yfh]jmZY`Yf l]jk]Zml$ \a`YjYhcYf H]jmefYk \YhYl Z]j_]jYc d]Za` \afY% eak$ j]khgfka^ \Yf eYehm e]faf_cYlcYf h]jYffqY k]ZY_Ya h]f_]eZYfeakak]cYda_mke]fmeZm`c]eZYf_cYfmkY`YfqY k]àf__Ycaf]jbYh]jmkY`YYf\YhYl\a[YhYak][YjYghlaeYd& K]kmYa\]f_YflmbmYf\a\ajacYffqYH]jmefYk$eYfYb]e]f l]lYhZ]jcgeale]fl]j`Y\YheakaqYf_\a]eZYfH]jmefYkqYalm e]dYqYfah]fq]\aYYfjmeYèmjY`qYf_dYqYc\Yfl]jbYf_cYm ZY_aeYkqYjYcYlZ]jh]f_`YkadYfe]f]f_Y`c]ZYoY`&

42

;mjj]fldqH]jmefYkakJ=NAKAF?l`]?gn]jfe]flJ]_mdYlagf Fg&)-'*((,gfH]jmefYkoà[òaddljYfk^gjeH]jmefYkaflg FYlagfYd@gmkaf_MjZYf<]n]dghe]fl;gjhgjYlagf F@M<;!& Gmlg^km[`[gf[g[lagfH]jmefYk[YfZ]]ph][l]\lgZ]YZd]lg eYf]mn]j egj] \qfYea[Yddq Yf\ j]khgfkan]dq Yf\ Z] YZd] lg af[j]Yk]alkjgd]Ykl`]eakkagfZ]Yj]jYf\lgkaemdlYf]gmkdq]p% hYf\alkZmkaf]kkafgj\]jlgeYpaear]alkh]j^gjeYf[]& AfY[[gj\oal`l`]gZb][lan]g^l`]]klYZdakè]flg^H]jme% fYk$l`]eYfY_]e]flj]eYafk[geeall]\lgl`]eakkagfZgjf] ZqH]jmefYk$a&]&hjgna\af_ogjl`qYf\Y^^gj\YZd]\o]ddaf_k^gj l`]h]ghd]gêa\\d]af[ge]\gofoYj\k&

2011

NAKA$EAKA<9FFAD9A%FAD9A H=JMK9@99F

NAKAGF$EAKKAGFN9DM=K G>L@=;GEH9FQ

ZVisi

ZVision

“MENJADI PELAKU UTAMA PENYEDIA PERUMAHAN DAN PERMUKIMAN DI INDONESIA”

“TO BECOME THE LEADING ACTOR IN THE PROVISION OF HOUSING & SETTLEMENT IN INDONESIA”

H]jmefYk k]ZY_Ya H]dYcm MlYeY diharapkan menjadi h]eaehaf hYkYj \]f_Yf eafaeme *( h]jk]f hYf_kY hYkYj k][YjY Úkac \Yf e]eadaca dYf\ ZYfc qYf_ l]jZ]kYj \a Af\gf]% kaY\]f_Yfeafaeme*(&(((`]clYj\Yf*(h]jk]fZ]jY\Y\a h]jcglYYf&

H]jmefYk Yk l`] D]Y\af_ 9[lgj ak kmhhgk]\ lg Z][ge] eYjc]l[geeYf\]j`gd\af_fgd]kkl`Yf*(h]j[]flgêYjc]l k]_e]flh`qka[YddqYf\`Ynaf_l`]_j]Yl]kldYf\ZYfcafAf\g% f]kaYg^fgd]kkl`Yf*($(((`YYf\*(h]j[]fll`]j]g^dg[Ylaf_ afmjZYfYj]Y&

H]jmeY`YfJYcqYlY\YdY`h]jmeY`YfZY_aeYkqYjYcYl Z]jh]f_`YkadYfe]f]f_Y`c]ZYoYèYf_Y[mhY\Yc]l]flmYf qYf_\al]lYhcYfH]e]jaflY`&

H]ghd] @gmkaf_ ak `gmkaf_ ^gj h]ghd] g^ ea\\d] af% [ge] \gofoYj\k Y[[gj\af_ lg l`] k[Yd] klahmdYl]\ Zq l`] ?gn]jfe]fl&

H]jemcaeYfY\YdY`cYoYkYfh]jmeY`YfqYf_\aZYf_mf \YdYekcYdYZ]kYj\ad]f_cYhak]emY^YkadalYkh]fmfbYf_fqY&

K]lld]e]flakj]ka\]flaYdYj]Yoà[àkZmadlafdYj_]k[Yd] Yf\]imahh]\oal`Yddkmhhgjlaf_^Y[adala]k&

ZMisi

ZMision

E]fq]\aYcYfh]jmeY`Yf\Yfh]jemcaeYfqYf_Z]jcmYda% lYk\YfZ]jfadYaZY_aeYkqYjYcYl& :]jcmYdalYk 2 K]kmYa\]f_Yf]ckh]clYkah]dYf__Yf :]jfadYa 2 % H]eZ]daZYf__Ye]f__mfYcYfhjg\mc H]jmefYk\Yfe]f\YhYlcYffadYalYeZY`& % Hjg\mcH]jmefYk\aZYf_mfk]kmYa\]f_Yf c]Zmlm`Yf\Yfc]af_afYfh]dYf__Yf&

Hjgna\af_`gmkaf_Yf\k]lld]e]flgîmYdalqYf\nYdm]^gj l`]h]ghd]& ImYdalq 2AfY[[gj\oal`l`]]ph][lYlagfg^[mklge]jk NYdm] 2% Hmj[`Yk]jakhjgm\g^mkaf_l`]hjg\m[l g^H]jmefYkYf\]YjfkY\\]\nYdm]& % H]jmefYkhjg\m[lkYj]ZmadlafY[[gj\ oal`l`]f]]\Yf\\]kaj]g^[mklge]jk&

E]eZ]jacYfc]hmYkYfh]dYf__Yfk][YjYZ]jc]kafYeZmf_Yf e]dYdmadYqYfYfhjaeY& :]jc]kafYeZmf_Yf 2 % H]jmefYk`Yjmke]eadaca\YlY ZYk]\Yja[mklge]j& % E]dYcmcYfc]_aYlYfY^l]jkYd]k k]jna[]$YflYjYdYaf2 h]faf_cYlYfh]dYqYfYf]klYl] eYfY_]e]fl$\Yfe]eZYf_mf cgemfalYk&

J]f\]jaf_ kYlak^Y[lagf lg [mklge]jk [gflafmYddq l`jgm_` hjae]k]jna[]k& ;gflafmYd2 % H]jmefYkemkl`Yn]\YlYZYk]g^[mklge]j& % ;gf\m[laf_Y[lanala]kg^Y^l]j%kYd]k]jna[]$ km[`Ykaehjgn]e]flg^]klYl]k]jna[] eYfY_]e]fl$Yf\\]n]dghe]flYf\ ]ehgo]je]flg^l`][geemfalq&

20

43

E]f_]eZYf_cYf\Yfe]eZ]j\YqYcYfhjg^]kagfYdake]k]jlY e]faf_cYlcYfc]k]bY`l]jYYfcYjqYoYf& Hjg^]kagfYdake]2 K<EZ]jZYkakcgeh]l]fka$[mklge]j orientation dank]jna[]]p[]dd]f[]&

<]n]dghaf_Yf\]ehgo]jaf_g^hjg^]kkagfYdakeYf\ae% hjgnaf_g^]ehdgq]]o]d^Yj]& Hjg^]kkagfYdake2;geh]l]f[]%ZYk]\`meYfj]kgmj[]k$[mk% tomer orientation, and k]jna[]]p[]dd]f[]&

E]f]jYhcYfeYfYb]e]fh]jmkY`YYfqYf_]Úka]f\Yf ]^]cla^& EYfYb]e]fh]jmkY`YYf2 % E]f_ghlaeYdcYfALCfgod]\_]EYfY_]e]fl& % E]f_]eZYf_cYfHjgb][lEYfY_]e]fl& % E]f]jYhcYfEYjc]laf_EYfY_]e]fl&

E]f_ghlaeYdcYfkaf]j_a\]f_YfH]e]jaflY`$:MEF$\Yf AfklYfkadYaf& % AfklYfkadYaf2 LFA$Hgdja$KoYklY$H]jZYfcYf$EaljY % H]e]jaflY`2 :HF$H]e\Y

GhlaearYlagfg^kqf]j_qoal`l`]?gn]jfe]fl$:MEF$Yf\ gl`]jY_]f[a]k& %Gl`]jY_]f[a]k29jeq$Hgda[]$HjanYl]K][lgj$:Yfck$ Partners %?gn]jfe]fl2 :HF$ H]e\Y dg[Yd_gn]jfe]fl!

9hhdqaf_l`][gehYfqkeYfY_]e]flegj]]^Ú[a]flYf\ ]^^][lan] EYfYb]e]flg^[gehYfq2 % GhlaearYlagfgÂLCfgod]\_]EYfY_]e]fl& %<]n]dghe]flg^Hjgb][lEYfY_]e]fl& %9hhda[YlagfgÊYjc]laf_EYfY_]e]fl&

ZFadYa%FadYaH]jmkY`YYf

Z;gehYfqNYdm]k

FadYa%fadYa qYf_ Z]jdYcm \YdYe h]jmkY`YYf Y_Yj eYehm e]f_YflYjH]jmefYke]f[YhYaNaka\Yfe]fbYdYfcYfEakafqY$ qYf_\ac]fYdk]ZY_Ya “SPIRIT FOR Perumnas”.

NYdm]koà[`hj]nYadafl`][gehYfqlg]fkmj]l`]Y[à]n]% e]fl g^ [gehYfq nakagf Yf\ eakkagf$ cfgok Yk “SPIRIT FOR Perumnas”.

QSERVICE EXCELLENCE E]f_mlYeYcYfc]h]flaf_Yf\Yfc]hmYkYfh]dYf__Yf \YdYee]fmfbYf_h]jc]eZYf_Yfh]jmkY`YYf :]jlaf\Ychgkala^\Yf\afYeakmflmce]eZ]jacYfh]% dYqYfYfl]jZYacc]hY\Yh]dYf__Yf LYf__Yh\Yfh]\mdal]j`Y\Yhc]Zmlm`Yfh]dYf__Yf

QSERVICE EXCELLENCE Hjagjalaraf_ l`] afl]j]kl Yf\ kYlak^Y[lagf g^ [mklge]jk lg kmhhgjll`]\]n]dghe]flg^l`][gehYfq& 9[laf_hgkalan]dqYf\\qfYea[Yddqafgj\]jlgj]f\]jZ]kl k]jna[]klg[mklge]jk :]af_j]khgfkan]Yf\[Yjaf_g^l`][mklge]jf]]\k

QPASSION K]dYdmZ]jk]eYf_Yllaf__amflmce]f[YhYalmbmYf K]dYdmZ]jc]af_afYfcmYlmflmce]f[YhYalmbmYf :]jkacYhghlaeake]f_`Y\YhalYflYf_Yf 9flmkaYk\YdYeh]c]jbYYf QINTEGRITY E]f_mlYeYcYfc]h]flaf_YfcgjhgjYka\Yjac]h]flaf_Yf qYf_dYaf E]eadacacgeale]fqYf_laf__a\]eac]eYbmYfh]jmkY`YYf :]jegjYdZYac Bmbmj\YfZ]jlYf__mf_bYoYZl]j`Y\Yhk]laYhh]jcYlYYf \Yfh]jZmYlYffqY QINNOVATIVE K]dYdme]f_mhYqYcYfl]jgZgkYfZYjmmflmce]f\YhYl% cYfh]dmYf_k][YjYeYckaeYd :]jhacajl]jZmcY\Yfcj]Yla^mflmce]dYcmcYfh]jZYac% Yf\Yfh]faf_cYlYf

44

QPASSION 9doYqkà_`dqkhajal]\af`]Y\af_^gjl`]_gYd 9doYqk`Ynaf_kljgf_\]kaj]lgY[à]n]l`]_gYd :]af_ghlaeakla[af\]Ydaf_oal`[`Ydd]f_]k =fl`mkaYkla[af[Yjjqaf_gmllYkckYf\\mla]k QINTEGRITY Hjagjalaraf_[gjhgjYl]afl]j]klkl`Yfgl`]jafl]j]klk @a_`dq[geeall]\lgl`]hjg_j]kkg^l`][gehYfq @Ynaf__gg\egjYdalq @gf]klYf\j]khgfkaZd]^gjgf]kogj\kYf\Y[lk QINNOVATIVE 9doYqk dggcaf_ ^gj Y f]o Zj]Ycl`jgm_` lg _jYZ Yf gh% hgjlmfalqlgl`]àdl :]af_gh]f%eaf\]\Yf\[j]Ylan]lgoYj\k\gaf_aehjgn]% e]flYf\hjg_j]kk

2011

K][YjY cj]Yla^ e]f[Yja a\] ZYjm mflmc e]faf_cYlcYf hjg\mc$hjgk]k\Yfh]dYqYfYf

;j]Ylan]dq k]]caf_ f]o a\]Yk lg af[j]Yk] hjg\m[lk$ hjg% []kk$Yf\k]jna[]k

QFOCUS Cgfkakl]f \YdYe e]dYckYfYcYf lm_Yk k]kmYa \]f_Yf kcYdYhjagjalYk E]f_]jbYcYf h]c]jbYYffqY k][YjY []jeYl$ cgfkakl]f \YflmflYk

QFOCUS ;gfkakl]flaf\ak[`Yj_af_lYkckYf\\mla]kY[[gj\af_lgl`] k[Yd]g^hjagjalq ;Yjjqaf_gmlalkogjce]la[mdgmkdq$[gfkakl]fldq$Yf\l`gj% gm_`dq

B=FAKHJG<MC<9F HJGQ=CH=JMEF9K

LQH=KG>H=JMEF9KHJG<M;LK 9F
ZB]fakHjg\mc

ZHjg\m[lLqh]

K]kmYa \]f_Yf lmbmYf \a\ajacYffqY H]jmefYk$ eYfYb]% e]fl]lYhe]e]_Yf_cgeale]fl]j`Y\YheakaqYf_\a]eZYf H]jmefYk qYalm e]dYqYfa h]fq]\aYYf jmeY` emjY` qYf_ dYqYc\Yfl]jbYf_cYm&H]jmefYkk]bYc\a\ajacYflY`mf)1/, àf__YlY`mf*((0l]dYè]dYckYfYcYfh]eZYf_mfYfZYac jmeY` la\Yc Z]jkmkmf dYf\]\ `gmkaf_! eYmhmf jmeY` km% kmf n]jla[Yd `gmkaf_! \a k]dmjm` Af\gf]kaY$ c`mkmkfqY ZY_a eYkqYjYcYlZ]jh]f_`YkadYfe]f]f_Y`c]ZYoY`&

Ljm]lgl`]gja_afYdgZb][lan]gâlk]klYZdakè]fl$l`]eYf% Y_]e]flkla[cklgalk[geeale]fllgl`]eakkagfZgjf]ZqH]jme% fYk$a&]&k]jnaf_l`]hjgnakagfg^[`]Yh$ogjl`q$Yf\Y^^gj\YZd] `gmkaf_&Kaf[]alk]klYZdakè]flaf)1/,mflad*((0H]jmefYk `Yk[Yjja]\gmll`][gfkljm[lagfg^]al`]jdYf\]\`gmkaf_gjn]jla% [Yd`gmkaf_Yddgn]jAf\gf]kaY$hYjla[mdYjdq^gjh]ghd]gêa\\d] af[ge]\gofoYj\k&

QRUMAH TIDAK BERSUSUN

QLANDED HOUSING

H]jmefYk k]ZY_Ya H]f_]eZYf_ eaka H]e]jaflY` \YdYe e]fq]\aYcYf c]Zmlm`Yf hgcgc eYkqYjYcYl$ qYalm h]jmeY% `Yf\Yfh]jemcaeYf$k]bYc\a\ajacYfhY\YlY`mf)1/,l]dY` e]eZYf_mfd]Za`\Yja-((&(((mfaljmeY`\]f_YfZ]jZY_Ya lah]\ak]dmjmÀf\gf]kaY&

H]jmefYkYkl`]Ykkme]jg^l`]?gn]jfe]fleakkagflg hjgna\] l`] ZYka[ f]]\ g^ l`] h]ghd] ^gj `gmkaf_ Yf\ k]l% ld]e]fl `Yk$ kaf[] alk af[]hlagf af )1/,$ Zmadl egj] l`Yf -(($(((mfalkg^\o]ddaf_g^nYjagmklqh]kYddgn]jAf\gf]kaY&

20

45

K]ZY_Yah]jaflakh]f_]eZYf_Yfh]jcglYYf$H]jmefYkl]dY` Z]j`Ykad e]dYckYfYcYf eaka H]e]jaflY` \YdYe e]ombm\cYf h]e]jYlYYfh]eZYf_mfYfkYehYa\aoadYqY`l]jh]f[ad&@Ydafa l]jZmcla\aYflYjYcglY%cglYqYf_l]dY`\aZYf_mfh]jmeY`Yf\a d]Za`\Yja)-(cglY&
9k l`] hagf]]j af l`] mjZYf \]n]dghe]fl$ H]jmefYk `Yk eYfY_]\lg\ak[`Yj_]l`]?gn]jfe]fleakkagflgj]Ydar]]imYd$ ]imalYZd]$Yf\j]kh][lYZd]\]n]dghe]flYddgn]jl`][gmfljqf]% _d][laf_fgj]egl]j]_agfk&L`]j]d]nYfl]na\]f[]ak_dYjaf_af egj]l`Yf)-(lgofk&>mjl`]jegj]$H]jmefYk`YkYdoYqkZ]]f [gfkakl]floal`l`]\]n]dghe]fl^gjh]ghd]gêa\\d][dYkk\gof% oYj\k& L`] `gmkaf_ Zmadl Zq H]jmefYk Yj] Ydd ]imahh]\ oal` hmZda[mladala]kYf\kg[aYd^Y[adala]kkm[`l`Yl[ge^gjlYZd]]fnajgf% e]fl^gj\o]ddaf_ak]fkmj]\&Kge]g^l`]lqh]kg^`gmkaf_Zmadl ZqH]jmefYkYj]Kaehd]Yf\@]Ydl`q@gmkaf_ JK`!$Kaehd] @gmkaf_ JK!$E]\ame@gmkaf_ JE!&

QRUMAH SUSUN

QVERTICAL HOUSING

HY\YlY`mf)10($H]jmefYke]jaflakh]eZYf_mfYfh]jm% eY`Yf k][YjY n]jlacYd jmeY` kmkmf!$ l]jmlYeY \a cglY%cglY Z]kYjqYf_dY`YflYfY`fqYeYcafl]jZYlYk&K]dYafmflmce]f% _YlYkac]l]jZYlYkYfdY`Yf\acglYZ]kYj$h]eZYf_mfYfjmeY` kmkmfbm_Y\adYckYfYcYfmflmce]f\mcmf_hjg_jYeh]j]eY% bYYf h]jcglYYf& J]YdakYka JmeY` Kmkmf K]\]j`YfY JmkmfY! afal]jk]ZYj\aZ]Z]jYhYdgcYka\aBYcYjlYk]h]jlaLYfY`9ZYf_$ C]ZgfCY[Yf_$Cd]f\]j$C]eYqgjYf\YfHmdg_]ZYf_&
Af)10($H]jmefYkhagf]]j]\l`]\]n]dghe]flg^n]jla[Yd `gmkaf_$ ]kh][aYddq af Za_ lgofk oal` k`jafcaf_ dYf\ YnYad% YZadalq& Af Y\\alagf lg gn]j[geaf_ l`] daeal]\f]kk g^ dYf\ af Za_lgofk$l`]\]n]dghe]flg^n]jla[Yd`gmkaf_oYk[gf\m[l]\ lgkmhhgjll`]lgofj]f]oYdhjg_jYe&L`]eYl]jaYdarYlagfg^ l`] Eg\]kl N]jla[Yd @gmkaf_ JYkmfY! ak oa\]dq khj]Y\ af eYfqdg[YlagfkafBYcYjlYkm[`YkafLYfY`9ZYf_$C]ZgfCY% [Yf_$Cd]f\]j$C]eYqgjYf$Yf\Hmdg_]ZYf_&Gmlka\]BYcYjlY$ JYkmfYakYdkgZmadlaf:Yf\mf_KYjabY\a$KmjYZYqYE]fYf_% _Yd$E]\YfKmcYjYeYa$Yf\HYd]eZYf_Adaj:YjYl&L`Yfcklg alk[gfkakl]fl]ph]ja]f[]afl`]hjgnakagfg^`gmkaf_Yf\k]l% ld]e]fl$H]jmefYk`Ykl`]hgl]flaYdYf\[YhYZadalqlgj]f\]j Y\ng[YlagfYf\[gfkmdlYlagflgDg[Yd?gn]jfe]floal`j]kh][l lg`gmkaf_Yf\k]lld]e]fl&Dac]oak]afl`]eYfY_]e]flg^Jm% kmfYoY&9lhj]k]flH]jmefYkakeYfY_af_f]Yjdq/$(((mfalk g^n]jla[Yd`gmkaf_af).dg[YlagfkkalmYl]\af1hjgnaf[]kaf Af\gf]kaY&

46

2011

QRUMAH SUSUN SEDERHANA SEWA

QSIMPLE RENTAL FLATS

JmeY`KmkmfK]\]j`YfYK]oY JMKMF9O9!Y\YdY` jmeY`kmkmfk]\]j`YfYqYf_\ak]oYcYfc]hY\YeYkqYjYcYl h]jcglYYfqYf_la\Yc eYehmmflmce]eZ]da jmeY`YlYmqYf_af_af laf__Ydmflmck]e]f% lYjYoYclmeakYdfqY para mahasiswa, pekerja l]ehgj]j\YfdYafdYaffqY& JmkmfYoYqYf_l]dY` \aZYf_mfgd]`H]jmefYk l]jk]ZYj\aZ]Z]jYhYcglY Z]kYjk]h]jla\a;]f_cY% j]f_$CgbY$C]eYqgjYf$HYkYjBmeYl$Hmdg?]ZYf_BYcYjlY$ KmjYZYqY$;aj]Zgf$:YlYe$EYcYkkYj$HY\Yf_$HgflaYfYc$ \YfKYeYjaf\Y&

Kaehd] J]flYd >dYlk JMKMF9O9! ak kaehd] n]jla[Yd `gmkaf_d]Yk]\lghggjmjZYfh]ghd]o`g`Yn]fg[YhY[alqlg Zmq\o]ddaf_gjl`gk]o`g oYfl lg klYq l]ehgjYjadq km[` Yk [gdd]_] klm\]flk$ l]ehgjYjq dYZgmj$ Yf\ kg gf& JYkmfYoY l`Yl `Yn] Z]]f Zmadl Zq H]jmefYk Yj] k[Yll]j]\ af k]n]jYd Za_ lgofk km[` Yk ;]f_% cYj]f_$CgbY$C]eYqgjYf$ HYkYj BmeYl$ Hmdg ?]% ZYf_ BYcYjlY$ KmjYZYqY$ ;aj]Zgf$ :YlYe$ EYcYkkYj$ HY\Yf_$ HgflaYfYc$ Yf\ KYeY% jaf\Y&

QRUMAH SUSUN SEDERHANA MILIK

QLOW COST APARTMENT

Hjg_jYek]bmlYjmeY`\Yfhjg_jYe)&(((e]fYjYl]d% Yè]f\gjgf_H]jmefYkmflmce]emdYaZYZYcZYjmc]e% ZYdac]hmkYlcglYmflmc e]fYlYcglY\Yfe]eZYf_mfJm% kmfYeaafamflmce]f\]cYlcYfeYkqYjYcYlh]f_`mfafqY c]l]ehYlc]jbYYlYmhmfc]_aYlYfdYaffqY&HY\YZ]Z]jYhY lY`mf l]jYcàj afa$ H]jmefYk e]ehjg_jYecYf h]eZYf% _mfYfh]jmeY`YfZ]c]jbYkYeY\]f_YfafklYfka$H]e\Y$ \dd&Mflmce]fYf_Yfacgfkme]fcgd]cla^Y_Yjd]Za`\YhYl e]e]fmàc]cmjYf_YfjmeY`qYf_k]dYeYafaZ]dmeZakY l]jh]fmà$ZYacgd]`h]f_]eZYf_$H]e]jaflYèYmhmfkoY% \YqYeYkqYjYcYl&Hj]klYka kYYl afa km\Y` \aZYf_mf Z]Z]jYhY JmkmfYea \a BYZg\]lYZ]c$ YflYjY dYaf ;alqhYjc % ;]f_cYj]f_$ :Yf\Yj C]eYqgjYf$ K]f% ljY Laemj Hmdg_]ZYf_$ ;]fl]jHgafl%:]cYka$EYdY% cY ?j]]f % Cd]f\]j \Yf YcYf l]jmk Z]jc]eZYf_& K]\Yf_ \a dmYj BYZg\]lY% Z]c\aj]f[YfYcYf\a9flY% hYfaKYjabY\a%:Yf\mf_$KaehYf_-%K]eYjYf_$HYfYcmc% cYf_%EYcYkkYj$\YfcglYZ]kYjdYaffqY&

L`] gf]%eaddagf `gmkaf_ hjg_jYe Yf\ l`] gf]%l`gmkYf\ lgo]jhjg_jYe`Yn]la[cd]\H]jmefYklg[gee]f[]f]o]ha% kg\]g^j]lmjfaf_lgl`][]flj]g^l`]lgoflg kljYa_`l]flgof Yf\lgZmad\JmkmfYeaafgj\]jlg`]dhl`]\o]ddaf_h]ghd] _]llaf_f]Yjlgl`]ajogjchdY[]gjgl`]jY[lanala]k&Afj][]fl dYklq]Yjk$H]jmefYkhjg_jYee]\l`]\]n]dghe]flg^`gmkaf_ afdaYakgfoal`_gn]jfe]flafklalmlagfk$Dg[Yd?gn]jfe]fl$]l[& Afgj\]jlg`Yf\d]l`][gdd][lan][gfkme]jk^gjl`]elgZ]^Y[ad% alYl]\af^Y[af_l`]k`gjlY_]g^`gmkaf_kg^Yjfglq]lgn]j[ge] Zql`]\]n]dgh]j$l`]?gn]jfe]flYko]ddYkl`][geemfalq alk]d^& 9k q]l l`] Y[à]n]% e]fl Z]af_ Y fmeZ]j g^ JmkmfYea [gehd]l]\ af afl]j YdaY BYZg\]lYZ]c$ km[`Yk;alqhYjc%;]f_cY% j]f_$ :Yf\Yj C]eYqgjYf$ K]fljY Laemj Hmdg_]ZYf_$ ;]fl]jHgafl % :]cYka$ EYdYcY ?j]]f Cd]f\]j$ Yf\ eYfq egj] lg [ge] kggf& Oàd] ^gj gmlka\] BYZg\]lYZ]c$ mf\]j hdYf Yj] 9flYhYfa KYjabY\a % :Yf\mf_$ KaehYf_ - % K]eYjYf_$ HYfYcmccYf_%EYcYkkYj$gl`]jZa_lgofk&

20

47

Q KAWASAN SIAP BANGUN

QREADY TO DEVELOP AREAS

H]eZ]flmcYf CYoYkYf KaYh :Yf_mf CYkaZY! qYf_ Z]j% ^mf_kak]ZY_YaZYfclYfY` dYf\ZYfc!$Y\YdY`bYoYZYfYlYk Z]jZY_Ya ^]fge]fY qYf_ Z]jhgl]fka e]f_`YeZYl c]dYf[YjYf h]f_Y\YYf h]jmeY`Yf \Yf h]jemcaeYf \a h]jcglYYf& L]jZYlYkfqY h]jk]\aYYf lYfY` \a h]jcglYYf$ e]f_YcaZYlcYf emf[mdfqY kh]cmdYf lYfY` k]àf__Y `Yj_YlYfYèY`Yd&Mflmcalm$H]e]j% aflY` e]f]jZalcYf H]jYlmjYf H]e]j% aflY` J]hmZdac Af\gf]kaY Fgegj 0( LY`mf )111 l]flYf_ CYoYkYf KaYh :Yf_mf$ \Yf Daf_cmf_Yf KaYh :Yf_mf qYf_ :]j\aja K]f\aja& H]jmefYk e]fbYdYfcYf YeYfYlMMFg&,')1/*l]flYf_H]jmeY`Yf\YfH]jemcaeYf \Yf HH Fg& 0(')1/0 l]flYf_ CYoYkYf KaYh :Yf_mf CYkaZY! \YfDaf_cmf_YfKaYh:Yf_mfQYf_:]j\ajaK]f\aja DakaZY:K!& H]jmefYkl]dYè]f_]eZYf_cYfcYoYkYfkcYdYZ]kYj\]f_Yf hgdYCYkaZYY\YdY`\a<jaqgj]bg?j]kac dmYkh]j]f[YfYYf)&((( @Y!$EYjlmZmf_E]\Yf +((@Y!$k]jlY;]f_cYj]f_ *(1@Y!&

>gjeYlagf g^ J]Y\q lg <]n]dgh 9j]Yk CYkaZY! oà[` k]jn]kYkdYf\ZYfcakl`]Yfko]jlgnYjagmkh`]fge]fYoà[` hgl]flaYddqljYee]dkkeggl`hjgnakagf g^`gmkaf_Yf\k]lld]e]flafmjZYfj]% _agf& L`] daeal]\f]kk g^ dYf\ kmhhdq afmjZYfYj]Yd]Y\klgl`]Yhh]YjYf[] g^dYf\kh][mdYlgjkYf\]n]flmYddqlg à_`hja[]g^dYf\&Afl`Ylj]_Yj\$l`] ?gn]jfe]fl akkm]\ l`] Af\gf]kaYf ?gn]jfe]flJ]_mdYlagfFg&0(')111 gf J]Y\q lg <]n]dgh 9j]Y$ Yf\ Af% \]h]f\]flJ]Y\qlg<]n]dgh=fnajgfe]fl&H]jmefYk^Yal`% ^mddq \ak[`Yj_]k l`] gj\]j g^ l`] 9[l Fg& ,')1/* gf @gmk% af_Yf\K]lld]e]flYf\l`]?gn]jfe]flJ]_mdYlagf HH! Fg& 0(')1/0 gf J]Y\q lg <]n]dgh 9j]Yk CYkaZY! Yf\ Af\]h]f\]fl J]Y\q lg <]n]dgh =fnajgfe]fl DakaZY :K!& H]jmefYk`Yk\]n]dgh]\dYj_]k[Yd]Yj]Ykmf\]jl`]CYkaZY hYll]jfaf<jaqgj]bg?j]kac ]pl]flg^hdYfZ]af_)$(((`Y!$ EYjlmZmf_E]\Yf +((`Y!$Yf\;]f_cYj]f_ *(1`Y!&

Q PEREMAJAAN KAWASAN PERMUKIMAN KUMUH

QURBAN RENEWAL

E]dYdma hjgq]c afa$ H]jmefYk :]jcgfljaZmka \YdYe e]f_m% jYf_a Z]ZYf mjZYf kg[aYd hjgZd]e& H]dYckYfYYf h]j]eYbYYf h]jemcaeYf cmem` qYf_ Z]jY\Y \a lYfY`F]_YjY$km\Y`\aYlmj\YdYeaf% kljmckaHj]ka\]fFgegj-LY`mf)11( l]flYf_ H]j]eYbYYf H]jemcaeYf Cm% em`\a9lYkLYfY`F]_YjY&DYehajYf Afhj]kl]flYf_h]\geYfh]dYckYfYYf h]j]eYbYYf h]jemcaeYf cmem`$ k][YjY ]ckhdakal e]fq]ZmlcYf ZYòY H]jmefYk Y\YdY` kYdY` kYlm afklalmka H]e]jaflY`qYf_Z]jlm_Yke]dYckYfYcYfh]fYlYYfcglYc]eZYda e]dYdmahjg_jYeMjZYfJ]f]oYd\YdYeZ]flmc n]jla[Yddgo[gkl `gmkaf_$ ZYac Z]da JmkmfYea'9hYjl]e]f Z]jkmZka\a! eYmhmf k]oY JmkmfYoY!&MjZYfJ]f]oYdYlYmh]fYlYYfc]eZYdah]j% emcaeYfcmem`$km\Yè]fbY\ahgjlg^gdagH]jmefYk&K]Z]dme l]jZalfqY c]l]flmYf afa$ emdYa lY`mf )10(%Yf H]jmefYk km\Y` e]f_YoYda hjg_jYe h]j]eYbYYf h]jemcaeYf cmem` \]f_Yf e]f_]jbYcYfhjgq]cMjZYfJ]f]oYdYflYjYdYaf\aLYfY`9ZYf_$ C]Zgf CY[Yf_$ C]eYqgjYf \a BYcYjlY$ Adaj :YjYl \a HYd]eZYf_$ \YfKmcYjYeYa\aE]\Yf&H]eZaYqYYfhjgq]cl]jk]Zmle]f\Y% hYl\mcmf_Yfh]fm`\YjaH]e]jaflY`ZYac\YfY9H:FeYmhmf \YfYZYflmYfdmYjf]_]ja&

L`jgm_`làkhjgb][l$H]jmefYk`YkYhhj][aYZdq[gfljaZ% ml]\ af l`] j]\m[lagf g^ l`] Zmj\]f g^ mjZYf kg[aYd hjgZ% d]e& L`] aehd]e]flYlagf g^ mjZYf j]f]oYd mhgf klYl] dYf\ oYk j]_m% dYl]\afl`]Hj]ka\]flaYdAfkljm[lagf Fg& -')11( gf MjZYf J]f]oYd mhgf KlYl] DYf\& 9llY[è]fl g^ l`] hj]ka\]flaYd afkljm[lagf gf l`] _ma\]daf]k g^ l`] aehd]e]flYlagf g^ mjZYf j]f]oYd mhgf klYl] dYf\ ]phda[aldq klYl]\ l`Yl H]jmefYk ak gf]g^l`]_gn]jfe]flYdafklalmlagfkl`Ylk]jn]klg[gf\m[l l`] j]kljYa_`l]faf_ g^ mjZYf Yj]Y l`jgm_` mjZYf j]f]oYd hjg_jYe af l`] ^gje g^ n]jla[Yd dgo [gkl `gmkaf_$ ]al`]j mf\]jhmj[`Yk] JmkmfYea'kmZka\ar]\YhYjle]fl!gjmf\]j d]Yk] JmkmfYoY!&MjZYfj]f]oYd`YkZ][ge]l`]hgjl^gdag g^H]jmefYk&Hjagjlgl`]akkmYf[]g^l`]hjgnakagfkH]jme% fYk`Yk$klYjlaf_^jge)10(k$afalaYl]\l`]mjZYfj]f]oYdZq `Yf\daf_MjZYfJ]f]oYdhjgb][l$afl]jYdaYafafBYcYjlYaf LYfY`9ZYf_$C]ZgfCY[Yf_$Yf\C]eYqgjYf$Yf\afHYd]e% ZYf_afAdaj:YjYl$Yf\afE]\YfafKmcYjYeYa&L`]ÚfYf[af_ g^l`]hjgb][lak^mddqkmhhgjl]\Zql`]?gn]jfe]fll`jgm_` l`]^mf\g^l`]FYlagfYd:m\_]lYf\g^^gj]a_fYa\&

48

2011

ZH]jmefYkHjgb][l

ZHjgq]cH]jmefYk QGRAND CILEGON RESIDENCE

CILEGON

;dmkl]j `mfaYf qYf_ fqYeYf \]f_Yf Z]jZY_Ya ^YkadalYk qYf_ \ak]\aYcYf qYf_ YcYf e]fbY\acYf c]af\Y`Yf `mfaYf \]f_YfdgcYkaqYf_kljYl]_akqYf_Z]jY\Y\ahmkYlcglY;ad]_gf \]f_YfYck]kbYdYf\YjaZ]jZY_YaYjY`&

;ge^gjlYZd]j]ka\]f[][dmkl]joal`nYjagmk^Y[adala]khjg% na\]\l`Yloaddj]f\]j_jYf\agkalqafkljYl]_a[dg[Ylagfafl`] []flj]g^l`]lgof;ad]_gf]eZ]ddak`]\oalèmdla%\aj][lagf Y[[]kk&

QBUMI TELUK JAMBE

KARAWANG

DgcYkah]jmeY`YfqYf_kljYl]_ak\]cYlhmkYlcglY\Yfbm_Y `YfqY-e]fal\Yja_]jZYf_lgdCYjYoYf_:YjYlqYf_YcYfe]f% bY\ak]ZmY`CYoYkYfCglY:Yjm\aCYjYoYf_$e]jmhYcYfhad`Yf qYf_l]hYlmflmcl]ehYllaf__Yd&

20

@gmkaf_ af kljYl]_a[ dg[Ylagf oà[`$ af Y\\alagf lg Z]af_ f]Yjlgl`][]flj]g^l`]lgofYf\j]Y[`YZd]oalàffgegj] l`Yf-eafml]k^jgel`]CYjYoYf_:YjYllgdd_Yl]$akkggflg Z][ge]YF]oLgof9j]YafCYjYoYf_oaddmf\gmZl]\dqZ]l`] ja_`l[`ga[]^gjj]ka\]f[]&

49

QPESONA METROPOLITAN

BEKASI

K]ZmY` `mfaYf [dmkl]j qYf_ \]cYl \]f_Yf Yck]k LGD :]cYka:YjYl$:]cYkaLaemj$BGJJ!$\]cYl\]f_YfeYddE]ljg% hgdalYf:]cYka$E]_Y:]cYka@qh]jEYdd$:]cYkaKimYj]$Dgll] EYjl$K]cgdY`9d%9r`Yj$EYjkm\ajafa$JKKl&=darYZ]l`$JKEaljY C]dmYj_Y:]cYkaLaemj\YfdYaffqY&

9`gmkaf_[dmkl]joà[àkf]Yjlgl`]lgddY[[]kk :]cYka :YjYl$ :]cYka Laemj$ BGJJ! Yf\ lg l`] eYddk E]ljghgdalYf :]cYka$E]_Y:]cYka@qh]jEYdd$:]cYkaKimYj]$Dgll]EYjl$ 9d%9r`Yj K[`ggd$ EYjkm\ajafa$ Kl& =darYZ]l` @gkhalYd$ EaljY C]dmYj_Y:]cYkaLaemj@gkhalYd$Yf\gl`]jk&

QPARUNG PANJANG

BOGOR

K]ZmY`h]jmeY`Yf\ahjghafkaBYoY:YjYl$CYZmhYl]f:g% _gj$C][YeYlYfHYjmf_HYfbYf_qYf_YcYf\abY\acYfh]fqYf_% _YCglYBYcYjlYk]h]jlaH]jmefYk<]hgcqYf_Kmck]k&CYoYkYf afa\ad]f_cYha^YkadalYkljYfkhgjlYkaC]j]lY9ha
50

9`gmkaf_afl`]hjgnaf[]BYoY:YjYl$CYZmhYl]f:g_gj$ C][YeYlYfHYjmf_HYfbYf_oà[òaddZ]eY\]Ykl`]Zm^^]j g^ lgof BYcYjlY dac] l`] km[[]kk^md H]jmefYk <]hgc& Làk Yj]Yak]imahh]\oal`l`]ljYfkhgjlYlagf^Y[adalqg^
2011

QSENTRA TIMUR RESIDENCE

PULOGEBANG

K]fljY Laemj J]ka\]f[] e]jmhYcYf `Ykad kaf]j_a YflYjY H]jmefYk\YfHL&:Ycja]dYf\<]n]dghe]fl$LZc\YdYeh]f_]e% ZYf_YfdY`Yfk]dmYk,(@YqYf_YcYfe]fbY\aCYoYkYf:Yjm \aBYcYjlYLaemj&

K]fljYLaemjJ]ka\]f[]akl`]^jmalg^kqf]j_qZ]lo]]f H]jmefYkYf\HL:Ycja]dYf\<]n]dghe]fl$LZcafl`]\]n]d% ghe]flg^YfYj]Yg^,(`Yaf]pl]floà[òaddZ][ge]Y F]o9j]Yaf=YklBYcYjlY&

QCITY PARK

CENGKARENG

9hYjl]e]f \]f_Yf dgcYka qYf_ kYf_Yl kljYl]_ak \a \Y]jY` ;]f_cYj]f_$ BYcYjlY :YjYl \]cYl \]f_Yf :Yf\YjY Afl]jfYkagfYd Kg]cYjfg % @YllY$ \Yf \]f_Yf ^YkadalYk qYf_ d]f_cYh\YfYf_kmjYfqYf_l]jbYf_cYm&

20

9hYjle]fl oà[` ak kljYl]_a[Yddq dg[Yl]\ af l`] j]_agf g^;]f_cYj]f_afO]klBYcYjlY$f]Yjlgl`]Kg]cYjfg%@YllY afl]jfYlagfYdYajhgjl$Yf\]imahh]\oal`[gehd]l]^Y[adala]k$ gZlYafYZd]ZqY^^gj\YZd]afklYdde]flk&

51

QBANDAR KEMAYORAN

KEMAYORAN

K]ZmY``mfaYffqYeYf\Yfl]fYf_\abYflmf_cglYBYcYjlY :]j`Y\YhYf\]f_YfLYeYf?gd^Khjaf_@addkYf_Yl\]cYl\]f% _Yf H]cYf JYqY BYcYjlY \Yf LYeYf AehaYf BYqY 9f[gd k]jlY ^YkadalYkqYf_d]f_cYh&

9 [ge^gjlYZd] Yf\ h]Y[]^md j]ka\]f[] af l`] `]Yjl g^ lgofBYcYjlY$^Y[af_l`]LYeYf?gd^Khjaf_@add$n]jqf]Yj lg l`] H]cYf JYqY BYcYjlY Yf\ LYeYf AehaYf BYqY 9f[gd$ ]imahh]\oal`[gehd]l]^Y[adala]k&

QCENTERPOINT

BEKASI

;]fl]jhgafl9hYjl]e]flY\YdY`K]fljYC]à\mhYfEg\]jf 9f\Y$ L]jd]lYc \a bYflmf_ cglY :]cYka$ `YfqY -(( e]l]j \Yja ]palLGD:]cYka:YjYlla\YcbYm`\YjahmkYlh]jZ]dYfbYYfZ]kYj k]h]jlaE]ljghgdalYfEYdd$?aYfl@qh]jeYjc]l\Yf;Yj]^gmj&

52

;]fl]jhgafl9hYjl]e]flakqgmjEg\]jfDa^];]flj]$kalm% Yl]\afl`]`]Yjlg^lgof:]cYka$gfdq-((e]l]jk^jgel`] lgdd]palg^:]cYka:YjYl$fgl^Yj^jgel`]Za_k`ghhaf_[]flj]k dac]E]ljghgdalYfEYdd$?aYfl@qh]jeYjc]l$Yf\;Yj]^gmj&

2011

B9JAF?9FH=D9Q9F9F

K=JNA;=F=LOGJC

:]j\YkYjcYfC]hmlmkYf]Z% jmYja*((*$]ZjmYja*((,l]flYf_ H]fq]ehmjfYYfGj_YfakYka \Yf LYlY C]jbY H]jmefYk \al]_YkcYf gj_YfakYka H]jmefYk e]f[YcmhCYflgjHmkYlqYf_Z]jlm_Yke]dYcmcYfh]f_YlmjYf$ h]eZafYYf\Yfh]f_]f\YdaYf lmjZaf\Yd!l]j`Y\Yhlmbm`cYflgj J]_agfYd$ kYlm cYflgj J]_agfYd JmkmfYoY k]jlY kYlm CYoYkYf \]f_YfoadYqY`c]jbYk]ZY_YaZ]jacml2

HmjkmYfl lg l`] ]ZjmYjq*((*$]ZjmYjq*((,gf J]nakagfg^l`]Gj_YfarYlagfYf\ OgjcHjg[]\mj]g^H]jmefYk$alakklYl]\l`Yll`]gj_YfarY% lagf g^ H]jmefYk [gn]jk l`] @]Y\ G^Ú[] oà[` ak [gf[]jf]\ oal`l`]j]_mdYlagf$fmjlmj]$Yf\[gfljgd lmjZaf\Yd!gn]j k]n]f j]_agfYd g^Ú[]k$ gf] JmkmfYoY j]_agfYd g^Ú[]$ Yf\ gf]Yj]Yg^Ú[]$oalògjcYj]YZ]af_Yk^gddgok2

QKantor Regional I :]jc]\m\mcYf\aE]\Yf\Yfe]ehmfqYaoadYqY`mkY`Y\aHjg% hafka
QJ]_agfYdG^Ú[]A Al j]ka\]k af E]\Yf Yf\ `Yk Zmkaf]kk Yj]Y af l`] kh][aYd hjgnaf[]g^9[]`$hjgnaf[]g^Fgjl`KmeYl]jY$hjgnaf[]g^JaYm dYlk Al j]ka\]k af BYcYjlY Yf\ `Yk Zmkaf]kk Yj]Y g^ kaehd] j]flYd ^dYlk af :YlYe$ HY\Yf_$ HgflaYfYc$ ;]f_cYj]f_$ BYcYjlY CgbY$ HYkYj BmeYl$ ;aj]Zgf$ KYeYjaf\Y$ OYjm_m% fmf_$KaoYdYfc]jlg$Yf\EYcYkYj&

20

53

OAD9Q9@C=JB9

OGJC9J=9

DYqYfYf mkY`Y H]jmefYk e]fbYf_cYm k]dmjm` oadYqY` Af\gf]kaYe]dYdma/ lmbm`!CYflgjJ]_agfYd\Yf) kYlm!CYf% lgj JmkmfYoY k]jlY CYflgj ;YZYf_ qYf_ l]jeYkmc oadYqY` CYflgjJ]_agfYd&

:mkaf]kkk]jna[]g^H]jmefYk[gn]jkYddl]jjalgjqgÂf\g% f]kaYl`jgm_`/ k]n]f!J]_agfYdG^Ú[]k$) gf]!JmkmfYoY G^Ú[]$Yf\:jYf[`G^Ú[]oà[`Z]dgf_klgJ]_agfYdG^Ú[]&

REGIONAL V REGIONAL I REGIONAL II

REGIONAL II REGIONAL III

REGIONAL VI REGIONAL IV

54

REGIONAL V

REGIONAL I

REGIONAL II

REGIONAL III

FYf_jg]9[]`
BYeZa :]f_cmdm KmeYl]jYK]dYlYf DYehmf_ CYdaeYflYf:YjYl CYdaeYflYfL]f_Y` :Yf_cY:]dalmf_

2011

REGIONAL VII

REGIONAL RUSUNAWA

KmdYo]kaMlYjY ?gjgflYdg KmdYo]kaL]f_Y` KmdYo]kaL]f__YjY KmdYo]kaK]dYlYf KmdYo]ka:YjYl EYdmcm HYhmY

:YlYeLYfbmf_HaYqm HY\Yf_ Pontianak BYcYjlYA BYcYjlYAA ;aj]Zgf KYeYjaf\Y KmjYZYqY Makasar

V

REGIONAL VII REGIONAL VII

REGIONAL IV

REGIONAL V

REGIONAL VI

BYoY:YjYl \admYj:g\]lYZ]c! Banten

BYoYL]f_Y` Qg_qYcYjlY CYdaeYflYfK]dYlYf CYdaeYflYfLaemj

BYoYLaemj :Yda FmkYL]f__YjY:YjYl FmkYL]f__YjYLaemj

20

55

AKUNTAN PUBLIK, FGL9JAK<9FCGFKMDL9F @MCMEH=JMK9@99F

HM:DA;9;;GMFL9FL$FGL9JQ 9F ;GEH9FQ

K]bYc lY`mf *((/$ caf]jbY H]jmefYk \aYm\al gd]` CYflgj 9cmflYfHmZdac C9H!Kg]bYlfY$EmdqYfYJ]cYf&9\Yhmfmf% lmcdYhgjYfcaf]jbYlY`mf*())$H]jmefYke]f__mfYcYfbYkY C9HK&EYffYf$9j\aYfkqY`J]cYf&

Kaf[]*((/$H]jmefYkh]j^gjeYf[]`YkZ]]fYm\al]\Zq HmZda[9[[gmflYflG^Ú[] C9H!Kg]bYlfY$EmdqYfYHYjlf]j& AfY\\alagf$^gjh]j^gjeYf[]j]hgjlq]Yj*())$H]jmefYkmk]k C9HK&EYffYf$9j\aYfkqY`HYjlf]j&

9flYjY H]jmefYk \]f_Yf c]\mY C9H \aeYckm\ la\Yc Y\Y `mZmf_Yf YÚdaYka qYf_ e]f_af\acYkacYf Y\YfqY Z]flmjYf c]h]flaf_Yf\Yfe]eh]f_Yjmàaf\]h]f\]fkaC9Hk]jlYhYjY Ym\algjfqY& Hjgk]k h]fmfbmcYf CYflgj 9cmflYf HmZdac \adYcm% cYfe]dYdmamkmdYf\YjaCgeal]9m\alc]hY\Y<]oYfH]f_YoYk& H]jk]lmbmYf \Yf h]f_]kY`Yf h]fmfbmcYf C9H gd]` H]eadac qYcfaE]fl]ja:MEF\Yf\adYcmcYfZ]jkYeYYf\]f_Yfh]f_]% kY`YfdYhgjYfc]mYf_YflY`mfk]Z]dmefqY&

:]lo]]f H]jmefYk Yf\ :gl` 9[[gmflYfl G^Ú[]k `Yk fg Y^ÚdaYlagf j]dYlagfkàh k`goaf_ Yhh]YjYf[] g^ [gfÛa[l g^ af% l]j]klYf\afÛm]f[af_af\]h]f\]f[]g^l`]HmZda[9[[gmflYfl G^Ú[] Yf\ alk Ym\algjk& Hjg[]kk g^ Yhhgafle]fl g^ HmZda[ 9[% [gmflYflG^Ú[]akeY\]l`jgm_`hjghgkYdg^9m\al;geeall]] lgl`]:gYj\g^;geeakkagf]j&9hhjgnYdYf\jYlaÚ[Ylagfg^Yh% hgafle]flg^HmZda[9[[gmflYflG^Ú[]Zql`]Gof]jl`Ylakl`] Eafakl]jg^KlYl]%gof]\=fl]jhjak]Yf\eY\][gf[mjj]fldqoal` jYlaÚ[Ylagfg^hj]nagmkÚfYf[aYdklYl]e]flk&

K]kmYa\]f_Yfh]jbYfbaYf\]f_Yfha`Ych]jmkY`YYfl]dY` \ak]hYcYlaZ]jkYeYYflYjYH]jmefYk\]f_YfC9HK&EYffYf$ 9j\aYfkqY` J]cYf Z]kYjfqY ^]] Ym\al lY`mf *()) Y\YdY` Jh ,1- bmlY&
9[[gj\af_lgY_j]]e]floal`l`][gehYfqaloYkemlmYddq Y_j]]\Z]lo]]fh]jmefYkYf\HmZda[9[[gmflYflG^Ú[]K&EYf% fYf$9j\aYfkqY`HYjlf]jkl`]Yegmflg^Ym\al^]]q]Yj*()) g^Jh,1-eaddagf&9f\HmZda[Y[[gmflYflG^Ú[]K&EYffYf$9j\a% YfkqY`HYjlf]jk`Ykfgl_an]fYfqgl`]jk]jna[]klgH]jmefYk&

S. MANNAN, ARDIANSYAH & REKAN

S. MANNAN, ARDIANSYAH & REKAN

KAMC9HFgegj2C=H%1+'CE&)'*()* CYjlacY;`Yf\jYLgo]j.th>dggjKmal].()%.(, Bd&B]f\&?YlglKmZjglgCYn&)0%*(

>Yp 2 (*)!*-((+**

KAMC9HFgegj2C=H%1+'CE&)'*()* CYjlacY;`Yf\jYLgo]j.th>dggjKmal].()%.(, Bd&B]f\&?YlglKmZjglgCYn&)0%*( BYcYjlY)*+1( Indonesia L]d 2 (*)!-*-(//-$-**+-*)$*--*1((, >Yp 2 (*)!*-((+**

Q Notaris

Q Notary

MASTUTI BETTA, SH

MASTUTI BETTA, SH

Bd&?Y\af_CajYfYLaemjAP Jmcg?Y\af_CajYfY:dgc:)(Fg&-+ C]dYhY?Y\af_:YjYl

Bd&?Y\af_CajYfYLaemjAP Jmcg?Y\af_CajYfY:dgc:)(Fg&-+ C]dYhY?Y\af_:YjYl BYcYjlYMlYjY),*,(

BYcYjlY)*+1( Indonesia L]d 2 (*)!-*-(//-$-**+-*)$*--*1((,

BYcYjlYMlYjY),*,(

56

2011

ZD]_Yd;gfkmdlYfl

ZCgfkmdlYf@mcme JUEVES & PARTNERS

JUEVES & PARTNERS

?]\mf_EYf__YdYOYfYZYcla :dgcAN*f\>dggjOaf_: Kmal]*).K][lagf9 Bd&B]f\&?YlglKg]Zjglg BYcYjlY)*1-( Indonesia

?]\mf_EYf__YdYOYfYZYcla :dgcAN*f\>dggjOaf_: Kmal]*).K][lagf9 Bd&B]f\&?YlglKg]Zjglg BYcYjlY)*1-( Indonesia

FERAZ, HARMANSHAH, SILITONGA & PARTNERS LAW FIRM (FHS LAW FIRM)

FERAZ, HARMANSHAH, SILITONGA & PARTNERS LAW FIRM (FHS LAW FIRM)

Bd&Ogdl]jEgf_afka\aFg&-( C]ZYqgjYf:Yjm BYcYjlYK]dYlYf)*)/( Indonesia

Bd&Ogdl]jEgf_afka\aFg&-( C]ZYqgjYf:Yjm BYcYjlYK]dYlYf)*)/( Indonesia

BANGUN-NATANAEL-RIDWAN (BNR LAW FIRM)

BANGUN-NATANAEL-RIDWAN (BNR LAW FIRM)

HYljYG^Ú[]Lgo]jBYcYjlY)0l`>dggj$Kmal])0)) Bd&B]f\&?YlglKmZjglgCYn&+*%+, BYcYjlY)*1-( Indonesia

HYljYG^Ú[]Lgo]jBYcYjlY)0l`>dggj$Kmal])0)) Bd&B]f\&?YlglKmZjglgCYn&+*%+, BYcYjlY)*1-( Indonesia

AF>GJE9KA9F9CH=JMK9@99F H]jmefYke]eadacak]ZmY`YfYch]jmkY`YYfqYf_àf__Y kYYlafaklYlmkfqYl]dY`Z]jgh]jYka\]f_YffYeYHLHjgh]jfYk ?jaqYMlYeY&H]jmkY`YYfafaZ]j_]jYc\aZa\Yf_Hjgh]jlq ;gee]j[aYd<]n]dghe]fl$Hjgh]jlq=klYl]EYfY_]e]fldan ;gfljY[lgj:mad\af_EYl]jaYd&Propernas Griya Utama didiri% cYfhY\YlYf__Yd->]ZjmYja*((1&H]fq]jlYYfeg\YdHjgh]j% fYkY\YdY`k]Z]kYjJh-eadaYj\]f_Yfcgehgkakac]h]eadacYf kY`Yek]ZY_YaZ]jacml2

AF>GJE9LAGFJ=?9J]ZjmYjq-$*((1&;YhalYd HYjla[ahYlagfg^Hjgh]jfYkk`YddZ]afl`]Yegmflg^Jh-Zaddagf oal`[gehgkalagfg^gof]jkàhg^k`Yj]kakYk^gddgok2

YH]jmefYk

Jh,&0-(&(((&(((

1/

YHL9jl`Y;aljYD]klYja

Jh)((&(((&(((

*

YCgh]jYka:afYK]bY`l]jY

Jh-(&(((&(((

)

20

57

Z:a\Yf_MkY`Y

Z:mkaf]kkDaf]

:a\Yf_ Hjgh]jlq ;gee]j[aYd <]n]dghe]fl e]dahmla Za% \Yf_mkY`Yea\\d]`gmkaf_$ea\\d]YhYjle]fl$\Yf[gee]j[aYd ]klYl]$ \]f_Yf e]f_]eZYf_cYf \Yf e]eZYf_mf cgehd]ck h]jmeY`Yf$ YhYjl]e]f$ _]\mf_ h]jcYflgjYf \Yf cge]jkaYd$ cYoYkYfaf\mklja\Yfh]j_m\Yf_Yfl]jeYkmc^YkadalYkfqY&

Hjgh]jlq ;gee]j[aYd <]n]dghe]fl af[dm\]k ea\\d] `gmkaf_$ ea\\d] YhYjle]fl$ Yf\ [gee]j[aYd ]klYl]$ oal` \]n]dghaf_ Yf\ Zmad\af_ `gmkaf_ [gehd]p$ YhYjle]fl$ g^Ú[] Zmad\af_ Yf\ [gee]j[aYd$ af\mkljaYd Yj]Y Yf\ oYj]`gmkaf_ af[dm\af_alk^Y[adalq&

:a\Yf_ Hjgh]jlq \Yf =klYl] EYfY_]e]fl e]fq]\aYcYf bYkY mflmc e]fYf_Yfa h]f_]dgdYYf \Yf h]e]da`YjYYf Ykk]l hjgh]jlq qYf_ \aeadaca ha`Yc dYaf YlYm eadac k]f\aja e]dahmla2 h]jcYflgjYf$cgehd]ckh]jmeY`Yf$cYoYkYfaf\mklja\Yfh]j% _m\Yf_Yfk]jlYZjgc]jhjgh]jlq&

Hjgh]jlq Yf\ =klYl] EYfY_]e]fl daf] hjgna\af_ k]jna[]k ^gj[ghaf_oalèYfY_]e]flYf\eYafl]fYf[]hjgh]jlqYkk]lk g^ Yfgl`]j hYjlq gj alk Z]dgf_af_ af[dm\af_2 g^Ú[]k$ `gmkaf_ [gehd]p$ af\mkljaYd Yj]Y Yf\ oYj]`gmkaf_ Yk o]dd Yk Zjgc]j hjgh]jlq&

:a\Yf_;gfljY[lgj:mad\af_Hjgh]jlq<]n]dghe]fle]da% hmlaZa\Yf_mkY`YcgfljYclgj\Yfkmhhda]jZmad\af_eYl]jaYd$\]% f_Yfe]fq]\aYcYfbYkYcgfljYclgj$e]eYkYjcYf'e]ehjg\mcka' e]fkmhdYa'$e]f\akljaZmkacYfZY`Yf%ZY`YfZYf_mfYf$h]jYdYlYf \YfZY`Yfe]cYfacYd\Yf]d]cljacYd&

;gfljY[lgj:mad\af_Hjgh]jlq<]n]dghe]fldaf]af[dm\]k Zmkaf]kkafl`]Ú]d\g^[gfljY[lgjYf\kmhhda]jZmad\af_eYl]% jaYdk$oal`hjgnakagfg^[gfljY[lgjk]jna[]$eYjc]laf_'hjg\m[% lagf'kmhhdq'\akljaZmlagf g^ Zmad\af_ eYl]jaYdk$ ]imahe]flk Yf\e][`Yfa[YdYf\]d][lja[YdeYl]jaYdk&

ZVisi

ZVision BECOMES A RELIABLE AND TRUSTED PROPERTY COMPANY IN INDONESIA

MENJADI PERUSAHAAN PROPERTI YANG UNGGUL DAN TERPERCAYA DI INDONESIA

ZMisi

ZMission

EYehm e]fq]\aYcYf hjg\mc \Yf bYkY qYf_ Z]jcmYdalYk k]jlYe]eZ]jafadYalYeZY`ZY_aaf\mch]jkmY`YYf& E]fbY\a h]jmkY`YYf qYf_ eYf\aja \Yf eYehm Z]jkYaf_ \]f_Yfh]dYcmhYkYjfYkagfYd\Yf_dgZYd&

;YhYZd]g^hjgna\af_imYdalqhjg\m[lYf\k]jna[]Yko]ddYk _anaf_Y\\alagfYdnYdm]^gjhYj]fl[gehYfq :][ge] Yf\ af\]h]f\]fl [gehYfq Yf\ [geh]lalan] oal` fYlagfYdYf\_dgZYdeYjc]lhdYq]j&

PT. PROPERNAS GRIYA UTAMA ?jY`YHjYlYeY:mad\af_).l`>dggj Bd&EL&@YjqgfgCYn&)- BYcYjlY)*0)( H`gf]2 #.**)!0+/1(/,,$ >Yp2 #.**)!0+/1(/,. =%eYad2af^g8hjgh]jfYk&[g&a\ ooo&hjgh]jfYk&[g&a\

58

2011

KME:=J<9Q9E9FMKA9

@ME9FJ=KGMJ;=K

ZKomposisi

ZComposition

KmeZ]j
@meYfj]kgmj[]k @J!akYc]q^Y[lgjYf\\]l]jeafYfl^gj Y[gehYfqkkm[[]kk&Afgj\]jlgj]Ydar]à_ògjchjg\m[lan% alq$ FYlagfYd @gmkaf_ =fl]jhjak] [gflafmYddq \]n]dghk alk `m% eYf j]kgmj[]k hgl]flaYdk l`jgm_` nYjagmk [geh]l]f[] ZYk]\ ljYafaf_hjg_jYek&J][]fldq$`meYfj]kgmj[]k\]n]dghe]flak ^g[mk]\gfhgl]f[q\]n]dghe]flafY[[gj\Yf[]oalàf\ana\mYd ]ehdgq]]k[geh]l]f[]^gjl`]qddZ]YZd]lgZ]af\]h]f\]fl Yf\[geh]lalan]&

KOMPOSISI KARYAWAN

EMPLOYEE COMPOSITION

KYehYa\]f_YfYcàjlY`mf*())$H]jmefYke]eadacacYj% qYoYfk]ZYfqYc)&*1(gjYf_&

Mfladl`]dYklhYjlg^*())$FYlagfYd@gmkaf_=fl]jhjak]`Yk )&*1(]ehdgq]]k&

QTabel Jumlah Karyawan Menurut Level Jabatan

QEmployee Composition By Occupational Level Base

No.

JABATAN POSITION

2010

2011

)&?]f]jYdEYfY_]j ?E! *&<]hmlq?E +&EYfY_]j ,&9kkaklYflEYfY_]j -&KlY^^

)/ / )() *0- )&(+*

)0 0 1*+. 1++

TOTAL

1.594

1.290

2010

2011

QEmployee Composition by Age Base

QTabel Jumlah Karyawan Menurut Usia No.

USIA (AGE)

)&6-( *&,)%-( +&+)%,( ,&4+( TOTAL

2010

2011

.(/ ,1/ *10 ,( 1.442

,-. ,1/ *1/ ,( 1.290

20

59

2010

2011

QEmployee Composition by Educational Level Base

QTabel Jumlah Karyawan Menurut Tingkat Pendidikan No.

Pendidikan Education

)& *& +& ,& -&

K* K) <+ KDL9 K<'KDLH

2010

2011

,- +++ )*) /-* )1)

TOTAL

1.442

+/ ++)(, .-. )-0 1.290

Keterangan (remarks) : K* 2 KljYlY*'EYkl]j ?jY\mYl]!& K) 2 KljYlY) KYjbYfY!':Y[`]dgj Mf\]j_jY\mYl]\!& <+ 2
2010

2011

ZKesejahteraan Karyawan

Z=ehdgq]]kHjgkh]jalq

H]jmefYke]fqY\Yjak]h]fm`fqYZYòYcYjqYoYfe]jm% hYcYf Yk]l l]jh]flaf_ qYf_ e]f]flmcYf c]Z]j`YkadYf mkY`Y& Gd]` cYj]fY alm$ H]jmefYk k]fYflaYkY e]eh]j`YlacYf c]k% ]bY`l]jYYf \Yf h]eZafYYf cYjqYoYf& K]dYaf e]eZ]ja _Yba$ h]jmkY`YYfe]eZ]jacYflmfbYf_Yfc]hY\YcYjqYoYfZ]jmhY2

FYlagfYd@gmkaf_=fl]jhjak]^mddqj][g_far]kl`Yl]ehdgq]]k Yj]l`]egklaehgjlYflYkk]l\]l]jeafaf_l`]km[[]kkg^Zmka% f]kk&L`]j]^gj]$FYlagfYd@gmkaf_=fl]jhjak]YdoYqkhYqkYll]f% lagflgalk]ehdgq]]khjgkh]jalqYf\_jgol`&AfY\\alagflgkYd% Yjq$l`][gehYfqYdkghjgna\]kYddgoYf[]lg]ehdgq]]kkm[`Yk2 )&J]da_agmk`gda\Yq9ddgoYf[] *&K[`ggd>]]9ddgoYf[]^gj=ehdgq]]k;àd\j]f +&Hjg\m[lagfK]jna[]9ddgoYf[] ,&E]YdLjYfkhgjl9ddgoYf[] -&=egdme]fl9ddgoYf[] .&@gmkaf_9ddgoYf[] /&Ogjc9[à]n]e]fl9ddgoYf[]

)&LmfbYf_Yf@YjaJYqY *&LmfbYf_Yf:aYqY9fYcK]cgdY` +&LmfbYf_YfBYkYHjg\mcka ,&LmfbYf_YfEYcYfLjYfkhgjl -&LmfbYf_Yf=emd]e]f .&LmfbYf_YfH]jmeY`Yf /&LmfbYf_YfHj]klYkaC]jbY LglYd:aYqYqYf_\ac]dmYjcYfH]jmefYkmflmch]eZYqYjYf _YbaY\YdY`k]Z]kYjJh*)+&*)+&(1+&(((&

60

LglYd;gkl]ph]f\]\ZqL`]FYlagfYd=fl]jhjak]^gjkYdYjq hYqe]flakJh*)+&*)+&(1+&(((&

2011

ZH]f_]eZYf_YfCYjaj

Z;Yj]]j<]n]dghe]fl

H]f_]eZYf_Yf cYjaj \a[YfYf_cYf mflmc l]j[ahlY kmYkYfY \Yf hgdY cgeh]laka k]jlY e]eglanYka cYjqYoYf mflmc Z]jcaf% ]jbYlaf__a&
;Yj]]j \]n]dghe]fl ak \]ka_f]\ af gj\]j lg [j]Yl] l`] Ylegkh`]j]Yf\[geh]lalan]hYll]jfYko]ddYklgeglanYl] ]ehdgq]]klghgkk]kkà_`h]j^gjeYf[]&Afl`][gmjk]g^[Y% j]]j \]n]dghe]fl$ nYjagmk c]q ^Y[lgjk ^gjeaf_ l`] hgda[a]k Yj]\]l]jeaf]\afgj\]jlgkmhhgjlegj]]^^][lan]$]^Ú[a]fl Yf\lYj_]lgja]fl]\gh]jYlagf&;Yj]]j\]n]dghe]flakklYjl]\ Ykg^l`]afalaYdh`Yk]g^]ehdgq]]kj][jmale]flmhlgl`] ]f\ g^ hj]\]l]jeaf]\ ]ehdgqe]fl h]jag\& <mjaf_ *())$ FYlagfYd@gmkaf_=fl]jhjak]af[gddYZgjYlagfoal`l`j]]mfa% n]jkala]kYf\af\]h]f\]fl[gfkmdlYflk`Ykj][jmal]\**f]o ]ehdgq]]k [gfkaklaf_ g^ K) Yf\ K* _jY\mYl]k& CHA J]na]ok o]j][gf\m[l]\loglae]k\mjaf_*())Zql`]eYfY_]e]fl af gj\]j lg ]fkmj] l`] j]YdarYlagf g^ f]pl Q]Yj ;gehYfqk ogjchdYfYf\Zm\_]l&

ZH]eZYjmYfKakl]eAf^gjeYka C]h]_YoYaYfKmeZ]j
Z@meYfJ]kgmj[]H]jkgff]dAf^gjeYlagf Kqkl]eJ]f]oYd

Kakl]e Af^gjeYka C]h]_YoYaYf Y\YdY` k]ZmY` hjg_jYe qYf_Z]jlmbmYfY_Yj\YhYlk][YjYhjgYclaê]eZ]jacYfc]dYf% [YjYfZY_ahjgk]kZakfak&Kakl]eAf^gjeYkaC]h]_YoYaYfla\Yc `YfqY e]fYehadcYf k][YjY ZYkak \YlY c]h]_YoYaYf$ l]lYha \YhYl e]eZYflm hjgk]k h]f_YeZadYf c]hmlmkYf eYfYb]e]f \]f_Yf[]hYl\YfYcmjYl&

H]jkgff]d Af^gjeYlagf Kqkl]e ak Y hjg_jYe Yae]\ lg hjgY[lan]dqhjgna\]keggl`gh]jYlagflgZmkaf]kkhjg[]kk]k& Làk Kqkl]e \g]k fgl gfdq \akhdYq l`] h]jkgff]d \YlYZYk]$ Zml eYq Ydkg hjgna\] YkkaklYf[] af eYfY_]e]fl \][akagf eYcaf_hjg[]kkafYima[cYf\Y[[mjYl]eYff]j&

ZH]f_]eZYf_YfCgeh]l]fkaCYjqYoYf

ZH]jkgff]d;geh]l]f[]<]n]dghe]fl

Cgeh]l]fka cYjqYoYf H]jmefYk e]eadaca , hadYj mlYeY qYalm Cgeh]l]fka C]Y`daYf$ Cgeh]l]fka H]jadYcm$ Cgeh]l]fka EYfY_]jaYd$ \Yf Cgeh]l]fka Afla& EYkaf_eYkaf_ cgeh]l]fka qYf_ l]j\YhYl \YdYe , hadYj cgeh]l]fka l]jk]Zml l]j\aja \Yja - laf_cYl'd]n]d qYf_ e]f_af\acYkacYf c]Zmlm`Yf cgeh]l]fka k]laYh bYZYlYf \a H]jmefYk& H]f_]eZYf_Yf cgeh]l]fka cYj% qYoYfk]f\aja\alalacZ]jYlcYfhY\YjYf[Yf_Yfh]dYla`YfqYf_ dYf_kmf_\acYalcYf\]f_Yfcgeh]l]fka$lYflYf_YfkljYl]_ak\Yf h]f[YhYaYfkYkYjYfj]f[YfYc]jbYZYacbYf_cYh]f\]ceYmhmf bYf_cYhYfbYf_&

L`]j]Yj]^gmjeYafhaddYjkg^FYlagfYd@gmkaf_=fl]jhjak] =ehdgq]]k;geh]l]f[]$fYe]dqKcaddk;geh]l]f[]$:]`YnagjYd ;geh]l]f[]$ EYfY_]jaYd ;geh]l]f[]$ Yf\ ;gj] ;geh]l]f[]& =Y[`g^l`]k][geh]l]f[a]k[gfkaklkg^-d]n]dkl`Ylaf\a[Ylaf_ [geh]l]f[qj]imaj]e]flkYl]Y[`g[[mhYlagfYdd]n]dafl`][ge% hYfq& =ehdgq]]k [geh]l]f[q \]n]dghe]fl hdYf oYk ]eh`Y% kar]\gfljYafaf_\]ka_f\aj][ldqdafc]\lg[geh]l]f[a]k$kljYl]_a[ [`Ydd]f_]kYf\l`]Y[à]n]e]flgôgjchdYfkZglàfk`gjlYf\ dgf_l]jek&

ZHjg_jYeH]dYla`Yf$H]eZ]cYdYf H]fkamf$\YfH]f\a\acYf:]jb]fbYf_

ZLjYafaf_Hjg_jYe$H]fkagfHjgnakagfaf_$ Yf\EmdlaD]n]d=\m[Ylagf

:]Z]jYhYhjg_jYeh]dYla`YfH]jmefYk\adYcmcYf\]f_Yf lmbmYfmflmce]e]fmàc]Zmlm`Yfcgeh]l]fkaeYkaf_%eYkaf_ cYjqYoYf& Hjg_jYe%hjg_jYe h]dYla`Yf l]dY` \al]jYhcYf \Yja YoYdcYjqYoYfYlYm;YdgfH]_YoYaqYf_dmdmkk]d]ckaj]cjml%

Kge]ljYafaf_hjg_jYeko]j][Yjja]\gmlafgj\]jlge]]l l`] f]]\k g^ af\ana\mYd ]ehdgq]]k [geh]l]f[]& LjYafaf_ hjg% _jYekYj]_an]fYkg^l`][gee]f[]e]flg^l`]]ehdgqe]flh]% jag\gjaee]\aYl]dqY^l]jl`]hjgkh][lan]]ehdgq]]hYkkaf_l`]

20

61

e]f&E]j]cYYcYfe]f\YhYlcYfh]eZ]cYdYfqYf_\ak]d]f__YjY% cYfgd]`H]jmefYk\YfZ]c]jbYkYeY\]f_Yfha`YcdmYj&9\Yhmf H]eZ]cYdYf [Ydgf H]_YoYa l]j\aja \Yja H]eZ]cYdYf Afla$ qYalm2 Hjgb][lEYfY_]e]fl$HjgZd]eKgdnaf_Yf\<][akagfEYcaf_$EYj% c]laf_$K]ddaf_Yf\F]_glaYlagfkKcaddk$\YfH]eZ]cYdYfC]h]jme% fYkYfk]jlYH]dYla`YfC]h]eaehafYf$E]flYd\YfC]\akahdafYf& ajklDaf]EYfY_]e]fl<]n]dghe]fl$Ea\\d]EYfY_]e]fl<]% n]dghe]fl$dan KljYl]_a[EYfY_]e]fl<]n]dghe]fl& Mflmc e]faf_cYlcYf h]f_]lY`mYf$ eglanYka \Yf c]l]j% YehadYf cYjqYoYf$ H]jmefYk e]eZ]jacYf c]k]ehYlYf qYf_ kYeY c]hY\Y k]dmjm` cYjqYoYf mflmc e]f_acmla h]f\a\acYf$ h]dYla`Yf \Yf c]_aYlYf dYaf qYf_ Z]jka^Yl hgkala^& HY\Y lY`mf *())$ H]jmefYk e]f_YdgcYkacYf \YfY k]Z]kYj Jh ,&)+. bmlY mflmc h]f\a\acYf \Yf h]dYla`Yf c]hY\Y )&)/* cYjqYoYf& :]% Z]jYhYh]f\a\acYf\Yfh]dYla`YfqYf_l]dY`\ak]d]f__YjYcYf hY\YlY`mf*())YflYjYdYaf2 H]dYla`YfH]f]jlaZYfH]f\YqY_mfYYfLYfY`L]jdYflYj& Ogjck`ghLaf\YcDYfbml@Ykad9kk]kke]flAI9*((1& H]dYla`YfJakcEYfY_]e]fl\YfAfl]jfYd;gfljgdKqkl]e&

62

j][jmale]fl'k]d][lagfl]kl&L`]qoaddZ]_an]fYZja]Úf_`]d\Zq L`]FYlagfYd@gmkaf_=fl]jhjak]Yf\a[ggh]jYlagfoal`]pl]jfYd hYjla]k&L`]Zja]Úf_alk]d^[gfkaklkg^[gj]Zja]Úf_g^hjgkh][lan] ]ehdgq]]k$fYe]dq2Hjgb][lEYfY_]e]fl$HjgZd]eKgdnaf_Yf\ <][akagfEYcaf_$EYjc]laf_$K]ddaf_Yf\F]_glaYlagfkKcaddk$Yf\ FYlagfYd @gmkaf_ ]fl]jhjak] Gja]flYlagf Yf\ D]Y\]jkàh LjYaf% af_$E]flYdalqYf\gjl`]hmjhgk]g^kmhhgjlaf_Yf\]f[gmjY_af_ l`] ]klYZdakè]fl g^ j]kada]fl `meYf j]kgmj[]k$ l`] [gehYfq hjgna\]kljYafaf_$k]eafYjk$[gmjk]k$j]_mdYjdqYf\[gflafmgmkdqlg ]ehdgq]]k$Zgl`j]_Yj\af_l][`fa[YdYf\fgfl][`fa[YdeYl]jaYdk$ af[dm\af_[`YjY[l]j\]n]dghe]fl$eglanYlagf$l]YeogjcYf\l`] dac]&Afgj\]jlgeYaflYaf`meYfj]kgmj[]imYdalqYf\dgqYdlqlg l`][gehYfq$gf]g^l`]hjaeYjq^Y[lgjkl`Ylf]]\Yll]flagfak]e% hdgq]]k][gfgea[hjgkh]jalq&FYlagfYd@gmkaf_=fl]jhjak]hjgna\]k Z]f]ÚlkYf\[geh]lalan][geh]fkYlagfhY[cY_]klgalk]ehdgq]]k Yf\afnal]kl`]elglYc]hYjlafj]laj]e]flhjg_jYe&EmdlaD]n]d ]\m[YlagfakYhj][gf\alagfaf^gjeg^ljYafaf_gj\]Zja]Úf_lg l`gk]]fl]jaf_l`]lYd]flhggd n]fm]^gjl`]hjgeglagf!& L`]j]Yj],lqh]kgêmdlad]n]d]\m[Ylagf^gj]Y[àf\ana\% mYdgj_YfarYlagfYdd]n]dafl`]]fl]jhjak]l`Ylak2Kmh]jnakgjq <]n]dghe]flHjg_jYe$>ajklDaf]EYfY_]e]fl<]n]dghe]fl$ Ea\\d]EYfY_]e]fl<]n]dghe]fl$Yf\KljYl]_a[EYfY_]e]fl <]n]dghe]fl& >gj aehjgnaf_ h]jkgff]dk cfgod]\_]$ eglanYlagf Yf\ kcaddk$L`]FYlagfYd@gmkaf_=fl]jhjak]_an]k]imYdghhgjlmfalq lgYdd]ehdgq]]k^gddgoaf_l`]]\m[Ylagf$ljYafaf_Yf\gl`]j hgkalan]Y[lanala]k&Af*())$L`]FYlagfYd@gmkaf_=fl]jhjak]`Yk Yddg[Yl]\l`]^mf\g^Jh-&),/eaddagf^gjgj_Yfaraf_]\m[Ylagf Yf\ljYafaf_lg)&((1]ehdgq]]k&Kge]]\m[YlagfYf\ljYafaf_ gj_Yfar]\\mjaf_*())o]j]2 =\m[Ylagf Yf\ LjYafaf_ gf Hj] J]laj]e]fl Hjgnakagfaf_ lg FYlagfYd@gmkaf_=fl]jhjak]kKlY^^& =\m[YlagfYf\LjYafaf_gf9hhda]\>afYf[aYd9[[gmflaf_& =\m[YlagfYf\LjYafaf_gf9ffmYdJ]hgjlHj]hYjYlagf&

2011

H]dYla`YfImYflalqKmjn]qgj& H]dYla`YfH]fqmkmfYf:]\Y`CYkmkCYkmkCgfljYcH]% eYkYjYf& KgkaYdakYkaKaemdYkaKHL&=d]cljgfac& H]dYla`Yf9jkahC]h]_YoYaYf& H]dYla`Yf H]f_Y\YYf :YjYf_ BYkY Z]j\YkYjcYfH]jhj]k Fg&-,LY`mf*()(& Cmjkmk<]kYaf?jYÚk& H]dYla`Yf L]`fac E]fqmkmf E]fbYoYZ ?m_YlYf \a H]f% _Y\adYf& K]eafYjKljYl]_aC]k]lYjYYfCgfljYc\YdYeE]f_YflakahYka K]f_c]lYCgfkljmcka& =f_dak`HjanYl];gmjk]& Ogjck`ghH]fqmkmfYfKGHK<EH]jmkY`YYf& Ogjck`ghH]jmZY`YfMf\Yf_Mf\Yf_Fg&)+LY`mf*((+ l]flYf_C]l]fY_Yc]jbYYf& Cmjkmk:Y`YkYAf__jak& K]eafYj FYkagfYd E]eZYf_mf Kaf]j_a \Yf E]eh]jcgcg` ?gg\?gn]jfYf[]e]fmbmOgjd\;dYkk;gehYfq& Log mf_kaH]jYfH]j% hmklYcYYf$
Wgjck`ghYkk]kkaf_Yf\]nYdmYlaf_LGLhjg_jYe& ImYflalqKmjn]qgj=\m[YlagfYf\LjYafaf_& =f_dak`;gmjk]afHjgh]jlq:mkaf]kk;gfn]jkYlagf^gjKljm[% lmjYdEYfY_]jaYdD]n]dG^Ú[aYdkYll`]@]Y\G^Ú[]& =\m[YlagfYf\LjYafaf_gf:j]Yc^YklE]]laf_K]eafYj& Ogjck`ghgf>]]\ZY[c>gddgoMhkgÂI9*()(9kk]kke]fl Gmlhmlk& Af`gmk]ljYafaf_^gj>gjemdYlagfEYl]jaYdkAf%<]hl`Klm\q ^gj:Yl[ÀAA;gfljY[l]\=ehdgq]]k& Ogjck`ghgfA>JK;gfn]j_]f[]& =\m[YlagfYf\LjYafaf_gfD]n]dAAfl]jfYd9m\al& =\m[YlagfYf\LjYafaf_gfJakc:Yk]\@J9m\alYf\:Yka[kg^ L][`fgdg_a[YdYm\al& K]eafYj ;j]Ylaf_9oYj]f]kkKqf]j_q^gj@meYf;YhalYd LjYfk^gjeYlagf& Hjgb][lEYfY_]e]fl=ph]jlak];]jlaÚ[YlagfL]kl& =\m[YlagfYf\LjYafaf_gfJ]_mdYj;dYkkHjgeglagfg^Kh]% [aYdG^Ú[aYdL]kl& =\m[YlagfYf\LjYafaf_gfH`Yk]AHjgb][lEYfY_]e]fl^gj Kljm[lmjYdG^Ú[aYdkaf?]f]jYdEYfY_]jD]n]d =\m[Ylagf Yf\ LjYafaf_ gf J]_mdYj ;dYkk Hjgeglagf Hjgna% kagfaf_D]n]dAj]_agfYdNAA& =\m[Ylagf Yf\ LjYafaf_ gf H`Yk] AA @gmkaf_ eY\] Zq
D]Y\af_af;gfÛa[l& =\m[YlagfYf\LjYafaf_gf?]f]ja[EYfY_]e]flYf\=e% hdgq]];Yf\a\Yl]>gjemdYlagfg^
ZPersamaan Kesempatan Karyawan

Z=imYdGhhgjlmfalqlg=ehdgq]]k

CYjqYoYfY\YdY`Yk]lZ]j`Yj_Yk]àf__Ye]f\YhYlh]j`Y% laYfqYf_laf__a\YjaH]jmefYk&H]jmefYke]f]jYhcYfKakl]e EYfYb]e]fKmeZ]j
=ehdgq]]k Yj] nYdmYZd] Ykk]lk j][]anaf_ à_` Yll]flagf ^jgel`]]fl]jhjak]&L`]FYlagfYd@gmkaf_=fl]jhjak]Yhhda]k alk@meYfJ]kgmj[]EYfY_]e]flKqkl]eZYk]\gfl`]hjaf[a% hd]kg^gh]ff]kk$^Yajf]kkYf\^j]]^jge LjaZYdJ]da_agfJY[aYd Yf\ Afl]j%?jgmh K]flae]flk!& =n]jq ]ehdgq]] `Yk ]imYd gh% hgjlmfalq lg kmklYaf [geh]fkYlagf$ ]\m[Ylagf Yf\ hjgeglagf afY[[gj\Yf[]oal`l`]ajj]kh][lan][geh]l]f[]&

20

63

64

2011

9F9DAK9 H=E:9@9K9F E9F9B=E=F E9F9?=E=FL9F9DQKAK
20

65

LAFB9M9FE9CJG=CGFGEA <9FAF<MKLJA

E9;JG=;GFGEQ 9F
ZKondisi Perekonomian Indonesia

Z;gf\alagfgÂf\gf]kaYk=[gfgeq

>YclgjqYf_Z]jh]f_Yjm`l]j`Y\Yhcaf]jbYH]jmefYkY\Y cgf\akah]j]cgfgeaYf$Z]jmhYh]jlmeZm`Yf]cgfgea\Yfkmcm Zmf_Y$ZYackmcmZmf_YY[mYfeYmhmf\YjaZYfc&Kmcm:mf_Y :YfcAf\gf]kaY :AJYl]!\alY`mf*())k]ehYlfYaclmjmfe]j% ]khgfkcgf\akah]j]cgfgeaYf_dgZYdqYf_k]\Yf_cmjYf_k]`Yl& K]l]dYè]f_YoYdalY`mf\]f_Yf:AJYl].$-$\Yja>]ZjmYja àf__YK]hl]eZ]jkmcmZmf_YY[mYf\YjaZYfck]fljYdfYac*- ZYkakhgafe]fbY\a.$/-&HY\YcmYjlYdAN%*()*$:AJYl]e]f% _YdYea\mYcYdah]fmjmfYfe]fbY\a.$-\Yf.&OYdYml]jbY\a h]jmZY`YfkmcmZmf_YY[mYf$laf_cYlkmcmZmf_YCj]\alH]ea% dacYfJmeY` CHJ!j]dYla^la\Yce]f_YdYeaZYfqYch]jmZY`Yf qYf_Z]jYjla\Yf[mcmhklYZad&

>Y[lgjoà[àf^dm]f[]kY_YafklH]jmefYkh]j^gjeYf[] ak][gfgea[[gf\alagfafl`]^gjeg^][gfgea[_jgol`Yf\ afl]j]kl jYl]$ ]al`]j Z]f[èYjc afl]j]kl jYl] gj ZYfc af% l]j]kl jYl]& :Yfc Af\gf]kaY JYl] :A JYl]! af *()) gf[] ]ph]ja]f[]\ mfklYZd] j]khgf\af_ [jakak _dgZYd ][gfgea[ [gf\alagf& >gddgoaf_ klYjl l`] q]Yj oal` :A JYl] g^ .&- ^jge >]ZjmYjq mflad K]hl]eZ]j l`] Z]f[` eYjc afl]j]kl jYl]^jge[]fljYdZYfcaf[j]Yk]\*-hgaflZ][ge]k.&/-& Af l`] imYjl]j AN *())$ :A JYl] ]ph]ja]f[]\ log lae]k \][j]Yk]lg.&-Yf\.&F]n]jl`]d]kk$l`]@gmkaf_Gof% ]jkàh ;j]\al Afl]j]kl JYl] CHJ! oYk j]dYlan] klYZd] Yf\ fgl[`Yf_]\ka_faâ[Yfldq&

Gf l`] gl`]j ka\]$ fYlagfYd ][gfgeq k`go]\ hgkalan] lj]f\&Af*())$Af\gf]kaYk][gfgeqoYkj][gj\]\lg_jgo g^.&-&Afl`]dYklq]Yj$l`]][gfgea[_jgolòYkYl.&)& ?gg\]phgjlh]j^gjeYf[]$à_`]jhjanYl][gfkmehlagfYf\ kljgf_ afn]kle]fl Z][ge]k l`] ][gfgea[ _jgol` lja__]j& Af\]]\$*())kaf^dYlagfjYl]oYk+&/1$^YjZ]dgol`]_gn% ]jfe]fl lYj_]l g^ -&.-& Làk af^dYlagf Y[à]n]e]fl Ydkg ^YjZ]ll]jl`Yf*()($afl`]Yegmflg^.&1.&

<]f_Yf h]jlmeZm`Yf ]cgfgea fYkagfYd qYf_ laf__a \Yf laf_cYl kmcm Zmf_Y hafbYeYf qYf_ klYZad eYcY \YqY Z]da eYkqYjYcYl \a`YjYhcYf \YhYl l]jmk e]f_mYl c`mkmkfqY \a Za\Yf_hjgh]jla\]f_Yfe]eYf^YYlcYf^YkadalYkhafbYeYfh]j% ZYfcYf&

Oal` à_` fYlagfYd ][gfgea[ _jgol` Yf\ klYZd] dgYf afl]j]kl jYl]$ l`] kg[a]lq hmj[`Yk] hgo]j ak ]ph][l]\ lg klj]f_l`]fhYjla[mdYjdqafl`]â]d\g^hjgh]jlqoal`mk]g^ ZYfcaf_dgYf^Y[adalq&

ZH]jmZY`YfC]Zmlm`Yf

Z;`Yf_]g^F]]\

C]klYZadYf kmcm Zmf_Y$ afÛYka qYf_ l]jbY_Y$ \Yf h]jlme% Zm`Yf ]cgfgea qYf_ laf__a ZakY e]f\gjgf_ dYbm h]jeaflYYf jmeYèmjY`qYf_dYqYc\Yfl]jbYf_cYm\YjaeYkqYjYcYlqYf_ Z]jh]f_`YkadYfe]f]f_Y`c]ZYoY`&K]dYafalm$k]ajaf_\]f_Yf e]faf_cYlfqY laf_cYl c]eY[]lYf \a hmkYl cglY$ k]eYcaf e]% dmYkfqY \Y]jY`%\Y]jY` qYf_ l]jc]fY ZYfbaj$ eY`YdfqY ZaYqY ljYfkhgjlYka$ k]jlY eY`Yd \Yf dYf_cYfqY c]l]jk]\aYYf lYfY` \a cglY Z]kYj$ eYcY c]af_afYf eYkqYjYcYl mflmc e]eadaca

KlYZd] afl]j]kl jYl]$ eYaflYaf]\ afÛYlagf Yf\ à_` ][g% fgea[ _jgol` [Yf lja__]j mh \]eYf\ g^ j]YkgfYZd] `gmk] oà[àkY[[]kkaZd]lgl`]ea\\d]\gofZjY[c]lh]ghd]&AfY\% \alagf$ af daf] oal` af[j]Ykaf_ ljY^Ú[ bYe af l`] []fljYd [alq$ oa\]faf_ l`] Y^^][l]\ Yj]Yk$ ]ph]fkan] ljYfkhgjlYlagf [gklk Yf\à_`[gklkYf\jYj]YnYadYZadalqg^dYf\afZa_[ala]k$l`] \]kajgmkg^kg[a]lqlg`Yn]gjdan]Yl\o]ddaf_Yj]Yakn]jla[Yd oal`l`]Y[à]n]\hja[]kk]]fà_`]j&Oal`làk[gf\alagf$\]n]d%

66

2011

YlYm laf__Yd \a l]ehYl `mfaYf n]jlacYd \]f_Yf `Yj_Y qYf_ l]jbYf_cYm l]jda`Yl k]eYcaf laf__a& <]f_Yf cgf\aka afa eYcY$ h]f_]eZYf_Yf`mfaYfn]jlacYd\]f_Yf`Yj_YqYf_l]jbYf_cYm gd]èYkqYjYcYlZ]jh]f_`YkadYfe]f]f_Y`c]ZYoYè]eadaca hjgkh]cqYf_[mcmhZYac&

ghaf_l`]\o]ddaf_Yj]Yakn]jla[Ydoal`l`]hja[]kY[à]n]\Zq ea\\d]lg\gofZjY[c]lh]ghd]`Ykdgohjgkh][l&

ZH]jmZY`YfHY\YCgeh]lalgj

Z;`Yf_]lg;geh]lalgj

H]jmZY`Yfcgf\akah]jkYaf_Yf\ahYkYj\YhYlZ]jh]f_Yjm` hY\YhYf_kYhYkYjH]jmefYk&Gd]`cYj]fYalm$YfYdakakl]j`Y% \Yh cgeh]lalgj mlYeY k]fYflaYkY \adYcmcYf gd]` H]jmefYk& KYYlafa$cgeh]lalgjla\Yc`YfqYe]jYeZY`hYkYjhjgh]jlae]% f]f_Y`c]YlYk&<]f_YfY\YfqYafl]jn]fkaH]e]jaflY`\YdYe Z]flmckmZka\a`Yj_YbmYdhjgh]jla\ahYkYje]f]f_Y`c]ZYoY` \YdYeZ]flmcHmZda[K]jna[]GZda_Ylagf HKG!qYf_emdYa\aZ]j% dYcmcYf\ah]jl]f_Y`YflY`mf*()($eYcYh]jkYaf_Yf\ahYkYj e]f]f_Y` c] ZYoY` \ah]jcajYcYf YcYf k]eYcaf cgeh]lala^ \YdYe\mYkYehYala_YlY`mfc]\]hYf&

;`Yf_]g^[geh]lalan]f]kkafeYjc]l[YfafÛm]f[]lgeYj% c]lk`Yj]g^H]jmefYk&L`]j]^gj]$YfYdqkaklgoYj\l`]eYaf [geh]lalgjYdoYqk[gf\m[l]\ZqH]jmefYk&;mjj]fldq$;geh]la% lgjfglgfdqj]Y[èa\\d]mhhjgh]jlqeYjc]l&Oal`l`]]pakl% ]f[]g^l`]_gn]jfe]flafl]jn]flagfafl`]^gjeg^kmZka\qg^ l`]k]ddaf_hja[]g^hjgh]jlqYlea\\d]\gofeYjc]laf^gje g^HmZda[K]jna[]GZda_Ylagf HKG!oà[`Z]_afklg[gee]f[] afl`]ea\\d]g^*()($l`]j]^gj][geh]lalagfafea\\d]\gof eYjc]l ak ]klaeYl]\ lg Z] egj] [geh]lalan] oalàf log mflad l`j]]q]YjkY`]Y\&

ZC]fYacYf@Yj_YK]clgjHjgh]jla

ZAf[j]Ykaf_Hjgh]jlqHja[]

C]fYacYf `Yj_Y k]clgj hjgh]jla eYka` \YdYe ZYlYk qYf_ oYbYj$ qYalm k]calYj )( % )- k]laYh lY`mffqY& @Yd afa la\Yc e]faeZmdcYf\YehYcqYf_Z]jYjlaZY_acgfkme]fe]f]f_Y` c]YlYk&FYemf\]eacaYfla\Yc\YhYl\ahmf_cajaZYòYc]fYa% cYf`Yj_Yk]clgjhjgh]jlal]jk]ZmlYcYfZ]jh]f_Yjm`ZY_acgf% kme]fe]f]f_Y`c]ZYoY`&C]fYacYf`Yj_Yhjgh]jla\acYj]% fYcYfgd]`c]fYacYf`Yj_YeYl]jaYd\YfmhY`c]jbY&Afl]jn]fka H]e]jaflYè]dYdmakmZka\aZmf_YCHJ$h]eZ]ZYkYfhYbYc\Yf kmZka\a `Yj_Y bmYd HKG! Y\YdY` kgdmka mflmc e]faf_cYlcYf h]e]fm`Yfc]Zmlm`YfjmeY`ZY_aeYkqYjYcYle]f]f_Y`c] ZYoY`&

Af[j]Ykaf_ hjgh]jlq hja[] j]eYafk af j]YkgfYZd] daeal$ l`YlakYhhjgpaeYl]dq)(%)-]n]jqq]Yj&Làkakfgl[Ymk% af_ ka_faÚ[Yfl aehY[l lg ea\\d] mh [gfkme]jk& @go]n]j$ al [YffglZ]Ynga\]\l`Ylaf[j]Ykaf_hjgh]jlqk][lgjoaddafÛm% ]f[]ea\\d]\gof[gfkme]j&L`]af[j]Yk]ak[Ymk]\ZqeYl]% jaYdhja[]Yf\kYdYjqaf[j]Yk]&L`]_gn]jfe]flAfl]jn]flagf l`jgm_`kmZka\qg^@gmkaf_Gof]jkàhDgYf$lYp]p]ehlagf Yf\kmZka\qg^k]ddaf_hja[] HKG!akkgdmlagf^gjaf[j]Ykaf_ ^mdÚdde]fl g^ `gmk]`gd\ f]]\k lg l`] ea\\d] \gof af[ge] ZjY[c]lh]ghd]&

ZHjg\mc:Yjm\aHYkYj

ZF]oHjg\m[lafEYjc]l

H]dmf[mjYf hjg\mc ZYjm \a hYkYjYf gd]` h]kYaf_%h]kYaf_ mlYeYh]jmkY`YYfZ]jhgl]fkae]fq]ZYZcYfh]fmjmfYfhYf_kY hYkYjH]jmefYk&Gd]`cYj]fYalm$H]jmefYkk]dYdmZ]jmhYqYmf% lmc\YhYle]f_`YkadcYfhjg\mcqYf_mfac\YfafgnYla^&

DYmf[àf_g^f]ohjg\m[lkafeYjc]lZql`]eYaf[geh]la% lgjkakhgl]flaYd[Ymkaf_\][j]Yk]gêYjc]lk`Yj]g^H]jme% fYk& L`]j]^gj]$ H]jmefYk YdoYqk eYc] ]^^gjlk ^gj j]kmdlaf_ mfaim]Yf\affgnYlan]hjg\m[lk&

ZH]jmZY`YfH]jhYbYcYf

Z;`Yf_]g^LYpYlagf

H]jmZY`Yf h]jhYbYcYf \aZa\Yf_ h]f_]eZYf_Yf hjgh]jla \aemdYa hY\Y lY`mf *((1& HY\Y lY`mf l]jk]Zml h]jmkY`YYf h]f_]eZYf_ hjgh]jla emdYa \aoYbaZcYf e]f__mfYcYf h]j% àlmf_Yf hYbYc qYf_ Z]jka^Yl ÚfYd k]Z]kYj - Z]j\YkYjcYf

;`Yf_]g^lYpYlagfafhjgh]jlq\]n]dghe]floYk[ge% e]f[]\af*((1&Afl`]q]Yjl`]\]n]dgh]joYkgZda_Yl]\ lg mk] Y - âfYd lYp [gmflaf_ af l`] [gehYfqk kYd]k& LàkoaddZ]Z]f]â[aYdlgl`]\]n]dgh]j hjgh]jlq\]n]dgh%

20

67

hY\Yh]fbmYdYfh]jmkY`YYf&@YdafaYcYfe]f_mflmf_cYfZY_a h]jmkY`YYfh]f_]eZYf_hjgh]jlaqYf_]Úka]f&H]jmZY`YfC]% ZabYcYfH]e]jaflY`H]e]jaflYè]dYdmaC]e]fl]jaYfH]jmeY% `YfJYcqYlhY\YlY`mf*()(e]f_]dmYjcYfc]ZabYcYfkmZka\a k]daka` Zmf_Y mflmc c]h]eadacYf jmeY` e]f]f_Y` c] ZYoY` \YfJmkmfYeae]dYdmahjg_jYe>YkadalYkDacma\alYkH]eZaYqYYf H]jmeY`Yf >DHH!&DHH*())kmcmZmf_YCHJ ditetapkan Úp]\ k]Z]kYj /$*- mflmc CHJ JmeY` K]bY`l]jY LYhYc& <]f_Yf Z]j_mdajfqY hjg_jYe >DHH l]jk]Zml$ \a`YjYh% cYfYfaegeYkqYjYcYlmflmce]eadacajmeY`k]eYcafZ]kYj k]àf__YZ]j\YehYce]fYaccYfh]f[YhYaYfh]fbmYdYfk][YjY ka_faÚcYf&

af_ [gehYfq!& ;`Yf_] g^ l`] _gn]jfe]fl hgda[q l`jgm_` l`] Eafakljq g^ H]ghd]k @gmkaf_ af *()( akkm]\ \a^^]j]fl afl]j]klkmZka\qhgda[q^gjgof]jkàhgêa\\d]lgZgllge af[ge]ZjY[c]lh]ghd]@gmk]Yf\JmkmfYea l`jgm_`@gmk% af_;j]\alDaima\alq>Y[adalqHjg_jYe >DHH!&Afhjg_jYeg^ >DHH *()) l`] H]ghd]k @gmkaf_ Gof]jkàh Afl]j]kl JYl] oYk\]l]jeaf]\afl`]Yegmflg^/&*-^gjCHJJmeY`K]% bY`l]jYLYhYc&Oal`l`]aehd]e]flYlagfg^>DHHhjg_jYe$ al ak `gh]\ l`] h]ghd]k \]kajgmk lg `Yn] `gmk] af[j]Yk] Yf\j]kmdlaf_ka_faâ[YflkYd]kY[à]n]e]flaf[j]Yk]&

ZHjgkh]cAf\mklja

ZAf\mkljaYdHjgkh][l

HY\YlY`mf*())$:Y\YfHmkYlKlYlaklac :HK!e]fq]ZmlcYf Yf_cY ZY[cdg_h]jmeY`YfAf\gf]kaYe]f[YhYa)+$.bmlYmfal jmeY`dYqYc`mfa&<]Úkall]jk]Zmle]jmhYcYfYcmemdYkah]j% lYeZY`Yf c]Zmlm`Yf h]jmeY`Yf jYcqYl laYh lY`mffqY qYf_ bYm`d]Za`ZYfqYc\aZYf\af_cYfc]eYehmYfh]f_Y\YYfgd]` k]dmjm`h]eYf_cmc]h]flaf_Yf&C]Zmlm`YfjmeY`dYqYc`mfa$ k]laYhlY`mfZ]jlYeZY`jYlY%jYlY0((&(((mfal$k]e]flYjYc]% eYehmYfh]f_Y\YYffqYZ]jcakYjemdYa)((&(((kYehYa\]f% _Yf*((&(((mfalh]jlY`mf&<]f_Yf\]eacaYf$k]dYdmY\Y_Yh jYlY%jYlYk]calYj.((&(((mfalk]laYhlY`mffqY&

Af *())$ ;]fljYd KlYlakla[k :mj]Ym :HK! klYl]\ l`Yl l`] Af\gf]kaYf@gmkaf_ZY[cdg_Ú_mj]j]Y[`]k)+&.eaddagfmfalk j]YkgfYZd] `gmk]k& Km[` \]Ú[al ak Y[[memdYlagf g^ af[j]Yk% af_ l`] h]ghd]k `gmkaf_ \]eYf\ ]Y[` q]Yj oà[` ak ^Yj Z]ll]j l`Yf [YhYZadalq g^ hjg[mj]e]fl Zq Ydd klYc]`gd\]jk& L`] `gmk] \]eYf\ af[j]Yk]\ Zq Yn]jY_] g^ 0((&((( mfalk h]jq]Yj$oàdkl[YhYZadalq^gjhjg[mj]e]fljYf_]kZ]lo]]f )((&(((mflad*((&(((mfalkh]jq]Yj&L`]j]^gj]$l`]j]akYd% oYqkYn]jY_]_YhYjgmf\.((&(((mfalkh]jq]Yj&

<]f_Yf cgf\aka h]jlmeZm`Yf ]cgfgea qYf_ k]eYcaf e]eZYac\YfklYZadfqYlaf_cYlkmcmZmf_Yk]jlYY\YfqYafl]j% n]fkaH]e]jaflY`\YdYeZ]flmckmZka\a`Yj_YbmYdjmeY`c]dYk e]f]f_Y`c]ZYoY`\akYlmkaka\YfY\YfqYYcmemdYka\]Úkal jmeY`dYqYc`mfa$eYcY\a`YjYhcYfaf\mkljahjgh]jla\alY`mf *()*YcYfd]Zaè]f__YajY`cYf\aZYf\af_lY`mf*())&

Oalàf[j]Ykaf_][gfgea[_jgol`Yf\klYZd]afl]j]kljYl] Yko]ddYkl`]?gn]jfe]flkafl]jn]flagfafl`]^gjeg^kmZka% \qk]ddaf_hja[]g^`gmk]^gjea\\d]lgZgllgeaf[ge]ZjY[c]l h]ghd] Yf\ \]Ú[al af`YZalYZd] `gmk]k$ al ak `gh]\ hjgh]jlq af\mkljqaf*()*oaddZ]Z]ll]jl`Yf*())&

LAFB9M9FGH=J9KAGF9D

GH=J9LAGF9DJ=NA=O

K][YjY meme$ caf]jbY gh]jYkagfYd H]jmefYk lY`mf *()) e]f_YdYeah]faf_cYlYf\YjalY`mf*()(&Mflmce]em\Y`cYf h]eYf_cm c]h]flaf_Yf e]f_YfYdakY caf]jbY gh]jYkagfYd$ H]% jmefYk e]f_]dgehgccYf caf]jbY \YdYe la_Y Za\Yf_ gh]jYka$ qYalmh]eYkYjYf$hjg\mcka$\Yfh]jlYfY`Yf&

?]f]jYddq$H]jmefYkgh]jYlaf_h]j^gjeYf[]af*())]ph]% ja]f[]\af[j]Yk]^jgehj]nagmkq]Yj&LgeYc]al]Ykql`]klYc]% `gd\]jk YfYdqr] gh]jYlaf_ h]j^gjeYf[]$ H]jmefYk _jgmh]\ h]j^gjeYf[] af l`j]] gh]jYlagfYd Ú]d\k$ fYe]dq eYjc]laf_$ hjg\m[lagfYf\dYf\&

ZCaf]jbY:a\Yf_H]eYkYjYf

ZEYjc]laf_H]j^gjeYf[]

A. STRATEGI PEMASARAN Mflmce]f[YhYacaf]bYqYf_d]Za`ZYac$H]jmefYke]f]% jYhcYfZ]Z]jYhYkljYl]_ah]eYkYjYf&H]jlYeY$kljYl]_a]Úka]fka

A. MARKETING STRATEGY >gj _Yafaf_ g^ Z]ll]j eYjc]laf_ kljYl]_q$ H]jmefYk ae% hd]e]fl]\ nYjagmk eYjc]laf_ kljYl]_q& >ajkl$ [gklk ]^Ú[a]f[q

68

2011

ZaYqY&:]flmch]dYckYfYYfkljYl]_aafa\]f_Yfe]f_acmlahjg% _jYe H]e]jaflY` \]f_Yf e]eZYf_mf jmeY` emjY` \Yf e]dYcmcYf kaf]j_a YflYj :MEF mflmc e]eYf^YYlcYf dY`Yf k]ZY_Ya ^YkadalYk h]jmeY`Yf& C]\mY$ H]jmefYk bm_Y e]eadaca kljYl]_a[YjYh]eZYqYjYfjmeY`\]f_Yfe]dYcmcYfc]jbYkYeY \]f_Yf :Yfc l]jcYal \]f_Yf e]eZYflm EYkqYjYcYl :]jh]f_% `YkadYfE]f]f_Y`:YoY` E:E!\YfEYkqYjYcYlZ]jh]f_`Yka% dYfJ]f\Y` E:J!mflmce]eh]jem\Y`Cj]\alC]h]eadacYfJm% eY` CHJ!\]f_Yf>YkadalYkDacma\alYkH]eZaYqYYfH]jmeY`Yf >DHH!e]dYdmaCHJK]bY`l]jYLYhYc\YfCHJK]bY`l]jYKmkmf& C]la_Y$ kljYl]_a mflmc e]eh]jlY`YfcYf h]dYf__Yf&
COOPERATION PARTNER

kljYl]_q& Làk kljYl]_q ak af ^gje g^ [gehdaYf[] oal` l`] ?gn]jfe]flhjg_jYeoal`\]n]dghaf_dgohja[]`gmk]Yf\ eY\]kqf]j_qZ]lo]]fKlYl]%gof]\=fl]jhjak]k :MEF!^gj mkaf_dYf\Yk`gmkaf_^Y[adalq&K][gf\$H]jmefYkYdkg`Yk Y kljYl]_q af j]kh][l oal` e]l`g\ g^ hYqe]fl g^ `gmkaf_ oal`]fl]jaf_aflg[ggh]jYlagfoal`J]dYlaf_:Yfcoal`_an% af_`]dhl`]Ea\\d]:gllgeAf[ge]:jY[c]lH]ghd]Yf\ Dgo af[ge] ZjY[c]l h]ghd] E:J! lg eYc] ]Yka]j @gmk] Gof]jkàh ;j]\al CHJ! oal` @gmkaf_ >afYf[af_ Daima\alq >Y[adalq >DHH! l`jgm_` CHJ K]bY`l]jY LYhYc Yf\ CHJ K]% bY`l]jYKmkmf& Làj\$ KljYl]_q ^gj eYaflYafaf_ [mklge]jk& Làk af% [dm\]k aehjgnaf_ k]jna[] imYdalq l`jgm_` [gfkme]j [ge% hdYafle][`Yfakeaf]Y[`ZjYf[`&>gjeYaflYafaf_làkk]j% na[] imYdalq$ H]jmefYk afn]flgja]k fmeZ]j g^ [mklge]jk [gehdYaflgj\akkYlak^Y[lagfZYk]\gffmeZ]jg^[gehdYaflk j][]an]\&>gmjl`$kljYl]_qlg_]lf]o[mklge]jk&H]jmefYk [gf\m[l]\nYja]lqg^hjgeglagfkfYe]dq[Yjjqaf_gml\aj][l kYd]k lg l`] _gn]jfe]fl gj hjanYl] afklalmlagf$ ]pàZalagf$ Yf\Y\n]jlakaf_af]d][ljgfa[gjfgf%]d][ljgfa[e]\aY$Yf\ \]n]dghaf_ kh][aYd [`YjY[l]jakla[k lg hjg\m[l af[j]Ykaf_ H]jmefYkk]ddaf_hgafl!& >gddgoaf_Yj]hYjla]koà[``Yn]]klYZdak`]\Zmkaf]kk[g% gh]jYlagfoal`H]jmefYk2 BENTUK KERJASAMA

4HL;aljY:meaD]klYja

H]kgfYC]fYda9kYe$BYeZa

4HLEaljYE]flYjaEmdaY

C]eYqgjYf$BYcYjlY

4HLJ]cYJmeYf\Y9_mf_

;alqHYjc$BYcYjlY

4HL=jY:Yf_mfBYqY

EYjlmZmf_$E]\Yf

4HLLjahmljYEmdla?jY`YH]jlaoa

;]fl]jhgafl$:]cYka

4HL:Ycja]dYf\<]n]dghe]flLZc

K]fljYLaemj$BYcYjlY

4HLDYf\eYjc:Yf_mfH]jkY\Y

EmlaYjY:]cYka

B. SURVEI PEMASARAN Mflmc e]f]lYhcYf e]f]lYhcYf kljYl]_a h]eYkYjYf \Yf hjg\mcka qYf_ l]hYl Y_Yj hjg\mc \YhYl \ak]jYh hYkYj k][YjY []hYl$H]jmefYke]dYcmcYfkmjn]ah]eYkYjYf&Kmjn]aafae]da% hmlakmjn]ah]kYaf_$kmjn]acYjYcl]jaklach]eZ]da$kmjn]acgf\aka ]cgfgea$kmjn]ahgkakadY`Yf$\Yflj]fh]jeaflYYf$qYf_k]dm% jm`fqY\ajYf_cme\YdYedYhgjYfjak]lhYkYj&

20

PARTNERSHIP FORM

B. MARKETING SURVEY Lg\]l]jeaf]hjgh]jeYjc]laf_kljYl]_qYf\hjg\m[lagfaf gj\]jl`Yll`]hjg\m[l[YfZ]YZkgjZ]\ZqeYjc]lafklYfldq$ H]jmefYk[Yjja]\gmleYjc]laf_kmjn]q&Làkkmjn]qaf[dm\]k [geh]lalgjk kmjn]q$ Zmq]jk [`YjY[l]jakla[k kmjn]q$ ][gfgea[ [gf\alagf kmjn]q$ dYf\ hgkalagf kmjn]q Yf\ lj]f\ g^ \]eYf\ oà[`]flaj]dqkmeeYjar]\afl`]eYjc]lYfYdqr]j]hgjl&

69

C. SALES VOLUME

C. VOLUME PENJUALAN K][YjY _Yjak Z]kYj$ H]jmefYk e]eadaca . ]fYe! b]fak hjg\mc jmeY` \Yf ) kYlm! b]fak jmeY` kmkmf&
EYafdq$ H]jmefYk `Yk . kap! lqh]k g^ `gmk] hjg\m[l Yf\) gf]!lqh]g^klgjq`gmk]&>jgelàkhgafl$H]jmefYk [Yf j]hgjl làk q]Yjk kYd]k j]kmdl& J]YdarYlagf g^ kYd]k ngd% me]g^`gmk]Yf\klgjq`gmk]q]Yj*())afl`]Yegmflg^ 1&+1-mfalkgjj]Y[àf_g^10&-,^jgeJC9Hq]Yj*())af l`]Yegmflg^1&-+,mfalkgj)()&+*+)^jgedYklq]Yjk j]YdarYlagfg^1&*/+mfalk&O`]j]Yk$kYd]kj]YdarYlagfCLEg^ -.+hdglg^dYf\gjj]Y[àf_g^,.-$*1^jge*())kJC9H g^)*)hdglkg^dYf\&

D. NILAI PENJUALAN H]jc]eZYf_Yfh]f\YhYlYf\Yja`Ykadh]fbmYdYfqYf_\a% `YkadcYfH]jmefYkhY\YlY`mf*())$lY`mf*()($\YfJC9H lY`mf*())Y\YdY`k]h]jlalYZ]dfadYah]fbmYdYfl]jk]Zml\a ZYoYàfa& No

Uraian

REALISASI REALIZATION 2011

D. SALES VALUE ?jgoaf_af[ge]g^kYd]kj]kmdlhjg\m[]\ZqH]jmefYkaf *())$*()($Yf\JC9H*())akkh][aÚ]\aflYZd]g^kYd]knYdm] Yk^gddgok2 REALISASI REALIZATION 2011

RKAP 2011

2010

REAL 2010

2/4

2/3

Rp

Rp

Rp

%

%

3VNBI5BOBI

,411

-*4*#"

61,#

3VTVOBNJ

JUMLAH

1.021.203,62

796.103,88

1.020.609,64

Description

)PNF-BOE

,5.

1FOEBQBUBO4FXB EBO1FNFMJIBSBBO

61,#

SVTVOBNJ

100,06

128,28

/6.#&3

%BMBNKVUBBOSVQJBI

,5. 3FOUBMJODPNF BOE.BJOUFOBODF ,411 -*4*#"

In millions of dollars

DHH qYf_ e]eZmlm`cYf oYclmmflmch]fq]kmYaYfk]àf__Yh]dYckYfYYfj]YdakYka CHJl]jlmf\Y&

70

RKAP 2011

:Yk]\ gf LYZd] e]flagf]\ YZgn]$ j]YdarYlagf g^ lglYd kYd]af*())oYkafl`]Yegmflg^Jh)&(*)ljaddagf$mhg^Jh -1+&10eaddagfgjj]Y[àf_g^)((&(.g^JC9Hq]Yj*())af l`]Yegmflg^Jh)&(*(ljaddagf&LàkY[à]naf_Ydkgà_`]jg^ Jh**-&((1Zaddagfgjj]Y[àf_g^)*0&*0l`Yfl`]hj]nagmk q]Yjg^*()(afl`]Yegmflg^Jh/1.&)Zaddagf&L`]à_`]kl k]ddaf_ nYdm] oYk gZlYaf]\ af ;ggh]jYlagf g^ <]n]dghe]fl Yf\EYjc]laf_ CKHH!afl`]Yegmflg^Jh,++&*/Zaddagf& J]Y[àf_ g^ JC9H q]Yj *()) oYk n]jq em[` af^dm% ]f[]\Zqk]ddaf_g^:mkaf]kk;ggh]jYlagf CKM!Yf\CKHH& O`]j]Yk$\][j]Ykaf_`ge]kYd]k j]_mdYj!oYk[Ymk]\Zq l`][`Yf_]kaf>DHHegjl_Y_]^Y[adala]kl`Ylj]imaj]lae]lg Y\bmklkgl`Yll`]\]dYq]\aehd]e]flYlagfg^l`]j]YdarY% lagfg^l`]egjl_Y_]&

2011

ZCaf]jbY:a\Yf_Hjg\mcka

ZHjg\m[lagfH]j^gjeYf[]

@Ykadhjg\mckaH]jmefYkZ]jmhYjmeY`\YflYfY`qYf_l]j% \aja\Yja- daeY!b]fakhjg\mc&C]daeYb]fakhjg\mcl]jk]ZmlY\Y% dY` JmeY` K]\]j`YfY LYhYc$ JmeY` K]\]j`YfY$ JmeY` E]% f]f_Y`$JmeY`Lgcg$\YfJmkmfYea&BmedY`j]YdakYkahjg\mcka lY`mf *()) k]ZYfqYc 1&-,+ mfal YlYm e]f[YhYa 01$+* \Yja JC9H*())k]ZYfqYc)(&.0+mfal&J]YdakYkahjg\mckalY`mf*()) afae]f[YhYa1($.1\Yjaj]YdakYka*()(k]Z]kYj)(&-**mfal&

J]kmdlg^Hjg\m[lagfg^H]jmefYkafl`]^gjeg^`gmk]Yf\ dYf\[gfkaklkg^- Ún]!lqh]kg^hjg\m[l&L`]Ún]lqh]kg^hjg\% m[laf[dm\]LYhYcKaehd]@gmk]$Kaehd]@gmk]$E]\ame@gmk]$ Klgj]@gmk]Yf\Kaehd]Klgjq@gmk]&FmeZ]jg^j]YdarYlagfg^ hjg\m[lagfq]Yj*())Yegmfl]\lg1$-,+mfalkgjj]Y[àf_g^ 01&+*^jgeJC9H*())Yegmfl]\lg)($.0+mfalk&Làkq]Yjk hjg\m[lagfj]YdarYlagfj]Y[`]\1(&.1^jgej]YdarYlagf*()( afl`]Yegmflg^)($-**mfalk&

QTabel jumlah produksi Perumnas selama tahun 2011 dan 2010 :

QTable of total production of Perumnas during 2011 and 2010:

JENIS PRODUKSI 4JmeY`K]\]j`YfYLYhYc 4JmeY`K]\]j`YfY 4JmeYÈ]f]f_Y` 4JmeY`Lgcg 4JmeY`KmkmfK]\]j`YfYEadac JmkmfYea! TOTAL

2010

2011

.&(1/ *&(-* * .,) )&,(* )(&-**

-&/00 *&(*+ +-++ )&),0 1&-,+

TYPE OF PRODUCTION 4LYhYcKaehd]@gmk] 4Kaehd]@gmk] 4E]\ame@gmk] 4Klgj]@gmk] 4:Yka[Klgjq@gmk] JmkmfYea! TOTAL

ZCaf]jbY:a\Yf_H]jlYfY`Yf

ZH]j^gjeYf[]AfJ]kh][loal`DYf\

A. PEMBEBASAN TANAH J]YdakYka h]f_Y\YYf lYfY` \YdYe lY`mf Yf__YjYf *()) Y\YdY`k]Z]kYj/-$)+@YYlYmk]Z]kYj-($-.\YjaYf__YjYf% fqYk]Z]kYj),0$.@Y&

A. LAND CLEARING J]YdarYlagf g^ dYf\ [d]Yjaf_ af *())k Zm\_]l q]Yj oYk Yegmfl]\g^/-&)+@Ygjafl`]Yegmflg^-($-.^jgealk Zm\_]lg^),0&.@Y&

B. PENGURUSAN SERTIFIKAT HPL J]YdakYkah]f_mjmkYfk]jlaÚcYl@HD\YdYelY`mf*())e]f% [YhYa)/$1,@YYlYm).$.0\YjaYf__YjYffqYk]Z]kYj)(/$-/ @Y$ YflYjY dYaf \ak]ZYZcYf la\Yc l]j[YhYafqY h]eZ]ZYkYf lYfY` ZYjm$ e]fmjmffqY h]fbmYdYf \Yf hjg_jYe h]eZYf_m% fYfk]àf__Yh]f_mjmkYfhjg_jYeh]f_mjmkYfk]jlaÚcYka@HD l]jc]fYaeZYkfqY&

B. ARRANGEMENT OF CERTIFICATE OF HPL J]YdarYlagf g^ YjjYf_]e]fl g^ []jlaÚ[Yl] g^ @HD af q]Yj *())j]Y[`]\g^)/&1,@Ygj).&.0^jgealkZm\_]lg^)(/&-/ @Y$Yegf_gl`]jk[Ymk]\Zqfgfj]Y[àf_g^f]odYf\[d]Yj% af_$ \][j]Ykaf_ kYd]k Yf\ \]n]dghe]fl hjg_jYe kg l`Yl Yj% jYf_]e]fl kg l`Yl YjjYf_]e]fl g^ @HD ;]jlaÚ[Ylagf oadd j]% []an]l`]aehY[l&

C. PENGURUSAN SERTIFIKAT HGB/HM PER KAVLING J]YdakYkah]f_mjmkYfk]jlaÚcYl@?:lY`mf*())e]f[YhYa /&,-+mfalYlYm)(0$,*\YjaqYf_\aj]f[YfYcYf*())k]Z]kYj .&0/,mfal&

C. ARRANGEMENT OF HGB/HM CERTIFICATE J]YdarYlagf g^ YjjYf_]e]fl g^ @?: []jlaÚ[Yl]q]Yj *()) j]Y[`]\ g^ /&,-+ mfal gj )(0&,* ^jge *())k hdYff]\ g^ .&0/,mfalk&

20

71

CAF=JB9:=J<9K9JC9F B=FAKMK9@9

H=J>GJE9F;=:9K=:MKAF=KK

K][YjYc]k]dmjm`Yf$caf]jbYH]jmefYke]f_YdYeah]faf_% cYlYf\aZYf\af_lY`mf*()($k]h]jlakm\Y`\ahYhYjcYf\YdYe caf]jbYgh]jYkagfYdh]jmkY`YYf&H]faf_cYlYfcaf]jbYafaZ]jcYl c]fYacYf caf]jbY Z]Z]jYhY b]fak hjg\mc k]dYeY lY`mf *())& H]fbmYdYf'h]f\YhYlYf H]jmefYk e]f_YdYea c]fYacYf qYf_ [mcmhZ]jYjla\al]f_Y`cjakak_dgZYdqYf_Z]dmek]h]fm`fqY hmda`hY\YlY`mf*())&C]eYehmYfH]jmefYkmflmcl]lYhe]% fYaccYfh]fbmYdYfqYf_[mcmhZ]jYjla\al]f_Y`cgf\akaqYf_ [mcmhh]fm`lYflYf_Yfl]jk]Zmle]eZmclacYfZYòYH]jme% fYke]eadacac]eYehmYfqYf_ZYac\YjakakakmeZ]j\YqYeYm% hmfeYfYb]e]fjakacg&

Gn]jYdd$ H]jmefYk h]j^gjeYf[] ]ph]ja]f[]\ af[j]Yk] [gehYj]\ lg *()($ Yk al oYk \]k[jaZ]\ af l`] [gehYfqk gh]jYlaf_h]j^gjeYf[]&Làkh]j^gjeYf[]af[j]Yk]j]kmdlaf_ ^jgeh]j^gjeYf[]af[j]Yk]g^kge]lqh]kg^hjg\m[lkafq]Yj *())& KYd]k'af[ge] g^ H]jmefYk af[j]Yk]\ ka_faÚ[Yfldq af _dgZYd[jakakoà[``Ykfgl^mddqj][gn]j]\af*())&;YhYZadalq g^H]jmefYklgeYaflYafka_faÚ[Yflaf[j]Ykaf_af[`Ydd]f_] [gf\alagf`Ykhjgn]\l`YlH]jmefYk`Yk_gg\[YhYZadala]kaf j]kh][loal`Zgl`j]kgmj[]kYf\jakceYfY_]e]fl&

C]kmck]kYfH]jmefYk\YdYee]faf_cYlcYfh]fbmYdYf\Yf Z]jlY`Yf\al]f_Y`Z]jZY_YalYflYf_Yfl]flmkYbYe]jmhYcYf c]jbYc]jYk\Yjak]dmjm`bYbYjYfeYfYb]e]f\YfcYjqYoYf&C]% eYehmYf H]jmefYk mflmc e]f_]eZYf_cYf hjgq]c h]jmeY% `Yf$e]fbYdafc]jbYkYeY\]f_Yfha`Ycc]la_Y\Yfe]fbYdYfcYf hjgq]c%hjgq]c\YjaH]e]jaflY`\]f_Yfd]Za`]Úka]f\Yf]^]cla^ e]eZ]jacgfljaZmkaZ]kYjZY_ah]jlmeZm`Yfh]f\YhYlYf& H]jmefYk Z]j`Ykad e]faf_cYlcYf h]fbmYdYf *0$*0 \Yja Jh /1.$)( eadaYj hY\Y lY`mf *()( e]fbY\a Jh )$(*) ljadamf hY\Y lY`mf *())& E]kcahmf Z]ZYf mkY`Y e]f_YdYea h]faf_% cYlYfl]lYhadYZYcglgjeYkaè]f_YdYeah]faf_cYlYf\YjaJh +-1$(+eadaYjhY\YlY`mf*()(e]fbY\aJh,+($0/eadaYjhY\Y lY`mf*())&9\YhmfdYZYZ]jka`H]jmefYkk]Z]kYjJh.-$0(ead% aYjhY\YlY`mf*())YlYmfYack]Z]kYj,)$/1\YjalY`mf*()( k]Z]kYjJh,.$,(eadaYj&
H]jmefYk km[[]kk af af[j]Ykaf_ kYd]k Yf\ eYaflYaf af ea\\d] g^ nYjagmk [`Ydd]f_]k []jlYafdq [gfklalmlaf_ `Yj\ ogjcaf_ g^ Ydd daf] g^ eYfY_]e]fl Yf\ ]ehdgq]]& ;YhY% Zadala]k g^ H]jmefYk lg \]n]dgh `gmkaf_ hjgb][l$ ]klYZdak` [ggh]jYlagf oal` làj\ hYjlq Yf\ aehd]e]fl hjgb][lk ^jge l`]_gn]jfe]flegj]]^Ú[a]fldqYf\]^^][lan]dqlg_an]ka_% faÚ[Yfl[gfljaZmlagflgaf[ge]_jgol` H]jmefYk km[[]kk^mddq af[j]Yk]\ kYd]k g^ *0&*0 ^jge Jh/1.&)(Zaddagfaf*()(Z][ge]kJh)&(*)ljaddagfaf*())& <]khal]gh]jYlaf_]ph]fk]af[j]Yk]Zml_jgkkhjgÚlj]eYaf ]ph]ja]f[]af[j]Yk]^jgeJh+-1&(+Zaddagfaf*()(Z][ge]k Jh ,+(&0/ Zaddagf af *())& H]jmefYk f]l ]Yjfaf_k ak af l`]Yegmflg^Jh.-&0(Zaddagfaf*())gjaf[j]Yk]\afl`] Yegmflg^,)&/1^jge*()(g^Jh,.&,(Zaddagf& >gddgoaf_aklYZd]gêYj_af'hjgÚlYZadalqYf\lYZd]g^Ú% fYf[aYdhgkalagfg^H]jmefYk2 Q Table of Margin/Profatiblity

Q LYZ]dEYjbaf'HjgÚlYZadalYk SATUAN UNIT

2009

2010

2011

%

PERUBAHAN CHANGE

H]fbmYdYf @Yj_YHgcgc DYZYCglgj EYj_afDYZYCglgj DYZYMkY`Y EYj_afDYZYMkY`Y DYZY:]jka` EYj_afDYZY:]jka`

Jh Jh Jh Jh Jh

.,($*( +0.$*- *-+$1- +1$/ 0)$*- )*$/ +0$/1 .$)

/1.$)( ,+/$(/ +-1$(+ ,-$) )+,$/* ).$1 ,.$,) -$0

)&(*)$* -1($+* ,+($0/ ,* )-+$/- )- .-$0( /

*,$+- )+$). ,)$+0 )+$. .-$0( ++$) )1$.- ,$1!

*0$*0 +-$(. *($(( ($1+ ),$)+ ($00 ,)&/0 *($.0

"!\YdYeeaddaYjjmhaY`

URAIAN

72

2011

DESCRIPTION

KYd] :Yka[Hja[] ?jgkkHjgÚl EYj_afg^_jgkkhjgÚl Af[ge]>jgeGh]jYlagf EYj_afgÂf[ge]^jgeGh]jYlagf F]l]Yjfaf_ EYj_afg^F]l=Yjfaf_ "!afZadagfjmhaY`

QTable of Financial Position

Q Tabel Posisi Keuangan URAIAN

SATUAN UNIT

2010

PERUBAHAN CHANGE

DESCRIPTION

2011

%

BmedY`9k]l

Jh )$-0)&/( )$/0.&.- *$*)-&/,

)*&1.

*,&(*

LglYd9kk]lk

9k]lDYf[Yj

Jh )$*,+&*- )$,0-&+( )$1)-&(,

)1&,/

*0&1+

;mjj]fl9kk]lk

BmedY`C]oYbaZYf

Jh )$(++&*, )$)01&/* )$--*&.,

)-&),

+(&-(

LglYdDaYZadala]k

@mlYf_DYf[Yj

Jh

/)0&,(

0/-&+/ )$,(.&/)

*)&0-

.(&/(

;mjj]flDaYZadala]k

BmedY`=cmalYk

Jh

-,0&+)

-1.&/+

..+&(1

0&0+

))&(0

LglYd=imalq


2009

"!afZadagfjmhaY`

@YkadqYf_\a\YhYlcYfl]jk]Zmle]jmhYcYfcgfljaZmka\Yja Z]Z]jYhYb]fakmkY`YYlYmkmeZ]jh]f\YhYlYfH]jmefYkqYalm b]fakmkY`Yh]fbmYdYfjmeY`qYf_l]j\aja\Yjah]fbmYdYfJmeY` K]\]j`YfY K]`Yl$ JmeY` K]\]j`YfY \Yf JmeY` E]f]f_Y`$ h]f\YhYlYfk]oY'h]e]da`YjYYfqYf_e]jmhYcYfh]f\YhYlYf \Yja h]fq]oYYf JmkmfYoY$ h]fbmYdYf cYndaf_ lYfY` eYlYf_$ h]fbmYdYfcgehgf]fZYf_mfYf$c]jbYkYeYh]eZYf_mfYf\Yf h]eYkYjYfqYf_e]jmhYcYfh]f\YhYlYf\Yja`Ykadc]jbYkYeY \]f_Yfha`YcdYafmflmce]f_]eZYf_cYfk]ZmY`hjgq]c$\Yf qYf_l]jYcàjY\YdY`h]f\YhYlYf\Yjah]fbmYdYfJmkmfYea&

L`]j]kmdl[gfklalml]k[gfljaZmlagfg^nYjagmklqh]kg^Zmka% f]kkgjaf[ge]kgmj[]g^H]jmefYkl`Ylaklqh]g^Zmkaf]kk g^ k]ddaf_ `gmk] oà[` [gfkaklk g^ k]ddaf_ @]Ydl`q Kaehd] @gmk]$ :Yka[ @gmk] Yf\ E]\ame @gmk]$ af[ge] ^jge d]Yk]'eYafl]fYf[]oà[`[gfklalml]kaf[ge]^jged]Yk]g^ JmkmfYoY$ kYd] g^ hdgl g^ eYlmj]\ dYf\$ kYd] g^ Zmad\af_ [gehgf]flk$ [ggh]jYlagf g^ \]n]dghe]fl Yf\ eYjc]laf_ [gfklalmlaf_af[ge]^jgej]kmdlg^[ggh]jYlagfoal`Yfgl`]j hYjlq^gj\]n]dghaf_Yhjgb][l$Yf\l`]dYklgf]akaf[ge] ^jgekYd]g^JmkmfYea&

ZH]fbmYdYfJmeY`

ZKYd]g^@gmk]

B]fakmkY`YH]fbmYdYfJmeYè]eZ]jacYfcgfljaZmkal]j% Z]kYj \Yja lglYd h]f\YhYlYf$ qYalm k]Z]kYj Jh ,.+$)+ eadaYj \Yf e]f_YdYea h]faf_cYlYf \aZYf\af_ lY`mf *()( k]Z]kYj *0$,+& CgfljaZmlgj h]f\YhYlYf l]jZ]kYj c]\mY \Yja CKHH k]Z]kYj Jh ,++$*/ eadaYj$ YlYm lmeZm` /,$0* \Yja j]YdakYka lY`mf*()(&C]fYacYfh]f\YhYlYfafak]bYdYf\]f_Yfc]fYacYf laf_cYlhjg\mckahY\YlY`mf*()(\Yfbm_Ye]faf_cYlfqY\YqY Z]daeYkqYjYcYlhY\YlY`mf*()(&

Lqh]g^Zmkaf]kkg^KYd]g^@gmk]_an]l`]dYj_]kl[gf% ljaZmlagf g^ l`] lglYd af[ge]$ l`Yl ak af l`] Yegmfl g^ Jh ,.+&)+ Zaddagf Yf\ af[j]Yk]\ g^ *0&,+ [gehYj]\ lg dYkl q]Yj&L`]k][gf\dYj_]klaf[ge][gfljaZmlgj^jgeCKHHakaf l`]Yegmflg^Jh,++&*/Zaddagf$gj_jgokmhg^/,&0*g^ l`] *()(k j]YdarYlagf& Làk af[ge] af[j]Yk] ak af daf] oal` hjg\m[lagf jYl] af[j]Yk] af *()( Yf\ Ydkg l`] h]ghd] hmj% [`Yk]hgo]jaf[j]Yk]af*()(&

H]f\YhYlYfH]fbmYdYfjmeYàfa\a`YkadcYf\Yja`Ykadh]f% bmYdYfJmeY`K]\]j`YfYK]`Yl$JmeY`K]\]j`YfY\YfJmeY` E]f]f_Y`&JmeY`K]\]j`YfYK]`Yl$JmeY`K]\]j`YfY\YfJm% eYÈ]f]f_Yàfal]dY`\ahjg\mckagd]`H]jmefYk\a/ lmbm`! J]_agfYd qYf_ \aeadaca& K]ZY_aYf h]eZYf_mfYf h]jmeY`Yf afa e]jmhYcYf hjg_jYe H]e]jaflY` qYf_ af_af e]eZ]jacYf jmeY`Z]jkmZka\ac]hY\YeYkqYjYcYl&

Làk af[ge] ^jge kYd] g^ `gmk] ak j]kmdl]\ ^jge j]kmdl g^ kYd] g^ @]Ydl`q :Yka[ @gmk]$ :Yka[ @gmk] Yf\ E]\ame @gmk]&L`]k]@]Ydl`q:Yka[@gmk]$:Yka[@gmk]Yf\E]\ame @gmk] `Yn] Z]]f hjg\m[]\ Zq H]jmefYk af / k]n]f! J]% _agfkgof]\&EYbgjalqg^l`]k]`gmkaf_Zmad\af_[gfklalml]k l`] ?gn]jfe]fl Hjg_jYe \]kaj]k lg _an] kmZka\ar]\ `gmk] lgkg[a]lq&

@Yj_Yhgcgch]fbmYdYfb]fakmkY`Yh]jmeY`Yfe]f_YdYea h]faf_cYlYfhY\YlY`mf*())&HY\YlY`mf*()($`Yj_Yhgcgc h]fbmYdYfjmeY`k]Z]kYjJh*--$,+eadaYjk]\Yf_cYfhY\YlY% `mf*())e]fbY\aJh++0$.-eadaYj&

:Yka[ Hja[] g^ k]ddaf_ g^ lqh] g^ @gmkaf_ :mkaf]kk af% [j]Yk]\af*())&Af*()($ZYka[hja[]g^kYd]g^`gmk]oYkaf l`]Yegmflg^Jh*--&,+Zaddagf$o`]j]Ykaf*())Z][Ye] Jh++0&.-Zaddagf&

20

73

Q Table of sale of House

Q Tabel Penjualan Rumah URAIAN

2010

2011

%

H]f\YhYlYf

+.(&.(

,.+&)+

*0&,

@Yj_YHgcgc

*--&,+

++0&.-

+*&-0

:Yka[Hja[]

DYZYCglgj

)(-&)/

)*,&,0

)0&+.

?jgkk=Yjfaf_


DESCRIPTION

Af[ge]

"!afZadagfjmhaY`

ZH]f\YhYlYfK]oY

ZAf[ge]^jged]Yk]

H]f\YhYlYfK]oYe]jmhYcYfh]f\YhYlYf\Yjah]fq]oYYf% \Yf h]e]da`YjYYf JmkmfYoY& HY\Y lY`mf *()) h]f\YhYlYf k]oY e]f_YdYea c]fYacYf k]Z]kYj )$*) \aZYf\af_ lY`mf *()(& :]jlmjml%lmjml$ Z]jacml h]f\YhYlYf k]oY \Yja JmkmfYoY hY\Y*())\Yf*()(k]Z]kYjJh))$.,eadaYj\YfJh))$-)eadaYj&

Af[ge] ^jge d]Yk] [gfklalml]k af[ge] ^jge d]Yk] Yf\ eYafl]fYf[]g^JmkmfYoY&Af*())af[ge]^jged]Yk]af% [j]Yk]\Zq)&*)[gehYj]\lgdYklq]Yj&;gfk][mlan]dq$Yf\ l`]faf[ge]^jged]Yk]g^*())Yf\*()(afl`]Yegmflg^ Jh))&.,ZaddagfYf\Jh))&-)Zaddagf&

Q Tabel Pendapatan Sewa

Q Table of Income From Lease

URAIAN

2010

2011

%

H]f\YhYlYf

))$-(

))$.,

-($-0!

Af[ge]

:]ZYfHgcgc

)/$+0

)($)+

,)&/)!

:Yka[=ph]fk]

DYZYCglgj

-$00!

)$-)

%


DESCRIPTION

?jgkkHjgÚl "!afZadagfjmhaY`

ZH]fbmYdYfCYndaf_LYfYÈYlYf_ CLE!

ZKYd]g^HdglgÊYlmj]\DYf\ CLE!

B]fak mkY`Y h]fbmYdYf CYndaf_ LYfY` EYlYf_ e]jmhYcYf kYdY`kYlmb]fakmkY`YqYf_e]f_YdYeah]fmjmfYf[mcmhka_% faÚcYf& HY\Y lY`mf *()($ H]jmefYk Z]j`Ykad e]eZmcmcYf h]f\YhYlYfZ]jka`k]Z]kYjJh)(.$+0eadaYj&K]\Yf_cYfhY\Y lY`mf*())h]f\YhYlYfZ]jka`qYf_\aZmcmcYf`YfqY,1$,* \Yjaj]YdakYka*()(e]fbY\aJh-*$-/eadaYj&E]kcaZ]_alm$\Yja `Yj_Y hgcgc CLE `YfqY e]f_YdYea k]\acal c]fYacYf$ qYalm ,$(-&L]j[YlYl$`Yj_YhgcgcCLEhY\Y*())\Yf*()(Y\YdY` Jh+0$-+eadaYj\YfJh+/$(+eadaYj&

Lqh]g^:mkaf]kkg^kYd]g^HdglgÊYlmj]\DYf\[gfkla% lml]k gf] g^ lqh] g^ Zmkaf]kk ]ph]ja]f[]\ \][j]Yk] ka_faÚ% [Yfldq&Af*()($H]jmefYkkm[[]kk^mddqj][gj\]\f]laf[ge] af l`] Yegmfl g^ Jh )(.&+0 Zaddagf& O`]j]Yk$ *())k f]l af[ge]oYkgfdq,1&,*^jgej]YdarYlagfg^*()(Z][Ye] Jh-*&-/Zaddagf&F]n]jl`]d]kk$^jgel`]ZYka[hja[]CLEgfdq ]ph]ja]f[]\kda_`laf[j]Yk]$l`Ylakafl`]Yegmflg^,&(-& AloYkj][gj\]\l`YlZYka[hja[]g^CLEaf*())Yf\*()(af l`]Yegmflg^Jh+0&-+ZaddagfYf\Jh+/&(+Zaddagf&

Q Tabel Penjualan Kavling Tanah Matang (KTM)

Q Table of Sale of Plot of Matured Land (KTM)

2010

2011

%

H]f\YhYlYf

URAIAN

)(.&+0

-*&-/

-($-0!

:]ZYfHgcgc

+/&(,

+0&-+

,&(-

:Yka[=ph]fk]

DYZYCglgj

.1&+,

),&(,

/1$/-!

?jgkkAf[ge]


74

2011

DESCRIPTION

Af[ge]

"!afZadagfjmhaY`

ZB]fakMkY`YH]f\YhYlYfCKHH

ZLqh]gÂf[ge]^jge:mkaf]kkCKHH

B]fakmkY`YC]jbYKYeYH]eZYf_mfYf\YfH]eYkYjYf CKHH! e]jmhYcYf kmeZ]j h]f\YhYlYf c]\mY l]jZ]kYj& CKHH hY\Y aflafqY e]jmhYcYf k]ZmY` b]fak mkY`Y c]j% bYkYeYYflYjYH]jmefYk\]f_YfH]e]jaflY`\Y]jY`\Yf h]f_]eZYf_ koYklY mflmc e]eZYf_mf k]ZmY` hjgq]c ZYjm& H]f\YhYlYf CKHH Z]j`Ykad e]eZmcmcYf c]fYacYf h]jk]flYk]h]f\YhYlYfl]jZ]kYj\aZYf\af_cYf\]f_Yfmfal h]f\YhYlYfqYf_dYaf&

Lqh]g^Zmkaf]kkg^;ggh]jYlagfYf\EYjc]laf_ CKHH! [gfklalml]kl`]k][gf\dYj_]klaf[ge]kgmj[]&CKHHZYka% [Yddq[gfklalml]kYlqh]g^[ggh]jYlagfZ]lo]]fH]jmefYk Yf\J]_agfYd?gn]jfe]flYf\HjanYl]<]n]dgh]jlgZmad\ f]o hjgb][l& CKHH km[[]kk^mddq j][gj\]\ l`] dYj_]kl af% [ge] h]j[]flY_] af[j]Yk] [gehYj]\ lg Yfgl`]j af[ge] mfal&

H]f\YhYlYf CKHH hY\Y *()) k]Z]kYj ,++$*/ eadaYj YlYm e]faf_cYl k]Z]kYj /,$0* \aZYf\af_ lY`mf *()( qYf_ Z]jbmedY` Jh *,/$0, eadaYj& H]faf_cYlYf qYf_ ka_% faâcYfafa\ak]ZYZcYfgd]`klgclYfY`qYf_k]dYdme]fm% jmf$ k]àf__Y H]jmefYk d]Za` e]f__aYlcYf c]jbY kYeY \]f_Yf H]e]jaflY`$ ha`Yc%ha`Yc h]f_]eZYf_ koYklY$ \Yfh]jgjYf_Yfk]àf__Ye]faf_cYlcYfh]f\YhYlYfqYf_ [mcmh ka_faâcYf& K]ZY_Ya aeZYk dYf_kmf_ \Yja h]f\YhY% lYf qYf_ e]faf_cYl l]flm kYbY e]faf_cYlcYf dYZY cglgj qYf_ [mcmh ka_faâcYf$ qYalm k]Z]kYj -*$0)$/ YlYm Jh )0($1)eadaYjhY\YlY`mf*()(e]fbY\aJh*/.$,-eadaYj hY\YlY`mf*())& Q Tabel Pendapatan KSPP

CKHH af[ge] af *()) oYk af l`] Yegmfl g^ ,++&*/ Zaddagf gj af[j]Yk]\ Zq /,&0* [gehYj]\ lg *()( oà[` oYk af l`] Yegmfl g^ Jh *,/&0, Zaddagf& Làk ka_faâ[Yfl af[j]Yk][Ymk]\Zql`]dYf\klg[coà[`YdoYqkaf\gof lj]f\$kgl`YlH]jmefYkY[[]d]jYl][ggh]jYlagfoal`l`] _gn]jfe]fl$ hjanYl] \]n]dgh]j$ Yf\ af\ana\mYd kg al af% [j]Yk]af[ge]ka_faâ[Yfldq&9k\aj][laehY[l^jgeaf[j]Yk% af_ af[ge] al ak Ykkmj]\ af[j]Ykaf_ _jgkk hjgâl ka_faâ% [Yfldq$l`YloYkafl`]Yegmflg^-*&0&/gjJh)0(&1) Zaddagfaf*()(Z][Ye]Jh*/.&,-Zaddagfaf*())&

Q Table of Income from KSPP

URAIAN

2010

2011

%

H]f\YhYlYf

*,/&0,

,++&*/

/,$0*

Af[ge]

:]ZYfHgcgc

..&1+

)-.&0*

*+,$+

:Yka[=ph]fk]

)0(&1)

*/.&,-

-*$0)

?jgkkHjgÚl

DYZYCglgj "!\YdYeeaddaYjjmhaY`

DESCRIPTION

"!afZadagfjmhaY`

ZH]f\YhYlYfJmkmfYea

ZAf[ge]>jgeJmkmfYea

H]f\YhYlYf \Yja b]fak mkY`Y JmkmfYea c]eZYda e]f% _YdYeak]\acalh]fmjmfYfhY\Y*())\aZYf\af_h]f\YhYlYf k]jmhY hY\Y *()( \Yf *((1& H]fmjmfYf h]f\YhYlYf \Yja JmkmfYeahY\Y*())\aZYf\af_lY`mfk]Z]dmefqYk]Z]kYj Jh 1$)- eadaYj& HY\Y lY`mf *()( H]jmefYk e]f[YlYlcYf h]f\YhYlYfk]Z]kYjJh.1$/+eadaYj&HY\YlY`mf*())e]f% _YdYeah]fmjmfYf)+$)e]fbY\aJh.($-0eadaYj&

Af[ge] ^jge JmkmfYea Zmkaf]kk ]ph]ja]f[]\ kda_`l \][j]Yk]af*())[gehYj]\lgaf[ge]af*()(Yf\*((1& Af[ge]^jgeJmkmfYeaaf*())\][j]Yk]\afl`]Yegmflg^ Jh&1&)-Zaddagf^jgel`]hj]nagmkq]Yj&Af*()(H]jmefYk j][gj\]\af[ge]afl`]Yegmflg^Jh.1&/+Zaddagf&Af*()) \][j]Yk]\g^)+&)Z][Ye]Jh.(&-0Zaddagf&

@Yd afa \acYj]fYcYf gd]` `Yj_Y bmYd km\Y` \al]lYhcYf gd]`H]e]jaflY`k]àf__YZ]jh]f_Yjm`dYf_kmf_l]j`Y\Yh lglYd h]f\YhYlYf& FYemf$ h]fmjmfYf h]f\YhYlYf afa bm_Y

20

LàkakZ][Ymk]g^kYd]khja[]oà[``YkZ]]f\]l]jeaf]\ Zql`]?gn]jfe]fl$kgal`Yk\aj][laf^dm]f[]Y_YafkllglYd af[ge]&F]n]jl`]d]kk$làk\][j]Ykaf_af[ge]Ydkg^gddgo]\ Zq \][j]Ykaf_ hjaf[ahd] hja[] ka_faâ[Yfldq& Kg$ H]jmefYk

75

\aacmla\]f_Yfh]fmjmfYf`Yj_YhgcgcqYf_[mcmhka_faÚ% cYf&K]àf__Y$H]jmefYkeYka`ZakYe]f\YhYlcYfdYZYcg% lgjqYf_[mcmhZ]kYj&

kladdYZd]lg_Yafka_faâ[Yfl_jgkk]Yjfaf_&

Q Tabel Pendapatan Rusunami

Q Table of Income From Rusunami

URAIAN

2010

2011

%

H]f\YhYlYf

.1&/+

.(&-0

)+$)!

Af[ge]

:]ZYfHgcgc

.(&(-

,.&)0

*+$)!

Hjaf[ahd]=ph]fk]

1&.0

),&,

,0$/.

?jgkk=Yjfaf_

DYZYCglgj "!\YdYeeaddaYjjmhaY`

76

2011

DESCRIPTION

"!afZadagfjmhaY`

CAF=JB9C=M9F?9F H=JMK9@99F

>AF9F;A9DH=J>GJE9F;=

ZF]jY[Y

Z:YdYf[]K`]]l LglYd Ykk]l Yl l`] ]f\ g^ *()) j]Y[`]\ g^ Jh )&1)-&(- Zaddagfgjaf[j]Yk]\Zq*,&()[gehYj]\lgdYklq]Yj&<]khal] l`]j] ak \][j]Yk] g^ nYdm] g^ fgf[mjj]fl Ykk]l$ l`] [mjj]fl Ykk]laf[j]Yk]\Zq*0&1+$oà[`[gfklalml]hjg\m[lan]Ykk]l Yf\j]kmdlaf_^jgeaf[j]Ykaf_afkYd]k&

LglYdYclanYhY\YYcàjlY`mf*())e]f[YhYaJh)&1)-$(- eadaYjYlYme]faf_cYlk]Z]kYj*,$()ZadY\aZYf\af_cYf\]f% _YflY`mf*()(&E]kcahmfl]jbY\ah]fmjmfYffadYa\YjaYclanY la\YcdYf[Yj$l]lYhahY\YYclanYdYf[Yjl]jbY\ah]faf_cYlYfk]Z]% kYj*0$1+$qYf_e]jmhYcYfYclanYhjg\mcla^\Yfk]ZY_Ya`Ykad \Yjah]faf_cYlYfh]fbmYdYf&

Q Table of Balance Sheet

Q Tabel Neraca URAIAN

2010

9clanYDYf[Yj

+()$+-

+(($.1

($*)!

)&/0.$.-

*&*)-$/,

*,$()

LglYd9kk]lk

0/-$+/

)&,(.$/*

.($/(

;mjj]flDaYZadala]k Fgf%[mjj]fldaYZadala]k

+),$+-

Fgf%;mjj]fl9kk]lk

),-$1+

-+$-/!

)&)01$1*

)&,*)$*-

)1$,,

LglYdDaYZadala]k

-1.$/+

..+$)(

))$)*

=imalq

=cmalYk

;mjj]fl9kk]lk

*0$1+

C]oYbaZYfLa\YcDYf[Yj


DESCRIPTION

)&1)-$(-

C]oYbaZYfDYf[Yj LglYdC]oYbaZYf

%

)&,0-$+(

9clanYLa\YcDYf[Yj LglYd9clanY

2011

"!afZadagfjmhaY`

Z9clanYDYf[Yj

Z;mjj]fl9kk]l

A. KAS DAN SETARA KAS CYk\Yfk]lYjYcYke]f_YdYeah]faf_cYlYf\mYcYdadahYl YlYml]hYlfqYk]Z]kYj)((&-\YjaJh)/+$(0eadaYjhY\YlY`mf *()($e]fbY\aJh+,/$(,eadaYjhY\YlY`mf*())$qYf_l]j\aja \YjacYkJh)*$*0eadaYj$kaehYfYf_ajgJh)+.$.0eadaYj\Yf \]hgkalgJh)10$(/eadaYj&KaehYfYf_ajg\YflYZmf_Yfl]jk]% ZYj\aZ]Z]jYhYZYfc\YdYeeYlYmYf_jmhaY`$\aeYfYkmcm Zmf_Y\]hgkalgZ]cakYj-$/-1$*-h]jlY`mf&

A. CASH AND CASH EQUIVALENTS ;Yk`Yf\[Yk`]imanYd]flaf[j]Yk]\loglae]kgj]pY[ldqaf l`]Yegmflg^)((&-g^Jh)/+&(0Zaddagfaf*()($Z][Ye]Jh +,/&(,Zaddagfaf*())$oà[`[gfkaklkg^[Yk`Jh)*&*0Zaddagf$ _qjgkYnaf_Jh)+.&.0ZaddagfYf\\]hgkalafl`]Yegmflg^Jh )10&(/Zaddagf&Km[`_qjgkYnaf_Yf\kYnaf_khj]Y\afk]n]jYd ZYfcafjmhaY`[mjj]f[q$$o`]j]\]hgkalafl]j]kljYl]jYf_]k -&/-1&*-h]jYffme&

B. PIUTANG USAHA DAN PIUTANG ANGSURAN K]ZY_Ya aeZYk dYf_kmf_ \Yja c]fYacYf h]fbmYdYf \Yf h]f\YhYlYf$ hamlYf_ mkY`Y Z]jka`! \Yf hamlYf_ Yf_kmjYf Z]jka`!hY\YlY`mf*())e]f_YdYeah]faf_cYlYfqYf_kYf_Yl ka_faÚcYf&HamlYf_mkY`Ye]faf_cYl\YjaJh*1.$0(e]fbY\aJh ..*$.-eadaYjYlYmfYack]Z]kYj)*+&*.&

B. ACCOUNT RECEIVABLES & INSTALLMENT RECEIVABLES 9k \aj][l aehY[l g^ af[j]Ykaf_ kYd] Yf\ af[ge]$ Y[% [gmflj][]anYZd]k f]ll!Yf\afklYdde]flY[[gmflj][]anYZd]k [d]Yf!af*())af[j]Yk]\n]jqka_faÚ[Yfl&9[[gmflJ][]anY% Zd]kaf[j]Yk]\^jgeJh*1.&0(Z][Ye]Jh..*&.-Zaddagfgj af[j]Yk]\Zq)*+&*.&

C. UANG MUKA KYd\g mYf_ emcY c]hY\Y cgfljYclgj YlYk h]eZgjgf_Yf

C. DOWN PAYMENT :YdYf[]g^
20

77

h]c]jbYYf e]f_YdYea h]fmjmfYf \Yja Jh ))$-1 eadaYj hY\Y lY`mf*()(e]fbY\aJh/$.+eadaYjhY\YlY`mf*())&BmedY` c]fYacYfafae]fmfbmccYfZYòYl]jbY\ah]fmjmfYfhjg\mcka k]àf__YZaYqYmYf_emcYc]hY\YcgfljYclgjbm_Ye]fmjmf&

kme \][j]Yk]\ ^jge Jh ))&-1 Zaddagf af *()( Z][Ye] Jh /&.+Zaddagfaf*())&Làkaf[j]Yk]k`gokl`Yll`]j]akhjg% \m[lagf\][j]Yk]kgl`Yl\gofhYqe]fllg[gfljY[lgjYdkg \gof&

D. BEBAN DIBAYAR DIMUKA K]ajaf_\]f_Yfh]fmjmfYfhjg\mckaqYf_\adYcmcYf$Z]% ZYf \aZYqYj \aemcY qYf_ l]j\aja \Yja Z]ZYf h]eZYf_mfYf$ Z]ZYf h]jlYfY`Yf$ Z]ZYf gn]j`]Y\$ Z]ZYf h]eYkYjYf \Yf Z]ZYfmemee]f_YdYeah]fmjmfYfk]Z]kYj,-$/*\YjaJh ,+$)/eadaYjhY\YlY`mf*()(e]fbY\aJh*+$,+eadaYjhY\Y lY`mf*())&

D. PREPAID EXPENSES Af daf] oal` \][j]Ykaf_ hjg\m[lagf$ hj]hYa\ ]ph]fk]k [gfkaklg^\]n]dghe]fl]ph]fk]$dYf\]ph]fk]k$gn]j`]Y\ ]ph]fk]$ eYjc]laf_ ]ph]fk] Yf\ _]f]jYd gn]j`]Y\ \]% [j]Yk]\Zq,-&/*^jgeJh,+&)/Zaddagfaf*()(Z][Ye] Jh*+&,+Zaddagfaf*())&

E. TANAH DAN BANGUNAN AKAN DIJUAL Hgkafae]jmhYcYffadYah]jk]\aYfjmeY`$cYndaf_lYfY` eYlYf_\Yf^YkadalYkcge]jkadqYf_kaYh\abmYd&
E. LAND AND BUILDING WILL BE SOLD Làkhgkl[gfklalml]kafn]flgja]knYdm]g^`gmk]$hdglg^ eYlmj]\dYf\$hdglgêYlmj]\dYf\Yf\[gee]j[aYd^Y[adalq oà[àkj]Y\q^gjkYd]&;gehYj]\af*()($dYf\Yf\Zmad\% af_oaddZ]kgd\\][j]Yk]\Zq+&1^jgeJh,,-&*1Zaddagf Z][Ye]Jh,*/&1)Zaddagf&

F. PROYEK DALAM PELAKSANAAN Hgk afa e]jmhYcYf YcmemdYka Z]ZYf h]eZYf_mfYf jm% eY`$h]eYlYf_YflYfY`$hjYkYjYfY$\Yf^YkadalYkqYf_Z]dme k]d]kYa k]dmjm`fqY& HY\Y Ycàj lY`mf *()) hjgq]c \YdYe h]dYckYfYYf l]j[YlYl k]Z]kYj Jh *)1$1+ eadaYj$ YlYm lmjmf k]Z]kYj-$//\YjaYcàjlY`mf*()(qYf_e]f[YhYa*++$,) eadaYj&

F. PROJECT IN THE IMPLEMENTATION Làk hgkl ak Y[[memdYl]\ ]ph]fk]k g^ \]n]dghe]fl g^ `gmk]$dYf\Zgf\af_$af^jYkljm[lmj]Yf\^Y[adala]kfgl[ge% hd]l]\ ]flaj]dq& 9l l`] ]f\ g^ *()) hjgb][l af l`] aehd]% e]flYlagfj][gj\]\afl`]Yegmflg^Jh*)1&1+Zaddagf$gj \][j]Yk]\Zq-&//^jgel`]]f\q]Yj*()(oà[`j]Y[`]\ *++&,)Zaddagf&

G. TANAH MENTAH LYfYè]flYè]jmhYcYffadYah]jk]\aYflYfYè]flY` qYf_ km\Y` e]eadaca h]j]f[YfYYf h]jmflmcYf dY`Yf kal] hdYf! l]lYha Z]dme \adYcmcYf hjgq]c h]eZYf_mfYf& Mflmc hgkafae]f_YdYeah]faf_cYlYfk]Z]kYj,$,\YjahgkakalY% `mfk]Z]dmefqYJh),($*)eadaYje]fbY\aJh),.$+1eadaYj hY\YlY`mf*())&

G. UNPROCESSED LAND Mfhjg[]kk]\ DYf\ ak afn]flgjq nYdm] g^ mfhjg[]kk]\ dYf\ oà[` `Yk kal] hdYf Zml fg \]n]dghe]fl hjgb][l ak eY\]&Làkhgklaf[j]Yk]\Zq,&,^jgehgkalagfafhj]na% gmkq]Yjg^Jh),(&*)ZaddagfZ][Ye]Jh),.&+1Zaddagfaf *())&

H. TANAH DALAM PENGELOLAAN KERJASAMA Hgk afa e]jmhYcYf fadYa h]jk]\aYYf lYfY` e]flY` qYf_ \ac]jbYkYeYcYf\]f_YfHL&JmcmfHadYjK]flgkY\adgcYka<ja% qgj]bg qYf_ \ah]jàlmf_cYf \]f_Yf ]imalq k`Yjaf_ k]Z]kYj .(&
H. LAND IN COOPERATION PROCESSING Làkhgklakafn]flgjqnYdm]g^mfhjg[]kk]\dYf\kmZb][l lg [ggh]jYlagf oal` HL& Jmcmf HadYj K]flgkY af <jaqgj]bg oà[àk[gmfl]\oal`]imalqk`Yjaf_afl`]Yegmflg^.(& Af*())oYkj][gj\]\afl`]Yegmflg^Jh/1&(-Zaddagf&

Z9clanYLa\YcDYf[Yj

ZFgf;mjj]fl9kk]l

HY\YYcàjlY`mf*())$YclanYla\YcdYf[YjH]jmefYkqYf_ l]j\aja\YjaLYfYÈ]flY`BYf_cYHYfbYf_$:Yf_mfYf
9ll`]]f\g^*())$fgf[mjj]flYkk]lg^H]jmefYkoà[` [gfkakl g^ Dgf_ L]je Mfhjg[]kk]\ DYf\$ D]Yk]\ :mad\af_$ Dgf_L]jeJ][]anYZd]k9[[gmfl$>ap]\9kk]lYf\Gl`]j9kk]lk \][j]Yk]\Zq(&*)Z][Ye]Jh+((&.1Zaddagf&<]khal]Dgf_

78

2011

eadaYj&E]kcaLYfYÈ]flY`BYf_cYHYfbYf_e]faf_cYl\YjaJh 01$)1eadaYje]fbY\aJh1)$0/$hamlYf_bYf_cYhYfbYf_\YjaJh +,$0+eadaYje]fbY\aJh,*$)*eadaYj$fadYaYk]ll]lYh\YjaJh *.$)/ eadaYj e]fbY\a Jh *.$1/ eadaYj l]lYha fadYa JmeY` \Yf :Yf_mfYf\ak]oYcYfl]jbY\ah]fmjmfYf\YjaJh)*0$00eadaYj e]fbY\aJh)*)$1,eadaYjk]jlY\alYeZY`h]fmjmfYffadYaYk]l dYaf%dYaf\YjaJh**$*0eadaYje]fbY\aJh)/$/1eadaYj&

L]je Mfhjg[]kk]\ DYf\ af[j]Yk]\ ^jge Jh 01&)1 Zaddagf Z]% [Ye]Jh1)&0/$dgf_l]jeY[[gmflj][]anYZd]k^jgeJh+,&0+ ZaddagfZ][Ye]Jh,*&)*Zaddagf$ÚpYkk]lnYdm]^jgeJh*.&)/ ZaddagfZ][Ye]Jh*.&1/ZaddagfZmld]Yk]\@gmk]Yf\:mad\af_ NYdm]]ph]ja]f[]\\][j]Yk]^jgeJh)*0&00ZaddagfZ][Ye]Jh )*)&1,ZaddagfYf\Y\\]\\][j]Yk]gl`]jYkk]lnYdm]^jgeJh **&*0ZaddagfZ][Ye]Jh)/&/1Zaddagf&

LGL9DC=O9BA:9F

LGL9DDA9:ADALA=K

LglYd c]oYbaZYf H]jmefYk hY\Y Ycàj lY`mf *()) l]j% [YlYlk]Z]kYjJh)$--ljadamfYlYmfYack]Z]kYj+($*-\Yja lY`mfk]Z]dmefqYqYf_l]j[YlYlk]Z]kYjJh)$)1ljadamf&H]f% af_cYlYf afa \ak]ZYZcYf gd]` c]fYacYf YclanalYk hjg\mcka \Yf c]Zmlm`Yf eg\Yd c]jbY k]ZY_YaeYfY l]jda`Yl YflYjY dYafl]jmlYeY\Yja`Yd%`Ydk]ZY_YaZ]jacml2

LglYd daYZadala]k g^ H]jmefYk Yl l`] ]f\ g^ *()) oYk j][gj\]\ af l`] Yegmfl g^ Jh )&-- ljaddagf gj af[j]Yk]\ Zq+(&*-^jgehj]nagmkq]Yjoà[òYkj][gj\]\afl`] Yegmfl g^ Jh )&)1 ljaddagf& Làk af[j]Yk] ak [Ymk]\ Zq af% [j]Ykaf_hjg\m[lagfY[lanala]kYf\ogjcaf_[YhalYdf]]\Yk kh][aâ]\Yk^gddgok2

ZC]oYbaZYfDYf[Yj

Z;mjj]flDaYZadala]k

a. Hutang Usaha K]ajaf_\]f_Yfh]fmjmfYfmlYf_mkY`YdYafqYf_e]jm% hYcYf h]eZ]ja cgfljaZmka l]jZ]kYj hY\Y `mlYf_ mkY`Y k]% [YjYka_faÚcYfhY\YlY`mf*())$eYcY`mlYf_mkY`Ye]f% _YdYea h]fmjmfYf \Yja Jh 1*$(+ eadaYj e]fbY\a Jh 0)$+/ eadaYjYlYmlmjmfk]Z]kYj))$-0&

A. ACCOUNT PAYABLE Af daf] oal` \][j]Ykaf_ gl`]j Y[[gmfl hYqYZd] oà[` [gfklalml]k l`] dYj_]kl [gfljaZmlgj lg Y[[gmfl hYqYZd] ka_% faâ[Yfldq af *())$ l`] Y[[gmfl hYqYZd] \][j]Yk]\ ^jge Jh1*&(+ZaddagfZ][Ye]Jh0)&+/Zaddagfgj\][j]Yk]\Zq ))&-0&

B. BEBAN YANG HARUS DIBAYAR E]jmhYcYf h]f_YcmYf `mlYf_ YlYk Z]ZYf h]f_mjmkYf k]jlaÚcYl$ Z]ZYf h]eZYf_mfYf$ Z]ZYf meme \Yf Y\eaf% akljka$`mlYf_Zmf_YhafbYeYf$\YfZ]ZYfdYaffqYk]ZY_Ya cgfk]cm]fka h]f]jYhYf YkYk YcjmYd& :]ZYf qYf_ eYka` `Yjmk \aZYqYj hY\Y Ycàj lY`mf *()) l]j[YlYl k]Z]kYj Jh +-.$,/ eadaYj YlYm e]faf_cYl k]Z]kYj 1,$/) \Yja lY`mf k]Z]dmefqYqYf_fadYafqYk]Z]kYjJh)0+$(/eadaYj&

B. EXPENSES PAYABLE ;gfklalml]k Y[cfgod]\_]e]fl g^ dgYf ^gj ]ph]fk]k g^ YjjYf_]e]fl g^ []jlaâ[Yl]$ \]n]dghe]fl ]ph]fk]k$ gn]j`]Y\Yf\Y\eafakljYlagf$dgYfafl]j]kl$Yf\gl`]j]p% h]fk]kYk[gfk]im]f[]gâehd]e]flYlagfg^Y[[jmYdZYkak& HYqYZd]]ph]fk]kYll`]]f\g^*())oYkj][gj\]\afl`] Yegmflg^Jh&+-.&,/Zaddagfgjaf[j]Yk]\Zq1,&/)^jge hj]nagmkq]Yjg^Jh)0+&(/Zaddagf&

C. KELEBIHAN UANG MUKA PENGHUNI Hgk afa e]jmhYcYf mlYf_ c]hY\Y h]eadac jmeY` YlYk c]d]Za`YfmYf_emcYqYf_\aZYqYjcYf&
C. OVERPAYMENT OF DOWN PAYMENT OF TENANT Làkhgklak\]Zllggof]jg^l`]`gmk]^gjgn]jhYqe]fl g^\gofhYqe]flhYa\&9ll`]]f\g^*())aloYkj][gj\]\ gn]jhYqe]flg^\gofhYqe]flg^l]fYflafl`]Yegmflg^ Jh+&*/Zaddagfo`]j]l`]j]oYkaf[j]Yk]g^))$**^jge hj]nagmkq]Yjoà[`j]Y[`]\g^Jh*&1,Zaddagf&

20

79

D. PAJAK YANG MASIH HARUS DIBAYAR @af__YYcàj*())l]j\YhYlJh)(-$(+eadaYjhYbYcqYf_ `Yjmk\aZYqYj&Hgkafae]f_YdYeac]fYacYfqYf_[mcmhZ]% jYjla\YjalY`mfk]Z]dmefqYqYf_`YfqYe]f[YhYaJh,)$/- eadaYjYlYml]jbY\ac]fYacYfk]Z]kYj)-)$-.\]f_Yfcgflja% Zmkal]jZ]kYjhY\Yc]fYacYfHHFc]dmYjYf\akmkmdHH`>afYd k]jlYOYhmHH`HYkYd*)'*+&

D. TAX PAYABLE Mflad l`] ]f\ g^ *()) l`]j] oYk Jh )(-&(+ Zaddagf lYp hYqYZd]&Làkhgklaf[j]Yk]\ka_faÚ[Yfldq^jgehj]nagmkq]Yj g^ Jh ,)&/- Zaddagf gj l`]j] oYk af[j]Yk] g^ )-)&-. oal` l`]dYj_]kl[gfljaZmlagflgN9Laf[j]Yk]^gddgo]\oal`>afYd af[ge]lYpYf\OYhmaf[ge]lYpYjla[d]*)'*+&

E. RETENSI KONTRAKTOR E]jmhYcYf `mlYf_ c]hY\Y cgfljYclgj YlYk j]l]fka mf% lmcbYeafYfk]dYeYeYkYh]e]da`YjYf&J]l]fkacgfljYclgj e]f_YdYea c]fYacYf k]Z]kYj .$,& BacY hY\Y lY`mf *()( k]Z]kYjJh+$-1eadaYje]fbY\aJh+$0*\aYcàjlY`mf*())&

E. CONTRACTOR RETENTION AkYfq\]Zllg[gfljY[lgj^gjj]l]flagf^gjk][mjalq\mjaf_ eYafl]fYf[]h]jag\&;gfljY[lgjJ]l]flagfaf[j]Yk]\Zq.&,& Aâf*()(oYkafl`]Yegmflg^Jh+&-1ZaddagfZ][Ye]Jh+&0* ZaddagfYll`]]f\g^*())&

F. PINJAMAN DALAM NEGERI HafbYeYf \YdYe f]_]ja l]jbY\a h]fmjmfYf k]Z]kYj ),$.$\YjaJh,0.$,1eadaYjhY\YlY`mf*()(e]fbY\aJh ,)-$,1eadaYjhY\YlY`mf*())&@Ydafal]jbY\al]jmlYeY\a% cYj]fYcYfY\YfqYh]f_mjYf_Yfcj]\ale]dYdmah]f]jZalYf kmjYlkYf__mhk]Z]kYjJh))eadaYj\Yfh]dmfYkYfhafbYeYf c]hY\Y:Yfc:mcghafk]Z]kYjJh.(eadaYj&

F. DOMESTIC LOAN
G. UANG MUKA KONSUMEN HY\YlY`mf*())bmedY`mYf_emcYcgfkme]fqYf_\a% l]jaeYe]f_YdYeac]fYacYfk]Z]kYj),$.)\YjaJh.*$*) eadaYjhY\YlY`mf*()(e]fbY\aJh/)$+eadaYjhY\YlY`mf *())&BmedY`l]jk]Zmle]jmhYcYfh]f]jaeYYfmYf_emcY \Yja [Ydgf h]eZ]da jmeY`'CLE qYf_ YcYf \ah]jàlmf_cYf \]f_Yf`Yj_YhY\YkYYlljYfkYckabmYdZ]dah]j+)<]k]eZ]j&

G. CONSUMER DOWN PAYMENT Af*())l`]Yegmflg^[gfkme]j\gofhYqe]flj][]an]\ oYkaf[j]Yk]\afl`]Yegmflg^),&.)^jgeJh.*&*)Zaddagf af*()(Z][Ye]Jh/)&+Zaddagfaf*()(&L`]Yegmflo]j]af% [ge]g^\gofhYqe]fl^jgehjgkh][lan]Zmq]jg^`gmk]'CLE lgZ]Y[[gmfl]\oal`hja[]o`]fljYfkY[lagfg^kYd]hmj[`Yk] h]j<][]eZ]j+)&

ZC]oYbaZYfLa\YcDYf[Yj

ZFgf;mjj]flDaYZadala]k

Cgehgkakac]oYbaZYfla\YcdYf[YjH]jmefYkhY\YYcàj lY`mf*())e]f[YhYaJh),-$1+eadaYjYlYme]f_YdYeah]% fmjmfYf-+$-/\YjahgkakalY`mfk]Z]dmefqYqYf_e]f[Y% hYaJh+),$+-eadaYj&C]oYbaZYfla\YcdYf[Yjafal]j\aja\Yja
;gehgkalagfg^Fgf;mjj]fldaYZadala]kg^H]jmefYkYll`] ]f\ g^ *()) j]Y[`]\ g^ Jh ),-&1+ Zaddagf gj \][j]Yk]\ Zq -+&-/^jgehgkalagfg^l`]hj]nagmkq]Yjoà[`j]Y[`]\g^ Jh+),&+-Zaddagf&Làkfgf[mjj]fldaYZadala]k[gfkaklkg^l`]Mfa% n]jk]<]n]dghe]fl>mf\g^.0&,0Zaddagf$Dgf_L]jeK]jna[] >]]<]Zlg^,,&/)ZaddagfYf\j]eYafaf_akYfgl`]jdgf_l]je \]Zl&

Z@YcC]h]eadacYfEafgjalYk

ZEafgjalqGof]jkàhJa_`l

@Yc c]h]eadacYf eafgjalYk Y\YdY` ZY_aYf eg\Yd \Yf dYZY lY`mf Z]jbYdYf YfYc h]jmkY`YYf qYf_ e]fbY\a `Yc H]eadacEg\YdeafgjalYk&@Ycc]h]eadacYfEafgjalYkafa\a% eadacagd]`HL9jl`Y;aljYD]klYja\YfCghcYjH]jmefYk:afY

EafgjalqGof]jkàhJa_`lk`YddZ]hYjlg^[YhalYdYf\]Yjf% af_g^l`][mjj]flq]Yjg^l`]kmZka\aYjql`YlZ][ge]ja_`lg^ Eafgjalq;YhalYdGof]jJa_`l&LàkEafgjalqGof]jkàhJa_`lk gof]\ZqHL9jl`Y;aljYD]klYjaYf\CghcYjH]jmefYk:afYK]%

80

2011

K]bY`l]jY&HY\YlY`mf*())@Ycc]h]eadacYfeafgjalYkqYf_ emf[mdk]Z]kYjJh-.,$,)bmlYYlYme]f_YdYeah]faf_cY% lYf)0$)\YjalY`mf*()(qYf_k]Z]kYj*(($,+bmlY&

bY`l]jY&Af*())l`]eafgjalqgof]jkàhja_`loà[`Yhh]Yj]\ oYkafl`]Yegmflg^Jh-.,&,)eaddagfgjaf[j]Yk]\Zq)0&) ^jgedYklq]Yjg^*((&,+eaddagf&

Z=cmalYk

Z=imalq

HY\YYcàjlY`mf*())bmedY`]cmalYkH]jmefYke]f[YhYa Jh ..+$) eadaYj$ YlYm lmeZm` ))$(0 \aZYf\af_cYf \]f_Yf hgkakalY`mf*()(qYalmk]Z]kYjJh-1.$/+eadaYj&H]faf_cYlYf bmedY`]cmalYkafa\ak]ZYZcYfgd]`h]faf_cYlYfkYd\gdYZYZ]j% ka`\alY`mf*())qYf_e]f[YhYa.-$0eadaYj&

9l l`] ]f\ g^ *()) l`] Yegmfl g^ ]imalq g^ H]jmefYk j]Y[`]\g^Jh..+&)Zaddagf$gjaf[j]Yk]\Zq))&(0[gehYj]\ lg*()(khgkalagfg^Jh-1.&/+Zaddagf&Làkaf[j]Ykaf_imYdalq oYk[Ymk]\Zqaf[j]Ykaf_f]l]Yjfaf_ZYdYf[]af*())oà[` j]Y[`]\g^.-&0Zaddagf&

20

81

AFAKA9KACMF;A

C=QAFALA9LAGF

:]j\YkYjcYf hjgkh]c af\mklja \Yf hgkaka h]jmkY`YYf kYYl afa$H]jmefYke]f]lYhcYfafakaYka%afakaYkacmf[aqYf_\almjmfc% Yf\YjakljYl]_ah]jmkY`YYfk]ZY_YaZ]jacml2

:Yk]\gfaf\mkljaYdhjgkh][lYf\hgkalagfg^l`][gehYfq [mjj]fldq$ H]jmefYk \]l]jeaf]\ c]q afalaYlagfk \]jan]\ ^jge l`][gehYfqkkljYl]_qYk^gddgok2

ZH]fq]\aYDY`YfKcYdY:]kYj

ZLand Bank

H]e]jaflY` e]fmfbmc H]jmefYk k]ZY_Ya h]fq]\aY \Yf h]f_]dgdYdY`YfkcYdYZ]kYj dYf\ZYfc!&Gd]`cYj]fYalmh]% jmkY`YYfe]eadacaj]f[YfYmflmce]f_YcmakakadY`Yf%dY`Yfhg% l]fkaYd\ah]jcglYYfeYmhmfcYoYkYfZYjm\YdYebmedY`Z]kYj \ak]dmjmÀf\gf]kaY\]f_Yfe]f__mfYcYf\YfYH]e]jaflY`& K]dYafalm$H]jmefYkYcYfe]dYcmcYfcgfkgda\YkadY`Yf%dY`Yf H]e]jaflY`\YfafklYfkadYafqYf_\aYda`cYfe]bY\a@HDH]jme% fYk&
L`]_gn]jfe]flYhhgafl]\H]jmefYkYkl`]dYf\ZYfc& L`]j]^gj]$l`][gehYfq`YkhdYff]\lg[YjjqgmlY[imakalagf hgl]flaYddYf\kaf[ala]kgjf]oYj]YafdYj_]Yegmfll`jgm_`% gmlAf\gf]kaYoal`mk]g^l`]_gn]jfe]fl^mf\k&:]ka\]k$H]% jmefYkoaddh]j^gje[gfkgda\Ylagfg^l`]?gn]jfe]flkdYf\k Yf\Yfgl`]jafklalmlagfkljYfk^]jj]\Z][ge]@HDH]jmefYk& >gj hmjhgk] g^ hj]hYjaf_ l`] dYf\ ZYfc Yf\ alk af^jYkljm[% lmj]k$l`][gehYfqoaddmk]Yddg[Ylagfg^HKM'HKHM\aj][ldq ^jge l`] klYl] Zm\_]l'j]dYl]\ \]hYjle]fl& H]jmefYk Ydkg oaddj]_mdYl]Yf\[gfljgdl`]@gmkaf_Yf\J]k]lld]e]fl<]% n]dghe]flHjg_jYe]al`]j\]n]dgh]\Zqalk]d^gjYfgl`]j\]% n]dgh]j$afY[[gj\Yf[]oal`l`]khYlaYdhdYfemlmYddqY_j]]\ oal`l`]J]_agfYd?gn]jfe]fl&

ZEYckaeYdakYkaH]eZYf_mfYf H]jmeY`Yf

ZEYpaearaf_@gmkaf_<]n]dghe]fl

EYckaeYdakYkah]eZYf_mfYfh]jmeY`Yfe]dahmlah]jmeY% `Yfn]jlacYd jmeY`kmkmf'jmkmf!\Yfh]jmeY`Yffgf%jmkmf \acYoYkYfZYjm&EYckaeYdakYkah]eZYf_mfYfh]jmeY`Yfn]j% lacYdYcYf\adYcmcYf\adaeYcglYZ]kYj\aAf\gf]kaY&H]jmefYk e]dYcmcYf kaf]j_a h]eYf^YYlYf dY`Yf H]e]jaflY` \Yf :MEF mflmch]jmeY`YfHFK\YfcYjqYoYf:MEF&K]dYafalmH]jmefYk e]eZYf_mfh]jmeY`Yfh]c]jbY\acYoYkYfaf\mklja\]f_Yfe]% eYf^YYlcYf\YfYha`Ycc]la_Y k]h]jla\YfYBYekgkl]c!&H]jme% fYkbm_YYcYfZ]c]jbYkYeY\]f_YfH]e]jaflY`
82

EYpaearaf_ `gmkaf_ \]n]dghe]fl af[dm\af_ n]jla[Yd `gmkaf_ klgjq `gmk]! Yf\ fgf%klgjq `gmk] af f]o Yj]Y& EYpaearaf_ n]jla[Yd `gmkaf_ \]n]dghe]fl oadd Z] mf\]j% lYc]f af Za_ [ala]k af Af\gf]kaY& H]jmefYk eY\] kqf]j_q gf mk] g^ l`] _gn]jfe]fl dYf\ Yf\ l`] KlYl]%gof]\ ]fl]j% hjak]k dYf\ ^gj @gmkaf_ g^ l`] ?gn]jfe]flk =ehdgq]] Yf\ KlYl]%Gof]\ =fl]jhjak]k =ehdgq]]& Af Y\\alagf$ H]jmefYk \]n]dgh]\ogjc]jk`gmkaf_afaf\mkljaYdYj]Ymkaf_l`]làj\ hYjlqk^mf\ km[`Yk]ehdgq]]kkg[aYdk][mjalq^mf\k!&H]jme% fYkYdkgoaddeYc][ggh]jYlagfoal`l`]J]_agfYd?gn]jfe]fl lgj]%YjjYf_]Yf\\]n]dgh`gmkaf_af\]fk]\'kdmeYj]Y& EYpaearaf_ \]n]dghe]fl g^ fgf%klgjq `gmkaf_ oYk eY\] oal` \]n]dghaf_ dYj_]%k[Yd] `gmkaf_ Yj]Y lg_]l`]j oal` af^jY% kljm[lmj] ÚfYf[]\ Zq l`] KlYl] :m\_]'J]_agfYd :m\_]l oal` e][`Yfake j]_mdYl]\ af l`] Y\bmkl]\ ?gn]jfe]fl J]_mdYlagf& AfY\\alagf$H]jmefYkYdkgeY\][ggh]jYlagfoal`l`]J]_agfYd ?gn]jfe]flYf\Yfgl`]jafklalmlagflghjgna\]`gmkaf_Yf\j]% k]lld]e]flafY[[gj\Yf[]oal`l`]khYlaYdhdYf\]l]jeaf]\Zql`] Emfa[ahYdalqYf\J]_]f[q?gn]jfe]fl&L`][gehYfqYdkgeY\] ]klYl]eYfY_]e]fl&

2011

ZJ]nalYdakYkaH]f_]dgdYYfJmeY`Kmkmf K]\]j`YfYK]oY JmkmfYoY!

ZJ]nalYdarYlagfgÊYfY_]e]flg^D]Yk] :Yka[Klgjq@gmk] JmkmfYoY!

J]nalYdakYkah]f_]dgdYYfJmkmfYoY\adYcmcYf\]f_Yf[YjY% [YjYk]ZY_YaZ]jacml2

J]nalYdarYlagf g^ EYfY_]e]fl g^ JmkmfYoY oYk eY\] oalèYff]jYk^gddgok2

E]eh]jZYaca cgfk]h h]f_]dgdYYf JmkmfYoY ZYac \Yja Ykh]c cgfljYc Y\eafakljYka$ hjgk]\mj h]f_]dgdYYf k]jlY h]f]lYhYflYja^k]oY&

Aehjgn]\ JmkmfYoY eYfY_]e]fl [gf[]hl ]al`]j af j]% kh][l oal` Y\eafakljYlan] [gfljY[l Ykh][l$ eYfY_]jaYd hjg[]\mj]Yf\\]l]jeafYlagfg^d]Yk]lYja^^&

E]faf_cYlcYfdYqYfYfqYf_ghlaeYdZYachjYkYjYfY\Yf ^YkadalYk mflmc e]faf_cYlcYf c]hmYkYf h]dYf__Yf \Yf c]l]jlaZYf&

Af[j]Yk]\ ghlaeYd k]jna[] ]al`]j af^jYkljm[lmj]k gj ^Y% [adala]k^gjaf[j]Ykaf_[mklge]jkkYlak^Y[lagfYf\gj\]jda% f]kk&

E]eZmYl hjg_jYe%hjg_jYe kljYl]_ak h]eZYf_mfYf JmkmfYoY \]f_Yf \mcmf_Yf \YfY H]e]jaflY`'H]e\Y eYmhmfBYekgkl]c&

<]n]dgh]\kljYl]_a[hjg_jYeg^l`]\]n]dghe]flg^Jm% kmfYoYoal`kmhhgjlg^l`]?gn]jfe]fl'J]_agfYd?gn% ]jfe]fl^mf\kgjl`]ogjc]jkkg[aYdk][mjalq^mf\k&

E]f_YeZadYda`h]f_]dgdYYfk]dmjm`JmkmfYoYqYf_Y\Y eYmhmf qYf_ YcYf \aZYf_mf H]e]jaflY`$ \]f_Yf cgf% k]cm]fka YdgcYka \YfY h]f_]dgdYYf$ h]e]da`YjYYf \Yf h]jZYacYf$ e]dYdma YdgcYka dYf_kmf_ 9H:F'HKG mflmc h]e]da`YjYYf$h]jZYacYf\Yfk]daka`lYja^k]oY&

Lggc gn]j eYfY_]e]fl g^ ]paklaf_ JmkmfYoY gj lg Z] ZmadlZql`]?gn]jfe]fl$oal`[gfk]im]f[]g^Yddg[Ylagf gêYfY_]jaYd^mf\k$eYafl]fYf[]Yf\j]hYaj$l`jgm_` \aj][l Yddg[Ylagf g^ l`] KlYl] :m\_]l'HKG ^gj eYafl]% fYf[]$aehjgn]e]flYf\\a^^]j]fld]Yk]jYl]&

ZJ]nakaHHH]jmefYkk]ZY_YaFYlagfYd MjZYf<]n]dghe]fl;gjhgjYlagf FM<;!

ZJ]nakagfg^?gn]jfe]flJ]_mdYlagfg^ H]jmefYkYkFYlagfYdMjZYf<]n]dgh e]fl;gjhgjYlagf FM<;!

K]ZY_YaF<M;$eYcYH]jmefYkk]dYafZ]j^mf_kak]ZY_Ya AfklalmkaH]f_]eZYf_H]jmeY`Yf\YfH]jemcaeYfZ]jkcYdY Z]kYj\ah]jcglYYfAf\gf]kaY$bm_YZ]j^mf_kak]ZY_Ya9_]fl g^<]n]dghe]fl\YdYee]fYlYcglYqYf_Z]jkaf]jba\]f_Yf H]e]jaflY`laf_cYlHmkYl\YfLaf_cYl
9kF<M;$H]jmefYkgl`]jl`YflgogjcYkYDYj_]K[Yd] @gmkaf_ Yf\ J]k]lld]e]fl <]n]dgh]j af mjZYf Yj]Yk$ Ydkg ogjckYk9_]flg^<]n]dghe]flafeYfY_af_[alqkqf]j_ar]\ oal`l`];]fljYd?gn]jfe]flYf\J]_agfYd?gn]jfe]fl&

ZPemanfaatan Lahan BUMN

ZMk]g^KlYl]%Gof]\=fl]jhjak]kDYf\

H]e]jaflY` e]f_Yda`cYf dYf_kmf_ k]dmjm` dY`YfdY`Yf eadac H]e]jaflY`'afklalmka':MEF qYf_ \YhYl \aeYf^YYlcYf mflmc e]eZYf_mf h]jmeY`Yf c]hY\Y H]jmefYk k]ZY_Ya àZY`'HEF \YdYe e]eh]jZ]kYj h]jk]\aYYf dY`Yf qYf_ e]f\mcmf_H]jmefYkk]ZY_YadYf\ZYfcZYac\ah]jcglYYf YlYmhmfcYoYkYfZYjm&H]eYf^YYlYfdY`YfH]e]jaflY`\Yf :MEFl]jk]Zml\ahjagjalYkcYfmflmce]eZYf_mfh]jmeY`Yf HFK$LFA'Hgdja\YfCYjqYoYf:MEFk]jlYeYkqYjYcYlmeme% Z]jh]f_`YkadYfe]f]f_Y`c]ZYoY`&H]eZYf_mfYfhjgh]jla cge]jkaYd\adY`Yfl]jk]Zml\YhYl\adYcmcYfgd]`H]jmefYk e]dYdmaYfYch]jmkY`YYf&

L`] _gn]jfe]fl ljYfk^]jj]\ \aj][ldq Ydd dYf\k g^ l`] ?gn]jfe]fl'Afklalmlagf'KlYl]%Gof]\=fl]jhjak]oà[`[Yf Z]mk]\lg\]n]dgh`gmkaf_lgH]jmefYkYk_jYfl'HEFaf af[j]Ykaf_l`]dYf\YnYadYZadalql`YlkmhhgjlkH]jmefYkYk dYf\ ZYfc ]al`]j af mjZYf Yj]Yk gj f]o Yj]Y& L`] mk] g^ l`]_gn]jfe]flYf\KlYl]%Gof]\=fl]jhjak]kDYf\akhjagj% alar]\lg\]n]dgh@gmkaf_^gjl`]?gn]jfe]flk]ehdgq]] `gmkaf_$ LFA'Hgdja Yf\ =ehdgq]] g^ l`] KlYl]%Gof]\ =f% l]jhjak] Yf\ kg[a]lq g^ ea\\d] lg Zgllge af[ge] ZjY[c]l& <]n]dghe]fl g^ [gee]j[aYd hjgh]jlq af l`] dYf\ [Yf Z] eY\]ZqH]jmefYkl`jgm_`kmZka\aYja]k&

20

83

ZH]eYf^YYlYfEg\Yd\Yf
ZMk]g^;YhalYdYf\DgoHja[]>mf\k l`jgm_`?gn]jfe]fl

H]e]jaflY` Z]jk]\aY e]f]jZalcYf bYeafYf _YjYfka mflmc h]f]jZalYf[gee]j[aYdhYh]jH]jmefYk\YdYehjg_jYeh]e% ZYf_mfYfh]jmeY`Yf\Yfh]f_Y\YYfdY`Yf&K]dYafalm$H]e]j% aflY`bm_Ye]eZYflme]e^YkadalYka\YdYee]eYf^YYlcYf\YfY g^^k`gj]'logkl]hdgYf\]f_YfZaYqY'Zmf_Yj]f\Y`\YfZ]j% bYf_cYhYfbYf_&H]e]jaflY`bm_Yl]dYè]f_YdgcYkacYf9H:F mflmc e]eh]jcmYl h]jeg\YdYf \YdYe Z]flmc HEF c]hY\Y H]jmefYk\YdYee]e]fmàc]Zmlm`Yfdacma\alYk\Yfh]fq]`Y% lYfH]jmefYk&H]jmefYkYcYfe]eYf^YlcYf^YkadalYkafak]ZYac% ZYacfqY\YdYejYf_cYe]f[YhYakYkYjYfkljYl]bacH]jmefYk&

L`]?gn]jfe]flakoaddaf_lgakkm]_mYjYfl]]^gjhmZdak`% af_[gee]j[aYdhYh]jg^H]jmefYkafl`]`gmkaf_\]n]dgh% e]flhjg_jYeYf\dYf\hjg[mj]e]fl&:]ka\]k$l`]?gn]jf% e]fl Ydkg `]dh]\ ^Y[adalYlaf_ mkaf_ l`] g^^ k`gj]'log kl]h ^mf\kYldgo[gklkYf\dgf_l]je&L`]_gn]jfe]flYdkgYddg% [Yl]\l`]KlYl]%Gof]\=fl]jhjak]lgklj]f_l`]f[YhalYdafl`] ^gjeg^HEFlgH]jmefYkaf[gehdaYf[]oal`daima\alqf]]\ Yf\aehjgnaf_H]jmefYk&H]jmefYkoaddmk]làk^Y[adalqaf alkZ]kl]f\]Yngjk^gjhmjhgk]g^Y[à]naf_kljYl]_a[lYj_]l g^H]jmefYk&

HJGKH=CH=JMK9@99F

;GEH9FQHJGKH=;L

H]eZYf_mfYf h]jmeY`Yf \Yf h]jemcaeYf e]jmhYcYf k]clgj jaad qYf_ kYf_Yl kljYl]_ak \YdYe e]e]fmà c]Zmlm`Yf hgcgceYkqYjYcYl$h]f[ahlYYfdYhYf_Yfc]jbY\Yfh]jlmeZm% `Yfh]j]cgfgeaYf&C]ZabYcYfH]e]jaflY`\YdYee]f_YdgcYka% cYf 9H:F mflmc k]clgj h]jmeY`Yf kYf_Yl ]^]cla^ \Yf l]hYl kYkYjYf \YdYe h]fq]\aYYf h]jmeY`Yf ZY_a eYkqYjYcYl Z]j% h]f_`YkadYf j]f\Y` e]dYdma H]jmefYk k]ZY_Ya FM<; \]f_Yf hjgq]ckah]eZYf_mfYf)((&(((jmeY`h]jlY`mf&

L`]\]n]dghe]flg^`gmkaf_Yf\j]k]lld]e]flakn]jqkljY% l]_a[j]Ydk][lgjaf^mdÚddaf_ZYka[f]]\g^l`]kg[a]lq$[j]Ylaf_ ogjcg[[mhYf[qYf\][gfgea[_jgol`&L`]?gn]jfe]flHgda[q afYddg[Ylaf_l`]KlYl]:m\_]l^gj@gmkaf_k][lgjakn]jq]^^][% lan]Yf\lYj_]lY[à]n]\afhjgna\af_`gmkaf_lgdgoaf[ge] ZjY[c]lh]ghd]l`jgm_`H]jmefYkYkFM<;oal`hjgb][l]\\]% n]dghe]flg^)((&(((`gmk]kh]jq]Yj&

H]jmefYk\YhYlZ]jkaf]j_a\]f_YfH]e]jaflY`HmkYleYm% hmf
H]jmefYk[YfeYc]kqf]j_aoal`l`];]fljYd?gn]jfe]fl Yf\J]_agfYd?gn]jfe]flYf\Kl]l]%gof]\=fl]jhjak]'J]_agf% Yd Gof]\ =fl]jhjak] af ghlaearaf_ mk] g^ dYf\ ^gj hjgna\af_ `gmk]klgl`]j]dYl]\afklalmlagf&H]jmefYkYdkg[YfZ][ge] HYjlf]jlgl`]J]_agfYd?gn]jfe]flafYjjYf_af_Yf\J]bmn]% fYlaf_l`][ala]k&

ZH]jmZY`YfH]jYlmjYfH]jmf\Yf_% mf\Yf_YfHjg_jYe>YkadalYkDacma\alYk H]eZaYqYYfH]jmeY`Yf >DHH!

Z;`Yf_]g^DYoYf\J]_mdYlagfgf @gmk]>afYf[af_Daima\alq>Y[adalq Hjg_jYe >DHH!

C]e]fl]jaYf H]jmeY`Yf JYcqYl hY\Y lY`mf *()( e]f_]dmYjcYfc]ZabYcYfkmZka\ak]daka`Zmf_Ymflmcc]h]% eadacYf jmeY` e]f]f_Y` c]ZYoY` \Yf JmkmfYea e]dYdma hjg_jYe>YkadalYkDacma\alYkH]eZaYqYYfH]jmeY`Yf >DHH!& DHHkmcmZmf_YCHJ\al]lYhcYfÚp]\k]Z]% kYj 0$*- % 1$)- mflmc CHJ JmeY` K]\]j`YfY'JmeY` K]\]j`YfYK]`Yl\YfJmkmfYea&

L`] Eafakljq g^ HmZda[ @gmkaf_ af *()( akkm]\ hgda[q gf afl]j]kl \a^^]j]f[] kmZka\q ^gj gof]jkàh g^ ea\\d] lg Zgllge `gmk] Yf\ JmkmfYea l`jgm_` @gmkaf_ >afYf[af_ Daima\alq>Y[adalqHjg_jYe >DHH!&Af>DHHhjg_jYe@gmk] Gof]jkàh ;j]\al afl]j]kl jYl] ak âp]\ 0$*- % 1$)- ^gj @gmk]Gof]jkàh;j]\al CHJ!g^:Yka[@gmk]'@]Ydl`q:Y% ka[@gmk]Yf\JmkmfYea&

84

2011

ZH]jmZY`YfE]f_]fYaC]ZabYcYf 9cmflYfkaAfkljme]fC]mYf_Yf

Z;`Yf_]g^Hgda[qgf>afYf[aYd Afkljme]fl9[[gmflaf_

=^]cla^lYf__Yd)BYfmYja*()($H]jmkY`YYfl]dYè]f% ]jYhcYfHK9CFg&-( J]naka*((.!$ Afkljme]fC]mYf_Yf 2H]fqYbaYf\YfH]f_mf_cYhYf\YfHK9CFg&-- J]naka *((.!$ Afkljme]f C]mYf_Yf2 H]f_YcmYf \Yf H]f_mcm% jYf$qYf_e]f__YflacYfHK9CFg&-($ 9cmflYfkaAfn]klY% ka=^]cL]jl]flm\YfHK9CFg&-- J]naa)111!$ 9cmflYfka Afkljme]f<]jaYla^\Yf9clanalYkDaf\mf_FadYa&

=^^][lan]^jgeBYfmYjq)$*()($l`][gehYfq`Ykaehd]% e]fl]\HK9CFg&-( J]nakagf*((.!$ >afYf[aYdAfkljme]fl2 Hj]k]flYlagf Yf\ afYf[aYdAfkljme]fl29[cfgod]\_]e]flYf\E]Yk% mj]e]fl$ kmZklalmlaf_ HK9C Fg&-($ ;]jlYaf Klg[c Afn]kl% e]fl9[[gmflaf_Yf\HK9CFg&-- J]nakagf)111!$ <]janY% lan]Afkljme]fl9[[gmflaf_Yf\NYdm]Hjgl][lagf9[lanala]k&

HK9C Fg&-( J]naka *((.!$ Z]jaka h]jkqYjYlYf h]fqY% baYf \Yja afkljme]f c]mYf_Yf \Yf e]f_a\]flaâcYkacYf af^gjeYkaqYf_`Yjmk\amf_cYhcYf&H]jkqYjYlYfh]f_mf_% cYhYf Z]jdYcm l]j`Y\Yh cdYkaâcYka afkljme]f c]mYf_Yf$ \Yjah]jkh]cla^h]f]jZal$\YdYeYk]lc]mYf_Yf$c]oYbaZYf c]mYf_Yf\Yfafkljme]f]cmalYk3h]f_cdYkaâcYkacYfqYf_ l]jcYal \]f_Yf kmcm Zmf_Y$ \ana\]f$ c]jm_aYf \Yf c]mf% lmf_Yf3 \Yf c]Y\YYf \aeYfY Yk]l c]mYf_Yf \Yf c]oY% baZYfc]mYf_YfYcYfkYdaf_`Yhmk&HK9Cafae]fkqYjYlcYf h]f_mf_cYhYf$ YflYjY dYaf$ af^gjeYka e]f_]fYa ^Yclgj qYf_e]eh]f_YjmàbmedY`$oYclm\Yflaf_cYlc]hYklaYf Yjmk cYk eYkY \YlYf_ kmYlm ]flalYk qYf_ l]jcYal \]f_Yf afkljme]fc]mYf_Yf\Yfc]ZabYcYfYcmflYfkaqYf_\al]jY% hcYfmflmcafkljme]fl]jk]Zml&

HK9CFg&-( J]nak]\gf*((.!$[gflYafkj]imaj]e]flkg^ hj]k]flYlagfg^ÚfYf[aYdafkljme]flYf\a\]fla^qaf_af^gjeY% lagf^gj\ak[dgkmj]&L`]j]imaj]e]flkg^\ak[dgkmj]Yj]nYda\ ^gj ÚfYf[aYd afkljme]fl [dYkkaÚ[Ylagf$ ^jge hmZdak`]j h]j% kh][lan]$afl`]ÚfYf[aYdYkk]lk$ÚfYf[aYddaYZadala]kYf\]i% malqafkljme]fl3[dYkka^qaf_j]dYl]\lgafl]j]kljYl]$\ana\]f\$ dgkkYf\hjgÚl3Yf\[gf\alagfo`]j]ÚfYf[aYdYkk]lkYf\Ú% fYf[aYddaYZadala]koaddeYc]ojal]g^^]Y[`gl`]j&LàkHK9C j]imaj]\ak[dgkmj]Yegf_gl`]jkYj]af^gjeYlagf[gf[]jfaf_ ^Y[lgjoà[àfÛm]f[]kYegmfl$lae]Yf\[]jlYaflqd]n]dg^ [Yk`Ûgoaf^mlmj]g^Yf]flalqj]dYlaf_lgÚfYf[aYdafkljm% e]flYf\Y[[gmflaf_hgda[qYhhda]\^gjkm[àfkljme]fl&

HK9C Fg&-- j]naka *((.! e]f_Ylmj hjafkah%hjafkah \YkYj h]f_YcmYf \Yf h]f_mcmjYf Yk]l c]mYf_Yf$ c]oY% baZYf c]mYf_Yf \Yf Z]Z]jYhY cgfljYc h]eZ]daYf YlYm h]fbmYdYfal]efgf%c]mYf_Yf& HK9Cafa$YflYjYdYaf$e]% fq]\aYcYf \]âfaka \Yf cYjYcl]jaklac \]janYla^$ cYl]_gja afkljme]f c]mYf_Yf$ h]f_YcmYf \Yf h]f_mcmjYf$ Ycmf% lYfkadaf\mf_fadYa\Yfh]f]lYhYf`mZmf_Yfdaf\mf_fadYa&

ZH]jkaYhYfH]jmefYk\YdYeJYf_cY Cgfn]j_]fkaHK9Cc]A>JK H]jmefYkl]dYè]dYcmcYfh]jkaYhYf\YdYejYf_cYcgf% n]j_]fkaHK9Cc]A>JK\]f_Yfe]dYcmcYfh]jkaYhYfh]eZYf% _mfYfkmeZ]j\YqYeYfmkaYqYf_e]fYf_YfadYhgjYfc]mYf% _Yf&@Ydl]jk]Zml\adYcmcYf\]f_Yfe]f_acmlaljYafaf_qYf_ Z]jcYalYf\]f_Yfh]jkaYhYfh]jmZY`Yfl]jk]Zml&

20

HK9C Fg&-- j]nakagf *((.! j]_mdYl]k ZYka[ hjaf[ahd]k g^ Y[cfgod]\_]e]fl Yf\ e]Ykmj]e]fl g^ ÚfYf[aYd Ykk]lk$ ÚfYf[aYd daYZadala]k Yf\ k]n]jYd [gfljY[lk ^gj hmj[`Ykaf_ gj k]ddaf_fgf%ÚfYf[aYdal]ek&LàkHK9C$Yegf_gl`]jk$_an]k \]Úfalagf Yf\ \]janYlan] [`YjY[l]jakla[k$ ÚfYf[aYd afkljm% e]fl [Yl]_gjq$ Y[cfgod]\_]e]fl Yf\ e]Ykmj]e]fl$ nYdm] hjgl][lagfY[[gmflaf_Yf\\]l]jeafYlagfg^nYdm]hjgl][lagf j]dYlagfkàh&

ZHj]hYjYlagfg^H]jmefYk^gj Hmjhgk]g^;gfn]j_]f[]g^HK9ClgA>JK H]jmefYk `Yk eY\] hj]hYjYlagf ^gj hmjhgk] g^ [gfn]j% _]f[]^jgeHK9ClgA>JKoal`hj]hYjYlagfg^\]n]dghe]flg^ `meYfj]kgmj[]k`Yf\daf_l`]ÚfYf[aYdklYl]e]flk&Km[èYl% l]jakmf\]jlYc]foal`^gddgoaf_mhljYafaf_j]dYlaf_lghj]hY% jYlagfg^km[`[`Yf_]&

85

86

2011

L9L9C=DGD9 H=JMK9@99F ;GJHGJ9L=?GN=JF9F;=

20

87

H=F=J9H9FL9L9C=DGD9 H=JMK9@99F

AEHD=E=FL9LAGFG>?GG< ;GJHGJ9L=?GN=JF9F;=

H]jmefYk Z]jcgeale]f mflmc e]f]jYhcYf lYlY c]dgdY h]jmkY`YYf ?;?! k]ZY_Ya mhYqY mflmc e]f[ahlYcYf c]Z]j% `YkadYf mkY`Y _mfY e]eZ]jacYf c]mflmf_Yf qYf_ ghlaeYd ZY_aH]eadacEg\Ydk][YjY]lak$d]_Yd$Z]jc]dYfbmlYf\Yfl]lYh e]eh]j`YlacYf c]h]flaf_Yf k]jlY c]Y\adYf ZY_a h]eYf_cm c]h]flaf_YfdYaffqY&

H]jmefYk [geeall]\ lg aehd]e]fl ?gg\ ;gjhgjYl] ?gn]jfYf[] ?;?!Yk]^^gjlk^gj[j]Ylaf_Zmkaf]kkkm[[]kk% ^mdf]kklg_an]ghlaeYdhjgâllgl`];YhalYdGof]j]là[Yddq$ d]_Yddq$[gflafmYddqYf\j]eYaflYcaf_aflgY[[gmflafl]j]kl Yf\bmkla[]^gjYfgl`]jklYc]`gd\]jk&

ZLmbmYfH]f]jYhYf?;?

ZGZb][lan]gÂehd]e]flYlagfg^?;?

H]f]jYhYf?;?e]jmhYcYfombm\c]hYlm`YfH]jmefYkl]j% `Y\Yhc]hmlmkYfE]fl]ja:MEFfgegjC]h%))/'EE:M'*((* l]flYf_H]f]jYhYfHjYcl]c?;?hY\Y:MEF$k]cYda_mke]jm% hYcYf[YjYl]jZYacmflmce]ombm\cYflmbmYfH]jmefYk&
Aehd]e]flYlagf g^ ?;? ak j]YdarYlagf g^ [gehdaYf[] g^ H]jmefYklg\][j]]g^l`]Eafakl]jg^KlYl]%Gof]\=fl]jhjak] fmeZ]jC]h%))/'EE:M'*((*gfHjY[la[]g^?;?af:MEF$ Yko]ddYkl`]Z]kloYq^gjj]YdarYlagfg^gZb][lan]g^H]jme%

88

2011

e]f_]eZYf_cYflYlYc]dgdYh]jmkY`YYf$H]jmefYkbm_Ye]e% h]j`YlacYfc]l]flmYf\YdYeH]\geYfMeme?gg\;gjhgjYl] ?gn]jfYf[]Af\gf]kaY qYf_ \ac]dmYjcYf gd]` Cgeal] FYkagfYd C]ZabYcYf ?gn]jfYf[] k]jlY e]eh]j`YlacYf hjYclachjYclac Zakfakl]jZYac Z]klhjY[la[]!&

fYk& Af \]n]dghaf_ ?gg\ ;gjhgjYl] ?gn]jfYf[]$ H]jmefYk Ydkg [gehda]k oal` hjgnakagfk k]l gml af ?]f]jYd ?ma\]daf] g^?gg\;gjhgjYl]?gn]jfYf[]Af\gf]kaYakkm]\ZqFYlagfYd ;geeall]]g^?gn]jfYf[]hgda[qYf\^gddgoaf_l`]Z]klZmka% f]kkhjY[la[]&

H]f]jYhYflYlYc]dgdYh]jmkY`YYf\adaf_cmf_YfH]jmefYk e]ehmfqYalmbmYfmlYeYmflmc2

L`]Aehd]e]flYlagfg^?gg\;gjhgjYl]?gn]jfYf[]afH]% jmefYk`YkeYafgZb][lan]klg2

)& E]f_YjY`cYf \Yf e]f_]f\YdacYf `mZmf_Yf c]jbY YflYjY <]oYfH]f_YoYk\Yf
)&
*& E]faf_cYlcYf h]jlYf__mf_bYoYZYf h]f_]dgdYYf H]jme% fYk\]f_Yfl]lYhe]eh]j`YlacYfc]h]flaf_YfhYjYklYc]% `gd\]jk&

*& Af[j]Yk] j]khgfkaZadalq g^ eYfY_]e]fl g^ H]jmefYk af [gehdaYf[]oalàfl]j]klg^KlYc]`gd\]jk&

+&E]f[ahlYcYfc]b]dYkYf`mZmf_Yfc]jbYYflYjYh]jmkY`YYf \]f_YfhYjYklYc]`gd\]jkk& ,&E]f\gjgf_ \Yf e]f\mcmf_ h]f_]eZYf_Yf mkY`Y$ h]f% _]dgdYYf kmeZ]j \YqY h]jmkY`YYf \Yfh]f_]dgdYYf jakacg k][YjYd]Za`]^]cla^k]àf__Ye]faf_cYlcYffadYaH]jmefYk3 E]f_YjY`cYfh]f[YhYaYfnaka\YfeakaH]jmefYk3 )&E]faf_cYlcYfhjg^]kagfYdake]kmeZ]j\YqYeYfmkaY3 *&E]fbY\a\YkYjaehd]e]flYka\Yfh]f_]eZYf_Yf:m\YqY H]jmefYk3 +&E]faf_cYlcYfC]k]dYeYlYf\YfC]k]`YlYfC]jbY\YfH]j% daf\mf_YfDaf_cmf_Yf C+HD!&

+& =klYZdak`[d]Yjf]kk]ehdgqe]flj]dYlagfkàhZ]lo]]fl`] [gehYfqYf\l`]klYc]`gd\]jk& ,& Kmhhgjl \]n]dghaf_ Zmkaf]kk$ `meYf j]kgmj[]k eYfY_]% e]flYf\jakceYfY_]e]fl]^^][lan]dqkgalaf[j]Yk]knYd% m]g^H]jmefYk3
Aehd]e]flYka?;?\a`YjYhcYfYcYfe]f[]_Y`hjYclac% hjYclac Cgjmhka$ Cgdmka \Yf F]hglake] CCF! k]jlY e]faf% _cYlcYf^mf_kah]f_YoYkYf\YdYeh]f_]dgdYYfH]jmefYk& HY\Y lY`mf *((1$ H]jmefYk e]dYcmcYf h]emlYcàjYf l]j`Y\Yh c]ZabYcYf \Yf eYfmYd qYf_ l]jcYal \]f_Yf ae% hd]e]flYka lYlY c]dgdY h]jmkY`YYf k]kmYa \]f_Yf h]jmZY% `Yf h]jYlmjYfh]jmf\Yf_%mf\Yf_Yf$ h]jc]eZYf_Yf Zakfak H]jmefYkk]jlYh]jmZY`Yfnaka$eaka\YffadYa%fadYaZm\YqY H]jmefYk&

Aehd]e]flYlagfg^?;?ak`gh]\lghj]n]fl;gjjmhlagf$ ;gddmkagf Yf\ F]hglake CCF! HjY[la[]k Yf\ af[j]Ykaf_ km% h]jnakgjq ^mf[lagf af eYfY_]e]fl g^ H]jmefYk& Af *((1$ H]jmefYk`YkeY\]mh\Yl]\lghgda[qYf\eYfmYdj]dYlaf_ lgaehd]e]flYlagf_gg\[gjhgjYl]_gn]jfYf[]afY[[gj\Yf[] oal` Ye]f\e]fl lg dYo Yf\ j]_mdYlagf$ Zmkaf]kk \]n]dgh% e]flg^H]jmefYkYf\[`Yf_]g^nakagf$eakkagfYf\[mdlmjYd nYdm]kg^H]jmefYk&

ZCgeale]fLYlYC]dgdY

Z;gjhgjYl]?gn]jfYf[];geeale]fl

K]hYfbYf_ lY`mf *()( H]jmefYk l]jmk e]fmfbmccYf cgeale]ffqY mflmc e]dYckYfYcYf lYlY c]dgdY qYf_ ZYac YlYm ?gg\ ;gjhgjYl] ?gn]jfYf[] ?;?! k][YjY cgfkakl]f& H]dYckYfYYf?;?afak]kmf__m`fqYl]dY`\aemdYak]bYclY`mf *((*\Yfl]jmkZ]jdYfbmlkYehYa\]f_YfkYYlafa&H]jmefYk e]fqY\Yja h]flaf_fqY e]fbYdYfcYf lYlY c]dgdY h]jmkY`YYf qYf_ ZYac \Yf Z]jcgeale]f mflmc e]f[ahlYcYf c]jYf_cY c]jbY k]kmYa \]f_Yf YeYfYl qYf_ \a_YjakcYf gd]` H]eadac Eg\Yd&Gd]`cYj]fYalm$k]hYfbYf_lY`mf*()(H]jmefYkl]j%

<mjaf_ *()( H]jmefYk `Yk k`gof alk [geeale]fl lg h]j^gje ?gg\ ;gjhgjYl] ?gn]jfYf[] ?;?! [gfkakl]fldq& Làk?;?aehd]e]flYlagfoYkY[lmYddq[gee]f[]\af*((* Yf\[gflafm]\mfladfgo&H]jmefYkj]Ydar]\aehgjlYf[]g^ aehd]e]flYlagf g^ _gg\ [gjhgjYl] _gn]jfYf[] Yf\ [ge% eall]\ lg [j]Yl] ogjc ^jYe] af Y[[gj\Yf[] oal` eYf\Yl] gmldaf]\Zql`];YhalYdGof]j&L`]j]^gj]$\mjaf_*()(H]% jmefYk[gflafmgmkdqeY\]]^^gjlkafaf[j]Ykaf_imYdalqae% hd]e]flYlagfg^?gg\;gjhgjYl]?gn]jfYf[]oal`^gjeaf_

20

89

mkZ]jmhYqYe]faf_cYlcYfcmYdalYkh]dYckYfYYflYlYc]dgdY h]jmkY`YYf\]f_Yfe]eZ]flmch]jYf_cYllYlYc]dgdYqYf_ ZYac \Yf hjgk]k h]f_]dgdYYf qYf_ k]`Yl& H]jmefYk e]qY% cafa$ ZYòY \]f_Yf e]dYckYfYcYf ?;?$ c]h]j[YqYYf \Yja hYjYklYc]`gd\]jk\YhYl\abY_Y\YfYcYfe]eZYoYH]jme% fYke]fbY\ah]jmkY`YYfqYf_eYbm\Yfl]jmkZ]jc]eZYf_& H]jmefYk e]dYcmcYf h]fYf\YlYf_YfYf H]jfqYlYYf Cgeale]f LYlY C]dgdY qYf_ \adYcmcYf gd]` <]oYf H]f_Y% oYk\Yf
_gg\[gjhgjYl]_gn]jfYf[]^Y[adala]kYf\hjg[]kkg^`]Ydl`q eYfY_]e]fl&H]jmefYkZ]da]n]kl`Yloalàehd]e]flYlagf g^ ?;?$ l`] ljmkl g^ klYc]`gd\]jk [Yf Z] eYaflYaf]\ Yf\ oaddZjaf_H]jmefYkZ][ge]k\]n]dgh]\[gehYfq& H]jmefYkka_f]\<][dYjYlagfg^;geeale]flg^;gjhg% jYl] ?gn]jfYf[] l`jgm_` l`] :gYj\ g^ ;geeakkagf]j Yf\ l`] :gYj\ g^
+&E]f\Y`mdmcYfc]h]flaf_Yfh]jmkY`YYf\aYlYkc]h]fl% af_YfhjaZY\aeYmhmfc]dgehgc&

+&Hjagjalar] afl]j]kl g^ l`] [gehYfq YZgn] h]jkgfYd gj _jgmhafl]j]kl&

,&E]fbY\acYf\ajak]ZY_Yal]dY\YfZY_ak]_]fYhcYjqYoYf H]jmefYk&

,&:]af_h]jkgfYdYk]pYehd]lgYdd]ehdgq]]kg^H]jme% fYk&

-& E]f_àf\Yja l]jbY\afqY Z]flmjYf c]h]flaf_Yf$ hjYclac CCF Cgjmhka$Cgdmka\YfF]hglake]!k]jlYhjYclac%hjYc% lacdYafqYf_\adYjYf_&

-& 9nga\ [gf^da[l g^ afl]j]kl$ ;gjjmhlagf$ ;gddmkagf Yf\ F]hglakeHjY[la[]kYf\gl`]jhjY[la[]khjgàZal]\&

.& E]eZ]jacYf cgfljaZmka hgkala^ l]j`Y\Yh h]f_]eZYf_Yf C]k]dYeYlYf$C]k]`YlYfC]jbYDaf\mf_YfDaf_cmf_Yf C+DD!\Yf;gjhgjYl]Kg[aYdJ]khgfkaZadalq ;KJ!&

.&Hjgna\] hgkalan] [gfljaZmlagf lg \]n]dghe]fl g^ G[[m% hYlagfYd KY^]lq Yf\ @]Ydl` Yf\ =fnajgfe]flYd Hjgl][% lagf C+DD!Yf\;gjhgjYl]Kg[aYdJ]khgfkaZadalq ;KJ!&

ZH]f_mcmjYfAehd]e]flYka?;?

Z9kk]kke]flgÂehd]e]flYlagf?;?

H]jmefYk k][YjY Z]jcYdY e]dYcmcYf h]f_mcmjYf aehd]e]flYka ?;?& H]jmefYk e]f__mfYcYf bYkY Ykk]k% kgj af\]h]f\]f mflmc e]f_mcmj cmYdalYk h]dYckYfYYf ?;?& HY\Y lY`mf *()($ H]jmefYk \amcmj \]f_Yf e]f_% _mfYfYcYf h]f\]cYlYf ;gehYfq ;gjhgjYl] ?gn]jfYf[] K[gj][Yj\ Ykk]kke]fl n]jka C]e]fl]jaYf :MEF! \]f_Yf Ykk]kkgj\Yja:Y\YfH]f_YoYkYfC]mYf_Yf\YfH]eZYf% _mfYf :HCH!&

H]jmefYk h]jag\a[Yddq [gf\m[l Ykk]kke]fl g^ aehd]% e]flYlagf g^ ?;?& H]jmefYk mk]k af\]h]f\]fl Ykk]kkgj k]jna[]lgYkk]kkimYdalqaehd]e]flYlagfg^?;?&Af*()($ H]jmefYkoYkYkk]kk]\mkaf_;gehYfq;gjhgjYl]?gn]jf% Yf[] K[gj][Yj\ YhhjgY[` Ykk]kke]fl g^ n]jkagf g^ l`] Eafakljqg^KlYl]%Gof]\=fl]jhjak]!oal`Ykk]kkgj^jgel`] >afYf[aYdYf\<]n]dghe]flKmh]jnakgjq:gYj\&

BYf_cYoYclmh]dYckYfYYfYkk]kke]fl\adYcmcYf\Yja lYf__Yd *- GclgZ]j kYehYa \]f_Yf *) <]k]eZ]j *()(& @Ykad Ykk]kke]fl h]f]jYhYf ?;? H]jmefYk Z]jY\Y hY\Y h]jaf_cYl ;mcmh \]f_Yf [YhYaYf YclmYd daeY Ykh]c ?gn% ]jfYf[] k]Z]kYj /*$0. \Yja kcgj eYckaeYd )(( \]f_Yf jaf[aYfk]ZY_YaZ]jacml2

90

L`] Ykk]kke]fl [gee]f[]\ ^jge G[lgZ]j *- mflad <]% []eZ]j *)$ *()(& J]kmdl g^ Ykk]kke]fl g^ aehd]e]flYlagf g^?;?H]jmefYkj]Y[`]\YlkYlak^Y[lgjq_jY\]oal`Y[lmYd Y[à]n]e]flÚn]?gn]jfYf[]Ykh][lkafl`]Yegmflg^/*&0. ^jgeeYpaeYdk[gj]g^)((oal`\]lYadYk^gddgok2

2011

No. ASPEK GOVERNANCE

Bobot Bobot Bobot GOVERNANCE ASPECT o]a_`l o]a_`l o]a_`l

)& @YclYf__mf_bYoYZE]fl]ja'H]eadacEg\Yd

1

-$1+ .-$0. Ja_`lkJ]khgfkaZadala]kg^l`]Eafakl]j'Gof]j;YhalYd

*& C]ZabYcYf?;?

0

/$-* 1+$11 Hgda[qg^?;?

+& H]f]jYhYf?;?

.. ,/$0( /*$,+ Aehd]e]flYlagfg^?;? */$/* )1$,0 /($+( Y&:gYj\g^;geeakkagf]j

Y&<]oYfH]f_YoYk

Z&Cgeal]9m\al

[&

\&KYlmYfH]f_YoYkAfl]jf

+

*$+( 0($).

\&Afl]jfKmh]jnakgjqMfal

]&K]cj]lYjakH]jmkY`YYf

+

*$-- 0-$((

]&;gehYfqK][j]lYjq

/

,$,. .+$.. Af^gjeYlagf
,& H]f_mf_cYhYfAf^gjeYka
0 -$*0

)(

,$+/ 0*$0, Z&9m\al;geeall]] )0$1 /($+* [&:gYj\g^
/$)- /)$-- Commitment

100 72,86 72,86 TOTAL

ZKljmclmj\Yf@mZmf_YfLYlYC]dgdY KljmclmjLYlYC]dgdYH]jmefYk\aYlmjk]\]eacaYfjmhYZ]j% \YkYjcYf^mf_ka&<]oYfH]f_YoYke]eadaca^mf_kae]dYcmcYf h]f_YoYkYf$ k]e]flYjY
20

ZKljm[lmj]Yf\;gjhgjYl]?gn]jfYf[] J]dYlagfkàh Kljm[lmj] g^ ;gjhgjYl] ?gn]jfYf[] ak j]_mdYl]\ af km[` Y eYff]j ZYk]\ gf ^mf[lagf& L`] :gYj\ g^ ;geeakkagf]j ak j]khgfkaZd]lg[gf\m[lkmh]jnakagf$o`]j]Ykl`]:gYj\g^
91

<=O9FH=F?9O9K

L@=:G9J;GEEAKKAGF=J

<]oYfH]f_YoYkZ]jlm_Yke]dYcmcYfh]f_YoYkYfl]j`Y% \Yh h]f_mjmkYf H]jmefYk qYf_ \adYcmcYf gd]`
L`]:gYj\g^;geeakkagf]jakj]khgfkaZd]lg[gf\m[lkm% h]jnakagflgeYfY_]e]flg^H]jmefYk[gf\m[l]\Zql`]:gYj\ g^
ZCgehgkaka<]oYfH]f_YoYk

ZComposition of Board of Commissioner

:]j\YkYjcYf KmjYl C]hmlmkYf E]fl]ja :Y\Yf MkY`Y Eadac F]_YjYFg&C=H%*-('E:M'*((/lYf__Yd/Fgh]eZ]j*((/\Yf Fg&C=H%).+'E:M'*((1lYf__Yd)(9_mklmk*((1$KmkmfYf<]% oYfH]f_YoYkH]jmefYkk]ZY_YaZ]jacml2

:Yk]\gf\][j]]g^l`]Eafakl]jg^KlYl]%Gof]\=fl]jhjak] Fg&C=H%-('E:M'*((/\Yl]\Fgn]eZ]j/$*((/Yf\Fg&C=H% ).+'E:M'*((1 \Yl]\ 9m_mkl )($ *((1$ ;gehgkalagf g^ l`] :gYj\g^;geeakkagf]jgâkYk^gddgok2 JABATAN

POSITION

No.

NAMA

)&

RmdÚKqYja^Cglg

*&

AkeYflg

9f__glY

E]eZ]j

+&

EYjm`me:YlmZYjY

9f__glY

E]eZ]j

,&

KgfYl`Y@YdaeQmkm^

9f__glY

E]eZ]j

-&

QmkoYf\Y9&L]e]f__mf_

9f__glY

E]eZ]j

C]lmY

K]dYeYlY`mf*())$l]j\YhYlh]j_YflaYfYf__glY<]oYf H]f_YoYk&9\YhmfkmkmfYf<]oYfH]f_YoYkY\YdY`k]ZY_Ya Z]jacml2

Chairman

<mjaf_*())$l`]j]oYk[`Yf_]gê]eZ]jkg^l`]:gYj\g^ ;geeakkagf]j&;gehgkalagfgÊ]eZ]jkg^l`]:gYj\g^;ge% eakkagf]jakYk^gddgok2 JABATAN

POSITION

No.

NAMA

)&

HYf_a`mlYfEYjhYmf_

*&

AkeYflg

9f__glY

E]eZ]j

+&

EYjm`me:YlmZYjY

9f__glY

E]eZ]j

,&

KgfYl`Y@YdaeQmkm^

9f__glY

E]eZ]j

-&


9f__glY

E]eZ]j

C]lmY

<]oYfH]f_YoYk\aZYflmgd]`Cgeal]9m\al\YfK]cj]lYjaYl <]oYfH]f_YoYk\YdYee]dYckYfYcYflm_YkfqY&Cgeal]9m\al qYf_Z]jlm_Yke]eZYflm<]oYfH]f_YoYkl]j\aja\Yjak]gjYf_ c]lmYqYf_\abYZYlgd]`kYdY`k]gjYf_Yf__glY<]oYfH]f_Y% oYk\]f_Yf*gjYf_Yf__glYfqYqYf_Z]jYkYd\YjacYdYf_Yf\a

92

Chairman

L`]:gYj\g^;geeakkagf]jakYkkakl]\Zq9m\al;geeall]]Yf\ K][j]lYjaYlg^l`]:gYj\g^;geeakkagf]jafh]j^gjeaf_alk\mla]k& 9m\al;geeall]]j]khgfkaZd]lg`]dhl`]:gYj\g^;geeakkagf]j [gfkaklkg^Y[`YajeYfg[[mha]\Zqgf]e]eZ]jg^l`]:gYj\g^ ;geeakkagf]joal`*e]eZ]jk^jgegmlka\]g^H]jmefYk&K][j]%

2011

dmYjH]jmefYk&K]cj]lYjaYl<]oYfH]f_YoYkl]j\aja\Yjak]gjYf_ K]cj]lYjak<]oYfH]f_YoYk\]f_Yfk]gjYf_klY^Y\eafakljYka&

lYjaYlg^l`]:gYj\g^;geeakkagf]j[gfkaklkg^gf]K][j]lYjqg^l`] :gYj\g^;geeakkagf]jYf\gf]klY^^Y\eafakljYlagf&

ZAf\]h]f\]fka<]oYfH]f_YoYk

ZAf\]h]f\]f[]g^:gYj\g^ Commissioner

@af__YkYYlafaH]jmefYkZ]dmee]eadacaYf__glY<]oYf H]f_YoYk Af\]h]f\]f$ k]\Yf_cYf Yf__glY <]oYf H]f_YoYk qYf_Y\Ye]jmhYcYfj]hj]k]flYka\YjaF]_YjY'H]e]jaflY`k]% ZY_Yah]eadach]jmkY`YYf&

ZC]h]eadacYfKY`Ye<]oYfH]f_YoYk La\YcY\Y9f__glY<]oYfH]f_YoYkqYf_e]eadacak][YjY dYf_kmf_eYmhmfla\YcdYf_kmf_kY`Ye\YjaH]jmefYk\YfYfYc h]jmkY`YYffqY$ \acYj]fYcYf H]jmefYk Z]jZ]flmc H]jmkY`YYf MemeqYf_H]eadacEg\YdfqYY\YdY`F]_YjYJ]hmZdacAf\gf]kaY&

MfladfgoH]jmefYk`Ykfge]eZ]jgÂf\]h]f\]fl:gYj\ g^ ;geeakkagf]j$ o`]j]Yk ]paklaf_ e]eZ]j g^ l`] :gYj\ g^ ;geeakkagf]j [gfklalmlaf_ j]hj]k]flYlagf g^ KlYl]'?gn]jf% e]flYkgof]jg^l`][gehYfq&

ZGof]jkàhg^K`Yj]g^:gYj\g^ Commissioner Fge]eZ]jg^l`]:gYj\g^;geeakkagf]j`Ynaf_]al`]j \aj][ldqgjaf\aj][ldqk`Yj]kg^H]jmefYkYf\alkkmZka\aYja]k$ Z][Ymk]H]jmefYkakYHmZda[;gehYfqo`gk][YhalYdgof]jak l`]KlYl]g^l`]J]hmZda[gÂf\gf]kaY&

ZH]dYckYfYYfLm_Yk<]oYfH]f_YoYk Aehd]e]flYkah]dYckYfYYflm_Yk<]oYfH]f_YoYkl]jk]Zml YflYjYdYafZ]jmhY2 )& <]oYf H]f_YoYk e]dYcmcYf h]f_YoYkYf \Yf e]eZ]ja% cYf fYka`Yl c]hY\Y
20

ZAehd]e]flYlagfg^<mla]kg^l`]:gYj\ of Commissioner Aehd]e]flYlagfg^\mla]kg^l`]:gYj\g^;geeakkagf]jak in the form of: )& L`]:gYj\g^;geeakkagf]j[gf\m[lkkmh]jnakagfYf\_an]k Y\na[] lg l`] :gYj\ g^
93

Aehd]e]flYka h]dYckYfYYf c]oYbaZYf <]oYf H]f_YoYk l]jk]ZmlYflYjYdYafZ]jmhY2

Aehd]e]flYlagfg^\mla]kg^l`]:gYj\g^;geeakkagf]jak in the form of:

)& E]eZ]jacYfh]f\YhYl\YfkYjYfc]hY\YH]eadacEg\Ydl]f% lYf_JC9HqYf_\amkmdcYf
)& ?anaf_GhafagfYf\km__]klagflg;YhalYdGof]j[gf[]jf% af_JC9Hhjghgk]\Zql`]:gYj\g^
*& E]dYhgjcYfh]dYckYfYYflm_YkfqYc]hY\YH]eadacEg\Yd k][YjYZ]jcYdY\Yfk]oYclm%oYclmZadY\ah]jdmcYf&

*& J]hgjlaehd]e]flYlagfg^lYkcklgl`];YhalYdGof]jh]ja% g\a[YddqYf\Yfqlae]\]]e]\f][]kkYjq&

Aehd]e]flYkah]dYckYfYYfc]o]fYf_Yf<]oYfH]f_YoYk l]jk]ZmlYflYjYdYafZ]jmhY2

Aehd]e]flYlagfg^l`]Yml`gjala]kg^l`]:gYj\g^;ge% missioner is in the form of:

)& E]da`YlZmcm%Zmcm$kmjYlk]jlY\gcme]fdYaffqY$e]e]jac% kYcYkmflmcc]h]jdmYfn]jaÚcYka\Yfe]e]jackYc]cYqYYf H]jmefYk&

)& =pYeaf] Zggck$ d]ll]jk Yf\ gl`]j \g[me]flk$ j][gf[ad] [Yk`^gjn]jaÚ[YlagfYf\]pYeaf]hjgh]jlqg^H]jmefYk&

*& E]eaflYh]fb]dYkYf\Yja
*& Im]jq ]phdYfYlagf ^jge l`] :gYj\ g^
Aehd]e]flYkah]dYckYfYYf`Yc<]oYfH]f_YoYkl]jk]Zml YflYjYdYafZ]jmhY2

Aehd]e]flYlagfg^Ja_`lkg^l`]:gYj\g^;geeakkagf]jak in the form of:

)& E]dYcmcYflm_Ykh]f_YoYkYfc]\Y]jY`k][YjYafka\]flad&

)& H]j^gjekmh]jnakgjqlYkclgl`]j]_agfaf[a\]flYddq&

*& E]eh]jgd]`Yck]kYlYkaf^gjeYkaH]jmefYkk][YjYd]f_cYh \Yfl]hYloYclmk]h]jladYhgjYfc]mYf_Yf\YfdYaf%dYaf&

*& J][]an]Y[[]kklgoYj\af^gjeYlagfg^H]jmefYk[gehd]l]dq Yf\lae]dqYkh]jÚfYf[aYdklYl]e]flkYf\gl`]jk&

ZJ]emf]jYka<]oYfH]f_YoYk

ZJ]emf]jYlagfg^:gYj\g^ Commissioner

J]emf]jYka <]oYf H]f_YoYk \al]lYhcYf gd]` E]fl]ja :MEF Z]jkYeYYf \]f_Yf h]f]lYhYf h]f_`YkadYf
94

J]emf]jYlagf g^ l`] :gYj\ g^ ;geeakkagf]j ak \]l]j% eaf]\Zql`]Eafakl]jg^KlYl]%Gof]\=fl]jhjak]lg_]l`]j oal` \]l]jeafYlagf g^ kYdYjq g^ l`] :gYj\ g^
2011

J]emf]jYka<]oYfH]f_YoYkl]j\aja\Yja`gfgjYjame\Yf ZYflmYfljYfkhgjlh]jZmdYfk]ZY_YaeYfYl]j_YeZYj\YdYe lYZ]dk]ZY_YaZ]jacml2

O`]j]Yk$ \]l]jeafYlagf g^ j]emf]jYlagf k`Ydd lYc] aflg Y[[gmfl lYj_]l Y[à]naf_ ^Y[lgj C]q H]j^gjeYf[] Af% \a[YlgjYf\@]Ydl`D]n]d>Y[lgjYf\gl`]jj]d]nYfl^Y[lgjk& J]emf]jYlagf g^ l`] :gYj\ g^ ;geeakkagf]j [gfkaklk g^ `gfgjYjameYf\ljYfkhgjlYlagf^]]h]jegfl`Yk\]k[jaZ]\ aflYZd]Yk^gddgok2

Q Tabel Remunerasi Dewan Pengawas

Q Table of Remuneration of Board of Commissioner

NAMA

TOTAL PENDAPATAN 2010 TOTAL INCOME 2010

<]oYfH]f_YoYkH]jmefYk


Jh1*/&+.(&(((

NAME

Jh&1*/&+.(&((( :gYj\g^;geeakkagf]jH]jmefYk

ZJYhYl<]oYfH]f_YoYk

ZE]]laf_g^:gYj\g^;geeakkagf]j

JYhYl<]oYfH]f_YoYk\adYckYfYcYf\YdYejYf_cYe]f_% `YkadcYf c]hmlmkYf l]jZYac mflmc H]jmefYk \]f_Yf ZYlYkYf jYhYlYflYjYdYaf2

E]]laf_g^l`]:gYj\g^;geeakkagf]jak`]d\^gjhmjhgk] g^_anaf_l`]Z]klj]kgdmlagfk^gjH]jmefYkoalè]]laf_daea% tation to:

)& K]laYhYf__glY<]oYfH]f_YoYke]eadacac]k]ehYlYf\Yf `YckmYjYqYf_kYeY\YdYee]f_]emcYcYfh]f\YhYlk]% àf__Yla\YcY\Yha`YcqYf_e]f\geafYkabYdYffqYjYhYl&

)& =Y[è]eZ]jg^l`]:gYj\g^;geeakkagf]j`Ykl`]kYe] ghhgjlmfalqYf\nglaf_ja_`laf]phj]kkaf_ghafagfkgl`Yl l`]j]akfghYjlq\geafYlaf_l`]e]]laf_&

*& C]hmlmkYf jYhYl <]oYf H]f_YoYk \aYeZad YlYk \YkYj emkqYoYjYèm^YcYl$bacYla\Ycl]j[YhYaeYcYc]hmlmkYf \aYeZadZ]j\YkYjcYfkmYjYl]jZYfqYc&

*& J]kgdmlagfk g^ E]]laf_ g^ l`] :gYj\ g^ ;geeakkagf]j Y\ghl]\Yea[YZdq$^Yadaf_gôà[`l`]j]kgdmlagfk`YddZ] Y\ghl]\ZYk]\gfeYbgjalqngl]&

+& K]gjYf_Yf__glY<]oYfH]f_YoYkZ]j`Yce]f_]dmYjcYf kYlmkmYjY\alYeZY`kYlmkmYjYmflmcYf__glY<]oYfH]f% _YoYkdYafqYf_\aoYcadafqY$YhYZadYh]f_YeZadYfc]hmlm% kYf\adYcmcYfe]dYdmakmYjYl]jZYfqYc&

+& 9fqe]eZ]jg^l`]:gYj\g^;geeakkagf]j]flald]klg_an] gf]ngl]Y\\]\gf]ngl]^gjYfgl`]je]eZ]jg^l`]:gYj\ g^ ;geeakkagf]j Z]af_ j]hj]k]fl]\$ a^ l`] j]kgdmlagf Y\ghl]\oalèYbgjalqngl]&

,& <]oYfH]f_YoYkh]jfYè]f_mf\Yf_h]_YoYaH]jmefYk mflmc \aeaflYa c]l]jYf_Yf k]kmYa \]f_Yf daf_cmh h]c]j% bYYfh]_YoYal]jk]Zml&

,& L`]:gYj\g^;geeakkagf]jgf[]afnal]\]ehdgq]]g^H]% jmefYk^gjim]jqgâf^gjeYlagfafY[[gj\Yf[]oal`k[gh] gôgjcg^km[`]ehdgq]]&

-& K]laYh jYhYl <]oYf H]f_YoYk$ ZYac afl]jf eYmhmf Z]j% kYeY
-& =Y[è]]laf_g^l`]:gYj\g^;geeakkagf]j$]al`]jafl]jf gjlg_]l`]joal`l`]:gYj\g^
20

95

:G9J

L`] :gYj\ g^
ZKomposisi Direksi

Z;gehgkalagfg^:gYj\g^
Cgehgkaka
Cgehgkalagf g^ l`] :gYj\ g^
:]j\YkYjcYfC]hmlmkYfE]fl]ja:MEFJAFgegjC=H%*)1' E:M'*((/lYf__Yd-GclgZ]j*((/$kmkmfYf
O

No.

NAMA

)&

@aeYoYf9ja]^Km_glg

*&

KmfYj\a

+&

@E&CYeYdCmkeYflgjg

,&

L]\\qJgZafkgfKaY`YYf

-&

@YcacaKm\jYbYl

JABATAN
POSITION Hj]ka\]fl

Hjg\m[lagf

EYjc]laf_

K]hYfbYf_lY`mf*())$la\Ycl]j\YhYlh]j_YflaYf
O

>afYf[]@meYfJ]kgmj[]
Af*())$l`]j]oYkfg[`Yf_]g^l`]:gYj\g^
ZIndependensi Direksi

ZAf\]h]f\]f[]g^:gYj\g^
Cgehgkaka
;gehgkalagf g^ l`] :gYj\ g^
96

2011

ZC]h]eadacYfKY`Ye
Z>mf_ka\YfLm_Yk
L`] :gYj\ g^
ZGof]jkàhg^K`Yj]g^:gYj\ g^
Z>mf[lagfYf\<mla]kg^:gYj\g^
9\Yhmf ^mf_ka \Yf lm_Yk eYkaf_%eYkaf_
O`]j]Yk$^mf[lagfYf\\mla]kg^]Y[`
Q DIREKTUR UTAMA

Q PRESIDENT DIRECTOR

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf c]k]dmjm`Yf c]_aYlYfH]jmkY`YYfk]kmYaj]f[YfYc]jbY\YfYf__YjYf H]jmkY`YYfk][YjY]^]cla^\Yf]Úka]f& E]eaehaf \Yf e]eZafY `mZmf_Yf ]ckl]jfYd mflmc e]f\YhYlcYf\mcmf_YfqYf_\ah]jdmcYf\YdYeh]dYc% kYfYYfc]_aYlYfh]jmkY`YYf& E]eaehaf \Yf e]f_cggj\afYkacYf c]_aYlYf
20

J]_mdYl]$ \]n]dgh Yf\ [gfljgd Ydd Y[lanala]k g^ l`] ;ge% hYfqafY[[gj\Yf[]oalògjchdYfYf\[gehYfqZm\_]l ]^^][lan]dqYf\]^Ú[a]fldq& D]Y\ Yf\ \]n]dgh ]pl]jfYd j]dYlagfkàh lg gZlYaf kmh% hgjl j]imaj]\ ^gj aehd]e]flYlagf g^ Y[lanala]k g^ l`] [gehYfq& D]Y\Yf\[ggj\afYl]Y[lanala]kg^K][lagf
97

Q DIREKTUR KORPORASI DAN PERTANAHAN

Q DIRECTOR OF CORPORATION AND LAND

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf h]f_]dgdYYf c]_aYlYfhjg_jYec]jbY\YdYeZ]flmcJC9H\YfJ]f[YfY Tindak Y[lagfhdYf!k]jlYJBH\YfCHAk]kmYadaf_cmhlm% _Yk
E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf Yf__YjYf \Yf c]_aYlYf h]jlYfY`Yf e]dahmla h]eada`Yf dgcYka$ araf dgcYka$h]eZ]ZYkYflYfY`$h]f_mjmkYfk]jlaÚcYka$afn]f% lYjakYka lYfY` \Yf h]f_YeYfYf lYfY`$ cgehadYka \YlY h]jlYfY`Yf\Yfh]fYf_YfYfh]jeYkYdY`Yfh]jlYfY`Yf&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd eYfY_]e]fl g^ ogjc hjg% _jYeY[lanalqafl`]^gjeg^JC9HYf\Y[lagfhdYfYf\JBH Yf\CHAafY[[gj\Yf[]oal`k[gh]gâfYf[]@meYfJ]kgmj[]lg_]l`]joalàfYf[]@meYfJ]kgmj[] Yf\
Q DIREKTUR PRODUKSI

Q PRODUCTION DIRECTOR

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf h]f_]dgdYYf c]_aYlYfhjg_jYec]jbY\YdYeZ]flmcJC9H\YfJ]f[YfY Tindak Y[lagfhdYf!k]jlYJBHk]kmYadaf_cmhlm_Yk
J]_mdYl]$\]n]dghYf\[gfljgdgn]jeYfY_]e]flgôgjc hjg_jYeafl`]^gjeg^JC9HYf\Y[lagfhdYfYf\JBHaf Y[[gj\Yf[]oal`k[gh]g^\mla]kg^
E]f_]kY`cYfZmcmH]eada`YfDgcYka kal]k]d][lagf!Z]jkY% eY
JYla^qZggcg^Kal]K]d][lagflg_]l`]joalÈYjc]laf_afYf[]@m% eYfJ]kgmj[]k
E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf Yf__YjYf ZaYqY hjg\mcka l]j\ajaYlYkh]j]f[YfYYf$h]eZYf_mfYf\Yfh]f% _]dgdYYfhjYkYjYfYdaf_cmf_Yf!&

J]_mdYl]$\]n]dghYf\[gfljgdgn]jhjg\m[lagf[gklZm\_]l [gfkakl g^ hdYffaf_$ \]n]dghe]fl Yf\ eYfY_]e]fl g^ ]fnajgfe]flYdaf^jYkljm[lmj]!&

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf c]_aYlYf gh]% jYkagfYdqYf_l]j\ajaYlYkh]j]f[YfYYf$h]eZYf_mfYf\Yf h]f_]dgdYYfhjYkYjYfYdaf_cmf_Yf&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd gn]j gh]jYlaf_ Y[lanala]k oà[`[gfkaklg^hdYffaf_$\]n]dghe]flYf\eYfY_]e]fl g^]fnajgfe]flYdaf^jYkljm[lmj]&

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYfH]j]f[Y% fYYfe]dahmlah]j]f[YfYYfc]dYqYcYf$h]j]f[YfYYfl]cfak$ \Yfh]f]dalaYfh]f_]eZYf_Yf$k]jlYH]eZYf_mfYfe]da% hmlah]jkaYhYfh]eZYf_mfYf$\Yfh]f_]f\YdaYfh]eZYf% _mfYfh]f_]dgdYYfhjYkYjYfYdaf_cmf_Yf&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd gn]j HdYffaf_ Y[lanala]k af[dm\af_ ^]YkaZadalq hdYffaf_$ l][`fa[Yd hdYffaf_ Yf\ <]n]dghe]fl af[dm\af_ hj]hYjYlagf g^ \]n]dghe]fl Yf\ [gfljgdgn]j\]n]dghe]fl]fnajgfe]flYdaf^jYkljm[lmj] eYfY_]e]fl&

Q DIREKTUR PEMASARAN

Q MARKETING DIRECTOR

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfh]f_]dgdYYfc]_% aYlYfhjg_jYec]jbY\YdYeZ]flmcJC9H\YfJ]f[YfYLaf% dak Y[lagfhdYf!k]jlYJBHk]kmYadaf_cmhlm_Yk
J]_mdYl]$\]n]dghYf\[gfljgdgn]jeYfY_]e]flgôgjc% af_hjg_jYeY[lanala]kafl`]^gjeg^JC9HYf\Y[lagfhdYf Yf\JBHafY[[gj\Yf[]oal`k[gh]g^\mla]kg^
E]fqaYhcYf Zmcm H]eada`Yf DgcYka kal] k]d][lagf! dan e]dYckYfYcYfKa\Yf_H]eada`YfDgcYka& E]f_]kY`cYfZmcmH]eada`YfDgcYka kal]k]d][lagf! Z]j% kYeY
98

2011

E]f_]kY`cYf:mcmJ]f[YfYHjgq]c :JH!Z]jkYeY
JYla^qHjgb][lHdYf:ggc :JH!lg_]l`]joal`Hjg\m[lagf afYf[aYd
E]f_]kY`cYfZmcmH]eada`YfDgcYka kal]k]d][lagf!Z]jkY% eY
JYla^q kal] k]d][lagf Zggc lg_]l`]j oal` [gjhgjYlagf DYf\ afYf[] Yf\ @m% eYfJ]kgmj[]k
E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYfh]f_]e% ZYf_Yfc]jbYkYeY\]f_YfhYjYEaljYMkY`YZ]j\YkYjcYf c]hmlmkYf`YkadjYhYl
J]_mdYl]$ \]n]dgh Yf\ [gfljgd \]n]dghe]fl Y[lanala]k g^ [ggh]jYlagfoal`:mkaf]kkHYjlf]jkZYk]\gfj]kgdmlagfg^ e]]laf_g^l`]:gYj\g^
E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYfa\]flaÚcYka h]dmYf_hYkYj\Yfh]fqmkmfYfkljYl]_ah]f_]eZYf_YfmkY`Y&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd eYjc]l k`Yj] a\]fla^qaf_ Y[lanalqYf\hj]hYjaf_Zmkaf]kk\]n]dghe]flkljYl]_q&

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf c]_aYlYf h]dYc% kYfYYfh]fbmYdYf&

J]_mdYl]$\]n]dghYf\[gfljgdkYd]kY[lanala]k&

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf Yf__YjYf ZaYqY h]eYkYjYf\Yfh]f\YhYlYfmkY`Y& E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf c]_aYlYf gh]jY% kagfYdqYf_l]j\ajaYlYkh]eYkYjYf\YfdYqYfYfhmjfYbmYd&

J]_mdYl]$\]n]dghYf\[gfljgdeYjc]laf_[gklkZm\_]lYf\ Zmkaf]kkaf[ge]& J]_mdYl]$ \]n]dgh Yf\ [gfljgd gh]jYlaf_ Y[lanala]k oà[` [gfkaklkgêYjc]laf_Yf\Y^l]jkYd]kk]jna[]&

Q DIREKTUR KEUANGAN DAN SUMBER DAYA MANUSIA

Q DIRECTOR OF FINANCE AND HUMAN RESOURCES

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfhjgq]ckac]mYf_Yf H]jmkY`YYf\YdYeZ]flmcJBH\YfJC9H&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd l`] ;gehYfqk >afYf[aYd Hjgb][lagfafl`]^gjeg^JBHYf\JC9H&

E]f_]kY`cYf:mcmJ]f[YfYHjgq]c :JH!Z]jkYeY
JYla^ql`]Hjgb][lHdYf:ggc :JH!lg_]l`]joal`Hjg\m[% lagf
E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYfh]f_]dg% dYYf c]mYf_Yf h]jmkY`YYf qYf_ l]j\aja YlYk h]fq]\aYYf c]mYf_Yfk]kmYa\]f_YfJC9H&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd l`] [gehYfqk ÚfYf[aYd eYfY_]e]fl Y[lanala]k oà[` [gfkaklk g^ hjgnakagf g^ Ú% fYf[]afY[[gj\Yf[]oal`JC9H&

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfh]fqmkmfYfDYhg% jYfC]mYf_Yf:mdYfYf$LjaomdYfYf\YfLY`mfYf&

J]_mdYl]$\]n]dghYf\[gfljgdhj]hYjYlagfgÊgfl`dq>a% fYf[aYdJ]hgjl$ImYjl]jdqYf\YffmYdj]hgjl&

E]f_Ylmj$ e]eZafY \Yf e]f_]f\YdacYf Yf__YjYf Z]% dYfbY h]_YoYa$ h]f\a\acYf \Yf h]dYla`Yf$ meme$ afn% ]klYka k]jlY Yf__YjYf H]eZafYYf C]ealjYYf \Yf :afY Daf_cmf_Yf HC:D!\YdYedaf_cmhk]dmjmòadYqY`mkY% `Yh]jmkY`YYf&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd ]ph]fk] Zm\_]l g^ ]e% hdgq]]$]\m[YlagfYf\ljYafaf_$_]f]jYd$afn]kle]flYf\ HYjlf]jkàh<]n]dghe]fl:m\_]lYf\=fnajgfe]flYd<]% n]dghe]fl HC:D! l`jgm_`gml l]jjalgjq g^ l`] [gehYfq Zmkaf]kk&

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYfh]f_]dg% dYYfkYjYfY\YfhjYkYjYfYc]jbYmflmce]f[YhYakYkYjYf h]jmkY`YYfk][YjY]^]cla^\Yf]Úka]f&

J]_mdYl]$ \]n]dgh Yf\ [gfljgd ogjcaf_ af^jYkljm[lmj] eYfY_]e]fl^gjY[à]naf_l`][gehYfqlYj_]l]^^][lan]dq Yf\]^Ú[a]fldq&

E]f_Ylmj$e]eZafY\Yfe]f_]f\YdacYfc]_aYlYf&

J]_mdYl]$\]n]dghYf\[gfljgdY[lanala]k&

20

99

ZJ]emf]jYka
ZJ]emf]jYlagfg^:gYj\g^
H]f]lYhYf j]emf]jYka
<]l]jeafYlagf g^ j]emf]jYlagf g^ l`] :gYj\ g^ gj <]l]jeafYlagfg^KYdYjqg^l`]:gYj\g^
K]\Yf_cYf h]f]lYhYf lYfla]e e]eh]j`YlacYf ^Yclgj h]f[YhYaYf lYj_]l C]q H]j^gjeYf[] Af\a[Ylgj \Yf >Yclgj Laf_cYl C]k]`YlYf$ k]jlY ^Yclgj% ^Yclgj dYaf qYf_ j]d]nYf& J]emf]jYka Yf__glY
O`]j]Yk$ \]l]jeafYlagf g^ jgqYdlq emkl lYc] aflg Y[% [gmfl^Y[lgjg^j]Y[àf_lYj_]lC]qH]j^gjeYf[]Af\a[Ylgj Yf\@]Ydl`D]n]d>Y[lgjYf\gl`]jj]d]nYfl^Y[lgjk&J]em% f]jYlagf g^ e]eZ]jk g^ l`] :gYj\ g^
Q Tabel Remunerasi Direksi

Q Table of Remuneration of Board of Directors

NAMA
100



Jh*&-))&.((&(((

2011

NAME

Jh*&-))&.((&(((
ZRapat Direksi

ZE]]laf_g^:gYj\g^
K]dYeYlY`mf*())
<mjaf_*())l`]:gYj\g^
Q Tabel Agenda Rapat Direksi

Q Table of Directors Meeting Agenda

AGENDA RAPAT

WAKTU / TIME

MEETING AGENDA

H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

,BYfmYjq*())

Hjg_j]kkl`]\]lYadg^]Y[`
=nYdmYkaCaf]jbYLY`mf*()( H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

)(BYfmYjq*())

=nYdmYlagfg^H]j^gjeYf[]af*()( Hjg_j]kkl`]\]lYadg^]Y[`

)0BYfmYjq*())


*-BYfmYjq*())

=nYdmYkacaf]jbYcgjhgjYkalY`mf*()(

)>]ZjmYjq*())

=nYdmYlagfg^;gjhgjYl]H]j^gjeYf[] af*()( L`]Yhhda[Ylagfg^j]oYj\Yf\hmfakè]fl lgl`]h]j^gjeYf[]g^j]_agfYd Gj_YfarYlagfYf\@meYfJ]kgmj[]k EmlYlagfk

H]f]jYhYfj]oYj\Yf\hmfakè]fl l]j`Y\Yhcaf]jbYj]_agfYd H]eZY`YkYfGj_YfakYka\YfEmlYkaK<E


0>]ZjmYjq*())


).>]ZjmYjq*())

DYhgjYfC]mYf_YfC9H H]jmZY`Yf'h]jhYfbYf_YfHC: H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

)EYj[`*())

9[[gmflYflHmZda[k>afY[aYdJ]hgjlk ;`Yf_]']pl]flagfg^HC: Hjg_j]kkl`]\]lYadg^]Y[`
H]jc]eZYf_Yfhjg_jYejmeYèmjY` \YfHKG H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

0EYj[`*())

Hjg_j]kkg^dgo[gkl`gmkaf_ hjg_jYe]Yf\HKG Hjg_j]kkl`]\]lYadg^]Y[`

)-EYj[`*())

H]jkaYhYfJYhYl<]oYk

*1EYj[`*())


Preparation of Board of Kmh]jnakgjqke]]laf_ Hjg_j]kkl`]\]lYadg^]Y[`

-9hjad*())


))9hjad*())

20

101


)19hjad*())


+EYq*())


)(EYq*())


)0EYq*())

H]eZY`YkYfK<E H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_
*+EYq*())

@meYfJ]kgmj[]k


+)EYq*())


/Bmfq*())


),Bmfq*())


*0Bmfq*())


)*Bmdq*())

J]f[YfYjYhYl<]oYk\]f_Yf
)1Bmdq*())


HdYffaf_gê]]laf_Z]lo]]f:gYj\g^
H]jkaYhYfjYhYl<]oYk\]f_Yf
*0Bmdq*())

H]eZY`YkYfK<E H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

HdYffaf_gê]]laf_Z]lo]]f:gYj\g^
H]eZY`YkYfK<E H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

*9m_mkl*())

@meYfJ]kgmj[]k Hjg_j]kkl`]\]lYadg^]Y[`

))9m_mkl*())


*,9m_mkl*())

H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat JYcgj\Y

)+K]hl]eZ]j*())

102

2011

J]_agfYd;ggj\afYlagfE]]laf_

H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat H]fbmYdYf\Yf;Yk`>dgo

*(K]hl]eZ]j*())


))G[lgZ]j*())


)0G[lgZ]j*())


*-G[lgZ]j*())

H]j[]hYlYfh]fbmYdYf ;Yk`>dgoHjgb][l H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

)Fgn]eZ]j*())

KYd]k9[[]dYjYlagf ;Yk`>dgoHjgb][l Hjg_j]kkl`]\]lYadg^]Y[`
H]jc]eZYf_YfH]fbmYdYfHjg\mcka Hjg_jYeKljYl]_ak\YfHjg_jYe:Yjm QYf_H]f\af_ H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

0Fgn]eZ]j*())

Hjg_j]kkg^KYd]kHjg\m[lagf KljYl]_a[Hjg_jYe]Yf\F]oHjg_jYe] that has not happened Hjg_j]kkl`]\]lYadg^]Y[`
H]j[]hYlYfh]fbmYdYf H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

)-Fgn]eZ]j*())

KYd]k9[[]dYjYlagf Hjg_j]kkl`]\]lYadg^]Y[`
H]jc]eZYf_YfH]fbmYdYf C]Zmlm`YfC]mYf_Yf H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

**Fgn]eZ]j*())

Hjg_j]kkg^KYd]k >afYf[]F]]\k Hjg_j]kkl`]\]lYadg^]Y[`
H]jkaYhYfjYhYlHjYHC: H]jc]eZYf_YfH]fbmYdYf @YkadjYhYlc]jbY\a:Yda H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

*1Fgn]eZ]j*())

H]jc]eZYf_YfH]fbmYdYf H]jc]eZYf_Yf\]lYadeYkaf_%eYkaf_ Direktorat

.<][]eZ]j*())

Hjg_j]kkg^KYd]k Hjg_j]kkl`]\]lYadg^]Y[`

)+<][]eZ]j*())


*(<][]eZ]j*())


*/<][]eZ]j*())


20

KYd]kYf\;Yk`>dgo

Hj]hYjYlagfg^HjYHC:E]]laf_ Hjg_j]kkg^KYd]k L`]Ogjcaf_E]]laf_af:Yda Hjg_j]kkl`]\]lYadg^]Y[`
103

CGEAL=9M
9M
H]eZ]flmcYfCgeal]9m\al\a\YkYjcYfhY\YMf\Yf_Mf% \Yf_Fg&)1lY`mf*((+lYf__Yd)1Bmfa*((+l]flYf_:MEF hYkYd /( qYf_ e]fq]ZmlcYf ZYòY CgeakYjak \Yf <]oYf H]f_YoYk :MEF oYbaZ e]eZ]flmc Cgeal] 9m\al& 9lmjYf d]Za`dYfbmle]f_]fYaCgeal]9m\all]j\YhYl\YdYeH]jYlm% jYfE]fl]jaF]_YjYFg&H]j%(-'E:M'*((.qYf_e]jmhYcYf h]jmZY`Yf \Yja C]hmlmkYf E]fl]ja :Y\Yf MkY`Y Eadac F]% _YjYFg&)(+lY`mf*((*$k]jlYc]hmlmkYfk]Z]dmefqYqYalm C]hmlmkYf E]fl]ja F]_YjY :MEF Fg& C=H%)++'E%H:MEF& HY\Y C]hmlmkYf E]fl]ja :MEF Fg& C=H%))/'E%E:M'*((* l]flYf_ h]f]jYhYf hjYcl]c ?gg\ ;gjhgjYl] ?gn]jfYf[] hY\Y :MEF l]j\YhYl hmdY Z]Z]jYhY hYkYd qYf_ e]f_Ylmj l]flYf_Cgeal]9m\al&

>gjeYlagfg^9m\al;geeall]]akZYk]\mhgfDYoFg&)1g^ *((+\Yl]\Bmf])1$*((+[gf[]jfaf_KlYl]%Gof]\=fl]jhjak]Yjla% [d]/(klYlaf_l`Yll`]:gYj\g^;geeakkagf]jYf\l`]Kmh]jnakgjq :gYj\ g^ l`] KlYl]%Gof]\ =fl]jhjak] k`Ydd Z] gZda_Yl]\ lg ^gje 9m\al ;geeall]]& >mjl`]j j]_mdYlagf af j]kh][l oal` 9m\al ;ge% eall]][gflYaf]\afJ]_mdYlagfg^l`]KlYl]Eafakl]jFg&H]j%(-' E:M'*((.[gfklalmlaf_Ye]f\e]flg^<][j]]g^l`]Eafakl]jg^ KlYl]%Gof]\=fl]jhjak]Fg&)(+g^*((*$Yf\^gje]j\][j]]l`Yl ak<][j]]g^l`]KlYl]Eafakl]j^gjKlYl]%Gof]\=fl]jhjak]Fg&C=H% )++'E%H:MEF&Afl`]<][j]]g^l`]Eafakl]jg^l`]KlYl]%Gof]\ =fl]jhjak]Fg&C=H%))/'E%E:M'*((*[gf[]jfaf_aehd]e]flYlagf g^hjY[la[Yd?gg\;gjhgjYl]?gn]jfYf[]lgl`]KlYl]%Gof]\=fl]j% hjak]l`]j]Yj]kge]Yjla[d]kj]_mdYlaf_9m\al;geeall]]&

Cgeal]9m\ale]eZYflm<]oYfH]f_YoYk\YdYee]dYcm% cYfh]f_YoYkYf\Yfe]eZ]jacYffYka`YlYlYmkYjYfc]hY\Y
9m\al;geeall]]`]dhkl`]Kmh]jnakgjq:gYj\af[gf\m[l% af_kmh]jnakagfYf\_anaf_Y\na[]gjkm__]klagflgl`]:gYj\g^ gjeYlagf$ Kljm[lmj]$ \mlq$ j]khgf% kaZadalq Yf\ Yml`gjalq g^ 9m\al ;geeall]] g^ H]jmefYk `Yn] kYlakÚ]\oal`hj]nYadaf_dYoYf\j]_mdYlagfk&

ZAf\]h]f\]fka9f__glYCgeal]9m\al

ZAf\]h]f\]f[]gÊ]eZ]jkg^9m\al Committee

9f__glYCgeal]9m\alqYf_Z]jYkYd\Yjaha`Ycaf\]h]f\% ]fla\Yce]eadaca`mZmf_Yfc]mYf_Yf$c]h]f_mjmkYf$c]h]% eadacYfkY`Ye\Yf'YlYm`mZmf_Yfc]dmYj_Y\]f_Yf<]oYf H]f_YoYk$
ZJYf_cYhBYZYlYf9f__glYCgeal]9m\al K]dmjm`Yf__glYCgeal]9m\alla\YcY\YqYf_e]jYf_cYh bYZYlYfe]fbY\a
E]eZ]jkg^9m\al;geeall]]oà[`[ge]k^jgeAf\]h]f\% ]fl hYjlq k`Ydd `Yn] fg j]dYlagfkàh af j]kh][l oal` ÚfYf[]$ eYfY_]e]fl$k`Yj]kgof]jkàhYf\'gj^YeadaYdj]dYlagfkàh oal` l`] :gYj\ g^ ;geeakkagf]j$ :gYj\ g^
Z
ZCgehgkakaCgeal]9m\al

Z;gehgkalagfg^9m\al;geeall]]

BmedY` Yf__glY Cgeal] 9m\al k]ZYfqYc , ]ehYl! Yf_% _glY \]f_Yf k]gjYf_ <]oYf H]f_YoYk k]ZY_Ya kYdY` kYlm

9m\al [geeall]] [gfkaklk g^ , ^gmj! e]eZ]jk oal` gf] Kmh]jnakgjq:gYj\Ykgf]gê]eZ]jkYko]ddYk;`YajeYfg^

104

2011

Yf__glYk]cYda_mkC]lmYCgeal]9m\al$) kYlm!gjYf_k]ZY_Ya K]cj]lYjak\Yf* \mY!gjYf_Yf__glYCgeal]9m\alqYf_Zm% cYf<]oYfH]f_YoYkqYf_e]e]fmàcjal]jaYAf\]h]f\]f&

9m\al;geeall]]$) gf]!h]jkgfYkK][j]lYjqYf\* log!h]j% kgfkYke]eZ]jg^9m\al;geeall]]oà[àkfglKmh]jnakgjq :gYj\oà[`kYlakÚ]kAf\]h]f\]fl;jal]jaY&

E]f_Y[mhY\YC]hmlmkYfC]lmY<]oYfH]f_YoYkFgegj2 C]lmY<]oYk'(()'CHLK'AA'*()(L]flYf_H]jhYfbYf_YfEYkY H]fm_YkYf Cgeal] 9m\al H]jmefYk$ kmkmfYf c]Yf__glYYf Cgeal]9m\alY\YdY`2

J]^]jklg<][akagfg^;`YajeYfg^Kmh]jnakgjq:gYj\Fme% Z]j2C]lmY<]oYk'(()'CHLK'AA'*()(J]_Yj\af_=pl]fkagfg^ 9kka_fe]flH]jag\g^9m\al;geeall]]H]jmefYk$[gehgkalagf gê]eZ]jkg^9m\al;geeall]]2

No.

NAMA

)&

KgfYl`Y@YdaeQmkm^

JABATAN

POSITION

C]lmY

Chairman

*&

@&GdYfKqY`dYf

K]cj]lYjak

K][j]lYjq

+&

Kja
9f__glY

E]eZ]j

,&

EYjkYfYK]eZajaf_HYf\àY

9f__glY

E]eZ]j

ZLm_Yk$O]o]fYf_\Yf C]oYbaZYfCgeal]9m\al

Z<mla]k$9ml`gjala]kYf\J]khgfkaZadala]k g^9m\al;geeall]]

Lm_YkCgeal]9m\alk]ZY_YaeYfYl]j[Yflme\YdYeCharter Cgeal]9m\alH]jmefYkYflYjYdYaf2

<mla]k g^ 9m\al ;geeall]] [gflYaf]\ af ;`Yjl]j g^ 9m\al ;geeall]]H]jmefYkaf[dm\af_2

)& E]fadYah]dYckYfYYfc]_aYlYfk]jlY`YkadYm\alqYf_\adYcm% cYfgd]`KHAeYmhmf9m\algj=ckl]jfk]àf__Y\YhYl\a[]_Y` h]dYckYfYYf\Yfh]dYhgjYfqYf_la\Yce]e]fmàklYf\Yj&

)& 9kk]kkaf_ g^ aehd]e]flYlagf g^ Y[lanala]k Yf\ j]kmdl g^ Ym\al [Yjja]\ gml Zq KHA gj =pl]jfYd 9m\algj kg l`Yl l`] aehd]e]flYlagfYf\j]hgjlaf_oà[`Zj]Y[`]kY_Yafkll`] klYf\Yj\[YfZ]hj]n]fl]\&

*& E]eZ]jacYf j]cge]f\Yka e]f_]fYa h]fq]ehmjfYYf kak% l]eh]f_]f\YdaYfeYfYb]e]fh]jmkY`YYfk]jlYh]dYckYf% YYffqY& +&E]eYklacYfZYòYl]dY`l]j\YhYlhjgk]\mjj]na]oqYf_e]% emYkcYfl]j`Y\Yhaf^gjeYkaqYf_\ac]dmYjcYfH]jmkY`YYf$ l]jeYkmcZjgkmj$dYhgjYfc]mYf_YfZ]jcYdY$hjgq]cka\Yf dYaf%dYafaf^gjeYkac]mYf_YfqYf_\akYehYacYfc]hY\YH]% eadacEg\Yd& ,&E]f_a\]flaÚcYka`Yd%`YdqYf_e]e]jdmcYfh]j`YlaYf<]oYf H]f_YoYk& -&E]dYckYfYcYflm_YkdYafqYf_\aZ]jacYfgd]`<]oYfH]f% _YoYkk]hYfbYf_eYka`\YdYedaf_cmhlm_Yk\Yfc]oYbaZYf <]oYfH]f_YoYkZ]j\YkYjcYfc]l]flmYfh]jYlmjYfh]jmf% \Yf_%mf\Yf_YfqYf_Z]jdYcm&

*& ?an] j][gee]f\Ylagf [gf[]jfaf_ [gehYfqk eYfY_]% e]fl[gfljgdkqkl]eYf\aehd]e]flYlagfl`]j]lg& +& EYc]kmj]l`Yll`]j]akj]na]ohjg[]\mj]kYlak^qaf_Y_Yafkl af^gjeYlagf akkm]\ Zq l`] ;gehYfq$ af[dm\af_ Zjg[`mj]$ h]jag\a[YdÚfYf[aYdklYl]e]flk$hjgb][lagfYf\gl`]jÚfYf% [aYdaf^gjeYlagfkmZeall]\lgl`];YhalYdGof]j& ,& A\]fla^qaf_eYll]jkoà[`j]imaj]Yll]flagfg^l`]Kmh]jna% kgjq:gYj\& -& H]j^gjegl`]j\mla]k_an]fZql`]Kmh]jnakgjq:gYj\hjg% na\]\l`Ylalj]eYafkafk[gh]g^\mla]kYf\gZda_Ylagfk g^ l`] Kmh]jnakgjq :gYj\ ZYk]\ gf hj]nYadaf_ dYo Yf\ j]_mdYlagf&

ZO]o]fYf_Cgeal]9m\al

Z9ml`gjala]kg^9m\al;geeall]]

)& Cgeal]9m\alZ]jo]fYf_mflmce]f\YhYlcYfaf^gjeYkak]% [YjYh]fm`\YfZ]ZYkl]flYf_cYjqYoYf$\YfY$Yk]l$k]jlY kmeZ]j \YqY h]jmkY`YYf dYaffqY qYf_ Z]jcYalYf \]f_Yf h]dYckYfYYflm_YkfqY&

)& 9m\al;geeall]]akYml`gjar]\lgj][]an]^mddaf^gjeYlagf Yf\ ^j]] af j]kh][l oal` ]ehdgq]]$ ^mf\k$ Ykk]l Yf\ j]% kgmj[]kg^Yfgl`]j[gehYfqj]dYlaf_lgh]j^gjeYf[]gâlk \mla]k&

20

105

*&
*& Afl`]h]j^gjeYf[]g^Yml`gjala]ke]flagf]\YZgn]$9m\al ;geeall]]k`YddZ]j]imaj]\lghYjlf]jmhoal`KAHA&

+&9hYZadY\ah]jdmcYf$\]f_Yfh]jk]lmbmYfl]jlmdak<]oYfH]f% _YoYk$ Cgeal] 9m\al \YhYl e]eaflY ZYflmYf l]fY_Y Y`da \YfYlYmcgfkmdlYfmflmce]eZYflmCgeal]9m\al&

+& Aâlakj]imaj]\$mhgfojall]fYhhjgnYdg^l`]Kmh]jnakgjq :gYj\$9m\al;geeall]][YfYkc`]dh^jge]ph]jlkYf\'gj [gfkmdlYfllg`]dh9m\al;geeall]]&

ZC]oYbaZYfCgeal]9m\al

Z9m\al;geeall]]kGZda_Ylagfk

)& E]fqYehYacYfDYhgjYf:]jcYdYc]hY\Y<]oYfH]f_YoYk

)& KmZealH]jag\a[YdJ]hgjllgl`]Kmh]jnakgjq:gYj\

*& E]fqYehYacYf qYf_ Z]jaka k]laYh l]emYf qYf_ \ah]jcajY% cYf\YhYle]f_Yf__mc]_aYlYfH]jmefYk&

*& KmZealj]hgjloà[`[gflYafk]Y[`Úf\af_oà[àk]kla% eYl]\lgafl]jjmhlY[lanala]kg^H]jmefYk&

+& E]dYhgjcYfk]_]jY`Ykad]nYdmYkaqYf_l]dY`\adYcmcYfc]% hY\Y<]oYfH]f_YoYk&

+& Aee]\aYl]dqj]hgjlj]kmdlg^]nYdmYlagf[gf\m[l]\lgl`] Kmh]jnakgjq:gYj\&

,& E]fbY_Yc]jY`YkaYYf\gcme]f$\YlY\Yfaf^gjeYkaH]jme% fYk&

,& C]]h[gfÚ\]flaYdalqg^\g[me]fl$\YlYYf\af^gjeYlagfaf j]kh][loal`H]jmefYk&

ZDYhgjYfH]dYckYfYYfLm_Yk Cgeal]9m\al

ZJ]hgjlg^9m\al ;geeall]]k<mla]k

HY\Y lY`mf *()) Cgeal] 9m\al e]dYckYfYcYf c]_aYlYf$ YflYjYdYaf2

Af*())9m\al;geeall]]h]j^gje]\Y[lanala]kYk^gd% dgok2

)& E]dYcmcYfj]na]oH]f_]f\YdaYfAfl]jfYdqYf_l]j\aja\Yja2

)& ;gf\m[lj]na]ogfAfl]jfYd;gfljgdoà[`[gfkaklkg^2

*& E]dYcmcYf j]na]o l]j`Y\Yh ]^]clanalYk h]dYckYfYYf lm% _YkKYlmYfH]f_YoYkYfAfl]jf KHA!2 Y& J]na]oHjg_jYeC]jbYH]e]jackYYfLY`mfYf HCHL! LY`mf*()(& Z& J]na]oDYhgjYf@YkadH]e]jackYYf D@H!LY`mf*((1& [& H]eYflYmYfLaf\YcDYfbmlD@HLY`mf*((1\Yfk]Z]% dmefqY& \& H]emlYcàjYf\YlYYflYjYCggj\afYlgj'H]fYf__mf_ bYoYZKHA$Cgeal]9m\al\Yf9m\al]]& ]& J]na]oH]dYckYfYYfH]e]jackYYfKHAc`mkmkfqYc]% lYYlYfl]j`Y\YhKlYf\YjH]e]jackYYf KH!qYf_Z]j% dYcm& ^& JYhYll]jZYlYk\]f_YfKHA&

*& ;gf\m[lJ]na]olg]^^][lan]f]kkgÂehd]e]flYlagfgÂf% l]jfKmh]jnakgjqMfalLYkc KHA!2 Y& J]na]o Ogjc Hjg_jYe g^ 9ffmYd 9m\al HCHL! Q]Yj *()(& Z& J]na]oJ]hgjlg^9m\alJ]kmdl D@H!Q]Yj*((1& [& >gddgoMhEgfalgjD@Hq]Yj*((1Yf\hj]nagmkdq& \& Mh\Ylaf_\YlYZ]lo]]f;ggj\afYlgj'J]khgfkaZd]H]j% kgfKHA$9m\al;geeall]]Yf\9m\al]]& ]& J]na]oh]j^gjeYf[]g^KHA9m\alhYjla[mdYjdq[gehda% Yf[]oal`klYf\Yj\9m\al KH!Yhhda[YZd]& ^& Daeal]\E]]laf_oal`KHA&

+& E]dYcmcYfj]na]oDYhgjYfC]mYf_YfqYf_l]j\aja\Yja2 Y& J]na]oDYhgjYfC]mYf_YfLY`mf*()(& Z& J]na]oDYhgjYfC]mYf_YfAfl]jfLY`mf*()(& [& J]na]oDYhgjYf;Yk`>dgo\YfH]f]ehYlYf
106

+&;gf\m[lJ]na]og^>afYf[aYdJ]hgjloà[`[gfkaklg^2 Y& J]na]o>afYf[aYdJ]hgjlQ]Yj*()(& Z& J]na]oAfl]jfYd>afYf[aYdJ]hgjlQ]Yj*()(& [& J]na]o ;Yk` >dgo J]hgjl Yf\ HdY[]e]fl Egfl`dq >mf\k& ,& Hj]hYj]9m\al;geeall]]J]hgjllgl`]Kmh]jnakgjq:gYj\ oà[`[gfkaklkg^2

2011

Y& ImYjl]jdqJ]hgjlQ]Yj*()(& Z& 9ffmYdJ]hgjlq]Yj*()(&

ZJYhYlCgeal]9m\al

Z9m\al;geeall]]E]]laf_

Mflmce]fbY_Y]^]claÚlYkc]jbY$Cgeal]9m\ale]dYckYfY% cYfjYhYlk]kmYa\]f_Yfc]Zmlm`Yf&BmedY`jYhYl\YdYelY% `mf*())k]ZYfqYc+ la_Y!cYdaqYalmk]ZY_YaZ]jacml2

LgeYaflYafogjc]^^][lan]f]kk$9m\al;geeall]][gfn]f]k e]]laf_afY[[gj\Yf[]oal`l`]f]]\&Af*())+ l`j]]!e]]l% af_ko]j]`]d\Yk^gddgok2

TANGGAL Date

PESERTA

PARTICIPANT

).>]ZjmYja*()) ).>]ZjmYjq*())

H]k]jlYCgeal]9m\al\]f_Yf KYlmYfH]f_YoYkYfAfl]jf

9m\al;geeall]]E]eZ]joal` Afl]jfKmh]jnakgjqMfal

.9hjad*()) .9hjad*())

H]k]jlYCgeal]9m\al\]f_Yf KYlmYfH]f_YoYkYfAfl]jf

9m\al;geeall]]E]eZ]joal` Afl]jfKmh]jnakgjqMfal

)+9hjad*()) )+9hjad*())

Cgeal]9m\al\]f_YfKYlmYf H]f_YoYkYfAfl]jf\YfC9H Kg]bYlfYEmdqYfYJ]cYf

9m\al;geegll]]oalÀfl]jf Kmh]jnakgjqMfalYf\C9H Kg]bYlfYEmdqYfYHYjlf]jk

ZCgeal]dYaf\aZYoY`<]oYfH]f_YoYk H]jmefYkk]bYmàfaZYjme]eadacaCgeal]9m\al&H]jme% fYk Z]dme e]eadaca Cgeal] FgeafYka$ Cgeal] J]emf]jYka eYmhmfCgeal]%cgeal]dYaf\]f_Yfh]jlaeZYf_Yf`Ydl]jk]% ZmleYka`\YhYl\alYf_Yfa\]f_YfZYacgd]`<]oYfH]f_Y% oYk\YfCgeal]9m\al&

Z9fgl`]j;geeall]]mf\]j Kmh]jnakgjq:gYj\ H]jmefYkmfladfgogfdq`Yn]9m\al;geeall]]&H]jmefYk \g]kfl `Yn] FgeafYlagf ;geeall]]$ J]emf]jYlagf ;geeal% l]]gjYfqgl`]j[geeall]]kaf[gfka\]jYlagfl`Yll`]eYll]jk kladd[YfZ]`Yf\d]\kYlak^Y[lgjadqZql`]Kmh]jnakgjq:gYj\Yf\ 9m\al;geeall]]&

DEWAN PENGAWAS KOMITE AUDIT

DIREKSI

SATUAN PENGAWAS INTERN

20

107

K=CJ=L9JAKH=JMK9@99F

;GJHGJ9L=K=;J=L9JQ

K]cj]lYjak H]jmkY`YYf e]f_]eZYf eaka mflmc e]f% \mcmf_ l]j[ahlYfqY [aljY h]jmkY`YYf qYf_ ZYac k][YjY cgfkakl]f \Yf Z]jc]kafYeZmf_Yf e]dYdma h]f_]dgdYYf hjg_jYe cgemfacYka qYf_ ]^]cla^ c]hY\Y k]_]fYh h]eYf% _cmc]h]flaf_%Yf&K]cj]lYjakH]jmkY`YYfZ]j^mf_kak]ZY_Ya h]f_`mZmf_ YflYjY H]jmefYk \]f_Yf klYc]`gd\]jk k]jlY Z]jlYf__mf_ bYoYZ mflmc e]fq]\aYcYf \Yf e]fqYehYa% cYf af^gjeYka qYf_ h]flaf_ e]f_]fYa H]jmefYk c]hY\Y eYkqYjYcYl meme eYmhmf mflmc c]h]flaf_Yf H]eadac Eg\Yd&

;gjhgjYl] K][j]lYjq ak Z]Yjaf_ eakkagf lg kmhhgjl ]k% lYZdakè]flg^_gg\[gehYfqaeY_][gfkakl]fldqYf\[gf% lafmgmkdql`jgm_èYfY_]e]flg^]^^][lan][geemfa[Ylagf hjg_jYe lg l`] klYc]`gd\]jk& ;gjhgjYl] K][j]lYjq k]jn]k Yk e]\aYlgj Z]lo]]f H]jmefYk Yf\ KlYc]`gd\]j Yf\ j]% khgfkaZd] ^gj hjgna\af_ Yf\ _anaf_ aehgjlYfl af^gjeYlagf afj]kh][loal`H]jmefYklg_]f]jYdkg[a]lq^gjafl]j]klg^ ;YhalYdGof]j&Afaehd]e]flaf_alk^mf[lagfYf\jgd]$;gj% hgjYl] K][j]lYjq Ykkakl]\ Zq HmZda[ J]dYlagf Hjglg[gd]j K][lagf$ ;gehYfq 9\eafakljYlagf <]hYjle]fl Yf\ D]_Yd <]hYjle]fl&

J]dYlagfkàhoal`]pl]jfYdhYjlqakeYaflYaf]\kYlak^Y[% lgjadq$hYjla[mdYjdq^gjhmjhgk]g^^mdâdde]flg^gZda_Ylagfk oà[`k`YddZ]eY\]ZqH]jmefYkYkl`][gehYfq[geealk aehd]e]flaf_;gehdaYf[]$af[dm\af_lg_an]af^gjeYlagfaf j]kh][l oal` h]j^gjeYf[]$ gh]jYlaf_ Y[lanala]k Yf\ gl`]j j]dYl]\eYll]jkafj]kh][loal`H]jmefYk&

K]dYafalm$e]f_af_YlcYjqYoYfe]jmhYcYfkYdY`kYlm ]d]e]f h]flaf_ \YdYe h]f[ahlYYf [aljY h]jmkY`YYf$ K]c% j]lYjak H]jmkY`YYf bm_Y e]eadaca lm_Yk e]fq]ZYjdmYkcYf af^gjeYka e]f_]fYa H]jmefYk c]hY\Y k]_]fYh cYjqYoYf$ l]jeYkmc e]fqYehYacYf hjg_jYe \Yf c]ZabYcYf eYfYb]% e]f& Af^gjeYka l]jk]Zml \akYehYacYf e]dYdma e]\aY afl]j% fYdYflYjYdYaf2 )&EYbYdY`JmeY`CalY *&:md]lafH]jmefYk +&;g^^]]Egjfaf_ ,& :mkaf]kk?Yl`]jaf_ -&JYhYlCggj\afYka
108

:]ka\]k$ Z]Yjaf_ af eaf\ l`Yl ]ehdgq]] ak gf] g^ ae% hgjlYfl]d]e]flkaf[j]Ylaf_l`][gehYfqaeY_]$l`];gj% hgjYl] K][j]lYjq Ydkg `Yk \mla]k ^gj \akljaZmlaf_ af^gjeY% lagfafj]kh][loal`H]jmefYklgYdd]ehdgq]]k$af[dm\af_ lg_an]eYfY_]e]flkhjg_jYeYf\hgda[q&L`]af^gjeYlagf akkhj]Y\l`jgm_àfl]jfYde]\aY]&_&2 )& JmeY`CalYEY_Yraf] *& H]jmefYk:mdd]laf +& ;g^^]]Egjfaf_ ,& :mkaf]kk?Yl`]jaf_ -& ;ggj\afYlagfE]]laf_g^l`]:gYj\g^
2011

0& ;aj[mdYj$eY_Yraf]$afl]jf]l$[Yd]f\YjYf\gl`]j [geemfa[Ylagfe]\aY&

ZH]dahmlYfGd]È]\aY

ZE]\aY;gn]jY_]

K]dYeY lY`mf *())$ H]jmefYk l]dY` \adahml gd]` e]\aY []lYcFYkagfYdd]Za`\Yja.((cYda$k]ZY_YaeYfYl]jda`YlhY\Y lYZ]dZ]jacml2

<mjaf_*())$H]jmefYk`YkZ]]f[gn]j]\ZqFYlagfYd Hjafl]\ E]\aY egj] l`Yf .(( lae]k$ Yk k]]f af lYZd] Yk ^gddgok2

NAMA MEDIA

NAME MEDIA

FREKUENSI

:akfakAf\gf]kaY Afn]klgj
FREQUENCY )*1 ).* )0 /0 *, ), */ ** -1 )/ ), +, )/ , -

ZHj]kkJ]d]Yk]

ZHj]kkJ]d]Yk]

H]jmefYkKaYhE]fbY\aH]dYcmMlYeYH]fq]\aYH]jmeY`Yf JYcqYl&

H]jmefYkakj]Y\qlgZ][ge]l`]eYafHdYq]jg^l`]\]n]d% gh]j^gjHmZda[@gmkaf_&

Y&H]jmefYkLghhaf_G^^JmkmfYea;]fl]jhgafl:]cYka& Z&@YjaMdYf_LY`mfH]jmefYkc]+/LYf__Yd)0Bmda*())&

Y&H]jmefYkLghhaf_G^^JmkmfYea;]fl]jhgafl:]cYka& Z&l`]+/thYffan]jkYjqg^H]jmefYk\Yl]\l`])0th\Yqg^Bmdq*())&

ZE]\aYH]fq]ZYjYfAf^gjeYka

ZAf^gjeYlagf

Afjmffaf_alk[geeale]flH]jmefYkhjgna\]af^gjeYlagf Zgl`lgafl]jfYdYf\]pl]jfYdYf\^Y[adalYlagf^gjY[[]kk&Af^gj% eYlagf
O]Zkal]2ooo&h]jmefYk&[g&a\ Hj]kkJ]d]Yk] Hj]kkE]]laf_ Hj]kk;gf^]j]f[] K]cj]lYjakH]jmkY`YYf JYe\YfQY[g]Z! EYfY_]j<]hYjl]e]f@meYkHjglgc]d]j JafaAkjgÚY`! L]dh& 2#.**)0)1,0(/ >Yp& 2#.**)0)1+0*DYqYfYf]%eYad2 cljhmkYl8h]jmefYk&[g&a\

20

O]Zkal]2ooo&h]jmefYk&[g&a\ Hj]kkJ]d]Yk] Hj]kkE]]laf_ Hj]kk;gf^]j]f[] ;gjhgjYl]K][j]lYjq JYe\YfQY[g]Z! EYfY_]j<]hYjl]e]f@meYkHjglgc]d]j JafaAkjgÚY`! L]dh& 2#.**)0)1,0(/ >Yp& 2#.**)0)1+0*]%eYad2cljhmkYl8h]jmefYk&[g&a\

109

Af^gjeYka l]flYf_ H]jmefYk l]jk]ZYj \a Z]jZY_Ya e]\aY seperti o]Z%ZYk]\$ []lYc `YjaYf$lYZdga\$eYbYdY`!$jY\ag\Yf l]d]naka&

Af^gjeYka[gf[]jfaf_H]jmefYkakkhj]Y\gn]jnYjagmke]% \aYkm[`Yko]Z%ZYk]\e]\aY$hjaflaf_e]\aY \Yadq$lYZdga\$ eY_Yraf]!$jY\agYf\l]d]nakagf&

ZJaoYqYlKaf_cYlK]cj]lYjakH]jmkY`YYf

ZK`gjl@aklgjqg^;gjhgjYl]K][j]lYjq

JaoYqYlKaf_cYlK]cj]lYjakH]jmkY`YYf\YhYl\ada`Yl\a:Y% _aYfHjgÚdH]bYZYl=ck]cmla^&

K`gjl@aklgjqg^;gjhgjYl]K][j]lYjq[YfZ]k]]fafhjgÚd] g^]p][mlan]G^Ú[aYd&

K9LM9FH=F?9O9KAFL=JF

AFL=JKMH=JNAKGJQMFAL

Z;`Yjl]jKHA

Z;`Yjl]jKHA

H]jmefYkl]dYè]eadaca;`Yjl]jKHAqYf_e]fbY\ahYf\m% Yfh]dYckYfYYflm_YkKHA&;`Yjl]jKHAafae]f__YeZYjcYfNaka \YfEakaKHA$c]\m\mcYfKHA$h]jYfKHA$jmYf_daf_cmhYclanalYk KHA$af\]h]f\]fkaKHA$j]khgfkaZadalYk$YcmflYZadalYk$o]o]fYf_$ h]dYhgjYf$`mZmf_Yf\]f_YfYm\alYf$`mZmf_Yf\]f_YfYm\a% lgj]ckl]jfYd$`mZmf_Yf\]f_Yfcgeal]Ym\al$lYf__mf_bYoYZ eYfYb]e]fl]jcYal\]f_Yfh]c]jbYYfKHA$o]o]fYf_eYfYb]% e]f$cg\]]lacYm\alk]jlYbYeafYfemlm imYdalqYkkmjYf[]!&

H]jmefYk`Yk;`Yjl]jKHAoà[`Z][ge]k_ma\Yf[]g^h]j% ^gjeYf[]g^KHAlYkc&Làk;`Yjl]jKHA\]k[jaZ]kKHANakagfYf\ Eakkagf$hgkalagfg^KHA$jgd]g^KHA$k[gh]g^Y[lanala]kg^KHA$ KHA af\]h]f\]f[]$ j]khgfkaZadala]k$ Y[[gmflYZadala]k$ Yml`gja% la]k$j]hgjlaf_$j]dYlagfkàhoal`Ym\al$j]dYlagfkàhoal`]pl]j% fYdYm\algj$j]dYlagfkàhoal`Ym\al[geeall]]$j]khgfkaZadala]k gêYfY_]e]flj]dYlaf_lgKHAogjc$Yml`gjala]kgêYfY_]% e]fl$Ym\al]là[[g\]Yf\imYdalqYkkmjYf[]&

ZLm_Yk\YfLYf__mf_BYoYZKHA

Z<mla]kYf\9ml`gjala]kg^KHA

>mf_kaYm\alafl]jfYd\aH]jmefYk\abYdYfcYfgd]`KYlmYf H]f_YoYk Afl]jf KHA! qYf_ e]dYhgj \Yf Z]jlYf__mf_ bYoYZ c]hY\Y
>mf[lagfgâfl]jfYdYm\alafH]jmefYkakh]j^gje]\Zq Afl]jfKmh]jnakgjqMfal KHA!oà[`j]hgjlkYf\j]khgfkaZd] lg l`] Hj]ka\]fl
)& E]dYckYfYcYfYm\alc]mYf_Yf\YfYm\alcaf]jbY\ak]emY :Y_aYfk]jlYK]cka\aCYflgjHmkYleYmhmfCYflgj;YZYf_ H]jmefYk\YfYfYch]jmkY`YYf& *& E]dYcmcYf Ym\al c`mkmk \Yf Ym\al mflmc lmbmYf l]jl]flm qYf_\alm_YkcYf
)& H]j^gje ÚfYf[aYd Ym\al Yf\ h]j^gjeYf[] Ym\al af Ydd <]hYjle]flk Yf\ K][lagfk af ;]fljYd G^Ú[] Yf\ :jYf[` G^Ú[]g^H]jmefYkYf\kmZka\aYja]k& *& H]j^gjekh][aYdYm\alYf\Ym\al^gj[]jlYafgZb][lan]Yk% ka_f]\ZqHj]ka\]fl
110

2011

-& E]dYckYfYcYf h]fadYaYf e]f_]fYa h]fq]d]f__YjYYf Y\eafakljYka gj_YfakYka \Yf lYlY c]jbY$ h]jkgfad$ eYl]jad$ c]mYf_Yf$ h]jYlmjYf$ `meYk$ h]f_YeYfYf \Yf h]f_gdY% `Yf\YlY& .& E]dYcmcYfh]fadYaYfl]j`Y\Yhh]fq]d]f__YjYYfgh]jYkagf% Yd\Yfh]f_]eZYf_YfmkY`Y& /& E]dYckYfYcYfh]fadYaYfl]j`Y\Yhkakl]eh]f_]f\YdaYf\Yf h]f_YeYfYfc]cYqYYf$h]f\YhYlYf\YfZaYqYh]jmkY`YYf k]jlYh]dYckYfYYffqY& 0& E]dYckYfYcYf cggj\afYka \]f_Yf mfal c]jbY \Yf afklYfka l]jcYal& 1& E]fqmkmf\Yfe]fqaYhcYfdYhgjYf`YkadYm\alk]jlYh]fq]% d]kYaYflaf\YcdYfbml& )(&E]dYcmcYfh]fadYaYf$]nYdmYka\YfcgfkmdlYkak][YjYaf\]% penden kepada Direksi dan manajemen atas sistem pen% _]f\YdaYfafl]jf$eYfYb]e]fjakacg\Yfh]dYckYfYYflYlY c]dgdYh]jmkY`YYf ?;?!$qYf_Z]jlmbmYfmflmce]eZ]ja% cYf fadYa lYeZY` \Yf e]faf_cYlcYf caf]jbY h]jmkY`YYf k][YjYc]k]dmjm`Yf& ))& Acmle]ombm\cYflYlYc]dgdYh]jmkY`YYf\aH]jmefYk&KHA e]f]ehYlcYf \aja k]ZY_Ya EaljY Ym\al]] ha`Yc qYf_ \aYm\al!\YdYelmbmYfh]f[YhYaYfkYkYjYfH]jmefYk&9c% lanalYkKHAe]f[Ycmhh]f_mbaYfYlYkljYfkYckac]mYf_Yf$ [gehdaYf[] c]lYYlYf l]j`Y\Yh h]jYlmjYf!$ k]jlY h]f_m% baYfl]j`Y\Yhkakl]eqYf_Y\Y$hjgk]k\Yfgh]jYkaqYf_ Z]jbYdYf&

-& H]j^gje Ykk]kke]fl af j]kh][l oal` aehd]e]flYlagf g^ gj_YfarYlagf Y\eafakljYlagf Yf\ ogjc gj\]j$ h]jkgff]d$ eYl]jaYd$ÚfYf[]$j]_mdYlagf$hmZda[j]dYlagf$k][mjalqYf\ \YlYhjg[]kkaf_& .& H]j^gje Ykk]kke]fl lg aehd]e]flYlagf g^ gh]jYlaf_ Y[% lanala]kYf\Zmkaf]kk\]n]dghe]fl& /& H]j^gjeYkk]kke]fllg[gfljgdkqkl]eYf\hjgh]jlqk][m% jalq$af[ge]Yf\[gehYfq[gklkYko]ddYkh]j^gjeYf[] `]j]lg& 0& H]j^gje[ggj\afYlagfoalògjcmfalYf\j]dYl]\afklalm% lagf& 1& <]n]dghYf\hj]hYj]j]hgjlg^Ym\alj]kmdlYf\^gddgo%mh Úfakàf_& )(& H]j^gje Ykk]kke]fl$ ]nYdmYlagf Yf\ [gfkmdlYlagf af\]% h]f\]fldq lg l`] :gYj\ g^
ZCmYdaÚcYka\YfK]jlaÚcYka

ZImYdaÚ[YlagfYf\;]jlaÚ[Ylagf

KYYlafaAfl]jfYd9m\alH]jmefYk\ahaehafgd]ÈYeYfk]% ZY_Ya C]hYdY KHA$ qYf_ Z]jlYf__mf_ bYoYZ dYf_kmf_ c]hY\Y
;mjj]fldq$H]jmefYkAfl]jfYd9m\alak[`Yaj]\ZqEYeYf Ykl`];`YajeYfg^KHA$oà[àkj]khgfkaZd]\aj][ldqlgHj]ka% \]fl

EYafYm\algj* log!h]jkgfk& Ea\%d]n]dYm\algj* log!h]jkgfk& BmfagjYm\algj, ^gmj!h]jkgfk& K]fagjYm\algj. kap!h]jkgfk&

K][YjY jmlaf$ Ym\algj e]f_acmla Z]jZY_Ya h]dYla`Yf ZYac qYf_\adYcmcYfk][YjYhmZda[ljYafaf_eYmhmfaf`gmk]ljYafaf_&

Jgmlaf]dq$ Ym\algj Yll]f\k ljYafaf_ Zgl` hmZda[ ljYafaf_ Yf\af`gmk]ljYafaf_&

ZJmYf_Daf_cmhC]jbYKHA

ZKHAOgjcK[gh]

)& E]eYklacYfZYòYkakl]eh]f_]f\YdaYfh]jmkY`YYfl]dY` e]eY\Ya$Z]c]jbYk][YjY]Úka]f\Yf]cgfgeak$k]jlYZ]j%

)& EYc]kmj]l`Yll`][gehYfqk[gfljgdkqkl]eakhjgh]j$ ogjck]^Ú[a]fldqYf\][gfgea[Yddq$Yf\ogjck]^^][lan]dq

20

111

afj]Y[àf_g^\]kaj]\gZb][lan]Yf\lYj_]l&

^mf_ka k][YjY ]^]cla^ \YdYe e]f[YhYa lmbmYf \Yf kYkYjYf qYf_\aaf_afcYf& *& E]f_mba \Yf e]f_]nYdmYka c]ZabYcYf%c]ZabYcYf$ hjgk]\mj% hjgk]\mj klYf\Yj\ gh]jYlaf_ hjg[]\mj]k!$ \Yf kakl]e% kakl]eqYf_Y\Y$mflmce]eZ]jacYfc]qYcafYfZYòYaf% ^geYkaqYf_\a`YkadcYf\YhYl\aYf\YdcYf$\Yfl]dY`k]kmYa \]f_Yfh]jYlmjYf& +& E]j]na]o\Yfe]fadYa]^]clanalYk\Yfc][mcmhYfh]f_]f\Y% daYfc]mYf_Yf\YfY\eafakljYka& ,& E]f_]nYdmYka c]`Yf\YdYf af^gjeYka c]mYf_Yf \Yf af^gj% eYkagh]jYkagfYd& -& E]fadYa c][mcmhYf kYjYfY%kYjYfY mflmc e]fbY_Y \Yf e]daf\mf_ac]cYqYYfh]jmkY`YYf& .& E]dYckYfYcYfh]fm_YkYfc`mkmkqYf_j]d]nYf\]f_Yfjm% Yf_daf_cmhh]c]jbYYfl]jk]Zml\aYlYk$k]h]jla$h]fq]da\acYf \Yf h]f_mf_cYhYf YlYk h]fqaehYf_Yf$ c][mjYf_Yf \Yf h]eZgjgkYf& KHAl]dYè]fqmkmfHjg_jYeC]jbYLY`mf*()($\]f_Yf j]f[YfYHCHL&Z]jbmedY`+.gZb]ch]e]jackYYf&J]YdakYka HCHL& Z]jbmedY` +0 gZb]c h]e]jackYYf YlYm e]f[YhYa )(-$-- \Yja j]f[YfY *()(&
112

*& L]klYf\]nYdmYl]hgda[a]k$hjg[]\mj]k klYf\Yj\gh]jYl% af_hjg[]\mj]!$Yf\]paklaf_kqkl]eklg_an]Z]da]^l`Yl l`]af^gjeYlagfhjgna\]\akj]daYZd]$Yf\`YkZ]]fafY[% [gj\Yf[]oal`j]_mdYlagf& +& J]na]oYf\Ykk]kk]^^][lan]f]kkYf\km^Ú[a]f[qg^ÚfYf% [aYdYf\Y\eafakljYlan][gfljgd& ,& =nYdmYl]ÚfYf[aYdaf^gjeYlagfj]daYZadalqYf\gh]jYlagfYd af^gjeYlagf& -& 9kk]kkkm^Ú[a]f[qg^^Y[adala]klgeYaflYafYf\hjgl][ll`] [gehYfqkhjgh]jlq& .& H]j^gjekh][aYdYkka_faf_oà[àkj]d]nYfloal`k[gh]g^ ogjce]flagf]\YZgn]km[`Ykafn]kla_YlagfYf\\ak[dg% kmj]^gjnagdYlagf$^jYm\md]f[]Yf\oYkl]&

KHA `Yk hj]hYj]\ Ogjc Hjg_jYe Q]Yj *()($ oal` HCHL hdYf af l`] Yegmfl g^ +. Ym\alaf_ gZb][lk& J]YdarYlagf g^ HCHL Yegmflaf_ lg +0 Ym\alaf_ gZb][lk gj j]Y[àf_ g^ )(--- g^ *()(k hdYf& >jge l`] aehd]e]flYlagf g^ ogjc hjg_jYe q]Yj *()( hjg\m[]\ +++ j][gee]f\Ylagf Yf\ Yk eYfq Yk *). j][gee]f\Ylagfk `Yn] Z]]f ^gddgo]\ mh o`]j]Ykl`]j]eYafaf_kladdafhjg[]kkg^k]lld]e]flaf[dm\af_ hjg[]\mj]aehjgn]e]fl$\g[me]flYlagf[gehd]l]f]kk$afl]j% mfalk [ggj\afYlagf$ Ydkg lg l`] j][gee]f\Ylagf l`Yl f]]\k Yll]flagfg^l`]:gYj\g^mjl`]j h]j^gjeYf[]`YkZ]]fjmffaf_o]ddafaf[gf^gjealqoal`l`] j][gee]f\Ylagf$ af[dm\af_ j][gee]f\Ylagf ^jge kh][aYd Ym\al&

2011

E9F9B=E=FJAKACG

JAKCKE9F9?=E=FL

Af jmffaf_ alk Zmkaf]kk$ H]jmefYk ^Y[]k l`] jakc oà[` [Yf afÛm]f[] Zmkaf]kk j]kmdl g^ H]jmefYk a^ eYfY_]e]fl Yf\Yfla[ahYlagfe]Ykmj]kYj]fglhj]hYj]\&>gddgoaf_kYj] ]phdYfYlagfg^]Y[`jakc^Y[]\ZqH]jmefYk&

ZJakacgC]mYf_Yf

Z>afYf[aYdJakck

H]jmefYk \almflml mflmc e]f[Yja h]eZaYqYYf ]ckl]j% fYd mflmc e]eZaYqYa eg\Yd c]jbY YlYm Z]dYfbY eg\Yd mflmc e]f\mcmf_ h]jlmeZm`Yf ZakfakfqY& C]eYehmYf H]jmefYk mflmc e]f_Y\YcYf h]eZaYqYYf ]ckl]jfYd \Yf ZaYqY h]eZa% YqYYf l]jk]Zml Z]j_Yflmf_ hY\Y Z]Z]jYhY ^Yclgj$ l]jeYkmc \a\YdYefqYcgf\aka]cgfgeameme\YfhYkYjeg\Yd$laf_cYl kmcm Zmf_Y$ c]l]jk]\aYYf hafbYeYf \Yja ZYfc YlYm cj]\algj dYaffqY$c]h]j[YqYYfafn]klgjl]j`Y\YhH]jmefYk$c]kmck]kYf Zakfak H]jmefYk$ c]l]lYhYf mf\Yf_%mf\Yf_ h]jhYbYcYf \Yf kmjYl%kmjYlZ]j`Yj_YqYf_l]jcYal\]f_YfmkY`YH]jmefYkmf% lmc e]f\YhYlcYf lYeZY`Yf eg\Yd$ \Yf c]Y\YYf hgdalac \Yf ]cgfgea \a Af\gf]kaY& La\Yc l]j\YhYl bYeafYf ZYòY h]eZa% YqYYf lYeZY`Yf$ ZYac bYf_cY h]f\]c eYmhmf bYf_cY hYf% bYf_$ \YhYl l]jk]\aY mflmc H]jmefYk$ YlYmhmf bacY l]jk]\aY$ h]eZaYqYYfl]jk]ZmlZakY\a\YhYlcYf\]f_Yfh]jkqYjYlYfqYf_ cmjYf_e]f_mflmf_cYfZY_aH]jmefYk&

H]jmefYk ak \]eYf\]\ lg k]]c gml ]pl]jfYd ÚfYf[af_ ^gj ÚfYf[af_ ogjc [YhalYd gj [YhalYd ]ph]f\almj] lg kmhhgjl alk Zmkaf]kk _jgol`& H]jmefYk [YhYZadala]k lg eYc] ]pl]jfYd ÚfYf[af_Yf\km[`ÚfYf[af_[gklk\]h]f\mhgfkge]^Y[lgjk$ af[dm\af_ _]f]jYd ][gfgea[ [gf\alagf Yf\ [YhalYd eYjc]l$ afl]j]kl jYl]$ dgYf YnYadYZadalq gj Yfgl`]j [j]\algjk$ Z]da]^ g^ afn]klgj lg H]jmefYk$ H]jmefYk Zmkaf]kk km[[]kk$ klahmdY% lagf g^ dYo gf lYpYlagf Yf\ [gee]j[aYd hYh]jk j]dYlaf_ lg H]jmefYkZmkaf]kklggZlYafY\\alagfYd[YhalYd$Yf\hgdala[Yd Yf\][gfgea[k[gf\alagfafAf\gf]kaY&L`]j]akfgYkkmjYf[] l`YlY\\alagfYdÚfYf[af_$]al`]jk`gjll]jegjdgf_l]je$[Yf Z]YnYadYZd]^gjH]jmefYk$gja^fglYnYadYZd]$km[`ÚfYf[af_ [YfZ]gZlYaf]\oal`l`]j]imaj]e]flkoà[àkd]kkZ]f]Ú% [aYdlgH]jmefYk&

ZJakacgC]ZabYcYfH]e]jaflY`

ZJakckg^l`]?gn]jfe]flHgda[q

H]jmefYk \YdYe Z]flmc H]jme$ e]f_af\acYkacYf ka^Yl _Yf\Y$ qYalm k]ZY_Ya d]eZY_Y qYf_ Z]jlm_Yk e]fq]\aYcYf h]dYqYfYfZY_ac]eYf^YYlYfmeme Ykh]ckgkaYd!\Yfk]cY% da_mk k]ZY_Ya mfal mkY`Y qYf_ \a`YjYhcYf \YhYl e]emhmc c]mflmf_Yf& K]ZY_aYf h]f\YhYlYf H]jmefYk Z]jYkYd \Yja h]fbmYdYfjmeYèaka\Yfh]f\YhYlYf\YjajmeY`k]oYeaka \aeYfY \a \YdYe h]fq]\aYYffqY e]eadaca c]l]j_Yflmf_Yf c]hY\Y\YfYkmZka\aH]e]jaflY`YlYmhgdYc]ZabYcYfkmZka\a k]àf__Y c]l]jZYlYkYf \YfY kmZka\a YcaZYl h]jmZY`Yf c]Za% bYcYf H]e]jaflY` \YhYl Z]jh]f_Yjm` c]hY\Y h]f\YhYlYf H]jmefYk& Jakacg afa bm_Y \YhYl laeZmd mflmc hjgq]chjgq]c qYf_ Z]jYkYd \Yja H]e]jaflY` YlYmhmf :MEF k]jlY :ME< k]`mZmf_Yf \]f_Yf \alYf__m`cYffqY h]dYckYfYYf hjgq]c l]jk]ZmlYcaZYlh]jmZY`Yfc]ZabYcYfH]e]jaflY`&K]dYafalm$

H]jmefYk af ^gje g^ H]jme$ a\]flaâ]k \gmZd] [`Yj% Y[l]jakla[k$ l`Yl ak Yk afklalmlagf Ykka_f]\ lg hjgna\] k]j% na[]^gj_]f]jYdmk] kg[aYdYkh][l!Yf\YdkgYkZmkaf]kk mfal oà[` ak `gh]\ lg ^]jladar] hjgâl& EYbgjalq af[ge] g^ H]jmefYk Yj] ^jge k]ddaf_ g^ eakkagf `gmk] Yf\ af% [ge] ^jge d]Yk] `gmk] o`]j] alk hjgnakagf `Yk j]daYf[] lgl`]?gn]jfe]flKmZka\ajqgjkmZka\qhgda[qhYll]jfkg k`gjlY_]g^kmZka\ar]\^mf\j]kmdlaf_^jge[`Yf_]g^l`] _gn]jfe]flhgda[q[Yfaf^dm]f[]lgaf[ge]g^H]jmefYk& Af Y\\alagf$ làk jakc Ydkg Yhh]Yjk ^gj hjgb][lk ^jge l`] ?gn]jfe]fl gj :MEF Yf\ :ME< j]dYlaf_ lg kmkh]f\]\ hjgb][lh]j^gjeYf[]j]kmdlaf_^jgel`]?gn]jfe]flHgd% a[q&AfY\\alagf$j]_agfYdYmlgfgeqYf\j]_mdYlagf^jge l`]?gn]jfe]floà[àkd]kkafl]_jYl]\j]kmdlaf_\a^^]j%

20

113

glgfgea\Y]jY`\Yfj]_mdYkaH]e]jaflY`qYf_cmjYf_l]jaf% l]_jYkae]f_YcaZYlcYfh]jYlmjYf\Yfh]jabafYfH]e]jaflY`
]flj]_mdYlagfYf\da[]fk]kg^l`]J]_agfYd?gn]jfe]fl& Làkoaddaf^dm]f[]lgkmkh]f\]\ogjc'hjgb][l$kgaleYq \][daf]af[ge]g^H]jmefYk&

ZJakacgGh]jYkagfYd

ZGh]jYlagfYdJakck

Cgfkljmckak]ZmY`h]f_]eZYf_YfZYjme]f_Yf\mf_Jakacg% JakacgqYf_ka_faÚcYf$l]jeYkmcc]cmjYf_YfZY`Yf\YkYjYlYm l]fY_Yc]jbYl]jdYla`$h]eZYf_mfYflYcl]j\m_Y$h]jeYkYdY`Yf daf_cmf_Yf YlYm _]gdg_ak$ h]f_`]flaYf c]jbY$ Y\YfqY h]jcYjY$ _Yf__mYf[mY[Y$ZYfbaj\Yfh]faf_cYlYfZaYqYqYf_lYcl]j\m_Y$ k]emYfqYqYf_\YhYle]f_`YeZYlh]eZYf_mfYfYlYmhmfe]% fYeZY` ZaYqY& EakYdfqY h]faf_cYlYf `Yj_Y ZY`Yf ZYf_mfYf YcYfe]faf_cYlcYfZaYqYh]eZYf_mfYf&C]kmdalYf\YdYee]f% \YhYlcYf kqYjYl dak]fka$ abaf$ YdgcYka YlYmhmf h]eZ]jaYf cmYkY \Yja h]f_mYkY l]jcYal \YhYl e]fYeZY` ZaYqY$ YlYm e]fmf\Y cgfkljmckaYlYmh]eZmcYYf$\Yjah]f_]eZYf_YfZYjm&

9 f]o \]n]dghe]fl [gfkljm[lagf [gflYafk ka_faâ[Yfl Jakck$ af[dm\af_ dY[c g^ ZYka[ eYl]jaYdk gj o]dd ljYaf]\ h]jkgff]d$ mf]ph][l]\ \]n]dghe]fl$ ]fnajgfe]flYd Yf\ _]gdg_a[Ydj]dYl]\hjgZd]ek$bgZklghhY_]$Yhh]YjYf[]g^ [Yk]$o]Yl`]j\aklmjZYf[]$^dgg\Yf\af[j]Ykaf_mf]ph][l% ]\[gklk$YddeYll]jkoà[`[Yfhj]n]fl\]n]dghe]flgjY\\ [gklk&>gj]pYehd]$af[j]Ykaf_Zmad\af_[gklk&
K]dYafalm$H]jmefYke]f__mfYcYfcgfljYclgjha`Ycc]la_Y mflmce]f\YhYlcYfZ]jZY_YabYkY\YdYejYf_cYh]f_]eZYf% _Yf hjgh]jla$ l]jeYkmc cgfkljmcka$ e]eYkYf_ laYf_ \Yf ^gf% \Yka$h]c]jbYYfh]eYkYf_YfZYf_mfYf\Yfhjgh]jla$\]cgjYka afl]jagj$afklYdYkamfalh]f\af_afjmYf_Yf\Yfh]c]jbYYf]d]nY% lgj\Yfh]jlYeYfYf&H]jmefYke]f_`Y\YhajakacgZYòYcgf% ljYclgj\YhYlkYbYe]eZmlm`cYflYeZY`Yfeg\Yd\admYj`Yj_Y qYf_hY\YYoYdfqY\al]f\]jcYfmflmce]fq]d]kYacYfk]ZmY` hjgq]c\YfH]jmefYkemf_caf`Yjmke]fYf__mf_lYeZY`Yf ZaYqYmflmce]eZ]jaafk]fla^qYf_e]f[mcmhahY\YcgfljYclgj mflmce]fq]d]kYacYfhjgq]c%hjgq]cfqY& D]Za`bYm`dY_a$l]j\YhYljakacgZYòYcgfljYclgj%cgfljYclgj mlYeY\YhYle]f_YdYeac]kmdalYfc]mYf_YfYlYmc]kmdalYf%c]k% mdalYfdYaffqY$qYf_\YhYle]eh]f_Yjmàc]eYehmYfe]j]cY mflmce]dYcmcYfh]c]jbYYfcgfkljmcka$qYf_\YhYle]f_`Ye% ZYl h]fq]d]kYaYf hjgq]c h]eZYf_mfYf YlYm e]f_YcaZYlcYf h]faf_cYlYfZaYqYhY\YH]jmefYk& La\Yc l]j\YhYl bYeafYf ZYòY bYkY%bYkY qYf_ \aZ]jacYf gd]`cgfljYclgj%cgfljYclgjha`Ycc]la_YYcYfk]dYdme]emYkcYf YlYmk]kmYa\]f_Yflaf_cYlcmYdalYkqYf_\alYj_]lcYfH]jmefYk& K]emY^Yclgj%^Yclgj\aYlYk\YhYlZ]jh]f_Yjm`Zmjmcl]j`Y\Yh Zakfak$j]hmlYka$c]Y\YYfÚfYfkaYd\Yf`YkadmkY`YH]jmefYk&

:]ka\]k$ H]jmefYk mk]k [gfljY[lgj g^ l`] làj\ hYjlq lg gZlYaf nYjagmk k]jna[]k ^gj hmjhgk] g^ \]n]dghaf_ hjgh% ]jlq$af[dm\af_[gfkljm[lagf$]j][lhgd]Yf\^gmf\Ylagf$]j][l Zmad\af_ Yf\ hjgh]jlq$ afl]jagj \][gjYlagf$ Yaj [gf\alagfaf_ mfalafklYddYlagfYf\]d]nYlgjYf\_Yj\]faf_&H]jmefYk^Y[]k l`]jakckl`Yl[gfljY[lgjeYqf]]\Y\\alagfYd[YhalYdgmlg^ l`]hja[]hj]nagmkdql]f\]j]\lg[gehd]l]l`]hjgb][lYf\H]% jmefYkk`YddZ]j]khgfkaZd]Y\\alagfYd[gklklg_an]j]Ykgf% YZd]af[]flan]lgl`];gfljY[lgjlgÚfak`l`]hjgb][lk& >mjl`]j$ l`]j] ak l`] jakc l`Yl l`] eYaf [gfljY[lgjk [Yf ]ph]ja]f[] ÚfYf[aYd \a^Ú[mdla]k gj gl`]j \a^Ú[mdla]k$ oà[` [YfafÛm]f[]l`]aj[YhYZadala]klgmf\]j_g[gfkljm[lagfogjc$ oà[`[Yfhj]n]flhjgb][l[gehd]lagfgjj]kmdlaf_lgaf[j]Yk% af_[gklklgH]jmefYk& L`]j]akfg_mYjYfl]]l`Yll`]k]jna[]khjgna\]\ZqYfq làj\ hYjlqk [gfljY[lgjk oadd YdoYqk kYlak^q gj [gf^gjealq oal` imYdalq d]n]d lYj_]l]\ Zq H]jmefYk& 9dd ^Y[lgjk e]f% lagf]\YZgn][Yf_an]f]_Ylan]aehY[llgZmkaf]kk$j]hmlY% lagf$ÚfYf[aYd[gf\alagfYf\Zmkaf]kkj]kmdlg^H]jmefYk&

ZJYoEYl]jaYdkJakc

ZJakacg:Y`Yf:Ycm EYl]jaYd cgfkljmcka k]h]jla Z]ka Z]lgf$ k]e]f e]jmhYcYf

114

2011

;gfkljm[lagfeYl]jaYdkm[`Yk[gf[j]l]ajgf$[]e]fl[gf%

kYdY`kYlmZY`YfZYcmh]flaf_ZY_ac]dYf[YjYfh]eZYf_mfYf hjgq]c cgfkljmcka& C]dYf_cYYf eYl]jaYd \Yf c]la\YcdYf[YjYf h]f_Y\YYf eYl]jaYd l]jk]Zml \YhYl e]fq]ZYZcYf c]fYacYf `Yj_YZY`Yf\Yf\YhYle]f__Yf__mh]fq]d]kYaYfhjgq]cqYf_ \ac]jbYcYfH]jmefYk&@Ydl]jk]Zml\YhYle]fq]ZYZcYfh]fm% jmfYfdYZYH]jmefYk&

klalml]k gf] g^ aehgjlYfl eYl]jaYdk ^gj keggl`f]kk hjgb][l \]n]dghe]fl& JYj] eYl]jaYdk Yf\ afl]jjmhlagf eYl]jaYdk hjg[mj]e]fl [Yf [Ymk] af[j]Ykaf_ eYl]jaYdk hja[] Yf\ [Yf hj]n]fl [gehd]lagf g^ hjgb][l \gf] Zq H]jmefYk& Làk [Yf d]Y\lg\][j]Ykaf_H]jmefYkhjgÚl&

ZJakacgH]jkYaf_YfMkY`Y

Z:mkaf]kk;geh]lalagfJakck

Laf__afqYh]jkYaf_YfmkY`Y\aaf\mkljahjgh]jla\YhYl\ada% `Yl\YjaZYfqYcfqYhYkgcYfl]j`Y\Yhhjg\mc%hjg\mchjgh]jla\a Af\gf]kaY&:]jY_YefqYcgfk]hqYf_\alYoYjcYfgd]`Z]Z]jYhY cgeh]lalgjH]jmefYkZ]jhgl]fkae]f_mjYf_ah]jeaflYYfYlYk hjg\mc%hjg\mcH]jmefYk&
@a_`Zmkaf]kk[geh]lalagfafhjgh]jlqaf\mkljq[YfZ]k]]f ^jgeYegmflg^kmhhdqg^hjgh]jlqhjg\m[lkafAf\gf]kaY&NYja% gmk[gf[]hlg^^]j]\Zqkge][geh]lalgjg^H]jmefYkakhgl]f% laYdj]\m[af_j]im]kllghjg\m[lkg^H]jmefYk&Afkge]hjgb][l kal]$l`]j]Yj]eYfqhgjl^gdagg^hjgb][l[geh]l]kgh]fdqoal` hjanYl] k][lgj egj] ]^Ú[a]fldq af l`] aehd]e]flYlagf g^ l`] hjgb][l$kgalakfgl_mYjYfl]]\l`YlH]jmefYkhjgb][loaddZ] YdoYqkZ]ll]jgj`Ynaf_[geh]lalan]Y\nYflY_][gehYj]\lgalk [geh]lalgj&AfY\\alagf$l`]_gn]jfe]flhgda[qoà[òadd^gje f]o`gmkaf_Y_]f[q$Yld]Ykloadd_an]em[àfÛm]f[]lgoYj\ l`]dgf_]j_gn]jfe]flZmj]Ym[jY[q[`Yafaf`Yf\daf_`gmkaf_ k][lgj&>gjYfla[ahYlaf_làkeYll]j$H]jmefYk`YkeY\]]^^gjlk lgakkm]affgnYlan]hjg\m[loal`mk]g^H]jmefYkhjgb][lkal] oà[`Yn]jY_]`Ynaf_kljYl]_a[kal]&

ZJakacg>dmclmYkaHYkYjHjgh]jla

ZHjgh]jlqEYjc]l>dm[lmYlagfJakc

Af\mklja hjgh]jla Af\gf]kaY Y\YdY` af\mklja qYf_ Z]jkacdmk \Yf \ah]f_Yjmà k][YjY ka_faÚcYf gd]` h]jmZY`Yf cgf\aka ]cgfgeamemeeYmhmfdgcYd$eakYdfqYlaf_cYlh]f_Yf__mjYf$ c]l]jk]\aYYf h]eZaYqYYf$ kmcm Zmf_Y$ laf_cYl c]h]j[YqYYf cgfkme]f \Yf h]jeaflYYf mflmc hjg\mc hjgh]jla$ ZYac jal]d$ cYflgj eYmhmf h]jmeY`Yf& Hjgk]k h]f_]eZYf_Yf$ h]eZa% YqYYf \Yf h]f__mfYYf kmeZ]j \YqY dYaffqY \adYckYfYcYf bYm`k]Z]dme`Ykadhjgq]c\ahYkYjcYf$qYf_\YhYll]jbY\ac]lacY hYkYjhjgh]jlak]\Yf_e]f_YdYea\]hj]ka&9\YfqYl]cYfYf\a af\mklja hjgh]jla Af\gf]kaY \YhYl e]eh]f_Yjmà Zakfak$ c]Y\% YYfc]mYf_Yf\Yf`Ykadgh]jYkaH]jmefYk&

Af\gf]kaYk Hjgh]jlq Af\mkljq ak Af\mkljq `Ynaf_ [q[d] Yf\ n]jq em[` afÛm]f[]\ ka_faÚ[Yfldq Zq _]f]jYd gj dg[Yd ][gfgea[[gf\alagf[`Yf_]$^gj]pYehd]bgZd]kkd]n]d$ÚfYf[% af_ YnYadYZadalq$ afl]j]kl jYl]$ [gfkme]j ljmkl d]n]d Yf\ j]% im]kl ^gj hjgh]jlq hjg\m[l$ ]al`]j j]lYad$ g^Ú[] gj `gmkaf_& <]n]dghaf_hjg[]kk$ÚfYf[af_Yf\mk]g^Yfgl`]jj]kgmj[]k Yj] eY\] ^Yj hjagj lg eYjc]laf_ hjgb][l j]kmdl$ oà[` [Yf `Yhh]f o`]f hjgh]jlq eYjc]l ]ph]ja]f[]k \]hj][aYlagf& Hj]k]f[] g^ hj]kkmj] af Af\gf]kaYk hjgh]jlq af\mkljq [Yf afÛm]f[]Zmkaf]kk$ÚfYf[aYd[gf\alagfYf\H]jmefYkgh]j% Ylaf_j]kmdlk&

ZJakacgC]fYacYf@Yj_Y

ZHja[]@ac]Jakc

K]laYh hjgq]c qYf_ k]\Yf_ \ac]jbYcYf H]jmefYk \aacYl \]f_YfkmYlmcgfljYc$\aeYfYk]laYhc]fYacYf`Yj_YeYl]% jaYd$mhY`\YfZY`Yfh]fmfbYf_qYf_\ak]ZYZcYfgd]`cgf\aka

=Y[`hjgb][lZ]af_[Yjja]\gmlZqH]jmefYkakZgmf\oal` Y[gfljY[l$o`]j]]Y[`àc]gêYl]jaYdhja[]$oY_]Yf\kmh% hgjlaf_eYl]jaYdk[Ymk]\ZqeYjc]l[gf\alagfgj?gn]jfe]fl Hgda[qeYq[Ymk]dgkklgoYj\kkm[`hjgb][l$hYjla[mdYjdq^gj

20

115

hYkYj YlYmhmf c]ZabYcYf H]e]jaflY` \YhYl e]f_YcaZYlcYf c]jm_aYf YlYk hjgq]c l]jk]Zml$ c`mkmkfqY mflmc hjgq]c% hjgq]cqYf_oYclmh]fq]d]kYaYffqYd]Za`\Yja) kYlm!lY`mf \YfcgfljYcfqYla\Yce]f_Ycgeg\ajh]fq]kmYaYfc]fYacYf `Yj_Y%`Yj_Y l]jk]Zml& FYemf \]eacaYf hY\Y memefqY hjgq]c%hjgq]c qYf_ oYclm h]fq]d]kYaYffqY d]Za` \Yja ) kYlm!lY`mf$cgfljYcfqYkm\Yè]f_Ycgeg\ajc]emf_cafYf c]fYacYf `Yj_Y& Hjg\mc H]jmefYk eYka` \a\geafYka mflmc eYkqYjYcYl e]f]f_Y` ZYoY` jmeY` Z]jkmZka\a!$ \a eYfY `Yj_Y jmeY` l]dY` \al]flmcYf gd]` H]e]jaflY` ii C]e]f% l]jaYf H]jmeY`Yf JYcqYl& La\Yc Y\Y bYeafYf ZYòY `Yj_Y jmeY` Z]jkmZka\a YcYf e]f_YdYea c]fYacYf k]laYh oYclm l]jl]flm$k]h]jladYqYcfqYc]fYacYflYja^bYdYflgd&

l`] hjgb][lk oà[` [gehd]lagf h]jag\ ak egj] l`Yf ) gf]! q]YjYf\l`][gfljY[lfglY[[geeg\Yl]Y\bmkle]fllgkm[` hja[]k àc]& F]n]jl`]d]kk$ _]f]jYddq l`] hjgb][lk o`]j] l`] [gehd]lagf h]jag\ ak egj] l`Yf ) gf]! q]Yj$ l`] [gfljY[l `YkY[[geeg\Yl]\hgkkaZadalqg^hja[]àc]&H]jmefYkhjg\% m[l ak kladd \geafYl]\ ^gj e]\ame lg dgo]j af[ge] ZjY[c]l h]ghd] kmZka\ar]\`gmk]k!$o`]j]l`]`gmk]hja[]`YkZ]]f \]l]jeaf]\ Zq l`] _gn]jfe]fl ii Eafakljq g^ HmZda[ @gmk% af_&L`]j]akfg_mYjYfl]]l`YlkmZka\ar]\`gmk]hja[]oadd ]fbgqaf[j]Yk]Yfq[]jlYaflae]$dac]lgddjgY\jYl]àc]&

ZD]_Yd;dYaeJakc

ZJakacg?m_YlYf@mcme H]jmefYk Z]jmkY`Y mflmc e]eh]jgd]` @Yc ?mfY :Yf% _mfYf @?:!YlYklYfY`%lYfY`qYf_ \ah]jgd]` qYalm`Yc YlYk lYfY`qYf_l]jZYacqYf_\YhYl\aZ]jacYfc]hY\Y:Y\Yf@mcme \a Af\gf]kaY \Yf e]eh]jgd]` abaf mflmc e]eZYf_mf AE:! ZY_ak]laYhh]eZYf_mfYfhjgq]cH]jmefYk&
H]jmefYk`YkeY\]]^^gjlklggZlYaf:mad\af_Mk]Ja_`l @?:! ^gj l`] dYf\k gZlYaf]\ l`Yl ak l`] ja_`l gn]j l`] Z]kl dYf\oà[`[YfZ]_an]flgYfqd]_YdZmj]YmafAf\gf]kaYYf\ gZlYaf]\ da[]fk] lg [gfkljm[l AE:! ^gj ]Y[` hjgb][l \]n]dgh% e]flg^H]jmefYk&Afl`]hjg[]kkg^Y[imakalagfg^ja_`lkgn]j l`] dYf\ l`]j] ak hgkkaZadalq g^ \akhml] [gf[]jfaf_ d]_Ydalq g^ gof]jkàh ja_`lk gj dYf\ [gfljgd oà[` ak gZlYaf]\ ^jge hmj[`Ykaf_g^dYf\eY\]ZqH]jmefYk&:]ka\]k$l`]\ak[mk% kagfhjg[]kkoal`l`]dYf\gof]joà[``YklgZ]eY\]Zq H]jmefYkYkh]jealZ]Yj]jYdkg[Yfhgklhgf]gj]n]fklgh l`]dYf\hmj[`Ykaf_a^km[`\ak[mkkagffglkm[[]kk^mdYf\Ydkg [Yf[Ymk]hgklhgf]\Y[imakalagf:mad\af_Mk]Ja_`lk @?:! gn]jl`]dYf\oà[`[Yf[Ymk]\aklmjZ]\H]jmefYkHjgb][lk Yf\kYd]k&

ZJakacg=cgfgea\YfKgkaYdHgdalac

Z=[gfgea[Yf\Kg[ag%Hgdala[YdJakck

Cgf\akah]j]cgfgeaYf\YfkgkaYdhgdalacqYf_cmjYf_ZYac$ l]jeYkmcqYf_\ak]ZYZcYfcYj]fYc]ZabYcYfH]e]jaflY`$\YhYl Z]jYcaZYle]fmjmffqYafn]klYka\Yfh]eZYf_mfYf&@Ydafa\Y% hYle]fq]ZYZcYflmjmffqYbmedY`hjgq]ch]eZYf_mfYf\Yf k]dYfbmlfqYZ]j\YehYcf]_Yla^c]hY\Ycaf]jbYH]jmefYk&

Hggj ][gfgea[ Yf\ kg[ag hgdala[Yd [gf\alagf$ af[dm\af_ l`gk] Yj] j]kmdlaf_ ^jge l`] _gn]jfe]fl hgda[q$ [Yf [Ymk] \][j]Ykaf_afn]kle]flYf\\]n]dghe]fl&Làk[YfZjaf_\gof fmeZ]jg^hjgb][lk^gj\]n]dghe]flYf\l`]f_anaf_f]_Ylan] aehY[llgH]jmefYkh]j^gjeYf[]&

ZJakacgCgeh]l]fkaHY\YAf\mklja Properti di Indonesia

Z;geh]l]f[qJakclgHjgh]jlqAf\mkljq in Indonesia

C]_aYlYfh]eZYf_mfYfH]jmefYke]f_`Y\Yhah]jkYaf_Yf ZYac \Yja h]f_]eZYf_ hjgh]jla afl]jfYkagfYd eYmhmf dgcYd qYf_Z]jc]fYf\]f_Yf^Yclgj%^Yclgjk]h]jladgcYka$^YkadalYk\Yf

9[lanala]kg^\]n]dghaf_H]jmefYk^Y[][geh]lalagf]al`]j ^jgeAfl]jfYdhjgh]jlq\]n]dgh]jgjdg[Yd\]n]dgh]jj]dYlaf_ lg ^Y[lgjk km[` Yk dg[Ylagf$ ^Y[adalq Yf\ kmhhgjlaf_ af^jY%

116

2011

af^jYkljmclmjh]f\mcmf_$h]dYqYfYf\Yf`Yj_Y&Laf__afqYlaf_% cYlh]jkYaf_YfqYf_Y\YhY\YkYYlYflYjYhYjYh]f_]eZYf_ hjgh]jla\YhYle]f_YcaZYlcYfh]faf_cYlYfZaYqYmflmcYcma% kakalYfY`$c]d]Za`YfhYkgcYfhjgh]jla\Yfh]jdYeZYlYf\YdYe hjgk]k h]jk]lmbmYf mflmc h]f_]eZYf_Yf hjgh]jla ZYjm gd]` ha`YcH]e]jaflY`l]jcYal$k]emYafal]flmfqYe]eZ]jacYfh]f% _Yjm` f]_Yla^ l]j`Y\Yh c]_aYlYf mkY`Y H]jmefYk& La\Yc Y\Y bYeafYfZYòYH]jmefYkYcYf\YhYlZ]jkYaf_\]f_YfZYac\a eYkYe]f\YlYf_\]f_Yfh]kYaf_qYf_Y\YhY\YkYYlafaYlYm h]kYaf_hgl]fkaYddYaffqYYlYmla\YcY\YbYeafYfZYòYh]f% af_cYlYfh]jkYaf_Yfla\YcYcYfe]eZ]jacYf\YehYceYl]jaYd qYf_e]jm_acYfl]j`Y\Yhc]_aYlYfmkY`Y$h]f\YhYlYfmkY`Y$ `YkadmkY`Y$dYZYZ]jka`\Yfhjgkh]cmkY`YH]jmefYk&

kljm[lmj]$ k]jna[] Yf\ hja[]& @a_` [geh]lalan]f]kk Z]lo]]f hjgh]jlq \]n]dgh]j [Yf [Ymk] af[j]Ykaf_ [gklk ^gj dYf\ Y[% imakalagf$hjgh]jlqkmhhdq]p[]kkYf\\][]d]jYlagfafhjg[]kk g^ YhhjgnYd ^gj f]o hjgh]jlq \]n]dghe]fl Zq l`] j]d]nYfl ?gn]jfe]flHYjlq$Yddg^l`]k][]jlYafdq_an]f]_Ylan]afÛm% ]f[]lgH]jmefYkZmkaf]kkY[lanala]k&L`]j]akfgYkkmjYf[] l`YlH]jmefYkoaddZ]YZd]lg[geh]l]kYlak^Y[lgjadqaf^mlmj] oal`]paklaf_[geh]lalgjkgjYfgl`]jhgl]flaYd[geh]lalgjgj l`]j] ak fg _mYjYfl]] l`Yl af[j]Ykaf_ [geh]lalagf oadd fgl _an] eYl]jaYd aehY[l \YeY_af_ lg Zmkaf]kk Y[lanala]k$ Zmka% f]kkaf[ge]$Zmkaf]kkj]kmdl$f]lhjgÚlYf\hjgkh][lZmkaf]kk g^h]jmefYk&

ZJakacgA\]flaÚcYkaHjgq]c

ZHjgb][lA\]flaÚ[YlagfJakck

C]eYehmYf H]jmefYk \YdYe e]f_a\]flaÚcYka hjgq]c% hjgq]c qYf_ k]kmYa e]jmhYcYf `Yd l]jh]flaf_ \YdYe Zakfak H]jmefYk\Yfe]daZYlcYfZ]Z]jYhYJakacgl]jl]flm$l]jeYkmc e]f_a\]flaÚcYka\Yfe]f\YhYlcYfZa\Yf_lYfY`qYf_k]kmYa$ e]fYjaceafYlh]eZ]dahgl]fkaYdl]j`Y\Yhhjgh]jlaH]jmefYk \Yf e]eY`Yea k]d]jY h]eZ]da hgl]fkaYd$ e]fYf__Yha c]Zm% lm`Yfe]j]cYk]jlYe]f_YflakahYkah]jmZY`Yf\YdYeaf\mklja hjgh]jla \a Af\gf]kaY$ e]fq]d]kYacYf hjgq]c l]hYl oYclm&
;YhYZadala]k g^ H]jmefYk af a\]fla^qaf_ Y\]imYl] hjg% b][lk ak l`] egkl aehgjlYfl eYll]j af h]jmefYk Zmkaf]kk Yf\afngdn]kge][]jlYafjakck$af[dm\af_a\]flaâ[YlagfYf\ gZlYaf hjgh]j hdgl g^ dYf\$ oal`\jYo afl]j]kl g^ hgl]flaYd Zmq]jlgoYj\hjgh]jlqH]jmefYkYf\mf\]jklYf\\]kajgmk g^hgl]flaYdZmq]j$j]khgf\l`]ajf]]\Yf\Yfla[ahYlaf_Yfq [`Yf_]afhjgh]jlqAf\mkljqafAf\gf]kaY$[gehd]l]hjgb][l Ylhj][ak]lae]&Afa\]fla^qaf_Yf\hdYffaf_f]ohjgb][lk$ H]jmefYkYdkg[gfka\]jkj]_mdYlagfkj]dYlaf_lgdYf\$YnYad% YZadalqg^j]kgmj[]kkm[`YkoYl]jYf\]d][lja[alq$Yf\YnYad% YZadalql`]làj\hYjlqkm[`YkYj[àl][l$kmjn]qgj$]f_af]]j Yf\[gfljY[lgj&Fg_mYjYfl]]af^mlmj]l`YlH]jmefYkoadd gZlYafdYf\$gjhjgkh][lan]hYjlf]joà[òaddh]j^gjeYh% hjgY[`lgH]jmefYklgg^^]jdYf\lgZ]\]n]dgh]\Ylhjgh]j hja[]&L`]j]akhgkkaZadalql`YlH]jmefYk[Yffgla\]fla^q]p% Y[ldql`]hjgb][lkgjhjgh]jla]koà[àkaf[gf^gjealqoal` j]im]klg^hjgkh][lan]Zmq]jk&>Yadmj]g^H]jmefYkafgZ% lYafaf_dYf\YlkljYl]_a[dg[Ylagf[Yfaf^dm]f[]l`]Zmkaf]kk ]phYfkagfhdYfaf^mlmj]Yf\[Ymk]k\][j]Ykaf_hjgâlYf\ fmeZ]jg^hjgb][lk[gf\m[l]\kgl`YlâfYddqal[Yf\][]d]j% Yl]H]jmefYk_jgol`&

EYfYb]e]fH]jmefYke]qYcafaZYòYk]emYJakacgqYf_ \a`Y\Yhagd]`H]jmefYk\YdYee]dYckYfYcYfc]_aYlYfmkY`Y l]dY`\amf_cYhcYf\Yf\akmkmfZ]j\YkYjcYfZgZgl\Yja\YehYc eYkaf_%eYkaf_ Jakacg l]j`Y\Yh caf]jbY c]mYf_Yf H]jmefYk& 9\Yhmf h]f_]dgdYYf EYfYb]e]f Jakacg kYYl afa Z]jY\Y \a ZYoY`lYf__mf_bYoYZKYlmYfH]f_YoYkAfl]jf&

20

EYfY_]e]fl g^ H]jmefYk Z]da]n] l`Yl Ydd jakck ^Y[]\ Zq H]jmefYk af [gf\m[laf_ Zmkaf]kk Y[lanala]k `Yn] Z]]f \ak[dgk]\Yf\YjjYf_]\ZYk]\gfo]a_`lgâehY[lg^]Y[` JakclgoYj\kâfYf[aYdh]j^gjeYf[]g^H]jmefYk&@go]n]j$ l`]jakceYfY_]e]flakfgomf\]jj]khgfkaZadalqgÂfl]j% fYdKmh]jnakgjqMfal&

117

;GEHDA9F;=LGD9O 9F
C=H9LM@9FL=J@9<9H H=J9LMJ9FH=JMF<9F?% UNDANGAN H]jmefYkZ]jcgeale]fmflmce]eYlmàk]laYhc]l]flmYf

Q Table of Provisions of Regulation

Q Tabel Ketentuan Regulasi REGULASI

TUJUAN

UKURAN KESEHATAN DAN KESELAMATAN KERJA

REGULATION

OBJECTIVES

SIZE OCCUPATIONAL SAFETY AND HEALTH

MMFg&)LY`mf)1/( DYoFg&)g^)1/(

C]k]dYeYlYfC]jbY G[[mhYlagfYdKY^]lq

Laf_cYlc][]dYcYYfc]jbY\]f_YflYj_]l( fgd! G[[mhYlagfYdY[[a\]flYl( r]jg!lYj_]l

MMFg&)+LY`mf*((+ DYoFg&)+g^*((+

E]f[]_Y`h]jk]daka`Yf Hj]n]flDYZgj
BmedY`h]jk]daka`Yf`mZmf_Yfl]fY_Y c]jbYaf\mkljaYd FmeZ]jgÂf\mkljaYdJ]dYlagfkàh\akhml]

9[mYfZY_ak]dmjm`:MEF \aAf\gf]kaY J]^]j]f[]lgYdd:MEF in Indonesia

9lmjYfEYaf?;?\adYckYfYcYf \aH]jmefYk J]_mdYlagfg^?;?[gf\m[l]\afH]jmefYk

Daf_cmf_Yf@a\mh =fnajgfe]fl

BmedY`kal]hdYfqY_l]dY`\akY`cYf FmeZ]jg^kal]hdYfd]_Ydar]\

9[mYf\aZa\Yf_>afYfkaYd H]jmkY`YYf J]^]j]f[]af>afYf[]K][lagf Company

JG9 JG= =:L F]lHjgÚlEYj_af

H]jdaf\mf_YfCgfkme]f ;gfkme]jHjgl][lagf

R]jg;gehdYafl

STANDAR INDUSTRI INDUSTRY STANDARD MMFg&)1LY`mf*((+ DYoFg&)1g^*((+

LINGKUNGAN HIDUP ENVIRONMENT MMFg&*+LY`mf)11/ DYoFg&*+g^)11/ FINANSIAL FINANCIAL H]\geYfKlYf\Yj9cmflYfka C]mYf_YfJ]hmZdacAf\gf]kaY 9[[gmflaf_KlYf\Yj\?ma\]daf] >afYf[]g^l`]J]hmZda[gÂf\gf]kaY PRODUK PRODUCT MMFg&0LY`mf)111 DYoFg&0g^)111

118

2011

j]_mdYkaqYf_Z]jdYcm&Daf_cmf_Yfj]_mdYkaqYf_l]jcYal\]f_Yf H]jmefYkYflYjYdYaf2

H]jmefYk [geealk lg [gehdq oal` hj]nYadaf_ dYo Yf\ j]_mdYlagf&J]_mdYlagfk[gh]j]dYlaf_lgH]jmefYkaf[dm\]k2

H=E:=JA9F<9F9MFLMC C=?A9L9FKGKA9D<9FHGDALAC

?ANAF?>MFGJKG;A9D9F< HGDALA;9D9;LANALA=K

H]jmefYke]ehmfqYac]ZabYcYfmflmcla\Yce]eZ]jacYf \YfYmflmcc]_aYlYfhgdalac&H]jmefYke]fqYdmjcYf\YfYmf% lmc c]_aYlYf kgkaYd e]dYdma h]dYckYfYYf Hjg_jYe C]ealjYYf \Yf:afYDaf_cmf_Yf HC:D!qYf_e]jmhYcYfombm\lYf__mf_ bYoYZkgkaYdh]jmkY`YYf [gjhgjYl]kg[aYdj]khgfkaZadalq!&H]dYc% kYfYYflYf__mf_bYoYZkgkaYd\akYbacYfhY\YZY_aYfl]jk]f\aja \YdYedYhgjYfafa&

H]jmefYk`Ykhgda[qfgllg_an]^mf\k^gjhgdala[YdY[lana% la]k&H]jmefYk\akljaZml]\^mf\k^gjkg[aYdY[lanala]kl`jgm_` aehd]e]flYlagfg^HYjlf]jkàhHjg_jYeYf\=fnajgfe]flYd <]n]dghe]fl HC:D! oà[` [gfklalml]k j]YdarYlagf g^ [gjhg% jYl]kg[aYdj]khgfkaZadalq&Aehd]e]flYlagfg^kg[aYdj]khgfka% Zadalqakhj]k]fl]\afk]hYjYl]hYjlg^làkj]hgjl&

;GEEALE=FLG>;GFKME=J HJGL=;LAGF

CGEALE=FH=JDAF<MF?9F CGFKME=F Cgeale]fmflmce]eZ]jacYfdYqYfYfl]jZYacbm_Ye]fbY\a ^gcmkh]j`YlaYfH]jmefYkl]jmlYeYZY_acgfkme]f&E]f_]dgdY Zakfak ZY_a H]jmefYk lYc k]c]\Yj Z]jgja]flYka hjgÚlYZadalYk l]lYha e]ombm\cYf c]hmYkYf cgfkme]f k]ZY_Ya kYdY` kYlm klYc]`gd\]jkmlYeYH]jmefYk&

;geeale]fllg_an]l`]Z]klk]jna[]YdkgZ][ge]k^g[mk g^h]jmefYk]kh][aYddqlgl`][gfkme]j&EYfY_]Zmkaf]kklg H]jmefYk fgl gfdq hjgÚlYZadalq gja]fl]\ Zml Ydkg j]YdarYlagf [gfkme]jkYlak^Y[lagfYkgf]g^l`]eYafklYc]`gd\]jkg^h]% jmefYk&

ZE]f[YjaCgfkme]f:Yjm

ZDggck^gjF]o;gfkme]j

Afdggcaf_^gjYf\gZlYafaf_f]o[gfkme]jk$H]jmefYk \]l]jeaf]eYafe][`Yfakemk]\lgkmhhgjlhjg\m[lmkY_] afgj\]jl`Yl[gfkme]joaddZ]]YkadqÚf\af_af^gjeYlagfYk ^gddgok2

E]dYckYfYcYfhYe]jYfhjg\mc& H]eYkYf_YfacdYf\Yfkhgfkgjkàh& Hj]k]flYkah]fbmYdYfk][YjYdoor to door ke instansi Pemerin% lY`\Yfaf\mklja& E]eZ]j\YqYcYf[Ydd[]fl]jH]jmefYk\afgegj (*)!0)1,0(/& E]dYcmcYf\aYdg_afl]jYcla^& E]fq]ZYjcYfhj]kkj]d]Yk]&

Gj_Yfar]hjg\m[l]pàZalagf& 9\n]jlakaf_Yf\khgfkgjkàh Hj]k]flYlagfg^kYd]af\ggjlg\ggjZYkaklgl`]_gn]jf% e]flYf\Af\mkljaYdAfklalmlagf& Ghlaearaf_[Ydd[]fl]jH]jmefYkYlfmeZ]j (*)!0)1,0(/& ;gf\m[lkafl]jY[lan]\aYdg_m]&
ZH]jmefYkE]f\]f_Yj

ZH]jmefYk`]Yj

H]jmefYk e]eadaca lYlY fadYa qYalm k]jna[] ]p[]dd]f[] mflmc e]eYklacYf ZYòY cgfkme]f e]f\YhYlcYf h]dYq%

H]jmefYk`YknYdm]gj\]jl`Ylak ]p[]dd]flk]jna[]lg eYc]kmj]l`Yl[gfkme]jj][]an]klghk]jna[]kgl`][gfkme%

20

119

YfYf hjaeY k]àf__Y cgfkme]f e]jYkY hmYk \Yf ZYf__Y e]f__mfYcYf hjg\mc H]jmefYk& K]dYaf alm$ H]jmefYk bm_Y e]eZYf_mf \Yf e]eZafY `mZmf_Yf k][YjY ^gjeYd \Yf af^gjeYd k]jlY e]dYcmcYf ]nYdmYka kmjn]q ]ckh]clYka \Yf c]hmYkYfcgfkme]f&@mZmf_Yf^gjeYd\aZafYe]dYdmajYhYl \Yf cgemfacYka Zakfak k][YjY jmlaf$ k]\Yf_cYf `mZmf_Yf af^gjeYd \aZafY e]dYdma l]em cgfkme]f$ c]_aYlYf gdY`jY_Y \Yf c]k]faYf& Af^gjeYka \Yf c]dm`Yf cgfkme]f \alYehmf_ gd]`h]lm_Ykh]eYkYjYfZYac\aJ]_agfYdeYmhmf\a;YZYf_ e]dYdmacgj]khgf\]fka$kmjYlh]f_Y\mYf$l]d]hgf$o]Zkal]H]% jmefYk\YfKEK;]fl]j& K]laYhc]dm`Yf\Yjacgfkme]f\abY\acYfk]ZY_YaeYkmcYf h]jZYacYf'h]faf_cYlYfdYqYfYfqYf_k]kmYa\]f_Yf`YjYhYf cgfkme]f&H]jmefYke]dYcmcYfe]lg\] e]f\]f_YjqYf_ Z]jZ]\Y mflmc k]laYh c]dgehgc cgfkme]f& :Y_a cgfkme]f c]dgehgc EYkqYjYcYl :]jh]f_`YkadYf J]f\Y` E:J!$ h]f% \]cYlYf e]f\]f_Yj \adYcmcYf k][YjY cgd]cla^& K]e]flYjY ZY_ac]dgehgcEYkqYjYcYl:]jh]f_`YkadYfE]f]f_Y` E:E!$ h]f\]cYlYfe]f\]f_Yj\adYcmcYfk][YjYh]jkgfYd& H]jmefYke]dYdmacYflgj[YZYf_\alaYh%laYhdgcYkabm_Y e]eZ]jacYf c]k]ehYlYf c]hY\Y Cgfkme]f mflmc k][YjY Z]jkYeY%kYeY e]f_YoYka hjgk]k h]eZYf_mfYf jmeY` h]eZ]daaf\]fl!\Yfe]eZ]jacYfbYeafYfcgfkljmckak]dYeY )((`Yjak]l]dY`j]YdakYkabmYdZ]da&Cgfkme]fbm_Y\aZ]jacYf 9kmjYfka C]ZYcYjYf mflmc e]f_%[gn]j jakacg YlYk l]jbY\afqY c]ZYcYjYf&

]j^]]dkkYlakÚ]\Yf\hjgm\mkaf_H]jmefYkhjg\m[l&:]ka\]k$ H]jmefYkYdkgZmad\kYf\\]n]dghk^gjeYdYf\af^gjeYdj]% dYlagfkàhYf\[gf\m[lk]nYdmYlagf^gj[mklge]jkYlak^Y[lagf Yf\ kYlak^Y[lagf& >gjeYd j]dYlagfkàh ak \]n]dgh]\ l`jgm_` Zmkaf]kke]]laf_Yf\[geemfa[Ylagfjgmlaf]dq$o`]j]Ykaf% ^gjeYdj]dYlagfkàhak\]n]dgh]\l`jgm_`[gfkme]je]]laf_$ khgjlYf\YjlY[lanala]k&;mklge]jaf^gjeYlagfYf\[gehdYafl j][]an]\ZqeYjc]laf_klY^^]al`]jYlJ]_agfYdgj:jYf[`d]n]d l`jgm_` [gjj]khgf\]f[]$ d]ll]j g^ [gehdYafl$ l]d]h`gf]$ o]Zkal]H]jmefYkYf\KEK;]fl]j& 9fq[gehdYafl^jge[gfkme]jkoaddZ]mk]\Ykafhml^gj aehjgn]e]flk]jna[]afY[[gj\Yf[]oal`[gfkme]j]ph][lY% lagf& H]jmefYk Yhhda]k `]Yjaf_ e]l`g\gdg_q oà[` ak \a^^]j]fl ^gj ]Y[` [gfkme]j _jgmh& >gj [gfkme]jk g^ Dgo Af[ge]ZjY[c]lh]ghd] E:J!$`]Yjaf_YhhjgY[àkeY\][gd% d][lan]dq&O`]j]Yk^gjEa\\d]Af[ge]:jY[c]lH]ghd] E:E!$ `]Yjaf_YhhjgY[òaddZ]eY\]h]jkgfYddq& H]jmefYk l`jgm_` ZjYf[` g^Ú[] af ]Y[` dg[Ylagf Ydkg _an] ghhgjlmfalq lg [gfkme]jk ^gj [gdd][lan]dq kmh]jnakaf_ l`]`gmk]\]n]dghe]flhjg[]kk af\]flZmq]j!Yf\_an]k[gf% kljm[lagfk][mjalq^gj)((\Yqk^gddgoaf_j]YdarYlagfg^kYd] hmj[`Yk]&;gfkme]jakYdkg_an]f>aj]AfkmjYf[]lg[gn]jl`] jakc^gjg[[mjj]f[]g^Új]&

Z9ck]kCgfkme]fc]hY\YH]jmefYk

Z9[[]kkg^;gfkme]jlgH]jmefYk

LYZ]dZ]jacmlYcYfe]f__YeZYjcYfYck]kqYf_\YhYl\a_m% fYcYfCgfkme]f\YdYeZ]j`mZmf_Yf\]f_YfH]jmefYk&

>gddgoaf_LYZd][Yf\]k[jaZ]Y[[]kkoà[`[YfZ]mk]\Zq ;gfkme]jkafj]dYlaf_lgH]jmefYk&

Akses Konsumen L]d]hgf2(*)%0)1,0(/ >Yp2(*)%0)1.))+ O]Zkal]2ooo&h]jmefYk&[g&a\ ]%eYad2cljhmkYl8h]jmefYk&[g&a\ KmjYl2K]cj]lYjaYlH]jmkY`YYf

Consumer Access L]d]hgf2(*)%0)1,0(/ >Yp2(*)%0)1.))+ O]Zkal]2ooo&h]jmefYk&[g&a\ ]%eYad2cljhmkYl8h]jmefYk&[g&a\ D]ll]j2;gjhgjYl]K][j]lYjaYl]

OakeYH]jmefYk Bd&<&A&HYfbYalYfCYn&))BYcYjlYLaemj OYdcaf;mklge]j2

Waktu Penyelesaian LaYhbYec]jbY EYck+`Yjac]jbY EYck+`Yjac]jbY EYck+`Yjac]jbY EYck+`Yjac]jbY

DYf_kmf_\alYf_Yfa

OakeYH]jmefYk Bd&
120

Completion Time =Y[ògjc`gmj EYp&+ogjc\Yqk EYp&+ogjc\Yqk EYp&+ogjc\Yqk EYp+ogjc\Yqk

OakeYH]jmefYk Bd&<&A&HYfbYalYfCYn&))BYcYjlYLaemj OYdcaf;mklge]j2

OakeYH]jmefYk Bd&
j]d]nYfl
2011

ZH]f_]dgdYYfC]dm`YfCgfkme]f

Z;gfkme]j;gehdYaflEYfY_]e]fl

H]jmefYke]f]jYhcYfKakl]eH]f_]dgdYYfC]dm`Yfe]dY% dma E]cYfake] H]jgd]`Yf 9ck]k Af^gjeYka C]dm`Yf Cgfkme]f \YfE]cYfake]H]fYf_YfYfC]dm`YfCgfkme]f&H]jmefYke]% f]jaeY\Yfe]f_]dgdYc]dm`YfCgfkme]f\]f_Yf[YjYe]eZm% cYHAH\acYflgjJ]_agfYdeYmhmfh]dYqYfYfdYf_kmf_e]dYdma ^jgfldaf]j\acYflgj[YZYf_&H]jmefYke]eYklacYfZYòYhjgk% ]kh]f_]dgdYYfeYfYb]e]fc]dm`Yfl]jk]Zml\alYf_Yfak][YjY ]^]cla^ gd]`
H]jmefYkYhhda]k;gehdYaflEYfY_]e]flKqkl]el`jgm_` e][`Yfakeg^gZlYafaf_Af^gjeYlagf9[[]kkg^;gfkme]j;ge% hdYafl Yf\ E][`Yfake g^ ;gfkme]j ;gehdYafl @Yf\daf_& H]% jmefYkj][]an]kYf\eYfY_];gfkme]j;gehdYaflafeYff]j g^gh]faf_HAHYlJ]_agfYdG^Ú[]gj\aj][lk]jna[]l`jgm_`front daf]jYlZjYf[`g^Ú[]&H]jmefYkeYc]kkmj]l`Ylhjg[]kkg^ [mklge]j [gehdYafl eYfY_]e]fl ak `Yf\d]\ ]^^][lan]dq Zq EYjc]laf_
ZC]hmYkYfCgfkme]f

Z;gfkme]jKYlak^Y[lagf

H]f]flmYfc]hmYkYfcgfkme]fH]jmefYk\al]flmcYfgd]` Af\]ckC]hmYkYfCgfkme]fqYf_\ah]jgd]è]dYdmakmjn]q\Yf oYoYf[YjYc]hmYkYfcgfkme]f&Kmjn]a\YfoYoYf[YjYl]jk]% Zml\adYcmcYf\]f_Yfh]fq]ZYjYcm]kagf]jc]hY\Ycgfkme]f$ \aeYfY `Ykad kmjn]a l]jk]Zml YcYf \aYfYdakak Z]j\YkYjcYf cja% l]jaY jYlaf_ laf_cYl c]hmYkYf kcYdY )%- kcYdY Dac]jl! \]f_Yf c]l]jYf_Yf2

<]l]jeafYlagf g^ [gfkme]jk kYlak^Y[lagf g^ H]jmefYk ak \]l]jeaf]\Zq;gfkme]jKYlak^Y[lagfaf\]poà[àkgZlYaf]\ l`jgm_`kmjn]qYf\afl]jna]og^[gfkme]jkYlak^Y[lagf&Km[` kmjn]qYf\afl]jna]ooYkeY\]oal`\akljaZmlagfgîm]klagf% fYaj] lg [gfkme]j$ o`]j] j]kmdl g^ km[` kmjn]q oadd Z] YfY% dqr]\ZYk]\gfkYlak^Y[lagfd]n]djYlaf_[jal]jaYk[Yd])%- Dac]jl K[Yd]!oal`]phdYfYlagf2

LEVEL PENGUKURAN

NILAI SCORE

MEASUREMENT LEVEL

)5KYf_Yl:mjmc

(*(!

)5N]jqHggj

*5:mjmc

*),(!

*5Hggj

+5K]\Yf_

,)%.)!

+59^^Yaj

,5:Yac

.)0)!

,5?gg\

-5Aklae]oY

0))((!

HY\Y`Ykadkmjn]qlY`mf*()(l]j`Y\Yhcgfkme]fhjg\mc H]jmefYkJmeYÈaka E:J!k]Z]kYj/- ZYac!\Yffgf%eaka E:E! Y\YdY` -1 ZYac!& @Ykad oYoYf[YjY qY_ \adYcmcYf hY\YlY`mf*()(l]j`Y\Yhcgfkme]fhjg\mcH]jmefYkJmeY` Eaka E:J! k]Z]kYj .+ ZYac! \Yf fgf%eaka E:E! Y\YdY` k]Z]kYj.0 ZYac!&

20

-5=p[]dd]fl

Af j]kmdl g^ kmjn]q [gf\m[l]\ af *()( lg [gfkme]jk g^ Hjg\m[lg^H]jmefYkJmeYÈaka E:J!afl`]Yegmflg^/- _gg\!Yf\fgf%eakkagf E:E!ak-1 _gg\!&J]kmdlgâf% l]jna]oeY\]af*()(lg[gfkme]jkg^hjg\m[lg^H]jmefYk JmeYÈaka E:J!Yegmfl]\lg.+ _gg\!Yf\fgf%eakkagf E:E!Yegmfl]\lg.0 _gg\!&

121

;G<=G>;GF<M;L

;G<=G>;GF<M;L

H]jmefYk e]jmhYcYf kYdY` kYlm :MEF qYf_ e]eadaca lYf__mf_bYoYZmflmce]dYckYfYcYf?gg\;gjhgjYl]?gn]jf% Yf[] ?;?! \YdYe k]laYh YclanalYkfqY& Aehd]e]flYka ?;? \a H]jmefYk\a`YjYhcYfe]fbY\ahYqmf_ZY_ak]dmjm`kakl]e\Yf kljmclmj qYf_ Y\Y \a \YdYe hjafkah ?;? kYehYa c]hY\Y d]n]d gh]jYkagfYd$k]cYda_mke]fbY\ahYf\mYf\YdYe`mZmf_YfH]% jmefYk\]f_YfklYc]`gd\]jk&Aehd]e]flYka?;?\aH]jmefYk \aYjY`cYfmflmce]eZ]flmcla\Yc`YfqYkakl]e\Yfkljmclmj qYf_cmYl$fYemfe]f[ahlYcYfe]flYdalYkK<EqYf_e]eadaca afl]_jalYkZYack]àf__Ye]fbY\aY_]flg^[`Yf_]qYf_e]dYc% kYfYcYf\Yfe]fbY\acYf?;?k]ZY_YaZm\YqYH]jmefYk&

H]jmefYkakgf]g^:MEFoà[àkj]khgfkaZd]lg[gf\m[l ?gg\;gjhgjYl]?gn]jfYf[] ?;?!af]Y[`Y[lanalq&Aehd]e]f% lYlagf g^ ?;? af H]jmefYk ak ]ph][l]\ Z][ge] meZj]ddY lg Ydd kqkl]e Yf\ kljm[lmj] YnYadYZd] af ?;? hjaf[ahd] mflad gh% ]jYlagfYdd]n]d$Yf\Z][ge]_ma\Yf[]afeYcaf_j]dYlagfkàh g^H]jmefYkYf\klYc]`gd\]jk&Aehd]e]flYlagfg^?;?af H]jmefYk ak \aj][l]\ lg ^gje fgl gfdq kljgf_ kqkl]e Yf\ kljm[lmj]$ Zml Ydkg [j]Ylaf_ @meYf J]kgmj[]k E]flYdalq oà[``Yk_gg\afl]_jalqkgl`YlZ][ge]kY_]flg^[`Yf_] oà[òaddh]j^gjeYf\mk]?;?Yk[mdlmj]g^H]jmefYk&

Mflmce]f\mcmf_`Ydl]jk]Zml$\ah]jdmcYfY\YfqYe]cYf% ake] qYf_ e]fbY\a h]f_acYl ZY_a k]laYh cYjqYoYf H]jmefYk \YdYe e]fbYdYfcYf aehd]e]flYka ?;? \]f_Yf h]fm` cgeal% e]f\Yfcgfkakl]fka&KYdY`kYlm[YjYfqYY\YdY`\]f_Yfe]f% bYdYfcYf;g\]g^;gf\m[l H]\geYf=lacY:akfak\YfLYlYH]j% adYcm!qYf_l]dY`\aeadacak]bYclY`mf*((1& Aka;g\]g^;gf\m[le]f[Ycmhhjafkah%hjafkah\YkYj]lacYZak% fakk]ZY_Yah]\geYfZY_ak]dmjmÀfkYfH]jmefYk$qYf_l]j\aja \YjaZ]Z]jYhYYkh]c2 )& =lacY :akfak$ e]f_Ylmj `mZmf_Yf \]f_Yf H]_YoYa H]jme% fYk$H]dYf__Yf$H]eadacEg\Yd$H]e]jaflY`\YfJ]_mdYlgj$ daf_cmf_Yf$h]fq]\aYZYjYf_'bYkY$cj]\almj'afn]klgj$h]kY% af_\YfeYkqYjYcYlk]calYj& *& LYlYH]jadYcm$e]f_YlmjlmflmlYfh]jadYcmaf\ana\m$c]hYlm% `Yf l]j`Y\Yh `mcme \Yf h]jYlmjYf h]jmf\Yf_mf\Yf_Yf$ c]jY`YkaYYf af^gjeYka$ Z]flmjYf c]h]flaf_Yf$ h]eZ]jaYf \Yfh]f]jaeYYf`Y\aY`$Yflah]f__]dYhYf$e]daf\mf_aYk]l h]jmkY`YYf$c]k]dYeYlYf\Yfc]k]`YlYfc]jbY$e]fbY_Y[ja% l]jaYh]jmkY`YYf$k]jlYc]l]hYlYfh]f[YlYlYf& K]dYeYh]jag\]lY`mf*()($H]jmefYkl]dYè]dYckYfYcYf KgkaYdakYka;g\]g^;gf\m[lc]hY\Yk]dmjm`cYjqYoYfH]jme% fYk\ak]dmjmÀf\gf]kaY\Yfl]dYè]fYf\YlYf_YfaH]jfqYlYYf C]hYlm`Yf\YfHYclYAfl]_jalYk& :]j\YkYjcYf `Ykad kmjn]q qYf_ \adYcmcYf$ k][YjY meme `Ykad kgkaYdakYka ;g\] g^ ;gf\m[l qYf_ \adYcmcYf YflYjY dYaf k]ZY_YaZ]jacml2 )& Aka\Yja;g\]g^;gf\m[l\ajYkYcYfkm\Y`l]hYlZY_acYj% qYoYf& *&EYqgjalYkcYjqYoYfkm\Yè]eY`Yeaaka\Yja;g\]g^;gf% \m[l\Yfe]jYkYZYòY;g\]g^;gf\m[l\YhYl\aYhdacYkacYf \YdYec]_aYlYfgh]jYkagfYdk]`Yja%`Yja&

122

Lgkmhhgjlkm[èYll]j$alakj]imaj]\e][`Yfakel`Yl Z][ge]kZaf\af_lg]Y[`]ehdgq]]g^h]jmefYkafaehd]% e]flaf_?;?oal`^mdd[geeale]flYf\[gfkakl]f[q&Gf]g^ eYff]jak[gf\m[laf_;g\]g^;gf\m[l :mkaf]kk=là[Yf\ :]`Ynagj?ma\]daf]!gof]\kaf[]*((1& ;gfl]flkg^;g\]g^;gf\m[l[gn]jkZYka[hjaf[ahd]kg^ Zmkaf]kk]là[Yk_ma\Yf[]^gjYdd]ehdgq]]kYf\klY^^kg^ H]jmefYk$oà[`[gfkaklkg^kge]Ykh][lk2 )& :mkaf]kk =là[$ j]_mdYl] j]dYlagfkàh oal` H]jmefYk =ehdgq]]$ ;mklge]j$ ;YhalYd Gof]j$ ?gn]jfe]fl Yf\ J]_mdYlgj$=fnajgfe]fl$_gg\k'k]jna[]hjgna\]j$[j]\a% lgj'afn]klgj$[geh]lalgjYf\kmjjgmf\af_h]ghd]& *& :]`YnagjGj\]j$j]_mdYl]Z]`Ynagjgâf\ana\mYd$[ge% hdaYf[] lg dYo Yf\ j]_mdYlagf$ [gfâ\]flaYd af^gjeY% lagf$[gf^da[lgâfl]j]kl$_anaf_Yf\j][]anaf__a^l$Yfla ]eZ]rrd]e]fl$hjgl][laf_[gehYfqYkk]l$g[[mhYlagfYd kY^]lqYf\`]Ydl`$eYaflYaf[gehYfq[jal]jaYYf\lae]% dq^gjj][gj\af_& <mjaf_*()($H]jmefYk`YkeY\]Kg[aYdarYlagfg^;g\] g^;gf\m[llgYdd]ehdgq]]kg^H]jmefYkl`jgm_`gmlAf\g% f]kaYYf\ka_f]\<][dYjYlagfg^;gehdaYf[]Yf\Afl]_jalq HY[l& :Yk]\ gf j]kmdl g^ kmjn]q oà[` `Yk Z]]f [gf\m[l]\$ _]f]jYddqj]kmdlg^kg[aYdarYlagfg^;g\]g^;gf\m[loà[` akeY\]akYk^gddgok2 )& ;gfl]flkg^;g\]g^;gf\m[l`YkZ]]faf[gf^gjealqlg ]ehdgq]]& *& EYbgjalq]ehdgq]]`Ykmf\]jklgg\[gfl]flkg^;g\]g^ ;gf\m[lYf\làfckl`Yl;g\]g^;gf\m[l[YfZ]Yhhda]\ af\Yadqgh]jYlaf_Y[lanala]k&

2011

+&K]ZY_aYf cYjqYoYf e]jYkY ZYòY aka ;g\] g^ ;gf\m[l h]jdm \alYeZY`cYf& :]Z]jYhY j]cge]f\Yka h]k]jlY [mcmh h]flaf_mflmc\a]nYdmYka\YdYe]nYdmYkaaka;g\]g^;gf\m[l& ,&EYqgjalYkcYjqYoYfZ]jk]\aYe]f]jYhcYf;g\]g^;gf\m[l \Yfe]fq]ZYjdmYkcYffqY\amfalc]jbYeYkaf_%eYkaf_&

+& HYjlg^]ehdgq]]làfckl`Yl[gfl]flg^;g\]g^;gf\m[l f]]\k lg Z] Y\\]\& Kge] j][gee]f\Ylagf g^ hYjla[a% hYflkYj]aehgjlYfllg]nYdmYlagfaf]nYdmYlagfg^;g\] g^;gf\m[l& ,& EYbgjalq ]ehdgq]] ak oaddaf_ lg Yhhdq ;g\] g^ ;gf\m[l Yf\\akljaZml]lg]Y[ògjcaf_mfal&

;GJHGJ9L=KG;A9D J=KHGFKA:ADALQ

;GJHGJ9L=KG;A9D J=KHGFKA:ADALQ

KYdY` kYlm kljYl]_a H]jmefYk \YdYe Z]jZakfak \]f_Yf ZYacY\YdYè]dYckYfYcYfhjg_jYeLYf__mf_BYoYZKgkaYd H]jmkY`YYf ;gjhgjYl] KgkaYd J]khgfkaZadalq$ ;KJ! & @Yd afa bm_Ye]jmhYcYfZY_aYf\Yjaj]f[YfYbYf_cYhYfbYf_H]jme% fYk \YdYe e]f[YhYa h]jc]eZYf_Yf Z]jc]dYfbmlYf kmklYaf% YZadalq\]n]dghe]fl!&

Gf] g^ kljYl]_a]k g^ FYlagfYd @gmkaf_ =fl]jhjak] lg jmf% faf_alkZmkaf]kkhjgh]jdqaklgh]j^gje;gjhgjYl]Kg[aYdJ]% khgfkaZadalqgj;KJHjg_jYe&LàkYdkgk]jn]kYkhYjlgâlkdgf_ l]jehdYffaf_afY[à]naf_kmklYafYZd]\]n]dghe]fl&

20

L`]FYlagfYd@gmkaf_=fl]jhjak]akà_`dq[geeall]\lg[Yj% jqaf_gmll`];KJY[lanala]k&L`]Újklhjagjalqg^FYlagfYd@gmkaf_ =fl]jhjak]afjmffaf_;KJY[lanala]kakl`]o]d^Yj]g^[geemfala]k danaf_afl`]dg[Ylagfko`]j]l`]=fl]jhjak]gh]jYl]k&Oal`làk hjagjalq$FYlagfYd@gmkaf_=fl]jhjak]k;KJY[lanala]koaddf]n]j []Yk]$Yf\_jgokafdaf]oal`l`]_jgoaf_[mjj]flf]]\k&

123

l]jmkZ]jc]eZYf_k]kmYa\]f_Yfc]Zmlm`YfqYf_Y\Y& :]flmcc]_aYlYf;KJH]jmefYkY\YdY`Hjg_jYeC]ealjYYf \Yf:afYDaf_cmf_Yf HC:D!$k]kmYa\]f_YfH]jYlmjYfE]fl]ja :MEF Fg& H=J%(-'E:M'*((/$ l]flYf_ Hjg_jYe C]ealjYYf :MEF\]f_YfMkY`YC][ad\YfHjg_jYe:afYDaf_cmf_Yf&

L`] ^gje g^ FYlagfYd @gmkaf_ =fl]jhjak]k ;KJ Y[lana% la]k ak HYjlf]jkàh Yf\ ;geemfalq <]n]dghe]fl Hjg_jYe HC:D!$ af Y[[gj\Yf[] oal` l`] J]_mdYlagf g^ L`] Eafakl]j g^ KlYl] Gof]\ =fl]jhjak] Fg& H=J%(-'E:M'*((/$ j]_Yj\% af_KlYl]Gof]\=fl]jhjak]kHYjlf]jkàhHjg_jYeoal`KeYdd K[Yd]:mkaf]kk]kYf\;geemfalq<]n]dghe]flHjg_jYe&

ZC]\m\mcYfMfalC]jbYHC:D

ZKlYlmkg^HC:DOgjcMfal

Mfal Hjg_jYe C]ealjYYf \Yf :afY Daf_cmf_Yf H]jmefYk \ahaehafgd]`k]gjYf_EYfYb]jMfal$\aZYoY`h]eZafYYf
L`]Mfalg^HYjlf]jkàhYf\;geemfalq<]n]dghe]flHjg% _jYeak`]Y\]\ZqYMfalEYfY_]j$mf\]jl`]kmh]jnakagfg^ >afYf[]@J

9ll`]J]_agfYdG^Ú[]$L`]Mfalg^HYjlf]jkàhYf\;ge% emfalq<]n]dghe]flHjg_jYeakd]\ZqYf9kkaklYflEYfY_]j$ mf\]jl`]kmh]jnakagfg^<]hmlq?]f]jYdEYfY_]j&Gj_YfarY% lagfYdKljm[lmj]g^l`]HYjlf]jkàh;geemfalq<]n]dghe]fl Hjg_jYe[YfZ]k]]fafl`][`YjlZ]dgo2

KLJMCLMJGJ?9FAK9KA HJG?J9EC=EALJ99F:AF9DAF?CMF?9F HC:D!H=JMEF9K ORGANIZATIONAL STRUCTURE ENVIRONMENT & DEVELOPMENT PARTNERSHIP PROGRAM (PKBL) PERUMNAS

<]hmlq?E&J]_agfYd Deputy GM. Regional

Manajer Unit Unit Manager

Asisten Manajer =nYdmYkaH]eZafYYf

Asisten Manajer 9\e&C]mH]f_]f\YdaYf

Asisten Manajer H]eZafYYfHC:D

Assistant Manager Evaluation & Development

Assistant Manager Financial Administration & Control

Assistant Manager Coaching PKBL

124

2011

ZHjg_jYeC]ealjYYf

ZHYjlf]jkàhHjg_jYe

H]fqYdmjYfhafbYeYfHjg_jYeC]ealjYYfl]dY`\adYckYfY% cYfk]bYclY`mf)11(\ak]dmjm`J]_agfYd\Yf;YZYf_%[YZYf_ \adaf_cmf_YfH]jmefYk$k]àf__Ycgf\aka\YfcYjYcl]jmkY`Y EaljY :afYYf kYf_Yl Z]jnYjaYka e]f_af_Yl dYlYj Z]dYcYf_ Zm% \YqYqYf_Z]jZ]\Y&

L`]\akljaZmlagfg^dgYfg^L`]HYjlf]jkàhHjg_jYeak[Yj% ja]\gmlYkg^)11(afYddJ]_agfYdG^Ú[]kYf\:jYf[`]koalàf l`]]fnajgfkg^FYlagfYd@gmkaf_=fl]jhjak]$l`Yll`][gf\alagf Yf\Zmkaf]kk[`YjY[l]jakla[kg^ljYaf]\HYjlf]jknYjq[gf[]jf% af_l`]ajnYjagmk[mdlmjYdZY[c_jgmf\k&

:Y\Yf mkY`Y EaljY :afYYf qYf_ e]eYf^YYlcYf \YfY h]eZafYYf \Yja H]jmefYk \a YflYjYfqY Z]jb]fak2 H]jmkY`YYf H]jk]gjYf_Yf$H]jmkY`YYfZ]jZY\Yf`mcmek]h]jlaH]jk]jgYf L]jZYlYk\Yf;geYf\al]jN]fglk[Yh ;N!$k]jlYZ]flmcmkY`Y Z]jZY\Yf`mcmecgh]jYka\]f_YfmkY`YqYalmCgh]jYkaCgf% kmeka$Cgh]jYkaKaehYfHafbYe$Cgh]jYkaK]jZYMkY`Y$\Yf Cgh]jYkaMfal<]kY&

L`] [gjhgjYl] Zg\q g^ LjYaf]\ HYjlf]jk o`g eYc] mk] l`]\]n]dghe]flYd^mf\^jgel`]FYlagfYd@gmkaf_=fl]jhjak] Yegf_gl`]jklggc^gjeYk2Af\ana\mYd;gehYfq$d]_Yd[gjhg% jYlagfk km[` Yk daeal]\ daYZadalq [gehYfa]k Yf\ ;geYf\al]j N]fglk[Yh ;N!$Yf\Zmkaf]kk[ggh]jYlan]kkm[`Yk;gfkmeh% lagf;ggh]jYlan]k$dgYfYf\kYnaf_k[ggh]jYlan]k$Emdla:mka% f]kk;ggh]jYlan]k$Yf\NaddY_]Mfal;ggh]jYlan]kMfal<]kY&

G^ l`] nYjagmk lqh]k g^ Zmkaf]kk mfalk$ af _]f]jYd$ Ydd ljYaf]\ hYjlf]jk hgkk]kk kaeadYj [`YjY[l]j$ ]al`]j af l]jek g^l`]ajgZ]\a]f[]afdgYfj]hYqe]flgjl`]hjgZd]ekl`]q ]f[gmfl]j&L`][`YjY[l]jakla[kg^l`]hjgZd]ek^Y[]\Zql`] LjYaf]\HYjlf]jkg^L`]FYlagfYd@gmkaf_=fl]jhjak]Yj]Yk ^gddgok2

1. Permasalahan Pemasaran EaljY ZafYYf \ajYkYcYf Z]dme eYehm mflmc e]dYcmcYf hjgegka\Yfe]f_`Y\Yhacgeh]lakahYkYj&K]dYafalm$EaljY:afY% Yfbm_YZ]dmee]f_]fYdcgfk]h%cgfk]hc]hmYkYfh]dYf__Yf&

1. Marketing Problems L`]LjYaf]\HYjlf]jkYj]h]j[]an]\YkmfYZd]lgh]j^gjehjg% eglagf Yf\ lg \]Yd oal` eYjc]l [geh]lalagf& 9\\alagfYddq$ l`]q `Yn]fglZ]]fafljg\m[]\lgl`][gf[]hlkg^[gklme]jkkYlak^Y[lagf&

2. Permasalahan Sumber Daya Manusia HY\Y memefqY$ EaljY :afYYf e]ehmfqYa K<E qYf_ l]jZYlYk$ZYac\Yjak]_acmYdalYkeYmhmfcmYflalYkfqY&C]% ZYfqYcYfK<EqYf_\aeadaca$laf_cYlh]f\a\acYffqYj]f\Y` \YfcmjYf_ZakYe]fq]jYhh]jc]eZYf_Yf\Yfh]f__mfYYf l]cfgdg_aaf^gjeYka&

2. Human Resources Problems MkmYddq$LjYaf]\HYjlf]jk`Yn]gfdqdaeal]\@J$Zglàf l]jek g^ imYdalq Yf\ l`] fmeZ]j& Egkl g^ h]jkgff]d l`]q `Yn]Yj]g^dgod]n]d]\m[YlagfYf\mfYZd]lgY\Yhllgl`] mk]gâf^gjeYlagfl][`fgdg_q&

3. Permasalahan Manajerial. K][YjYmeme$EaljY:afYYfZ]dme\YhYle]f_]dgdYmkY% `YfqY k][YjY hjg^]kagfYd cYj]fY l]jZYlYkfqY c]eYehmYf mflmce]f]jYhcYfeYfYb]e]feg\]jf&

3. Managerial Problems. ?]f]jYddq$LjYaf]\HYjlf]jk`Yn]fglq]lZ]]fYZd]lgeYf% Y_]l`]ajZmkaf]kkhjg^]kkagfYddq\m]lgj]klja[lagfafYhhdqaf_ eg\]jfeYfY_]e]fl&

L]jcYal h]jeYkYdY`Yf l]jk]Zml$ H]jmefYk e]f[gZY mflmc e]dYcmcYf h]eZ]fY`Yf mflmc e]f[ahlYcYf EaljY :afYYfqYf_Z]fYj%Z]fYjhjg^]kagfYd\YfeYbm&

Afj]dYlagflgl`]^gj]_gaf_$L`]FYlagfYd@gmkaf_=fl]j% hjak] Yll]ehlk lg h]j^gje aehjgn]e]fl lg eYc] l`]e ljmdq hjg^]kkagfYdYf\Y\nYf[]\&

Z
Z>mf\kYf\

L`]HYjlf]jkàhHjg_jYe>mf\Yk^gjemdYl]\afl`];gjhg% jYl]OgjcHdYfYf\:m\_]lg^C:Dg^*())akJh0((eaddagf& Oàdkll`]j]YdarYlagfg^HYjlf]jkàhHjg_jYe>mf\
20

125

af_\]f_Yfj]f[YfY$h]f[YhYaYflYj_]lh]fqYdmjYfe]fbY\a k]Z]kYj)*0$-&

a^[gehYj]\lgl`]hdYf$l`]Y[à]n]e]flg^lYj_]l\akljaZmlagf Z][ge]k)*0$-&

H]fqYdmjYf\YfYc]ealjYYf\adYcmcYfc]hY\YEaljY:a% fYYf\a))HjgnafkaqYalmHjghafkaKmeYl]jYMlYjY$KmeYl]jY K]dYlYf$BYeZa$DYehmf_$
L`] \akljaZmlagf g^ HYjlf]jkàh >mf\ oYk \gf] lg Ydd ljYaf]\hYjlf]jkaf))Hjgnaf[]kl`YlakFgjl`KmeYl]jY$Kgml` KmeYl]jY$ BYeZa$ DYehmf_$ Kh][aYd ;YhalYd ;alq g^ BYcYjlY$ O]klBYnY$:Yfl]f$;]fljYdBYnY$Kh][aYdJ]_agfg^Qg_qYcYjlY$ =YklBYnY$Yf\=YklFmkYL]f__YjY&

Q Penyebaran PKBL Tiap Regional Tahun 2011

Q The PKBL distribution of each Region in 2011

REGIONAL REGION

RKA PKBL 2011 RKA PKBL 2011

REALISASI PKBL 2011 REALIZED PKBL 2011

RKA : REALISASI (%) RKA: REALIZED (%)

A

Jh

)0(bmlYeaddagf

Jh

)0(bmlYeaddagf

)((

AA

Jh

*(bmlYeaddagf

Jh

+(bmlYeaddagf

)-(

AAA

Jh

,(bmlYeaddagf

Jh

)*-bmlYeaddagf

+)*$-

AN

Jh

)/(bmlYeaddagf

Jh

*+-bmlYeaddagf

)+0$*,

N

Jh )-*$-bmlYeaddagf

Jh

*)(bmlYeaddagf

)+/$/

NA

Jh )-*$-bmlYeaddagf

Jh

**0bmlYeaddagf

),1$-)

NAA

Jh

0-bmlYeaddagf

Jh

*(bmlYeaddagf

*+$-+

TOTAL

Rp 800 juta million

Rp 1,028 miliar Zaddagf

128,5%

SEKTOR

JUMLAH

SECTOR

Af\mklja

*/1&(((&(((

Af\mkljq

H]j\Y_Yf_Yf

,+-&(((&(((

LjY\af_

H]jacYfYf

,(&(((&(((

Fishery

H]l]jfYcYf

*1&(((&(((

9faeYd@mkZYf\jq

BYkY

**-&(((&(((

K]jna[]

H]jlYfaYf

)(&(((&(((

9_ja[mdlmj]

K]clgjdYaffqY

)(&(((&(((

Gl`]jk][lgjk

TOTAL

1.028.000.000

ZJ]YdaYdakYkaCaf]jbYHjg_jYeC]ealjYYf K]kmYaKmjYlC]hmlmkYfE]fl]ja:MEFFgegj2C]h%)((' E:M'*((* lYf__Yd , Bmfa *((* l]flYf_ H]fadYaYf Laf_cYl C]k]`YlYf$:Y\YfMkY`YEadacF]_YjY\ab]dYkcYfZYòYaf% \acYlgjqYf_\afadYamflmccaf]jbYHjg_jYeC]ealjYYfY\Y% dY` ]^]claÚlYk h]fqYdmjYf \Yf cgd]claZadalYk h]f_]eZYdaYf

126

TOTAL

ZJ]YdarYlagfg^HYjlf]jkàhHjg_jYe H]j^gjeYf[] AfY[[gj\Yf[]oal`l`]<][j]]gÊafakl]jg^KG=kFme% Z]j2C]h%)(('E:M'*((*\Yl]\,Bmf]*((*j]_Yj\af_Bm\_% e]fl gf KlYl] Gof]\ =fl]jhjak] O]dd :]af_ al ak ]phdYaf]\ l`Yll`]af\a[YlgjkYj]Ykk]kk]\^gjh]j^gjeYf[]g^l`]HYjl%

2011

hafbYeYf& =^]claÚlYk h]fqYdmjYf e]jmhYcYf h]jZYf\af_Yf'jYkag YflYjYbmedY`H]fqYdmjYf\]f_Yf
f]jkàhHjg_jYeakl`]]^^][lan]f]kkg^\akljaZmlagfYf\l`] [gdd][laZadalqg^l`]dgYfj]hYqe]fl& L`]]^^][lan]f]kkg^l`]\akljaZmlagfakYjYlagZ]lo]]fl`] mf\&Af*())$l`]lglYd \akljaZml]\HYjlf]jkàhHjg_jYe^mf\j]Y[`]\MK<)&(*0Zad% dagf&L`]Yegmflg^^mf\kYnYadYZd]af*())oYkYegmflaf_lg Jh&)$(1/$(-0$,00&L`mk$l`]]^^][lan]f]kkg^l`]\akljaZmlagfg^ l`]HYjlf]jkàhHjg_jYeaf*())oYk1+&/)& Oàd] l`] [gdd][laZadalq g^ l`] dgYf j]hYqe]fl ak [Yd[m% dYl]\ mkaf_ l`] o]a_`l]\ Yn]jY_] \akljaZmlagf e]l`g\ g^ l`] HC:D dgYf j]hYqe]fl [gdd][laZadalq oal` l`] lglYd dgYf Yegmfl\akljaZml]\&L`]o]a_`l]\Yn]jY_]g^HC:DdgYf[gd% d][laZadalq JJLCH! ak emdlahda[Ylagf g^ [gdd][laZadalq o]a_`l !Zql`]lglYdg^dgYfk^gj]Y[`[Yl]_gjqg^[gdd][laZadalqmh lgl`]]f\g^l`]h]jag\g^l`]Úk[Ydq]Yj[gf[]jf]\&

Q Weighted Average of Loan Distribution Collectibility of 2011

Q Rata-rata Tertimbang Kolektibilitas Penyaluran Pinjaman Tahun 2011 SALDO PINJAMAN LOAN BALANCE

KOLEKTIBILITAS TERTAGIH COLLECTIBILITY

JUMLAH TERTAGIH AMOUNT COLLECTIBILITY

HamlYf_DYf[Yj

Jh*&-,.&-(0&0(1

)((

Jh*&-,.&-(0&0(1

;mjj]flj][]anYZd]k

HamlYf_CmjYf_DYf[Yj

Jh*)(&)++&/*/

/-

Jh)-/&.((&*1-

Fgf;mjj]flJ][]anYZd]k

HamlYf_JY_m%jY_m

Jh*,(&.-1&*1+

*-

Jh.(&).,&0*+

HamlYf_EY[]l

Jh*&0./&,*-&+.0

(

(

LjgmZd]\J][]anYZd]k

JUMLAH

Rp 5.864.727.197

KUALITAS PINJAMAN

Rp 2.764.273.928

:]j\YkYj\YlY\aYlYk$laf_cYlcgd]claZadalYkh]fqYdmjYfhafbYeYf lY`mf *()) Y\YdY` Jh *&/.,&*/+&1*0 ' Jh -&0.,&/*/&)1/! p )((5,/$)+

LOAN QUALITY

TOTAL

:Yk]\gfYZgn]\YlY$l`][gdd][laZadalqg^dgYf\akljaZmlagf g^*())ak Jh*&/.,&*/+&1*0'Jh-&0.,&/*/&)1/!p)(( 5,/$)+

ZHjg_jYe:afYDaf_cmf_Yf

Z;geemfalq<]n]dghe]flHjg_jYe

Mflmc \YfY Hjg_jYe :afY Daf_cmf_Yf$ k]kmYa H]jYlmjYf E]fl]ja :MEF Fgegj 2 H=J%(-'E:M'*((/ lYf__Yd */ 9hjad *((/ \YhYl \a_mfYcYf mflmc lmbmYf qYf_ e]eZ]jacYf eYf% ^YYlc]hY\YeYkqYjYcYll]jmlYeY\adaf_cmf_YfoadYqY`mkY`Y :MEF qYf_ Z]jkYf_cmlYf$ qYf_ h]f__mfYYffqY YflYjY dYaf mflmc2

L`] ;geemfalq <]n]dghe]fl Hjg_jYe >mf\$ af Y[[gj\% Yf[]oal`L`]J]_mdYlagfgÊafakl]jg^KG=kFmeZ]j2H=J% (-'E:M'*((/\Yl]\*/9hjad*((/eYqZ]mk]\^gjYfqhmj% hgk]Z]f]Ú[aYdlg[geemfala]k]kh][aYddql`gk]danaf_oalàf l`]dg[Ylagfg^l`]j]d]nYflKlYl]Gof]\=fl]jhjak]k$l`]^mf\ eYqZ]mladar]\^gj2

CgjZYf:]f[YfY9dYe& H]f\a\acYf\YfYlYmh]dYla`Yf&

20

L`]na[laekg^fYlmjYd\akYkl]jk& =\m[YlagfYf\gjljYafaf_&

127

H]faf_cYlYfc]k]`YlYf& H]f_]eZYf_YfkYjYfY\YfhjYkYjYfYmeme& KYjYfYaZY\Y`&

KYehYa\]f_YfLY`mf9f__YjYf*())Z]jYcàj$H]jmefYk Z]dmee]dYckYfYcYfHjg_jYe:afYDaf_cmf_Yf&@Ydafa\acY% j]fYcYf k]bYc lY`mf Yf__YjYf *((( kYehYa \]f_Yf kYYl afa Z]dme Y\Y hYkgcYf \YfY \Yja h]fqaka`Yf dYZY h]jmkY`YYf mflmcHC:D&Cgf\aka\]eacaYf\acYj]fYcYfc]mYf_Yfh]jmkY% `YYfqYf_Z]dmee]eY\Ya'eYkaè]fmlmhc]jm_aYflY`mf lY`mf k]Z]dmefqY& <]f_Yf \]eacaYf J]c]faf_ Hjg_jYe :afY Daf_cmf_Yf eYka` Z]dme l]jh]fmà c]l]jk]\aYYf \Yf% YfqY$ k]àf__Y h]fqYdmjYf \YfY Hjg_jYe :afY Daf_cmf_Yf Z]dme\YhYl\adYckYfYcYf& FYemf \]eacaYf$ l]lYh \adYcmcYf h]f_mehmdYf \YfY \Yja hjaZY\a%hjaZY\a cYjqYoYf H]jmefYk mflmc e]eZYflm cgjZYfZ]f[YfYYdYe&

@]Ydlàehjgn]e]fl& ;gfkljm[lagfg^hmZda[^Y[adala]kYf\af^jYkljm[lmj]k& Ogjkàh^Y[adala]k&

Mfladl`]]f\g^>ak[YdQ]Yj*())$FYlagfYd@gmkaf_=fl]j% hjak]`Ykfglq]l]f_Y_]\Yfq;geemfalq<]n]dghe]flHjg% _jYe&LàkakZ][Ymk]Ykg^Úk[Ydq]Yj*(((mhlg\Yl]fghjgÚl YddgoYf[]hj]k]flYddg[Yl]\lgHC:Dhjg_jYe&Km[`[gf\alagf ak\m]lgl`][gehYfqkÚfYf[aYdklYl]Ykal`Yklg[gn]jl`] dgkk]k j]kmdlaf_ af hj]nagmk q]Yjk& @]f[]$ fg ^mf\ YnYadYZd] ^gjl`]9[[gmflg^;geemfalq<]n]dghe]flHjg_jYe$l`Yll`] \akljaZmlagfg^l`]^mf\alk]dâkfgleY\]hgkkaZd]& @go]n]j$ ^mf\[gdd][lagfoYklYc]f^jgeaf\ana\mYd]e% hdgq]]kg^L`]FYlagfYd@gmkaf_=fl]jhjak]lghjgna\]j]da]^lg na[laekg^fYlmjYd\akYkl]jk&

ZEYkYdY`qYf_\a`Y\Yha\YdYeHjg_jYe HC:D\Yflaf\Yc%dYfbmlh]fq]d]kYaYffqY

ZHjgZd]ek>gmf\Afl`]Aehd]e]flYlagf g^HC:DHjg_jYeYf\>gddgokMh

Q Masalah yang dihadapi :

Q L`]hjgZd]eka\]flaÚ]\2

)&L]j\YhYlEaljY:afYYfqYf_km\Y`la\YceYehmmflmc e]eZYqYj `mlYf_fqY HYadal!$ qYf_ e]faf__Yd \mfaY \YfmkY`YfqYkm\Y`la\YcY\Y$qYf_la\Yc\ac]lY`ma YdYeYlfqY$\YfEaljY:afYYfqYf_km\Y`la\Yce]ehm% fqYaalacYlZYacmflmce]eZYqYj`mlYf_`mlYf_fqY&

)&L`]j] Yj] kge] ljYaf]\ hYjlf]jk mfYZd] lg hYq l`]aj \]Zlk afkgdn]fl!$ \][]Yk]\ gj `Yn] l`]aj Zmkaf]kk fg dgf_]j]pakl$dgklY\\j]kk$Yf\l`gk]o`gYj]fgl`Ynaf_ _gg\^Yal`lgj]hYql`]aj\]Zlk&

*&CYflgj
+&Hjgnakagf Yk lg l`] aehgkalagf g^ [gddYl]jYd lg LjYaf]\ HYjlf]jk`YkfglZ]]fj]_mdYl]\q]lZql`]Eafakljqg^ KG=kYf\l`]hgda[a]kh]jlYafaf_l`]j]lgYj]Ykka_f]\lg af\ana\mYdKG=kYkHjgna\]j'E]flgj& Q Settlement Follow Ups:

)&L]j`Y\Yh EaljY :afYYf qYf_ eYka` Z]jalacY\ ZYac \a% dYcmcYf mkY`Y h]emda`Yf hafbYeYf \]f_Yf lY`YhYf J]k[`]\mdaf_\YfJ][gf\alagfaf_\YfZY_ahamlYf_Z]j% eYkYdY`\YhYl\adYcmcYfOjal]G^^& *&
128

*&L`] G^Ú[] g^ ;ggh]jYlan]k o`]j] l`] ljYaf]\ hYjlf]jk \gea[ad]$Yj]fglghlaeYddq`]dhl`]KG=Y[laf_YkHjg% na\]j 'E]flgj af l`] [gmjk] g^ eYaflYafaf_ l`] Ûm]fl hYqe]flg^HC:DdgYfafklYdde]fl&

)&9_Yafkll`]LjYaf]\HYjlf]jk`Ynaf_Y_gg\^Yal`YdgYf j][gn]jq oadd Z] hjgna\]\ Zq oYq g^ J]k[`]\mdaf_ Yf\ J][gf\alagfaf_h`Yk]ko`]j]Ykj]_Yj\af_l`]ZY\\]Zl ljgmZd]\j][]anYZd]k!YOjal]G^ôaddZ]\gf]& *&?gg\bgaflogjcZgl`Z]lo]]fl`]g^Ú[]jkg^HC:Dhjg% _jYeafdg[Ydkoal`L`]G^Ú[]g^;ggh]jYlan]kKeYdd

2011

h]eZYqYjYfYf_kmjYfHafbYeYfHC:D$\]f_Yf`YjYhYf kmhYqYh]f_]eZYdaYf\YfY\YhYlZ]jbYdYfk]kmYaj]f% [YfY&

Yf\Ea\\d]K[Yd]:mkaf]kkMfalk$lg[gdd][lan]dqhjgna\] YkkaklYf[] lg hYq l`] afklYdde]fl g^ HC:D DgYf$ af l`] `gh]lgl`]j]hYqe]fleYqZ][Yjja]\gmlYkhdYff]\&

+&H]jdm Y\YfqY h]jkqYjYlYf cgd]l]jYd hafbYeYf$ Y_Yj YeYf\Yfl]jbYeafh]f_]eZYdaYfhafbYeYffqY&

+&Alakf][]kkYjq^gjhjgna\af_dgYf[gddYl]jYd$afgj\]jlg eYc]kY^]Yf\oYjjYfll`]j]hYqe]flhjg[]kk&

ZHjg_jYeH]d]klYjaYfDaf_cmf_Yf

Z=fnajgfe]flYdHj]k]jnYlagfHjg_jYe

H]jmefYk e]eadaca c]h]\mdaYf l]j`Y\Yh h]d]klYjaYf daf_cmf_Yf à\mh qYf_ \adYcmcYf \]f_Yf Z]jZY_Ya [YjY$ kYdY`kYlmfqY\]f_Yfe]dYcmcYfh]fYfYeYfhg`gfk]ZY% _YaZ]flmc\mcmf_Yfl]j`Y\Yhhjg_jYeH]e]jaflY`Z]jmhY H]fYfYeYf ) EadaYj Hg`gf& H]jmefYk e]fYeYf hg`gf b]fakhg`gfZmY`\Yfhg`gfh]daf\mf_hY\YdgcYkahjgb]c H]jmefYk \a k]dmjm` cYflgj J]_agfYd \Yf cYflgj ;YZYf_& H]jmefYke]f_]dmYjcYfZaYqYlglYdk]Z]kYjJh+/.$0bmlY mflmce]dYcmcYfh]fYfYeYf1&,*(hg`gf&

L`] FYlagfYd @gmkaf_ =fl]jhjak] `Yk Y [gf[]jf ^gj l`] ]fnajgfe]flYd hj]k]jnYlagf l`jgm_` nYjagmk oYqk3 gf] g^ alakZq\gaf_lj]]hdYflaf_hjg_jYelgkmhhgjlaf_l`]?gn% ]jfe]flkhjg_jYe HdYflaf_):addagfLj]]k&L`]FYlagfYd @gmkaf_=fl]jhjak]hdYflk^jmallj]]kYf\k`Y\]lj]]kgfYdd dg[Ylagfk g^ alk hjgb][l kal]k l`jgm_`gml alk J]_agfYd Yf\ ZjYf[`g^Ú[]k&FYlagfYd@gmkaf_=fl]jhjak]`Ykkh]flYlglYd g^Jh+/.&0eaddagf^gjhdYflaf_1&,*(lj]]k&

K]dYaf \YdYe Z]flmc h]fYfYeYf hg`gf$ Z]flmc c]h]\mdaYfc]hY\Ydaf_cmf_Yfà\mhafabm_Y\aaehd]e]f% lYkacYf \YdYe c]_aYlYf gh]jYkagfYd \Yf fgf gh]jYkagfYd H]jmefYk \YdYe Z]flmc h]f_mjYf_Yf h]f__mfYYf c]jlYk \]f_Yf e]emdYa \Yf e]eZaYkYcYf h]f\gcme]flYkaYf ]d]cljgfack]jlYe]f\gjgf_h]f__mfYYfj][q[d]hYh]j$ dan e]dYcmcYfh]f_`]eYlYf]f]j_amflmch]f__mfYYfdakljac& H]jmefYk e]qYcafa$ h]d]klYjaYf daf_cmf_Yf à\mh \aemdYa \Yja\YdYehjaZY\acYjqYoYfYcYfe]eZYoYeYf^YYlZ]kYj ZY_ac]à\mhYf&

20

AfY\\alagflghdYflaf_lj]]k$[gf[]jf^gjl`]danaf_]fna% jgfe]flakeYfa^]kl]\afl`]aehd]e]flYlagfg^gh]jYlagfYd Yf\fgfgh]jYlagfYdY[lanala]k`]d\ZqFYlagfYd@gmkaf_=f% l]jhjak]af^gjeg^j]\m[]\mk]g^hYh]jkZq[gee]f[af_Yf\ _]l mk]\ lg ]d][ljgfa[ \g[me]flYlagf Yk o]dd Yk lg ]f[gmj% Y_]l`]mk]g^j][q[d]\hYh]j$Yf\eYc]]f]j_qkYnaf_k^gj ]d][lja[alq mkY_]& L`] FYlagfYd @gmkaf_ =fl]jhjak] Z]da]n]k l`Yl]fnajgfe]flYdhjgl][lagfZ]_afk^jgeoalàfaf\ana\mYd ]ehdgq]]oà[òaddZjaf_`m_]Z]f]Úlk^gjda^]&

129

130

2011

DATA H=JMK9@99F ;GEH9FQ<9L9

20

131

GJ?9FAR9LAGF9DKLJM;LMJ=

KLJMCLMJGJ?9FAK9KA

MENTERI
Himawan Arief Sugoto

Sunardi

HM. Kamal Kusmantoro

H=J=F;9F99FKLJ9L=?AK

H=J=F;9F99FH=J9F;9F?9F

Ernanto Dwi Warsito

Daniel Iskandar

H=JL9F9@9F

H=E:9F?MF9FH*D

Djuwir Muhammad

Hardi

?EJ=?AGF9DA

?EJ=?AGF9DAA

?EJ=?AGF9DAAA

?EJ=?AGF9DAN

Parlindungan Siallagan

Ujang Chaerrudin

Herry Irwanto

Sugeng Syaiful R.

<=HMLQ?EJ=?AGF9DA

<=HMLQ?EJ=?AGF9DAA

<=HMLQ?EJ=?AGF9DAAA

<=HMLQ?EJ=?AGF9DAN

Irwan Himawan

Veky Wowor

Zulfan Effendy

Paridin

?EJ=?AGF9DN

?EJ=?AGF9DNA

?EJ=?AGF9DNAA

?EJ=?AGF9DJMKMF9O9

Gede Ary

Djaidun Hasan

Pertama Bangun

1XU$OÀDK

<=HMLQ?EJ=?AGF9DN

<=HMLQ?EJ=?AGF9DNA

<=HMLQ?EJ=?AGF9DNAA

<=HMLQ?EJ=?&JMKMF9O9

Rohmad Budiyanto

Djoko Sujono

Mashudulhaq Atjo

Feriadinata

132

2011

DEWAN PENGAWAS

Teddy Robinson Siahaan

Hakiki Sudrajat

H=F?=E:9F?9FMK9@9

C=M9F?9F

K=CJ=L9JAKH=JMK9@99F

Zulhilma Nur

Syahrial

Ramdan Yacoeb

H=E9K9J9FH=FBM9D9F

UMUM

K9LM9FH=F?9O9KAFL=JF

Sukarsono

Ria Sande

Maman

H=F?=E:9F?9FK<E

Winarno

20

133

HJG>AD <=O9FH=F?9O9K

HJG>AD=G>:G9J KMH=JNAKGJQ

HYf_a`mlYfEYjhYmf_

HYf_a`mlYfEYjhYmf_

Ketua Dewan Pengawas

Chairman of Board of Supervisory

DYàj hY\Y lY`mf )1-. \a E]\Yf& Dmdmk k]ZY_Ya K)! L]cfac 9jkal]clmj AL: :Yf\mf_ hY\Y lY`mf )10,& E]f_Y% oYda cYjaj k]ZY_Ya C]hYdY KmZ gjeYd C]e]fh]jY *((-!& E]fbYZYl k]ZY_Ya <]hmla E]fh]jY :a\Yf_ H]jmeY`Yf >gjeYd *()( %k]cYjYf_!&

:gjfaf)1-.afE]\Yf&?jY\mYl]\:Y[`]dgj<]_j]]Hjg% _jYe K)!EYbgjaf_af9j[àl][lmjYd=f_af]]jaf_^jge:Yf\mf_ Afklalml]g^L][`fgdg_qaf)10,&KlYjl]\[Yj]]jYk@]Y\g^KmZ gjHjgna\af_Fgf%Klgjq@gmk]$ <]hmlq g^ >gjeYd @gmkaf_ g^ l`] Eafakljq g^ HmZda[ @gmkaf_ *((-!&K]jn]kYk<]hmlqg^l`]Eafakl]jg^HmZda[@gmkaf_^gj >gjeYd@gmkaf_K][lagf *()(%hj]k]fl!&

134

2011



Anggota Dewan Pengawas

Member of Board of Supervisory

DYàjhY\YlY`mf)1-/\aHYd]eZYf_&Dmdmkk]ZY_Ya K)! Mfan]jkalYkDYehmf_hY\YlY`mf)10($ K*! \a H]jYf[ak
:gjfaf)1-/afHYd]eZYf_&?jY\mYl]\:Y[`]dgj<]_j]] K)! ^jgeDYehmf_Mfan]jkalqaf)10($Hgkl?jY\m% Yl]\ <]_j]] K*! af >jYf[] jYf[]&KlYjl]\[Yj]]jYk @]Y\gÊYhhaf_K][lagfg^J]_agfYdG^Ú[]g^ l`]FYlagfYdDYf\9_]f[qgÔ]klBYnY )11-!$ @]Y\g^KmZ
KgfYl`Y@YdaeQmkm^

KgfYl`Y@YdaeQmkm^



DYàjhY\YlY`mf)1-/\aJYflYmHjYhYl&Dmdmkk]ZY_Ya KYjbYfY =cgfgea H]jmkY`YYf \Yja Mfan]j% kalYk CjakfY ]jjq H]jk]jg! *(()*((.!$C]hYdY:a\Yf_Mk% Y`YHjYkYjYfY9f_cmlYfhY\Y<]hmla:a\Yf_MkY`YDg_aklac HYjaoakYlYC]e]fl]jaYfF]_YjY:MEF *((.k]cYjYf_!&

:gjfaf)1-/afJYflYmHjYhYl&:Y[`]dgj<]_j]]g^;gehY% fq=[gfgea[k^jgel`]Mfan]jkalqg^CjakfY afYf[] )110)11+!$@=9afYf[aYd K]jna[] g^ l`] Eafakljq g^>afYf[] )11-)110!$afYf[] HL& 9K]jjq H]jk]jg! *(() *((.!$ @]Y\ g^ LjYfkhgjlYlagf >Y[adalq K][lagf Yl <]hmlq g^ Dg_akla[ :mkaf]kkg^Lgmjakeg^l`]KlYl]Eafakljqg^KlYl]%Gof]\=fl]j% hjak] *((.hj]k]fl!&

20

135

Ismanto

Ismanto



DYàj hY\Y lY`mf )1-+ \a Kgdg& Dmdmk K) 9jkal]clmj \Yja ALKhY\YlY`mf)1/1$\Yfe]dYfbmlcYfh]f% \a\acYf\aMK9k]ZY_Ya HmZda[EYfY_]e]fl 9f\ Hgda[q K*! hY\Y lY`mf )10/& E]f_Y% oYda cYjaj k]ZY_Ya C9KA= :YflmYf :adYl]jYd KmZ\al9:DF
:gjfaf)1-+afKgdg&K)9j[àl][lmj]^jge Afklalml] g^ L][`fgdg_q g^ KmjYZYqY ALK! af )1/1$Yf\[gflafm]]\m[YlagfafMK9YkHmZda[ EYfY_]e]flYf\Hgda[q K*!af)10/&KlYjl]\ [Yj]]jYk@]Y\g^K][lagfg^:addYl]jYd9kkak% lYf[] g^ KmZ%gjemdYlaf_<]n]dgh% e]flHjg_YeHgda[q9KKAKL9FLG>EAFAKL=J A G> EAFAKL=J GJ J=K=LLD=E=FL )111!$
Lmeaqg

Lmeaqg



DYàj hY\Y lY`mf )1,1 \a Qg_qYcYjlY& Dmdmk k]ZY_Ya KYjbYfY =cgfgea K)! hY\Y lY`mf *((*& E]f_YoYdacYjajk]ZY_YaklY^9`daE]f`Yf :a\Yf_ =cgfgea *((* *((.!& H]jfY` e]fbYZYl k]ZY_Ya C]lmY QYqYkYf C]k]% bY`l]jYYfH]jmeY`YfHjYbmjalLFAHGDJA$ <]hYjl]e]fH]jlY`YfYfJA *((.*((1!& <]oYf H]fYk]`Yl J]Yd =klYl] Af\gf]kaY *((/*()(!&E]fbYZYlk]ZY_Ya
136

2011

:gjf af )1,1 af Qg_qYcYjlY& :Y[`]dgj <]_j]]af=[gfgea[k K)!af*((*&KlYjl]\ [Yj]]jYk]ph]jlklY^^gÊafakl]jg^<]^]fk] af =[gfgea[ K][lagf *((* *((.!& Gf[] k]jn]\ Yk @]Y\ g^ >gmf\Ylagf g^ O]d^Yj] g^ @gmkaf_ g^ LFA HGDJA$ Eafakljq g^ <]^]fk] g^ J]hmZda[ g^ Af\gf]kaY *((. *((1!&9\nakgjq:gYj\g^J]Yd=klYl]Af% \gf]kaY *((/*()(!&K]jn]kYk
HJG>AD
HJG>AD=G>:G9J
@aeYoYf9ja]^Km_glg

@aeYoYf9ja]^Km_glg

Direktur Utama

President Director

DYàjhY\YlY`mf)1.+\aKgdg&Dmdmkk]ZY_YaKYjbYfYL]cfac Kahad Afklalml L]cfgdg_a :Yf\mf_ hY\Y lY`mf )11($ e]f\YhYl _]dYj EYkl]jafHjgb][lEYfY_]e]fl Mfan]jkalYkAf\gf]kaYhY\Y lY`mf*(()\]f_Yfhj]\acYl;meDYm\]&E]f_YoYdacYjajk]ZY_Ya J]hj]k]flYlan];anad=f_af]]j\aKajYakàCorporationBYhYf?]f% ]jYd ;gfkljm[lagf )11( %)11-!& H]jfY` e]fbYZYl k]ZY_Ya ;à]^ Gh]jYlagfG^Ú[]j\aHL&Hjgkqk:Yf_mfFmkYflYjY :Ycja]?jgmh! hY\YlY`mf)11-%*((($k]ZY_YaHj]ka\]fl
:gjfaf)1.+afKgdg&:Y[`]dgj<]_j]]af;anad=f_af]]jaf_ g^:Yf\mf_Afklalml]g^L][`fgdg_qaf)11($gZlYaf]\EYkl]j <]_j]]afHjgb][lEYfY_]e]flg^l`]Mfan]jkalqgÂf\gf]kaY af *(() oal` ;me DYm\] hj]\a[Yl]& KlYjl]\ [Yj]]j Yk J]hj]% k]flYlan];anad=f_af]]jYlKajYakà;gjhgjYlagfBYhYf?]f% ]jYd;gfkljm[lagf )11(%)11-!&Gf[]k]jn]\Yk;à]^Gh]jY% lagf G^Ú[]j Yl HL& Hjgkqk :Yf_mf FmkYflYjY :Ycja] ?jgmh! af )11-%*((($ Yk Hj]ka\]fl
20

137

KmfYj\a

KmfYj\a

Direktur Korporasi dan Pertanahan

Corporation and Land Director

:gjf af )1-* af Kme]f]h& :Y[`]dgj <]_j]] af KlYl] 9\eafakljYlagf'[gee]j[aYd Y\eafakljY% lagf&KlYjl]\[Yj]]jafH]jmefYkYk@]Y\ g^ :jYf[` G^â[] NA KmjYZYqY H]jmefYk )101%)111!&Gf[]k]jn]\Yk<]hmlq?E& J]_agfYd NA KmjYZYqY )111%*((*!$ ?E&
DYàjhY\YlY`mf)1-*\aKme]f]h&Dmdmkk]ZY_YaKYjbY% fY9\eafakljYkaF]_YjY'FaY_Y&E]f_YoYda cYjaj \a H]jmefYk k]ZY_Ya C]hYdY :Y_aYf ;YZYf_ NA KmjYZYqY H]jmefYk )101% )111!& H]jfY` e]fbYZYl k]ZY_Ya <]hmlq ?E& J]_agfYd NA KmjYZYqY )111%*((*!$ ?E&


Direktur Pemasaran

Marketing Director

DYàj hY\Y lY`mf )1., \a DYjYk& DmdmkYf Mfan]jkalYk KmeYl]jY MlYjY MKM! BmjmkYf KYkljY Af__jakhY\YlY`mf)10*%)10.$e]f\YhYl _]dYj EYkl]j g^ :mkaf]kk 9\eafakljYlagf Gn]jk]Yk LjYafaf_ ;]fl]j GL;! 9âdaYka \]f_Yf ;Yda^gjfaY KlYl] Mfan]jkalq MK9! hY\Y lY`mf )11)%)11+& E]f_YoYda cYjaj k]ZY_YaK]fagjKYd]k=p][mlan]kYehYa9k% kaklYfl lg EYfY_af_
:gjfaf)1.,afDYjYk&:Y[`]dgj<]_j]]g^=f_dak`Dal% ]jYlmj] ^jge Mfan]jkalq g^ Fgjl` KmeYl% ]jY MKM!)10*%)10.$gZlYaf]\\]_j]]g^ EYkl]j g^ :mkaf]kk 9\eafakljYlagf Gn]j% k]YkLjYafaf_;]fl]j GL;!Y^âdaYl]\oal` ;Yda^gjfaYKlYl]Mfan]jkalq MK9!af)11)% )11+&KlYjl]\[Yj]]jYkK]fagjKYd]k=p][% mlan]mflad9kkaklYfllgEYfY_af_
138

2011

@E&CYeYdCmkeYflgjg

@E&CYeYdCmkeYflgjg

Direktur Produksi

Production Director

DYàj hY\Y lY`mf )1-, \a HmjZYdaf__Y& DmdmkYf k]ZY% _YaKYjbYfYL]cfac\YjaMfan]jkalYkLYeYf KakoY hY\Y lY`mf )110$ \Yf dmdmkYf Hjg% _jYeEY_akl]jEYfYb]e]fMF
:gjf af )1-, af HmjZYdaf__Y& :Y[`]dgj <]_j]] g^ E]% [`Yfa[Yd =f_af]]jaf_ g^ l`] Mfan]jkalq g^ LYeYf KakoY af )110$ Yf\ _jY\mYl]\ EY_akl]jEYfY_]e]flHjg_jYeMF
@YcacaKm\jYbYl

@YcacaKm\jYbYl

Finance and Human Resources Director

Direktur Keuangan dan SDM

DYàjhY\YlY`mf)1.0\a:Yf\mf_&Dmdmk\Yja>YcmdlYkH]% l]jfYcYf\aMfan]jkalYkHY\bYbYjYf:Yf\mf_ hY\YlY`mf )11)$ dmdmk OabYoaqYlY EYfYb]% e]fE:9Hjg_jYe\aK]cgdY`Laf__aEYfY% b]e]f HHE hY\Y lY`mf )11+& E]f_YoYda cYjaj k]ZY_Ya EYfm^Y[lmjaf_ EYfY_]j HYjY ?jgmhk hY\Y lY`mf )11,$ Egfalgjaf_ ;ge% hYfa]k EYfY_]j *(((! CaYfa Oajm\Y @gd\% af_$ Na[] Hj]ka\]fl Afn]kle]fl :Yfcaf_ HL& 9f\YdYf 9jl`Y 9\nakaf\g K]cmjalYk *(()!& E]fbYZYl k]ZY_Ya
20

:gjfaf)1.0af:Yf\mf_&:Y[`]dgj<]_j]]^jge9faeYd @mkZYf\jq >Y[mdlq Yl Mfan]jkalq g^ HY\% bYbYjYf :Yf\mf_ q]Yj )11)$ _jY\mYl]\ ^jgeOabYoaqYlYEYfYb]e]fE:9Hjg_jYe Yl HHE EYfY_]e]fl ;gdd]_] q]Yj )11+& KlYjl]\ [Yj]]j Yk EYfm^Y[lmjaf_ EYfY_]j HYjY?jgmhkaf)11,$Egfalgjaf_;gehYfa]k EYfY_]j *(((!CaYfaOajm\Y@gd\af_$Na[] Hj]ka\]fl Afn]kle]fl :Yfcaf_ HL& 9f\YdYf 9jl`Y 9\nakaf\g K]cmjalYk *(()!& K]jn]k Yk >afYf[]
139

HJG>ADK=CJ=L9JAK H=JMK9@99F

HJG>AD=G>;GJHGJ9L= K=;J=L9JQ

JYe\YfQY[g]Z

JYe\YfQY[g]Z

DYàj\aBYcYjlY$).9hjad)1-0&?]dYjkYj% bYfYfqY \ah]jgd]` \Yja BmjmkYf L]cfac Kahad AfklalmlKYafkL]cfgdg_aFYkagfYd$BYcYjlY& AYbm_Ye]jmhYcYfYdmefmkHYk[YKYjbYAdem 9\eafakljYka :akfak Mfan]jkalYk Af\gf]kaY$ k]jlY HYk[Y KYjbYfY Adem KYfalYjq =f_af]]j% af_ A@= <=D>L :]dYf\Y& E]fbYZYl k]ZY_Ya K]cj]lYjakH]jmkY`YYfk]bYc*((1&

:gjfafBYcYjlY$9hjad).$)1-0&:Y[`]dgj <]_j]] g^ ;anad =f_af]]jaf_ g^ Afklalml KYafk L]cfgdg_aFYkagfYd$BYcYjlY&Hgkl?jY\mYl] eYbgjaf_ af :mkaf]kk 9\eafakljYlagf g^ l`] Mfan]jkalqgÂf\gf]kaY$Yf\Hgkl?jY\mYl]g^ =f_af]]jaf_ KYfalYjq A@= <=D>L$ F]l`]jdYf\& K]jn]kYk[gjhgjYl]k][j]lYjqkaf[]*((1&

HJG>ADC=H9D9K9LM9F H=F?9O9K9FAFL=JF

HJG>AD=G>@=9 AFL=JFKMH=JNAKGJQMFAL

Maman

Maman

DYàj \a ;adY[Yh$ 0 Bmda )1-1& ?]dYj kYj% bYfYfqY \ah]jgd]` \Yja >YcmdlYk @mcme Mfan]jkalYkAZfmC`Yd\mf$:g_gj&K]\Yf_cYf _]dYjeYkl]jfqY\ajYa`\YjaEY_akl]jEYfYb]% e]fMfan]jkalYkHYf[YkadY$BYcYjlY&E]fbYZYl k]ZY_Ya C]hYdY KYlmYf H]f_YoYkYf Afl]jf k]bYc*())&

:gjfaf;adY[Yh$Bmdq0$)1-1&:Y[`]dgj<]% _j]]g^DYo>Y[mdlqg^l`]Mfan]jkalqgÂZfm C`Yd\mf$:g_gj&EYkl]j\]_j]]^jgeEY_akl]j EYfY_]e]fl g^ l`] Mfan]jkalq g^ HYf[YkadY$ BYcYjlY&K]jn]kYk@]Y\gÂfl]jfKmh]jnakgjq Mfalkaf[]*())&

140

2011

HJG>ADCGEAL=9M
HJG>AD=G>9M
KgfYl`Y@YdaeQmkm^

KgfYl`Y@YdaeQmkm^ HjgÚd][YfZ]k]]fafk][lagfg^HjgÚd]g^l`]:gYj\g^;ge% eakkagf]j&

HjgÚd\YhYl\ada`Yl\aZY_aYfHjgÚd<]oYfH]f_YoYk&

@&GdYfKqY`dYf

@&GdYfKqY`dYf

DYàj\a:aeY$-9hjad)1,.&E]jmhYcYfYdmefmkBmjmkYf 9cmflYfka Mfan]jkalYk Af\gf]kaY& E]fbYZYl k]ZY_Ya 9f__glY Cgeal]9m\alk]bYc*((,àf__Yk]cYjYf_&

:gjfaf:aeYgf9hjad-$)1,.&:Y[`]dgj<]_j]]g^9[[gmfl% af_=[gfgea[k^jgel`]Mfan]jkalqgÂf\gf]kaY&K]jn]kYkE]e% Z]jg^9m\al;geeall]]kaf[]*((,mfladfgo&

Kja
Kja
DYàj\aKgdg$*.9hjad)1-)&E]jmhYcYfYdmefmkEY_% akl]j EYfY_]e]fl \Yf KYjbYfY L]cfac Mfan]jkalYk
:gjf af Kgdg$ gf 9hjad *.$ )1-)& :Y[`]dgj <]_j]] Yf\ EY_akl]jEYfY_]e]flaf=f_af]]jaf_>Y[mdlqg^l`]Mfan]j% kalq g^


DYàj \a CYZYfbY`]$ ) E]a )1-*& E]jmhYcYf Ydmefmk >YcmdlYk @mcme Mfan]jkalYk HYjY`qYf_Yf$ :Yf\mf_& E]f% bYZYlk]ZY_Ya9f__glYCgeal]9m\alk]bYc*((/&

:gjfafCYZYfbY`]$gfEYq)$)1-*&?jY\mYl]\^jge>Y[% mdlqg^DYog^Mfan]jkalqg^HYjY`qYf_Yf$:Yf\mf_&K]jn]kYk e]eZ]jg^9m\al;geeall]]kaf[]*((/&

HJG>ADH=B9:9L C9FLGJHMK9L

HJG>AD=G>G>>A;=JK 9L@=9>A;=

=jfYflg
=jfYflg
GM Divisi Perencanaan Strategis

GM Strategic Planning

DYàj \a Kgdg$ *. >]ZjmYja )1-/& E]jmhYcYf Ydmefmk HYk[YKYjbYfYAdemKgkaYd=FLH=HjYf[ak\YfBmjmkYfL]cfac KahadKLLF$BYcYjlY&E]fbYZYlk]ZY_Ya?E
:gjfafKgdg$>]ZjmYjq*.$)1-/&EYkl]j<]_j]]afkg[aYdk[a% ]f[]k^jge=FLH=>jYf[]Yf\:Y[`]dgj<]_j]]af[anad]f_af]]j% af_^jgeKLLF$BYcYjlY&K]jn]kYk?EKljYl]_a[HdYffaf_

GM Divisi Pertanahan

GM Land Division

DYàj\aHYe]cYkYf$)(9hjad)1-1&E]jmhYcYfYdmefmk EY_akl]jEYfYb]e]fMfan]jkalYkHYf[YkadY$BYcYjlY&E]fbYZYl k]ZY_Ya?EJ]_agfYdJmkmfYoYk]bYc*())&

:gjfafHYe]cYkYf$)(9hjad)1-1&EYkl]j<]_j]]gÊY_% akl]jEYfY_]e]flg^Mfan]jkalqg^HYf[YkadY$BYcYjlY&K]jn]kYk ?EDYf\
20

141

GM Divisi Perencanaan dan Perancangan

GM Planning and Designing Division

DYàj\a;acYeh]c$*,Bmda)1-/&E]jmhYcYfYdmefmkBmjmkYf L]cfac Kahad Afklalml L]cfac H]eZYf_mfYf KmjYZYqY& E]fbYZYl k]ZY_Ya?E
:gjfaf;acYeh]c$Bmdq*,$)1-/&:Y[`]dgj<]_j]]g^;anad =f_af]]jaf_gÂfklalmlL]cfacH]eZYf_mfYfKmjYZYqY&K]jn]k Yk?EHdYffaf_Yf\<]ka_faf_
@Yj\a

@Yj\a

GM Divisi Pembangunan dan P2L

GM Division of Development and P2L

DYàj\a:Yf\mf_$)(Bmda)1-.&E]jmhYcYfYdmefmk>Y% cmdlYk L]cfac Mfan]jkalYk
:gjfaf:Yf\mf_gfBmdq)($)1-.&:Y[`]dgj<]_j]]g^=f% _af]]jaf_g^Mfan]jkalqg^
KmcYjkgfg

KmcYjkgfg

GM Divisi Pemasaran dan Penjualan

GM Marketing and Sale Division

DYàj\aBYcYjlY$1Bmda)1-/&E]jmhYcYfYdmefmkBmjmkYf =cgfgeaH]jmkY`YYfMfan]jkalYkBYqYZYqY&E]fbYZYlk]ZY_Ya ?E
:gjf af BYcYjlY gf Bmdq 1$ )1-/& :Y[`]dgj <]_j]] g^ ;gj% hgjYl]=[gfgea[kg^l`]Mfan]jkalqg^BYqYZYqY&K]jn]kYk?E EYjc]laf_Yf\KYd]
RmdàdeYFmj

RmdàdeYFmj

GM Divisi Pengembangan Usaha

GM Business Development

DYàj\aHYqYcmeZm`$+)E]a)1-/&E]jmhYcYfYdmefmk BmjmkYf 9\eafakljYka F]_YjY'FaY_Y KLA9 Q9H9FF$ BYcYjlY& E]fbYZYlk]ZY_Ya?E
:gjf af HYqYcmeZm`$ EYq +)$ )1-/& :Y[`]dgj <]_j]] g^ klYl]Y\eafakljYlagf'[gee]j[aYdKLA9Q9H9FF$BYcYjlY&K]jn]k Yk?Eg^:mkaf]kk<]n]dghe]fl
KqY`jaYd

KqY`jaYd

GM Divisi Keuangan

GM Finance Division

DYàj \a BYcYjlY$ 1 >]ZjmYja )1-.& E]jmhYcYf Ydmefmk BmjmkYf=d]cljgAfklalmlKYafk\YfL]cfgdg_aFYkagfYd$BYcYjlY& E]fbYZYlk]ZY_Ya?E
:gjfafBYcYjlYgf>]ZjmYjq1$)1-.&:Y[`]dgj<]_j]]g^ =d][ljgfa[ g^ Afklalml KYafk \Yf L]cfgdg_a FYkagfYd$ BYcYjlY& K]jn]kYk?Eg^ÚfYf[]\anakagfkaf[]*())&

JaYKYf\]

JaYKYf\]

GM Divisi Umum

GM General Division

DYàj \a Kaf_YjYbY$ ). EYj]l )1-0& E]jmhYcYf Ydmefmk BmjmkYf=cgfgeaH]jmkY`YYfMfan]jkalYk:jYoabYqY$EYdYf_& E]fbYZYlk]ZY_Ya?E
:gjfafKaf_YjYbY$EYj[`).$)1-0&:Y[`]dgj<]_j]]g^;gj% hgjYl]=[gfgea[kg^l`]Mfan]jkalqg^:jYoabYqY$EYdYf_&K]jn]k Yk?E?]f]jYd
Winarno

Winarno

GM Divisi Pengembangan Sumber Daya Manusia

GM Human Resource Development Division

DYàj\aC]\aja$*-K]hl]eZ]j)1-0&E]jmhYcYfYdmefmk HYk[YKYjbYfYAdemKgkaYdKLA9$BYcYjlY\YfKYjbYfY9\eafak% ljYkaF]_YjY'FaY_YMfan]jkalYkL]jZmcY&E]fbYZYlk]ZY_Ya?E
:gjf af C]\aja gf K]hl]eZ]j *-$ )1-0& EYkl]j <]_j]] af kg[aYdK[a]f[]^jgeKLA9$BYcYjlYYf\ZY[`]dgj\]_j]]afKlYl]' ;gee]j[aYd9\eafakljYlagfg^Gh]fMfan]jkalq&K]jn]kYk?E@m% eYfJ]kgmj[]<]n]dghe]fl
142

2011

HJG>ADH=B9:9L C9FLGJJ=?AGF9D

HJG>AD=G>G>>A;A9D9L J=?AGF9DG>>A;=

HYjaf\mf_YfKaYddY_Yf

HYjaf\mf_YfKaYddY_Yf

GM Regional I

GM Regional I

DYàj\aH]eYlYf_KaYflYj$1Fgn]eZ]j)1-/&E]jmhYcYf YdmefmkBmjmkYfL]cfacKahadAfklalmlL]cfgdg_aE]\Yf&E]f% bYZYlk]ZY_Ya?EJ]_agfYdAk]bYc*())&

:gjf af H]eYlYf_ KaYflYj$ Fgn]eZ]j 1$ )1-/& :Y[`]dgj <]_j]] g^ ;anad =f_af]]jaf_ g^ E]\Yf Afklalml] g^ L][`fgdg_q& K]jn]kYk?EJ]_agfYdAkaf[]*())&

MbYf_;`Y]jjm\af

MbYf_;`Y]jjm\af

GM Regional II

GM Regional II

DYàj \a CYjYoYf_$ +( Bmda )1-/& E]jmhYcYf Ydmefmk BmjmkYf L]cfac Kahad Mfan]jkalYk
:gjfafCYjYoYf_$Bmdq+($)1-/&:Y[`]dgj<]_j]]g^;anad =f_af]]jaf_g^Mfan]jkalqg^
@]jjqAjoYflg

@]jjqAjoYflg

GM Regional III

GM Regional III

DYàj\aE]\Yf$*+<]k]eZ]j)1-/&E]jmhYcYfYdmefmk EY_akl]j EYfYb]e]f Mfan]jkalYk CjakfY\oahYqYfY$ BYcYjlY \YfL]cfacKahadMfan]jkalYkKjaoabYqY$HYd]eZYf_&E]fbYZYl k]ZY_Ya?EJ]_agfYdAAAk]bYc*())&

:gjf af E]\Yf gf <][]eZ]j *+$ )1-/& EYkl]j <]_j]] af EYfY_]e]flEY_akl]jMfan]jkalqg^CjakfY\oahYqYfY$BYcYjlY Yf\:Y[`]dgj<]_j]]af=f_af]]jaf_g^Mfan]jkalqg^KjaoabYqY$ HYd]eZYf_&K]jn]kYk?EJ]_agfYdAAAkaf[]*())&

Km_]f_KqYa^mdJ&

Km_]f_KqYa^mdJ&

GM Regional IV

GM Regional IV

DYàj\aHjgZgdaf__g$.Bmfa)1-/&E]jmhYcYfYdmefmk BmjmkYfL]cfacKahadMfan]jkalYkHYf[YkadY$BYcYjlY&E]fbYZYl k]ZY_Ya<]hmla?EJ]_agfYdANk]bYc*())&

:gjfafHjgZgdaf__g$Bmf].$)1-/&:Y[`]dgj<]_j]]g^;anad =f_af]]jaf_ g^ Mfan]jkalq g^ HYf[YkadY$ BYcYjlY& K]jn]k Yk ?E J]_agfYdANkaf[]*())&

Gede Ary

Gede Ary

GM Regional V

GM Regional V

DYàj\aKaf_YjYbY$1Fgn]eZ]j)1-/&E]jmhYcYfYdmefmk BmjmkYf9jkal]clmjAfklalmlL]cfgdg_a:Yf\mf_&E]fbYZYlk]ZY% _Ya?EJ]_agfYdNk]bYc*()(&

:gjf af Kaf_YjYbY gf Fgn]eZ]j 1$ )1-/& :Y[`]dgj <]_j]] g^ 9j[àl][lmj] g^ :Yf\mf_ Afklalml] g^ L][`fgdg_q$ :Yf\mf_& K]jn]kYk?EJ]_agfYdNkaf[]*()(&

GM Regional VI

DYàj\a:aeY$*.E]a)1-.&E]jmhYcYfYdmefmkbmjmkYf =cgfgeaH]jmkY`YYfMfan]jkalYkBYqYZYqY$BYcYjlY&E]fbYZYl k]ZY_Ya?EJ]_agfYdNAk]bYc*((1&

:gjfaf:aeY$EYq*.$)1-.&:Y[`]dgj<]_j]]g^;gjhgjYl] =[gfgea[kg^l`]Mfan]jkalqg^BYqYZYqY$BYcYjlY&K]jn]kYk?E J]_agfYdNAkaf[]*((1&

20

143

H]jlYeY:Yf_mf

H]jlYeY:Yf_mf

GM Regional VII

GM Regional VII

DYàj\aE]\Yf$)/Bmfa)1-/&E]jmhYcYfYdmefmkEY_% akl]jEYfYb]e]fMfan]jkalYkCjakfY\oahYqYfY$BYcYjlY&E]f% bYZYlk]ZY_Ya?EJ]_agfYdNAAk]bYc*()(&

:gjfafE]\Yf$gfBmf])/$)1-/&EYkl]j<]_j]]gêY_ak% l]jeYfY_]e]flg^l`]Mfan]jaklqg^CjakfY\oahYqYfY$BYcYjlY& K]jn]kYk?EJ]_agfYdNAAkaf[]*()(&

Fmj9dÚY`

Fmj9dÚY`

GM Regional Rusunawa

GM Regional Rusunawa

DYàj\aKgdg$)(9hjad)1-.&E]jmhYcYfYdmefmkBmjmkYf AdemKgkaYd&E]fbYZYlk]ZY_Ya?EJ]_agfYdJmkmfYoYk]bYc*())&

:gjfafKgdg$9hjad)($)1-.&:Y[`]dgj<]_j]]g^Kg[aYdK[a% ]f[]&K]jn]kYk?EJ]_agfYdJmkmfYoYkaf[]*())&

AjoYf@aeYoYf

AjoYf@aeYoYf

Deputi GM Regional I

Deputi GM Regional I

DYàj\a;aYfbmj$+Bmda)1/(&E]jmhYcYfYdmefmkEY_% akl]j EYfYb]e]f Afklalml H]jlYfaYf :g_gj& E]fbYZYl k]ZY_Ya <]hmla?EJ]_agfYdAk]bYc*())&

:gjfaf;a_YfbmjgfBmdq+$)1/(&EYkl]j<]_j]]gÊY_ak% l]jEYfY_]e]flg^:g_gj9_ja[mdlmj]Afklalml]$:g_gj$k]jn]kYk <]hmlq?EJ]_agfYdAkaf[]*())&

Veky Wowor

Veky Wowor

Deputi GM Regional II

Deputi GM Regional II

DYàj\aJ]eZgc]f$.9_mklmk)1-1&E]jmhYcYfYdmefmk BmjmkYf=cgfgeaEYfYb]e]fKLA=Hagf]]j$EYfY\g&E]fbYZYl k]ZY_Ya<]hmla?EJ]_agfYdAAk]bYc*())&

:gjfafJ]eZgc]f$9m_mkl.$)1-1&:Y[`]dgj<]_j]]gÊYf% Y_]e]fl=[gfgea[kEYfYb]e]fKLA=Hagf]]j$EYfY\g&K]jn]k Yk<]hmlq?EJ]_agfYdAAkaf[]*())&

Rmd^Yf=^^]f\q

Rmd^Yf=^^]f\q

Deputi GM Regional III

Deputi GM Regional III

DYàj\aE]\Yf$-Bmfa)1.(&E]jmhYcYfYdmefmkBmjm% kYfKgkhgd9\eafakljYkaF]_YjY>akahgdMAKM$E]\Yf&E]fbYZYl k]ZY_Ya<]hmla?EJ]_agfYdAAAk]bYc*())&

:gjfafE]\Yf$-Bmf])1.(&:Y[`]dgj<]_j]]g^Kg[aYdYf\ Hgdala[Ydg^KlYl]9\eafakljYlagf>akahgdMAKM$E]\Yf&K]jn]kYk <]hmlq?EJ]_agfYdAAAkaf[]*())&

Paridin

Paridin

Deputi GM Regional IV

Deputy GM Regional IV

DYàj\aC]Zme]f$*(EYj]l)1-/&E]jmhYcYfYdmefmk BmjmkYf:Yf_mfYf?]\mf_DHHM$AfklalmlL]cfgdg_a:Yf\mf_& E]fbYZYlk]ZY_Ya<]hmla?EJ]_agfYdANk]bYc*())&

:gjfafC]Zme]f$EYj[`*($)1-/&:Y[`]dgj\]_j]]g^:mad\% af_ <]n]dghe]fl DHHM$ Afklalml L]cfgdg_a :Yf\mf_& K]jn]k Yk <]hmlq?EJ]_agfYdANkaf[]*())&

JgèY\:m\aqYflg

JgèY\:m\aqYflg

Deputi GM Regional V

Deputi GM Regional V

DYàj\aQg_qYcYjlY$*->]ZjmYja)1.1&E]jmhYcYfYdme% fmkEY_akl]jEYfYb]e]fMfan]jkalYk?YbYÈY\Y$Qg_qYcYjlY& E]fbYZYlk]ZY_Ya<]hmla?EJ]_agfYdNk]bYc*())&

:gjfafQg_qYcYjlY$>]ZjmYjq*-$)1.1&EYkl]j<]_j]]g^ EY_akl]jEYfY_]e]flg^l`]Mfan]jkalqg^?YbYÈY\Y$Qg_qY% cYjlY&K]jn]kYk<]hmlq?EJ]_agfYdNkaf[]*())&

144

2011

Deputi GM Regional VI

Deputi GM Regional VI

DYàj\aCYjYf_9fqYj.GclgZ]j)1-.&E]jmhYcYfYdme% fmkBmjmkYf=cgfgeaEYfYb]e]fQYqYkYfHYf[Y:`Ycla$HYdm& E]fbYZYlk]ZY_Ya<]hmla?EJ]_agfYdNAk]bYc*()(&

:gjfafCYjYf_9fqYjG[lgZ]j.$)1-.&:Y[`]dgj<]_j]]g^ EYfY_]e]fl=[gfgea[kQYqYkYfHYf[Y:`Ycla$HYdm&K]jn]kYk <]hmlq?EJ]_agfYdNAkaf[]*()(&

EYk`m\md`Yi9lbg

EYk`m\md`Yi9lbg

Deputi GM Regional VII

Deputi GM Regional VII

DYàj \a Mbmf_ HYf\Yf_$ )( 9_mklmk )1-0& E]jmhYcYf YdmefmkBmjmkYf=cgfgeaEYfYb]e]fQYqYkYfHYf[Y:`Ycla$ KmdYo]ka L]f_Y`& E]fbYZYl k]ZY_Ya <]hmla ?E J]_agfYd NAA k]bYc*()(&

:gjf af Mbmf_ HYf\Yf_$ gf 9m_mkl )($ )1-0& :Y[`]dgj <]_j]] g^ EYfY_]e]fl =[gfgea[k QYqYkYf HYf[Y :`Ycla$ KmdYo]ka L]f_Y`& K]jn]k Yk <]hmlq ?E J]_agfYd NAA kaf[] *()(&

Ferriadinata

Ferriadinata

Deputi GM Regional Rusunawa

Deputy GM Regional Rusunawa

DYàj\aKYoY`Dmflg$*(9_mklmk)1-0&E]jmhYcYfYdme% fmkL]cfacKahadMfan]jkalYk
:gjfafKYoY`Dmflg$gf9m_mkl*($)1-0&:Y[`]dgj<]_j]] g^ ;anad =f_af]]jaf_ ^jge
20

145

HJG>AD<=O9FCGEAK9JAK <9F
:G9J;GEEAKKAGF=JK 9F< KM:KAAD=

ZHLHJGH=JF9K?JAQ9ML9E9

ZHLHJGH=JF9K?JAQ9ML9E9

:a`Yj9K&LgZZaf_

:a`Yj9K&LgZZaf_

Komisaris Utama

President Commissioner

DYàj\aE]\Yf$)E]a)1-+&E]jmhYcYfYdmefmkBmjm% kYfL]cfacKahadAfklalmlL]cfgdg_a:Yf\mf_&E]fbYZYlk]ZY_Ya CgeakYjakMlYeYk]bYc*((1&

:gjfafE]\YfgfEYq)$)1-+&:Y[`]dgj<]_j]]g^;anad=f% _af]]jaf_g^:Yf\mf_Afklalml]g^L][`fgdg_q$:Yf\mf_&K]jn]k YkHj]ka\]fl;geeakagf]jkaf[]*((1&

OY`qmMlgeg

OY`qmMlgeg

Komisaris

Commissioner

DYàj\aBYcYjlY$))>]ZjmYja)1.,&E]jmhYcYfYdmefmk BmjmkYfL]cfacKahadAfklalmlL]cfgdg_a:Yf\mf_&E]fbYZYlk]% ZY_YaCgeakYjakk]bYc*((1&

:gjfafBYcYjlYgf>]ZjmYjq))$)1.,&:Y[`]dgj<]_j]]g^ ;anad=f_af]]jaf_g^:Yf\mf_Afklalml]g^L][`fgdg_q$:Yf\mf_& K]jn]kYk;geeakkagf]jkaf[]*((1&

>YbYjJ&RmdcYjfY]f

>YbYjJ&RmdcYjfY]f

Komisaris

Commissioner

DYàj\a:Yf\mf_$)>]ZjmYja)1/0&E]jmhYcYfYdmefmk EY_akl]jL]cfacDaf_cmf_YfAfklalmlL]cfgdg_a:Yf\mf_&E]f% bYZYlk]ZY_YaCgeakYjakk]bYc*((1&

:gjfaf:Yf\mf_gf>]ZjmYjq)$)1/0&EY_akl]jg^=fnajgf% e]fl=f_af]]jaf_g^:Yf\mf_Afklalml]g^L][`fgdg_q$:Yf\mf_& K]jn]kYk;geeakkagf]jkaf[]*((1&

;`Yna\rEYjm^

;`Yna\rEYjm^

Direktur Utama

President Director

DYàj \a HmjZYdaf__Y$ ** K]hl]eZ]j )1--& E]jmhYcYf YdmefmkBmjmkYfL]cfacKahadKLLF$BYcYjlY&E]fbYZYlk]ZY_Ya
:gjfafHmjZYdaf__YgfK]hl]eZ]j**$)1--&:Y[`]dgj<]% _j]]g^;anad=f_af]]jaf_g^KLLF$BYcYjlY&K]jn]kYkHj]ka\]fl
JYkeYfKafY_Y

JYkeYfKafY_Y

Direktur Keuangan & SDM

Finance and Human Resources Director

DYàj\aH]eYlYf_KaYflYj$/Bmda)1-,&E]jmhYcYfYdme% fmkMfan]jkalYk
:gjfafH]eYlYf_KaYflYjgfBmdq/$)1-,&:Y[`]dgj<]_j]] gâfYf[]Yf\@m% eYfJ]kgmj[]k
146

2011

20

147

148

2011

D9HGJ9F C=M9F?9F CGFKGDA<9KA ;GFKGDA<9L=<>AF9F;A9D J=HGJL

20

149

D9HGJ9F9M
L@=AF<=H=F<=FL9MAF9F;A9DJ=HGJL H=JMEH=JMEF9K

L9F??9D+)<=K=E:=J*())<9F*()(K=JL9 MFLMCL9@MFQ9F?:=J9C@AJ H9<9L9F??9D%L9F??9DL=JK=:ML

>GJQ=9JK=F<=
150

2011

20

151

152

2011

20

153

S. MANNAN, ARDIANSYAH & REKAN REGISTERED PUBLIC ACCOUNTANTS SIU KAP Nomor: KEP-93/KM.1/2012

LAPORAN KEUANGAN KONSOLIDASIAN PERUM PERUMNAS TANGGAL 31 DESEMBER 2011 DAN 2010 SERTA UNTUK TAHUN YANG BERAKHIR PADA TANGGAL-TANGGAL TERSEBUT CONSOLIDATED FINANCIAL REPORT PERUM PERUMNAS FOR YEARS ENDED ON DECEMBER 31, 2011 AND 2010

NOMOR : Lap.046/SM.05.A/IV/2012 TANGGAL : 25 APRIL 2012 NUMBER : Lap.046/SM.05.A/IV/2012 DATE : APRIL 25, 2012

Kartika Chandra Tower 6th Floor Suite 601-604 Jl. Jend. Gatot Subroto Kav. 18-20 Jakarta 12390-Indonesia Tel : (021) 525 0775, 522 3521, 2552 9004 Fax : (021) 2500 322 E-mail: [email protected]

The Independent Auditor’s Report 2011 PERUM PERUMNAS AND SUBSIDIARIES

1

PERUM PERUMNAS DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN

PERUM PERUMNAS AND SUBSIDIARIES STATEMENTS OF CONSOLIDATED EQUITY CHANGE

31 DESEMBER 2011 DAN 2010 SERTA UNTUK TAHUN <$1*%(5$.+,53$'$7$1**$/7$1**$/%(5,.87 (Dalam Rupiah, kecuali dinyatakan lain)

)25<($56(1'('21'(&(0%(5 2011 AND 2010 (In Rupiah Thousands, except otherwise stated)

DAFTAR ISI

LIST OF CONTENT

LAPORAN AUDITOR INDEPENDEN

INDEPENDENT AUDITOR’S REPORT

LAPORAN KEUANGAN PERUM PERUMNAS UNTUK TAHUN YANG BERAKHIR

FINANCIAL STATEMENTS OF PERUM PERUMNAS FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010:

PADA 31 DESEMBER 2011 DAN 2010: Neraca

2

Balance Sheets

ASET -

03

- Assets

Liabilitas dan Ekuitas -

04

- Liabilities and Equities

Laporan Laba Rugi

05

3UR¿W /RVV$FFRXQW

Laporan Perubahan Ekuitas

06

Equity Change Statement

$UXV.DV'DUL$NWL¿WDV2SHUDVL

07

Cash Flows Statement

Catatan Atas Laporan Keuangan

09

Remarks on Financial Statements

Laporan Auditor Independen 2011 PERUM PERUMNAS DAN ANAK PERUSAHAAN





Catatan Note ASET Kas dan Setara Kas Piutang Usaha (setelah dikurangi penurunan nilai wajar piutang usaha senilai 40.247.627.347 dan 23.035.329.407 untuk 2011 dan 2010)

2011 Rp

2010 Rp

2g,3

347.039.680.602

173.077.713.905

2h,4

662.646.165.277

296.799.363.765

5 6 7 2j,8 2j,9 2k,10

3.016.261.804 7.632.382.465 23.426.745.650 427.912.250.230 217.926.115.957 146.395.309.921

63.831.954.550 11 .587.500.242 43.168.890.920 445.288.077.078 233.407.462.372 140. 208.098.426

ASSETS Cash and Cash Equivalent Account Receivables (after deducted by depreciation of reasonable value of account receivable of 40.247.627.347 and 23.035.329.407 for 2011 and 2010) Other account receivables (after deducted by depreciation of reasonable value of other account receivables in value of NIL and 13.481.282.651 for 2011 and 2010) Down Payment Prepaid expenses Land and Building to be sold Project in execution Crude Soil

2i,11

79.053.290.104

77.934.101.294

Soil in partnership processing

12

91.870.540.895

89.191.653.653

13

121.943.423.706

128.881.971.564

Long Term Crude Soil House and Building to be leased (after deducted by accumulation of depreciation in the amount of 74.125.997.595 and 67.187.449.738 for 2011 and 2010)

14

42.120.096.740

34.827.474.297

2l,15

26.965.930.257

26.167.602.371

Long Term Receivables Fixed Asset (after deducted by accumulation of depreciation in the amount of 44.228.040.461 and 44.713.961.562 for 2011 and 2010)

17.792.939.100

22.280.073.022

Other assets (after deducted by accumulation of depreciation in the amount of 695.374.684 and 731.139.213 for 2011 and 2010)

2.215.741.132.707

1.786.651.937.459

TOTAL ASSETS

Piutang Lain-lain (setelah dikurangi penurunan nilai wajar piutang lainlain senilai NIL dan 13.481.282.651 untuk 2011 dan 2010) Uang Muka Beban Dibayar Di Muka Tanah dan Bangunan akan Dijual Proyek Dalam Pelaksanaan Tanah Mentah Tanah Dalam Pengelolaan Kerjasama Tanah Mentah Jangka Panjang Rumah dan Bangunan Disewakan (setelah dikurangi akumulasi penyusutan senilai 74.125.997.595 dan 67.187.449.738 untuk 2011 dan 2010) Piutang Jangka Panjang Aset Tetap (setelah dikurangi akumulasi penyusutan senilai 44.228.040.461 dan 44.713.961.562 untuk 2011 dan 2010) Aset Lain-lain (setelah dikurangi akumulasi penyusutan senilai 695.374.684 dan 731.139.213 untuk 2011 dan 2010) Jumlah Aset

16

Lihat catatan atas Laporan Keuangan yang merupakan bagian tidak terpisahkan dari laporan ini

6HHWKH5HPDUNVRQWKH¿QDQFLDOVWDWHPHQWVFRQVWLWXWLQJ DQLQVHSDUDEOHSDUWRIWKH¿QDQFLDOVWDWHPHQWV


3





LIABILITAS DAN EKUITAS

Catatan Note

2011 Rp

2010 Rp

Liabilitas Hutang Usaha %HEDQ
17 18

81.371.940.869 356.466.509.054

92.027.202.439 183.066.730.053

Kelebihan Uang Muka Penghuni

19

3.275.299.915

2.942.896.477

3DMDN
20

105.028.263.956

41.754.144.976

Payable taxes

Retensi Kontraktor Penangguhan Pembayaran

21 22

3.821.046.639 2.295.194.892

3.528.031.303 3.249.104.225

Contractor retention Payment Suspension

Penerimaan Uang Muka

23

71.298.283.339

62. 207.376.357

Down Payment Acceptance

Dana Sosial Pegawai Pinjaman Dalam Negeri 3HQGDSDWDQ
24 25

104.175.412 783.054.298.156 693.000.000 145.233.292.263

104.175.412 684.054.298.156 116.785.955.219

Employee’s social fund Domestic Loan Suspended Income Other Loan

1.552.641.304.495

1.189.719.914.617

Total Liabilities

26

Jumlah Liabilitas EKUITAS

Liabilities Account Payable Payable expenses Excessive Down payment of tenant

EQUITY

Modal Ditempatkan

28

1.000.000.000

1.000.000.000

Subscribed Capital

Penyertaan Modal Negara Cadangan Selisih Transaksi Perubahan Ekuitas Saldo Laba Laba (Rugi) Tahun Berjalan Kepentingan Non Pengendali

29 30

474.969.390.888 75.743.323.450

474.969.390.888 75.743.323.450

31

55.036.047.408

55.036.047.408

32

(10.017.169.958) 65.803.826.502 564.409.918

(56.427.767.406) 46.410.597.447 200.431.055

State Capital Participation Reserve Difference of Transaction of equity change Earnings Balance Earnings (Loss) of Current Year Non-Controlling Interest

Jumlah ekuitas JUMLAH LIABILITAS DAN EKUITAS

663.099.828.212 2.215.741.132.707


4

LIABILITIES AND EQUITIES

596.932.022.842 1.786.651.937.459

Total Equity TOTAL LIABILITIES AND EQUITIES







Catatan Note PENJUALAN %(%$132.2.3(1-8$/$1

2o,32 2p,33

/$%$58*, .2725 BEBAN USAHA Beban Penjualan

34

Beban Administrasi & Umum JUMLAH BEBAN USAHA LABA (RUGI) USAHA PENDAPATAN/ (BEBAN) DILUAR USAHA Pendapatan bunga deposito dan jasa giro Pendapatan sewa Pendapatan lainnya Beban bunga Beban Lainnya JUMLAH PENDAPATAN/(BEBAN) DILUAR USAHA LABA SEBELUM PAJAK PENGHASILAN PAJAK PENGHASILAN: Final /$%$3(5,2'(%(5-$/$1 Pendapatan Komprehensif Lainnya Jumlah Pendapatan Komprehensif Laba Komprehensif yang dapat diatribusikan kepada: Pemilik Entitas Kepentingan Non Pengendali

2011 Rp

2010 Rp

1.021.203.620.405 (590.328.065.431)

796.103.875.498 (437.068.660.377)

SALES SALES PRINCIPLE EXPENSES

430.875.554.974

359.035.215.121

GROSS PROFIT (LOSS)

(20.531.297.671)

(20.936.030.923)

(256.589.887.825)

(203.382.757.393)

(277.121.185.496)

(224.318.788.316)

OPERATING EXPENSES Sales Expenses $GPLQLVWUDWLYH *HQHUDO Expenses TOTAL OPERATING EXPENSES

153.754.369.478

134.716.426.805

OPERATING PROFIT (LOSS)

35

7.431.884.183

3.813.849.990

36 37 38 39

346.459.489 27.667.690.561 (54.997.695.309) (25.446.191.849)

360.273.600 12.047.685.440 (56.333.370.150) (22.550.499.675)

INCOME / (EXPENSES) OUTSIDE OF BUSINESS Income from deposit interest and gyro service Lease Income Other Incomes Interest Expenses Other Expenses

(44.997.852.925)

(62.662.060.794)

TOTAL INCOME /(EXPENSES) OUTSIDE OF BUSINESS

108.756.516.553

72.054.366.011

EARNING BEFORE INCOME TAX INCOME TAX:

(42.588.711.188)

(25.597.832.544)

66.167.805.365

46.456.533.467

Final EARNINGS IN CURRENT PERIOD

-

-

65.803.826.502 363.978.863

46.410.597.447 45.936.020


Other Comprehesive Income Total comprehensive income Comprehensive Earnings attributed to: Entity Owner Non Controlling Interest



5

6

Laporan Auditor Independen 2011 PERUM PERUMNAS DAN ANAK PERUSAHAAN Cadangan Reserve

-

Penyertaan ModalNegara

-

Laba Tahun Berjalan

474.969.390.888

-

-

-

474.969.390.888

474.969.390.888

2.012.934.600

-

472.956.456.288

75.743.323.450

-

-

-

75.743.323.450

75.743.323.450

-

-

-

75.743.323.450

Rp


1.000.000.000

-

Penyertaan Modal Negara

Saldo 31 Desember 2011

-

1.000.000.000

Saldo Awal 2011

Penambahan Tahun 2011

1.000.000.000

Saldo 31 Desember 2010

Laba Tahun Berjalan

-

1.000.000.000

Penambahan Tahun 2010

Saldo Awal Tahun 2010

Rp

Rp

55.036.047.408

-

-

-

55.036.047.408

55.036.047.408

-

-

-

564.409.918

363.978.863

-

-

200.431.055

200.431.055

45.936.020

-

-

154.495.035

Rp

Kepentingan Non Pengendali Non-Controlling Interest

663.099.828.212

66.167.805.365

-

63.945.000.000

596.932.022.842

596.932.022.842

46.456.533.467

2.012.934.600

-

548.462.554.775

Rp

Jumlah Amount

Balance as of December 31, 2011

&XUUHQW
State Capital participation

Adding year 2011

Balance beginning 2011

Balance as of December 31, 2010

&XUUHQW
State Capital Participation

Increasing year 2010

Balance of Beginning year 2010

6HHWKH5HPDUNVRQWKH¿QDQFLDOVWDWHPHQWVFRQVWLWXWLQJDQLQVHSDUDEOHSDUWRIWKH¿QDQFLDOVWDWHPHQWV

55.786.656.543

65.803.826.502

-

-

(10.017.169.959)

(10.017.169.959)

46.410.597.447

(56.427.767.406)

Rp

Rp 55.036.047.408

Saldo laba (rugi) 3UR¿WORVV balance

Selisih transaksi perubahan ekuitas Difference of equity change transaction

__________________________________________

________________________________________________________ Penyertaan modal Capital Participation



Modal ditempatkan Subscribed capital



2011 (Rp)

2010 (Rp)

ARUS KAS DARI AKTIVITAS OPERASI Penerimaan Penerimaan Penjualan

20.427.392.713 109.892.518.831

10.078.810.000

9.010.359.146

11.335.368.986

-

730.535.054.370

674.664.934.835

Total Income

406.433.828.877

Penerimaan Piutang Retensi Penerimaan Uang Muka Penjualan Penerimaan Sewa & Iuran Pemeliharaan Air minum Penerimaan Pengelolaan Gedung dan Jasa Lainnya Jumlah penerimaan

154.174.404.409 148.512.642.098

CASH FLOW FROM OPERATING ACTIVITIES Income Income from Sales Income from Retention Account Receivable Income from Sales Down Payment ,QFRPHIURPOHDVH FRQWULEXWLRQRI drinking water maintenance Income from Building Management and other services

535.334.664.145

Pengeluaran : Beban Langsung Beban Produksi Beban Tidak Langsung Beban Personalia & Umum Beban Pemasaran & Pemeliharaan Beban Bunga Pembayaran kepada Negara

296.668.848.312

345.738.049.032

254.973.348.533 37.777.570.979 44.858.832.117 35.777.140.927

185.449.612.400 106.599.485.570 53.861.372.632 54.774.720.000

Expenses: Direct Expense Production Expense Indirect Expense 3HUVRQDO *HQHUDO([SHQVH 0DUNHWLQJ 0DLQWHQDQFH([SHQVH Interest Expense Payment to State

Jumlah pengeluaran

670.055.740.868

746.423.239.634

Total Expense

60.479.313.502

(71.758.304.798)

Cash Flow from Operating Activities

8.754.626.768

2.074.786.232

CASHFLOW FROM INVESTMENT ACTIVITIES Expenses Routine/New Investments

8.754.626.768

2.074.786.232

Total Expenses

(8.754.626.768)

(2.074.786.232)

1HWWFDVKÀRZXVHGIRULQYHVWPHQWDFWLYLWLHV

Arus kas dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI Pengeluaran : InvestasiRutin/Baru Jumlah pengeluaran Arus kas bersih yang digunakan untuk aktivitas investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan : Kredit Bank & Nonbank Penjualan Aset Tetap Bunga Jasa Giro/Deposito Penambahan PMP Restitusi Pajak lainnya

344.000.000.000 7.431.884.184 11.373.983.937

329.883.295.100 4.324.088.250 3.813.849.990 2.942.896.477 3.880.973.503 9.746.385.327

CASHFLOW FROM FINANCIANG ACTIVITIES Income : %DQN 1RQEDQN&UHGLW Sales of Fixed Assets Gyro/deposit service interest Increasing PMP Tax Restitution Others

Jumlah penerimaan

362.805.868.121

354.591.488.647

Total Income


7

PERUM PERUMNAS DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 31 DESEMBER 2011 DAN 2010 SERTA UNTUK TAHUN <$1*%(5$.+,53$'$7$1**$/7$1**$/%(5,.87 (Dalam Rupiah, kecuali dinyatakan lain)

31 DESEMBER 2011 DAN 2010 SERTA UNTUK TAHUN )25<($56(1'('21'(&(0%(5 <$1*%(5$.+,53$'$7$1**$/7$1**$/%(5,.87 2011 AND 2010 (DalamThousands, Rupiah, kecuali dinyatakan (In Rupiah except otherwiselain) stated)

Pengeluaran : Angsuran Kredit Bank/Nonbank lainnya

231.000.000.000 9.568.588.158

239.098.540.924 2.792.119.680

Expenses Installment of Credit to Bank/Non Bank Others

Jumlah pengeluaran

240.568.588.158

241.890.660.604

Total Expenses

Jumlah kas bersih yang berasal dari aktivitas pendanaan

122.237.279.963

112.700.828.043

7RWDOQHWFDVKIURP¿QDQFLQJDFWLYLWLHV

173.961.966.697

38.867.737.011

173.077.713.905

134.209.976.894

INCREASING (DECREASING) CASH AND CASH EQUIVALENT CASH AND CASH EQUIVALENT IN EARLY YEAR

347.039.680.602

173.077.713.905

CASH AND CASH EQUIVALENT AT YEAR END

KENAIKAN/(PENURUNAN) KAS DAN SETARA KAS KAS DAN SETARA KAS PADA AWAL TAHUN

KAS DAN SETARA KAS PADA AKHIR TAHUN


8

PERUM PERUMNAS DANAND ANAK PERUSAHAAN PERUM PERUMNAS SUBSIDIARIES CATATAN ATAS KEUANGAN STATEMENTS OF LAPORAN CONSOLIDATED EQUITY KONSOLIDASIAN CHANGE

6HHWKH5HPDUNVRQWKH¿QDQFLDOVWDWHPHQWVFRQVWLWXWLQJDQ LQVHSDUDEOHSDUWRIWKH¿QDQFLDOVWDWHPHQWV






1.

UMUM a)

1.

Pendirian dan Tujuan Perum Perumnas adalah suatu Badan Usaha Milik Negara (BUMN) yang sejak tahun 1999 secara teknis berada di bawah Departemen Pemukiman dan Prasarana Wilayah, sekarang di bawah Menteri Negara Perumahan Rakyat. Berdasarkan Peraturan Pemerintah nomor 29 tahun 1974 yang disempurnakan dengan Peraturan Pemerintah nomor 12 tahun 1988 terakhir telah diganti dengan Peraturan Pemerintah nomor 15 tahun 2004 ditetapkan bahwa sifat, maksud, dan tujuan didirikannya Perum Perumnas adalah: 1.

2.

3.

Menyediakan pelayanan bagi kemanfaatan umum dan sekaligus memupuk keuntungan berdasarkan prinsip pengelolaan Perum Perumnas. Menyelenggarakan kemanfaatan umum berupa kegiatan-kegiatan produktif di bidang perumahan rakyat beserta sarana dan prasarananya serta melakukan pemupukan dana. Melaksanakan kebijakan dan program pemerintah di bidang pelaksanaan pembangunan perumahan rakyat beserta sarana dan prasarananya yang mampu mewujudkan lingkungan pemukiman sesuai dengan rencana pembangunan wilayah/kota.

GENERAL a)

Establishment and objectives Perum Perumnas is a state-owned Enterprise (BUMN) established in 1999 technically under Department of Resettlement and Regional Infrastructure, now under the State Minister of Public Housing. Pursuant to Government Regulation number 29 of 1974 which is revised by virtue of the Government Regulation number 12 of 1988 lastly changed with the government Regulation number 15 of 2004 stipulated that characteristics, aims and objectives of establishment of Perum Perumnas are:

1.

Providing services for general benefits and gaining profits based on management principle of Perum Perumnas.

2.

Providing general benefits in the form of Productive activities in the field of public housing and its facilities and fertilizing funds.

3.

Carry out the government policy and program in the field of implementation of public housing development and facilities which is capable realizing housing environment in accordance with the regional/city plan.

Kegiatan Perum Perumnas dilaksanakan di seluruh wilayah Indonesia yang dibagi-bagi dalam regional-regional yang membawahi beberapa cabang atau unit pengelola.

Activities of Perum Perumnas are conducted throughout Indonesia divided in to regionals responsible with some management branches or units.

Di samping kegiatan-kegiatan tersebut, sejak tahun 1996 Perum Perumnas bersama lima Badan Usaha Milik Negara di bawah Departemen Pemukiman dan Prasarana Wilayah (BUMN Karya) membentuk Kerjasama Operasi (KSO)

Other than activities mentioned above, as of year 1996 Perum Perumnas together with five State-Owned Enterprises under Department of Housing and Regional Infrastructure (BUMN Karya) formed Operational Cooperation (KSO) Building


9





Kawasan Siap Bangun (Kasiba) di kawasan Driyorejo, Gresik, Jawa Timur. Maksud dan tujuan KSO ini adalah untuk mengelola pembangunan skala besar Kasiba di lokasi Driyorejo seluas 1.000 Ha.

Ready Area (Kasiba) in region of Driyorejo, Gresik, East Java. The purposes and objectives of this KSO are to manage largescale development Kasiba in region of Driyorejo with area of 1.000 Ha.

Berdasarkan kesepakatan anggota Kasiba Driyorejo tanggal 19 September 2003, BUMN Karya melepaskan penyertaannya kepada PT Rukun Pilar Sentosa. Kesepakatan tersebut dikukuhkan dengan Akta Notaris Martin Roestamy. SH Nomor 244 tanggal 19 September 2003 tentang penarikan diri sebagai peserta pada KSO. Adapun atas pengalihan penyertaan modal BUMN Karya dari KSO, dibuatkan Akta Perjanjian Pengikatan Penyertaan Modal yang dikukuhkan dengan Akta Notaris Martin Roestamy, SH Nomor 245 tanggal 19 September 2003.

Based on agreement of members of Kasiba Driyorejo dated September 19, 2003, BUMN Karya releases its participation to PT Rukun Pillar Sentosa. Such agreement was authorized with deed of Notary Martin Roestamy. SH Number 244 dated September 19, 2003 concerning resignations participant at KSO. Upon transfer of capital participation BUMN Karya from KSO, contained in Deed of Agreement on capital participation authorized with Notary Deed Martin Roestamy, SH Number 245 dated 19 September 2003.

b) Manajemen Manajemen Perseroan pada tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut: a.

Dewan Pengawas: Berdasarkan Surat Keputusan Menteri Badan Usaha Milik Negara No. KEP250/MBU/2007 tanggal 7 Nopember 2007 dan No. KEP-186/MBU/2011 tanggal 08 Agustus 2011 menetapkan susunan Dewan Pengawas Perum Perumnas adalah sebagai berikut :

Management Management of the Company on December 31, 2011 and 2010 is as follows: a.

Board Of Commissioner Based on Letter of Decision of the Minister of State-Owned Enterprise No. KEP-250/MBU/2007 dated November 7, 2007 and No. KEP-186/ MBU/2011 dated August 8, 2011 stipulated composition of Board of commissioners of Perum Perumnas are as follows:

:

2011

2010

Ketua

:

Ir. Pangihutan Marpaung

Ir. Zulfi Syarif Koto, Msi

:

Chairman

Anggota

:

Member

:

:

Member

Anggota

:

:

Member

Anggota

:

Ir. Ismanto, MSc Drs. Sonatha Halim Yusuf, MBA Dr. Ir. Yuswanda A. Temenggung Ir.Maruhum Batubara, MPA, Phd

:

Anggota

Ir. Ismanto, MSc Drs. Sonatha Halim Yusuf, MBA Dr. Ir. Yuswanda A. Temenggung Marsda TNI (Purn) Tumiyo

:

Member

Sekretaris

:

Merianti, MM

Merianti, MM

:

Secretary

Dewan Pengawas

10

b)


:

Board of Commissioner





b.

Dewan Direksi Berdasarkan Keputusan Menteri BUMN RI Nomor KEP-219/MBU/2007 tanggal 5 Oktober 2007 menetapkan susunan Direksi Perum Perumnas sebagai berikut :

Direksi Direktur Utama Direktur Korporasi dan Pertahanan Direktur Produksi Direktur Pemasaran Direktur Keuangan dan SDM

c.

c.

b.

Board of Directors Based on Decree of the Minister of State-Owned Enterprise of the Republic of Indonesia Number KEP219/MBU/2007 dated October 5, 2007 stipulated composition of Board of Directors of Perum Perumnas are as follows:

2011

2010

:



: : :

Sunardi M Kamal Kusmantoro Tedy Robinson

Sunardi M Kamal Kusmantoro Tedy Robinson

:

Hakiki Sudrajat

Hakiki Sudrajat

Pembentukan Komite Audit Berdasarkan Keputusan Dewan Pengawas Perum Perumnas Nomor: Ketua Dewas/02/KPTS/II/2007 tanggal 5 Pebruari 2007 dan No. Ketua Dewas/005/KPTS/X/2009 tanggal 21 Oktober 2009 telah dibentuk Komite Audit Perum Perumnas yang beranggotakan sebagai berikut :

c.

: : : : : :

Directors President Director Director of Corporation and Land Director of production Director of Marketing Director of Finance and Human Resources

Formation of Audit Committee Based on Decision of the Board of Commissioner of Perum Perumnas Number: Ketua Dewas/02/KPTS/ II/2007 dated February 5, 2007 and No. Ketua Dewas/005/KPTS/X/2009 dated October 21, 2009 was formed Audit Committee of Perum Perumnas with members are as follows:

2011

2010

Ketua Anggota

: :

Drs. Sonatha H.Yusuf,MBA Suroto

Drs. Sonatha H.Yusuf,MBA Drs. Olan Syahlan M, Ak

: :

Chairman members

anggota

:

Moch.Sapto Setiawan

Ir. Sri Danardio

:

members

anggota

:

Hendry Fauzi

M Kamal Kusmantoro

:

members

Organisasi Kantor Pusat dan Regional Berdasarkan Keputusan Direksi No. Dirut/79/KPTS/10/99 tanggal 30 Juli 1999, Dirut/024/KPTS/02/02 tanggal 14 Pebruari 2002, Dirut/040/ KPTS/10/2002 tanggal 1 Maret 2002, Dirut/042/KPTS/10/2002 tanggal 4 Maret 2002 dan terakhir diatur dengan Keputusan Direksi No. Dirut/030/ KPTS/10/2004 tanggal 26 Pebruari 2004 tentang “Penyempurnaan Organisasi dan Tata Kerja Perum Perumnas”

c.

Organization of Central Office and Regional office Based on Decision of Board of Directors No. Dirut/79/KPTS/10/99 dated July 30, 1999, Dirut/024/KPTS/02/02 dated February 14, 2002, Dirut/040/KPTS/10/2002 dated March 1, 2002, Dirut/042/KPTS/10/2002 dated March 4, 2002 and lastly regulated by virtue of Decision of Board of Directors No. Dirut/030/KPTS/10/2004 dated February 26, 2004 concerning “Revision of Organization and Work Order Perum Perumnas” confirmed that organization of


11





ditegaskan organisasi Perum Perumnas mencakup Kantor Pusat yang bertugas melakukan pengaturan, pembinaan dan pengendalian (turbindal) terhadap tujuh kantor Regional, satu Regional Rusunawa serta satu Kawasan dengan wilayah kerja sebagal berikut : 1. Kantor Regional I Berkedudukan di Medan dan mempunyai wilayah usaha di Propinsi Daerah Istimewa Aceh, Propinsi Sumatera Utara, Propinsi Riau Daratan, Propinsi Kepulauan Riau dan Propinsi Sumatera Barat. 2. Kantor Regional II Berkedudukan di Jakarta dan mempunyai wilayah usaha di Propinsi Jambi, Propinsi Bengkulu, Propinsi Sumatera Selatan, Propinsi Lampung, Propinsi Kalimantan Barat dan Propinsi Kalimantan Tengah. 3. Kantor Regional III Berkedudukan di Jakarta dan mempunyai wilayah usaha di Propinsi DKI Jakarta, Kabupaten Bogor, Kabupaten Tangerang, Kabupaten Bekasi, Kotamadya Bogor, Kotamadya Bekasi, Kotamadya Tangerang, Kotamadya Depok. 4. Kantor Regional IV Berkedudukan di Bandung dan mempunyai wilayah usaha di Propinsi Banten dan Propinsi Jawa Barat di luar Bodetabek 5. Kantor Regional V Berkedudukan di Semarang dan mempunyai wilayah usaha di Propinsi Jawa Tengah, Propinsi Daerah Istimewa Yogyakarta, Propinsi Kalimantan Selatan dan Propinsi Kalimantan Timur. 6. Kantor Regional VI Berkedudukan di Surabaya

12

dan

Perum Perumnas covers Head Office which responsible to conduct arrangement, development and control (turbindal) to seven regional offices, one regional Rusunawa and one regional with working area as follows:

1.

Regional Office I Domiciled in Medan and having business area in Special Region of Aceh Province, North Sumatera Province, Riau Daratan Province, Riau Island Province and West Sumatera Province.

2.

Regional Office II Domiciled in Jakarta and having business area in Jambi Province, Bengkulu Province, South Sumatera Province, Lampung Province, West Kalimantan province and Central Kalimantan Province.

3.

Regional Office III Domiciled in Jakarta and having Business Area in DKI Jakarta Province, Bogor Regency, Tangerang Regency, Bekasi Regency, Bogor Municipality, Bekasi Municipality, Tangerang Municipality, Depok Municipality.

4.

Regional Office IV Domiciled in Bandung and having business area in Banten Province and West Java Province outside of Greater Jakarta.

5.

Regional Office V Domiciled in Semarang and having Business Area in Central Java, Special Region of Yogyakarta Province, South Kalimantan Province and East Kalimantan Province.

6.

Regional Office VI Domiciled in Surabaya and having






mempunyai wilayah usaha di Propinsi Jawa Timur, Propinsi Bali, Propinsi Nusa Tenggara Barat dan Propinsi Nusa Tenggara Timur.

2.

Business area in East Java Province, Bali Province, West Nusa Tenggara Province and East Nusa Tenggara Province.

7. Kantor Regional VII Berkedudukan di Ujung Pandang dan mempunyai wilayah usaha di Propinsi Sulawesi Selatan, Propinsi Sulawesi Tengah, Propinsi Sulawesi Tenggara, Propinsi Sulawesi Utara, Propinsi Maluku dan Propinsi Papua.

7.

8. Regional Rumah Susun Sederhana Sewa Berkedudukan di Jakarta dan mempunyai wilayah usaha rumah susun sewa di Batam, Padang, Pontianak, Cengkareng, Jakarta Koja, Pasar Jumat, Cirebon, Samarinda, Warugunung, Siwalankerto dan Makassar.

8.

IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING

2.

Regional Office VII Domiciled in Ujung Pandang and having Business Area in South Sulawesi province, Central Sulawesi Province, Southeast Sulawesi Province, North Sulawesi Province, Maluku Province and Papua Province. Leased Simple Story House Regional Domiciled in Jakarta and having leased story house business area in Batam, Padang, Pontianak, Cengkarang, Jakarta Koja, Pasar Samarinda, Jumat, Cirebon, Warugunung, Siwalankerto and Makassar.

SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

Ikhtisar kebijakan akuntansi Perum Perumnas disajikan untuk membantu pembaca dalam mengevaluasi laporan keuangan. a. Pernyataan Kepatuhan Laporan keuangan disusun dengan menggunakan prinsip dan pelaporan akuntansi sesuai Pernyataan Standar Akuntansi Keuangan di Indonesia.

a. Statement of Compliance The financial statements have been prepared using appropriate accounting principles and reporting of Statement of Financial Accounting Standards in Indonesia.

b. Dasar Penyusunan Laporan Keuangan Konsolidasian Laporan keuangan disusun menggunakan basis akrual (accrual basis) kecuali Laporan Arus Kas disusun atas dasar metode langsung dengan pengelompokan arus kas dalam aktivitas operasi, investasi, dan pendanaan.

b.

Pernyataan Standar Akuntansi Keuangan (PSAK) No. 1 (Revisi 2009) mengatur penyajian laporan keuangan, yaitu antara lain, tujuan pelaporan, komponen

Basis of Preparation of Consolidated Financial Statements Financial statements are prepared using the accrual basis (accrual basis) unless the Statement of Cash Flows are prepared on the basis of the direct method of grouping the cash flows into operating, investing and financing activities. Statement of Financial Accounting Standards (SFAS) No. 1 (Revised 2009) adjust the financial statements, among other things, the purpose of reporting,


13





14

laporan keuangan, penyajian secara wajar, materialitas dan agregasi, saling hapus, informasi komparatif dan konsistensi penyajian dan memperkenalkan pengungkapan baru, antara lain, sumber estimasi ketidakpastian dan pertimbangan, pengelolaan permodalan, pendapatan komprehensif lainnya, penyimpangan dari standar akuntansi keuangan dan pernyataan kepatuhan.

financial statement components, presenting a natural, material and aggregation it as, offset, comparability and consistency of information presentation and introduced a new disclosure, among others, the source of estimation uncertainty and consideration, the management of capital, other comprehensive income, deviation from accounting standards and statements of compliance

Penerapan PSAK No. 1 (Revisi 2009) tersebut memberikan pengaruh yang signifikan bagi penyajian dan pengungkapan terkait dalam laporan keuangan konsolidasian sebagai berikut : t Perubahan judul dari neraca menjadi laporan posisi keuangan konsolidasian. t Perubahan dalam penyajian laporanperubahan ekuitas konsolidasiandan laporan laba rugi komprehensif konsolidasian. t Kepentingan non-pengendali disajikan di dalam ekuitas (hak minoritas sebelumnya disajikan di antara liabilitas dan ekuitas) t Ketika entitas menerapkan suatu kebijakan akuntansi secara retrospektif atau membuat penyajian kembali pos-pos laporan keuangan konsolidasian atau ketika entitas mereklasifikasi pos-pos dalam laporan keuangan konsolidasiannya maka laporan posisi keuangan konsolidasian pada awal periode komparatif disajikan.

Application of PSAK No. 1 (Revised 2009) is a significant influence for the presentation and related disclosures in the consolidated financial statements as follows: t Change the title of the balance sheet to the consolidated statement of financial position. t Changes in the presentation of the consolidated statement of changes in equity and consolidated comprehensive income statement. t Non-controlling interests are presented within equity (before minority interest is presented between liabilities and equity)

Kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian adalah selaras dengan kebijakan akuntansi yang diterapkan dalam penyusunan laporan keuangan konsolidasian Perum Perumnas untuk tahun yang berakhir per 31 Desember 2011 dan 2010, kecuali bagi penerapan beberapa SAK yang telah direvisi efektif sejak tanggal 1 Januari 2011 seperti yang telah diungkapkan di atas dan beberapa

The accounting policies adopted in preparing the consolidated financial statements are consistent with the accounting policies adopted in preparing the consolidated financial statements of Perum Perumnas for the year ended December 31, 2011 and 2010, except for the application of some SAK revised effective date of January 1, 2011 as which has been described above and some specific GAAP as described in related accounting policy.

t

When an entity applies an accounting policy retrospectively or to make the restatement items of consolidated financial statements or when the entity reclassify items in the consolidated statement of financial position at the beginning of the comparative periods presented.






SAK tertentu sebagaimana diuraikan dalam kebijakan akuntansi terkait. Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah Rupiah. c. Prinsip-prinsip Konsolidasian

The reporting currency used in the preparation of the consolidated financial statements is Rupiah.

c. Principle Statements

Efektif tanggal 1 Januari 2011, Perum Perumnas menerapkan PSAK No. 4 (Revisi 2009), “Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri”.

Effective on January 1, 2011, Perum Perumnas applies PSAK No. 4 (Revised 2009), “Consolidated Financial Statements and Separate Financial Statements”.

PSAK revisi ini memberikan panduan penyusunan dan panyajian laporan keuangan konsolidasian untuk sekelompok entitas yang berada dalam pengendalian suatu entitas induk dan dalam akuntansi untuk investasi pada entitas anak, pengendalian bersama entitas laporan keuangan tersendiri disajikan sebagai informasi tambahan. Penerapan PSAK revisi ini tidak memiliki pengaruh yang signifikan terhadap laporan keuangan konsolidasian kecuali bagi pengungkapannya.

This revised PSAK provide guidance on the preparation and presentation of financial statements for a group of entities that are in control of a parent entity and the accounting for investments in subsidiaries, jointly controlled entities are presented as separate financial statements additional information. Application of this revised PSAK does not have a significant effect on the consolidated financial statements except for the disclosure.

Laporan keuangan konsolidasian menggabungkan seluruh Entitas Anak yang dikendalikan oleh Perum Perumnas. Pengendalian dianggap ada ketika Perum Perumnas memiliki secara langsung atau tidak langsung melalui Entitas Anak lebih dari setengah kekuasaan suara suatu entitas, kecuali dalam keadaan yang jarang dapat ditunjukkan secara jelas bahwa kepemilikan tersebut tidak diikuti dengan pengendalian. Pengendalian juga ada ketika Perum Perumnas memiliki setengah atau kurang kekuasaan suara suatu entitas jika terdapat : t Kekuasaan yang melebihi setengah hak suara sesuai perjanjian dengan investor lain; t Kekuasaan untuk mengatur kebijakan keuangan dan operasional entitas berdasarkan anggaran dasar atau perjanjian; t Kekuasaan untuk menunjuk atau

The consolidated financial statements incorporate the whole subsidiary entities controlled by Perum Perumnas. Control is presumed to exist when Perum Perumnas has directly or indirectly through subsidiary entities more than half the voice power of an entity, except in rare circumstances can be clearly demonstrated that such ownership is not followed with control. Control also exists when Perumnas has half or less the voice power of an entity when there is:

t

t

t

Power in excess of half the voting rights under the agreement with other investors; Power to set policy based on the entity’s financial and operational statutes or treaties; Power to appoint or replace the majority of the board of directors and


15





t

16

mengganti sebagian besar dewan direksi dan dewan komisaris atau badan pengatur setara dan mengendalikan entitas melalui dewan atau badan tersebut; atau Kekuasaan untuk memberikan suara mayoritas pada rapat dewan direksi dan dewan komisaris atau badan pengatur setara dan mengendalikan entitas melalui dewan direksi dan dewan komisaris atau badan tersebut.

t

board of commissioners or equivalent regulatory agencies, and entities controlled by the board or agency, or Power to a majority vote at board meetings and board of directors or equivalent governing body and controlled entities through the board of directors and board of commissioners or the agency.

Kepentingan nonpengendali merupakan proporsi atas laba atau rugi dan aset neto yang tidak dimiliki Perum Perumnas dan disajikan secara terpisah dalam laporan laba rugi komprehensif konsolidasian dan ekuitas pada laporan posisi keuangan konsolidasian, dipisahkan dengan ekuitas yang dapat diatribusikan kepada entitas induk.

Non-control Interest the proportion of the profit or loss and net assets not owned by Perum Perumnas and presented separately in the consolidated comprehensive income statement and equity on the consolidated statement of financial position, divided by equity attributable to parent entity

Seluruh saldo akun dan transaksi yang material antar entitas yang dikonsolidasikan telah dieliminasi.

All of account balances and inter-entity transactions of consolidated materials have been eliminated.

Perseroan memiliki Anak Perum Perumnas yaitu PT Propernas Griya Utama, didirikan berdasarkan Akta Pendirian No. 30 tanggal 05 Pebruari 2009 yang dibuat di hadapan Mastuti Betta, SH, Notaris di Jakarta.

The Company has subsidiary that is PT. Propernas Griya Utama, which was established based on Deed No.. 30 dated 05 February 2009, drawn up before Mastuti Betta, SH, Notary in Jakarta.

Modal dasar PT Propernas Griya Utama ditetapkan sebesar Rp20.000.000.000,(dua puluh milar rupiah) yang terbagi atas 20.000 (dua puluh ribu) saham, masing-masing saham dengan nilai nominal sebesar Rp1.000.000,- (satu juta rupiah). Dari modal dasar tersebut telah ditempatkan dan disetor penuh oleh para pendiri sebanyak 5.000 (lima ribu) saham atau seluruhnya seharga Rp5.000.000.000,- (lima miliar rupiah). Kepemilikan saham Perum Perumnas sebesar Rp4.850.000.000,- atau sebanyak 4.850 (empat ribu delapan ratus lima puluh) saham yang merupakan 97% hak kepemilikan.

The authorized capital of PT Propernas Griya Utama is determined in the amount of Rp 20.000.000.000,- (twenty billion rupiah), divided into 20.000 (twenty thousand) shares, each share with a nominal value of Rp 1.000.000, - (one million rupiah ). Of the authorized capital there have been subscribed and paid in full by the founders in the amount of 5,000 (five thousand) shares or totaling in the amount of Rp. 5.000.000.000 (five billion rupiah). Share ownership of Perum Perumnas shall be in the amount of Rp. 4.850.000.000,or totaling 4.850 (four thousand eight hundred fifty) shares constituting 97% ownership rights.






PT Propernas Griya Utama, berkedudukan di Jakarta, Perum Perumnas bergerak dibidang perencanaan, pembangunan perumahan komersial, pembangunan peremajaan kota, pembangunan fasilitas yang bersifat komersial dan instalasi listrik, air minum dan telekomunikasi serta bisnis bahan bangunan.

PT Propernas Griya Home, based in Jakarta, Perum Perumnas engaged in planning, commercial housing development, urban renewal development, development of commercial facilities and electrical installations, water and telecommunications and building materials business.

d. Transaksi dengan pihak berelasi Pihak-pihak berelasi adalah orang atau entitas yang terkait dengan Perum Perumnas dan Entitas Anak (entitas pelapor):

d. Transactions with related party Related Parties means persons or entities relating to Perum Perumnas and Subsidiaries Entity (reporting entity):

1). Orang atau anggota keluarga terdekat berelasi dengan Perum Perumnas jika orang tersebut: i. Memiliki pengendalian atau pengendalian bersama atas Perum Perumnas; ii. Memiliki pengaruh signifikan terhadap Perum Perumnas; atau iii. Personil manajemen kunci Perum Perumnas atau entitas induk Perum Perumnas.

1). Person or immediate family members making relationship with Perum Perumnas if such persons: i. Having control or joint control over Perum Perumnas; ii. Having significant influence to Perum Perumnas; or iii. Key management personnel of Perum Perumnas or parent entity of Perum Perumnas.

2). Suatu entitas berelasi dengan Perum Perumnas jika memenuhi salah satu hal berikut: i. Entitas dan Perum Perumnas adalah anggota dari kelompok usaha yang sama. ii. Entitas adalah entitas asosiasi atau ventura bersama dari Perum Perumnas (atau entitas asosiasi atau ventura bersama yang merupakan anggota kelompok usaha, yang mana Perum Perumnas adalah anggotanya). iii. Entitas dan Perum Perumnas adalah ventura bersama dari pihak ketiga yang sama. iv. Perum Perumnas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga. v. Entitas tersebut adalah suatu program imbalan pasca kerja untuk

2). An entity having relationship with Perum Perumnas if it fulfils one of the following matters: i. Entity and Perum Perumnas is member of the same business group. ii. Entity is association entity or joint venture of Perum Perumnas (or association entity or joint venture constituting business group member, in which Perum Perumnas is member). iii. Entity and Perum Perumnas is joint venture of the same third party. iv. Perum Perumnas is joint venture of any third entity and another entity is association entity of any third entity. v.

Such entity is a post work return program for work return of Perum


17





imbalan kerja dari Perum Perumnas atau entitas yang terkait dengan Perum Perumnas. vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang yang diidentifikasi dalam poin 1. vii. Orang yang diidentifikasi dalam poin 1.i memiliki pengaruh signifikan terhadap entitas atau anggota manajemen kunci entitas (atau entitas induk dari entitas).

18

Perumnas or entity relating to perum Perumnas. vi. Entity which is controlled or collectively controlled by person identified in point 1 vii. Person identified in point 1.i has significant influence to entity or member of entity key management (or parent entity of the entity).

Seluruh transaksi yang dilakukan dengan pihak-pihak berelasi, baik dilakukan dengan kondisi dan persyaratan dengan pihak ketiga maupun tidak, diungkapkan pada laporan keuangan konsolidasian.

All transactions made with any related parties, either conducted with conditions and requirements of the third party or not, shall be presented in consolidated financial statements.

e.

Kerjasama Operasi Laporan keuangan meliputi laporan keuangan Perum Perumnas dan Unit Kerjasama Operasi (KSO) Kawasan Siap Bangun (Kasiba) Driyorejo. Seluruh aset, liabilitas, dan ekuitas unit KSO Kasiba Driyorejo dikonsolidasikan dengan nilai 60% sesuai bagian penyertaan Perum Perumnas. Selanjutnya sesuai kesepakatan yang tertuang dalam Berita Acara Pengambilalihan Nomor DIRUT/125/119/IV/2003 dan Nomor 06/ DUT/BA/SEKPER/4/2003 tanggal 3 April 2003 yang menyatakan seluruh sisa hak dan kewajiban unit KSO Kasiba Driyorejo diambil alih Perum Perumnas sebagai bagian penyelesaian dan penutupan kerjasama operasi.

e. Operational Cooperation Financial Statements include Financial Statements of Perum Perumnas and Operating Cooperation Unit (KSO) Ready built area (Kasiba) Driyorejo. All assets, liabilities and equities KSO Kasiba Driyorejo consolidated with value of 60% in accordance with part of participation of Perum Perumnas. And then in accordance with agreement contained in minutes of Taking Over Number DIRUT/125/119/ IV/2003 and Number 06/DUT/BA/ SEKPER/4/2003 dated April 3, 2003 which states all of remaining rights and obligations of KSO Unit Kasiba Driyorejo taken over by Perum Perumnas as part of finalization and closing of operational cooperation.

f.

Pinjaman Penerusan melalui Pemerintah RI Hutang pokok yang berasal dari penerusan pinjaman luar negeri melalui Pemerintah Republik Indonesia (sub loan) ditetapkan berdasarkan nilai tukar (kurs) yang berlaku pada saat penarikan pinjaman oleh Perum Perumnas (nilai lawan dalam rupiah dari valuta asing).

f. Sub-loan through Government of the Republic of Indonesia Principle loan from sub loan shall be determined based on Exchange rate applicable when withdrawal of loan by Perum Perumnas (contender value in rupiah from foreign exchange).

Hal tersebut berkaitan dengan kewajiban Perum Perumnas untuk membayar

Such matter is relating to obligations of Perum Perumnas to repay loan in the






kembali pinjamannya sebesar nilai rupiah yang telah ditarik.

amount of rupiah value withdrawn.

g.

Kas dan Setara Kas Kas, bank, dan investasi yang jatuh tempo dalam waktu 3 (tiga) bulan atau kurang dari tanggal perolehannya dan tidak dijaminkan dicatat sebagai setara kas.

g. Cash and equivalent cash cash, bank, and investment due within 3 (three) months or less from date of acquisition and not guaranteed recorded as equivalent cash.

h.

Piutang dan Penurunan Nilai Wajar Piutang Piutang pada awalnya disajikan sebesar nilai wajar dan selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode bunga efektif, dikurangi penyisihan atas penurunan nilai. Penyisihan atas penurunan nilai piutang dibentuk pada saat terdapat bukti obyektif bahwa saldo piutang Perum Perumnas tidak dapat ditagih.

h. Receivables account and depreciation of reasonable value of receivables account Receivables account in the beginning is presented in the amount of reasonable value and then measured at amortisized acquisition costs with use of effective interest method, substracted with provisión of depreciation value. Provision of depreciation receivables value formed when there is objective evidence that receivables account balance of Perum Permunas cannot be collected.

Besarnya penyisihan merupakan selisih antara nilai aset tercatat dan nilai sekarang dari estimasi arus kas masa depan, didiskontokan dengan tingkat suku bunga efektif. Penurunan nilai aset tercatat dicatat di dalam akun penyisihan dan nilai kerugian diakui di dalam laba atau rugi. Ketika tidak dapat ditagih, piutang dihapuskan bersama dengan penyisihan piutang. Pemulihan nilai setelah penghapusan piutang diakui sebagai penghasilan di dalam laba atau rugi.

The amount of provision shall be difference between recorded asset value and current value from estimated future cash flow, discounted with effective interest rate. Depreciation of recorded asset is recorded in provision account and loss value is recognized in profit or loss. When it is uncollectible, the receivables account shall be deleted together with provision of receivables account. Recovery of value after deletion of receivables account shall be acknowledged as income in profit or loss.

i.

Investasi Investasi adalah penempatan dana Perum Perumnas yang bertujuan untuk pertumbuhan kekayaan melalui distribusi hasil investasi, apresiasi nilai investasi atau manfaat lain seperti manfaat yang diperoleh melalui hubungan usaha (pengendalian Perum Perumnas lain).

i. Investment Investasi means placement funds of Perum Perumnas aimed at growing up wealth through distribution of investment results, appreciation of investment value or any other benefits such as benefit obtained through business relationship (control of another perum or perumnas).

j.

Persediaan Persediaan digunakan untuk menyatakan

j. Inventory Inventory is used to declare tangible


19





barang berwujud yang : 1. Tersedia untuk dijual (barang dagangan/barang jadi). 2. Masih dalam proses produksi untuk diselesaikan, kemudian dijual (barang dalam proses/pengolahan). 3. Akan dipergunakan untuk produksi barang jadi yang akan dijual (bahan baku dan bahan pembantu) dalam rangka kegiatan usaha normal Perum Perumnas. Persediaan yang tidak dapat dijual atau digunakan dalam produksi selama satu tahun (atau selama kegiatan normal Perum Perumnas jika lebih dari satu tahun) yang meliputi jumlah material harus disajikan secara terpisah, sebagai bagian dari aset lain-lain dan dinilai secara layak sesuai dengan manfaat ekonomis yang diberikan.

goods which are : 1. available for sale (commercial goods/ finished goods). 2. Still in process of production for finalization, and then to be sold (goods in processing). 3. Will be used for finished goods production to be sold (raw materials and auxiliary materials) for purpose of normal business activities of Perum Perumnas. Inventories which cannot be sold or used in production during one year (or during normal activities of Perum Perumnas if more than one year) which includes amount of materials have to be presented separately, as Part of other assets and valued reasonably in accordance with economy benefits provided.

Pada umumnya persediaan dinyatakan dalam Laporan Posisi Keuangan sebesar harga pokok/perolehan yang bersangkutan yang meliputi seluruh biaya yang secara langsung atau tidak langsung terjadi untuk mendapatkan persediaan tersebut pada keadaan dan tempat sebagaimana adanya.

Generally, inventories are stated in Statements of Financial Position in the amount of principle Price/acquisition price which includes all costs directly or not directly occurs for obtaining such inventories at proper condition and place.

Penyimpangan dari penilaian atas dasar harga pokok/perolehan dapat dilakukan dalam hal-hal sebagai berikut: 1.

Jika ternyata bahwa manfaat dari persediaan tidak lagi sepadan dengan harga pokok yang bersangkutan, misalnya karena kerusakan fisik, susut, perubahan tingkat harga atau sebab lain, maka lazimnya persediaan dinyatakan sebesar harga terendah antara harga pokok dan harga pasar. Harga pasar dalam hal ini, dimaksudkan sebagai nilai ganti (untuk memperoleh atau memproduksi barang tersebut pada saat ini) dengan ketentuan bahwa: t

20

Harga pasar ini tidak melebihi jumlah hasil bersih yang dapat

Any deviation from evaluation based on principle/acquisition prices can be conducted in the following matters: 1.

If it is found that benefits of the inventories no longer equals with relevant principle price, for example due to physical defect, shrink, change of Price level or other causes, therefore reasonably the inventories are stated in the amount of the lowest Price between principle Price and market Price. Market Price in this respect is aimed as replacement value (to obtain or produce such goods presently) provided that:

t

This market price not exceed the amount of net result which can be realized (estimated selling Price






t

direalisasikan (taksiran harga jual dikurangi dengan taksiran biaya yang akan terjadi dalam transaksi penjualan) dan, Harga pasar tidak lebih rendah dari jumlah hasil bersih yang dapat direalisasikan setelah dikurangi dengan taksiran keuntungan normal.

Penilaian persediaan berdasarkan harga terendah antara harga pokok dan harga pasar dapat dilakukan langsung terhadap tiap jenis atau kelompok persediaan atau terhadap persediaan secara keseluruhan, tergantung mana yang lebih dapat mencerminkan hasil usaha periodik perusahan secara layak. Selisih penurunan harga tersebut harus dibukukan sebagai kerugian pada periode terjadinya dan jika jumlahnya material, perbedaan ini harus dijelaskan pada catatan atas laporan keuangan serta disajikan terpisah dari kelompok harga pokok barang yang dijual pada perhitungan laba rugi. 2.

3.

4.

Dalam keadaan harga jual produk dapat ditentukan secara pasti, tidak diperlukan beban pemasaran yang berarti untuk menjual produk tersebut dan setiap satuan produk dapat saling menggantikan atau dimana harga pokok produk sulit untuk ditentukan, maka persediaan dapat dinyatakan sebesar harga jual dikurangi dengan taksiran beban yang akan terjadi dalam transaksi tersebut di atas. Dalam hal Perum Perumnas melakukan usaha konstruksi jangka panjang, pekerjaan dalam penyelesaian akhir pada suatu periode pembukuan dapat dinyatakan sebesar jumlah harga pokok ditambah dengan

reduced by estimated costs to occur in sales transaction) and,

t

Market Price is not lower than the amount of net result which can be realized after it is deducted with estimated normal profit.

Evaluation of inventories based on the lowest Price between the principle Price and market Price can be made directly toward each type or group of inventory entirely, depends on which can reflect the company’s periodical business results of the company reasonably.

The difference of depreciation of Price shall be booked as loss in period of occurrence and if the amount of materials, this difference shall be explained in the note to financial statement as presented separately from principle Price group of goods sold in loss profit counting.

2.

3.

4.

In condition product sales Price can be determined certainly, it does not require marketing expense which means for selling such product and each product unit can make substitution each other or where product main Price is difficult to determine, therefore Inventories can be stated in the amount of sales Price deducted by estimated expense to occur in such transaction mentioned above. In the event Perum Perumnas makes long term construction business, the work in final completing in an accounting period can be stated in the amount of principle Price added with estimated certain profits which is acknowledged based on method


21





of percentage of finalization.

taksiran laba tertentu yang diakui berdasarkan metode persentase penyelesaian.

k.

Tanah Mentah dan Tanah Mentah Jangka Panjang Biaya pembebasan tanah yang meliputi beban ganti rugi tanah, beban panitia dan operasional serta beban pengurusan hak dibukukan sebagai berikut:

Untuk tanah-tanah yang akan segera dibangun dibukukan ke dalam perkiraan Tanah Mentah. Sedangkan untuk tanahtanah yang rencana pembangunannya di atas satu tahun sejak tanggal Laporan Posisi Keuangan dibukukan ke dalam perkiraan Tanah Mentah Jangka Panjang.

l.

Aset Tetap dan Penyusutan/ Amortisasi Aset tetap Perum Perumnas dicatat menggunakan metode biaya dikurangi dengan akumulasi penyusutan. Berdasarkan Surat Keputusan Direksi Nomor : Dir.5/19/25/10/76 tanggal 21 Pebruari 1976, Nomor: Dir.5/112/ KPTS/10/1983 tanggal 4 Pebruari 1983 tentang perubahan batas jumlah harga maksimum inventaris yang dapat dibebankan sekaligus pada Beban Umum dan masa penyusutan kendaraan dinas dan disempurnakan dengan SK Direksi Nomor: Dir.Ad.Keu/68/KPTS/10/2001 tanggal 28 Desember 2001 tentang perubahan besarnya nilai perolehan peralatan dan inventaris yang dibebankan sebagai biaya umum sekaligus, telah ditetapkan tata cara pembukuan, penyusutan aset tetap dan amortisasi sebagai berikut: 1.

22

Inventaris dibukukan sejumlah

k.

Crude Soil and Long Term Crude Soil Costs for land clearing which includes land compensation expense, committee expense and operational expense and right arrangement costs shall be booked as follows:

For lands to be built immediately shall be booked to Crude Soil estimation. Meanwhile for the lands with development plans are over one year as of date of Financial Position Report booked into Long Term Crude Soil Estimation. l.

Fixed Assets and Amortization Fixed asset of Perum Perumnas is recorded using costs method deducted with amortization accumulation. Based on letter of decisión of the Board of Directors Number: Dir.5/19/25/10/76 dated 21 February 1976, Number: Dir.5/112/ KPTS/10/1983 dated 4 February 1983 concerning to limit amount of inventories máximum Price which can be charged at once to General Expenses and amortization period of business vehicle and revised with Letter of Decision of the Board of Directors Number: Dir.Ad.Keu/68/ KPTS/10/2001 dated 28 December 2001 concerning amendment to the amount of acquisition value of equipments and inventories burdened as general costs at once, have been determined procedure for booking, amortization of fixed asset and the amortization is as follows: 1. Inventories shall be booked in the






2.

3. 4. 5.

harga beli dengan batas minimum Rp50.000,- untuk pembelian sampai dengan 31 Desember 2001, dan diatas Rp500.000,- untuk inventaris yang dibeli sejak 1 Januari 2002; Metode penyusutan dan amortisasi yang digunakan adalah metode garis lurus (Straight Line Method); Nilai sisa per unit Aset Tetap ditetapkan sebesar Rp 1.000,Aset Tak Berwujud dibukukan sebesar nilai bukunya. Masa penggunaan dan persentase penyusutan dan amortisasi untuk semua jenis harta adalah sebagai berikut:

amount equals with purchase Price with mínimum limit of Rp50.000,- for purchasing until December 31, 2001 and above Rp500.000,for inventories purchased as of 1 January 2002; 2. Method of depreciation and amortization used shall be a Straight Line Method); 3. Remaining values per Fixed Asset Unit shall be determined in the amount of Rp 1.000,4. Intangible Assets are booked in the amount of its book value. 5. Usage period and depreciation percentage and amortization for all type of goods are as follows:

No

Jenis Aset

Umur Ekonomi

%

Economic age

Type of Asset

No

i

Bangunan Kanto

40 tahun

2,5

40 years

Office Building

i

ii

Instalasi listrik, air, gas dan telepon

40 tahun

2,5

40 years

Electrical Installation

ii

iii

Rumah Sewa

25 tahun

4

25 years

Lease House

iii

iv

Peralatan Teknik Bangunan

10 tahun

10

10 years

Building Technical Equipments

iv

v.

Kendaraan Dinas

5 tahun

20

20 years

Office Vehicles

v

vi.

Meubel &Peralatan Kantor

20 years

Furniture & Office Equipments

vi

5 tahun

20

m. Perpajakan Beban pajak kini dihitung berdasarkan laba kena pajak periode yang bersangkutan berdasarkan tarif pajak yang berlaku.

m. Taxes Current tax burden is counted based on taxable profit of the relevant period based on tax tariff applicable.

Untuk periode setelah tanggal 1 Januari 2009, penghasilan yang diperoleh Perum Perumnas dikenakan PPh yang bersifal final. Oleh karena itu, tidak terdapat perbedaan temporer dan kemungkinan (rugi) fiskal dalam perhitungan perpajakannya, sehingga tidak ada aset atau kewajiban pajak tangguhan.

For period after 1 January 2009, Income received by Perum Perumnas is subjected to final income tax (PPh). Therefore, there is no temporary difference and possibility of fiscal loss in counting of taxation, so there is no assets or liabilities of tax in arrear.

Pajak penghasilan yang bersifat final atas usaha jasa konstruksi, real estate dan properti sesuai dengan:

Final income tax to construction service, real estate and property is in conformity with:


23





1.

2.

3.

Undang-Undang No.36 tahun 2008 tanggal 23 September 2008 tentang Perubahan Keempat Atas UndangUndang No. 7 tahun 1983 tentang Pajak Penghasilan Peraturan Pemerintah No. 40 tahun 2009 tanggal 4 Juni 2009 tentang Perubahan Atas Peraturan Pemerintah No. 51 tahun 2008 tentang Penghasilan dari Usaha Jasa Konstruksi, dan Peraturan Pemerintah No. 71 tahun 2008 tanggal 4 Nopember 2008 tentang Perubahan Ketiga Atas Peraturan Pemerintah dari Pengalihan Hak Atas Tanah dan atau Bangunan.

24

Law No. 36 of 2008 dated September 23, 2008 concerning the Fourth Amendment to Law No. 7 of 1983 concerning Income Tax.

2.

Government Regulation No. 40 of 2009 concerning Amendment to the Government Regulation No. 51 of 2008 concerning Income from Construction Service, and Government Regulation No. 71 of 2008 dated November 4, 2008 concerning the Third Amendment to the Government Regulation of Transfer of Rights over Land and/or Building.

3.

Revision to obligations of taxation shall be acknowledged when stipulation of taxes received and/or if lodging objection, when such decision in respect with objection is determined.

Koreksi terhadap kewajiban perpajakan diakui saat ketetapan pajak diterima atau jika mengajukan keberatan, pada saat keputusan atas keberatan tersebut ditetapkan. n.

1.

lmbalan Pasca Kerja Dalam Undang-undang No. 13 Tahun 2003 tanggal 25 Maret 2003 tentang Ketenagakerjaan, terdapat pasal-pasal yang mengatur kewajiban hukum bagi Perum Perumnas terhadap karyawannya, yaitu Bab XII mengenai Pemutusan Hubungan Kerja pasal 156 ayat (1), (2),(3) dan (4).

n.

After Service Remuneration In law No. 13 of 2003 dated March 25 2003 concerning Manpower, there are articles regulate legal obligations to Perum Perumnas to its employee, that is Chapter XII concerning Termination of Employment Relationship article 156 paragraph (1), (2), (3) and (4).

Ayat (1) menetapkan dalam hal terjadi pemutusan hubungan kerja, pengusaha diwajibkan membayar uang pesangon dan atau penghargaan masa kerja dan uang pesangon hak yang seharusnya diterima. Ayat (2) menetapkan perhitungan besarnya uang pesangon berdasarkan lamanya masa kerja. Ayat (3) menetapkan perhitungan uang penghargaan masa kerja berdasarkan lamanya masa kerja. Ayat (4) menetapkan uang penggantian hak yang seharusnya diterima.

Paragraph (1) decide in respect there is employment relationship termination, employer shall be required to pay severance fee and/ or service fee and Severance fee rights shall be received. Paragraph (2) stipulates counting the amount of severance fee based on service period. Paragraph (3) stipulates counting service fee based on service period. Paragraph (4) stipulates rights compensation Money should be received.






o.

Pendapatan Pendapatan penjualan pada umumnya diakui dengan metode akrual penuh apabila seluruh kriteria berikut terpenuhi: t t t

t

proses penjualan telah selesai; harga jual akan tertagih; tagihan penjual tidak akan bersifat subordinasi di masa yang akan datang terhadap pinjaman lain yang akan diperoleh pembeli; dan penjual telah mengendalikan risiko dan manfaat kepemilikan unit bangunan kepada pembeli melalui suatu transaksi yang secara substansi adalah penjualan dan penjual tidak lagi berkewajiban atau terlibat secara signifikan dengan unit bangunan tersebut.

Secara rinci pengakuan pendapatan adalah sebagai berikut: 1. Penjualan Rumah secara Tunai Penjualan diakui pada saat terbitnya Berita Acara Penyerahan Rumah. 2. Penjualan Rumah melalui fasilitas KPR Penjualan diakui pada saat ditandatangani Akta Jual Beli Rumah dengan fasilitas KPR. 3. Penyewaan Rumah Pendapatan sewa diakui pada saat jatuh tempo pembayaran sewa yang diatur dalam perjanjian sewa. 4. Penerimaan Beban Pemeliharaan Pendapatan iuran diakui pada saat jatuh tempo pembayaran dari penghuni rumah. 5. Pendapatan Kerjasama Operasi Pendapatan kerjasama operasi diakui secara proporsional pada saat diterima Perum Perumnas sesuai dengan besarnya nilai penyertaan. 6. Penjualan Unit Produksi Komponen Bangunan Penjualan hasil produk Unit Produksi Komponen Bangunan diakui pada saat Berita Acara Penyerahan ke proyek pembangunan.

o.

Income Income from sales generally recognized with full accrual method if all following criteria are fulfilled: t t t

selling process has completed; sales Price will be collected; seller’s collection is not subordination in nature in future to another loan received by buyer; and

t

seller has controlled over the risks and ownership benefits of building unit to buyer through any transaction substantionally shall be selling and seller is no longer obligated or involved significantly with such building.

Detail acknowledgement of income shall be as follows: 1. Selling house in cash is acknowledged when issuing Minutes of Delivery of House. 2. Selling House through House Ownership Credit Facility (KPR). Sales is acknowledged when signing the deed of sale purchase of a House with KPR facility. 3. House Lease Lease of income is acknowledged when lease pament is due as set out in lease agreement. 4. Income from Maintenance Expenses Income from contribution is acknowledged when payment from the tenant is due. 5. Operating Cooperation Income Operating cooperation income is acknowledged on proportional basis when received by Perum Perumnas in accordance with participation value. 6. Selling of Building Component Production Unit Selling of Product of Building Component Production Unit is acknowledged when Minutes of Delivery to Development Project.


25





7.

Penjualan Apartemen dan sejenisnya Penjualan Apartemen dan sejenisnya diakui dengan menggunakan metode prosentase penyelesaian, dengan syarat: t Proses konstruksi telah melampaui tahap awal, yaitu pondasi bangunan telah selesai dan semua persyaratan pembangunan telah terpenuhi t Jumlah pembayaran oleh pembeli telah mencapai 20% dari harga jual dan tidak dapat diminta kembali t Jumlah pendapatan penjualan dan beban unit bangunan dapat diestimasi secara andal Kemampuan untuk mengestimasi beban unit bangunan (beban-beban yang diperlukan untuk menyelesaikan unit bangunan) merupakan persyaratan utama dalam pengakuan pendapatan.

7.

Apabila satu atau lebih kriteria tersebut tidak terpenuhi, maka jumlah uang yang telah diterima dari calon pembeli diakui sebagai uang muka (deposit) sampai seluruh kriteria tersebut dipenuhi. p.

Beban Pokok Penjualan Perhitungan dan pembukuan beban pokok penjualan rumah dilakukan pada saat terbitnya Berita Acara Rumah Siap Huni (RSH) atau terjadinya penjualan Rumah Dalam Penyelesaian (RDP) dengan cara sebagai berikut: Pada saat dikeluarkannya beban sehubungan dengan pengadaan dan pematangan tanah, pembangunan rumah dan prasarana lingkungan ditambah beban overhead yaitu beban umum dan administrasi yang dikeluarkan Kantor Regional sejak pembentukan sampai dengan dimulainya penjualan serta alokasi beban overhead dari Kantor Pusat, dibukukan ke dalam Proyek Dalam Pelaksanaan (PDP).

26

Selling of Apartment and similar building Selling of apartment and similar building is acknowledged using settlement percentage method, with requirements: t Construction process has exceeded early stage, that is building foundation has completed and all of the building requirements have been met t Amount of payment by buyer has reached 20% of selling Price and not refundable. t Amount of income from sales and building unit expense can be estimated reliably. Capability to estimate building unit expense (expenses required to complete building unit) constituting the main requirements in acknowledgement of income.

If one or more criteria mentioned above not met, the amount of Money received from prospective buyer shall be acknowledged as deposit until all of the criteria are met.

p.

Principle expense of sales Counting and booking principle expense in selling of house is carried out when issuing Minutes of a ready use house (RSH) or there is occurrence of selling House in Finalization (RDP) in following manner:

When issuing expenses relating to procurement and land diking, house development and environmental infrastructure added with overhead expense that is general expense and administration issued by Regional office as of formation until commencement of sales and allocation of overhead from the Head Office, booked into Project in Implementation (PDP).






Pemindahbukuan perkiraan Proyek Dalam Pelaksanaan (PDP) ke perkiraan Tanah dan Bangunan yang akan dijual dilaksanakan pada saat terbitnya Berita Acara Rumah Siap Huni. q.

Instrumen Keuangan Efektif tanggal 1 Januari 2010, Perum Perumnas telah menerapkan PSAK No.50 (Revisi 2006), “lnstrumen Keuangan: Penyajian dan Pengungkapan”, dan PSAK No.55 (Revisi 2006), “ lnstrumen Keuangan: Pengakuan dan Pengukuran”, yang menggantikan PSAK No.50, “ Akuntansi lnvestasi Efek Tertentu” dan PSAK No.55 (Revisi 1999), “Akuntansi lnstrumen Deriatif dan Aktivitas Lindung Nilai”. PSAK No.55 (Revisi 2006), berisi persyaratan penyajian dari instrumen keuangan dan mengidentifikasikan informasi yang harus diungkapkan. Persyaratan pengungkapan berlaku terhadap klasifikasi instrumen keuangan, dari perspektif penerbit, dalam aset keuangan, kewajiban keuangan dan instrumen ekuitas; pengklasifikasian yang terkait dengan suku bunga, dividen, kerugian dan keuntungan; dan keadaan dimana aset keuangan dan kewajiban keuangan akan saling hapus. PSAK ini mensyaratkan pengungkapan, antara lain, informasi mengenai faktor yang mempengaruhi jumlah, waktu dan tingkat kepastian arus kas masa datang suatu entitas yang terkait dengan instrumen keuangan dan kebijakan akuntansi yang diterapkan untuk instrumen tersebut. PSAK No.55 (Revisi 2006) mengatur prinsipprinsip dasar pengakuan dan pengukuran aset keuangan, kewajiban keuangan dan beberapa kontrak pembelian atau penjualan unit non¬ keuangan. PSAK ini, antara lain, menyediakan definisi dan karakteristik derivatif, kategori instrumen keuangan, pengakuan dan pengukuran, akuntansi lindung nilai dan penetapan hubungan lindung nilai.

Book transfer of project estimation in the Implementation (PDP) to the Land and Building Estimation to be sold will be implemented when issuance of Minutes of Ready Occupancy House. q.

Financial Instrument As of January 1, 2010, Perum Perumnas has implemented PSAK No.50 (Revision 2006), “Financial Instrument: Presentation and Disclosure”, and PSAK No.55 (Revision 2006), “ Financial Instrument: Acknowledgement and Measurement “, which replaces PSAK No.50, “ Certain Effect Investment Accounting “ and PSAK No.55 (Revision 1999), “Derivative Instrument Accounting and Value protection Activities “.

PSAK No.55 (Revision 2006), contains requirements of presentation of financial instrument and identifies any information to be disclosed. Requirements of disclosure shall apply to financial instrument classifications, from the publisher perspective, in the financial assets, financial obligations and equity instrument; classification relating to interest rate, dividend, loss and profit; and condition where financial assets and financial liabilities are written off each other. This PSAK requires disclosure, among others, information in respect with factor that influences quantity, time and cash flow certainty level in future an entity relating to financial instrument and accounting policy which is implemented for such instrument.

PSAK No.55 (Revision 2006) regulates basic principles of acknowledgement and measurement financial assets, financial obligations and several contracts on purchase or sales of non financial unit. This PSAK, among others, set out definition and derivative characteristics, financial instrument category, acknowledgement and measurement, value protection accounting and stipulation of value protection relationship.


27





1.

Aset Keuangan Pengakuan Awal Aset keuangan dalam lingkup PSAK No.55 (Revisi 2006) diklasifikasikan sebagai aset yang diukur pada nilai wajar melalui laporan laba rugi, pinjaman yang diberikan dan piutang, investasi yang dimiliki hingga jatuh tempo, atau aset keuangan tersedia untuk dijual, mana yang sesuai. Perum Perumnas menentukan klasifikasi aset keuangan tersebut pada pengakuan awal dan, jika diperbolehkan dan diperlukan, mengevaluasi kembali pengklasifikasian aset tersebut pada setiap akhir periode keuangan. Aset keuangan pada awalnya diakui sebesar nilai wajarnnya ditambah, dalam hal investasi yang tidak diukur pada nilai wajar melalui laporan laba rugi, biaya transaksi yang dapat diatribusikan secara langsung. Pembelian atau penjualan aset keuangan yang memerlukan pengiriman aset dalam kurun waktu yang ditetapkan oleh peraturan atau kebiasaan yang berlaku di pasar (perdagangan yang lazim) diakui pada tanggal perdagangan, yaitu tanggal Perum Perumnas berkomitmen untuk membeli atau menjual aset tersebut. Aset Keuangan Perum Perumnas meliputi kas dan setara kas, investasi jangka pendek, piutang usaha dan piutang lainnya, instrumen keuangan yang memiliki dan tidak memiliki kuotasi dan aset keuangan lainnya. Pengukuran Setelah Pengakuan Awal Pengukuran aset keuangan setelah pengukuran awal tergantung pada klasifikasinya sebagai berikut:

28

1.

Financial Assets Early Acknowledgement Financial assets in scope of PSAK No.55 (Revision 2006) is classified as asset which is measured to reasonable value through loss profit statements, given loan and account receivables, investments owned until due date, or financial assets available for sale, whichever appropriate. Perum Perumnas determines such financial asset classification to early acknowledgement and, if it is allowed and needed, re-evaluate asset classification on each end of financial period. Financial asset in the beginning is acknowledged in the amount of reasonable value added, in the event investment which is not measured at reasonable value through profit loss statements, transaction costs which can be attributed directly. Purchase or sales of financial assets that need delivery of assets within the period determined by regulations or customs applicable in market (reasonable trade) acknowledged on date of trade, that is date of Perum Perumnas committed to purchase or sell such asset.

Financial assets of Perum Perumnas includes cash and cash equivalent, short term investment, account receivables and other receivables, financial instrument which has and does not has quotation and other financial assets. Measurement After Early Acknowledgement Measurement of financial assets after early measurement dependes on its classifications as follows:






Aset Keuangan Yang Diukur Pada Nilai Wajar Melalui Laporan Laba Rugi Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi termasuk aset keuangan untuk diperdagangkan dan aset keuangan yang diterapkan pada saat pengakuan awal untuk diukur pada nilai wajar melalui laporan laba rugi. Aset keuangan diklasifikasikan sebagai kelompok diperdagangkan jika mereka diperoleh untuk tujuan dijual atau dibeli kembali dalam waktu dekat. Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi disajikan dalam Laporan Posisi Keuangan pada nilai wajar dengan keuntungan atau kerugian dari perubahan nilai wajar diakui dalam laporan laba rugi. Pinjaman Yang Diberikan dan Piutang Pinjaman yang diberikan dan piutang adalah aset keuangan non derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut diukur sebesar biaya perolehan diamortisasi (amortized costs) dengan menggunakan metode suku bunga efektif (effective interest rate). Keuntungan dan kerugian diakui dalam laporan laba rugi pada saat pinjaman yang diberikan dan piutang dihentikan pengakuan atau mengalami penurunan nilai, demikian juga pada saat proses amortisasi. lnvestasi Dimiliki Hingga Jatuh Tempo Aset keuangan non derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan diklasifikasikan sebagai Held to Maturity (HTM)

Financial assets measured at reasonable value through statements of income Financial Assets measured at reasonable value through statements of income including financial assets for trading and financial assets applied when early acknowledgement to be measured at reasonable value through statements of income. Financial asset is classified as group traded if they have been obtained for sales or re-purchased at the nearest time. Financial assets which is measured at reasonable value through statements of income presented in Financial Position Report at reasonable value with profit or loss from change of reasonable value acknowledged in the statements of income. Loan Given and Receivables Account The loan given and account receivables shall be non derivative financial assets with fixed payment or has been determined, which has no quotation in active market.

Such financial assets is measured in the amount equals with amortized costs with use method of effective interest rate. Profit and loss is acknowledged in the statements of income when the given loan and account receivables stop its recognition or experience depreciation, the same during amortization.

Investments Owned Until Due Date Non derivative financial assets with fixed payment or has been determined and its due date has been stipulated to be classified as Held to Maturity (HTM) when having positive intensity and


29





ketika memiliki intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo.

capability to have such financial assets up to due.

Setelah pengukuran awal, investasi HTM diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif. Metode ini menggunakan suku bunga efektif yang secara tepat mendiskontokan estimasi penerimaan kas di masa datang selama perkiraan umur dari aset keuangan ke nilai tercatat bersih (net carrying amount) dari aset keuangan. Keuntungan dan kerugian diakui dalam laporan laba rugi pada saat investasi tersebut dihentikan pengakuannya atau mengalami penurunan nilai. serta melalui proses amortisasi.

Upon early measurement, HTM investment is measured at amortized costs with use of effective interest rate method. This method uses effective interest rate which timely discount estimated cash income in future during estimated age of the financial asset to net carrying amount of the financial assets. Profit and loss is acknowledged in the statements of income when such investment is stop its acknowledgement or experiences depreciation of value and through amortization process.

Perum Perumnas tidak memiliki investasi dimiliki hingga jatuh tempo.

Perum Perumnas has no investment until due date.

Aset Keuangan Tersedia Untuk Dijual Aset keuangan AFS (available for sale) adalah aset keuangan non derivatif yang ditetapkan sebagai tersedia untuk dijual atau yang tidak diklasifikasikan dalam tiga kategori sebelumnya.

Financial Assets Available For Sale Financial Asset Available for sale means non derivative financial assets determined available for sale or not classified in three categories in advance.

Setelah pengukuran awal, aset keuangan AFS diukur dengan nilai wajar dengan keuntungan atau kerugian yang belum direalisasi diakui dalam ekuitas sampai investasi tersebut dihentikan pengakuannya. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya diakui dalam ekuitas akan direklasifikasi ke laporan laba rugi sebagai penyesuaian reklasifikasi.

After early measurement, AFS financial assets is measured with reasonable value with profit or loss not realized acknowledged in equity until such investment stop its acknowledgement. At that time, cumulative profit or loss which previously acknowledged in equity will be reclassified in the statements of income as reclassification adjustment.

Perum Perumnas tidak memiliki investasi tersedia untuk dijual.

30

Perum Perumnas has no investments available for sale.






2.

Kewajiban Keuangan Pengakuan Awal Kewajiban keuangan dalam lingkup PSAK No.55 (Revisi 2006) dapat dikategorikan sebagai kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi, pinjaman dan utang atau derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif, mana yang sesuai. Perum Perumnas menentukan klasifikasi kewajiban keuangan mereka pada saat pengakuan awal.

2.

Financial Obligations Early Acknowledgement Financial Obligations within scope of PSAK No.55 (Revision 2006) can be categorized as financial obligations measured at reasonable value through statements of income, loan and debt or derivative which is determined as value protection instrument in effective value protection, whichever appropriate. Perum Perumnas determines their financial obligations classification in early recognition.

Kewajiban keuangan diakui pada awalnya sebesar nilai wajar dan dalam hal pinjaman dan utang, termasuk biaya transaksi yang dapat diatribusikan secara langsung.

Financial obligations is acknowledged early in the amount of reasonable value and in the event loan and debt, including transaction costs which can be attributed directly.

Kewajiban keuangan Perum Perumnas meliputi utang usaha dan utang lainnya, biaya yang masih harus dibayar,utang jangka panjang dan utang medium term note dan surat sanggup.

Financial obligations of Perum Perumnas includes business loan and other debts, costs payable,long term loan and medium term note as well as promissory note.

Pengukuran Setelah Pengakuan Awal Pengukuran kewajiban keuangan tergantung pada klasifikasinya sebagai berikut:

Measurement After Early Acknowledgement Measurement of financial obligations depend on its classifications as follows:

Kewajiban Keuangan yang Diukur pada Nilai Wajar Melalui Laporan Laba Rugi Kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi termasuk kewajiban keuangan untuk diperdagangkan dan kewajiban yang ditetapkan pada saat pengakuan awal untuk diukur pada nilai wajar melalui laporan laba rugi.

Financial Obligations which is Measured at Reasonable Value through Statements of Income Financial Obligations which are measured at reasonable value through statements of income including financial obligations for trading and obligations determined in early recognition for measurement at reasonable value through statements of income.

Kewajiban keuangan diklasifikasikan sebagai kelompok diperdagangkan jika mereka diperoleh untuk tujuan dijual atau dibeli kembali dalam waktu dekat.

Financial obligations are classified as group for trading if they are obtained for resale and repurchase in nearest time.


31





32

Keuntungan atau kerugian atas kewajiban yang dimiliki untuk diperdagangkan diakui dalam laporan laba rugi.

Profits or losses against obligations for trade are recognized in the statements of income.

Pinjaman dan Utang Setelah pengakuan awal, pinjaman dan utang yang dikenakan bunga selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.

Loan and debt Upon early recognition, any loan and debt subjected to interest will be measured amortized costs with use of effective interest rate method.

Keuntungan atau kerugian atas kewajiban yang dimiliki untuk diperdagangkan diakui dalam laporan laba rugi.

Profits or losses to the obligations for trade are recognized in the statements of income.

Saling Hapus dari lnstrumen Keuangan Aset keuangan dan kewajiban keuangan saling hapus dan nilai bersihnya dilaporkan dalam Laporan Posisi Keuangan jika, dan hanya jika, saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan terdapat niat untuk menyelesaikan secara neto, atau untuk merealisasikan kewajibannya secara simultan.

Writing off Financial Instrument Financial Assets and financial obligations are written off and its net value are reported in the Statements of Financial Position if, and only if, currently having right with force of law to undergo writing off toward the amount recognized and there is intention to settle in net basis, or to realize its obligations simultaneously.

Nilai Wajar Instrumen Keuangan Nilai wajar instrumen keuangan yang diperdagangkan secara aktif di pasar keuangan yang terorganisasi ditentukan dengan mengacu pada kuotasi harga penawaran di pasar aktif pada penutupan bisnis pada akhir periode. Untuk instrumen keuangan yang tidak memiliki pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian mencakup penggunaan transaksi pasar terkini yang dilakukan secara wajar oleh pihak-pihak yang berkeinginan dan memahami (recent arm’s lenght market transactions); penggunaan nilai wajar terkini instrumen lain

Reasonable value of financial instrument Reasonable value of financial instrument which is traded actively at financial market which is organized shall be determined in reference with quotation of offering price at active market on business closing at the end of the period. For financial instrument which has no active market, reasonable value will be determined with use of evaluation technique. Evaluation technique covers use of recent arm’s length market transactions; use of current reasonable value of another instrument which substantially equals;






yang secara substansial sama; analisa arus kas yang didiskonto; atau model penilaian lain. Penyesuaian Risiko Kredit Perum Perumnas menyesuaikan harga di pasar yang lebih menguntungkan untuk mencerminkan adanya perbedaan risiko kredit pihak lawan antara instrumen yang diperdagangkan di pasar tersebut dengan instrumen yang dinilai untuk posisi aset keuangan. Dalam menentukan nilai wajar posisi kewajiban keuangan, resiko kredit Perum Perumnas terkait dengan instrumen harus diperhitungkan.

discounted cash flow analysis; or another evaluation model.

Credit Risks Adjustment Perum Perumnas makes adjustment of price at market which is more profitable for reflecting the difference of credit risk of the contender between instrument being traded at the market and instrument evaluated for position of financial asset. In determining reasonable value of financial obligations position, the risks of credit of Perum Perumnas relating to instrument shall be taken into account.

Biaya Perolehan Diamortisasi dari lnstrumen Keuangan Biaya perolehan diamortisasi dihitung dengan menggunakan metode suku bunga efektif dikurangi dengan penyisihan atas penurunan nilai dan pembayaran pokok atau nilai yang tidak dapat ditagih. Perhitungan tersebut mempertimbangkan premium atau diskonto pada saat perolehan dan termasuk biaya transaksi dan biaya yang merupakan bagian yang tak terpisahkan dari suku bunga efektif.

Amortized Costs from Financial Instruments Amortized costs shall be counted using effective interest rate method deducted with provision of depreciation value and payment of principle or uncollectible amount. Such counting considers premium or discount on acquisition and including transaction costs and costs constituting integral part of effective interest rate.

Penurunan Nilai dari Aset Keuangan Pada setiap akhir periode laporan Perum Perumnas mengevaluasi apakah terdapat bukti objektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai.

Depreciation Value of Financial Assets On each end period of statements of Perum Prumnas evaluates whether there is objective evidence that financial asset or financial asset group experiences depreciation in value.

Aset Keuangan Dicatat Pada Biaya Perolehan Diamortisasi Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, Perum Perumnas pertama kali menentukan apakah terdapat bukti objektif

Financial Assets are recorded at amortized costs For given loan and receivables account recorded on amortized costs, Perum Perumnas shall first determine whether there is objective evidence on depreciation value individually to


33





34

mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang jumlahnya tidak signifikan secara individual.

significant financial assets individually, or collectively for financial assets which amount not significant individually.

Jika Perum Perumnas menentukan tidak terdapat bukti objektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka mereka memasukkan aset tersebut ke dalam kelompok aset keuangan yang memiliki karakteristik resiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset yang penurunan nilainya dinilai secara individual, dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif.

If Perum Perumnas determines there is no objective evidence concerning value depreciation toward financial assets valued individually, with ignorance whether such finance significance or not, they include the asset to the financial asset group which has similar credit risk characteristics and consider such value depreciation collectively. Any asset which value depreciation assessed individually, and therefore the value depreciation loss is acknowledged or remain being acknowledged, excluding in collective value depreciation assessment.

Jika terdapat bukti objektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi)

If there is objective evidence that value depreciation loss has occurred, such loss must be measured as the difference between asset recorded value and current value of estimated cash flow in future (excluding expected credit loss in future not occur)

Nilai kini estimasi arus kas masa datang didiskonto menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan dan piutang yang memiliki bunga variabel, tingkat diskonto untuk mengukur kerugian penurunan nilai adalah suku bunga efektif terkini.

Current value estimated cash flow in future is discounted using early effective interest rate of the financial asset. If the disbursed loan and receivables account are having variable interest, the discount level for measuring value depreciation loss shall be current effective interest rate.

Nilai tercatat aset tersebut berkurang melalui penggunaan akun penyisihan dan jumlah kerugian diakui dalam laporan laba rugi. Pendapatan bunga tetap diakui

Such asset recorded value reduce through use of provision account and the amount of loss acknowledged in the statements of income. Fixed interest income is acknowledged






berdasarkan nilai tercatat yang telah dikurangi, berdasarkan bunga efektif aset tersebut. Pinjaman yang diberikan dan piutang, bersamasama dengan penyisihan terkait, akan dihapuskan pada saat tidak terdapat kemungkinan pemulihan di masa depan yang realistik dan semua jaminan telah direalisasi atau telah dialihkan kepada Perum Perumnas. Jika pada periode berikutnya jumlah kerugian penurunan nilai bertambah atau berkurang karena suatu peristiwa yang terjadi setelah penurunan nilai tersebut diakui, maka kerugian penurunan nilai yang sebelumnya diakui ditambah atau dikurangi dengan menyesuaikan akun penyisihan. Jika penghapusan kemudian dipulihkan, maka pemulihan tersebut diakui dalam laporan laba rugi.

based on registered value which has been reduced, based on such asset effective inteest. The given loan and receivables account, together with related provision, will be written off when there is no possibility of recovery in future which is realistic and all guarantees have been realized or transferred to Perum Perumnas. If in the following period the amount of loss of value depreciation increases or decreases an event occurs after such value depreciation is acknowledged, then the loss of value depreciation which formerly acknowledged added or decreased with adjustment of provision account. If writing off and then recovered, then such recovery shall be acknowledged in the statements of income.

Aset Keuangan AFS Dalam hal investasi ekuitas yang dklasifikasikan sebagai Available For Sale (AFS), bukti objektif akan meliputi penurunan yang signifikan atau penurunan jangka panjang pada nilai wajar dari investasi di bawah biaya perolehannya.

AFS Financial Assets In case of equity investment which is classified as Available for Sale (AFS), objective evidence will include significant depreciation or long term depreciation at reasonable value of investment below its acquisition costs.

Jika terdapat bukti bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian kumulatif yang diukur sebagai selisih antara biaya perolehan dengan nilai wajar kini, dikurangi kerugian penurunan nilai telah terjadi, dikurangi kerugian penurunan nilai investasi yang sebelumnya telah diakui dalam laporan laba rugi direklasifikasi dari ekuitas ke laporan laba rugi. Kerugian penurunan nilai atas investasi ekuitas tidak boleh dipulihkan melalui laporan laba rugi; kenaikan nilai wajar setelah penurunan nilai diakui dalam ekuitas.

If there is evidence that there is value depreciation, the amount of cumulative loss measured as the difference between acquisition costs and current reasonable costs, reduced with value depreciation loss, reduced with investment value depreciation loss which previously acknowledged in the statements of income is reclassified from equity to the statements of income. The value depreciation loss of equity investment shall not be recovered through the statements of income; increasing reasonable value after value depreciation is acknowledged in equity.


35





36

Dalam hal instrumen utang diklasifikasikan sebagai aset keuangan AFS, penurunan nilai dievaluasi berdasarkan kriteria yang sama pada aset keuangan yang dicatat pada biaya perolehan diamortisasi. Pendapatan bunga di masa datang didasarkan pada nilai tercatat yang telah dikurangi dan diakui berdasarkan suku bunga yang digunakan untuk mendiskontokan arus kas masa datang untuk tujuan pengukuran kerugian penurunan nilai.

In the event the debt instrument is classified as AFS financial assets, value depreciation is evaluated based on the same criteria to the financial assets which is recorded at amortized costs. Interest income in future is based on recorded value which has been reduced and acknowledged based on interest rate used to discount cash flow in future for purpose of measurement of value depreciation loss.

Akrual tersebut dicatat sebagai bagian dari akun “Pendapatan Bunga” dalam laporan laba rugi. Jika, pada periode berikutnya, nilai wajar instrumen utang meningkat dan peningkatan tersebut secara objektif dihubungkan dengan peristiwa yang terjadi setelah pengakuan kerugian penurunan nilai pada laporan laba rugi, maka kerugian penurunan nilai tersebut harus dipulihkan melalui laporan laba rugi.

Such accrual is recorded as part of “Interest Income” account in the statements of income. If, In subsequent period, reasonable value of debt instrument increase and such increase objectively is connected with event which occurs after acknowledgement of value depreciation loss in the statement of income, such value depreciation loss has to be recovered through the statements of income.

Penghentian Pengakuan Aset dan Kewajiban Keuangan Aset keuangan Aset keuangan (atau mana yang lebih tepat bagian dari aset keuangan atau bagian dari kelompok aset keuangan serupa) dihentikan pengakuannya pada saat: (1) hak untuk menerima arus kas yang berasal dari aset tersebut telah berakhir; atau (2) Perum Perumnas telah mentransfer hak mereka untuk menerima arus kas yang berasal dari aset atau kewajiban untuk membayar arus kas yang diterima secara penuh tanpa penundaan material kepada pihak ketiga dalam perjanjian “pass throught”; dan baik (a) Perum Perumnas dan Anak Perum Perumnas telah secara substansial mentransfer seluruh resiko dan manfaat dari

Stopping of acknowledgement of asset and financial obligations Financial Assets Financial asset (or whichever is more appropriate part of financial assets or part of similar financial asset group) is stopped its acknowledgement when: (1) right to receive cash flow from such assets end; or (2) Perum Perumnas has transferred their rights to receive cash flow from the assets or liabilities to pay cash flow received in full without material suspension to any third party in pass through agreement; and either (a) Perum Perumnas and subsidiaries of Perum Perumnas have substantially transferred all risks and benefits of asset, or (b) Perum Perumnas substantially not transfer or not have






aset, atau (b) Perum Perumnas secara substansial tidak mentransfer atau tidak memiliki seluruh resiko dan manfaat suatu aset namun telah mentransfer kendali atas aset tersebut.

all risks and benefits of an asset but it has transferred control over such asset.

Kewajiban keuangan Kewajiban keuangan dihentikan pengakuannya pada saat kewajiban tersebut dihentkan atau dibatalkan atau kadaluwarsa. Ketika suatu kewajiban keuangan yang ada digantikan oleh kewajiban keuangan lain dari pemberi pinjaman yang sama dengan persyaratan yang berbeda secara substansial, atau modifikasi secara substansial persyaratan dari suatu kewajiban yang saat ini ada, pertukaran atau modifikasi tersebut diperlakukan sebagai penghentian pengakuan kewajiban awal dan pengakuan kewajiban baru, dan selisih antara nilai tercatat masingmasing kewajiban diakui dalam laporan laba rugi.

Financial Obligations Acknowledgement of financial obligations is stop when such obligation cancelled or expired. When the existing financial obligation is replaced by another financial obligation of the same creditor with the requirements different substantially, or modify substantially the requirements of an obligation which is currently available, such exchange or modification shall be treated as stop of acknowledgement of early obligations and acknowledgement of new obligations, and the difference between recorded value of each obligation is acknowledged in the statements of income.

r.

Penggunaan Estimasi Penyusunan laporan keuangan sesuai dengan prinsip akuntansi yang berlaku umum memperbolehkan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan kewajiban kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Hasil sebenarnya mungkin berbeda dari jumlah yang diestimasi.

r.

Use of Estimation Developing financial report in accordance with accounting principle generally applicable allows management to make estimation and assumption which influence the amount of assets and contingency obligations on the date of financial report and the amount of income and expenses within the reporting period. The Actual Result may be different from the estimated amount.

s.

Program Kemitraan dan Bina Lingkungan (PKBL) Program Kemitraan dan Bina Lingkungan (PKBL) yang dilaksanakan oleh Perum Perumnas dalam rangka melaksanakan Surat Keputusan Menteri Badan Usaha Milik Negara (Meneg BUMN) Nomor : KEP-236/MBU/2003 tanggal 17 Juni 2003 dan SE Nomor: 433/MBU/2003 tanggal

s.

Partnership and Environmental Development (PKBL) Partnership and Environmental Development Program (PKBL) which is executed by Perum Perumnas for purpose of executing Letter of Decision of the Minister of State-Owned Enterprise Number: KEP236/MBU/2003 dated June 17, 2003 and SE Number: 433/MBU/2003 dated September


37





16, 2003 in lieu with PUKK, Jo. Regulation of the State Minister of State-owned Enterprise number: PER-05/MBU/2007 dated April 27, 2007 concerning partnership program of the State-owned Enterprise with small-scale enterprise Program and Environmental Development Program.

16 September 2003 sebagai pengganti PUKK, Jo. Peraturan Menteri Negara BUMN nomor: PER-05/MBU/2007 tanggal 27 April 2007 tentang Program Kemitraan Badan Usaha Milik Negara dengan Usaha Kecil dan Program Bina Lingkungan. Pembinaan Usaha Kecil dan Koperasi (PUKK) dibentuk sebagai perwujudan Surat Keputusan Menteri Keuangan No. 316/KMK.016/1994 tanggal 27 Juni 1994 tentang Pedoman Pembinaan Usaha Kecil dengan cara memisahkan dana dari kas Perum Perumnas dan dibukukan ke dalam rekening kas dana dan disimpan pada rekening giro bank sendiri. Dana PUKK ini berasal dari penyisihan laba Perum Perumnas yang besarnya 1% - 3% atas laba setelah pajak untuk dana Program Kemitraan dan maksimal 1% untuk dana Program Bina Lingkungan. Dengan keluarnya Peraturan Menteri Negara BUMN No. PER-05/MBU/2007 tanggal 27 April 2007, maka penyisihan untuk dana PKBL masing-masing maksimal 2 % dari laba setelah pajak. Disamping dana tersebut sumber lainnya adalah dari pengembalian pinjaman dari Mitra Binaan, hasil pengembangan dana tersebut yang diakumulasi sebagai tambahan dana PKBL.

3.

Small-scale and Cooperative Development (PUKK) was formed as realization of Letter of Decision of the Minister of Finance No. 316/KMK.016/1994 dated June 27, 1994 concerning small-scale business development in manner separating funds from Perum Perumnas cash and booked into funds cash account and saved at self bank gyro account. This PUKK funds are from provision of profit of Perum Perumnas which amount 1% - 3% over profit after taxes for the funds of partnership program and maximal 1% for Environmental Development Program Funds. With issuance of Regulation of the State Minister for Stateowned Enterprise No. PER-05/MBU/2007 dated April 27, 2007, then provisions for PKBL funds respectively maximum 2 % of profits after taxes. Other fund sources include loan repayment from Mitra Binaan, result of development of such fund which is accumulated as additional funds of PKBL.

3.

KAS DAN SETARA KAS

This account consists of

Akun ini terdiri atas: 2011

Kas Kecil Kas Penerimaan Kas Bendahara Gaji Bank: PT. Bank Mandiri (Persero) Tbk PT. Bank Tabungan Negara (Persero) PT. Bank Negara Indonesia (Persero) Tbk PT. Bank Rakyat Indonesia (Persero) Tbk

38

CASH AND CASH EQUIVALENT

2010

864.620.342 10.488.418.086 931.244.835 12.284.283.263

829.412.831 1.477.907.259 940.463.594 3.247.783.684

17.441.308.207 66.545.503.074

10.663.303.518 50.937.595.363

11.469.271.420

7.845.760.717

PT. Bank Negara Indonesia (Persero) Tbk

13.189.297.280

18.331.533.293

PT. Bank Rakyat Indonesia (Persero) Tbk

Small cash Income Cash Salary Treasurer cash Bank


PT. Bank Mandiri (Persero) Tbk PT. Bank Tabungan Negara (Persero)





2011 PT. Bank Bukopin PT. Bank Bukopin Syariah PT. Bank Tabungan Negara Syariah PT.Bank Rakyat Indonesia Syariah PT.Bank Mandiri Syariah PT. Bank Bumi Putera PT. Bank CIMB Niaga Bank BPD PT.Bank Panin PT. Bank Lainnya Deposito Berjangka: PT. Bank Bukopin PT. Bank Rakyat Indonesia (Persero) Tbk. PT. Bank Mandiri (Persero) Tbk. PT. Bank Tabungan Negara (Persero) PT. Bank CIMB Niaga Tbk PT. Bank Himpunan Saudara Bank Jabar

2010

3.002.556.038 10.484.887 4.978.353.107 1.970.619 38.617.199 4.077.230.539 2.114.431.068 13.507.424.471 30.213.241 278.458.420 136.685.119.561

-

Bank BPD

8.733.119.405 99.579.819.110

PT.Bank Panin PT. Bank Lainnya

42.500.000.000

4.000.000.000

PT. Bank Bukopin

PT. Bank Bukopin Syariah

-

PT. Bank Tabungan Negara Syariah

-

PT.Bank Rakyat Indonesia Syariah

-

PT.Bank Mandiri Syariah

-

PT. Bank Bumi Putera

-

PT. Bank CIMB Niaga

41.000.000.000

12.000.000.000

PT. Bank Rakyat Indonesia (Persero) Tbk.

6.050.000.000 43.800.000.00 19.720.277.778 40.000.000.000 5.000.000.000 198.070.277.778 347.039.680.602

4.000.000.000 23.600.000.000 16.650.111.111

PT. Bank Tabungan Negara (Persero)

-

PT. Bank Himpunan Saudara

10.000.000.000 70.250.111.111 173.077.713.905

Bank Jabar

PT. Bank Bukopin

Timely Deposit

Tingkat bunga deposito berjangka tersebut masing-masing sebesar 5,75% - 9,25% dan 6,50% - 7,50% per tahun untuk tahun 2011 dan 2010. 4.

3.068.506.814 7.166.474.557

PT. Bank CIMB Niaga Tbk

Timely deposit interest rate shall be respectively in the amount of 5,75% - 9,25% and 6,50% 7,50% per year for year 2011 and 2010. 4.

PIUTANG USAHA

PT. Bank Mandiri (Persero) Tbk.

RECEIVABLES ACCOUNT Consists of:

Terdiri dari: 2011

Piutang Kontrak Penjualan

429.385.596.208

2010

147.802.859.441

Receivables account of sales contract

Piutang Kredit Pemilikan Rumah

129.659.633.644

65.641.934.614

Receivables account of House Ownership Credit

Piutang Kelebihan Luas Tanah

20.792.382.602

18.066.707.214

Receivables account of land area excessive

Piutang Kekurangan Uang Muka

48.224.573.309

28.247.805.208

Receivables account of underpayment of down payment

Piutang Kepada Bapertarum Piutang Sewa Piutang Usaha Lainnya

6.149.755.184 6.519.138.683 62.162.712.994 702.893.792.624

7.166.474.557 4.838.050.743 48.070.861.395 319.834.693.172

(40.247.627.347)

(23.035.329.407)

Reasonable value depreciation of receivables account

296.799.363.765

Total

Penurunan Nilai Wajar Piutang Usaha Jumlah

702.893.792.624

Receivables account to Bapertarum Receivables account of lease Other receivables account


39





Piutang Usaha merupakan tagihan kepada pihak ketiga yang berasal dari transaksi usaha secara kredit per 31 Desember 2011 dan 2010. Rincian umur piutang usaha adalah sebagai berikut:

Receivables account is collection to any third party from credit transaction per December 31, 2011 and 2010. Details receivables account age shall be as follows:

2011

0 sampai dengan 2 tahun 2 sampai dengan 4 tahun 4 sampai dengan 5 tahun Diatas 5 tahun Jumlah

2010

605.338.641.293 59.019.094.172 15.860.060.480 22.675.996.679 702.893.792.624

197.177.288.915 74.759.404.257 10.088.000.000 37.810.000.000 319.834.693.172

Manajemen berpendapat bahwa seluruh piutang usaha tersebut dapat ditagih dan tidak ada risiko yang terkonsentrasi secara signifikan atas piutang kepada pihak ketiga. 5.

5.

PIUTANG LAIN-LAIN

2.452.127.055 564.134.749

Jumlah

OTHER RECEIVABLES ACCOUNT

Receivables to employee Other Receivables

-

73.481.282.651

Receivables to PT. Pelita Propertindo Sejahtera

-

(13.481.282.651)

Reasonable value depreciation of other receivables

3.016.261.804

63.831.954.550

Total

Receivables account to employee is loan or installments of purchase of office vehicle and remaining accountability of down payment.

6.

UANG MUKA Jumlah uang muka adalah sebesar Rp7.632.382.465 dan Rp11.587.500.242 untuk tahun 2011 dan 2010. Jumlah tersebut merupakan saldo uang muka yang diberikan kepada kontraktor atas pemborongan pekerjaan setelah diperhitungkan dengan pembayaran termin dari prestasi pekerjaan kontrak yang bersangkutan. 2011

40

Total

1.996.266.957 1.835.687.593

Piutang kepada karyawan merupakan pinjaman uang maupun angsuran pembelian kendaraan dinas serta sisa dari pertanggungjawaban uang muka.

Jumlah

4 until 5 years Above 5 years

2010

Piutang Kepada Karyawan Piutang Lainnya Piutang kepada PT. Pelita Propertindo Sejahtera Penurunan Nilai Wajar Piutang Lain-lain

Beban Perjalanan Dinas Beban Dibayar di Muka Lainnya

2 until 4 years

Management is in opinion that all receivables account can be collected and there is no risk concentrated significantly of receivables account to any third party.

2011

6.

0 until 2 years

223.029.739 23.203.715.911 23.426.745.650

DOWN PAYMENT Amount of down payment shall be in the amount of Rp 7.632.382.465 and Rp 11.587.500.242 for year 2011 and 2010. Such amount constitutes down payment balance given to contractor for work contract after taken into account with term payment from the related contract work achievement. 2010

351.842.889 42.817.048.031 43.168.890.920


Office Trip Expenses Other prepaid expenses Total





7.

7.

BEBAN DIBAYAR DI MUKA

Consists of: Other prepaid expenses consists of: development cost, land costs, overhead costs, marketing costs and general expenses.

Terdiri dari: Beban dibayar dimuka lainnya terdiri dari: beban pembangunan, beban pertanahan, beban overhead, beban pemasaran, dan beban umum. 8.

TANAH DAN BANGUNAN AKAN DIJUAL

8.

Terdiri dari:

Jumlah

9.

2010

231.263.875.900 23.479.364.265 173.169.010.065 427.912.250.230

PROYEK DALAM PELAKSANAAN

108.752.810.593 3.800.822.381 332.734.444.104 445.288.077.078

9.

Terdiri dari:

Jumlah

10.

Total

PROJECT IN EXECUTION

89.900.876.306 32.945.052.905 86.799.939.094 23.761.594.067 233.407.462.372

10.

Terdiri dari:

Land Infrastructure Construction Overhead Total

CRUDE LAND Consists of:

2011

Jumlah

Plot of matured land

2010

91.557.290.485 61.222.413.332 53.379.753.130 11.766.659.010 217.926.115.957

TANAH MENTAH

Regional I Regional II Regional III Regional IV Regional V Regional VI Regional VII

House and Land Commercial Building

Consists of: 2011

Tanah Prasarana Konstruksi Overhead

LAND AND BUILDING FOR SALE Consists of:

2011

Rumah dan Tanah Bangunan Komersial Kapling Tanah Matang

REPAID EXPENSES

12.473.339.750 284.072.000 67.131.185.791 31.337.210.104 13.625.432.169 15.277.273.236 6.266.796.871 146.395.309.921

Tanah mentah merupakan nilai persediaan tanah mentah yang sudah memiliki perencanaan peruntukan lahan (site plan) namun belum dilakukan proyek pembangunan.

2010

13.302.726.974 284.072.000 67.466.906.670 26.410.083.747 12.396.650.184 14.114.769.585 6.232.889.266 140. 208.098.426

Regional I Regional II Regional III Regional IV Regional V Regional VI Regional VII Total

Crude land constitutes value of crude land inventory which has site plan but the development project is not yet made.


41





11.

12.

TANAH DALAM PENGELOLAAN KERJASAMA

11.

Jumlah tanah dalam pengelolaan kerjasama adalah sebesar Rp79.053.290.104 dan Rp77.934.101.294 untuk tahun 2011 dan 2010. Jumlah tersebut merupakan akumulasi nilai harga beli persediaan tanah ditambah dengan biaya-biaya pengelolaan pada tahun berjalan.

Quantity of land in partnership cooperation is in the amount of Rp 79.053.290.104 and Rp77.934.101.294 for years 2011 and 2010. Such amount constitutes accumulation value of purchase price of land inventories added with management costs in current year.

Tanah tersebut dikerjasamakan dengan PT Rukun Pilar Sentosa di lokasi Driyorejo dengan sharing awal 60% untuk Perum Perumnas dan 40% untuk PT Rukun Pilar Sentosa. Apabila ditambah dengan biaya pengelolaan tiap tahun maka sharing untuk Perum Perumnas sudah melebihi 60%.

Such land is worked in partnership with PT Rukun Pilar Sentosa at Driyorejo location with early sharing 60% for Perum Perumnas and 40% for PT Rukun Pilar Sentosa. If added with management costs each year, sharing for perum Perumnas has exceeded 60%. 12.

TANAH MENTAH JANGKA PANJANG

2011

2010

Regional I Regional III Regional IV Regional V Regional VI Regional VII Regional Rumah Susun Sederhana Sewa

6.449.863.364 76.334.780.998 4.761.292.405 1.585.221.104 1.686.116.742

6.449.863.364 71.097.101.378 94.126.143 5.682.427.858 3.128.751.886 1.686.116.741

Regional VII

1.053.266.282

1.053.266.283

Regional Simple Story House for lease

Jumlah

91.870.540.895

89.191.653.653

Total

Tanah Mentah Jangka Panjang adalah nilai persediaan tanah yang sudah dibebaskan namun belum ada rencana pemanfaatannya. Jenis tanah ini biasanya belum memiliki perencanaan kawasan atau site plan.

RUMAH DAN BANGUNAN DISEWAKAN

13.

Jumlah

Regional IV Regional V Regional VI

LEASED HOUSE AND BUILDING Consists of:

2011

Regional Regional Rumah Susun Sederhana Sewa Akumulasi Penyusutan

Regional I Regional III

Long Term Crude Land shall be land inventory value which has been cleared but no usage plan. This type of land usually has no site plan.

Terdiri dari:

42

LONG TERM CRUDE LAND Consists of:

Terdiri dari:

13.

LAND IN PARTNERSHIP MANAGEMENT

2010

-

2.691.112.530

Regional

196.069.421.301

6.946.231.438

Regional leased simple story house

(74.125.997.595) 121.943.423.706

(67.187.449.738) 128.881.971.564

Depreciation Accumulation


Total





14.

14.

PIUTANG JANGKA PANJANG

Consists of:

Terdiri dari: 2011

Jaminan Sertifikat Jaminan Listrik dan Air Minum Jaminan IMB/Bestek/JKK Piutang Jangka Panjang Lainnya

2010

14.044.331.812 12.870.344.114 13.832.871.124 1.410.005.002 42.120.096.740

Jumlah

14.945.208.917 6.946.231.438 9.959.004.664 2.977.029.278) 34.827.474.297

Piutang jaminan adalah piutang jangka panjang kepada bank pemberi kredit atas ditahannya sebagian nilai KPR sebagai jaminan atas terbitnya sertifikat (HPL, HGB dan SHM), jaminan tersambungnya instalasi air dan listrik, serta jaminan terbitnya IMB dan kesesuaian pembangunan dan bestek.

15.

LONG TERM RECEIVABLES ACCOUNT

Certificate Guarantee Electricity and Drinking Water Guarantee IMB/Bestek/JKK Guarantee Other long term receivables account Total

Guarantee Receivables Account is long term receivables account to bank giving credit for holding of part of KPR value as guarantee for issuance of certificate (HPL, HGB and SHM), guarantee for connection of water and electricity installation, and guarantee for issuance IMB and conformity between development and bestek.

ASET TETAP Nilai buku aset tetap per 31 Desember sebagai berikut:

15.

FIXED ASSET Fixed asset book value as of December 31 is as follows:

2011 Saldo 01/01/2011 Nilai Perolehan: Tanah Kantor/Rumah Dinas Peralatan Teknik Bangunan Kendaraan Dinas Peralalan Kantor Instalasi Peralatan Inventaris Lainnya

Mutasi Penambahan/ 5HNODVL¿NDVL

Mutasi Pengurangan/ 5HNODVL¿NDVL

Saldo 31/12/2011

2.514.973 .740

950.500.000

-

3.465.473.740

7.211.909 164

349.233.091

192.420.863

7.368.721.392

Acquisition Value Land %XVLQHVVRI¿FH house Building Technical Equipment Business Vehicles

28.619.684.324

685.383.899

4.093.589.603

25.211.478.620

2I¿FH(TXLSPHQWV

822.680.469

141.501.767

-

964.182.236

Installation Other inventories equipments

5.410.470.942

367.591.200

1.677.140.615

4.100.921.524

23.119.981.515

3.272.485.234

250.000.000

26.142.466.749

3.181.863.779

758.862.678

-

3.940.726.457

70.881.563.933

6.525.557.868

6.213.151.083

71.193.970.718

Akumulasi penyusutan: Kantor/Rumah Dinas Peralatan Teknik Bangunan Kendaraan Dinas Peralalan Kantor Instalasi Peralatan Inventaris Lainnya

Nilai Buku

8.543.224.110

578.650.974

-

9.121.875.084

2.451.661.768

68.549.250

-

2.520.211.018

5.912.795.923 24.330.238 274 381. 415.628

316.496.163 428.480.089 35.687.827

155.139.078 2.490.590.866 311.367

6.074.153.008 22.268.127.497 416.792.088

3.094.625.858

732.255.908

-

3.826.881.766

44.713.961.562

2.160.120.210

2.646.041.311

44.228.040.461

26.167.602.371

26.965.930.257

Depreciation Accumulation %XVLQHVVRI¿FH house Building Technical Equipments Business Vehicles 2I¿FH(TXLSPHQWV Installation Other Inventory Equipments

Book Value


43





Nilai Perolehan: Tanah

5.410.470.942

-

-

5.410.470.942

22.381.359.518

1.033.399.300

716.329.000

22.698.429.818

Gudang

283.338.515

-

-

283.338.515

Lapangan Olah Raga Peralatan Teknik Bangunan Kendaraan Dinas

138.213.182

-

-

138.213.182

2.723.821.740

1.000

208.849.000

2.514.973 .740

11.430.755.343

2.680.611.848

6.899.458.028

7.211.909 163

Sport Hall Building Technical EquipmentsTools Business Vehicle

Peralalan Kantor

27.044.267.762

1.948.518.844

373.102.281

28.619.684.325

Office Equipments

780.693.469

44.537.000

2.550.000

822.680.469

Installation Other Inventory Equipments

Kantor/Rumah Dinas

Instalasi Peralatan Inventaris Lainnya

2.978.068.829

227.469.650

23.674.700

3.181.863 .779

73.170.989.300

5.934.537.642

8.223.963.00

70.881.563.933

Akumulasi penyusutan: Kantor/Rumah Dinas

7.767.848.088

466.682.664

7.406.529

8.227.124.223

187.502.897

-

-

187.502.897

/DSDQJDQ2ODK5DJD

128.596.990

-

-

128.596.990

Sport Hall Building Technical Equipments Business Vehicle Office Equipments Installation Other inventory equipments

Peralatan Teknik Bangunan Kendaraan Dinas Peralalan Kantor Instalasi Peralatan Inventaris Lainnya

2.424.539.284

54.287.272

27.164.787

2.451.661.769

11.300.266.015 23.459.747.184 361.241.624

1.520.856.276 1.072.395.802 29.379.787

6.908.326.369 201.904.712 9.205.782

5.912.795.922 24.330.238 274 381. 415.629

2.955.150.829

162.178.618

22.703.589

3.094.625.858

48.584.892.911

3.305.780.418

7.176.711.768

44.713.961.562

Nilai Buku

24.586.096.389

24.586.096.389

ASET LAIN-LAIN

Jumlah

OTHER ASSETS Consists of:

2011

Harta Lainnya UDP dalam proses rekonsiliasi dengan Kantor Pusat Penyisihan Aset Lain-lain

Book Value

Management does not make any review to residual value and economy age value of fixed asset. 16.

Terdiri dari: 5.567.969.670

2010

15.642.968.422

Other properties

12.870.344.114

7.368.243.813

UDP in process of reconciliation with Head office

(645.374.684) 17.792.939.100

(731.139.213) 22.280.073.022

Harta lainnya adalah Aset non produktif milik Perum Perumnas yang sudah tidak dapat diharapkan manfaat ekonominya dalam operasional Perum Perumnas.

44

Depreciation Accumulation Business Office/ House Building

Gudang

Manajemen tidak melakukan review atas nilai residu dan nilai umur ekonomis aset tetap. 16.

Acquisition Value Land Business Office/ House Building

Provision of other assets Total

Other assets means non productive asset of Perum Perumnas which no longer expected its economy benefits in operation of Perum Perumnas.






Uang Dalam Perjalanan (UDP) adalah nilai uang, dari hubungan antar rekening Kantor Pusat dengan Kantor Regional yang belum ada nota pembebanannya (nota debet/nota kredit) yang masih dalam proses rekonsiliasi antara Kantor Regional/Cabang dengan Kantor Pusat. 17.

Money in travel (UDP) means money from the relationship between account of head office and regional office where there is no expenses note (debet note/credit note) which remains in process of reconciliation between regional/ branch offices and head office.

17.

LIABILITAS

Consists of:

Terdiri dari: 2011

Utang kepada Kontraktor dan Supplier Utang Notaris & Konsultan Utang Penyertaan KSU Utang Usaha Lainnya Voucher yang harus dibayar Jumlah

18.

2010

21.372.872.052

19.000.099.405

Debt to Contractor and Supplier

337.172.527 34.407.452.467 3.973.617.425 21.280.826.398 81.371.940.869

321.541.277 39.919.859.253 42.722.860 32.742.979.643 92.027.202.439

Debt to Notary & Consultant

BEBAN YANG MASIH HARUS DIBAYAR

18.

Terdiri dari: 2011

Beban Pembangunan Beban Umum dan Administrasi Beban Bunga Pinjaman Beban Lainnya

Other Business Debt Payable voucher Total

EXPENSE PAYABLE

2010

39.075.032.393

7.825.908.349

Certificate Arrangement costs

255.681.432.773

92.917.979.402

Development costs

40.871.945.485 3.455.034.098

23.797.630.151 17.457.655.546

General and administrative costs

17.383.064.305

41.067.556.605

Other expenses

356.466.509.054

183.066.730.053

Total

KELEBIHAN UANG MUKA PENGHUNI Jumlah Kelebihan Uang Muka Penghuni adalah sebesar Rp3.275.299.915 dan Rp2.942.896.477 untuk tahun 2011 dan 2010. Kelebihan Uang Muka Penghuni merupakan uang muka yang belum dibayarkan kembali kepada pembeli atas kelebihan perhitungan pada saat realisasi KPR.

Loan Interest costs

Such amount is acknowledgement of debt to costs payable as consequence of implementation of accrual principle such as certificate arrangement costs, development costs, general and administrative costs, debt of loan interest and debt of additional contribution to funds of Perum Perumnas as of 31 December 2011 and 2010.

Jumlah tersebut merupakan pengakuan hutang atas beban-beban yang masih harus dibayar sebagai konsekuensi penerapan asas akrual seperti beban pengurusan sertifikat, beban pembangunan, beban umum dan administrasi, hutang bunga pinjaman dan hutang iuran tambahan ke Dana Perum Perumnas per 31 Desember 2011 dan 2010. 19.

KSU Participation Debt

Consists of:

Beban Pengurusan Sertifikat

Jumlah

LIABILITIES

19.

TENANT’S OVER DOWN PAYMENT Amount of Excessive Down Payment of Tenant is in the amount of Rp3.275.299.915 and Rp 2.942.896.477 for years 2011 and 2010. Excessive down payment of tenant is down payment not yet repaid to purchaser for excessive amount when realization KPR.


45





20.

20.

PAJAK YANG MASIH HARUS DIBAYAR

Consists of:

Terdiri dari: 2011

Wapu PPh Pasal 21/23 PPN Keluaran PPh Final Jumlah

TAXES PAYABLE

2010

8.234.906.194 61.406.806.173 35.386.551.589 105.028.263.956

5.446.564.178 29.169.435.416 7.138.145.382 41.754.144.976

Wapu PPh article 21/23 VAT out Final income tax Total

21.

RETENSI KONTRAKTOR Jumlah Hutang Retensi Kontraktor adalah sebesar Rp3.821.046.639 dan Rp3.528.031.303 untuk tahun 2011 dan 2010.

21.

CONTRACTOR RETENTION The amount of debt of Contractor Retention is in the amount of Rp3.821.046.639 and Rp3.528.031.303 for years 2011 and 2010.

22.

PENANGGUHAN PEMBAYARAN Jumlah Penangguhan Pembayaran adalah sebesar Rp2.295.194.892 dan Rp3.249.104.225 untuk tahun 2011 dan 2010. Jumlah tersebut merupakan saldo hutang kepada kontraktor yang berasal dari selisih nilai prestasi pekerjaan dengan ketentuan pembayaran termin sehingga pembayarannya ditangguhkan.

22.

PAYMENT SUSPENSION The amount of suspended payment is Rp2.295.194.892 and Rp3.249.104.225 for years 2011 and 2010. Such amount is outstanding balance to contractor from the difference of work achievement value provided that with term payment so the payment is suspended.

23.

PENERIMAAN UANG MUKA Jumlah Penerimaan Uang Muka adalah sebesar Rp71.298.283.339 dan Rp62.207.376.357 untuk tahun 2011 dan 2010. Jumlah tersebut merupakan penerimaan uang muka dari calon pembeli rumah/KTM yang akan diperhitungkan dengan harga rumah/KTM pada saat transaksi jual beli per 31 Desember 2011 dan 2010.

23.

DOWN PAYMENT ACCEPTANCE Amount of down payment acceptance is Rp71.298.283.339 and Rp62.207.376.357 for years 2011 and 2010. Such amount is down payment acceptance from prospective buyer of house/KTM which will be counted with price of house/KTM on sale purchase transaction per December 31, 2011 and 2010.

24.

DANA SOSIAL PEGAWAI Jumlah Dana Sosial Pegawai adalah sebesar Rp104.175.412 dan Rp104.175.412 untuk tahun 2011 dan 2010. Jumlah tersebut merupakan dana sosial pegawal hasil pembagian laba Perum Perumnas yang belum digunakan dan dana pendidikan per 31 Desember 2011 dan 2010.

24.

EMPLOYEE’S SOCIAL FUNDS Employee’s social fund is amounted to Rp104.175.412 and Rp104.175.412 for years 2011 and 2010. Such amount is employee’s social funds resulting from distribution of profits of Perum Perumnas not used and the educational funds per 31 December 2011 and 2010.

46






25.

PINJAMAN DALAM NEGERI

25.

Terdiri dari:

Consists of: 2011

Jumlah pinjaman dalam negeri yang jatuh tempo dalam tahun 2011 dan 2010 Bapertarum I RDI Modal Kerja Surat Sanggup/MTN Bank Bukopin

Jumlah pinjaman dalam negeri yang jatuh tempo lebih dari satu tahun RDI Konversi Surat Sanggup/MTN Promes Lehman

2010

Amount of domestic loan due in 2011 and 2010 151.489.737.643 264.000.000.000 415.489.737.643

151.489.737.643 275.000.000.000 60.000.000.000 486.489.737.”.643

194.564.560.513 170.000.000.000 3.000.000.000 367.564.560.513 783.054.298.156

194.564.560.513 3.000.000.000 197.564.560.513 684.054.298.156

MTN II Perum Perumnas Tahun 2010

MTN III A Perum Perumnas Tahun 2010 MTN III B Perum Perumnas Tahun 2010 MTN III C Perum Perumnas Tahun 2010 MTN IV A Perum Perumnas Tahun 2011 MTN IV B Perum Perumnas Tahun 2011 MTN V Perum Perumnas Tahun 2011 MTN Syariah I Perum Perumnas Tahun 2011

RDI conversion Promissory Note /MTN Promes Lehman

The promissory note is broken down as follows:

2011

Surat Sanggup Seri III D Surat Sanggup Seri XI A MTN I Perum Perumnas Tahun 2009

Bapertarum I RDI Working Capital Promissory Note /MTN Bank Bukopin

Amount of domestic loan due more than one year

Rincian Surat Sanggup tersebut terinci sebagai berikut:

Surat Sanggup Seri III C

DOMESTIC LOAN

2010

-

5.000.000.000

Promissory Note Serial III C

40.000.000.000

40.000.000.000 40.000.000.000

Promissory Note Serial III D Promissory Note Serial XIA

-

90.000.000.000

MTN I Perum Perumnas year 2009

-

30.000.000.000

MTN II Perum Perumnas year 2010

-

6.000.000.000

MTN III A Perum Perumnas year 2010

34.000.000.000

34.000.000.000

MTN III B Perum Perumnas year 2010

3.000.000.000

3.000.000.000

MTN III C Perum Perumnas year 2010

50.000.000.000

-

MTN IV A Perum Perumnas year 2011

20.000.000.000

-

MTN IV B Perum Perumnas year 2011

60.000.000.000

-

MTN V Perum Perumnas year 2011

30.000.000.000

-

MTN Syariah I Perum Perumnas year 2011

264.000.000.000

275.000.000.000


47





Pinjaman Dalam Negeri Perum Perumnas per 31 Desember 2011 dan 2010 adalah sebagai berikut: Jenis Pinjaman

Mutasi 2011/ Mutation 2011

Bapertarum I RDI Konversi RDI Modal Kerja Promes Lehman Bank Niaga Surat Sanggup BRI Modal Kerja Bank Bukopin

194.564,56 151.489,74 3.000,00 275.000,00 60.000

159.000,00 (60.000)

Jumlah

684.054.30

99.000,00

Jenis Pinjaman

Bapertarum I RDI Konversi RDI Modal Kerja Promes Lehman Bank Niaga Surat Sanggup BRI Modal Kerja Bank Bukopin Jumlah

48

Jumlah/ Amount

Jumlah/ Amount

Mutasi 2010/ Mutation 2010

2.000,00 194.564,56 151.489,74 3.000,00 45.004,00 561.000,00 5.524,11 60.000

(2.000,00) (45.004,00) (286.000,00) (5.524,11) (60.000)

1.022.582,41

(338.528,11)

Domestic Loan Perum Perumnas per 31 December 2011 and 2010 is as follows: Per 31 Desember 2011/ Per 31 December 2011 Jatuh Tempo/ Jk. Panjang/ Due Long Term 194.564,56 151.489,74 3.000,00 264.000,00 170.000,00 415.489,74

367.564,56

Per 31 Desember 2010/ Per 31 December 2010 Jatuh Tempo/ Jk. Panjang/ Due Long term 194.564,56 151.489,74 3.000,00 275.000,00 486.489,74

197.564,56

Type of loan

Bapertarum I RDI conversion RDI working Capital Promes Lehman Bank Niaga Promissory Note BRI Working Capital Bank Bukopin Total

Type of Loan

Bapertarum I RDI conversion RDI working capital Promes Lehman Bank Niaga Promissory Note BRI working capital Bank Bukopin Total

Pinjaman dalam negeri merupakan pinjaman yang berasal dari sumber-sumber pendanaan dalam negeri yang mencakup sumber-sumber dana sebagai berikut:

Domestic loan is loan from domestic financing sources which covers fund sources as follows:

a.

a.

Pinjaman Konversi dari Pemerintah RI sesuai surat Menteri Keuangan RI nomor S-296/MK.017/1999 tanggal 21 Juli 1999 tentang Restrukturisasi Keuangan Perum Perumnas yang selanjutnya dituangkan dalam dokumen Perjanjian Pinjaman no. RDI-368/DP3/1999 tanggal 11 Agustus 1999 dan terakhir diaddendum dengan perjanjian perubahan (Amandemen) no. AMA-131/RDI-368/DP3/2004 tanggal

Conversion loan from government of the Republic of Indonesia pursuant to letter of the Minister of the Republic of Indonesia number S-296/MK.017/1999 dated July 21, 1999 concerning Financial restructuring Perum Perumnas which is then contained in loan agreement no. RDI-368/DP3/1999 dated August 11, 1999 and lastly contained in addendum with amendment agreement No. AMA-131/RDI-368/DP3/2004 dated January






21 Januari 2004. Dalam perjanjian dan amandemen tersebut ditegaskan bahwa plafon pinjaman adalah sejumlah Rp145.405.466.667-. Jangka waktu perjanjian adalah 10 (sepuluh) tahun termasuk masa tenggang 5 (lima) tahun terhitung mulai tanggal Surat Menteri Keuangan tanggal 21 Juli 1999. Pengembalian pokok pinjaman dilakukan dalam 10 (sepuluh) kali angsuran semesteran dalam jumlah yang sama pada setiap tanggal 11 Pebruari dan 11 Agustus yang dimulai tanggal 11 Pebruari 2005 dan berakhir 11 Agustus 2009.Tingkat bunga pinjaman adalah 5% per tahun.

21, 2004. In Agreement and amendment thereof expressly stated that loan ceiling is in the amount of Rp145.405.466.667-. Agreement period shall be 10 (ten) years including 5 (five) years grace period as of date of Letter of the Minister of Finance dated July 21, 1999. Repayment of principle loan is made within 10 (ten) times term installment in the equal amount on each February 11 and August 11 commenced on February 11, 2005 and ends on August 11, 2009. Loan interest rate shall be 5% per year.

b.

Pinjaman Modal Kerja dari Pemerintah RI sesuai surat Menteri Keuangan RI nomor S-296/MK.017/1999 tanggal 21 Juli 1999 tentang Restrukturisasi Keuangan Perum Perumnas yang selanjutnya dituangkan dalam dokumen Perjanjian Pinjaman no. RDI- 369/DP3/1999 tanggal 11 Agustus 1999 dengan plafon Rp100.000.000.000.00. Jangka waktu pinjaman adalah 8 (delapan) tahun termasuk masa tenggang 3 (tiga) tahun sejak tanggal ditandatangani perjanjian. Pembayaran pokok pinjaman dilakukan dalam 10 (sepuluh) kali angsuran semesteran yang sama jumlahnya pada setiap tanggal 11 Pebruari dan 11 Agustus yang dimulai tanggal 11 Pebruari 2003 dan berakhir 11 Agustus 2007. Tingkat bunga pinjaman adalah 12% per tahun.

b.

Working capital loan from the Government of the Republic of Indonesia pursuant to letter of the Minister of Finance of the Republic of Indonesia number S-296/MK.017/1999 dated July 21, 1999 concerning Restructuring finance of Perum Perumnas which is then contained in document of Loan Agreement no. RDI- 369/DP3/1999 dated August 11, 1999 with ceiling of Rp100.000.000.000.00. With loan period shall be 8 (eight) years including grace period 3 (three) years as of date of signing of agreement. Payment of principle loan shall be made within 10 (ten) times term installments with equal amount on each February 11 and August 11 which is commenced on February 11, 2003 and end on August 11, 2007. Loan Interest rate shall be 12% per annum.

c.

Dalam rangka memenuhi kebutuhan modal kerja proyek-proyek pembangunan perumahan, Perum Perumnas mengadakan Perjanjian Kredit dengan PT. Bank Bukopin sesuai dengan Akta Perjanjian Kredit Dengan Memakai Jaminan No. 6 tanggal 4 Agustus 2005 dan Akta Addendum Perjanjian Kredit dengan Memakai Jaminan No. 15 tanggal 20 Januari 2006 serta Akta Pengakuan Hutang No. 16 tanggal 30 Januari 2006. Perjanjian Kredit tersebut berupa Fasilitas Line Credit Modal Kerja (Revolving) berupa uang dengan

c.

For purpose of fulfilling working capital need of development projects of housing, Perum Perumnas made and entered into Credit Agreement with PT. Bank Bukopin in accordance with Deed of Credit Agreement with use of Guarantee No. 6 dated August 4, 2005 and deed of Addendum of Credit Agreement with use of Guarantee No. 15 dated January 20, 2006 and Deed of Debt Acknowledgement No. 16 dated January 30, 2006. Such Credit Agreement is in form of Working Capital Credit Line Facility (Revolving) in the form of money with ceiling


49





jumlah plafon sebesar Rp100.000.000.000,. Tingkat bunga fasilitas kredit tersebut sebesar 17% per tahun dan akan dibayar lunas selambat-lambatnya pada tanggal 4 Agustus 2010. Jaminan yang diberikan kepada Bank dengan Hak Tanggungan berupa 51 bidang tanah Sertifikat Hak Guna Bangunan (HGB) No. 253/ Kebon Kosong sampai dengan HGB No. 303/ Kebon Kosong dengan total seluas 4.535 M2 atas nama Perum Perumnas. d.

e.

50

Perum Perumnas menerbitkan Surat Sanggup, sesuai dengan Akte Perjanjian Penerbitan dan Penunjukan Agen Pemantau Medium Term Notes (MTN) II Perum Perumnas Tahun 2010 No. 268 tanggal 26 Oktober 2010 dibuat di hadapan Arry Supratno, SH Notaris di Jakarta, sebagai berikut:

in the amount of Rp100.000.000.000,-. Such credit interest rate shall be in the amount of 17% per year and will be paid in full at the latest of August 4, 2010. Guarantee which is given to Bank with security right is in the form of 51 plots of land with Building Use Rights Certificate (HGB) No. 253/ Kebon Kosong until HGB No. 303/Kebon Kosong with total area of 4.535 M2 in the name of Perum Perumnas.

d.

Perum Perumnas issued Promissory Note, pursuant to Deed of Agreement of Publication and appointment of Supervisory Agency Medium Term Notes (MTN) II Perum Perumnas year 2010 No. 268 dated October 26, 2010 drawn up before Arry Supratno, SH Notary public in Jakarta, as follows:

Perum Perumnas menerbitkan dan menawarkan surat hutang berupa surat sanggup berjangka menengah atau medium term note dengan cara penempatan secara terbatas dengan jumlah maksimal sebesar Rp30.000.000.000,- dengan tingkat kupon 14% per tahun, berjangka waktu 367 hari kalender sejak tanggal penerbitan MTN.

Perum Perumnas issued and offered a letter of Note in the form of medium term note in manner of limited placement with amount maximum of Rp30.000.000.000,- with coupon level 14% per annum, having period of 367 calendar days as of date of issuance of MTN.

Perum Perumnas telah menunjuk PT Kustodian Sentral Efek Indonesia (selanjutnya disebut KSEI), untuk bertindak sebagai Agen Pembayaran.

Perum Perumnas has appointed PT Kustodian Sentral Efek Indonesia (hereinafter referred to as KSEI), for acting as Payment Agent.

Perum Perumnas telah menunjuk PT Bank CIMB Niaga Tbk, untuk mewakili hak hak dan kepentingan pemegang MTN selaku Agen Pemantau.

Perum Perumnas has appointed PT Bank CIMB Niaga Tbk, for representing rights and interest of MTN holders as Supervisory Agency.

Perum Perumnas menerbitkan Surat Sanggup, sesuai dengan Akte Perjanjian Penerbitan dan Penunjukan Agen Pemantau Medium Term Notes (MTN) III Perum Perumnas Tahun 2010 No. 174 tanggal 22 November 2010 dibuat di hadapan Arry Supratno, SH Notaris di Jakarta, sebagai berikut:

e.

Perum Perumnas issued promissory note, in accordance with Deed of Agreement of issuance and appointment of Supervisory Agency Medium Term Notes (MTN) III Perum Perumnas year 2010 No. 174 dated November 22, 2010 drawn up before Arry Supratno, SH Notary Public in Jakarta, as follows:






f.

Perum Perumnas menerbitkan dan menawarkan surat hutang berupa surat sanggup berjangka menengah atau medium term note dengan cara penempatan secara terbatas dengan jumlah maksimal sebesar Rp70.000.000.000,- adalah :

Perum Perumnas issued and offered letter of note in the form of medium term note in the manner of limited placement with maximum amount Rp70.000.000.000,- namely :

MTN berdenominasi Rupiah Seri A (“MTN Perum Perumnas Sari A”) senilai Rp6.000.000.000,¬- berjangka waktu 12 bulan sejak diterbitkan pada tanggal 23 November 2010 dengan tingkat bunga 13,5% pertahun.

MTN with Rupiah denomination Serial A (“MTN Perum Perumnas Serial A”) in the amount of Rp6.000.000.000,¬- with period of 12 months as of issuance on November 23, 2010 with interest rate 13,5% per annum.

MTN berdenominasi Rupiah Seri B (“MTN Perum Perumnas Seri B”) senilai Rp34.000.000.000,- berjangka waktu 18 bulan sejak diterbitkan pada tanggal 23 Nopember 2010 dengan tingkat bunga 14% per tahun.

MTN with Rupiah denomination Serial B (“MTN Perum Perumnas Serial B”) in the amount of Rp34.000.000.000,- for 18 months period as of issuance on November 23, 2010 with interest rate 14% per annum.

MTN berdenominasi Rupiah Seri C (“MTN Perum Perumnas Seri C”) senilai Rp30.000.000.000,¬- berjangka waktu 18 bulan sejak diterbitkan pada tanggal 23 Desember 2010 dengan tingkat bunga 14% per tahun.

MTN with Rupiah denomination Serial C (“MTN Perum Perumnas Serial C”) in the amount of Rp30.000.000.000,¬- for 18 months period as of issuance on December 23, 2010 with interest rate 14% per annum.

Perum Perumnas telah menunjuk PT Mandiri Sekuritas untuk bertindak selaku Agen Penjual yang akan mencari calon pembeli investor.

Perum Perumnas has appointed PT. Mandiri Sekuritas to act as Selling Agency which will seek prospective investor.

Perum Perumnas telah menunjuk PT Kustodian Sentral Efek Indonesia (selanjutnya disebut “KSEI”), untuk bertindak sebagai Agen Pembayaran.

Perum Perumnas has appointed PT Kustodian Sentral Efek Indonesia (hereinafter referred to as “KSEI”), to act as Payment Agent.

Perum Perumnas telah menunjuk PT Bank CIMB Niaga Tbk, untuk mewakili hak-hak dan kepentingan pemegang MTN selaku Agen Pemantau.

Perum Perumnas has appointed PT Bank CIMB Niaga Tbk, for representing rights and interest of MTN holder as Supervisory Agent.

Perum Perumnas menerbitkan Surat Sanggup, sesuai dengan Akte Perjanjian Penerbitan dan Penunjukan Agen Pemantau Medium Term Notes (MTN) IV Perum Perumnas Tahun 2011 No. 4 tanggal

f.

Perum Perumnas issued Promissory Note, in accordance with Deed of Agreement of Issuance and appointment of supervisory agency Medium Term Notes (MTN) IV Perum Perumnas year 2011 No. 4 dated February 18,


51





18 Pebruari 2011 dibuat di hadapan Vita Cahyojati SH., M. Hum. Notaris di Depok sebagai berikut : Perum Perumnas menerbitkan dan menawarkan surat hutang berupa surat sanggup berjangka menengah atau medium term notes dengan cara penempatan secara terbatas dengan jumlah maksimal sebesar Rp70.000.000.000,- adalah : t

t

52

MTN berdenominasi Rupiah Seri A (“MTN Perum Perumnas Seri A”) senilai Rp50.000.000.000,- berjangka waktu 15 bulan sejak diterbitkan pada tanggal 22 Pebruari 2011 dengan tingkat bunga 13,5% pertahun. Bunga MTN dibayar setiap 3 (tiga) bulan, yang pembayaran pertamanya dilakukan pada tanggal 23 Mei 2011 dan jatuh temponya tanggal 22 Mei 2012. MTN berdenominasi Rupiah Seri B (“MTN Perum Perumnas Seri B”) senilai Rp20.000.000.000,- berjangka waktu 18 bulan sejak diterbitkan pada tanggal 22 Pebruari 2011 dengan tingkat bunga 13,75% per tahun. Bunga MTN dibayar setiap 3 (tiga) bulan, yang pembayaran pertamanya dilakukan pada tanggal 23 Mei 2011 dan jatuh temponya tanggal 22 Agustus 2012.

2011 drawn up before Vita Cahyojati SH., M. Hum. Notary in Depok as follows : Perum Perumnas issued and offered letter of note in the form of medium term note in the manner of limited placement with maximum amount Rp70.000.000.000,namely :

t

MTN with Rupiah denomination Serial A (“MTN Perum Perumnas Serial A”) in the amount of Rp 50.000.000.000,¬with period of 15 months as of issuance on February 22, 2011 with interest rate 13,5% per annum. MTN interest is paid every 3 (three) months, in which the first payment was made on May 23, 2011 and due on May 22, 2012.

t

MTN with Rupiah denomination Serial B (“MTN Perum Perumnas Serial B”) in the amount of Rp20.000.000.000,- for 18 months period as of issuance on February 22, 2011 with interest rate 13.75% per annum. MTN interest is paid every 3 (three) months, in which the first payment was made on May 23, 2011 and due on August 22, 2012.

Perum Perumnas telah menunjuk PT Insight Investments Management untuk bertindak selaku Agen Penjual (Arranger) yang akan mencari calon pembeli/ investor.

Perum Perumnas has appointed PT. Kustodian Sentral Efek Indonesia (hereinafter referred to as “KSEI”) to act as Payment Agency.


Perum Perumnas has appointed PT Kustodian Sentral Efek Indonesia (hereinafter referred to as “KSEI”), to act as Payment Agent.

Perum Perumnas telah menunjuk PT Bank CIMB Niaga Tbk, untuk mewakili hak-hak dan kepentingan pemegang MTN selaku Agen Pemantau dan Agen Jaminan (Wali Amanat).

Perum Perumnas has appointed PT Bank CIMB Niaga Tbk, for representing rights and interest of MTN holder as Supervisory Agent and Security Agency.






g.

h.

Perum Perumnas menerbitkan Surat Sanggup, sesuai dengan Akte Perjanjian Penerbitan dan Penunjukan Agen Pemantau Medium Term Notes (MTN) V Perum Perumnas Tahun 2011 No. 10 tanggal 4 Maret 2011 dibuat di hadapan Vita Cahyojati SH., M. Hum. Notaris di Depok sebagai berikut:

g. Perum Perumnas issued Promissory Note, in accordance with Deed of Agreement of Issuance and appointment of supervisory agency Medium Term Notes (MTN) V Perum Perumnas year 2011 No. 10 dated March 4, 2011 drawn up before Vita Cahyojati SH., M. Hum. Notary in Depok as follows :

Perum Perumnas menerbitkan dan menawarkan surat hutang berupa surat sanggup berjangka menengah atau medium term notes dengan cara penempatan secara terbatas dengan jumlah maksimal sebesar Rp60.000.000.000,- berjangka waktu 20 bulan sejak diterbitkan pada tanggal 15 Maret 2011 dengan tingkat bunga 14% pertahun. Bunga MTN dibayar setiap 3 (tiga) bulan, yang pembayaran pertamanya dilakukan pada tanggal 15 Juni 2011 dan jatuh temponya tanggal 15 Nopember 2012.

Perum Perumnas issued and offered letter of note in the form of medium term note in the manner of limited placement with maximum amount Rp60.000.000.000 with period of 20 months as of issuance on March 15, 2011 with interest rate 14% per annum. MTN interest is paid every 3 (three) months, in which the first payment was made on June 15, 2011 and due on November 15, 2012.

Perum Perumnas telah menunjuk PT Andalan Artha Advisindo Sekuritas untuk bertindak selaku Agen Penjual (Arranger) yang akan mencari calon pembeli/ investor.

Perum Perumnas has appointed PT. Andalan Artha Advisindo Sekuritas to act as Arranger which will seek prospective buyer/investor.

Perum Perumnas telah menunjuk PT Bank CIMB Niaga Tbk, untuk mewakili hak-hak dan kepentingan pemegang MTN selaku Agen Pemantau, Agen Pembayaran dan Agen Jaminan.

Perum Perumnas has appointed PT Bank CIMB Niaga Tbk, for representing rights and interest of MTN holder as Supervisory Agent, payment Agency and Security Agency.

Perum Perumnas menerbitkan Surat Sanggup, sesuai dengan Akte Perjanjian Penerbitan dan Penunjukan Agen Pemantau Medium Term Notes (MTN) Syariah Mudharabah Perum Perumnas Tahun 2011 No. 312 tanggal 31 Mei 2011 dibuat di hadapan Arry Supratno, SH., Notaris di Jakarta sebagai berikut:

h. Perum Perumnas issued Promissory Note, in accordance with Deed of Agreement of Issuance and appointment of supervisory agency Medium Term Notes (MTN) Syariah Mudharabah Perum Perumnas year 2011 No. 312 dated May 31, 2011 drawn up before Arry Supratno, SH., Notary in Jakarta as follows :

Perum Perumnas menerbitkan dan menawarkan surat hutang berupa surat sanggup berjangka menengah atau medium term notes dengan cara penempatan secara terbatas

Perum Perumnas issued and offered letter of note in the form of medium term note in the manner of limited placement with maximum amount Rp30.000.000.000 with


53





dengan jumlah maksimal sebesar Rp30.000.000.000,- berjangka waktu 18 bulan sejak diterbitkan pada tanggal 31 Mei 2011 dengan tingkat bunga 14% pertahun. Bunga MTN dibayar setiap 3 (tiga) bulan, yang pembayaran pertamanya dilakukan pada tanggal 31 Agustus 2011 dan jatuh temponya tanggal 30 Nopember 2012.

period of 18 months as of issuance on May 31, 2011 with interest rate 14% per annum. MTN interest is paid every 3 (three) months, in which the first payment was made on August 31, 2011 and due on November 30, 2012.

Perum Perumnas has appointed PT. Mandiri Sekuritas to act as Arranger which will seek prospective buyer/investor.

Perum Perumnas telah menunjuk PT Mandiri Sekuritas untuk bertindak selaku Agen Penjual (Arranger) yang akan mencari calon pembeli/ investor.

Perum Perumnas has appointed PT Kustodian Sentral Efek Indonesia (hereinafter referred to as (KSEI) to act as Payment Agency.


Perum Perumnas has appointed PT Bank Mandiri (Persero) Tbk, for representing rights and interest of MTN holder as Supervisory Agent and Security Agency.

Perum Perumnas telah menunjuk PT Bank Mandiri (Persero) Tbk, untuk mewakili hak-hak dan kepentingan pemegang MTN selaku Agen Pemantau dan Agen Jaminan. 26.

UTANG LAINNYA

26.

Terdiri dari:

Consists of: 2011

Utang Dana Pembangunan Semesta Utang Imbalan Kerja Jangka Panjang Past Service Liability Lainnya Jumlah

69.075.637.648

44.717.714.324

47.710.317.571

32.027.532.840 12.407.451

-

Loan of Dana Pembangunan Semesta Loan of Long Term Work Remuneration Past Service Liability Others

145.233.292.263

116.785.955.219

Total

2011

DPS 1993

54

2010

68.475.637.648

Utang Dana Pembangunan Semesta merupakan kewajiban Perum Perumnas jangka panjang terkait Dana Pembangunan Semesta (DPS) dari pembagian laba Perum Perumnas sebagai berikut: DPS 1990/1991 s.d 1992

OTHER LOAN

Loan of Dana Pembangunan Semesta is long term liabilities of Perum Perumnas relating to Dana Pembangunan Semesta (DPS) from the distribution of earnings of Perum Perumnas as follows: 2010

10.576.837.648

11.176.837.648

DPS 1990/1991 s.d 1992

7.538.800.000

7.538.800.000

DPS 1993

DPS 1994

14.000.000.000

14.000.000.000

DPS 1994

DPS 1995

14.370.000.000

14.370.000.000

DPS 1995

DPS 1996

DPS 1997

13.740.000.000 8.250.000.000

13.740.000.000 8.250.000.000

DPS 1996 DPS 1997

Jumlah

68.475.637.648

69.075.637.648

Total






Atas kewajiban DPS tersebut Perum Perumnas mengajukan permohonan perubahan status kewajiban DPS menjadi tambahan Penyertaan Modal Pemerintah (PMP) atau Penyertaan Modal Negara (PMN) melalui surat No. Dirut/611/3/VIII/98 tanggal 11 Agustus 1998, surat No. Dirut/689/3/IX/98 tanggal 10 September 1998 dan surat No. Dirut/053/10/11/2004 tanggal 6 Pebruari 2004.

Against DPS liabilities mentioned above Perum Perumnas propose application of change of DPS liabilities status becomes additional government capital participation (PMP) or State Capital Participation (PMN) through letter No. Dirut/611/3/VIII/98 dated August 11, 1998, Letter No. Dirut/689/3/IX/98 dated September 10, 1998 and Letter No. Dirut/053/10/11/2004 dated February 6, 2004.

Departemen Keuangan melalui surat Direktur Penerimaan Negara dan Bukan Pajak No. S-798/ LK/2004 tanggal 20 Pebruari 2004 meminta kepada Perum Perumnas data pendukung permohonan perubahan status DPS.

Ministry of Finance through Letter of Director of Non Tax State Income No. S-798/LK/2004 dated February 20, 2004 asks to Perum Perumnas supporting data of application of change of DPS status.

Perum Perumnas telah menyampaikan data pendukung untuk permohonan perubahan status DPS menjadi PMN/PMP melalui surat No. Dirut/160/10/III/2004 tanggal 11 Maret 2004 .

Perum Perumnas has submitted supporting data for application of change of DPS status becomes PMN/PMP through letter No. Dirut/160/10/ III/2004 dated march 11, 2004 .

Berdasarkan rapat pembahasan penyelesaian tunggakan pembayaran Dana Pembangunan Semesta antara Perum Perumnas dengan Departemen Keuangan RI, Direktorat Penerimaan Negara Bukan Pajak tertanggal 12 Mei 2009, Perum Perumnas bersedia membayar angsuran pertama DPS paling lambat 30 Juni 2011 minimal sebesar Rp500.000.000,dan bersedia ditinjau kembali setiap tahun besarnya angsuran sesuai dengan kemampuan keuangan Perum Perumnas.

Based on meeting of discussion of settlement of payment in arrerar Dana Pembangunan Semesta between Perum Perumnas and the Ministry of Finance of Republic of Indonesia, Directorate of Non Tax State Income dated May 12, 2009, Perum Perumnas is willing to pay the first installment DPS not later than June 30, 2011 minimal in the amount of Rp500.000.000,- and willing for review every year the amount of installment in accordance with financial capability of Perum Perumnas.

Kewajiban imbalan kerja merupakan kewajiban jangka panjang Perum Perumnas kepada karyawan atas jasa yang telah diberikannya sesuai dengan Perjanjian Kerjasama Bersama Perum Perumnas dengan karyawan.

Service Remuneration Liabilities is long term liabilities of Perum Perumnas to employee for service which has been given in accordance with Collective Cooperation Agreement Perum Perumnas and employee.

Perum Perumnas telah mencatat kewajiban imbalan kerja berdasarkan perhitungan aktuaria yang dilakukan oleh Raksaka Consulting untuk tahun 2011 dan 2010 yang dalam laporannya tertanggal 13 April 2011 dan 12 April 2010. Perhitungan aktuaris tersebut menggunakan “Projected Unit Credit Method”. Berdasarkan metode ini, manfaat/imbalan diakui secara prorata sesuai jasa atau dengan kata lain manfaat/imbalan dibagi tahun

Perum Perumnas has recorded work remuneration liabilities based on actuaria counting made by Raksaka Consulting for years 2011 and 2010 which in its report dated April 13, 2011 and April 12, 2010. Such actuaria counting uses “Projected Unit Credit Method”. Based on this method, benefits/remuneration is acknowledged on pro rata basis in accordance with service or in another word benefit/remuneration divided by service year, consider each service period will produce


55





jasa, menganggap setiap periode jasa akan menghasilkan satu unit tambahan manfaat/ imbalan dan mengukur setiap unit secara terpisah untuk menghasilkan kewajiban final.

an additional unit benefits/remuneration and measure each unit separately for producing final liabilities.

Estimasi kewajiban imbalan kerja yang diakui di Laporan Posisi Keuangan adalah sebagai berikut:

Estimation of Service remuneration liabilities acknowledged in Financial Position Statement is as follows:

2011

Saldo awal tahun Beban manfaat karyawan Pembayaran manfaat pesangon karyawan Jumlah kewajiban imbalan kerja

2010

47.710.317.571 40.226.581.461

47.702.060.590 33.568.134.730

Balance in early year Employee Benefits expense

(43.219.184.707)

(33.559.877.749)

Payment employee’s severance pay

44.717.714.325

47.710.317.571

Total Service Remuneration Liabilities

Asumsi yang dipakai dalam estimasi kewajiban imbalan kerja antara lain sebagai berikut:

Assumption used in estimation of Service remuneration liabilities is as follows:

2011

Tingkat diskonto Tingkat proyeksi kenaikan gaji Tingkat kemungkinan meninggal (mortality rate) Tingkat cacat dan sakit

9,0% 5,0 %

Discount Level Salary increase projection level

100%CS080

100%CS080

(mortality rate)

5%CS080

5%CS080

1,0%

1,0%

1,0% 100%

1,0% 100%

NIL

NIL

Defect and sickness rate Resignation Level (until 45 years of age, And then decreases linear until pension age) Proportion of taking early pension Proportion of taking normal pension Employee termination rate due to other reasons

Tingkat pengunduran diri (s/d usia 45 tahun, lalu menurun linier s/d usia pensiun) Proporsi pengambilan Pensiun Dini Proporsi pengambilan Pensiun Normal Tingkat PHK karena alasan lain

Ketentuan mengenai besar imbalan jasa sesuai dengan Perjanjian Kerja Bersama antara Perum Perumnas dengan karyawan terhitung mulai tanggal 17 Maret 2004.

Provision in respect with amount of service remuneration in conformity with collective cooperation Agreement between Perum Perumnas and employee as of March 17, 2004.

Kewajiban (Kekayaan) yang diakui pada Laporan Posisi Keuangan Perum Perumnas adalah sebagai berikut:

Liabilities acknowledged in the Statements of Financial Position of Perum Perumnas is as follows:

2011

Penghargaan kepada karyawan Cuti Besar Santunan Kematian Purna Bhakti Jumlah

56

2010

7,0% 5,0%

3.570.893.137 215.232.473 170.660.599 40.760.928.114 44.717.714.324

2010

4.210.104.216 364.984.132 181.925.194 42.953.304.029 47.716.317.571


Appreciation to Employee Big leave Death donation Post Service Total





Beban (Pendapatan) yang diakui pada Laporan Laba Rugi Perum Perumnas adalah sebagai berikut:

Expense (income) which is acknowledged in the Statements of Income of Perum Perumnas is as follows:

2011

Penghargaan kepada karyawan Cuti Besar Santunan Kematian Purna Bhakti Jumlah

27.

2010

363.988.921 1.961.390.787 307.902.216 37.593.299.536 40.226.581.460

KEPENTINGAN NON PENGENDALI

656.698.290 608.563.664 138.355.207 32.164.517.569 33.568.134.730

27.

Terdiri dari: PT. Artha Citra Lestari Kopkar Perum Perumnas Bina Sejahtera Jumlah

2010

376.273.279

133.620.703

187.136.639

66.810.352

564.409.918

200.431.055

MODAL DITEMPATKAN

28.

Terdiri dari:

SUBSCRIBED CAPITAL

2010

1.000.000.000 1.000.000.000

Jumlah

1.000.000.000 1.000.000.000

Jumlah tersebut merupakan modal pendirian Perum Perumnas yang ditetapkan berdasarkan Keputusan Menteri Keuangan No. 13/KMK/0611978 tanggal 12 Januari 1978. PENYERTAAN MODAL NEGARA

STATE CAPITAL PARTICIPATION Consists of:

2011

2010

Sesuai PP No.15 Tahun 2004

430.673.246.588

430.673.246.588

Sesuai PP No. 45 Tahun 2009

39.227.709.700

39.227.709.700

5.068.434.600 474.969.390.888

5.068.434.600 474.969.390.888

Jumlah

Total

The amount mentioned above is incorporation capital of Perum Perumnas which is determined based on Decree of the Minister of Finance No. 13/KMK/0611978 dated January 12, 1978. 29.

Terdiri dari:

Belum Ditetapkan

PT. Artha Citra Lestari Kopkar Perum Perumnas Bina Sejahtera Total

Consists of: 2011

29.

NON CONTROLLING INTEREST Consists of:

2011

28.

Appreciation to employee Big leave Death Donation Post Service Total

Jumah tersebut merupakan penyertaan modal negara per tanggal 31 Desember 2011 dan 2010 dengan rincian sebagai berikut:

Pursuant to Government Regulation No.15 of 2004 Pursuant to Government Regulation No. 45 of 2009 Not determined Total

The abovementioned amount is state capital participation per December 31, 2011 and 2010 with detail as follows:


57





Penyertaan modal negara sesuai PP No. 15 Tahun 2004, terdiri dari:

2011

Tambahan Modal Melalui APBN Jumlah tersebut merupakan modal yang berasal dari sebagian anggaran pendapatan dan belanja negara Tanah Jumlah tersebut merupakan penyertaan pemerintah berupa tanah di Depok seluas 112,977 Ha sesuai Surat Menteri Keuangan No.383/ MK/6/1975 tanggal 4 Juni 1975 senilai Rp 671.739.192,00. Di Klender seluas 150 Ha dan di Cengkareng seluas 144 Ha sesuai surat Menteri Keuangan No. 8382/MK/6/1975 tanggal 1 Juni 1975 senilai Rp2.476.681.086,Eks Konsultan Jumlah tersebut merupakan penyertaan modal negara (PMN) berupa bantuan konsultan dari pinjaman penerusan pemerintah RI yang dibayar oleh Pemerintah. Eks UPK Semarang dan Suriakancana Jumlah tersebut merupakan PMN berupa kekayaan di UPK Semarang dan UPK Suriakancana dan Grant dari Belgia sesuai PP No.01/07/1988. Eks NV Volkhuisvesting Jumlah tersebut merupakan tambahan modal dari hasil pembagian penjualan rumah-rumah eks NV Volkhuisvesting sesuai surat Menteri Keuangan No.S-927/MK.011/1984 tanggal 29 Agustus 1984 dan Surat Keputusan Menteri Pekerjaan Umum Nomor: 16/KPTS/1990 tanggal 13 Januari 1990. Tanah di Bekasi Jumlah Tanah di Bekasi tersebut merupakan PMN eks tanah milik Departemen Pekerjaan Umum di Bekasi Rumah Susun Sewa Merupakan tambahan modal dari APBN untuk membangun rumah susun sewa Penyertaan modal negara Sesuai PP No. 45 Tahun 2009, terdiri dari:

58

212.090.765.190

3.148.420.278

3.658.072.126

4.800.000000

8.080.565.400

4.564.654.000

194.3.30.769.594

State capital participation in accordance with the government regulation No. 15 of 2004, consists of: 2010

212.090.765.190

Additional Capital Through State Budget and Expenditure (APBN) Such amount constitute capital from majority state budget and expenditure

3.148.420.278

land Such amount is government participation in the form of land in Depok with area of 112,977 Ha pursuant to Letter of the Minister of Finance No.383/MK/6/1975 dated June 4, 1975 in the amount of Rp 671.739.192,00. In Klender with area of 150 Ha and in Cengkareng with area of 144 Ha pursuant to Letter of the Minister of Finance No. 8382/ MK/6/1975 dated June 1, 1975 in the amount of Rp2.476.681.086,-

3.658.072.126

Ex. Consultant Such amount is the state capital participation (PMN) in the form of consultant assistance from carrying loan of the government of the Republic of Indonesia paid by the Government

4.800.000.000

Ex UPK Semarang and Suriakancana Such amount is PMN in the form of asset in UPK Semarang and UPK Suriakancana and Grant from Belgium pursuant to the government regulation No.01/07/1988.

8.080.565.400

Ex NV Volkhuisvesting Such amount is additional capital from result of distribution of selling houses ex. NV Volkhuisvesting pursuant to letter of the Minister of Finance No.S927/MK.011/1984 dated August 29, 1984 and Decree of the Minister of Public Work Number: 16/KPTS/1990 dated January 13, 1990.

4.564.654.000

Land in Bekasi The amount of land in Bekasi is PMN ex land of the Ministry of Public Work in Bekasi

194.3.30.769.594

Lease Story House Is additional capital from the State Budget and Expenditure for developing leased story house State capital participation is in accordance with the government regulation No. 45 of 2009, consists of:






2011 Tanah dan bangunan Rusunawa di Pasar Jum’at Jumlah tersebut merupakan penyertaan pemerintah berupa tanah dan bangunan Rusunawa terlelak di Jl. Sapta Taruna Raya, Kelurahan Pondok Pinang, Kecamatan Kebayoran Lama, Jakarta Selatan terdiri dari Tanah seluas 3.704 M2 senilai Rp15.334.560.000,- dan bangunan seluas 852,02 M2 senilai Rp3.138.570.000,- yang pengadaannya berasal dari dana Anggaran Pendapatan dan Belanja Negara Tahun Anggaran 1998/1999 dan Tahun Anggaran 1999/2000. Tanah dan bangunan di Semarang Jumlah tersebut merupakan penyertaan pemerintah berupa tanah dan bangunan terletak di Jl. Ki Mangunsarkoro No. 36 Semarang, terdiri dari Tanah seluas 5.213 M2 senilai Rp20.038.250.700,- dan bangunan seluas 2.560 M2 senilai Rp716.329.000,yang tercatat dalam Buku lnventaris Barang Milik Negara Departemen Pekerjaan Umum sejak tahun 1952.

30.

2010

18.473.130.000

20.754.579.700

CADANGAN

30.

Terdiri dari:

Jumlah

34.253.195.343 41.490.128.107 75.743.323.450

SELISIH TRANSAKSI PERUBAHAN EKUITAS

Terdiri dari:

34.253.195.343 41.490.128.107 75.743.323.450

General Reserves Objective Reserves Total

The abovementioned amount is reserve of profit distribution 31.

DIFFERENCE OF EQUITY CHANGE TRANSACTION Consists of:

2011 Jumlah

RESERVE

2010

Jumlah tersebut merupakan cadangan dari pembagian laba. 31.

20.754.579.700

Land and building in Semarang Such amount is the government participation in the form of land and building located at Jl. Ki Mangunsarkoro No. 36 Semarang, consists of Land with area of 5.213 M2 in the amount of Rp20.038.250.700,and building with area of 2.560 M2 in the amount of Rp716.329.000,recorded in the State’s Goods Inventory Book at the Ministry of Public Work since 1952.

Consists of: 2011

Cadangan Umum Cadangan Tujuan

18.473.130.000

Land and Building Rusunawa in Pasar Jum’at Such amount is the government participation in the form of land and building Rusunawa located at Jl. Sapta Taruna Raya, Kelurahan Pondok Pinang, Kecamatan Kebayoran Lama, Jakarta Selatan consists of Land with area of 3.704 M2 in the amount of Rp15.334.560.000,- and building with area of 852,02 M2 in the amount of Rp3.138.570.000,- which procurement from state budget and expenditure of budget year 1998/1999 and budget year 1999/2000.

55.036.047.408 55.036.047.408

Selisih transaksi perubahan ekuitas berasal dari kenaikan nilai penyertaan Perum Perumnas di Konsorsium Kawasan Siap Bangun (KASIBA)

2010

55.036.047.408 55.036.047.408

Total

Difference of transaction of equity change is from increasing participation value Perum Perumnas at Konsorsium Kawasan Siap Bangun (KASIBA)


59





Driyorejo akibat pergantian mitra konsorsium (sekarang PT Rukun Pilar Sentosa) berdasarkan Akte Notaris Martin Roeslamy SH tanggal 19 September 2003 No. 246 tentang Perjanjian Pengelolaan dan Pembangunan KASIBA Driyorejo. 32.

Driyorejo as a result of replacement of consortium partner (now PT Rukun Pilar Sentosa) based on Deed of Notary Martin Roeslamy SH dated 19 September 2003 No. 246 concerning Agreement of Management and development KASIBA Driyorejo.

PENJUALAN BERSIH

32.

Terdiri dari:

Consists of: 2011

Penjualan Rumah Pendapatan Sewa Pemeliharaan Penjualan Kapling Tanah Mentah Penjualan Komponen Bangunan Pendapatan KSPP Pendapatan Rusunami Jumlah

2010

463.128.803.885 11.641.082.181 52.573.519.302 433.272.858.188 60.587.356.849 1.021.203.620.405

360.602.030.444 11.501.926.274 106.377.870.684 46.663.670 247.842.961.387 69.732.423.039 796.103.875.498

Jumlah pendapatan sewa dan pemeliharaan untuk periode yang berakhir pada tanggal 31 Desember 2011 dan 2010, terdiri dari :

Jumlah

33.

2010

6.769.560.648 4.871.521.533 11.641.082.181

BEBAN POKOK PENJUALAN

60

Lease income Maintenance Income Total

SALES PRINCIPLE EXPENSE Consists of:

2011

Jumlah

7.082.638.899 4.419.287.375 11.501.926.274

33.

Terdiri dari: Beban Pokok Rumah & Tanah Beban Pengelolaan Beban Pokok KTM Beban Pokok KSPP Beban Pokok Komponen Bangunan Beban Pokok Rusunami

House sale Income from maintenance lease Crude Land Plot sale Building component sale Income of KSPP Income of Rusunami Total

Total income from lease and maintenance for period ends on December 31, 2011 and 2010 is as follows :

2011

Pendapatan Sewa Pendapatan Pemeliharaan

NET SALES

2010

338.652.265.502 10.128.044.157 38.538.473.155 156.824.526.308

255.427.038.626 17.383.603.881 37.038.609.945 66.933.000.654

Principle Expense of House & Land Management Expense KTM Principle Expense KSPP principle expense

-

231.754.736

Building Component Principle expense

46.184.756.309 590.328.065.431

60.054.452.535 437.068.660.377

Rusunami principle expense Total






34.

34.

BEBAN USAHA

Consists of:

Terdiri dari: 2011

Beban Penjualan Beban Administrasi dan Umum Beban Personalia Beban Perjalanan dan Pengangkutan Beban Kantor Beban Umum Jumlah Beban Administrasi dan Umum Jumlah

35.

2010

20.531.297.671

20.936.030.923

Sales expense Administration and general expenses

211.070.778.573

158.193.799.213

Personnel expense

16.779.591.407

18.054.695.955

Travel and transportation expense

19.322.805.207 9.416.712.638

18.408.029.380 8.726.232.845

256.589.887.825

203.382.757.393

277.121.185.496

224.318.788.316

Office expense General Expense Total Administrative and general expense Total

PENDAPATAN BUNGA DEPOSITO DAN JASA GIRO

35.

36.

PENDAPATAN SEWA

37.

PENDAPATAN LAINNYA

38.

BEBAN BUNGA

2011

Jumlah

INTEREST EXPENSE Consists of:

Terdiri dari: Bapertarum Bunga Promes/MTN Bunga BRI KMK

OTHER INCOME Other income is in the amount of Rp27.667.690.561 and Rp12.047.685.440 for years 2011 and 2010. This account is used for recording other incomes outside deposit interest income and gyro and lease service income. In the amount of Rp. 13.481.282.651 out of Rp27.667.690.561 is income from repayment of receivables account to PT Pelita Propertindo Sejahtera which has been reserved previously.

Jumlah Pendapatan Lainnya sebesar Rp27.667.690.561 dan Rp12.047.685.440 untuk tahun 2011 dan 2010. Akun ini digunakan untuk mencatat pendapatan lain-lain di luar pendapatan bunga deposito dan pendapatan jasa giro dan sewa. Dari jumlah Rp27.667.690.561 tersebut, sejumlah Rp13.481.282.651 merupakan pendapatan atas penerimaan kembali piutang kepada PT Pelita Propertindo Sejahtera yang sudah dicadangkan sebelumnya. 38.

LEASE INCOME Lease income is in the amount of Rp346.459.489 and Rp360.273.600 for years 2011 and 2010 constituting lease income at head office.

Jumlah Pendapatan Sewa sebesar Rp346.459.489 dan Rp360.273.600 untuk tahun 2011 dan 2010 merupakan pendapatan sewa di kantor pusat. 37.

INCOME FROM DEPOSIT INTEREST AND GYRO SERVICE Amount of income from Deposit Interest is Rp7.431.884.183 and Rp3.813.849.990 for years 2011 and 2010.

Jumlah Pendapatan Bunga Deposito sebesar Rp7.431.884.183 dan Rp3.813.849.990 untuk tahun 2011 dan 2010. 36.

OPERATING EXPENSE

751.548.493 54.246.146.816 54.997.695.309

2010

12.663.877.768 43.633.093.895 36.398.487 56.333.370.150

Bapertarum Promes/MTN interest BRI KMK interest Total


61





Akun ini digunakan untuk mencatat beban bunga yang dikeluarkan atas adanya pinjaman baik dari dalam negeri. 39.

BEBAN LAINNYA

This account is used for recording interest expenses incurred due to existence of loan either internally or externally. 39.

Other expense is in the amount of Rp25.446.191.849 and Rp22.550.499.675 for years 2011 and 2010. This account is used for recording bank loan, contract book expense, penalty, reasonable value depreciation of receivables account, tax gyro service costs, legal settlement gyro service, tax sanction/penalty and other costs.

Jumlah beban lainnya adalah sebesar Rp25.446.191.849 dan Rp22.550.499.675 untuk tahun 2011 dan 2010. Akun ini digunakan untuk mencatat beban bank, beban buku kontrak, denda, penurunan nilai wajar piutang, biaya jasa giro pajak jasa giro penyelesaian hukum sanksi/denda pajak dan biaya lainnya. 40.

IMBALAN KERJA (KESEJAHTERAAN KARYAWAN) 1. Program pensiun Perum Perumnas menyelenggarakan program pensiun manfaat pasti untuk seluruh karyawan tetapnya. Berdasarkan Laporan Aktuaris Dana Pensiun Perum Perumnas yang dikeluarkan Raksaka Consulting No.013/LA-P/IV/12 tanggal 13 April 2012 jumlah kontribusi karyawan dihitung sebesar 5% dari Penghasilan Dasar Pensiun Pegawal (PhDP) dan sisanya ditanggung Perum Perumnas yang ditentukan berdasarkan hasil perhitungan aktuaria.

OTHER EXPENSES

40.

WORK REMUNERATION (EMPLOYEE WELFARE) 1. Pension Program Perum Perumnas organizes pension program of certain benefits for all permanent employees. Based on pension fund actuary report of Perum Perumnas issued by Raksaka Consulting No.013/LA-P/IV/12 dated 13 April 2012 amount of employee contribution is counted in the amount of 5% of employee basic income (PhDP) and remaining is born by Perum Perumnas determined based on result of actuarial count.

Management is confident that benefits which will be given by Pension Fund to each employee still higher than obligations of Perum Perumnas to give service fee to its employee if to give service fee to its employee to its employee if they resign, as set out in Decree of the Minister of Manpower No. Kep150/Men/2000 dated June 20, 2000 and Law No. 13 of 2003 concerning manpower.

Manajemen berkeyakinan bahwa manfaat yang akan diberikan oleh Dana Pensiun kepada masing-masing karyawan masih lebih besar daripada kewajiban Perum Perumnas untuk memberikan uang penghargaan masa kerja kepada karyawannya apabila untuk memberikan uang penghargaan masa kerja kepada karyawannya apabila mereka mengundurkan diri, sebagaimana diatur dalam Keputusan Menteri Tenaga Kerja No. Kep-150/Men/2000 tanggal 20 Juni 2000 dan UU No. 13 Tahun 2003 tentang Ketenagakerjaan. 2.

62

Santunan purna bhakti Perum Perumnas memberikan Santunan Purna Bhakti (SPB) dalam bentuk uang kepada karyawan tetap yang berhenti

2.

After Service Fee Perum Perumnas gives after service fee (SPB) in the form of money to its permanent employee who resigns. SPB is counted in






accordance with employee’s service period at Perum Perumnas. Amount formulation is for each year employee service will receive one take home pay per month. Every year this SPB charge will be stated in RKAP RKAP Perum Perumnas, where the amount is in conformity with number of employee who pension in the relevant year.

bekerja. Perhitungan SPB berdasarkan pada lamanya masa kerja karyawan di Perum Perumnas. Rumusan besamya adalah untuk setiap tahun masa kerja karyawan mendapatkan satu kali Take Home Pay per bulan. Setiap tahun biaya SPB ini dicantumkan pada RKAP Perum Perumnas, dimana besarnya sesuai dengan jumlah karyawan yang pensiun dalam tahun yang bersangkutan.

41.

3.

Jamsostek Perum Perumnas berdasarkan UndangUndang Nomor 3 tahun 1992 tentang Jaminan Sosial Tenaga Kerja memberikan Jaminan Hari Tua (JHT), Jaminan Kecelakaan Kerja (JKK) dan Jaminan Kematian (JK) kepada seluruh karyawan melalui program Asuransi Tenaga Kerja Jamsostek. Iuran yang dibayarkan kepada Jamsostek setiap bulannya sebesar 6,24% dari gaji bruto karyawan (gaji pokok di tambah tunjangan). Iuran yang menjadi beban Perum Perumnas sebesar 4,25% yang terdiri dari JHT sebesar 3,70%, JKK sebesar 0,24% dan JK sebesar 0,30%. sedangkan sisanya sebesar 2% untuk JHT menjadi beban pegawai.

3.

Employee’s Social Security Perum Perumnas pursuant to Law Number 3 of 1992 concerning Worker’s social security program to give Old Age Security (JHT), Occupational Accident Security (JKK) and Death Security (JK) to all employees through worker’s social security program (jamsostek). Contribution paid to Jamsostek each month is in the amount of 6,24% of gross salary (principle salary added with allowance). Contribution that becomes expense of Perum Perumnas is in the amount of 4,25% which consists of JHT in the amount of 3,70%, JKK in the amount of 0,24% and JK in the amount of 0,30%. Whereas remaining is in the amount of 2% for JHT becomes employee’s responsibility.

4.

Jasa produksi Jasa Produksi ditetapkan berdasarkan estimasi manajemen terhadap laba yang akan diperoleh yang dimasukkan dalam RKAP Perum Perumnas dan disahkan dalam Rapat Pembahasan Bersama (RPB). Besarnya jasa produksi yang dapat diberikan kepada karyawan ditetapkan oleh pemegang saham dalam RPB.

4.

Production Service Production service is determined based on estimation of management to profit that will be obtained which is contained in RKAP Perum Perumnas and legalized in Meeting of joint discussion (RPB). The amount of production service which can be given to employee is determined by the shareholders in RPB.

PENGARUH KONDISI EKSTERN PERUM PERUMNAS 1. Otonom daerah Berdasarkan Undang-Undang Nomor 22 tahun 1999 tentang Otonomi Daerah dan Undang-Undang Nomor 25 tahun 1999 tentang Perimbangan Keuangan antara Pusat dan Daerah yang telah diber1akukan tahun 2001 menyebabkan aliran uang secara nasional akan berimbang antara

41.

INFLUENCE OF EXTERNAL CONDITIONS OF PERUM PERUMNAS 1. Regional Autonomy Pursuant to Law Number 22 of 1999 concerning regional autonomy and Law Number 25 of 1999 concerning Financial Balance between central and region which has been implemented in 2001 have caused national money flow would be balance between central and regional. In 2004,


63





pusat dan daerah. Dalam tahun 2004 telah dikeluarkan Undang-Undang Nomor 32 tahun 2004 yang merupakan penyempurnaan terhadap UndangUndang nomor 22 tahun 1999. Sejalan dengan ketentuan Otonomi Daerah tersebut Perum Perumnas berangsurangsur menyerahkan kewenangan sepenuhnya kepada Kantor Regional didalam menentukan lokasi, jumlah dan variasi tipe rumah yang akan dibangun dan dipasarkan. Sedangkan, kantor pusat akan mendukung dalam segi pembiayaannya, dan lebih mengarahkan perannya sebagai pengatur, pembina, penyeimbang dan pengendali kegiatan usaha di Regional agar dapat berjalan dengan baik.

42.

2. Tugas tambahan Seperti pada tahun tahun sebelumnya Perum Perumnas mendapat tugas membangun dan mengelola rumah susun sewa murah dengan sumber dana pembiayaan yang berasal dari Penyertaan Modal Negara (PMN). Sampai dengan bulan Desember 2011 telah dibangun rumah susun sewa murah di lokasi Batam, Samarinda, Jakarta Cengkareng, Jakarta Koja, Jakarta Pasar Jumat, Tangerang, Jakarta Pulogebang, Cirebon, Semarang, Surabaya, Makasar, Padang, dan Pontianak.

2.

Additional Tasks The same with previous years Perum Perumnas is responsible for building and managing cheap lease story house with financing fund source from State Capital Participation (PMN). Until December 2011 there was built cheap lease story house in Batam, Samarinda, Jakarta Cengkareng, Jakarta Koja, Jakarta Pasar Jumat, Tangerang, Jakarta Pulogebang, Cirebon, Semarang, Surabaya, Makasar, Padang, and Pontianak.

3.

3.

Account Reclassifications Some accounts in the financial statements for year ended on December 31, 2011 have been reclassified in order to be accorded with presentation of financial statement for years ended on December 31, 2011.

Reklasifikasi Akun Beberapa akun dalam laporan keuangan untuk tahun yang berakhir pada tanggal 31 Desember 2011 telah direklasifikasi agar sesuai dengan penyajian laporan keuangan untuk tahun yang berakhir pada tanggal 31 Desember 2011.

INFORMASI PENTING LAINNYA t

64

there was issued law number 32 of 2004 which constitutes revision to Law number 22 of 1999. In line with provision of regional autonomy Perum Perumnas shall give full authority to Regional Office in determining location, amount and variation of type of house to be built and marketed. Whereas, central office will support in respect with finance, and play more role as regulator, advisor, balancer and controller of business activities in region in order to be able working satisfactorily.

Pembebasan tanah Perum Perumnas yang terkena proyek Banjir Kanal Timur (BKT) di kelurahan Pondok Kopi Malaka Jaya Malaka Sari Kecamatan Duren Sawit Jakarta Timur seluas ¬+ 94.643 M2.

42.

OTHER SIGNIFICANT INFORMATION t Clearance of land of Perum Perumnas affected by East Canal Flood Project (BKT) in village of Pondok Kopi Malaka Jaya Malaka Sari District of Duren Sawit East Jakarta with area of ¬+ 94.643 M2.






t

Perum Perumnas menguasai HPL nomor 1 di kelurahan Pondok Kop, nomor 1 di kelurahan Malaka, dan nomor 1 di Kelurahan Malaka Sari sesuai surat nomor Reg.III/Cab.Jkt/277/03/2005 tanggal 21 Maret 2005. Luas tanah ¬+ 94.643 M2 yang terkena proyek banjir kanal timur tersebut berada di sisi selatan dari proyek tersebut.

Perum Perumnas controls HPL number 1 in the village of Pondok Kopi, number 1 in the village of Malaka, and number 1 in the village of Malaka Sari in accordance with letter number Reg.III/Cab.Jkt/277/03/2005 dated March 21, 2005. Land area of ¬+ 94.643 M2 affected by east canal flood project is at south part of the project.

Ganti rugi atas tanah Perum Perumnas tersebut didasarkan pada Keputusan Gubernur Propinsi Daerah Khusus Ibukota Jakarta Nomor 1139/2009 tanggal 6 Juli 2009. Nilai penggantian atas tanah tersebut sebesar Rp25.114.302.360 untuk Perum Perumnas dan Rp17.429.444.373 untuk masyarakat penggarap di lokasi tersebut.

Compensation of land of Perum Perumnas is based upon Decision of Governor of Special Region of Jakarta Capital Province number 1139/2009 dated July 6, 2009. Amount of compensation over such land is Rp25.114.302.360 for Perum Perumnas and Rp17.429.444.373 for community in such location.

Nilai ganti rugi tersebut pada saat ini masih dalam penguasaan Pengadilan Negeri Jakarta Timur.

Such amount of compensation currently is still in control of District Court of East Jakarta. t

Pada Tahun 2010, Perum Perumnas telah diperiksa oleh KPP BUMN untuk tahun pajak 2008, sesuai degan surat Perintah pemeriksaan Pajak No.PRINT-197/ WPJ.19/SKPKB/0305/2009 tanggal 01 Oktober 2010 dari hasil pemeriksaan tersebut dikeluarkan Surat Ketetapan Pajak Lebih Bayar Pajak Penghasilan no.00078/406/08/051 tanggal penerbitan 11 Oktober 2010 sebesar Rp3.880.973.503,-

When this report was issued, Perum Perumnas has lodged appeal to such tax invoice.

Pada saat laporan ini diterbitkan, Perum Perumnas telah mengajukan banding atas Surat Ketetapan tersebut. 43.

PENYELESAIAN LAPORAN KEUANGAN Penyelesaian laporan keuangan merupakan tanggung jawab manajemen yang telah dilaksanakan pada tanggal 25 April 2012.

In 2010, Perum Perumnas have been audited by KPP BUMN for tax year 2008, in accordance with letter of order of tax auditing No.PRINT-197/WPJ.19/ SKPKB/0305/2009 dated October 1, 2010 in accordance with result of auditing there was issued over payment tax invoice of income tax no. 00078/406/08/051 date of issuance 11 october 2010 in the amount of Rp3.880.973.503,-

43.

FINANCIAL REPORT FINALIZATION Finalization of financial report is responsibility of management which was executed on April 25, 2012.


65





44.

44.

LAPORAN KEUANGAN TERSENDIRI Informasi berikut adalah laporan posisi keuangan dan laba rugi tersendiri Perum Perumnas, entitas induk, yang merupakan informasi tambahan dalam laporan keuangan konsolidasian Perum Perumnas dan entitas anak tanggal 31 Desember 2011 dan 2010 dan tahun yang berakhir pada tanggal-tanggal tersebut. a. Laporan Posisi Keuangan 2011

SEPARATE FINANCIAL STATEMENTS Following information is separate financial position report and statements of income of Perum Perumnas, parent entity, which constitutes additional information in the consolidated financial statements of Perum Perumnas and subsidiary entity dated December 31, 2011 and 2010 and years then ended. a.

Financial Position Report

2010

ASET Kas dan Setara Kas Piutang Usaha (setelah dikurangi penurunan nilai wajar piutang usaha per 31 Desember 2011 dan 2010, sebesar Rp 40.247.627.347 Dan Rp.23.035.329.407,- ) Piutang Lain-Lain (setelah dikurangi penurunan nilai wajar piutang lain-lain per 31 Desember 2011 dan 2010, sebesar Rp NIL dan Rp.13.481.282.651,) Uang Muka Biaya Dibayar Di Muka Pajak Dibayar Di Muka Persediaan Proyek Dalam Pelaksanaan Tanah Mentah Tanah Dalam Pengelolaan Kerjasama Investasi Jangka Panjang Tanah Mentah Jangka Panjang Rumah dan Bangunan Disewakan (setelah dikurangi akumulasi penyusutan per 31 Desember 2011 dan 2010 sebesar Rp 74.125.997.595 Dan Rp.67.187.449.738) Piutang Jangka Panjang Aset Tetap (setelah dikurangi akumulasi penyusutan per dan per 31 Desember 2011 Rp 43.976.839.645 dan 2010 sebesar Rp.44.713.961.562 ) Aset Lain-lain (setelah dikurangi akumulasi penyisihan per 31 Desember 2011 dan 2010 sebesar Rp 645.374.684Dan Rp.731.139.213) JUMLAH ASET

66

ASSET 340.458.975.899

616.227.064.008

164.378.820.352

Cash and cash equivalent

282.929.511.491

Receivables account (after deducted by reasonable value depreciation of receivables account per 31 December 2011 and 2010, in the amount of Rp 40.247.627.347 and Rp.23.035.329.407,- )

3.016.261.804

63.831.954.551

7.379.876.838 23.369.369.804 427.912.250.230 161.593.976.529 146.395.309.921

10.677.994.746 40.088.665.239 3.071.175.680 445.288.077.078 193.348.888.543 140.208.098.426

Other receivables account (after deducted with reasonable value depreciation of other receivables account per 31 December 2011 and 2010, in the amount of Rp NIL and Rp.13.481.282.651,) Down Payment Prepaid expenses Prepaid taxes Inventories Project in execution Crude Land

79.053.290.104

77.934.101.294

Land in management of cooperation

43.500.000.000 91.870.540.895

39.830.604.118 89.191.653.652

Long term investment Long Term Crude Land

121.943.423.706

128.881.971.564

Leased House and Building (after deducted with accumulation of depreciation per 31 December 2011 and 2010 in the amount of Rp 74.125.997.595 and Rp.67.187.449.738)

42.120.096.740

34.827.474.296

Long term account receivables

25.914.687.133

Fixed asset (after deducted with accumulation depreciation per 31 December 2011 Rp 43.976.839.645 and 2010 in the amount of Rp.44.713.961.562)

17.792.939.099

21.941.164.522

Other assets (after deducted with accumulation provision per 31 December 2011 and 2010 in the amount of Rp 645.374.684 and Rp.731.139.213)

2.149.234.019.881

1.762.344.842.686

TOTAL ASSET

26.600.644.305






KEWAJIBAN DAN EKUITAS

31-Des-11

31-Des-10

KEWJIBAN Utang usaha Biaya Yang Masih Harus Dibayar Kelebihan Uang Muka Penghuni Pajak Yang Masih Harus Dibayar Retensi Kontraktor Penangguhan Pembayaran Penerimaan Uang Muka Dana Sosial Pegawai Dana PKBL Pinjaman Dalam Negeri Pinjaman Luar Negeri Pendapatan Ditangguhkan Kewajiban Jangka panjang Jumlah Kewajiban

LIABILITIES 64.402.218.917 339.966.936.096 3.255.928.323 95.432.426.257 3.591.346.333 2.295.194.892 70.496.025.388 104.175.412

74.943.884.486 178.245.382.925 2.934.996.885 39.719.577.859 3.416.849.724 3.249.104.224 62.084.028.506 104.175.412

783.054.298.156 693.000.000 141.656.305.962 1.504.947.855.736

684.054.298.156 116.785.955.219 1.165.538.253.396

EKUITAS Modal Ditempatkan Penyertaan Modal Negara PMN yang belum ditetapkan Cadangan Selisih Transaksi Perubahan Ekuitas Saldo Laba Laba (Rugi) Tahun Berjalan Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

LIABILITIES AND EQUITY

Account payable Expenses payable Over down payment of tenant Taxes payable Contractor retention Deferred payment Down payment receipt Employee’s social fund PKBL fund Domestic loan Foreign loan Deferred income Long term liabilities Total Liabilities EQUITY

(5.480.604.115) 474.969.390.888 75.743.323.450

1.000.000.000 474.969.390.888 75.743.323.450

Subscribed capital State capital participation PMN which has not determined reserve

55.036.047.408

55.036.047.408

Difference of transaction change of equity

(10.017.169.959) 54.035.176.473 644.286.164.146

(56.427.767.406) 46.485.594.948 596.806.589.288

Earnings balance Profit (loss) of current year Total Equity

2.149.234.019.881

1.762.344.842.684

TOTAL LIABILITIES AND EQUITY


67





b. Laporan Laba Rugi Komprehensif

PENJUALAN BERSIH BEBAN POKOK PENJUALAN Laba (Rugi) Kotor BEBAN USAHA Beban Penjualan Beban Administrasi & Umum Jumlah Beban Usaha Laba (Rugi) Usaha PENDAPATAN (BEBAN) LAINLAIN Pendapatan bunga deposito dan jasa giro Pendapatan sewa Pendapatan lainnya Beban bunga Beban Lainnya Jumlah Pendapatan (Beban) Lain-Lain Laba (Rugi) Sebelum Pajak PENGHASILAN (BEBAN) PAJAK PPh Final Laba Setelah Pajak

68

b. Comprehensive Statements of Income

31-Des-11

31-Des-10

950.206.296.964 539.256.499.396 410.949.797.568

770.875.580.504 416.213.649.188 354.661.931.315

18.362.041.255 254.082.498.619 272.444.539.874 138.505.257.694

20.470.830.805 202.147.637.583 222.618.468.388 132.043.462.926

NET SALES SALES PRINCIPLE EXPENSES Gross profit (loss) OPERATING EXPENSES Sales expenses Administration & General Expenses Total Operating Expenses Profit (loss) from operation OTHER INCOME (EXPENSES)

7.431.884.183

3.813.849.990

Income from deposit interest and gyro service

346.459.489 27.667.690.561 (54.997.695.309) (25.440.504.378)

360.273.600 13.492.104.582 (56.333.370.150) (22.547.022.474)

Income from lease Other incomes Interest burden Other burden

(45.109.479.683)

(61.214.164.454)

Total other incomes (expenses)

93.395.778.011

70.829.298.473

(39.360.601.538) 54.035.176.473

(24.343.703.525) 46.485.594.947

Profit (loss) before taxes TAXES INCOME (EXPENSES) Final Income Tax Earnings after taxes


Tumbuh Tinggi Membangun Negeri

Recommend Documents