2015
ANNUAL REPORT
Establish the basis for next growth in front of new era of competition, while keep challenging to further operational excellence and CS improvement
01
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
TABLE OF CONTENTS 02 FINANCIAL HIGHLIGHTS 02 03 04 04 04
STATEMENT OF COMPREHENSIVE INCOME STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) COMPOSITION OF 2015 NET SALES VALUE KEY FINANCIAL RATIOS PT ASAHIMAS FLAT GLASS TBK (AMFG)'S SHARE INFORMATION
05 BOARD OF COMMISSIONERS' REPORT
05 BOARD OF COMMISSIONERS' SUPERVISION 05 ASSESSMENT OF THE COMMITTEE PERFORMANCE UNDER BOARD OF COMMISIONERS 05 ASSESSMENT OF THE BOARD OF DIRECTORS' PERFORMANCE 06 A VIEW ON THE COMPANY'S BUSINESS PROSPECTS 06 BOARD OF COMMISSIONERS' COMPOSITION 06 APPRECIATION TO STAKEHOLDERS
07 BOARD OF DIRECTORS' REPORT 07 08 08 08 09 09 09
THE COMPANY'S PERFORMANCE CHALLENGES BUSINESS STRATEGY BUSINESS PROSPECTS GOOD CORPORATE GOVERNANCE IMPLEMENTATION BOARD OF DIRECTORS' COMPOSITION APPRECIATION TO STAKEHOLDERS
11 COMPANY PROFILE 11 12 12 13 14 14 14 15 16 19 19 20 20 21 22 22 22 23 23 23
THE COMPANY'S NAME AND ADDRESS THE COMPANY'S BRIEF HISTORY THE COMPANY'S BUSINESS ACTIVITIES AND PRODUCTS THE COMPANY'S ORGANIZATIONAL STRUCTURE MISSION AND VISION BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS APPOINTMENT IN 2015 BOARD OF COMMISSIONERS' PROFILE BOARD OF DIRECTORS' PROFILE CHANGES IN THE COMPOSITION OF BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS AFTER THE REPORTING PERIOD HUMAN RESOURCES AND DESCRIPTION OF ITS DEVELOPMENT SHAREHOLDER INFORMATION AND SHARE OWNERSHIP PERCENTAGE INFORMATION ON ULTIMATE SHAREHOLDER AND CONTROLLING SHAREHOLDER COMPANY STRUCTURE UP TO ULTIMATE SHAREHOLDER AS OF DECEMBER 31, 2015 SUBSIDIARIES CHRONOLOGY OF SHARE LISTING AND CHANGES IN THE NUMBER OF SHARES CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONS AWARDS AND CERTIFICATIONS
25 MANAGEMENT'S DISCUSSION AND ANALYSIS 25 26 27 27
OPERATIONAL REVIEW BY BUSINESS SEGMENT FINANCIAL PERFORMANCE ANALYSIS SOLVENCY ACCOUNTS RECEIVABLE COLLECTIBILITY
27 CAPITAL STRUCTURE AND MANAGEMENT POLICY ON CAPITAL STRUCTURE 28 MATERIAL BINDING FOR CAPITAL GOODS INVESTMENT 28 MATERIAL INFORMATION AND FACTS AFTER THE REPORTING PERIOD 28 BUSINESS PROSPECTS 28 COMPARISON BETWEEN PROJECTION AT THE BEGINNING OF FINANCIAL YEAR WITH THE ACHIEVED RESULTS 28 THE COMPANY'S TARGETS IN 2016 28 MARKETING 30 DIVIDEND POLICY 30 DIVIDEND PAYMENT 30 REALIZATION OF THE USE OF PROCEEDS FROM THE IPO 30 MATERIAL INFORMATION ON INVESTMENT, EXPANSION, DIVESTMENT, ACQUISITION OR DEBT/CAPITAL 30 RESTRUCTURING 30 AMENDMENTS TO LAWS AND REGULATIONS CHANGES IN ACCOUNTING POLICY
31 CORPORATE GOVERNANCE 31 32 34 36 38 39 39 40 41 42 42 43 44 44 44 45
BOARD OF COMMISSIONERS BOARD OF DIRECTORS GENERAL MEETING OF SHAREHOLDERS AUDIT COMMITTEE NOMINATION AND REMUNERATION COMMITTEE RISK MANAGEMENT AND INSURANCE COMMITTEE DISCIPLINE AND COMPLIANCE COMMITTEE CORPORATE SECRETARY CORPORATE INTERNAL AUDIT INTERNAL CONTROL SYSTEM RISK MANAGEMENT SYSTEM SIGNIFICANT CASE ADMINISTRATIVE SANCTIONS CODE OF CONDUCT AND CORPORATE CULTURE SHARE OWNERSHIP PROGRAM WHISTLE BLOWING SYSTEM
46 CORPORATE SOCIAL RESPONSIBILITY & ENVIRONMENT
46 49 50 51 54 54 54
ENVIRONMENTAL RESPONSIBILITY EMPLOYMENT PRACTICES OCCUPATIONAL HEALTH AND SAFETY SOCIAL DEVELOPMENT AND COMMUNITY EMPOWERMENT OTHER SOCIAL AIDS PROGRAMS THE COMPANY'S PRODUCT LIABILITY CUSTOMER COMPLAINTS FACILITY, NUMBER AND HANDLING
55 STATEMENT OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS ON THE RESPONSIBILITY FOR THE 2015 ANNUAL REPORT FINANCIAL STATEMENTS AND INDEPENDENT AUDITORS' REPORT
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
02
FINANCIAL HIGHLIGHTS STATEMENT OF COMPREHENSIVE INCOME AND OTHER COMPREHENSIVE INCOME For the years ending December 31
((in million Rupiah, unless specially stated.)
2013*
2014*
2015
3,216,480
3,672,186
3,665,989
(2,488,570)
(2,760,739)
(2,868,674)
727,910
911,447
797,315
(298,535)
(348,453)
(368,623)
Operating Profit
429,375
562,994
428,692
Finance Income
21,378
42,169
35,571
450,753
605,163
464,263
(112,395)
(141,011)
(122,917)
Profit
338,358
464,152
341,346
Other Comprehensive Loss
(66,874)
(21,845)
(17,843)
Total Comprehensive Income
271,484
442,307
323,503
Total number of Outstanding Shares (Million)
434
434
434
Operating Profit Per Share (in full Rupiah)
989
1,297
988
Earnings Per Share (in full Rupiah)
780
1,069
786
Nominal Value Per Share (in full Rupiah)
500
500
500
Net Sales Cost of Sales Gross Profit Expenses
Profit Before Income Tax Income Tax Expense
Net Sales (in billion Rupiah)
4,000
3,672 3,216
Operating Profit (in billion Rupiah)
3,666
600 500
3,000
563 429
429
400 2,000
300 200
1,000 100 0
0 2013*
* As restated
2014*
2015
2013*
2014*
2015
03
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
FINANCIAL HIGHLIGHTS
STATEMENT OF FINANCIAL POSITION (BALANCE SHEET) As of December 31 (in million Rupiah) Assets
2013*
Current Assets
2014*
2015
1,980,116
2,263,728
2,231,181
1,575
1,575
1,575
1,478,147
1,530,836
1,822,896
Deferred Tax Assets
72,445
79,954
75,378
Other Non-Current Assets, Net
29,401
70,032
139,245
3,561,684
3,946,125
4,270,275
Investment at Equity method Fixed Assets, Net
Total Assets Liabilities and Equity
2013*
2014*
2015
Current Liabilities Bank Loans
-
-
-
Current Liabilities
473,960
398,238
479,376
Total Current Liabilities
473,960
398,238
479,376
393,871
446,447
400,676
Total Non-Current Liabilities
393,871
446,447
400,676
Total Liabilities
867,831
844,685
880,052
Equity
2,693,853
3,101,440
3,390,223
Total Liabilities and Equity
3,561,684
3,946,125
4,270,275
Net Working Capital
1,506,156
1,865,490
1,751,805
Non-Current Liabilities Employees Benefit Obligation
Total Assets (in billion Rupiah)
4,500 4,000
3,562
3,946
Total Equity (in billion Rupiah)
4,270
3,500 3,000
3,500
3,101
3,390
2,694
2,500
3,000
2,000
2,500 2,000
1,500
1,500 1,000
1,000
0
0 2013*
* As restated
2014*
2015
2013*
2014*
2015
PT Asahimas Flat Glass Tbk
04
ANNUAL REPORT 2015
FINANCIAL HIGHLIGHTS
COMPOSITION OF THE 2015 NET SALES VALUE EXPORT
KEY FINANCIAL RATIOS 2013*
2014*
2015
Gross Profit to Net Sales
22.6
24.8
21.7
Operating Profit to Net Sales
13.3
15.3
11.7
Operating Profit to Equity
15.9
18.2
12.6
Operating Profit to Total Assets
12.1
14.3
10.0
9.5
11.8
8.0
12.6
15.0
10.1
Current Assets to Current Liabilities
417.8
568.4
465.4
Total Liabilities to Equity
32.2
27.2
26.0
Total Liabilities to Total Assets
24.4
21.4
20.6
DOMESTIC
42% 58%
AUTOMOTIVE GLASS
FLAT GLASS
27% 73%
In % (percentage)
Profit to Total Assets Profit to Equity
PT ASAHIMAS FLAT GLASS TBK (AMFG)'S SHARE INFORMATION Total Listed Shares : 434,000,000 Period : January - December 2015
Price (Rp) Highest
Lowest
Closing
Transaction Volume (Unit)
I
8,600 7.100
7,100 6.425
7,700 7.100
5,040,100 575.400
3,341,800 3.081.400.000.000
II
7,700 7.300
6,750 6.700
7,175 7.150
6,056,700 419.400
3,113,950 3.103.100.000.000
III
7,200 8.825
4,800 6.550
5,800 7.450
2,758,200 2.657.800
2,517,200 3.233.300.000.000
IV
7,450 8.175
5,400 6.250
6,550 8.050
2,515,500 17.987.500
2,842,700 3.493.700.000.000
Quarter
Market Capitalization in million (Rp)
Period : January - December 2014
Harga (Rp) Quarter
Transaction Volume (Unit)
Market Capitalization in million (Rp)
Highest
Lowest
Closing
I
7,100
6,425
7,100
575,400
3,081,400
II
7,300
6,700
7,150
419,400
3,103,100
III
8,825
6,550
7,450
2,657,800
3,233,300
IV
8,175
6,250
8,050
17,987,500
3,493,700
* As restated
05
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
BOARD OF COMMISSIONERS' REPORT Dear Shareholders, We are grateful to God Almighty and feel pleased to have accomplished our supervisory duties on the Board of Directors' performance in carrying out the Company's management in 2015. The economic slowdown in 2015 was a reasonably tough challenge for the industry players. National economic condition was strongly influenced by the global economic condition that was still filled with uncertainties. The protracted plan to increase interest rate by the Fed and China's deteriorating economic condition were also a concern for the Indonesian economy. Those external factors directly affected on a decrease in non-oil exports and a significant depreciation of Rupiah, which in turn adversely affected the Company's market share in the property and automotive sectors as demands in these two sectors also decreased in 2015.
BOARD OF COMMISSIONERS' SUPERVISION Throughout 2015, the Board of Commissioners carried out our supervisory function on the policies concerning the Company's operations. The Board of Commissioners enhanced our supervision by conducting Board of Commissioners meetings and our joint meetings with the Board of Directors, providing advices on policies and business strategies undertaken by the Board of Directors, and continuing to oversee and review the implementation of such advices. In order to improve the effectiveness of Committee's performance under the Board of Commissioners, in 2015, we exercised restructuring of the Committees, i.e. Risk Management Committee position was changed from under the Board of Commissioners to become under the Board of Directors; Compliance Committee under the Board of Commissioners was merged with Disciplinary Committee under the Board of Directors to become Discipline and Compliance Committee under the Board of Directors; and Executive Committee was dissolved. The Board of Commissioners also made amendment to Nomination and Remuneration Committee in order to comply with Otoritas Jasa Keuangan (OJK) Regulation No. 34/POJK.04/2014 by, among others, appointing an independent Commissioner as Chairman of the Committee.
PERFORMANCE ASSESSMENT OF COMMITTEES UNDER THE BOARD OF COMMISSIONERS The Committees under the Board of Commissioners has done a very good job in their functions. Audit Committee and Nomination and Remuneration Committee have reported their duties and responsibilities on a regular basis. These Committees have assisted the Board of Commissioners in overseeing the Company's operations, including the Board of Directors performance, by, among others, ensuring the Company's compliance to Good Corporate Governance (GCG) and prevailing regulations. The Board of Commissioners also continuously evaluates the Company's GCG implementation based on ASEAN Corporate Governance Scorecard and views that the Company's GCG implementation in 2015 has been improved. The Board of Commissioners has received and reviewed the Board of Directors' report and the Company's financial statements for the year ended December 31, 2015 audited by Public Accountants Firm Siddharta Widjaja & Partners (a member firm of KPMG International). The Board of Commissioners views that the financial statements are already in accordance with the Statements of Financial Accounting Standards (SFAS) and capital market regulations. In the 2015 financial year, the Board of Commissioners carried out its duties by performing the following: i. ii. iii. iv.
supervising and advising the Board of Directors concerning their policies; restructuring the Committees under the Board of Commissioners including approving the Committees' Charter; giving approval on the Board of Directors' actions that should be approved by the Board of Commissioners, carrying out the mandates given by the General Meeting of Shareholders (GMS) for: • determining the amount of remuneration for each member of the Board of Commissioners and Board of Directors by considering the limits as has been set out in the Annual GMS; • appointing Public Accountants Firm to audit the Company's books for the 2015 financial year and determining the honorarium and other requirements. v. approving the Annual Budget including the 2015 CSR budget. vi. examining the recommendations made by the Audit Committee and the Nomination and Remuneration Committee.
ASSESSMENT OF THE BOARD OF DIRECTORS' PERFORMANCE The impact of the global economic slowdown still engulfed throughout 2015, leading to a decline in the demand for the Company's products both in the property and automotive sectors in the domestic market. These two sectors are the major market of the Company's business. However, the Board of Commissioners views that the Board of Directors has properly sustained the Company's positive performance in 2015. The Board of Directors' performance is reflected in the financial statements of the 2015 financial year where despite the economic downturn, the Company still managed to record Rp 3,67 trillion net sales and Rp429 billion operating profit, although the figures were lower than those achieved in 2014.
PT Asahimas Flat Glass Tbk
06
ANNUAL REPORT 2015
BOARD OF COMMISSIONERS' REPORT
Our appreciation goes to the Board of Directors for their effort in the construction of a new flat glass factory in Cikampek, West Java, which has been implemented according to the planned schedule. The Board of Commissioners hopes the factory construction can be completed on time and within the pre-determined budget.
VIEWS ON THE COMPANY'S PROSPECTS The Board of Commissioners hopes the business prospects in 2016 will be better compared to 2015. A series of Government policies launched in mid-2015 to stimulate the economic growth is expected to bring positive impacts. Based on the macro data we collected, the economic growth in 2016 is projected at the level of 5.5% with inflation rate maintained at the level of 4.7% and rupiah exchange rate assumption against US Dollar amounting to Rp13,400 per USD, while BI Rate is expected to decline about 25 bps to 50 bps. The above indicators are expected to have a positive influence on the property and automotive markets, two major markets of the Company's products, and will certainly strengthen the Company's business performance in 2016. Furthermore, in welcoming the ASEAN Economic Community (AEC) in early 2016, the Board of Commissioners requests the Board of Directors to continually improve its efficiency and competitiveness as well as continously make innovations so that the Company's products can be more competitive in domestic and international markets. The Board of Commissioners has examined and approved the business projections prepared by the Board of Directors in the 2016 Annual Budget and views that the business projection is presented in a proper and reasonable manner and can be realized in accordance with the planned targets.
COMPOSITION OF THE BOARD OF COMMISSIONERS The Annual General Meeting of Shareholders (AGMS) held on June 5, 2015, approved the change of composition of the Board of Commissioners. Masahiro Takeda was elected as Vice President Commissioner replacing Kimikazu Ichikawa and Tjahjana Setiadhi was elected as Commissioner replacing Andi Purnomo, each will serve for the term of office ended up to the closing of the Company's 2016 AGMS. The Board of Commissioners would like to thank Kimikazu Ichikawa and Andi Purnomo for having done a good job. The Company's Board of Commissioners is composed of six (6) members and this composition has complied with OJK Regulation No. 33/POJK.04/2014. Detailed composition and profile of the Board of Commissioners can be seen on the pages describing the Board of Commissioners and Board of Directors' composition.
APPRECIATION TO STAKEHOLDERS On this occasion, the Board of Commissioners would like to thank all stakeholders for their assistance and cooperation which have enabled us to carry out our supervisory function and ensure a consistent implementation of Good Corporate Governance in the Company. Our deep appreciation also goes to the Board of Directors, Management and all employees who have worked hard and demonstrated an exceptional dedication in realizing the mission and vision of the Company. Hopefully, the support given to the Company will sustain in the coming years. Closing our Report, we hope that all our measures and efforts are always blessed by God Almighty.
Board of Commissioners
TAN PEI LING President Commissioner
MASAHIRO TAKEDA Vice President Commissioner
TJAHJANA SETIADHI Commissioner
TAKEO TAKEI Commissioner
BENYAMIN SUBRATA Independent Commissioner
HIDEYA TANAKA Independent Commissioner
07
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
BOARD OF DIRECTORS' REPORT
MAMPEI CHIYODA, President Director
E. DAVID SATRIA SOETEDJA, Vice President Director
Dear distinguished Shareholders, 2015 was a year filled with challenges for the Company in terms of the global and national economic conditions. Indonesia's economy in 2015 grew 4.79%, a slight decrease compared with the 5.02% growth in 2014. Indonesian economic downturn in 2015 impacted on the weakening of the people's purchasing power, which in turn affected the property and automotive sectors, the major markets for the Company's products. Nevertheless, despite the economic downturn, we are grateful that the Company was still able to record a positive result in 2015.
COMPANY'S PERFORMANCE The decreasing commodity and mining prices in the global market in 2015 and Indonesia's position as one of the exporting countries contributed to the weakening of the people's purchasing power at home. This was shown by declining sales in the property and automobile markets, the major markets of the Company's products. The Company recorded Rp3.67 trillion net sales in 2015 or Rp6 billion lower than the net sales in 2014. The Company's Flat Glass Business Unit in 2015 recorded Rp 2.67 trillion net sales, or grew 5%, while the Automotive Glass Business Unit recorded Rp1 trillion net sales or decreased by 12% compared to 2014. This decrease was primarily due to the declining car sales in the country that affected the demand for the Company's automotive glass. In 2015, the Company's domestic sales amounted to Rp2.14 trillion or decreased by 10% compared to 2014, while the export sales reached Rp1.52 trillion, a 18% increase compared to 2014. The Company, equipped with the right marketing strategy and marketing network, managed to increase its export sales to compensate for the decline in the domestic sales. In addition, the strengthening exchange rate of USD against the Rupiah also contributed positively to the Company's export sales.
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
08
BOARD OF DIRECTORS' REPORT
In 2015, there was a hike in several domestic cost components, i.e. an increase in provincial minimum wage (UMP), raw material cost and transportation cost. The increase in these costs during the economic slowdown was one of the factors leading to a decrease in the Company's performance. This can be observed from the breakdown of the Company's performance in 2015 compared to 2014 as follows: 1. 2. 3. 4. 5.
Gross profit amounted Rp797 billion or declined by 13% compared to 2014 amounting to Rp 911 billion. Gross profit margin was 22% or down 25% compared to 2014. Operating profit amounted to Rp429 billion or declined by 24% compared to 2014 amounting to Rp 563 billion. Operating profit margin was 12% or down 15% compared to 2014. Income was to Rp341 billion or decreased by 26% compared to 2014 amounting to Rp 464 billion.
In 2014, the Company announced Information Disclosure to the public in connection with the Company's plan to build a new Flat Glass Factory in Cikampek, West Java, with a total production capacity of 210,000 tons per year and USD154.9 million investment value. The factory construction commenced in late 2014 and was on +66% progress by end of 2015. The construction was targeted for completion in the second half of 2016. The Company expects the factory construction can run well in accordance with the planned schedule and budget.
CHALLENGES In the course of realizing its business and operational targets in 2015, the Company encountered several challenges which were mainly related to external conditions. The challenges were as follows: 1. Slowdown in the growth of the construction and automotive sectors resulted from the economic downturn at home & overseas; 2. Increase in labor costs due to rising UMP (Regional Minimum Wage) & UMSK (City/Regency Minimum Wage); 3. Increase in the cost of imported raw materials; 4. Increase in the distribution and transportation cost; 5. Increase in glass imports resulted in a stringent competition in the domestic market.
BUSINESS STRATEGIES In addressing the challenges faced in 2015, the Company made every effort to maintain its performance. The policies carried out in 2015 were as follows: 1. Strategic Cost Reduction: • Productivity enhancement; • Cost production efficiency; • Avoiding inefficiency. 2. Adjusted the selling price of the Company's products. 3. Increased export sales volume. 4. Continued to improve supply chain quality and became a supplier that was able to provide solutions to optimize the assets of AGC Group. 5. Participated actively in Business Association activities to give input on the industry conditions and the associated various policies.
BUSINESS PROSPECT Entering 2016, the Company will continue to observe economic conditions both at home and abroad. Based on the macroeconomic basic assumptions used as the basis to prepare the 2016 State Budget Plan, the Government has targeted a 5.5% economic growth in 2016 and 4.7% inflation assumption. Bank Indonesia rate has also indicated a downward trend in early 2016. In addition, the government's plan to accelerate infrastructure development in all parts of Indonesia is expected to run according to the plan. The Company expects all these indicators can be positively correlated to the Company's performance. Bank Indonesia's policy on BI rate reduction is also expected to stimulate the property and automotive sectors in 2016, which in turn will encourage a stronger growth of the Company's business.
09
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
BOARD OF DIRECTORS' REPORT
The Company must remain aware of the potential slowdown in the China's economy, which is projected to grow on a slower pace in 2016 and likely to affect the global economy as well as bring a direct impact on the Company's export performance in 2016. The Company will continue the efforts to improve its performance.
CORPORATE GOVERNANCE IMPLEMENTATION The Company continuously strives to comply with Good Corporate Governance (GCG) Roadmap issued at the beginning of 2014 and Corporate Governance Manual for Issuers and Public Companies issued by Otoritas Jasa Keuangan (OJK) in 2015. Throughout 2015, some improvements were made, among others: the mechanism and process of GMS announcement and holding were adapted to the prevailing regulation and mechanism of GMS order. In addition, the Company also completed Board of Commissioners Manual, Board of Directors Manual and Nomination and Remuneration Committee Manual in 2015. The Company also adjusted its Website, a major gateway for stakeholders to access the Company's information, to comply with OJK Regulation. In order to ensure an effective GCG implementation, in 2015 the Company made adjustments to the Committees under the Board of Directors. Disciplinary Committee under Board of Directors was developed into the Disciplinary and Compliance Committee. The Board of Directors also added 1 (one) new Committee, i.e. Risk Management and Insurance Committee. The Company expects the adjustments to the Committees will encourage a more proper and effective implementation of GCG in the Company. Detailed information on this GCG implementation can be found in the Corporate Governance chapter.
BOARD OF DIRECTORS' COMPOSITION The Annual General Meeting of Shareholders (AGMS) on June 5, 2015 at the Hotel Holiday Inn Jakarta Kemayoran decided to approve the change to the Board of Directors, i.e: to appoint E. David Satria Soetedja as Vice President Director replacing Tjahjana Setiadhi; to appoint Sadayoshi Shinotsuka, Michitaka Goto and Mohamad Amien respectively as Director for the term of office up to the closing of the AGMS in 2017. The AGMS also reappointed other Directors who finished his term of office in 2015 with a term of office up to the closing of the 2017 AGMS. The Board of Directors extends our thanks and appreciation to Tjahjana Setiadhi, Yoshiki Inoue and Yasushi Kawamoto for having done a good job in executing their duties. The number and composition of the Board of Directors are already in accordance with the OJK regulation No. 33/POJK.04/2014. Complete details on the composition and profile of the Board of Directors can be found in the chapter describing about the Board of Commissioners and Board of Directors composition.
APPRECIATION TO STAKEHOLDERS On behalf of the Board of Directors, we would like to express our sincere thanks and appreciation to all employees and partners who have contributed to the Company's sustained development up to date. Our gratitude is also extended o for the support of all Customers, Suppliers, Principals, Shareholders, Board of Commissioners, committees and all Stakeholders. The Board of Directors expects this strong cooperation can be continuously enhanced in order to make changes and improvements for us all on an ongoing basis.
Board of Directors
MAMPEI CHIYODA President Director
E. DAVID SATRIA SOETEDJA Vice President Director
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
10
BOARD OF DIRECTORS
1. MAMPEI CHIYODA, President Director 2. E. DAVID SATRIA SOETEDJA, Vice President Director
8
5 9
11
3
2
7
1
4
10
3. NAOMASA TANIGUCHI, Director 6
4. MITSUHIRO YOSHIKADO, Director 5. SADAYOSHI SHINOTSUKA, Director 6. PRASETYO AJI, Director 7. TJIO FERRY SUSANTO, Director 8. MICHITAKA GOTO, Director 9. MOHAMAD AMIEN, Director 10. TATSUO SUGIYAMA, Director 11. RUSLI PRANADI, Independent Director
11
ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
COMPANY PROFILE THE COMPANY'S NAME AND ADDRESS
Head Office & Factory in Jakarta
Jl. Ancol IX/5, Ancol Barat Jakarta Utara 14430, Indonesia Tel : (62-21) 690 4041 ( 8 lines ) Fax : (62-21) 691 8820, 690 4705 Website : www.amfg.co.id
Head Office & Factory in Sidoarjo
Desa Tanjungsari, Kecamatan Taman Kabupaten Sidoarjo 61257 Jawa Timur, Indonesia Tel : (62-31) 788 2383, 788 2135 Fax : (62-31) 788 2842, 788 2149
Head Office & Factory in Cikampek Bukit Indah Industrial Park, Sektor IA Blok J-L, Cikampek 41373 Jawa Barat, Indonesia Tel : (62-264) 351 711 ( hunting) Fax : (62-264) 351 710
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
12
COMPANY PROFILE
BRIEF HISTORY OF THE COMPANY A. Establishment The Company is a Foreign Investment Company (PMA) that was established under the name PT Asahimas Flat Glass Co. Ltd based on Notarial Deeds No.4 dated October 7, 1971, and No. 9 dated January 6, 1972 passed before Koerniatini Karim, Notary in Jakarta. The Deeds were already approved by the Minister of Justice of the Republic of Indonesia by virtue of Decree No.J.A.5/5/19 dated January 17, 1972 and published in the State Gazette No. 18 dated March 3, 1972 and its Supplement No. 83/1972.
B. Amendments to Articles of Association The Company's Articles of Association have been amended several times, i.e. the Changed of the Company's name from PT Asahimas Flat Glass Co., Ltd., to become PT Asahimas Flat glass Tbk based on Notarial Deed no. 73 dated June 26, 1998 that was passed before Amrul Partomuan Pohan SH, LL.M, notary in Jakarta, and approved by Indonesian Ministry of Justice with the Decree no. C2-12065.HT.01.04 Th.98 dated August 25, 1998 and published in the State Gazette no. 6510 dated November 24, 1998, Supplement No. 94/1998. The expansion of the Company's business activity in the glass industry and export import, as set forth in Notarial Deed No. 54 dated May 28, 2003 executed before Amrul Partomuan Pohan SH, LL.M, Notary in Jakarta, and was approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. C-14423.HT.01.04.TH.2003 dated June 24, 2003 and was published in the State Gazette No. 7532 dated August 26, 2003 and its supplement No. 68/2003. The Company's Articles of Association were already adjusted to Law No. 40/2007 regarding Limited Liability Companies as set forth in Notarial Deed No. 1, dated July 1, 2008 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary in Jakarta and approved by the Minister of Law and Human Rights of the Republic of Indonesia by virtue of Decree No. AHU 41881.AH.01.02 year 2008 dated July 17, 2008, published in the State Gazette No. 84 dated October 17, 2008 and its supplement No. 20228/2008. The Company's Articles of Association were already adjusted to Bapepam & LK Regulation No. IX.J.1 concerning Main Substances of Articles of Association of the Company Performing Public Offering of Equity Security and Publicly Listed Company as set forth in the Notarial Deed No. 19, dated February 27, 2009 passed before Dr. Amrul Partomuan Pohan SH, LL.M, notary public in Jakarta and approved by the Minister of Justice and Human Rights of the Republic of Indonesia by virtue of Decree No. AHU-.AH.01.10.02127 Year 2009 dated March 19, 2009, published in the State Gazette No. 36/2009 and its supplement No. 317/2009. The most recent amendment to the Company's Articles of Association was set forth in the Notarial Deed No. 45 dated June 5, 2015 by Dr. Irawan Soerodjo SH. MSi. regarding amendments to and representation of the Company's Articles of Association, including to comply with Otoritas Jasa Keuangan, The Deed was already approved by the Minister of Law and Human Rights No. AHU-AH.01.03-0946820 dated June 30, 2015, while the publication of the Deed in the State Gazette was still under process.
C. Change of Status to become Public Company Based on the Statement Letter of the Chairman of Capital Market Supervisory Agency (“Bapepam”) No. S-1323/PM/1995 dated October 18, 1995, the Company initiated public offering of 86,000,000 shares and since December 18, 2000 all of the Company's shares have been listed on Bursa Efek Jakarta (now Bursa Efek Indonesia).
THE COMPANY'S BUSINESS ACTIVITIES AND PRODUCTS Based on its Articles of Association, the Company's intention and objectives are to establish and run glass industry as well as export-import and quality certification of glass. The Company's products are divided into 2 categories: • •
Flat Glass including Mirror Glass Safety Glass including Automotive Glass
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COMPANY PROFILE
THE COMPANY’S ORGANIZATIONAL STRUCTURE
Board of Commissioners
Nomination & Remuneration Committee
Audit Committee
Board of Directors
Risk Management & Insurance Committee
Internal Audit Patikkos Siahaan
Flat Glass General Division
Discipline & Compliance Committee
Corporate Secretary Christoforus
Corporate
Automotive Glass General Division
Purchase & Logistic Center E. David Satria Soetedja
Corporate Affairs Christoforus
Sales & Marketing Center Andreas S. Wirawan
Engineering Center Andreas Andre
Corporate MIS Dadang Sudrajat
Quality Assurance Center Sutrisno
Sales & Marketing Center M. Amien
Corporate Control & Finance Bama S. Hadi
Cikampek Factory Samuel N. Setyono
Production Planning & Order Control Office M. Amien
Corporate HRD & Administration Tjio Ferry Susanto
Quality Assurance Office Sander Liberti Sembiring
Corporate HSE Coordination E. David Satria Soetedja
Jakarta Factory Richard Andre S.
Sidoarjo Factory Lilik Roesianto
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VISION AND MISSION
To build the world a better place for living
To become a respectable manufacturer and global supplier of glass and its related products.
The Company's Values of Conduct 1. Pioneering Spirit 2. Honesty and Sincerity 3. Cooperation Spirit 4. Creative Thinking 5. Responsible
MISSION VISION BOARD OF COMMISIONERS AND BOARD OF DIRECTORS
BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS APPOINTMENT IN 2015
Composition of the Board of Commissioners and the Board of Directors based on Notarial deed No.44 dated June 5, 2015 by Dr.Irawan Soerodjo SH, Msi is as follows:
Masahiro Takeda, Vice President Commissioner Started his career at Asahi Glass Co., Ltd., Japan (AGC) in 1982 and was appointed as Vice President Commissioner based on the Company's Annual GMS (AGMS) dated July 5, 2015 replacing Kimikazu Ichikawa.
Board of Commissioners: President Commissioner : Vice President Commissioner : Commissioner : Commissioner : Independent Commissioner : Independent Commissioner :
TAN PEI LING MASAHIRO TAKEDA TJAHJANA SETIADHI TAKEO TAKEI BENYAMIN SUBRATA HIDEYA TANAKA
Director President Director Vice President Director Director Director Director Director Director Director Director Director Independent Director
: : : : : : : : : : :
MAMPEI CHIYODA E. DAVID SATRIA SOETEDJA NAOMASA TANIGUCHI MITSUHIRO YOSHIKADO SADAYOSHI SHINOTSUKA PRASETYO AJI TJIO FERRY SUSANTO MICHITAKA GOTO MOHAMAD AMIEN TATSUO SUGIYAMA RUSLI PRANADI
Tjahjana Setiadhi, Commissioner Started his career at the Company in 1976 and was appointed as Commissioner based on the Company's AGMS dated June 5, 2015 replacing Andi Purnomo. E. David Satria Soetedja, Vice President director Started his career at the Company in1982 and was appointed as Vice President Commissioner based on the Company's AGMS dated July 5, 2015 replacing Tjahjana Setiadi. Sadayoshi Shinotsuka, Director Started his career at the Asahi Glass Co., Ltd. Japan (AGC) in 1986 and was appointed as Director based on the Company's AGMS dated July 5, 2015 replacing Yoshiki Inoue. Michitaka Goto, Director Started his career at the Asahi Glass Co.,Ltd.,Jepang (AGC) in 1990 and was appointed as Director based on the Company's AGMS dated July 5, 2015 replacing Yasushi Kawamoto. Mohamad Amien, Director Started his career at the Company in1990 and was appointed as Director based on the Company's AGMS dated July 5, 2015 replacing E. David Satria Soetedja.
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BOARD OF COMMISSIONERS' PROFILE Tan Pei Ling, President Commissioner Indonesian citizen, born in Jakarta in 1957. Graduated from the University of Portland, Oregon, USA and earned Bachelor of Business Administration in 1979. Started his career at PT Rodamas in 1979. Served as the Company's Commissioner from 1989 to 2008. His first appointment as President Commissioner was legally based on resolution of the AGMS held on June 6, 2008 replacing Tan Siong Kie. He is affiliated with the Company's shareholder by serving as Commissioner of PT Rodamas, one of the Company's majority shareholders.
Masahiro Takeda, Vice President Commissioner Japanese citizen, born in Japan in 1958. Graduated from the Faculty of Law of Osaka University, Japan. He has been working with Asahi Glass Co.Ltd, Japan (AGC) since 1982 up to the present. His first appointment as President Commissioner was legally based on the Company's AGMS dated June 5, 2015 replacing Kimikazu Ichikawa. He is affliated with the Company's shareholder as employee of Asahi Glass Co Ltd, Japan, one of the Company's majority shareholders.
Tjahjana Setiadhi, Commissioner Indonesian citizen, born in Cirebon in 1952. Graduated from the Faculty of Physical Engineering, Institut Teknologi Bandung (ITB). Joined the Company in 1976, served as Director of the Company from 1997 to 2010.and as Vice President Director up to 2015. His first appointment as the Company's Commissioner was legally based on the AGMS dated June 5, 2015 replacing Andi Purnomo. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders.
Takeo Takei, Commissioner Japanese citizen, born in Tokyo in 1960. Graduated from Hitotsubashi University, majoring in Economics, in 1984 and earned Master of Business Administration from University Michigan Ann Arbor in 2001. He has joined AGC since 1984 up to the present. His first appointment as President Commissioner was legally based on the Company's AGMS dated June 22, 2012 replacing Masahiro Takeda. He is affliated with the Company's shareholder as the employee of Asahi Glass Co. Ltd, Japan, one of the Company's majority shareholders.
Benyamin Subrata, Independent Commissioner Indonesian citizen, born in Jakarta in 1958. Graduated from the University of Sussex, majoring in Mechanical Engineering in 1980. He joined GUnungSweu Group in 1983, handled Construction business, property, finance, ritel, manufacture, minings and elecricity. Currently, he also serves in several other companies including as President Commissioner of PT Puri Usaha Kencana and PT Puru Energi kencana and also as Commissioner of PT Intidaya Prima Kencana. His first appointment as the Company's Independent Commissioner was legally based on the Company's EGMS dated November 9, 2001. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders.
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Hideya Tanaka, Independent Commissioner Japanese citizen, born in Chiba, Japan in 1942. Graduated from Nagoya Institute of Technology, Faculty of Mechanical Engineering in 1965. Currently, he also serves as President Director of PT Panel Bakti Sinarindo. His first appointment as Independent Commissioner was legally based on the Company's AGMS dated November 9, 2001. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders.
Trainings attended by Board of Commissioners Members On October 2, 2015, several members of the Company's Board of Commissioners attended Competition Law Training Seminar organized by AGC Japan in Jakarta.
BOARD OF DIRECTORS' PROFILE Mampei Chiyoda, President Director Japanese citizen, born in Kyoto, Japan, in 1964. Graduated from Faculty of Economics, Tohku University, Japan, in 1986. He has been working with Asahi Glass Co., Ltd., Japan since 1986 up to the present. His first appointment as President Director was legally based on the Company's AGMS dated May 31, 2013 replacing Masato Oe. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders. As President Director, he is responsible for leading and coordinating activities and duties of the Board of Directors members in general. E. David Satria Soetedja, Vice President Director Indonesian citizen, born in Jakarta in 1959. Graduated from Trisakti University, majoring in Mechanical Engineering in 1985. He has been working with the Company since 1985 up to the present. His first appointment as Vice President Director was legally based on the Company's AGMS dated June 5, 2015 replacing Tjahjana Setiadi. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders. As Vice President Director, he is responsible for helping organize activities and duties of the Company's Board of Directors members in general. He is also responsible for overseeing Purchase & Logistic Center and Corporate Health Safety & Environment activities.
Naomasa Taniguchi, Director Japanese citizen, born in Shiga, Japan 1963. Graduated from School of Engineering, Kyoto University, in 1988. He has been working with Asahi Glass Co., Ltd., Japan since 1988 up to the present. His first appointment as Vice President Director was legally based on the Company's AGMS dated June 20, 2014 replacing Takashi Hirorutsu. He is affliated with the Company's shareholder as the employee of Asahi Glass Co. Ltd, Japan, one of the majority shareholders. As Director, he is responsible for managing and overseeing the activities of Automotive Glass Business Unit that is located in Cikampek.
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Mitsuhiro Yoshikado, Director Japanese citizen, born in Kochi, Japan 1961. Graduated from Kochi National College of Technology in 1982. He has been working the Asahi Glass Co. Ltd., Japan since 1982 up to the present. His first appointment as Director was legally based on the Company's AGMS dated May 31, 2013 replacing Mampei Chiyoda. He is affliated with the Company's shareholder as the employee of Asahi Glass Co., Ltd, Japan, one of the Company's majority shareholders. As Director, he is responsible for managing Flat Glass Business Unit in Jakarta.
Sadayoshi Shinotsuka, Director Japanese citizen, born in Chiba, Japan 1965. Graduated from Kisarazhu National College of Technology in 1986. He has been working with Asahi Glass Co Ltd., Japan since 1986 up to the present. His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015 replacing Yoshiki Inoue. He is affliated with the Company's Shareholder as the employee of Asahi Glass Co. Ltd, Japan, one of the Company's majority shareholders. As Director, he is responsible for overseeing and carrying out the activities of Flat Glass Factory construction in Cikampek.
Prasetyo Aji, Director Indonesian citizen, born in Rembang, Central Java in 1958. Graduated from Institut Teknologi Sepuluh Nopember (ITS) Surabaya, majoring in Chemical Engineering in 1985. He has been working with the Company since 1986 up to the present. His first appointment as Director was based on the Company's EGMS dated June 3, 2005 replacing Soleh Dagusthani. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders. As Director, he is responsible for managing and overseeing the activities of Automotive Glass Business Unit which is located in Cikampek and helping in the Flat Glass Factory construction project in Cikampek.
Tjio Ferry Susanto, Director Indonesian citizen, born in Jombang, in 1959. Graduated from Petra Christian University.. He has been working with the Company since 1986 up to the present. His first appointment as Director was legally based on the Company's AGMS dated June 24, 2011. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders. As Director, he is responsible for managing and overseeing the activities of Flat Glass Business Unit located in Sidoarjo and Corporate HRD & Administration and Corporate MIS.
Michitaka Goto, Director Japanese citizen, born in Oita, Japan 1966. Graduated from Kyushu University in 1990. He has been working with Asahi Glass Co., Ltd., Japan since 1990 up to the present. His first appointment as Director was legally based on the Company's AGMS dated June 5, 2015. He is affliated with the Company's Shareholder as the employee of Asahi Glass Co. Ltd, Japan, one of the Company's majority shareholders. As Director, he is responsible for managing and overseeing the Company's financial activities.
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Mohamad Amien, Director Indonesian citizen, born in Pagar Alam, Palembang in 1966. Graduated from Trisakti University, majoring in Electrical engineering in 1990. He has been working with the Company since 1990 up to the present. His first appointment as Director was based on the Company's AGMS dated June 5, 2015 replacing David Satria Soetedja. As Director, he is responsible for managing flat glass sales and marketing activities. He is also responsible for Flat Glass and Automotive Glass quality assurance. Tatsuo Sugiyama, Director Japanese citizen, born in Japan in 1962. Graduated from Nagoya University in 1986 and earned his Master of Chemical Engineering. He has been working with Asahi Glass Co., Ltd., Japan since 1990 up to the present. His first appointment as Director was legally based on the Company's AGMS dated June 20, 2014 replacing Hiroaki Aimu. He is affliated with the Company's shareholder as the employee of Asahi Glass Co., Ltd., Japan, one of the Company's majority shareholders. As Director, he for responsible in acting as a liaison of Asahi Glass Co Ltd., Japan, the Company's majority shareholder, with the Company. Rusli Pranadi, Independent Director Indonesian citizen, born in Jakarta in 1958. Graduated from STIE (School of Economics), majoring in Accountancy in 1993 and passed the State Examination for Accountant Profession in 1995 and earned State Register as an Accountant numbered D-14.772. He has been joining with the Company since 1981 up to the present. His first appointment as Director was based on the Company's AGMS dated June 24, 2011 and was appointed a Independent Director based on the Company's AGMS dated June 20, 2014. He is not affiliated with members of the Company's Board of Directors, Board of Commissioners and shareholders. As Independent Director, he is responsible for managing and overseeing Corporate Affairs activities.
Training attended by the Board of Directors Throughout 2015, several members of the Board of Directors attended various trainings, workshops, seminars as follows:
No
Name
Position
1
Mampei Chiyoda
President Director
2
Naomasa Taniguchi
3
Training Materials
Venue & Time
Organizer
Global Leadership Session, To Level - Up Management Skill
Japan, 1-2 December 2015
Asahi Glass Co.Ltd., Japan
Director
Protecting Your Brand with Trademark
Cikampek, 7 April 2015
Asahi Glass Co.Ltd., Japan
Naomasa Taniguchi
Director
Quality Management System
Jakarta, 12 November 2015
Asahi Glass Co.Ltd., Japan
4
Rusli Pranadi
Independent Director
Corporate Governance
Jakarta, 18-19 August 2015
Otoritas Jasa Keuangan
5.
Several BOD members
Director
ISO 9001-2015
Jakarta, 12 November 2015
BSI Group
6.
Several BOD members
Director
Competition Law Training Seminar
Jakarta, 12 October 2015
Asahi Glass Co.Ltd., Japan
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COMPANY PROFILE
CHANGES TO THE BOARD OF COMMISSIONERS AND BOARD OF DIRECTORS COMPOSITION AFTER THE FINANCIAL Up to the end of the financial year and the time limit for the 2015 Annual Report submission, there was no change to the Company's Board of Commissioners and/or Board of Directors.
HUMAN RESOURCES AND HR DEVELOPMENT In line with the Company's vision "To become a respectable manufacturer and global supplier of glass and its related products", the Company should have human resources (HR) that are competent, qualified and fit with its business needs. The Company believes that human resources are the main asset in supporting its business success, as reflected in the manual business policy: "Employees are the Source of the Company's Strength". As the Company's assets, employees must be able to uphold the values that have been fostered by the founders of the Company, namely: The Pioneering Spirit, Honesty and Sincerity, The Spirit of Cooperation, Creative Thinking and Be Responsible. The Company believes that implementation of the noble values will generate reliable human resources and produce high quality products and services in realizing customer satisfaction.
Competency Development In realizing those expectations, the Company through Training and Monozukuri Center (TMC) under the Corporate HR and Administration has arranged and implemented an integrated and sustainable human resource development program through a number of activities that have been arranged in the syllabus materials made by TMC, which consisting of continuous coaching, training and development programs related to ability, knowledge and leadership. Such activities are expected to improve human resource capabilities and prepare the Company's future leaders. In 2015, the Company conducted several human resource development programs, among others: 1. Performing Group Improvement Activities (GIA) as a tool to achieve Key Performance Indicator (KPI) for the employees. This event was attended by all employees. GIA is divided into three (3) activities, namely: (i) Kaizen Theme Activity (ii) Innovation Theme Activity (iii) Asahimas Improvement System Several groups were selected to represent the Company to participate in the Kaizen Convention activities in several automotive companies in Indonesia. In addition, the Company also sent representatives to participate in the Kaizen competition in Japan, which was attended by all representatives of the AGC Kaizen Group of several countries. 2. Conducting training to increase technical skills of employees guided by experienced staff both local and expatriate. To support the training, the Company has in place Skill Simulator facilities related to the production and the supporting equipment, to facilitate the employees in the learning process. In 2015, the training was focused to support the construction of the new flat glass in Cikampek.
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COMPANY PROFILE
3. Continuous trainings starting from recruitment up to retirement preparation with a view to enhance knowledge, skills and motivation of employees. The Basic Discipline Training was provided for new employees to strengthen disciplinary culture in the Company. 4. Attended training, workshops and seminars at home and abroad on the basis of management, communication, finance, quality, human resources, supply chain management, and others. 5. To increase awareness of Occupational Health and Safety (K3) for all employees, the Company provided trainings through Safety Hazard Simulator, Safety Patrol Simulator for line managers. The Company periodically sent its line managers to Japan to participate in the Safety Training of Key Persons organized by AGC Japan. This training was very valuable for the employees because they could enjoy benefits not only at work but also in everyday life. The Company regularly provided training to deal with emergencies such as fire, earthquake, tsunami, and others. 6. The Company continued to provide leadership training at every position level in the Company. This activity aims to prepare a cadre of the Company's future leaders through activities such as Team Building, Outbound and Leadership training. 7. The Company also paid attention to the employees entering retirement by giving independent business training and retirement preparation. The training aimed to give the Company's retiring employees adequate mental and skill preparation for their retirement. All activities were carried out at each factory of the Company in Jakarta, Sidoarjo and Cikampek. The Company believes that a harmonious relationship between the Company and employees is one of the main factors to support its business progress. As of December 31, 2015, the number of the Company's permanent employees was 2,789 persons.
SHAREHOLDERS NAME AND SHAREHOLDING PERCENTAGE Shareholders with 5% or above share ownership as of 31 December 2015. No.
Name
Total Share
Percentage
1
Asahi Glass Co.,Ltd., Japan
190,359,000
43.86%
2
PT Rodamas, Indonesia
177,758,700
40.96%
Shareholdings by Members of the Board of Directors and Board of Commissioners As of December 31, 2015 As of December 31, 2015, there was no member of the Board of Commissioners who owned the Company's shares, while a member of the Board of Directors namely Mitsuhiro Yoshikado, the Company's Director, owned 20,000 shares or 0.005% of the total issued shares.
Public Shareholders , Each with Less Than 5% Share Ownership As of December 31, 2015, public shareholders, each with less than 5% share ownership, amounted to 688 shareholders or 15.18% consisting of legal entities and individuals both at home and from abroad.
INFORMATION ON MAJORITY SHAREHOLDER AND CONTROLLING SHAREHOLDER 1. Asahi Glass Co., Ltd. ("AGC") AGC, the owner of 43.86% shares in the Company, is domiciled in 1-5-1 Marunouchi, Chiyoda-ku, Tokyo 100-8405 Japan. AGC is a public company in Japan, which was listed on the Tokyo Stock Exchange and Osaka Stock Exchange. Established in 1907, the Company has evolved into the most prominent multinational glass producer in the world market for building glass, automotive glass, display glass and other related products. At present, aside from glass industry, AGC Group also engages in fluorine chemical, electronics and energy development industries. AGC Group has global networks and affiliations spreading across more than 30 countries. 2. PT Rodamas PT Rodamas, the owner of 40.96% shares in. the Company, is domiciled on Jalan Let. Jend. S. Parman Kav 32-34, Slipi, Jakarta 11480, Indonesia. Established in 1955, PT Rodamas engages in various lines of business in Indonesia with a focus on the manufacturing industry and the distribution of industrial and consumer products. Rodamas Group controls a vast and important marketing network spreading all over the country and covering various fields such as consumer products, building materials, chemical products, packaging and glass cutter.
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COMPANY STRUCTURE UP TO ULTIMATE SHAREHOLDER AS OF DECEMBER 31, 2015
Japan Trustee Services Bank Ltd. (Trust Account 9)
2.04%
Christopher Tanuwidjaja
Tan Pei Ling
Ishak Sumarno
5.36%
91.88%
2.76%
The Master Trust Bank of Japan, Ltd. (Trust Account)
Nippon Life Insurance Company
4.68%
2.01%
Meiji Yasuda Life Insurance Company
The Asahi Glass Foundation
4.05%
1.96%
Japan Trustee Services Bank, Ltd. (Trust Account)
Mitsubishi Estate Co., Ltd.
3.95%
1.91%
Barclays Securities Japan Limited
The Bank of Tokyo-Mitsubishi UFJ, Ltd.
2.53%
1.74%
Tokio Marine & Nichido Fire Insurance Co., Ltd.
Lainnya (Kurang dari 1%)
2.39%
72.74%
PT Rodamas, Indonesia
Public
Cooperatives
40.96%
14.86%
0.32%
PT Asahimas Flat Glass Tbk
PT Auto Glass Indonesia
99.95%
Asahi Glass Co.,Ltd., Japan
43.86%
PT Asahimas Flat Glass Tbk
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SUBSIDIARY PT Auto Glass Indonesia Head Office: Jl. Danau Sunter Utara Blok J-12, No. 78 dan 79, Sunter Agung, Jakarta Utara Phone: (62-21) 65 303 300, Fax: (62-21) 651 0018 E-mail:
[email protected], website:www.autoglass.co.id Branch Office: Jl. Ciputat Raya No.9, Kebayoran Lama, Jakarta Selatan Phone: (62-21) 750 0911, Fax: (62-21) 765 2134
Line of Business
Replacement and repair services for safety glass of motor vehicles
Employee
14 persons (as of December 31, 2015)
Shareholders
PT Asahimas Flat Glass Tbk Samuel Nugroho Setyono Total
Number of Shares
Issued and Fully Paid Up Capital Nominal Value per share (Rp)
Amount (Rp)
%
1,999
1,000,000
1,999,000,000
99.95%
1
1,000,000
1,000,000
0.05%
2,000
2,000,000,000
100
CHRONOLOGY OF SHARE LISTING AND CHANGES OF NUMBER OF SHARES
Shareholders
Initial Public Offering in 1995 Total Shares
December 31, 2015
Nominal Value Rp
Total Shares
Nominal Value Rp
Asahi Glass Co.,Ltd., Japan
174,000,000
87,000,000,000
190,359,000
95,179,500,000
PT Rodamas, Indonesia
174,000,000
87,000,000,000
177,758,700
88,879,350,000
-
-
1,374,000
687,000,000
Public
86,000,000
43,000,000,000
64,508,300
32,254,150,000
Total
434,000,000
217,000,000,000
434,000,000
217,000,000,000
Cooperatives
Pursuant to the statement of the Chairman of the Capital Market Supervisory Agency ("Bapepam") No. S-1323 / PM / 1995 dated October 18, 1995, the Company offered 86 million shares or 19.82% listed on the Jakarta Stock Exchange and Surabaya Stock. Exchange. However, on November 1, 1999 the Company delisted its shares out of the Surabaya Stock Exchange. At present, the Company's shares are only listed on the Indonesia Stock Exchange.
CAPITAL MARKET SUPPORTING INSTITUTIONS AND PROFESSIONS Public Accountants Firm Siddharta Widjaja & Rekan 33rd Floor Wisma GKBI Jl. Jend. Sudirman Kav. 28 Jakarta 10210, Indonesia Phone: (62-21) 574 1777 Fax : (62-21) 574 2777
Share Registrar PT Datindo Entrycom Puri Datindo Jl. Jend. Sudirman Kav. 34-35 Jakarta 10220, Indonesia Phone: (62-21) 570 9009 Fax : (62-21) 570 9026
Notary Dr. Irawan Soerodjo, SH, MSi Jl. K.H. Zainul Arifin No. 2 Komplek Ketapang Indah Blok B-2 No. 4-5 Jakarta 11140 Phone: (62-21) 6301511 Fax : (62-21) 6337851
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Independent Accountants Pursuant to the resolution of the AGMS held on June 5, 2015 and the Audit Committee's recommendation, the Company has agreed to appoint Public Accountants Firm Siddharta Widjaja and Partners, a member firm of KPMG International, to audit the Company's 2015 Financial Statements. The total costs incurred for the Audit of the Company's 2015 Financial Statements was Rp1.9 billion. The Public Accountants Firm (KAP) has completed its task independently according to professional standards of public accountants, employment agreements and the predefined scope of audit. The KAP did not provide other consulting services to the Company. The Accountant who signed the Independent Auditors' Report for the 2015 Financial Year is Dra. Tohana Widjaja, MBA, CPA.
AWARDS AND CERTIFICATIONS Flat Glass Factory - Jakarta 1. In October 2015, received ""PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry. 2. In November 2015, received Certificate of Appreciation from Flat Glass Allliance of the Phlippines inc. Flat Glass Factory - Sidoarjo 1. In October 2015, received "PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry. 2. In December 2015 received “Award Day 2015” from Bank Indonesia as the Best Information Partner. Automotive Glass Factory - Jakarta 1. In October 2015, received "PROPER Blue" Award from the Indonesian Ministry of Environment and Forestry. 2. In December 2015, received the following awards from Kaizen Award Toyota Manufacturer Club: • Gold Medal for Criteria Suggestion System (SS) • Gold Medal for Criteria Quality Control Circle (QCC) • The Most Improved Management Award 2015
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“Award Day 2015” from Bank Indonesia as the Best Information Partner.
Gold Medal for Criteria Suggestion System (SS)
Gold Medal for Criteria Quality Control Circle (QCC)
The Most Improved Management Award 2015
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ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
MANAGEMENT'S DISCUSSION AND ANALYSIS OPERATIONAL REVIEW BY BUSINESS SEGMENT Flat Glass In 2015, total flat glass sales volume increased by 2% compared to the previous year, to become 516 thousand tons. The increase was coming from 14% increase in export sales volume, while in the domestic market there was 7% decrease in sales volume. Net Sales were recorded at Rp 2.7 trilion or increased by Rp 130 billion or by 5% compared to 2014. The growth was attributable to 19% increase in the export sales while for domestic market the net sales decreased by 6% compared to 2014. The global economic condition was still not recovered in 2015 and hit Indonesia's economy. This impacted on the decline in purchasing power, leading to 15-20% decrease in growth of domestic property, in particular commercial building that is a major segment of flat glass. A considerable number of property projects were slowing down or temporarily halted. The impact strongly affected the Company, especially in the second and third quarters of 2015 where the Company's demand for flat glass in the country began to decline. To cover the declining demand of flat glass in the domestic market, the Company put all efforts to improve its export sales, among others by continuously making price adjustments and market penetration, especially in Asian countries. The efforts proved to positively contribute to the increase in the demand of the Company's flat glass and automotive glass raw material compared to the previous year. In general, the Company's Flat Glass Business Unit recorded Rp 2.67 trillion net sales or grew by 5% or Rp 130 billion compared with the Rp 2.54 trillion net sales in 2014. This reflects that the increase in export sales of flat glass can cover the decrease in domestic demand. The Company's flat glass factory is located in Ancol, Jakarta and Sidoarjo, East Java with production capacity totaling 570,000 tons per year. The production capacity will be adjusted with the economic condition and consumption growth, particularly in the domestic market. Until the end of 2015, the realization of construction of flat glass factory in Cikampek, Karawang - West Java, with a total production capacity of 210,000 tons per year was approximately 66% completed. The factory construction is expected to be completed on schedule in the second semester of 2016. The Company's Flat Glass Products are used in the glass application in buildings, interiors and as raw material for the manufacturing of further processed glass and automotive glass. Throughout 2015, there were a number of construction projects using the Company's flat glass, to name a few: Kirana Commercial Avenue, Cengkareng Business City, Cawang's The Hive 2 , Terminal 3 Ultimate Soekarno Hatta Airport and others.
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MANAGEMENT ANALYSIS AND DISCUSSION
Automotive Glass In 2015, automotive glass sales volume decreased by 8,570 tons (17%) from the previous sales amounting to 51,824 tons in 2014. The decrease was due to lower sales volume in the domestic and export markets, respectively by 8,077 tons and 493 tons or by 17 % and 11%. The decline was mainly due to weaker car sales in domestic market. Throughout 2015, car sales in the country amounted to 1,013,291 units, 16% decrease compared to 2014 amounting to 1,208,020 units. The weakening economic condition in Indonesia resulted in the decline and tightening of the people's purchasing power. The Company's sales value reached Rp 1 trillion or decreased by Rp 136 billion (12%) compared to 2014. This decline was attributable to the weakeaning domestic sales, declining by 15%. However, export market sales increased by 8% compared to 2014. The increase in export sales was in line with the strengthening exchange rate of USD against Rupiah which contributed positively to the Company's export sales. The decline in sales of automotive glass in 2015 was due to the weakening of people's purchasing power as a result of the slowdown in the national and global economies. The Company continuously strived to make operational improvements with a view to enhance competitive advantages of its products and maintain existing market share. The Company also continued to meet the availability of Auto Replacement Glass (ARG) which was on high demand in the domestic and overseas markets. In 2015, several car manufacturers released their new products, which certainly brought positive impact on the Company's demand for automotive glass. Several new car models were launched in 2015, to name a few: Honda HRV, Toyota New Innova and many more. In 2015, the Company continued to introduce high-end technology of automotive glass, such as UV Cut glass, IR Cut, acoustic and water repellent. The Company provided demos and applications directly to the car customers to get their feedbacks which were expected to be implemented in the automotive glass products to be produced. For 2016, the Company will continue product innovation conducted in the previous year such as Melting Snow Windshield for ARG export and Acoustic Windshield and IR-Cut Windshield for ARG and OEM export markets. The Company's automotive glass factory is located in Cikampek, West Java, and produces tempered glass and laminated glass. The current total capacity is 5,000,000 m2 per year or equivalent to the use of glass for 1.5 million car units. Up to now, the capacity is sufficient to meet the demand in domestic automotive glass. The Company will continue to adjust its capacity in line with the growth of car sales in the coming years in order to support the growth of the national automotive industry. In 2015, the automotive glass factory expanded its machine capacity for tempered glass and laminated glass. The expansion was expected to support the acceleration of production processes in automotive glass business unit.
FINANCIAL PERFORMANCE ANALYSIS In 2015, the Company recorded net sales of Rp 3.67 trillion or Rp 6 billion decrease compared to 2014. The decrease was driven by the fall of the Company's domestic sales in 2015 by 10% or amounting to Rp 2.14 trillion compared with Rp 2.38 trillion domestic sales in 2014. The decrease in domestic market was mainly attributable to the slowdown in the national economy resulting in a decrease in flat glass and automotive glass in the country by 6% and 15% respectively. The Company's export sales increased to Rp 1.53 trillion or grew Rp 228 billion or 18% from Rp 1.30 trillion in 2014. The increase in export sales was due to 19% increase in flat glass export sales. Stronger exchange rates of USD against Rupiah also contributed positively to the selling price of the Company's export products. In 2015, the Company recorded operating expenses at Rp 369 billion or grew Rp 20 billion compared to 2014 which amounted to Rp 349 billion. Meanwhile, the Company's cost of sales in 2015 was recorded at Rp 2.87 trillion or rose Rp108 billion (4%) compared with Rp 2.76 trillion in 2014. The increase in these expenses contributed to a decrease in the Company's gross profit margin to 22% from 25% in 2014. The 6% increase in the 2015 operating expenses was mainly caused by increasing of selling expense Rp18 billion or 5% increase compared to 2014. The Company's total operating profit dropped by 24% from Rp563 billion in 2014 to Rp 429 billion in 2015. The increase in the operating expenses which was not compensated by the increase in net sales, making the Company's operating profit margin decreased to 12% or down 3% compared to 2014.
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ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
MANAGEMENT ANALYSIS AND DISCUSSION
In overall, the Company's total profit in 2015 dropped by 26%. The Company recorded Rp 341 billion net income or decreased by Rp 123 billion compared to 2014 which was recorded at Rp 464 billion. As of December 31, 2015, total assets were recorded at Rp 4.27 trillion or up Rp 324 billion (8%) compared with Rp 3.95 trillion total assets posted in 2014. The rise was mainly attributable to the increase in non-current assets by Rp 357 billion (21%) while current assets dropped by Rp 33 billion (1%) compared to 2014. The increase in non-current assets was derived from growth of fixed asset growth by Rp 292 billion (19%), other non-current asset by Rp 35 billion and prepaid taxes by Rp 34 billion. While the decrease in current assets was mainly due to a Rp 176 billion (16%) decrease of cash and cash equivalents and trade receivables by Rp 863 million. The drop in cash and cash equivalents was mainly due to the financing for flat glass factory construction investment in Cikampek, West Java. The Company's total liabilities as of December 31, 2015 amounted to Rp 880 billion or increased by Rp 35 billion (4%) compared to December 31, 2014. The increase was primarily caused by an increase in current liabilities by Rp 81 billion (20%) and a decrease in non-current liabilities by Rp 46 billion. The hike of current liabilities by Rp 32 billion (13%), accrued expenses by Rp37 billion (37%) and other current liabilities by Rp18 billion (69%). While the decrease in non-current liabilities by Rp46 billion (10%) was derived from the decrease in employee benefits obligation. The Company's total equity as of December 31, 2015 amounted to Rp3.39 trillion or increased by Rp289 billion (9%) compared to the December 31, 2014 position. The increase was due to the hike of retained earnings as an accumulation of the profit attributale to owner of the parent entity in the previous year. The Company's Cash and Cash Equivalents by end 2015 dropped by Rp 176 billion or by 16% compared to 2014. This decrease was primarily due to the increase in cash used for investment activity compared to cash used in operation activity.
SOLVENCY As of December 31, 2015, the Company recorded total current assets of Rp 2.23 trillion, while the total current liabilities amounted to Rp 479 billion. This shows that the Company's ability to pay its current liabilities was very good, reflected from the 4.7x current ratio. Cash and cash equivalents were recorded at Rp 932 billion, exceeding the Company's total liabilities amounting to Rp 880 billion. Since 2008 up to date, the Company has not had Bank loans, showing that the Company's cash was quite adequate to finance operating expenses and investing activities conducted by the Company. For Cikampek's flat glass factory construction, up to December 31, 2015, the Company still used its internal cash.
ACCOUNTS RECEIVABLE COLLECTIBILITY At the end of 2015, the Company's ability to collect accounts receivable (collecting period) was relatively good. The management has evaluated the collectability of each balance of trade receivables and decided that all trade receivables are collectable and thereby there was no provision for impairment needed and there was no balance of trade receivables use as collateral.
CAPITAL STRUCTURE AND MANAGEMENT POLICY ON CAPITAL STRUCTURE 2015
Description
(Rp million)
Current Liabilities Non-Current Liabilities Total Liabilities Equity Total Assets
479,376 400,676 880,052 3,390,223 4,270,275
% Total Assets
11 9 21 79 100
2014
(Rp million)
398,238 446,447 844,685 3,101,440 3,946,125
% Total Assets
10 11 21 79 100
In 2015, the Company's liability ratio dan equity ratio was 21% and 79% respectively. Most of the Company's total liabilities in 2015 consisted of trade payables and employee benefits obligation. In 2015, the Company's total liabilities grew Rp 35 billion compared to 2014. This increase was due to a increase in trade payables and accrued expenses and a decrease in employee benefits obligation. The Company has determined a capital structure policy by always maintaining Debt-to-Equity Ratio (DER) below 75%. The Company's DER as of December 31, 2015 was 26%. This shows that the Company's capital structure was reasonably strong.
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
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MANAGEMENT ANALYSIS AND DISCUSSION
MATERIAL COMMITMENT FOR CAPITAL GOODS INVESTMENT In 2015, the Company had material commitments in the form of agreements with several vendors on construction works in respect of its plan to build a flat glass factory with a total capacity of 210,000 tons per year with an investment value of USD154.9 million in Cikampek, Karawang, West Java. The factory construction commenced in early 2015 and is estimated to complete in the second semester of 2016. The fund used for the investment up to the end of 2015 was still sourced from the Company's internal cash and if needed, the Company has planned to use external funding such as bank loans, etc.
MATERIAL INFORMATION AND FACT AFTER THE REPORTING DATE OF PUBLIC ACCOUNTANT There was no material information and fact occurring after the reporting period of the 2015 financial year.
BUSINESS PROSPECT The Company expects the year 2016 to offer a better business prospect. Despite the slowdown in the country's economy, several policies launched by the Government in 2015 are expected to be immediately enforced by relevant institutions. Bank Indonesia has also lowered BI rate to 6.75% in the first quarter of 2016. The lower rate is expected to be immediately followed by lower rates on Bank loans distributed to people, which will drive the people's economy. In addition, the Government's plan to accelerate infrastructure development in all parts of Indonesia is expected to run according to the plan. The Company expects all of these indicators can be positively correlated to the Company's performance in 2016. The Company expects a better growth of the property and automobile sectors in 2016. It is also expected that the Government stimulus in several economic policy packages, such as the obviation of luxury tax (PPnBM) on the prices of below Rp20 billion landed houses and below Rp10 billion apartments, will boost the property sales which is a major market of the Company's flat glass products. As for the automotive market, the Company predicts Indonesia's automotive market in 2016 tends to be flat or no different from this year's accomplishment in line with the people's purchasing power that remains weak. It is expected that the Company can absorb the GAIKINDO's target of 7% sales increase compared to 2015. The Company also expects to increase its export sales to compensate the sluggish automotive sales in the domestic market. Although the growth of the automotive industry in 2016 is not expected to return to normal, in the long term, it continues to show a positive trend for growth. Some manufacturers have invested in the automotive industry by constructing plants in 2015. It shows the automotive market in the domestic market will remain bright and is expected to be positively correlated to the Company's growth.
COMPARISON BETWEEN PROJECTIONS AT THE BEGINNING OF FINANCIAL YEAR AND THE ACHIEVED TARGETS In 2015, the Company's net sales amounted to Rp3.67 trillion or almost the same as in 2014. The result was below the net sales target at the beginning of the fiscal year projected in the range of 7% -10% compared to 2014. This unachieved target was due to the economic slowdown and increased costs in 2015.
COMPANY'S 2016 TARGETS The Company's business projection in 2016 is based on the assumption that the country's economic growth will stand at 5.5%. The Company expects that the growth will be followed by the increase in the growth of the construction and automotive sectors, the main market of the Company's products. GAIKINDO's target of 7% increase in the 2016 car sales is expected to contribute to the Company's sales in line with the country's GDP growth. As for profit forecast, it is estimated that the profit growth will be below the percentage of sales increase due to the continued increase in raw material costs, energy costs particularly gas and electricity as well as labor costs, which can not fully compensated by the sales increase.
MARKETING The Company's products are quite well known by Indonesian people because the Company has marketed its products nationally since 1973. The Company started to penetrate in export markets in 1984. Until now, the Company products have been used by people in the domestic and overseas market.
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ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
MANAGEMENT ANALYSIS AND DISCUSSION
Flat glass marketing in the domestic market is done by PT Rodamas, which has established a strong distribution network since the 1950s. Having distribution networking in major cities in Indonesia, the Company products can be distributed and used by public in domestic markets. Meanwhile, the marketing for exports is conducted by an agent in Singapore, namely AGC Asia Pacific Pte., Ltd., (AAP). By the agent's global market networking, the Company's products are marketed globally. To support the marketing of its products, the Company continues its product innovation. At the end of 2015, the Company introduced Sunergy Cool glass which was a further development of Sunergy Clear glass that had been previously marketed. Sunergy Cool glass is launched to the market in a new color in accordance with the latest trend and also has a better performance than Sunergy Clear glass. The Company also continues innovating more new products in particular for coated glass for brand development of Sunergy and Stopsol brands to be introduced in 2016. For flat glass products in 2015, the Company performed a number of marketing activities, such as introducing new products through seminars and architecture glass exhibitions in some major cities in Indonesia. The Company in cooperation with other AGC Group members such as AGC Asia Pacific Pte., Ltd (Singapore), AGC Flat Glass Thailand, AGC Flat Glass Phillipines, Inc participated in the 2015 Glasstech Asia Exhibition taking place on 19 - 21 November 2015 in JIExpo, Kemayoran, Jakarta. In this exhibition, the Company, collaborating with other AGC Group members, introduced exterior and interior glass products, particularly glass products with added values and energy saving glass. To support its products sales, particularly for the project segment, the Company regularly conducted seminars and gatherings with architects, consultants and building developers in major cities in Indonesia such as Jakarta, Bandung, Medan, Balikpapan and other cities. This activity was expected to raise awareness of the use of energy-saving glass to support green building program. While automotive glass marketing for the OEM market in the Country was aimed to the Sole Agent (ATPM) as car manufacturers in Indonesia, such as Astra Daihatsu Motor, Toyota Motor Manufacturing Indonesia, Kramayudha Tiga Berlian, Honda Prospect Motor, Hino Motors Manufacturing Indonesia, Nissan Motor Indonesia, Suzuki Indomobil Motor, Isuzu Astra Motor Indonesia, General Motors Indonesia and others. While the marketing for Auto Replacement Glass (ARG) was conducted through the networks of spare parts Division of each ATPM holder as well as through dealers and sub-dealers networks spreading across Indonesia. The Company also continued the marketing to ASEAN countries conducted in the previous year both for OEM and ARG markets and glass for industrial use such as Exavator, Tractor and others in the Japanese market. The Company continued to improve its Low Cost Green Car (LCGC) glass market of which the demand is expected to continue growing in the future both at domestic and overseas market. LCGC that is at competitive price, fuel-efficient and with complete features will be enough to make the demand continuously growing in the future. Given a massive market in the country, the competition in the automotive glass has got more stringent. Some manufacturers have been able to offer more competitive prices both for OEM and ARG markets. However, the Company is confident that its product quality and innovation as well as the services provided will earn the trust of the Company's customers.
PT Asahimas Flat Glass Tbk
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MANAGEMENT ANALYSIS AND DISCUSSION
DIVIDEND POLICY The resolution of Annual GMS held on May 31, 2013 determined that the dividend payment policy effective from the 2013 financial year was 35% of Net Profit after Tax at the maximum. The amount of dividends to be distributed also depends on the Company's profits in the current financial year, by taking into account the Company's soundness and future plans and without prejudicing the right of the Company's General Meeting of Shareholders to determine otherwise in accordance with the provisions of its Articles of Association.
DIVIDEND PAYMENT In the Company's Annual GMS dated June 5, 2015, the shareholders approved the payment of cash dividends amounting to Rp34,720,000,000 or 7.48% of the Company's total net profit for the 2014 financial year. Each shareholder received Rp 80 cash dividend per share. The cash dividend was paid to shareholders on July 3, 2015. As for the 2014 financial year, based on the 20 June 2014 Annual GMS resolution, on July 24, 2014 the Company paid cash dividend to shareholders amounting to Rp 34,720,000,000 or 10.26% of the total net income for the 2013 financial year. Each shareholder obtained Rp 80 cash dividend per share.
REALIZATION OF THE USE OF PROCEEDS FROM IPO The Company listed its shares on the Jakarta Stock Exchange (now BEI) and Surabaya Stock Exchange on October 18, 1995 by offering 86,000,000 shares or 19.82%. The Rp210 billion net proceeds from the Company's IPO were already used to finance the construction of A2 Furnace in Sidoarjo and Automotive Glass Factory in Cikampek that was already completed in 1997. Reports on the realization of the Use of Proceeds were already reported by the Company to OJK (formerly Bapepam).
MATERIAL INFORMATION ON INVESTMENT, EXPANSION, DIVESTMENT, ACQUISITION OR DEBT/CAPITAL RESTRUCTURING There was no approval for new Investment, Expansion, Divestment, Acquisition or Debt/Capital Restructuriing given in the 2015 financial year.
CHANGES IN LAWS AND REGULATIONS Throughout 2015, there was no change in laws and regulations that significantly influenced the Company and its financial statements.
CHANGES IN ACCOUNTING POLICY Since January 1, 2015, the Company adopted the Statement of Financial Accounting Standard (SFAS) No. 24 (Revised 2013) on Employee Benefits, which provides that the remeasurement of net defined benefit liabilities (eg, actuarial profits and losses) is recognized immediately in other comprehensive income. Previously, the Company admitted it in the profit or loss using an approach allowing the suspension of recognition on the actuarial profits and losses. In addition, when the benefits of a program are changed or a program is curtailed, the impact of changes in benefits with regard to the past service costs or the curtailment profit or loss will be immediately recognized in the profit loss. Previously, past service costs that are not yet vested were amortized to profit loss with a straight-line method over the average remaining period of the expected term of service. In accordance with the transition provision of the PSAK, the Company applied this change of accounting policy retrospectively and restated comparative information in the financial statements (see Note 29 to Financial Statements).
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ANNUAL REPORT 2015
PT Asahimas Flat Glass Tbk
GOOD CORPORATE GOVERNANCE The Company is fully committed to continuously improve and implement Good Corporate Governance (GCG) consisting of Transparency, Accountability, Responsibility, Independency and Fairness, which have been the guidelines for the Company to run its business. GCG principles implementation shall mean timely and accurate information disclosures, equal treatment for all stakeholders, clarity of the functions and responsibilities of the Company's organs, responsibility to the community, the Company's professional management without pressure from certain parties and compliance to the legislation in force. With the issuance of GCG roadmap at the beginning of 2014 and the Guidelines for Corporate Governance for public companies by Otoritas Jasa Keuangan (“OJK”) in 2015, the Company strives to continuously align its Governance Practices with the Roadmap and Guidelines. One of the improvements made in 2015 was by making the 2014 Annual Report in English edition available in the Company's website. Other improvements related to GMS implementation mechanism included, the GMS invitation delivery was adjusted from to 14 days to become 21 days prior to GMS holding; hand-out of GMS rules, which previously was only distributed to participants, it is now started to be read to the participants. In addition, in 2015 the Company also completed the Charters of the Board of Commissioners, Board of Directors and the Nomination and Remuneration Committee. The Company's Wesbite as the main gateway for Stakeholders in obtaining information has also been adjusted with OJK regulation. Refer to new OJK Regulation No. 33 regarding the Board of Commissioners Meeting, the Board of Directors Meeting as well as the Board of Commissioners and Board of Directors Joint Meeting as well as OJK Regulation No. 34 regarding membership of the Nomination and Remuneration Committee, the Company has restructured the numbers of its Committees. The Board of Commissioners dissolved its 3 (three) committees and currently only has 2 (two) Committees namely the Audit Committee and Nomination and Remuneration Committee. While the Board of Directors has 2 (two) Committees namely the Disciplinary & Compliance Committee and Risk Management and Insurance Committee. The Executive Committee, which previously reported to the Board of Commissioners, was already dissolved. These changes were made because some Committees activities were already represented in the Board of Commissioners and Board of Directors Joint Meeting. The Company also continued to perform GCG Self Assessment by referring to the ASEAN Corporate Governance Scorecard and continued to improve the weaknesses found out from the assessment. The Company expects that the efforts made in laying the GCG value foundation will correlate in increasing its performance in the long term and increasing the Company's values for the Stakeholders.
BOARD OF COMMISSIONERS Pursuant to the Company's Articles of Association, the Board of Commissioners (“BOC”) oversees the Board of Directors' policies in managing the Company and provides advices to the Board of Directors as well as performing other things specified in the Articles of Association or determined from time to time by the GMS. Regulation on Public Company's Board of Directors is stipulated further in OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public Listed Companies or Public Companies.
Charter and Code Of Conduct To enhance GCG implementation performance and transparency, in 2015 the Board of Commissioners completed the Board of Commissioners Charter. The Charter was already approved and signed by the Board of Commissioners. Contents of this Charter are already in comformity with OJK stipulations, among others: membership, duties, authorities and obligations, and also the Board's mistakes or negligence in performing its duties, values, working time, board meetings, reporting and accountability. While the Board of Commissioners's Code of Conduct is already provided in the Code of Conduct established by the Company since 2002 and continuously enhanced in line with the development of the Company and the AGC Group. The Code of Conduct applies to the Company's Board of Commissioners, Board of Directors and Employees. Charter for the Board of Commissioners and Code of Conduct are already fully disclosed in the Company's website.
Implementation of Board of Commissioners Duties In 2015, the Board of Commissioners performed its duties by conducting various activities, among others: 1. On April 29, 2015, set the outline on matters that should be regulated in the Board of Commissioners Charter and the Nomination and Remuneration Committee Charter. 2. On July 31, 2015, approved working capital loan facilities from banks amounting to USD10 million. 3. On August 24, 2015, dissolved several committees under the Board of Commissioners, namely the Compliance Committee; Risk Management and Insurance Committee; and Executive Committee.
PT Asahimas Flat Glass Tbk
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GOOD CORPORATE GOVERNANCE
4. On August 24, 2015, pursuant to the authority delegated by the GMS, the Board of Commissioners appointed the Public Accountants Firm "Siddharta Widjaja & Partners" to audit the Company's books for the financial year 2015 and approved the audit fees and other terms and conditions. 5. On December 18, 2015, approved to receive an investment loan facility from banks amounting to USD 60 million. 6. On December 18, 2015, approved the Company's annual working plan and budget in 2016 including 2016 Corporate Social Responsibility activities budget which was prepared and submitted by the Board of Directors.
Composition of the Board of Commissioners The number of the Company's Board of Commissioners members as of December 31, 2015 was 6 (six) person including 1 (one) President Commissioner and 2 (two) Independent Commissioners. This is in accordance with OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public Listed Companies or Public Companies. The Board of Commissioners composition based on the resolution of the Company's Annual GMS held on June 5, 2015, with term of office until the closing of the 2016 AGMS is as follows: President Commissioner Vice President Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner
TAN PEI LING MASAHIRO TAKEDA TJAHJANA SETIADHI TAKEO TAKEI BENYAMIN SUBRATA HIDEYA TANAKA
Procedure and Determination of the Board of Commissioners' Remuneration On June 5, 2015, the Company's Annual GMS granted authority to the Board of Commissioners to determine the salary and/or benefits for members of the Board of Commissioners not exceeding USD 750,000 a year. Pursuant to the recommendations from the Company's Nomination and Remuneration Committee, the Board of Commissioners determined the salary and/or allowances received by all members of the Board of Commissioners for 2015 amounted to Rp 3,510 million.
Board of Commissioners Meetings In 2015, the Board of Commissioners held 5 (five) meetings and 2 (two) joint meetings with the Board of Directors. The attendance of members of the Board of Commissioners in the BOC - BOD Joint Meeting is as follows: Board of Commissioners Meetings No. 1 2 3 4 5 6 7 8
Name Tan Pei Ling Kimikazu Ichikawa** Masahiro Takeda* Andi Purnomo** Tjahjana Setiadhi* Takeo Takei Benyamin Subrata Hideya Tanaka
* Has been serving since June 5, 2015 ** No longer in service after June 5, 2015
Position President Commissioner Vice President Commissioner Vice President Commissioner Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner
2015 29 Apr
25 Jun
25 Aug
25 Oct
25 Dec
• • • • • •
• • • • • •
• • • • • •
• • • • • •
• • • • • •
• Attending - Not Serving
BOC- BOD Joint Meeting There were 2 BOC-BOD Joint Meetings held in 2015, i.e: on April 29, 2015 and December 18, 2015. The two meetings were attended by almost all members of the Board of Commissioners and Board of Directors.
BOARD OF DIRECTORS The Board of Directors (“BOD”) is the Company's organ fully responsible for ensuring that the Company's management is to run according to the interests of shareholders and other stakeholders. The Board of Directors reports its accountability for the performance of its duties to the GMS. In performing its duties, the Board of Directors is given clear authority and responsibility in accordance with the Company's Articles of Association as referred to prevailing rules and regulations.
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PT Asahimas Flat Glass Tbk
GOOD CORPORATE GOVERNANCE
Charter and Code of Conduct Similar to the Board of Commissioners, in 2015 the Board of Directors has also set BOD Charter and Code of Conduct prepared based on OJK Regulation No. 33/POJK.04/2014 on the Board of Directors and Board of Commissioners of Public Listed Companies or Public Companies. BOD Charter stipulates several matters, among others: membership, duties, authorities and obligations, mistakes or neglegence in performing duties, values, working time, meetings, reporting and accountability. This Charter was already approved and signed by all members of the Board of Directors and will be reviewed periodically. The Company's Code of Conduct applies to the Company's Board of Commissioners, Board of Directors and Employees. Periodically, the Board of Directors members sign a statement representing that they understand and adhere to the matters set forth in the Company's Code of Conduct.
Scope of Work and Responsibilities of the Board of Directors Board of Directors is the Company's Organ in charge and responsible to execute management function in accordance with the Company's goals and objectives. The segretation of duties and responsibilities of members of Board of Directors is based on the Board of Directors' decision. Duties and Responsibilities of each member of the Board of Directors are as follows: 1. President Director is responsible for directing and coordinating the activities and tasks of the members of the Board of Directors in general. 2. Vice President Director is responsible for: a. assisting the President Director and performing general tasks of the Board of Directors member; b. serving as the Director responsible for managing and supervising the activities of Purchase & Logistic Center and Corporate HSE. 3. Director of Automotive Glass Business Unit is responsible for managing and supervising the operations of Automotive Glass Business Unit. 4. Director of Flat Glass Business Unit is responsible for managing and supervising the operations of Flat Glass Business Unit. 5. Director of Production is responsible for the development of flat glass factory project in Cikampek. 6. Director of Administration is responsible for managing and coordinating all activities under the Human Resources and Administration and supervising the operations of Flat Glass Business Unit in Sidoarjo and Corporate MIS. 7. Director of Automotive Glass Production is responsible for assisting the management and supervising the operation of Automotive Glass Business Unit and the development of Flat Glass project in Cikampek. 8. Director of Finance is responsible for managing the Company's finance. 9. Director of Flat Glass Sales and Marketing is responsible for assisting the sales, marketing and the flat glass quality as well as supervising the quality of automative glass product. 10. Non Executive Director is responsible for bridging the interest of the majority shareholders and the Company. 11. Independent Director is responsible for managing Corporate Affairs activities.
Procedures and Determination of Remuneration of Board of Directors Based on the Company's Performance On June 5, 2015, AGMS delegated the authority to determine salaries and/or benefits received by the Board of Directors and Board of Commissioners. Based on the Nomination and Remuneration Committee's recommendations, the Board of Commissioners determined the salaries and/or allowances received by all members of the Board of Directors for 2015 amounting to Rp 26,197 million. In determining salaries and/or allowances of all Members of the Company's Board of Directors, the Board of Commissioners always takes into account of various factors, one of which is the realization of the Key Performance Indicator (KPI) achievement and the Company's soundness. The Company's good performance will also provide added value to the performance assessment of the Company's Board of Directors.
PT Asahimas Flat Glass Tbk
ANNUAL REPORT 2015
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GOOD CORPORATE GOVERNANCE
Board of Directors Meeting BOD Meeting shall be held at least once in every month while BOC-BOD Joint Meeting shall be carried out periodically at least once in 4 (four) months. The procedure for holding the Meeting is set in the Board of Directors Guidelines referring to OJK Regulation No 33/POJK.04/2014. During 2015, the Board of Directors held 12 (twelve) meetings, while the attendance of the Board of Directors members at the meetings are as follows: Board of Directors Meeting No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14
Name Mampei Chiyoda Tjahjana Setiadhi** E. David Satria Soetedja*** Naomasa Taniguchi Mitsuhiro Yoshikado Yoshiki Inoue** Sadayoshi Shinotsuka* Prasetyo Aji Michitaka Goto* Yasushi Kawamoto** Tjio Ferry Susanto Mohamad Amien* Tatsuo Sugiyama Rusli Pranadi
Position President Director Vice President Director Vice President Director Director Director Director Director Director Director Director Director Director Director Independent Director
Month Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
• • • • • • • • • • •
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• • • • • • • • • • •
• • • • • • • • • • •
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• • • • • • • • • • •
• • • • • • • • • • •
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• • • • • • • • • • •
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• • • • • • • • • • •
* has been serving since June 5, 2015 ** no longer served after June 5, 2015 *** served as Director up to June 5, 2015 and started to serve as Vice President Director in June 5, 2015
• Attending - Not Serving
Board of Directors and Board of Commissioners Joint Meeting There were 2 (two) BOD-BOC Joint Meetings held in 2015, i.e. on April 29, 2015 and December 18, 2015. The two meetings were attended by almost all members of the Board of Directors and Board of Commissioners.
GENERAL MEETING OF SHAREHOLDERS The Company's Annual GMS was held on June 5, 2015 at Hotel Holiday Inn Jakarta Kemayoran, Jakarta. The GMS materials, agenda and procedures were already in accordance with OJK Regulation No. 32/POJK.04/2014 on the Planning and Holding of the General Meeting of Shareholders of Public Company.
Announcement and Invitation GMS Announcement was conducted on April 28, 2015 or 14 (fourteen) days before the GMS Invitation, without calculating the Announcement date and Invitation date. While the GMS Invitation and agenda including agenda explanation were held on May 13, 2015, or 21 (twenty-one) days prior to the GMS, without calculating the invitation date and the GMS date. The Company also published curriculum vitae of candidates for members of the Board of Directors and/or members of the Board of Commissioners to be elected on the Company's website in conjunction with the Invitation on May 13, 2015. GMS Announcement and Invitation were done through national newspapers in Indonesian language as well as through the Company's website in two languages and on the Indonesia Stock Exchange's website.
Annual GMS Voting and Votes Counting Decision making, mechanism, and voting procedures are set in the GMS Rules which being read at the beginning of the GMS holding. Any Shareholders or proxies have the right to ask and/or submit opinions to the Meeting Chairman before voting for each meeting agenda. Whereas in votes counting, each share entitles its owner to cast 1 (one) vote. If a shareholder has more than one share, he/she is only asked to give one vote and that vote represents all the shares he/she owns or represents.
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GOOD CORPORATE GOVERNANCE
2015 GMS Resolution and its Realization The 2015 Annual GMS resolved 5 proposed agenda through voting mechanism. Details of the resolutions realized in 2015 are as follows: 1. Approved and endorsed the Company's Annual Report for the 2014 financial year including the Company's Annual Report, Report on Board of Commissioners Supervisory, and Financial Statements for the 2014 financial year audited by Public Accountants Firm "Siddharta Widjaja & Rekan” (a member firm of "KPMG International") with "unqualified" opinion as contained in the report dated March 25, 2015 No. L.14-4324-15/III.25.001; fully discharged the Board of Directors and the Board of Commissioners (acquit et de charge) from their responsibilities in respect of the management actions and supervisory actions that were alrready performed, as long as the actions are reflected in the said Annual Report. 2. a. Determined the use of the Company's net income for the 2014 financial year as follows: i. as much as Rp 34.720.000 will be distributed as cash dividends to the Company's shareholders so that each share will receive Rp 80 cash dividend. ii. as much as Rp 4,500,000,000 will be allocated and recorded as statutory reserved fund; iii.as much as Rp 419,415,000,000 will be recorded as retained earnings to be used to increase the Company's working capital. b. Granted power and authority to the Company's Board of Directors to perform any and all actions necessary in connection with the above-mentioned resolutions, in accordance with the prevailing legislation. 3. Delegated authority to the Board of Commissioners, to select and assign public accountants firm to audit the Company's financial statements for the 2015 Fiscal Year and determine the fees and terms of appointment. 4. a. Released and fully discharged (acquit et de charge) members of the Board of Directors whose terms of ofice ended immediately after the closing of this meeting, for the management actions and supervisory actions undertaken during their service as members of the Board of Commissioners and the Board of Directors, as long as their actions are reflected in the Company's books or records. b. Approved the change of the Board of Commissioners and Board of Directors composition to be as follows: President Commissioner Vice President Commissioner Commissioner Commissioner Independent Commissioner Independent Commissioner
TAN PEI LING MASAHIRO TAKEDA TJAHJANA SETIADHI TAKEO TAKEI BENYAMIN SUBRATA HIDEYA TANAKA
for the term of office until the closing of the AGMS in 2016. President Director Vice President Director Director Director Director Director Director Director Director Director Independent Director
MAMPEI CHIYODA E. DAVID SATRIA SOETEDJA NAOMASA TANIGUCHI MITSUHIRO YOSHIKADO SADAYOSHI SHINOTSUKA PRASETYO AJI MICHITAKA GOTO TJIO FERRY SUSANTO MOHAMAD AMIEN TATSUO SUGIYAMA RUSLI PRANADI
for the term of office until the closing of the AGMS in 2017. 5
a. Gave authority to the Board of Commissioners to determine the amount of salary and allowances for members of the Board of Directors, and gave authority to the Board of Commissioner meeting to determine the amount of salary/allowances for each member of Board of Commissioners for 2015. b. To determine the amount of salary and/or allowances for all members of the Board of Commissioners, including Independent Commissioner in USD not exceeding USD 750,000 (per annum).
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Resolutions of the Extraordinary GMS were as follows: a. Approved, amended and restated the Company's Articles of Association, including to amend the Articles of Association in order to adapt to the OJK regulations, as described in the Meeting. b. Agreed to grant the authority and power to the Board of Directors, with substitution right, to perform any and all measures required in connection with the resolutions, including but not limited to state the resolutions in a notarial deed, amend and/or reinstate the Company's Articles of Association in accordance with the resolution (including to reaffirm shareholders structure in the notarial deed if required), as required by and in accordance with the prevailing legislation, make or order to make as well as to sign deeds and letters or documents required, and subsequently to apply for approval and/or notify the resolutions of this Meeting and/or amendments in the Articles of Association, to the relevant institutions as well as perform any and all necessary measures, in accordance with the applicable rules and regulations. All resolutions of the Annual GMS and Extraordinary GMS in 2015 are already realized by the Company.
AUDIT COMMITTEE To support GCG implementation, in 2001 the Board of Commissioners established the Audit Committee, whose term of office shall be no longer than the term of office of the Board of Commissioners as stipulated in the Company's Articles of Association and can be reaapointed for only 1 (one) next period. The Audit Committee consists of four (4) members, including Independent Commissioner who also acts as Chairman, and three (3) members from independent outsiders. In accordance with the 2015 OJK Regulation No. 55, all members of the Audit Committee have no affiliation with members of the Board of Commissioners, members of the Board of Directors, or the Company's shareholders. The latest composition Audit Committee based on the Board of Commissioners Decision No.001/ AMFG.COM/V-2013 dated May 31, 2013 is as follows: 1. Benyamin Subrata (Chairman) Benyamin Subrata serves concurrently as the Company's Independent Commissioner and Audit Committee Chairman. He completed his education in Mechanical Engineering in Sussex University, the United Kingdom. For more than 30 years, he has been actively handling and managing business in construction, property, insurance, retail, industry, mining and electrical power. He has been serving as Audit Committee Chairman for 2 (two) periods: 2010-2013 and 2013-2016. At present he also serves as Commissioner and Director of several companies that are not affiliated with the Company. 2. Dr. A. Partomuan Pohan, SH. LL.M (Member) Dr. A. Partomuan Pohan, SH. LL.M is a graduate of the Faculty of Law of Universitas Sriwijaya (Bachelor's degree), University of Washington, Seattle-USA (Master's degree) and Airlangga University (Doctorate degree). He has been serving as member of Audit Committee for 2 (two) periods: 2010 - 2013 and 2013 - 2016. From 1974 to October 2011, he led the office of Public Notary and Land Deed Officer (PPAT) ”Dr. A. Partomuan Pohan, SH. LL.M”. He is still active as Chairman of the Centre of Company Law and Notarial Study Foundation (YPPHPN), member of the Board of Experts of Indonesian Listed Companies Association (AEI), and Secretary of Indonesian Institute of Commissioners and Directors (LKDI) and Lecturer in the Master of Law Study of the University of Indonesia. 3. Ir. Susanto (Member) Ir. Susanto has an educational background in Electrical Engineering from Trisakti University, Jakarta, and has worked with the Company since 1972, he served as Director of the company from 1996 to 2006. He has been serving as Member of the Audit Committee for 2 (two) periods: 2010-2013 and 2013-2016. 4. Drs. Hariawan Pribadi (Member) Hariawan Pribadi is a graduate from the Faculty of Economics, Accounting Department of Gajah Mada University. He has a background in Accounting and Finance. From 1971 to 1976 he worked in the Directorate General of State Finance Supervisory. From 1976 to 1988 he served as Partner in Public Accountants Firm Hanadi Rahardja and co-member firm at Grant Thornton International and from 1988 to 1998 as Executive Partner at Public Accountants Firm Hanadi Sudjendro & Partners - member firm of KPMG. From 1998 to 2002 as Executive Partner at Public Accountants Public Firm Hanadi, Sarwoko & Sanjaja - member firm of Ernst & Young Global and from 2002 to 2004 as Advisory Board at Public Accountants Firm Prasetio, Sarwoko & Sandjaja member firm of Ernst & Young Global. He serves as the Audit Committee Member from 2013 to 2016.
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Duties of Audit Committee The Audit Committee has task to assist the Board of Commissioners in performing supervisory functions in accordance with the duties and responsibilities specified in the Audit Committee Charter as follows: 1. To review the financial information that will be published by the Company to the public and/or authorities, among others, Financial Statements, Financial Projections and other statements relating to the Company's financial information. 2. To review the Company's compliance with laws and regulations related to the Company's activities. 3. To provide independent opinion in the event of disagreements between management and the public accountants (External Auditor) on the services rendered. 4. To provide recommendations to the Board of Commissioners on the appointment of accountants which are based on independence, scope of assignment and audit fee. 5. To review the implementation of investigation by the Corporate Internal Audit. 6. To review complaints related to accounting and financial reporting processes of the Company 7. To review and report to the Board of Commissioners on complaints related to the Company. 8. In performing its duties, the Audit Committee keeps confidential the Company's documents, data and information.
Audit Committee Meeting Policy In accordance with the Audit Committee Charter, the Audit Committee convenes at least four (4) times a year. Throughout 2015, the Audit Committee convened 15 (fifteen) meetings with the attendance level as follows:
Name
Position
No. of Meetings attended
Benyamin Subrata Dr. A. Partomuan Pohan, SH, LL.M Ir. Susanto Drs. Hariawan Pribadi
Chairman Member Member Member
9 14 13 15
The agenda of Audit Committee meetings in 2015 is as follows: 1. To review of the Company's 2015 business plan prepared by the Board of Directors. 2. To review the Company's Financial Statements as of December 31, 2014 along with the Company's Management and External Auditor. 3. To monitor the improvement of the Company's GCG in order to implement ASEAN Corporate Governance Scorecard. 4. To share information regarding Audit Committee Seminar materials held by IKAI (Indonesian Institute of Audit Committee) followed by the Company's Audit Committee members to the Company's management. 5. To communicate directly with Jakarta's Plant Maintenance Division, Corporate HSE and Flat Glass Sales & Marketing Center as the implementation of the Audit Committee Charter concerning the Audit Committee Authority. 6. To review several OJK regulations namely the 2014 POJK No. 32, 33, 34 and 35. 7. To review the draft of the Board of Commissioners, Board of Directors and Nomination and Remuneration Committee Charters. 8. To review amendments to the Company's Articles of Association in 2015. 9. To review and give recommendation on the appointment of External Auditors to audit the Company's Financial Statements for the 2015 financial year. 10. To conduct discussions with the Company's External Auditors on the preparation of audit of the Company's 2015 Financial Statements. 11. To review results of the examination conducted by the Corporate Internal Audit during 2014. 12. To conduct assessment on Corporate Internal Audit operations. 13. To review of the Company's performance every quarter during 2015. 14. To discuss with management the investments made by the Company. 15. To visit major projects being developed by the Company, namely the construction project of new flat glass factory in Cikampek. 16. To review the Company's business results in 2015. In performing its supervisory duties, the Audit Committee coordinates with Corporate Internal Audit. The Audit Committee provides monthly reports in the minutes of meetings to the Board of Commissioners containing information of matters of importance, among others: 1. The Company's management in 2015 has adhered to the provisions of prevailing laws and regulations. 2. The Company's financial statements of the financial year ending December 31, 2015, are already made in accordance with Statement of Financial Accounting Standards (SFAS) and Bapepam-LK Regulation No. VIII.G.7 regarding Financials Statement Presentation and Decision No. KEP-347/BL/2012 regarding amendments to Regulation No. VIII.G.7.
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3. The Company's financial statements for the financial year ending December 31, 2015 are already audited by Public Accountants Firm Siddharta & Widjaja, member of KPMG International, based on the Auditing Standards established by the Indonesian Public Accountant Institute with unqualified opinion. 4. Internal control system has functioned effectively
NOMINATION AND REMUNERATION COMMITTEE In order to improve the application of GCG principles in the Company with regard to the transparency of the Nomination and Remuneration process and to improve the quality, competency and responsibility of the Board of Directors and the Board of Commissioners, the Company renewed the composition of the Nomination and Remuneration Committee in order to conform with OJK Regulation Number 34/POJK.04/2014 on the Issuer and Public Company's Nomination and Remuneration Committee.
Membership and Term of Office Pursuant to the stipulations on the Membership and Terms of Office provided in the OJK Regulation No. 34/POJK.04/2014, the Company dissolved the old Nomination and Remuneration Committee members and based on the Board of Commissioners Meeting Decision dated June 25, 2015, the Board of Commissioners has decided that the new membership of the Nomination and Remuneration Committee comprises of 3 (three) persons, all of which are members of the Board of Commissioners and the chairman is held by an Independent Commissioner, making the Company's Nomination and Remuneration Committee composition to be as follows: No.
Name
1. 2. 3.
Benyamin Subrata Tan Pei Ling Tjahjana Setiadhi
Position Chairman (Independen Commissioner) Member (President Commissioner) Member (Commissioner)
Term of office of the Company's Nomination and Remuneration Committee will end at the 2016 Annual GMS or no longer than the term of office of the Board of Commissioners as set out in the Articles of Association. Profiles of the members of the Nomination and Remuneration Committee can be seen in the Profiles of the Board of Commissioners.
Nomination and Remuneration Committee Charter In 2015, the Company's Nomination and Remuneration Committee (NRC) released NRC Charter. The Charter was already approved and signed by all members and are binding all members of the Nomination and Remuneration Committee. The Charter includes the provisions on duties and responsibilities, composition and membership structure, procedures and working procedures, committee meetings, activity reporting system, procedures for replacing members, term of office and values. The Charter should be published in full on the Company's website, i.e. www.amfg.co.id.
Nomination Function Based on the NRC Charter, there are four categories related to the nomination function, namely: 1. Provide recommendations to the Board of Commissioners on: a. Composition of the Board of Directors and/or the Board of Commissioners; b. Policies and criteria required in the Nomination process; c. Performance evaluation policy for members of the Board of Directors and/or the Board of Commissioners. 2. Assist the Board of Commissioners in assessing the performance of the Board of Directors and/or the Board of Commissioners members based on the benchmarks developed as an evaluation. 3. Provide recommendations to the Board of Commissioners regarding capacity building programs for the Board of Directors and/or the Board of Commissioners members. 4. Propose qualified candidates as the Board of Directors and/or the Board of Commissioners members to the Board of Commissioners to be submitted to the GMS.
Remuneration Function Based on the NRC Charter, there are two categories related to remuneration function, namely: 1. Provide recommendations to the Board of Commissioners on: a. Remuneration structure; b. Remuneration policy and remuneration amount. 2. Assist the Board of Commissioners in conducting performance appraisal in conformity with the remuneration received by each member of the Board of Directors and/or the Board of Commissioners.
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Duties and Responsibilities The Nomination and Remuneration Committee is a committee established by and responsible to the Board of Commissioners to assist the Board in carrying out its functions and duties related to Nomination and Remuneration of the Board of Directors and the Board of Commissioners. In performing its duties, the Nomination and Remuneration Committee makes decisions independently. Since the establishment of the new membership, this Committee has taken several decisions, including: 1. Provide recommendations to the Board of Commissioners on conditions and rules for the Company's Board of Commissioners; 2. Provide recommendations regarding changes to the Board of Commissioners and the Board of Directors and remuneration policy making for each member of the Board of Commissioners and the Board of Directors; 3. Formulate the contents of the NRC Charter to conform to OJK regulations.
Nomination and Remuneration Committee Meeting NRC Meeting is held periodically at least once in 4 (four) months. Procedures for holding NRC Meeting has been set out in the NRC Charter as referred to in OJK regulation No. 34/POJK.04/2014. Since the new Nomination and Remuneration Committee formation, there have been 2 (two) NRC meetings, i.e. on May 27 and June 25, 2015 with 100% attendance rate of each NRC member.
RISK MANAGEMENT AND INSURANCE COMMITTEE Risk Management and Insurance Committee is formerly a Committee under the Board of Commissioners, but in line with the requirements, the Committee is now under the Board of Directors. This Committee is tasked to design a strategic policy and control the risks that will be encountered by the Company, such as Operational risk, Finance risk, Legal risk, and Hazard risk. Based on the Board of Directors Decision dated August 26, 2015, the new membership of Risk Management and Insurance Committee comprises of 9 (nine) members of the Board of Directors, namely:
Chairman
Member
Profiles of the members of Risk Management and Insurance Committee can be seen on the Profiles of the Board of Directors. During 2015, this Committee organized 3 (three) meetings on April 13, August 13 and November 5, 2015 with 100% attendance rate. The Committee also provides advices and recommendations to the Board of Commissioners in respect to the risks on the Company's assets and wealth that need to be insured.
DISCIPLINE AND COMPLIANCE COMMITTEE Disciplinary and Compliance Committee is formerly Compliance Committee under the Board of Commissioners and Disciplinary Committee under the Board of Directors, but in line with the requirements, the two committees were combined into one committee and is now under the Board of Directors. This committee is responsible for the implementation of the Company's compliance upon the applicable laws and regulations, including internal regulations existing in the Company. Based on the Board of Directors Decision dated August 29, 2015, the new membership of Discipline and Compliance Committee comprises of 9 (nine) members of the Board of Directors as follows:
Chairman
Member
Profiles of the members of Discipline and Compliance Committee can be seen in the Profiles of the Company's Board of Directors.
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In 2015, this Committee held 2 (two) meetings, i.e on May 7, 2015 and December 4, 2015, to discuss various issues related to the Company's compliance in carrying out the operations. Attendance rate of the two meetings was 100%. Important decisions produced by this Committee are as follows: 1. Evaluation on the implementation of compliance regulatory policies both with capital market regulations and the Company's internal regulations 2. Evaluation of reports on breaches conducted by employees in 2015 and suggestions to improve the procedure to impose sanctions for breaches.
CORPORATE SECRETARY Corporate Secretary plays an important role in creating good communication between the Company and its shareholders and other stakeholders. The function of Corporate Secretary is to ensure the dissemination of material information in a timely and accurate manner to all stakeholders. The Board of Directors has appointed Christoforus as Corporate Secretary by virtue of the Board of Directors Meeting Decision No. 002 / AMFG-BOD / 04-2014 dated April 30, 2014. The appointment was already reported to OJK and BEI (IDX) and other capital market supporting institutions on May 13, 2014, which became effective on May 20, 2014. Christoforus graduated from Tarumanagara University majoring in Management in 1995, and joined the Company in 1999. Prior to becoming Corporate Secretary, he has occupied various positions in the Company, most recently as Assisstant Center Manager in the Purchasing and Logistics. Corporate Secretary is responsible to the Board of Directors for the matters related to Good Corporate Governance and the Company's compliance with the prevailing laws and regulations especially the capital market regulations. Several activities carried out by Corporate Secretary in 2015 include the following: a. To keep abreast of developments in the capital market and its regulations and give input to the BOD and the BOC to comply with those regulations. b. To attend Board of Directors Meetings regularly and prepare minutes of meetings. c. To organize GMS and Dividends distribution in accordance with the procedures set out in OJKRegulation Number 32/POJK.04/2014. d. To amend the Articles of Association to comply with OJK's new regulations. e. To adjust the schedule of BOC Meeting and BOD Meeting as well as BOC-BOD Joint Meetings, help prepare BOC and BOD Charter to comply with OJK Regulation No. 33/POJK.04/2014. f. To assist the BOC in adjusting Nomination and Remuneration Committee composition and Charter in line with OJK Regulation No. 34/POJK.04/2014. g. To make changes to the contents of the Company's website in order to comply with OJK Regulation No.8 /POJK.04/2015. h. To continue disseminating the Company's Code of Conduct and Whistleblowing System to all employees. i. To organize the Company's Public Expose in conjunction with the Investor Summit and Capital Market Expo 2015 in the Indonesia Stock Exchange Building. j. To assist the Board of Directors and the Board of Commissioners in adjusting the Company's GCG implementation in line with OJK Regulation and GCG Guidelines for Public Companies. k. To welcome visit and teleconference from investors and analysts to know directly the Company's latest development. l. To perform mandatory reporting to regulators in a timely manner, including annual reports, financial statements, GMS reports, Advertisement Proof Report, Public Expose, Monthly Report of Securities Holders Registration, Report of Company Debts/Liabilities in Foreign Exchange and others. Throughout 2015, Corporate Secretary attended trainings, among others: 1. 2. 3. 4. 5. 6. 7.
Discussion on OJK's new Regulations No. 32-36 Year 2014 by OJK. OJK's New Regulations Enforcement by the Capital Market Legal Consultants Association. Code of Conduct of Board of Commissioners and Board of Directors by the Indonesian Corporate Secretary Association. Submission of the Issuer's Financial Statements in accordance with the 2015 SFAS by the Indonesian Central Securities Depository. Corporate Governance Training by OJK. Indonesia National XBRL Conference by the Indonesia Stock Exchange. Public Seminar on Business Competition Supervisory Commission (KPPU)'s Business Competition Examination by the University of Pelita Harapan. 8. Anti Trust Seminar by Asahi Glass Co. Ltd., Japan. 9. GCG Guidelines for Public Company by OJK. 10. Monthly seminar held by Indonesian Corporate Secretary Association.
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GOOD CORPORATE GOVERNANCE
CORPORATE INTERNAL AUDIT Internal Supervision and Control The Company's Corporate Internal Audit was established on June 21, 2009. Head of Corporate Internal Audit is Patikkos Siahaan, pursuant to the Board of Directors Decision No. 002/AMFG-BOD/05-2013 dated May 29 2013. Previously, the Company's internal control function was named Internal Control Group and formed in 2000.
Structure and Position of Corporate Internal Audit The Company's internal supervision and control are evaluated by Corporate Internal Audit chaired by Head of Corporate Internal Audit who directly reports to the Company's President Director and Vice President Director.
GMS
Board of Commissioners
Board of Directors
Audit Committee
Flat Glass General Division
Corporate Internal Audit
Corporate
Automotive Glass General Division
Profile of Head of Corporate Internal Audit Patikkos Siahaan, has been serving as the Company's Head of Corporate Internal Audit since June 1, 2013. He earned his Bachelor of Accounting from Sekolah Tinggi Ekonomi Indonesia in 1995 and passed his State Exam in Accounting with Accountant State Registry (RNA - 8419) in 2015, obtained his Qualified Internal Auditor (QIA) Certification No: 3309/QIA/2012 and Chartered Accountant (CA) Certification in 2013. In addition, he also has an experience as Finance & Accounting Manager at the Company's factory in Cikampek.
Number and Competency of Corporate Internal Audit Employees By end of December 2015, the Company's Corporate Internal Audit had 3 (three) members, including 1 (one) Head of Corporate Internal Audit. To improve competencies and capabilities of Corporate Internal Audit personnel, the Company registered all members of the Corporate Internal Audit in the Qualified Internal Auditor (QIA) certification program held by “YPIA” Internal Audit Education Foundation.
Corporate Internal Audit Charter In accordance with Regulation No. IX.I.7 the Attachment of Bapepam and LK Chairman Decision No. KEP-496/BL/ 2008 regarding the Establishment and Guidelines for Internal Audit Charter, the Company's President Director and Vice President Director set forth Internal Audit Charter on November 10, 2009 as the details of the vision and mission as well as functions, duties and responsibilities, authority and scope of work of the Company's Corporate Internal Audit.
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Duties and Responsibilities based on Corporate Internal Audit Charter Corporate Internal Audit is tasked to provide assurance and independent and objective consultation in order to increase the Company's added value and improve the Company's operations by examining, evaluating, giving advice for improvements and increasing the effectiveness of risk management control and GCG as stipulated in the Corporate Internal Audit Charter, which regulates the duties and responsibilities of the Corporate Internal Audit as follows: 1. To prepare and implement annual work plan of Internal Audit; 2. To examine and evaluate the implementation of internal control and risk management system in accordance with the Company's policies; 3. To examine and assess the efficiency and effectiveness in finance, accounting, operations, human resources, marketing and information technology and all other aspects of the Company's activities. 4. To provide advice for improvements and objective information regarding the activities at all management levels. 5. To prepare audit reports and submit the reports to President Director and Vice President Director as well the Board of Commissioners. 6. To monitor, analyze and report to the Company's President Director and Vice President Director the implementation of followup of the suggested actions for improvements; 7. To work closely with the Audit Committee. 8. To develop programs to evaluate the quality of internal audit activities performed by Corporate Internal Audit. 9. To conduct special audit if necessary.
Corporate Internal Audit Activities in 2015 In 2015, Corporate Internal Audit carried out audits in accordance with the Annual Audit Plan (AABP), approved by the President Director and Vice President Director, among others: No. 1 2 3 4 5 6 7 8
Audit Subject Transportation & Delivery Cost in Flat Glass Factory in Jakarta Special Budget & Work Order in Flat Glass Factory in Sidoarajo Sales, Accounts Receivable & Terms of Payment in Subsidiary (PT Auto Glass Indonesia) Suspense, Advance payment and Petty Cash at the Company's three Factories Payroll Process in Jakarta's Flat Glass Factory Inventory Sub Material in Cikampek's Otomotive Glass Factory Inventory Store Good in Jakarta's Flat Glass Factory Waste Material Management in Jakarta's Flat Glass Factory
Period Jan - Feb Mar - Apr May - Jun Jul Jul - Aug Sep - Oct Oct - Dec Nov - Dec
INTERNAL CONTROL SYSTEM Financial and Operational Control An effective Internal Control System (“SPI”) is an important component for the Company and a foundation for the Company's healthy and safe operations. SPI assists the Company in control mechanism such as assets maintainance, impact of loss, and compliance with legislation. The Company has formed an effective SPI to assist the Company in obtaining reliable financial information, enhancing the Company's compliance with the applicable laws and regulations, as well as mitigating the risks of financial and operational losses, fraud and employee disciplinary violation.
Evaluation of Internal Control System Effectiveness To evaluate the effectiveness of SPI, the Company has established Corporate Internal Audit (CIA) which serves as Internal Audit Unit. Result of CIA evaluation becomes a basis for the Management to evaluate SPI effectiveness and determine improvement and enhancement of systems or policies that allow management to run operational activities more effectively in accordance with Good Corporate Governance.
RISK MANAGEMENT SYSTEM The Company's Risk Management System At the moment, the Company has in place risk management governance infrastructure as well as other supporting elements that support the system. The Company has formed Risk Management & Insurance Committee that assists the Company in monitoring, controlling and managing risks. The Committee is responsible for identifying, evaluating, controlling and mitigating the risks faced by the Company.
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Risk Profile and Management Method The Company's Risk Management and Insurance Committee has classified four (4) categories of risks in the Company's business, as follows: 1. Operational Risk Operational risk includes management of the risks related to: • Availability of labors • Availability of raw materials and energy • Quality of relationships with the communities in the surrounding of the Company's factories. The Company has undertaken operational risk management by performing the following actions: • Rearrange the activities related to the Company's main activities. • Make efficient use of energy and raw materials. • Improve the quality of a harmonious relationship with the local community through community development programs. • Conduct a comparative study to other companies with regard to operational activities. 2. Financial Risk The Company classifies financial risk to include fluctuations in foreign currency exchange rates, changes in laws and regulations related to finance, risk of a breach in taxation and commitment in implementing Capital Market regulations. To minimize this risk, in 2015 the Company continued to increase export sales, so that the Company's revenues in foreign currency can be protected naturally (Natural Hedging). For working capital purposes and investment, the Company has also secured credit facility from Bank that can be used by the Company when required. The Company also always keeps abreast of the development of the laws related to finance in order to overcome financial risks that may emerge. 3. Legal Risks To manage legal risk, the Company always ensures that all business activities are in compliance with applicable laws and regulations both domestically and internationally. The Company continues to conduct regular evaluation on the level of its compliance in running its business. The Company has in place experienced personnel in the field of law and established cooperation with some legal counsels. The Company also conducts education and training for management and employees regarding legal knowledge and disseminates new regulations related to the Company's business activities. 4. Hazard Risk Hazard Risk may occur at any time and the Company believes that special attention to this matter is necessary. Such risk includes occupational health and safety, environmental and natural disasters. To overcome the above risks, in 2015 the Company undertook several efforts, among others: a. Carrying out dissemination and trainings on occupational health and safety intensively and sustainably. From time to time, the Company checks the working condition in order to work safely. b. Conducting health education and regular medical check-up and blood donors. c. Establishing a standardized measurement system for analyzing waste and disposal proceeds. d. Forming Emergency Responses Team (ERT) and simulating emergency trainings related to tsunami and earthquake.
Risk Management Evaluation Risk Management and Insurance Committee together with the Board of Directors perform an evaluation to risk management based on results of the audit that has been done. Results of this evaluation are informed to related divisions for follow up and correction.
SIGNIFICANT CASES Throughout 2015, the Company did not confront any critical material case that involved members of the Board of Commissioners, Directors and Employees which might affect the Company's condition.
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ADMINISTRATIVE SANCTION During the 2015 financial year, there was no administrative sanction imposed to the Company, the Board of Commissioners and Board of Directors, either by capital market authorities.
CODE OF CONDUCT AND CORPORATE CULTURE The Company has in place Code of Conduct since 2002. As part of AGC Group, the Company has also adopted AGC Group's global principles since 2008. The value contained in the Code of Conduct has been disseminated to all Company's employees and management.
Principles of Code of Conduct The principles contained in the Company's Code of Conduct are as follows: 1. Foundations for Compliance 2. Fair Competition and Antitrust 3. Workplace Health and Safety 4. Environment 5. Respect for People 6. Quality and Safety of Products and Services 7. Reports and Records 8. Insider Trading 0. Company and Third-Party Assets and Confidential Information 10. Conflict of Interest 11. Gifts and Entertainment 12. Relations with Government Officials and Politicians 13. International Trade Controls 14. Confrontation With Anti-Social Powers 15. Audit System
Principles of Corporate Culture In carrying out all activities both in business activities as well as in behaving, the Company has always underlined the values that have been embedded by the Company's founders, namely: 1. 2. 3. 4. 5.
Pioneering Spirit Honesty and Sincerity Cooperation Spirit Creative Thinking Responsible
These values have become part of all employees and management in carrying out its activities.
Dissemination and Enforcement of Code of Conduct The Company continues to disseminate its Code of Conduct through communication media owned by the Company. In 2015, the Company produced an animation video on Code of Conduct with a view to make the Code of Conduct more effective and the embedded values can be understood by all employees. Members of the Board of Commissioners, Directors and Employees who violate the Code of Conduct will be given sanctions in accordance with the prevailing legislation and applicable company regulations. Enforcement of Code of Conduct The Company's Code of Conduct applies to all employees, the Board of Directors and Board of Commissioners. Every year, all employees, Directors and Commissioners always renew their commitment to adhering to the Code of Conduct by signing the Personal Certificate stating that they have understood the contents of the Code of Conduct and are committed to adhering to the contents.
STOCK OWNERSHIP PROGRAM The Company has no stock ownership program for employees and/or management.
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WHISTLEBLOWING SYSTEM In order to support its GCG implementation, the Company has provided Whistleblowing System or commonly known as Helpline Service. This service is addressed to the employees and stakeholders of the Company in order to participate in improving supervisory function on the breaches that may occur in the Company. For employees and stakeholders who wish to report indications of corruption, collusion, fraud, bribery, conflict of interest, theft, breach of other material but feel hesitate or fear his/her identity will be revealed as he/she knows the doer, the person can report it using the Helpline Service provided by the Company.
How to Report a Breach The Company has provided facilities to report any breach and irregularities that may be detrimental to the Company through several means, among others: • • • •
SMS : 0815 898 9999 Email :
[email protected] Facsimile : (021) 6983 7578 Written correspondence to the Company's address
Protection of the Informant Each stakeholder is most welcome to make reports of irregularities occurring in the Company. The Company provides protection to those who report the occurrence of irregularities and breaches. Information submitted to the Helpline Service must be accountable to avoid any slander on the defendant.
Handling of Complaints and The Party Managing the Complaints For each information and report from employees or stakeholders, the Company has established a Compliance Team responsible for handling and managing the submitted information and reports. Compliance Team will act in accordance with the Company's Complaints Service Standard Operation Procedure (SOP). Compliance Team will attempt to investigate all reports received equitably and thoroughly and will take appropriate actions. Results of these investigations will be submitted to the Compliance Committee and also the informant (whistleblower) who provides such information.
Results From Complaints Handling During 2015, there was no complaint submitted through the Helpline Service; however, it did not mean that there was no violation occurring in the Company. Despite no complaint/report submitted to the Complaint Service, violations still occurred. The Company believes that the use of this facility needs to be improved. The Company will continue the dissemination of this Complaint Service along with Code of Conduct.
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CORPORATE SOCIAL RESPONSIBILITY AND ENVIRONMENT Being part of the community, the Company runs its business activities by always striving to contribute and actively participate in solving various problems that occur in the community. The Company wishes to continue growing and developing along with the community by creating a harmonious relationship with the community in the vicinity of its business locations. Thus, the Company's existence can benefit and meet the expectations of stakeholders, i.e. customers, business partners, governments, shareholders, employees and the surrounding community. For that reason, the Company conducts corporate social responsibility activities or CSR, which is now already known to the public. The Company has conducted CSR activities for a long time in nearby locations and outside the Company's business locations. The Company realizes the importance of giving and sharing, not merely to enhance its reputation, but also to help the Company continuously grows, develops, and provides sustainable benefits for stakeholders. The Company realizes that social responsibility is an integral part of its business operations. All of its business activities are carried out in a responsible manner with a view to bring a positive impact on the community. The Company believes, when all elements of the society including the business community seriously consider the positive impact of every activity, all parties will get benefit from it. In carrying out CSR activities, the Company has set forth CSR policies that become the guideline of CSR implementation activities across its factories that are located in Jakarta, Sidoarjo and Cikampek, namely: 1. Support for the next generation Supporting the development of the young generation as the next generation with future and help them pursue their aspirations. 2. Harmonious living with the surrounding communities Establishing a harmonious relationship and cooperation with the surrounding communities and empower communities in a sustainable manner. 3. Environment Conservation Preserving the environment and contributing to overcoming environmental issues and producing products that are environmentally friendly. The year 2015 was one of the significant momentums in the Company's journey to continuously contribute to community, with regard to the expansion of the Company's factory in Cikampek, West Java. The Company has a commitment to remaining consistent and continuously improving the performance of its CSR activities, including in the the new factory in Cikampek.
Expenses of CSR Activities In accordance with prevailing laws and regulations, the Company has prepared an action plan and budget for all CSR activities approved by the Board of Commissioners. For 2015, the Company has incurred approximately Rp1 billion or nearly the same with the total cost incurred for the Company's CSR activities in 2014.
ENVIRONMENTAL RESPONSIBILITY In line with its mission "To build the world a better place for living", the Company is obliged to take part in preserving the environment. To that end, the Company places its commitment to nature and social environment as priority and inseparable from its operating activities. In a way to realize it, the Company complements its business operations with environmental management documents in conformity with the governing regulations such as Environmental Impact Assessment (EIA/AMDAL/ANDAL) Document and Environmental Management Efforts -Environmental Monitoring Efforts Document (UKL-UPL). The aim is to estimate the impact that may be resulted from business operations, and evaluate and seek the right solutions to overcome. Thus, implementers of those activities have a guideline to manage the environmental impact at the Company's factories. Along with the construction of its new factory in Cikampek, the Company remains committed and consistent to adhering to all aspects related to nature and required permits. It is very important for the Company to keep the construction work run smoothly in order to meet the predetermined schedule. As a responsible citizen in creating a better living environment, the Company has in place a policy connected to the environment namely “Sustainable Contribution to the Earth through activities that are environmental friendly”. The Company has five principals in running those environmental policies, namely: 1. Continuous improvement based on an integrated Environmental Management System (EMS/SML); 2. Compliance with environmental regulations and requirements of PT Asahimas Flat Glass Tbk
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3. Performing measures to mitigate environmental impacts and prevent pollution. 4. Developing products, technologies, services and facilities that are environmental friendly. 5. Communicating actively regarding environmental activities with stakeholders. Green Activities by the Company are translated with the term 3G: Green Factory, Green Operation and Green Product. Elaboration of the 3G concept by the Company is as follows: GREEN FACTORY It has become the Company's commitment to applying the Green Factory concept in its factories environment. To support the creation of environmental friendly factories, the embodiment of Green Factory is reflected directly in the surrounding environments of the Company's factories, where many trees and ornamental plants are planted to give a beautiful scene. The trees were planted by employees and their families in 2010; the growth of the trees has been continuosly monitored and maintained. In addition, in the water channels within the Company's environment, there are also several species of fish that can be seen with naked eye as means of water quality monitoring. Healthy and fresh condition of the fish in the water channels indicates that the water in the channels do not contain harmful chemicals. Factories and offices also have quite good air and sunlight circulation. Some indoor and outdoor lightings already use LED so that they will be more efficient and durable. In addition, the Company also implements 5-S or 5-R consistently and continuously, so that all venues both indoors and outside look neat and clean. In addition to tree planting in the factory environment, the Company's factory located in Jakarta with government agencies and surrounding community also planted fruit trees, located not far from the Company's Jakarta factory. Currently, fruit trees produce fruit that has been used by local people and became “Taman Hatinya” park, one of the PKK's model park in district level. In the 2014-2015 PROPER assessment, the Company's factories in Jakarta, Cikampek, and Sidoarjo were awarded BLUE PROPER from the Ministry of Environment and Forestry, indicating the compliance of the three factories with the applicable environmental regulations and management. GREEN OPERATION To support Green Operation concept, the Company uses Natural Gas (NG) in the running of flat glass factory operation. By using NG, the emission will be cleaner and friendlier to the environment compared to using fuel oil. The Company also seeks to reduce CO2 emission unit in several ways, among others by: 1. 2. 3. 4. 5. 6.
Reducing fuel consumption Enlarging cullet ratio Increasing efficiency in the delivery process Increasing productivity, and Reducing utility Using environmental friendly materials
The Company's activities related to Green Operation, among others, are as follows: Waste Management Currently, waste is a fundamental problem for human life. For that reason, it is important for the Company to help to tackle this problem. Application of 3R or Reuse, Reduce, and Recycle is still the best way to manage and handle waste both in industry and society. In waste management, the Company also adopts the 3R program. Reuse means reusing waste that still can be used for the same function or other functions. Reduce means reducing everything that will result in garbage, such as replacing wood box packing material into iron pallets, which can be used again after the delivery. Recycle means recycling waste into new products that are useful, such as reusing cullets from the production process into raw materials. Implementation of the 3R program in the Company's waste management activities will provide benefits because the waste that has been sorted will be easier to be processed and distributed to manufacture useful products. In waste management, the Company has carried out several activities, among others: 1. Provide trash cans on each workspace and open space with three categories: Non-B3 (non-hazardous and nontoxic waste) bins, Metal bins and B3 (hazardous and toxic waste) bins. 2. Provide Temporary Storage Place of B3 waste from production processes that had permission from BPLHD. Furthermore, this waste is transported by a company that has a license (manifest) from the Ministry of Environment and Forestry to be transported, processed and managed.
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3. The Company in cooperation with the communities around the factories to recycle paper water to be reprocessed into useful products and recycle waste of dried leaves to be processed into compost. Water Management Water is the source of life for human and for the company as well, where water is used in the process of cooling equipment and glasswashing. Water used by the company are from PAM and water Reverse Osmosis/RO. for that reason, the Company should manage its use. To reduce the use of PAM water in its operations, the Company's factory in Jakarta has made recycling process of waste water from the equipment cooling process and glass washing by mixing the waste water with sea water used as raw material, to be reprocessed into fresh water by using "Reverse Osmosis / RO" technology. The RO process produces clean water that can be reused as equipment cooling water and glass washing in the course of production process. As for wastewater treatment, the Company's flat glass factories in Jakarta and Sidoarjo are already equipped with Wastewater Management Installation facilities (IPAL). At the IPAL, wastewater is processed through various processes to eliminate or reduce contaminants (pollutants) contained in the waste so it does not exceed the quality standards. The Company also regularly conducts laboratory testing and reporting of wastewater to the Environmental Management Agency (BPLHD) and the Ministry of Environment and Forestry (KLH). For the Compay's automotive glass factory located in Cikampek, waste water management is done through the IPAL owned by Bukit Indah Industrial Park, and the results are also reported regularly to the local BPLHD and KLH. To indicate that the quality of waste water from the Company's operations does not exceed the quality standards, quality of the water is checked on a regular basis in BPLHD. In addition, the Company's Health Safety & Environment (HSE) and QC laboratories routinely check the water quality in the laboratories owned by the Company. Energy Saving Campaign In addition to recycling and water management, the Company also carries out energy-saving campaign to encourage the culture of electricity, water and paper saving by placing stickers and banners on related objects both inside and outside the rooms of the factory premises.
Certifications in Environment and Quality Management In carrying out its mission "To build the world a better place for living" that is aligned with one of its CSR policy of "Preserving the Environment", the Company continues to raise awareness of the environment by adhering to international standards for Environmental Management System (EMS/SML). One of the systems that can be used in achieving EMS implementation is ISO 14001: 2004. With this system, the Company can ensure that the process carried out and the products have met the commitment to the environment, particularly compliance with the regulations in the field of environment, pollution prevention and commitment to continuous improvement. The Company's factories in Jakarta, Sidoarjo and Cikampek have obtained environmental certifications namely ISO 14001: 2004 since 2005, with the last audit on this ISO 14001: 2004 certification was done in April 2014 by DNV Malaysia, an internationally recognized independent agency of ISO audit. The Company realizes the importance of the environmental management system in the implementation of its business activities. To enhance SML practices, the Company has determined ISO 14001: 2004 as mandatory training for all employees. To continuously improve its SML, the Company requires all employees to pay attention to several issues in the ISO 14001 policy, namely: 1. 2. 3. 4. 5. 6.
Employees must know the environmental policy. Employees must know the environmental programs in their respective Departments. Employees must obey the rules/ procedures related to the environment. Employee must deliver inputs or ideas regarding environmental improvement in their respective working places. Employees must participate in the environmental audit conducted on a regular basis. Employees must strive to prevent pollution of the environment in their respective working places.
GREEN PRODUCT Today the market and consumer demands for products that are environmentally friendly (“Green Product”) continues to increase. In response to that, the Company continuously creates Green Products. Green Product is defined as a product that must conform to the environmentally friendly requirements. Nowadays, consumers already have a heightened awareness in the use of Green Products that are free of chemical elements that can harm health and the environment.
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In line with such understanding, the Company has launched Green Products of flat glass under the brand “Sunergy”. Sunergy glass has several advantages: environmentally friendly and energy efficient. This type of glass has a low light reflection and energy efficient because of the double coating on the glass surface that makes hot air from the outside coming into the room can be minimized so that the electrical energy for the air conditioner (AC) can be saved. In addition, the Company has also introduced “Lacobel” brand for interior glass. Lacobel is an interior glass with a variety of color selection and high reflection. Paint colors used by Lacobel contain no heavy metals nor chemicals that can damage the environment. The Company has pioneered the first eco-friendly glass products in the domestic market, which are mirror glass products branded “Miralux” and “Dantalux”, copperless interior glass products that are more resistant to corrosion. These products are different from the existing products in the market, especially in the country. The Company expects that its environmentally friendly products can cater the trend of consumer demand for Green Products in line with Government policy that has begun to introduce Green Building and Green Architecture concepts in construction and property industry. The Company in cooperation with the Green Building Council Indonesia (GBCI), an independent and non-profit institution fully committed to community education in applying environmental best practices and facilitate the sustainable transformation of the global building industry, conducts seminars and trainings for stakeholders including professional in the field of construction service, building and property industry businesses as well as community who care about the environment, on the Company's products that are environmentally friendly in terms of raw materials, production processes and production results.
EMPLOYMENT PRACTICES The existence of strong industrial relations between the Company and all employees is one of the key of business sustainability of the Company. For that reason, the Company is constantly working to ensure the rights and responsibilities of employees are in accordance with the laws and Collective Labour Agreement (PKB) as a form of corporate policy in the field of employment. It is undeniable that reliable Human Resources have become one of the main determinants of the Company's success to date. Managing nearly 3,000 employees is certainly a challenge for the Company. However, with a high commitment from all levels of employees with the philosophy of "We are in the same boat, we are AMG", the Company believes the quality of human resources can continue to be improved and contributed positively to the Company's business activities. The Company has addressed various employment challenges in terms of fair employment opportunities by conducting the recruitment of employees regardless of ethnicity, religion, race, class, social level. The recruitment process is conducted by holding the principle of equality, non- discriminatory, and transparent. The Company integrates human resources strategy with business planning and organizational leadership that are backed with measures to strengthen the Company in gaining the best employees/talents and performance-based culture application, process of developing cadres of future leaders, in creating a strong engagement with employees and maintaining close industrial relations, in which all are embraced by a strong corporate culture. To maintain a harmony in the fast growing environmental and organizational changes in the face of competition at the global level, the Company has strengthened its commitment to consistency and continuity of various programs implementation to improve the quality of its human resources. Leadership competency development program, from the early stage, is designed with comprehensive and tiered considerations, ranging from basic competence mastery, managerial capability mastery and leadership with a varied range of development tools that include training programs, mentoring, rotation, career development, leadership coaching and feedback sessions, and is reinforced with the Company's corporate culture content. The various processes of human resource capacity development are intended to produce leaders who are groomed from within balanced personal character, in terms of knowledge, experience and competency. In carrying out Employment Practices, the Company always adheres to the Employment Law and its implementing regulations. The rights and obligations of the Company's employees are stipulated in the PKB between the Company and its Labor Unions. The PKB has a time limit and is always updated by the Labor Unions and the Company and approved by the Director General of Industrial Relations and Labor Social Security. A harmonious relationship between the Company and the Labor Unions is also improved by implanting the principle of partnership relationships, maturity and mutual trust. The Company in conducting its business activities, continuously complies with the applicable rules and regulations related to employment, which are provided in its Company Rules and PKB that among others contains the provisions for not employing under age children, providing wages above the minimum wage in accordance with the minimum wage of province/city/county in every region of the Company's business and treating all employees equally regardless of their ethnicity, race, religion, class or gender, and physical condition.
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Every year, the Company always evaluates the level of increase in minimum wage to be adjusted to current economic conditions.In addition to the evaluation, the Company also provides a form of recognition to employees by giving fair promotion to good achievers. Each year, the Company routinely presents Employee Model awards to the selected employees and Monthly Incentive rewards to the employees based on their best performance. In addition to the monetary rewards in the form of salary, the Company's employees are also entitled to various facilities and services that make their lives more prosperous and developing. All employees still get health facility for eye care, hospital inpatient and outpatient. In addition, the Company provides pre-pension program and trainings for employees who are entering retirement age. The Company ensures that pensioner can go through smooth transition period from employee to become an entrepreneur. Prepension program among others are entrepreneur seminars, financial planning session and pre-pension conselling. These programs can give life skills to ensure the well-being of employees after retirement.
OCCUPATIONAL HEALTH AND SAFETY The Company is highly committed and aware of the importance of complying with the applicable Laws and Regulations including those which related to occupational safety, health and environmental protection.The Company has in place the Basic Manual of Occupational Health and Safety that applies to all employees and management of the Company. The manual is intended to make every employee understand and practice the basic rules of occupational safety and health properly in oder to prevent occupational injury. The Company also has in place a slogan on Occupational Safety and Health Practice (K3), namely: "No production/activities without the assurance of occupational health and safety". In the meantime the Company's K3 policy is as follows: 1. We will improve our Risk Assessment ability to promote the effective use of SMK3, 2. We will continue the safety activity tradition by not making it a routine activity that is repetitive, 3. Managers will treat their subordinates as family members and ensure their occupational safety. We will develop basic safety principles of equipment and continuously improve the working environment, 4. We will carry out K3 activities as part of production activities by providing necessary support for line management, 5. We will comply with all prevailing legislation and requirements related to K3, 6. We will mobilize proactive participation of employees in all K3 activities through open, honest and fair interaction and communication in the workplace. High commitment is also applied by the Company in its new factory construction in Cikampek, by continuously analyzing the risk of accidents which may occur during the project work in progress and continually carrying out "daily patrol" either a 5-R patrol or a safety patrol. Therefore, throughout 2015, there was no significant occupational accident in the construction project. To support the policy, in 2015, the Company conducted several activities, among others:
"Safety First" Campaign “Safety is Basic” has become a culture in the Company. In carrying out its activities, the Company always puts safety and security in the first place, meaning that there will be no production if there is no guarantee of security and safety. To increase employee awareness of the importance of workplace safety, the Company constantly makes reminders on the importance of safety in every
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activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.
Emergency Condition Simulation In 2015, the Company conducted a series of simulations to anticipate the occurrence of natural disasters and emergencies, such as floods, earthquakes, leaks of Heavy Oil, SO2 and fire. The purpose of the simulation is to train each employee in the face of natural disasters and emergencies, as well as to evaluate the facilities and communication systems in emergency situations. The simulations were carried out by making several scenarios such as a fire in the Company's building, how is the system evacuation through emergency doors toward the meeting point, how much time taken to evacuate all employees in the work site to the meeting point. This simulation is needed so that when disaster really strikes, it is expected that all employees already have enough knowledge to protect themselves and their environment.
Safety Patrol To ensure safe conditions in the work environment and that every employee carry out security and safety procedures, every day, heads of all sections are required to conduct patrol. In addition, Safety & 5S Patrol must also be conducted by the management each month at different locations. Furthermore, a report should be made and evaluation of the findings in the field should be followed up and coordinated with HSE section and related sections.
Health For Employees To actualize its concern for the health of all employees, the Company actively takes preventive measures against things can be detrimental to the health of employees. The Company has been cooperating with several hospitals to provide counseling and seminars on a regular basis about the diseases that often occur in the community. Every year, the Company also regularly conducts health checks for all employees such as X-rays, urine test, blood test, blood pressure test and others.The Company also provides Polyclinic along with doctors and paramedics at each location of its factory. The facility is intended to provide the employee with a quick services either in normal or emergency conditions. To maintain health and fitness, once a week the Company's employees play sports, especially badminton, tennis courts, indoor soccer and morning gymnastics guided by aerobic instructors. The Company also has registered its employees in BPJS Ketenagakerjaan which provides among others accident insurance, death insurance and old age insurance and BPJS Kesehatan.
SOCIAL DEVELOPMENT AND COMMUNITY EMPOWERMENT Empowering individuals and community groups in the communities by providing skills is one of the Company's ways to develop and empower communities to become more self-sufficient. Therefore, the Company has been doing community development activities, which include:
Scholarship Program One of the Company's active roles to improve quality and educational facilities for the community is by providing direct assistance to the world of education. The assistance is given in the form of scholarships and school equipment for early childhood and elementary school levels around the Company's factories. In addition, since 1985 to date, every month the Company helps the distribution of scholarships granted by the Yayasan Asahi Glass Indonesia (YAGI) for the senior high school level (SMKN 56 Jakarta) and 3 (three) universities in Indonesia, namely Universitas Indonesia, Institut Teknologi Bandung and Institut Teknologi Surabaya. YAGI is a non-profit foundation which purpose is providing scholarships for the best and selected college students. YAGI was founded on July 5, 1983 by Asahi Glass Co., Ltd., Japan and PT Asahimas Flat Glass Tbk. In 2015, YAGI provided scholarships to 40 students of SMKN 56 Jakarta and 54 college students from Universitas Indonesia, Institut Teknologi Bandung and Institut Teknologi Surabaya. The amount of scholarship granted in 2015 was Rp220 million.
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activity. The appeal of safety is delivered through bulletin boards, running text, morning and afternoon meetings, mandatory trainings for all employees through Safety Simulator and other means of communication. Before commencing work, the Company's employees always do "Kiken Yochi" (hazard prediction) and Tool Box Meeting (TBM) by carrying out an examination of the work environment.
Freshwater Fish Farming In 2015, the Company continued to develop freshwater fish farming program especially freshwater fish, for example catfish, that is run by the community surrounding the Company's factory in Sidoarjo. Currently, they have developed the cultivation of other freshwater fish such as red tilapia and carp. The Company sees a quite good potential for the community to farm catfish and other freshwater fish that can continuously grow. For the freshwater fish farming, the assistance provided by the Company is in the form of land clearing with leveling, irrigation, making of catfish ponds and feed warehouses, training and maintenance, providing of seedling and setting the marketing targets. The Company in cooperation with the Food Security Agency of Sidoarjo Regency periodically provides guidance for the cultivation for the farmers. The Company expects that community can take advantage of unused lands in the environment so that there will be new freshwater fish ponds which would increase the community's incomes.
Brick Making Property development growth in most of Cikampek areas makes the need for building materials increase. The good opportunity is captured by some of the residents in the Purwasari Village to develop a brick-making business. The Company provides assistance for place renovation and electric machines for the brick-making. The Company also provides a simple bookkeeping training to facilitate the administration of their business activities recording. The Company expects this brick-making can continue to thrive in in the community so that it can absorb more labors and the result can be further improved, which would certainly impact on the community's income.
Mushroom Cultivation Along with increased insight and awareness of healthy food, the Company has been cooperating with a group of Oyster Mushroom farmers in the Tamelang village, Cikampek. Oyster Mushroom is one of well-known fungus people like to eat and cultivated by farmers. There is no doubt that prospect of mushroom cultivation is very good, even up to date, local markets still do not have enough stock of oyster mushroom. Seeing the potential market and interest of the community surrounding its factory in Cikampek, the Company helps local communities to undertake oyster mushroom cultivation. The assistance provided by the Company is in arranging a building as a place for oyster mushroom cultivation. The Company also provides the materials used for oyster mushroom breeding process. As a result, oyster mushroom harvest has been already underway and the Company also notices that the yields are quite good. The Company expects that there will be new oyster mushroom nursery-breeding for the community, especially around the Company's factory so as to assist government programs in terms of alleviation of unemployment as well as increase local community's incomes.
Duck Farming At present, duck is one of the favorite foods enthused by the community, where its market share is expected to increase. Seeing this business opportunity, the Company in cooperation with the community of Kalihurip Village, Cikampek, has built a duck breeding farm. The Company contributes to this activity by making duck cages completed with the fittings, duck seed, food and harvest. It takes 90100 days in this duck enlargement process, from seed to harvest. The result already obtained from this duck farming has been quite satisfactory, although there are still shortcomings and problems, these do not deter the duck breeders. The Company expects that the duck breeding can continue to thrive in the community so that it can absorb more labors and the result can be further improved, which would certainly impact on the community's income.
Cake Making Training The Company's Sidoarjo factory in collaboration with members of Family Welfare Programme (PKK) around the factory organized a cake making training program. The residents were taught how to make cakes with good quality, taste, appearance and cleanliness as well as to calculate the basic price. This program was expected to increase local community's income.
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Longan Tree Planting In line with the Company's CSR policy which is "Living in harmony with the surrounding community and Preserving the environment" on December 11, 2015, the Company in cooperation with the supplier of one of the raw materials and the village government of Clering, Donorojo, Jepara, Central Java held a crystal longan tree planting. This event was attended by the management of the Company, suppliers, community leaders, Village Chiefs and farmers community in Jepara. In this CSR activities, training was given on the practice of good longan tree planting. No fewer than a hundred people followed the event with great enthusiasm. People really appreciate the contribution of the Company to their village, this shows a good relationship between the Company and the communities in the mining of raw materials.
Handover and longan tree-planting by the management of the Company to the community in Clering Village, Donorojo District, Jepara - Central Java
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OTHER SOCIAL ASSISTANCES Social assistance provided by the Company not only in the form of empowerment, but also many that had been conducted by the Company to the community, surrounding its operational areas or the community at large. This social assistance includes, among others glass donation for places of worship, assistance for religious activities such as Hari Raya, assistance for orphans, assistance for independence day activities, holding of routine blood donors and others.
THE COMPANY's PRODUCT LIABILITY With the issue of Law No. 8 of 1999 on Consumer Protection provides certainty to consumers on the quality, quantity and safety of goods and/ or services acquired on the market so the consumers feel comfortable and safe in using the good or services obtained. The Company as glass manufacturer pays a great attention to the quality standards of its products. The Company strives hard to control the quality of its products in order to meet existing quality standards in order to avoid losses that must be borne by the consumers both in terms of health and safety. To maintain consistency of quality standards of its products, the Company has obtained ISO 9001: 2008, an international standard used to establish product and service quality policy and target in order to adjust the quality of these products with customer requirements or other requirements, and with the quality standards established by the Company supported by a Laboratory equipped with ISO 17025 certification. The Company provides product information to consumers appropriately which include information on three matters, i.e: 1. Technical Support Provide information about the technical data of the Company's glass and its applications on buildings. 2. Product Information Provide information about the types of glass produced by the Company. 3. Product Availability Provide information on product availability and recommend contacts of distributors/dealers.
CUSTOMER COMPLAINTS FACILITY, NUMBER AND HANDLING To handle complaints and inquiries from consumers regarding the Company's products, the Company provides facilities consisting of electronic mail (marketing email), internet-based IT Claim system and a website that can be used by consumers. The Company also provides Direct Line Marketing to consumers, so that they can interact directly to find out the Company's products, in terms of technical data, distributor info and other information. With the direct interaction, the Company seeks to strengthen the relationship with consumers and customers so that the Company can directly respond to consumers' aspirations and expectations. The service aims to increase customer satisfaction with the Company's products. With these facilities, the Company can obtain information from consumers about complaints, questions, suggestions/feedback and their satisfaction level with the products and services provided by the Company.
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STATEMENT OF THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS ON THE RESPONSIBILITY FOR THE 2015 ANNUAL REPORT We, the undersigned, declare that all information in the 2015 Annual Report of PT Asahimas Flat Glass Tbk has been presented in a complete and correct manner and we are fully responsible for the accuracy of the content of this Annual Report. This statement is made truthfully Jakarta, 1 April 2016. BOARD OF COMMISSIONERS
TAN PEI LING President Commissioner
MASAHIRO TAKEDA Vice President Commissioner
TJAHJANA SETIADHI Commissioner
TAKEO TAKEI Commissioner
BENYAMIN SUBRATA Independent Commissioner
HIDEYA TANAKA Independent Commissioner
BOARD OF DIRECTORS
MAMPEI CHIYODA President Director
E. DAVID SATRIA SOETEDJA Vice President Director
NAOMASA TANIGUCHI Director
MITSUHIRO YOSHIKADO Director
SADAYOSHI SHINOTSUKA Director
PRASETYO AJI Director
TJIO FERRY SUSANTO Director
MICHITAKA GOTO Director
MOHAMAD AMIEN Director
TATSUO SUGIYAMA Director
RUSLI PRANADI Independent Director
PT ASAHIMAS FLAT GLASS Tbk
ISI/CONTENTS
SURAT PERNYATAAN TANGGUNG JAWAB DIREKSI/DIRECTORS’ STATEMENT OF RESPONSIBILITY
LAPORAN KEUANGAN TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ FINANCIAL STATEMENTS YEARS ENDED 31 DECEMBER 2015 AND 2014:
......
LAPORAN POSISI KEUANGAN/STATEMENT OF FINANCIAL POSITION ................................
Halaman/Page
1-2
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN/ STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME ....................
3
LAPORAN PERUBAHAN EKUITAS/STATEMENT OF CHANGES IN EQUITY ..........................
4
LAPORAN ARUS KAS/STATEMENT OF CASH FLOWS ...............................................................
5
CATATAN ATAS LAPORAN KEUANGAN/NOTES TO THE FINANCIAL STATEMENTS .........
6 - 46
LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT
PT Asahimas Flat Glass Tbk
PT ASAHIMAS FLAT GLASS Tbk LAPORAN POSISI KEUANGAN/STATEMENT OF FINANCIAL POSITION 31 DESEMBER 2015, 31 DESEMBER 2014, DAN 1 JANUARI 2014/ 31 DECEMBER 2015, 31 DECEMBER 2014 AND 1 JANUARY 2014
Dalam jutaan Rupiah
Catatan/ Notes
31 Desember/31 December 2015 2014*
1 Januari/ 1 January 2014*
ASET ASET LANCAR Kas dan setara kas Piutang usaha Piutang lainnya Persediaan Pajak dibayar dimuka Pembayaran dimuka lainnya Tanah yang dimiliki untuk dijual JUMLAH ASET LANCAR
ASET TIDAK LANCAR Aset pajak tangguhan, neto Investasi dengan metode ekuitas Pajak yang dapat dikembalikan Aset takberwujud, neto Aset tetap, neto Aset tidak lancar lainnya JUMLAH ASET TIDAK LANCAR JUMLAH ASET
In millions of Rupiah ASSETS
4 5 6 7 21a 8 10
931.761 353.443 51.485 861.194 18.614 14.684 2.231.181
1.107.411 354.306 29.511 745.048 12.691 14.761 2.263.728
861.619 378.342 22.104 689.093 4.686 15.661 8.611 1.980.116
CURRENT ASSETS Cash and cash equivalents Trade receivables Other receivables Inventories Prepaid taxes Other prepayments Land held for sale TOTAL CURRENT ASSETS
21g 1e 21f
75.378 1.575 34.407 6.188 1.822.896 98.650 2.039.094
79.954 1.575 6.182 1.530.836 63.850 1.682.397
72.445 1.575 1.415 1.478.147 27.986 1.581.568
NON-CURRENT ASSETS Deferred tax assets, net Equity-accounted investment Refundable taxes Intangible asset, net Fixed assets, net Other non-current assets TOTAL NON-CURRENT ASSETS
4.270.275
3.946.125
3.561.684
TOTAL ASSETS
10 9
*Disajikan kembali (lihat Catatan 29)
*As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak terpisahkan dari laporan keuangan ini.
See Notes to the Financial Statements, which form an integral part of these financial statements.
PT Asahimas Flat Glass Tbk
1
PT ASAHIMAS FLAT GLASS Tbk LAPORAN POSISI KEUANGAN (Lanjutan)/STATEMENT OF FINANCIAL POSITION (Continued) 31 DESEMBER 2015, 31 DESEMBER 2014, DAN 1 JANUARI 2014/ 31 DECEMBER 2015, 31 DECEMBER 2014 AND 1 JANUARY 2014
Dalam jutaan Rupiah
Catatan/ Notes
31 Desember/31 December 2015 2014*
1 Januari/ 1 January 2014*
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang usaha Utang pajak penghasilan Utang pajak lainnya Beban akrual Liabilitas jangka pendek lainnya JUMLAH LIABILITAS JANGKA PENDEK LIABILITAS JANGKA PANJANG Liabilitas imbalan kerja
LIABILITIES AND EQUITY
11 21b 21c 12 13
14
JUMLAH LIABILITAS
277.988 9.022 9.637 138.521 44.208
245.546 15.190 10.265 101.106 26.131
281.500 35.657 5.991 93.349 57.463
CURRENT LIABILITIES Trade payables Income tax payable Other taxes payable Accrued expenses Other current liabilities
479.376
398.238
473.960
TOTAL CURRENT LIABILITIES
400.676
446.447
393.871
NON-CURRENT LIABILITY Employee benefits obligation
880.052
844.685
867.831
TOTAL LIABILITIES
EKUITAS Modal saham, nilai nominal Rp 500 per saham: Modal dasar: 600.000.000 saham Modal ditempatkan dan disetor penuh: 434.000.000 saham Tambahan modal disetor Saldo laba: Dicadangkan Tidak dicadangkan JUMLAH EKUITAS JUMLAH LIABILITAS DAN EKUITAS
In millions of Rupiah
EQUITY
15 16
217.000 165.083
217.000 165.083
217.000 165.083
24
79.000 2.929.140 3.390.223
74.500 2.644.857 3.101.440
71.000 2.240.770 2.693.853
Share capital, par value of Rp 500 per share: Authorized capital: 600,000,000 shares Issued and paid-up capital: 434,000,000 shares Additional paid-in capital Retained earnings: Appropriated Unappropriated TOTAL EQUITY
4.270.275
3.946.125
3.561.684
TOTAL LIABILITIES AND EQUITY
*Disajikan kembali (lihat Catatan 29)
*As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak terpisahkan dari laporan keuangan ini.
See Notes to the Financial Statements, which form an integral part of these financial statements.
PT Asahimas Flat Glass Tbk
2
PT ASAHIMAS FLAT GLASS Tbk LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF LAIN/ STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/YEARS ENDED 31 DECEMBER 2015 AND 2014
Dalam jutaan Rupiah
Catatan/ Notes
Tahun yang berakhir pada 31 Desember/Year ended 31 December 2015 2014*
In millions of Rupiah
Penjualan neto
17
3.665.989)
3.672.186)
Net sales
Beban pokok penjualan
18
(2.868.674)
(2.760.739)
Cost of sales
797.315)
911.447)
GROSS PROFIT
(8.070) (356.675) (51.637) 47.558) 201) (368.623)
(1.819) (338.192) (42.892) 12.950) 21.500) (348.453)
Other expense Selling expenses General and administrative expenses Foreign exchange gain, net Other income
428.692) )
562.994)
OPERATING PROFIT
35.571)
42.169)
Finance income
464.263)
605.163)
PROFIT BEFORE TAX
(112.393) (10.524) (122.917)
(141.238) 227) (141.011)
341.346)
464.152)
PROFIT OTHER COMPREHENSIVE LOSS Remeasurements of defined benefit liability Tax on other comprehensive loss TOTAL OTHER COMPREHENSIVE LOSS
LABA BRUTO Beban lainnya Beban penjualan Beban umum dan administrasi Keuntungan selisih kurs, bersih Penghasilan lainnya
19 20
LABA USAHA Pendapatan keuangan LABA SEBELUM PAJAK (Beban) manfaat pajak penghasilan: Kini Tangguhan
21d
LABA
Income tax (expense) benefit: Current Deferred
RUGI KOMPREHENSIF LAIN Pengukuran kembali liabilitas imbalan pasti Pajak atas rugi komprehensif lain JUMLAH RUGI KOMPREHENSIF LAIN
(23.791) 5.948)
(29.127) 7.282)
(17.843)
(21.845)
JUMLAH PENGHASILAN KOMPREHENSIF
323.503)
442.307) TOTAL COMPREHENSIVE INCOME
Laba per saham (dalam Rupiah penuh)
786)
22
1.069)
Earnings per share (in whole Rupiah)
*Disajikan kembali (lihat Catatan 29)
*As restated (see Note 29)
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak terpisahkan dari laporan keuangan ini.
See Notes to the Financial Statements, which form an integral part of these financial statements.
PT Asahimas Flat Glass Tbk
3
PT ASAHIMAS FLAT GLASS Tbk LAPORAN PERUBAHAN EKUITAS/STATEMENT OF CHANGES IN EQUITY TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
Dalam jutaan Rupiah
Catatan/ Notes
Saldo 31 Desember 2013, seperti dilaporkan sebelumnya Dampak dari perubahan kebijakan akuntansi
29
Saldo 31 Desember 2013, setelah disajikan kembali Penghasilan komprehensif 2014 Laba (disajikan kembali) Rugi komprehensif lain (disajikan kembali)
Modal saham/ Share capital
Saldo laba/Retained earnings Tidak Dicadangkan/ dicadangkan/ Appropriated Unappropriated
Tambahan modal disetor/Additional paid-in capital
Jumlah ekuitas/ Total equity
In millions of Rupiah
217.000
165.083
71.000
2.307.644)
2.760.727)
Balance as of 31 December 2013, as previously reported
-
-
-
(66.874)
(66.874)
Impact of change in accounting policy
217.000
165.083
71.000
2.240.770)
2.693.853)
Restated balance as of 31 December 2013
-
-
-
464.152)
464.152)
-
-
-
(21.845)
(21.845)
Comprehensive income 2014 Profit (as restated) Other comprehensive loss (as restated)
Dividen tunai
23
-
-
-
(34.720)
(34.720)
Cash dividends
Pencadangan wajib atas saldo laba
24
-
-
3.500
(3.500)
-)
Appropriation of retained earnings for statutory reserves
217.000
165.083
74.500
2.644.857)
3.101.440)
Restated balance as of 31 December 2014
Saldo 31 Desember 2014, setelah disajikan kembali Penghasilan komprehensif 2015 Laba
-
-
-
341.346)
341.346)
Rugi komprehensif lain
-
-
-
(17.843)
(17.843)
23
-
-
-
(34.720)
(34.720)
24
-
-
4.500
(4.500)
-)
Appropriation of retained earnings for statutory reserves
217.000
165.083
79.000
2.929.140)
3.390.223)
Balance as of 31 December 2015
Dividen tunai Pencadangan wajib atas saldo laba Saldo 31 Desember 2015
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak terpisahkan dari laporan keuangan ini.
Comprehensive income 2015 Profit Other comprehensive loss Cash dividends
See Notes to the Financial Statements, which form an integral part of these financial statements.
PT Asahimas Flat Glass Tbk
4
PT ASAHIMAS FLAT GLASS Tbk LAPORAN ARUS KAS/STATEMENT OF CASH FLOWS TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
Dalam jutaan Rupiah
Catatan/ Notes
ARUS KAS DARI AKTIVITAS OPERASI: Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok Pembayaran kas untuk kompensasi karyawan Pembayaran kas untuk aktivitas operasi lainnya
Tahun yang berakhir pada 31 Desember/ Year ended 31 December 2015 2014
ARUS KAS DARI AKTIVITAS PENDANAAN: Pembayaran dividen kepada pemegang saham/Kas neto yang digunakan untuk aktivitas pendanaan
10
10
CASH FLOWS FROM OPERATING ACTIVITIES: Cash received from customers Cash paid to suppliers Cash paid for employees’ compensation Cash paid for other operating activities
3.666.690) (2.442.161) (446.251) (296.902) 481.376)
3.694.422) (2.373.919) (451.008) (184.581) 684.914)
38.429) (152.968) 366.837)
41.041) (161.705) 564.250)
Interest received Income tax paid Net cash from operating activities
(531.215) (989) 165) -)
(312.259) (5.092) 828) 29.110)
CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of fixed assets Acquisition of intangible assets Proceeds from sale of fixed assets Proceeds from sale of land held for sale
(532.039)
(287.413)
Net cash used in investing activities
Penerimaan bunga Pembayaran pajak penghasilan Kas neto dari aktivitas operasi ARUS KAS DARI AKTIVITAS INVESTASI: Perolehan aset tetap Perolehan aset takberwujud Hasil penjualan aset tetap Hasil penjualan tanah yang dimiliki untuk dijual Kas neto yang digunakan untuk aktivitas investasi
In millions of Rupiah
CASH FLOWS FROM FINANCING ACTIVITY: (34.720)
(34.720)
Dividends paid to shareholders/Net cash used in financing activity
Pengaruh dari pergerakan nilai tukar atas kas dan setara kas yang ada
24.272)
3.675)
Effect of currency exchange fluctuations on cash and cash equivalents held
(Penurunan) kenaikan neto kas dan setara kas Kas dan setara kas, awal tahun Kas dan setara kas, akhir tahun
(175.650) 1.107.411) 931.761)
245.792) 861.619) 1.107.411)
Net (decrease) increase in cash and cash equivalents Cash and cash equivalents, beginning of year Cash and cash equivalents, end of year
23
Lihat Catatan atas Laporan Keuangan yang merupakan bagian tak terpisahkan dari laporan keuangan ini.
See Notes to the Financial Statements, which form an integral part of these financial statements.
PT Asahimas Flat Glass Tbk
5
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN/NOTES TO THE FINANCIAL STATEMENTS TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
1. UMUM
1. GENERAL
a....Pendirian Perseroan
a.…..The Company’s establishment
Perseroan didirikan dalam kerangka penanaman modal asing berdasarkan Undang-Undang No. 1 tahun 1967 jo. Undang-Undang No. 11 tahun 1970, dengan akta notaris Koerniatini Karim tanggal 7 Oktober 1971 No.)4, diubah dengan akta notaris yang sama tanggal 6)Januari 1972 No. 9; akta-akta ini disetujui oleh Menteri Kehakiman dengan No. J.A.5/5/19 tanggal 17)Januari 1972. Perubahan nama Perseroan dari PT)Asahimas Flat Glass Co., Ltd. menjadi PT)Asahimas Flat Glass Tbk dilakukan dengan akta notaris Amrul Partomuan Pohan, S.H., LL.M tanggal 26 Juni 1998 No. 73; akta ini disetujui oleh Menteri Kehakiman dengan No. C2-12065 HT.01.04.Th.1998 tanggal 25 Agustus 1998 dan diumumkan dalam Tambahan No.)6509 (untuk menyesuaikan dengan Undang-Undang Perseroan Terbatas No. 1 tahun 1995) dan Tambahan No. 6510 (untuk perubahan nama Perseroan) pada Berita Negara No. 94 tanggal 24)Nopember 1998.
The Company was established within the foreign capital investment framework of Law No. 1 of 1967 and Law No. 11 of 1970, by deed of notary public Koerniatini Karim dated 7 October 1971 No. 4, as amended by deed of the same notary dated 6 January 1972 No. 9; these deeds were approved by the Minister of Justice under No. J.A.5/5/19 dated 17 January 1972. The Company’s name changed from PT Asahimas Flat Glass Co., Ltd. to PT Asahimas Flat Glass Tbk by deed of notary public Amrul Partomuan Pohan, S.H., LL.M dated 26 June 1998 No..73; this deed was approved by the Minister of Justice under No. C2-12065 HT.01.04.Th.1998, on 25.August 1998, as published in Supplement No. 6509 (to comply with the Corporate Law No. 1 of 1995) and Supplement No..6510 (concerning the change of the Company’s name) to State Gazette No. 94 on 24 November 1998.
Anggaran dasar Perseroan telah mengalami beberapa kali perubahan. Perubahan terakhir dengan akta notaris Dr. lrawan Soerodjo, SH, MSi tanggal 5 Juni 2015 No. 45 mengenai perubahan dan pernyataan kembali Anggaran Dasar Perseroan, termasuk menyesuaikan dengan peraturan Otoritas Jasa Keuangan tentang Pokok-Pokok Anggaran Dasar Perseroan yang melakukan Penawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik; akta ini telah diberitahukan kepada Menteri Hukum dan Hak Asasi Manusia dengan No. AHU-AH.01.03-0946820, tanggal 30 Juni 2015. Pengumuman pada Berita Negara sedang dalam proses.
Several amendments have been made to the Company’s Articles of Association. The latest amendment was effected by deed of notary public Dr. 1rawan Soerodjo, SH, MSi. dated 5 June 20I5 No. 45 regarding changes and restatement the Company’s Articles of Association, including to comply with Financial Services Agency Regulation pertaining to the Articles of Association of Companies conducting Public Offerings and Public Companies; this deed has been filed with the Minister of Law and Human Rights under No AHUAH.01.03-0946820, on 30 June 2015. Publication in the supplement to State Gazette is still on process.
Perseroan bergerak dalam bidang industri kaca, ekspor dan impor, dan jasa sertifikasi mutu berbagai jenis produk kaca serta kegiatan lain yang berkaitan dengan usaha tersebut. Operasi komersial Perseroan dimulai pada bulan April 1973.
The Company is engaged in the glass industry, export and import, quality certification service for glass products and other activities related to the aforementioned businesses. The Company’s commercial operations commenced in April 1973.
Perseroan berdomisili di Indonesia dengan Kantor Pusat di Jl. Ancol IX/5, Ancol Barat, Jakarta Utara. Pabrik Perseroan berlokasi di Kawasan Industri Ancol, Jakarta Utara; di Bukit Indah Industrial Park, Cikampek; dan di Tanjung Sari, Sidoarjo, Jawa Timur.
The Company is domiciled in Indonesia and its Head Office is at Jl. Ancol IX/5, West Ancol, North Jakarta. The Company’s factories are located at Kawasan Industri Ancol, North Jakarta; at Bukit Indah Industrial Park, Cikampek; and at Tanjung Sari, Sidoarjo, East Java.
PT Asahimas Flat Glass Tbk
6
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
1. UMUM (Lanjutan)
1. GENERAL (Continued)
b....Penawaran umum efek Perseroan
b.….The Company’s public offering
Sesuai dengan surat Ketua Badan Pengawas Pasar Modal (“Bapepam”), No. S-1323/PM/1995 tanggal 18.Oktober 1995 mengenai “Pemberitahuan Efektifnya Pernyataan Pendaftaran”, pada tahun 2000 Perseroan melakukan penawaran umum kepada masyarakat melalui pasar modal di PT Bursa Efek Jakarta (selanjutnya berubah nama menjadi PT Bursa Efek Indonesia), sejumlah 86.000.000 saham dengan nilai nominal Rp 500 per saham. Sejak tanggal 18 Desember 2000, saham Perseroan yang beredar telah tercatat. c. Informasi mengenai karyawan, dewan komisaris, direksi dan komite audit Susunan dewan komisaris, direksi perseroan dan komite audit pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut:
In accordance with the letter from the Chairman of the Capital Market Supervisory Agency (“Bapepam”), No..S-1323/PM/1995 dated 18 October 1995 titled “Notification that the Registration Statement becomes Effective”, in 2000 the Company had a public offering through the capital market at PT Bursa Efek Jakarta (subsequently named PT Bursa Efek Indonesia), of 86,000,000 shares with a par value of Rp 500 per share. Since 18 December 2000, the Company’s issued shares have been listed.
c.00, Information about employees, boards commissioners, directors and the audit committee
The members of the Company’s boards of commissioners, directors and audit committee as of 31 December 2015 and 2014 were as follows:
2015
2014
Dewan Komisaris
Board of Commissioners
Presiden Komisaris Wakil Presiden Komisaris Komisaris-komisaris
Tn./Mr. Tan Pei Ling
Tn./Mr. Tan Pei Ling
Tn./Mr. Masahiro Takeda Tn./Mr. Tjahjana Setiadhi Tn./Mr. Takeo Takei
Tn./Mr. Kimikazu Ichikawa Tn./Mr. Andi Purnomo Tn./Mr. Takeo Takei
Komisaris Independen
Tn./Mr. Benyamin Subrata Tn./Mr. Hideya Tanaka
Tn./Mr. Benyamin Subrata Tn./Mr. Hideya Tanaka
Direksi
President Commissioner Vice President Commissioner Commissioners
Independent Commissioners
Directors
Presiden Direktur Tn./Mr. Mampei Chiyoda Wakil Presiden Direktur Tn./Mr. Emanuel David Satria Soetedja Direktur-direktur Tn./Mr. Naomasa Taniguchi Tn./Mr. Mitsuhiro Yoshikado Tn./Mr. Sadayoshi Shinotsuka Tn./Mr. Prasetyo Aji Tn./Mr. Tjio Ferry Susanto Tn./Mr. Mohamad Amien
Direktur Independen
of
Tn./Mr. Mampei Chiyoda Tn./Mr. Tjahjana Setiadhi
Tn./Mr. Michitaka Goto Tn./Mr. Tatsuo Sugiyama
Tn./Mr. Naomasa Taniguchi Tn./Mr. Mitsuhiro Yoshikado Tn./Mr. Yoshiki Inoue Tn./Mr. Prasetyo Aji Tn./Mr. Tjio Ferry Susanto Tn./Mr. Emanuel David Satria Soetedja Tn./Mr. Yasushi Kawamoto Tn./Mr. Tatsuo Sugiyama
Tn./Mr. Rusli Pranadi
Tn./Mr. Rusli Pranadi
PT Asahimas Flat Glass Tbk
President Director Vice President Director Directors
Independent Director
7
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
1. UMUM (Lanjutan) c.
1. GENERAL (Continued)
Informasi mengenai karyawan, dewan komisaris, direksi dan komite audit (Lanjutan)
c. Information about employees, boards of commissioners, directors and the audit committee (Continued)
2015
2014
Komite Audit Ketua Komite Audit Anggota Komite Audit
Audit Committee Tn./Mr. Benyamin Subrata Tn./Mr. Dr. H. A. Partomuan Pohan, SH. LL.M Tn./Mr. Ir. Susanto Tn./Mr. Drs. Hariawan Pribadi
Tn./Mr. Benyamin Subrata Tn./Mr. Dr. H. A. Partomuan Pohan, SH. LL.M Tn./Mr. Ir. Susanto Tn./Mr. Drs. Hariawan Pribadi
Audit Committee Chairman Audit Committee members
Per 31 Desember 2015 dan 2014, Perseroan mempekerjakan masing-masing 2.789 dan 2.805 karyawan (tidak diaudit).
As at 31 December 2015 and 2014, the Company had 2,789 and 2,805 employees (unaudited), respectively.
d. Perseroan merupakan bagian dari kelompok usaha Asahi Glass Co., Ltd., Jepang (“AGC”) yang memiliki entitas anak dan afiliasi di seluruh dunia, dan PT Rodamas yang memiliki entitas anak dan afiliasi di beberapa negara.
d. The Company is part of Asahi Glass Co., Ltd., Japan (“AGC”) that has subsidiaries and affiliates throughout the world, and PT Rodamas that has subsidiaries and affiliates in certain countries.
e. Perseroan memiliki satu entitas anak, PT Auto Glass Indonesia (“AGI”), dengan persentase kepemilikan sebesar 99,95%. AGI berdomisili di Indonesia, bergerak dalam bidang jasa perbaikan dan pemasangan kaca otomotif. Operasi komersialnya dimulai sejak April 2001. Per 31 Desember 2015, jumlah aset (sebelum eliminasi) AGI adalah Rp 6.111 juta (tidak diaudit).
e. The Company has one subsidiary, PT Auto Glass Indonesia (“AGI”), with the percentage of ownership of 99.95%. AGI is domiciled in Indonesia, engaged in automotive glass repair and installation services. Its commercial operations started in April 2001. As of 31 December 2015, total assets (before elimination) AGI amounted to Rp 6,111 million (unaudited).
Jumlah aset, liabilitas, dan hasil operasi AGI dianggap tidak material terhadap laporan keuangan Perseroan. Karenanya, AGI diperlakukan sebagai investasi dengan metode ekuitas dan tidak dikonsolidasi.
AGI’s total assets, liabilities, and results of operations are considered not material to the Company’s financial statements. Therefore, AGI is accounted for as an equity-accounted investment and is not consolidated.
f.
Laporan keuangan telah disetujui untuk diterbitkan oleh Direksi pada tanggal 29 Maret 2016.
f.
The financial statements were approved for issuance by the Directors on 29 March 2016.
2. DASAR PENYUSUNAN a.
2. BASIS OF PREPARATION
Pernyataan kepatuhan
a.
Laporan keuangan Perseroan telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”) dan peraturan Bapepam-LK No. VIII.G.7 “Pedoman Penyajian Laporan Keuangan” sebagaimana diubah oleh Keputusan No. KEP347/BL/2012 “Perubahan atas peraturan No. VIII.G.7”.
Statement of compliance The Company’s financial statements have been prepared in accordance with Indonesian Financial Accounting Standards (“SAK”) and Bapepam LK’s regulation No. VIII.G.7 “Guidelines for the Preparation of Financial Statements” as amended by Decree No. KEP-347/BL/2012 “Amendment to regulation No. VIII.G.7”.
PT Asahimas Flat Glass Tbk
8
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
2. DASAR PENYUSUNAN (Lanjutan) b.
Dasar pengukuran
2. BASIS OF PREPARATION (Continued) b.
Laporan keuangan disusun atas dasar akrual dengan menggunakan konsep nilai historis, kecuali ketika standar akuntansinya mensyaratkan pengukuran pada nilai wajar. c.
Laporan arus kas
The financial statements are prepared on the accrual basis using the historical cost concept, except where the accounting standards require fair value measurement. c.
Laporan arus kas menyajikan perubahan dalam kas dan setara kas dari aktivitas operasi, investasi, dan pendanaan, dan disusun dengan metode langsung (direct method). d.
Mata uang fungsional dan penyajian
d.
Penggunaan pertimbangan, estimasi dan asumsi
Statement of cash flows The statement of cash flows presents the changes in cash and cash equivalents from operating, investing, and financing activities, and is prepared using the direct method.
Laporan keuangan disajikan dalam Rupiah, yang merupakan mata uang fungsional Perseroan. e.
Basis of measurement
Functional and presentation currency The financial statements are presented in Rupiah, which is the Company’s functional currency.
e.
Use of judgments, estimates and assumptions
Penyusunan laporan keuangan Perseroan mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi penerapan kebijakan akuntansi serta jumlah aset, liabilitas, pendapatan dan beban yang dilaporkan. Hasil aktual dapat berbeda dari nilai-nilai estimasi tersebut.
The preparation of the Company’s financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from those estimated amounts.
Estimasi dan asumsi dasarnya ditelaah secara berkesinambungan. Revisi atas estimasi diakui secara prospektif.
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to estimates are recognized prospectively.
Informasi mengenai ketidakpastian asumsi dan estimasi yang dapat mengakibatkan penyesuaian material pada tahun berikutnya termasuk di Catatan 14, pengukuran liabilitas imbalan kerja: asumsi aktuarial.
Information about assumptions and estimation uncertainties that may result in a material adjustment within the following year is included in Note 14, measurement of employee benefits obligation: actuarial assumptions.
Di tahun 2014, manajemen memperbaharui taksiran masa manfaat atas beberapa aset tetap untuk produksi dengan mempertimbangkan saat manfaat ekonomi yang diterima dari aset tersebut. Perubahan taksiran ini diterapkan secara prospektif dimulai dari tahun 2014. Dampak dari perubahan ini tidak material terhadap hasil operasi Perseroan di tahun 2014.
In 2014, management updated the estimated useful lives of certain production fixed assets having considered the timing of the economic benefits to be received from these assets. This change in estimate has been accounted for on a prospective basis starting in 2014. The impact of the change to the 2014 results of operations was immaterial.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
2. DASAR PENYUSUNAN (Lanjutan) f.
2. BASIS OF PREPARATION (Continued) f.
Perubahan kebijakan akuntansi
Changes in accounting policies
Sejak 1 Januari 2015, Perseroan mengadopsi ketentuan Pernyataan Standar Akuntansi Keuangan (“PSAK”) No. 24 (Revisi 2013), lmbalan Kerja, dimana pengukuran kembali liabilitas neto imbalan pasti (misalnya keuntungan dan kerugian aktuarial) diakui segera di penghasilan komprehensif lainnya. Sebelumnya, Perseroan mengakuinya di laba rugi menggunakan pendekatan koridor yang memperbolehkan penangguhan pengakuan atas keuntungan dan kerugian aktuarial.
Since 1 January 2015, the Company adopts the provisions of Statement of Financial Accounting Standard (“PSAK”) No. 24 (2013 Revision), Employee Benefits, where remeasurements of the net defined benefit liability (for example, actuarial gains and losses) are recognized immediately in other comprehensive income. Previously, the Company recognized it in profit or loss using the corridor approach that allowed for deferred recognition of actuarial gain and losses.
Sebagai tambahan, ketika manfaat dari suatu program berubah atau suatu program mengalami kurtailmen, dampak perubahan manfaat sehubungan dengan biaya jasa lalu atau keuntungan atau kerugian kurtailmen diakui segera di laba rugi. Sebelumnya, biaya jasa lalu yang belum menjadi hak karyawan diamortisasi ke laba rugi dengan metode garis lurus selama periode rata-rata sisa masa kerja ekspektasian.
In addition, when the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. Previously, non-vested past service cost was amortized to profit or loss on a straight line basis over the estimated average remaining vesting period.
Sesuai dengan ketentuan transisi dari PSAK tersebut, Perseroan menerapkan perubahan kebijakan akuntansi ini secara retrospektif dan telah menyajikan kembali informasi komparatif di dalam laporan keuangan ini (lihat Catatan 29).
In accordance with the transitional provision of the PSAK, the Company has applied the change in this accounting policy retrospectively and has restated the comparative information presented in these financial statements (see Note 29).
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Kebijakan akuntansi dibawah ini telah diterapkan secara konsisten terhadap seluruh periode yang disajikan di laporan keuangan ini.
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
a. 0 Setara kas
a.
Deposito berjangka yang jatuh temponya tidak lebih dari tiga bulan sejak tanggal penempatannya dianggap sebagai setara kas.
Cash equivalents Time deposits with original maturities of three months or less are considered as cash equivalents.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3.
IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) b. Instrumen keuangan
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) b. Financial instruments
Aset keuangan Perseroan terdiri dari kas dan setara kas, piutang usaha dan piutang lainnya, yang dikategorikan sebagai “Pinjaman yang diberikan dan piutang”. Liabilitas keuangan Perseroan terdiri dari utang usaha, beban akrual dan liabilitas jangka pendek lainnya, yang dikategorikan sebagai “Liabilitas keuangan yang diukur pada biaya perolehan diamortisasi”.
The Company’s financial assets comprise cash and cash equivalents, trade receivables and other receivables, which are categorized as “Loans and receivables”. Financial liabilities comprise trade payables, accrued expenses and other current liabilities, which are categorized as “Financial liabilities measured at amortized cost”.
Aset keuangan yang dikategorikan sebagai pinjaman yang diberikan dan piutang awalnya diukur pada nilai wajar, ditambah biaya transaksi yang dapat diatribusikan secara langsung. Setelah pengukuran awal, aset keuangan tersebut dicatat sebesar biaya perolehan diamortisasi, setelah dikurangi penyisihan kerugian penurunan nilai, jika diperlukan. Biaya perolehan diamortisasi diukur dengan mendiskontokan nilai aset menggunakan suku bunga efektif, kecuali efek diskonto tidak signifikan. Suku bunga efektif adalah suku bunga yang mendiskontokan arus kas masa depan yang diharapkan dengan nilai tercatat neto, pada pengakuan awal. Efek bunga dari penerapan metode suku bunga efektif diakui dalam laba atau rugi.
Financial assets that are categorized as loans and receivables are initially measured at fair value, plus any directly attributable transaction costs. Subsequent to initial measurement, they are carried at amortized cost, net of provision for impairment, if necessary. Amortized cost is measured by discounting the asset amounts using the effective interest rate, unless the effect of discounting would be insignificant. The effective interest rate is the rate that discounts expected future cash flows to the net carrying amount, on initial recognition. Interest effects from the application of the effective interest method are recognized in profit or loss.
Penyisihan penurunan nilai diakui untuk aset keuangan yang dikategorikan sebagai pinjaman yang diberikan dan piutang bila terdapat bukti obyektif bahwa Perseroan tidak akan mampu memulihkan nilai tercatat sesuai dengan ketentuan awal dari instrumen tersebut. Nilai kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dan nilai sekarang dari estimasi arus kas yang didiskonto menggunakan suku bunga efektif awal. Perubahan penyisihan penurunan nilai diakui dalam laba atau rugi.
An impairment provision is recognized for financial assets that are categorized as loans and receivables when there is objective evidence that the Company will not be able to recover their carrying amounts according to the original terms of the instrument. The amount of the impairment loss is the difference between the carrying amount of the financial asset and the present value of its estimated future cash flows discounted at the original effective interest rate. Changes in the impairment provision are recognized in profit or loss.
Liabilitas keuangan awalnya diukur pada nilai wajar, dikurangi biaya transaksi yang dapat diatribusikan secara langsung, dan setelahnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode suku bunga efektif.
Financial liabilities are initially measured at fair value less any directly attributable transaction costs, and subsequently are measured at amortized cost using the effective interest method.
Aset keuangan dan liabilitas keuangan dapat saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan jikalau Perseroan memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan ada niat untuk menyelesaikan secara neto, atau pada saat aset tersebut direalisasi dan liabilitas tersebut diselesaikan secara simultan.
Financial assets and liabilities are offset and the net amount is presented in the statement of financial position when there is a legal right of offset and there is an intention to settle on a net basis, or when the asset is realized and the liability settled simultaneously.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) c.
Penilaian persediaan
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c.
Inventory valuation
Persediaan dinilai berdasarkan biaya persediaan atau nilai realisasi neto, mana yang lebih rendah. Biaya persediaan dihitung dengan metode rata-rata. Nilai realisasi neto merupakan estimasi harga jual pada aktivitas normal Perseroan dikurangi biaya penyelesaian dan biaya lainnya yang diperlukan sampai barang siap dijual.
Inventories are valued at the lower of cost or net realizable value. Cost of inventories is computed using average method. Net realizable value is the estimated selling price in the ordinary course of business less completion costs and other costs necessary to make the goods saleable.
Biaya barang dalam pengolahan pada tanggal pelaporan termasuk biaya produksi rata-rata sesuai dengan estimasi tingkat penyelesaiannya, berdasarkan kapasitas operasi normal.
Cost of goods in the production process at the reporting date includes a share of production costs proportional to their estimated stage of completion, based on normal operating capacity.
Penyisihan penurunan nilai persediaan ditetapkan berdasarkan penelaahan manajemen atas keadaan persediaan pada akhir tahun.
Provision for decline in value of inventory is provided based on management’s review of the inventory’s status at year end.
d.0 Aset tetap
d. Fixed assets
Tanah yang diperoleh dengan sertifikat “Hak Guna Bangunan” dan “Hak Guna Bangunan di atas Hak Pengelolaan Lahan” diukur sebesar harga perolehan (termasuk biaya legal dan administrasi untuk memperoleh tanah) dan tidak diamortisasi.
Lands acquired under “Hak Guna Bangunan” and “Hak Guna Bangunan over Hak Pengelolaan Lahan” titles are measured at acquisition cost (include legal and administrative costs incurred in transactions to acquire the land) and are not amortized.
Aset tetap selain tanah dinyatakan sebesar harga perolehan dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai.
Fixed assets other than land are stated at cost less accumulated depreciation and accumulated impairment losses.
Penyusutan dihitung sejak bulan aset tersebut siap sesuai dengan tujuan penggunaannya, dengan metode garis lurus, berdasarkan taksiran masa manfaat atas aset sebagai berikut:
Depreciation is applied from the month such assets are ready for their intended uses, using the straight-line method over the estimated useful lives of the assets as follows:
Bangunan dan sarana Tungku peleburan Lapisan tungku peleburan Mesin dan peralatan Roller untuk kaca berpola Kendaraan bermotor Perkakas, palet, perlengkapan dan perabot Metode penyusutan dan masa manfaat aset ditelaah dan jika perlu disesuaikan, pada setiap tanggal pelaporan.
10 & 30 tahun/years 4 - 13 tahun/years 4 tahun/years 2 - 13 tahun/years 3 tahun/years 5 tahun/years 2 - 8 tahun/years
Buildings and structures Furnaces Furnace lining Machinery and equipment Figured glass rollers Motor vehicles Tools, pallets, furniture and fixtures
Depreciation method and useful lives are reviewed at each reporting date and adjusted if appropriate.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3.
IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) d.0 Aset tetap (Lanjutan)
e.
d. Fixed assets (Continued)
Aset dalam penyelesaian/instalasi merupakan akumulasi biaya material, peralatan dan biaya lainnya yang terkait langsung dengan konstruksi/instalasi aset tetap. Akumulasi biaya tersebut akan direklasifikasi ke kategori aset tetap yang bersangkutan pada saat konstruksi/instalasi selesai dan aset tersebut siap untuk digunakan sesuai dengan tujuannya.
Assets under construction/installation represent the accumulated costs of materials, equipment and other costs directly related to the construction/installation of the fixed assets. The accumulated cost is reclassified to the related category of fixed assets when the construction/ installation is completed and the asset is ready for its intended use.
Biaya pemeliharaan dan perbaikan diakui dalam laba atau rugi saat terjadinya, sedangkan biaya yang selanjutnya timbul untuk menambah atau mengganti bagian dari aset tetap dikapitalisasi ketika kriteria pengakuan terpenuhi.
Repair and maintenance costs are recognized in profit or loss as incurred, while costs incurred subsequently to add to or replace part of the fixed assets are capitalized when the recognition criteria are met.
Aset takberwujud
e. Intangible assets
Aset takberwujud yang dibeli, yang terdiri dari lisensi piranti lunak komputer, mempunyai masa manfaat yang terbatas, dan diukur pada harga perolehannya dikurangi akumulasi amortisasi dan akumulasi penurunan nilai. Amortisasi diakui dalam laba rugi dengan metode garis lurus sepanjang taksiran masa manfaat 3 sampai 4 tahun, sejak bulan dimana aset takberwujud tersebut siap untuk digunakan. f.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Penurunan nilai aset non-keuangan
Purchased intangible assets, which comprise computer software licenses, have finite useful lives, and are measured at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized in profit or loss on a straight-line basis over the estimated useful lives of 3 to 4 years, from the month they are available for use.
f. Impairment of non-financial assets
Nilai tercatat aset non-keuangan Perseroan ditelaah pada setiap tanggal pelaporan untuk menentukan apakah terdapat indikasi penurunan nilai. Jika terdapat indikasi tersebut maka nilai terpulihkan aset tersebut diestimasi.
The carrying amounts of the Company’s non-financial assets are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists then the asset’s recoverable amount is estimated.
Rugi penurunan nilai diakui jika nilai tercatat unit penghasil kas melebihi nilai terpulihkannya. Unit penghasil kas adalah kelompok terkecil aset yang dapat diidentifikasi dan menghasilkan arus kas yang sebagian besar independen dari aset lainnya. Rugi penurunan nilai diakui dalam laba rugi.
An impairment loss is recognized if the carrying amount of a cash-generating unit exceeds its recoverable amount. A cash-generating unit is the smallest identifiable asset group that generates cash flows that largely are independent from other assets. Impairment losses are recognized in profit or loss.
Nilai terpulihkan unit penghasil kas adalah nilai yang lebih tinggi antara nilai pakai dan nilai wajar dikurangi dengan biaya untuk melepas. Dalam menentukan nilai pakai, estimasi arus kas masa depan didiskontokan ke nilai sekarang dengan menggunakan tingkat diskonto sebelum pajak yang mencerminkan penilaian pasar kini atas nilai waktu uang dan risiko spesifik atas unit penghasil kas tersebut.
The recoverable amount of a cash-generating unit is the greater of its value in use and its fair value less costs of disposal. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the cash-generating unit.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3.
IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) f.
Penurunan nilai aset non-keuangan (Lanjutan)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) f.
Rugi penurunan nilai yang diakui pada periode sebelumnya dievaluasi pada setiap tanggal pelaporan untuk indikasi apakah rugi penurunan nilai telah berkurang atau tidak ada lagi. Rugi penurunan nilai dipulihkan jika terjadi perubahan dalam estimasi yang digunakan untuk menentukan nilai terpulihkan. Rugi penurunan nilai dipulihkan sebatas nilai tercatat unit penghasil kas tersebut yang tidak melebihi nilai tercatat yang seharusnya diakui, setelah dikurangi depresiasi atau amortisasi, jika rugi penurunan nilai tidak diakui. g.
.Aset tidak lancar yang dimiliki untuk dijual Aset tidak lancar yang diklasifikasikan sebagai dimiliki untuk dijual jika jumlah tercatatnya akan dipulihkan terutama melalui transaksi penjualan daripada melalui pemakaian berlanjut. Sebelum klasifikasi awal aset tidak lancar sebagai dimiliki untuk dijual, jumlah tercatat aset diukur sesuai dengan kebijakan akuntansi Perseroan untuk aset sejenis dan kemudian aset tersebut diukur pada nilai yang lebih rendah antara jumlah tercatat dan nilai wajar setelah dikurangi biaya untuk menjual. Penurunan nilai atas aset diakui dalam laba atau rugi.
h... Imbalan kerja
Impairment of non-financial assets (Continued) Impairment losses recognized in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the cash-generating unit’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
g.
Non-current assets held for sale Non-current assets that are expected to be recovered primarily through sale rather than through continuing use are classified as held for sale. Immediately before classification as held for sale, the assets are remeasured in accordance with the Company’s accounting policies for similar assets and subsequently the assets are measured at the lower of their carrying amount and fair value less costs to sell. The resulting impairment losses are immediately recognized in profit or loss.
h. Employee benefits
Liabilitas atas imbalan kerja dihitung sebesar nilai kini dari taksiran jumlah imbalan kerja di masa depan yang timbul dari jasa yang telah diberikan oleh karyawan pada masa kini dan masa lalu. Perhitungan dilakukan oleh aktuaris berkualifikasi dengan metode projected unit credit.
The obligation for employee benefits is calculated at the present value of estimated future benefits that the employees have earned in return for their services in the current and prior periods. The calculation is performed by a qualified actuary using the projected unit credit method.
Sejak 1 Januari 2015, Perseroan mengadopsi ketentuan PSAK No. 24 (Revisi 2013), lmbalan Kerja, dimana pengukuran kembali liabilitas imbalan pasti (misalnya keuntungan dan kerugian aktuarial) diakui segera di penghasilan komprehensif lainnya. Sebelumnya, Perseroan mengakuinya di laba rugi menggunakan pendekatan koridor yang memperbolehkan penangguhan pengakuan atas keuntungan dan kerugian aktuarial.
Since 1 January 2015, the Company adopts the provisions of PSAK No. 24 (2013 Revision), Employee Benefits, where remeasurements of the net defined benefit liability (for example, actuarial gains and losses) are recognized immediately in other comprehensive income. Previously, the Company recognized it in profit or loss using the corridor approach that allowed for deferred recognition of actuarial gains and losses.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3. IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) h... Imbalan kerja (Lanjutan)
i.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) h.
Employee benefits (Continued)
Sebagai tambahan, ketika manfaat dari suatu program berubah atau suatu program mengalami kurtailmen, dampak perubahan manfaat sehubungan dengan biaya jasa lalu atau keuntungan atau kerugian kurtailmen diakui segera di laba rugi. Sebelumnya, biaya jasa lalu yang belum menjadi hak karyawan diamortisasi ke laba rugi dengan metode garis lurus selama periode rata-rata sisa masa kerja ekspektasian.
In addition, when the benefits of a plan are changed or when a plan is curtailed, the resulting change in benefit that relates to past service or the gain or loss on curtailment is recognized immediately in profit or loss. Previously, non-vested past service cost was amortized to profit or loss on a straight line basis over the estimated average remaining vesting period.
Sesuai dengan ketentuan transisi dari PSAK tersebut, Perseroan menerapkan perubahan kebijakan akuntansi ini secara retrospektif dan telah menyajikan kembali informasi komparatif di dalam laporan keuangan ini (lihat Catatan 29).
In accordance with the transitional provision of the PSAK, the Company has applied the change in this accounting policy retrospectively and has restated the comparative information presented in these financial statements (see Note 29).
Pengakuan pendapatan dan beban
i.
Revenue and expense recognition
Pendapatan dari penjualan produk diukur pada nilai wajar imbalan yang diterima atau dapat diterima, setelah dikurangi retur, penyisihan dan diskon perdagangan. Pendapatan diakui pada saat bukti persuasif ada bahwa risiko dan manfaat kepemilikan telah dialihkan secara signifikan kepada pelanggan, pemulihan imbalan kemungkinan besar akan terjadi, biaya yang terkait dan kemungkinan pengembalian produk dapat diukur dengan andal, dan manajemen tidak lagi ikut serta dalam pengelolaan produk tersebut. Jika besar kemungkinan bahwa diskon akan diberikan dan jumlahnya dapat diukur dengan andal, diskon tersebut diakui sebagai pengurang pendapatan ketika penjualan diakui.
Revenue from sale of products is measured at the fair value of the consideration received or receivable, net of returns, allowances and trade discounts. Revenue is recognized when persuasive evidence exists that significant risks and reward of ownership have been transferred to the customer, recovery of the consideration is probable, the associated costs and possible return of products can be measured reliably, and there is no continuing management involvement with the products. If it is probable that discounts will be granted and the amount can be measured reliably, the discount is recognized as a reduction of revenue when the sales are recognized.
Pengalihan risiko dan manfaat bervariasi tergantung pada ketentuan-ketentuan dalam setiap kontrak penjualan. Untuk penjualan domestik kaca lembaran, pengalihan risiko dan manfaat umumnya terjadi pada saat produk keluar dari gudang Perseroan. Untuk penjualan domestik kaca otomotif, pengalihan risiko dan manfaat umumnya terjadi pada saat produk diterima oleh pelanggan. Untuk penjualan ekspor, pengalihan risiko dan manfaat umumnya terjadi pada saat produk dimuat ke dalam angkutan laut atau udara.
Transfers of risks and rewards vary depending on the individual terms of the contract of sale. For domestic sales of flat glass, the transfers of risks and rewards generally occur when the products exit from the Company’s warehouse. For domestic sales of automotive glass, the transfer of risk and rewards generally occurs when the products are received by the customers. For export sales, the transfers of risks and rewards generally occurs upon loading the products onto the sea or air carrier.
Beban diakui pada saat terjadinya.
Expenses are recognized when incurred.
PT Asahimas Flat Glass Tbk
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PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3.
IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan)
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) j.
j. Penjabaran valuta asing
Foreign currency translation
Transaksi dalam mata uang asing dijabarkan ke Rupiah dengan kurs tanggal transaksi. Aset dan liabilitas moneter dalam mata uang asing dijabarkan dalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal pelaporan.
Transactions in foreign currencies are translated into Rupiah at the rates of exchange prevailing at transaction date. Monetary assets and liabilities denominated in foreign currencies are translated to Rupiah at the exchange rates at the reporting date.
Laba dan rugi kurs atas aset dan liabilitas moneter merupakan selisih antara biaya perolehan diamortisasi dalam Rupiah pada awal periode, disesuaikan dengan suku bunga efektif dan pembayaran selama periode berjalan dan biaya perolehan diamortisasi dalam mata uang asing yang dijabarkan ke Rupiah dengan menggunakan kurs pada tanggal pelaporan.
The foreign exchange gain and loss on monetary items is the difference between amortized cost in Rupiah at the beginning of the period as adjusted for effective interest rate and payments during the period, and the amortized cost in foreign currency translated into Rupiah at the exchange rate at reporting date.
Aset dan liabilitas nonmoneter dalam mata uang asing yang diukur menggunakan biaya historis dijabarkan menggunakan kurs yang berlaku pada tanggal transaksi.
Non-monetary assets and liabilities denominated in a foreign currency that are measured at historical cost are translated using the exchange rate at the date of transaction.
Keuntungan dan kerugian kurs atas penjabaran aset dan liabilitas keuangan yang dihasilkan dari aktivitas operasi diakui dalam laba rugi.
Foreign currency gains and losses on retranslation of financial assets and liabilities that arise from operating activities are generally recognized in profit or loss.
k. Pendapatan keuangan
k.
Finance income
Pendapatan yang berasal dari aktivitas pendanaan yang tidak terkait dengan kegiatan utama Perseroan dicantumkan dalam laba rugi sebagai bagian dari “Pendapatan keuangan”.
Income derived from financing activities that does not arise from the Company’s principal activities are reflected in profit or loss as part of “Finance income”.
Pendapatan keuangan terdiri dari pendapatan bunga atas dana yang diinvestasikan.
Finance income comprises interest income on funds invested.
l.. Pajak penghasilan
l.
Income tax
Beban pajak penghasilan terdiri dari pajak kini dan pajak tangguhan penghasilan badan. Pajak kini dan pajak tangguhan diakui dalam laba atau rugi, kecuali jika pajak tersebut terkait dengan kejadian yang diakui secara langsung di ekuitas atau di penghasilan komprehensif lain.
Income tax expense comprises current and deferred corporate income tax. Current tax and deferred tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or in other comprehensive income.
Pajak kini adalah utang pajak atau pajak yang dapat dikembalikan yang diharapkan atas penghasilan atau rugi kena pajak selama tahun berjalan, dengan menggunakan tarif pajak yang secara substantif telah berlaku pada saat tanggal pelaporan, dan termasuk penyesuaian terhadap cadangan pajak tahun-tahun sebelumnya baik untuk merekonsiliasi cadangan tersebut dengan pajak penghasilan yang dilaporkan dalam SPT Tahunan Pajak Penghasilan, atau untuk mencatat perbedaan yang timbul dari pemeriksaan pajak.
Current tax is the expected tax payable or refundable on taxable income or loss for the year, using tax rates substantively enacted as of the reporting date, and includes true-up adjustments made to the previous years’ tax provisions either to reconcile them with the income tax reported in annual tax return, or to account for differences arising from tax assessments.
PT Asahimas Flat Glass Tbk
16
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
3. .IKHTISAR KEBIJAKAN AKUNTANSI YANG PENTING (Lanjutan) l.. Pajak penghasilan (Lanjutan)
l.
Pajak tangguhan diakui atas semua perbedaan temporer antara nilai tercatat aset dan liabilitas untuk tujuan pelaporan keuangan dan nilai yang digunakan untuk tujuan perpajakan. Pajak tangguhan di tentukan dengan menggunakan tarif pajak yang diharapkan untuk diterapkan terhadap perbedaan temporer pada saat pembalikan, berdasarkan peraturan yang telah berlaku atau secara substantif berlaku pada saat tanggal pelaporan keuangan. Metode ini juga mengharuskan pengakuan manfaat pajak masa depan, seperti kompensasi rugi fiskal, apabila besar kemungkinan manfaat pajak tersebut dapat direalisasi. m. Laba per saham
Income tax (Continued) Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted as of the reporting date. This method also requires the recognition of future tax benefits, such as tax loss carry forwards, to the extent that realization of such benefit is probable.
m. Earnings per share
Laba per saham dihitung dengan membagi laba tahun berjalan dengan jumlah rata-rata tertimbang saham beredar/ditempatkan dalam tahun yang bersangkutan. n.
3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Transaksi dengan pihak-pihak berelasi Dalam laporan keuangan ini, istilah “pihak berelasi” digunakan sesuai dengan PSAK No. 7 (Revisi 2010), “Pengungkapan Pihak-Pihak Berelasi”. Seluruh transaksi dan saldo yang signifikan dengan pihakpihak berelasi diungkapkan dalam catatan terlampir.
o. Informasi segmen
Earnings per share is computed by dividing profit for the year by the weighted average of total outstanding/issued shares during the year. n. Transactions with related parties In these financial statements, the term “related party” is used in accordance with PSAK No. 7 (2010 Revision), “Related Parties Disclosures”. All significant transactions and balances with related parties are disclosed in the following notes. o. Segment information
Segmen operasi diidentifikasikan berdasarkan jenis usaha (kaca lembaran dan kaca otomotif) dan segmen geografis (pasar lokal dan ekspor). Beban yang timbul akan dibebankan pada setiap segmen dimana terjadinya beban. Kebijakan akuntansi diterapkan secara konsisten di setiap segmen. Seluruh transaksi antar segmen dieliminasi.
Operating segments are identified based on the nature of their business (flat glass and automotive glass) and geographical segments (domestic and export market). Expenses are charged to each segment wherein the expenses are incurred. The accounting policies are consistently applied within each segment. Intersegment transactions are eliminated.
PT Asahimas Flat Glass Tbk
17
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
4. KAS DAN SETARA KAS Dalam jutaan Rupiah
4. CASH AND CASH EQUIVALENTS 31 Desember/31 December 2015 2014
Kas: Rupiah Valuta asing Jumlah kas
972 87 1.059
Kas di bank: Akun rupiah: PT Bank Mandiri (Persero) Tbk PT Bank Ganesha The Bank of Tokyo-Mitsubishi UFJ Ltd., cabang Jakarta PT Bank Negara Indonesia Tbk Deutsche Bank AG, cabang Jakarta PT Bank Mizuho Indonesia Akun valuta asing: Deutsche Bank AG, cabang Jakarta PT Bank Mizuho Indonesia The Bank of Tokyo-Mitsubishi UFJ Ltd., cabang Jakarta Jumlah kas di bank Deposito berjangka di bank: Akun rupiah: The Bank of Tokyo-Mitsubishi UFJ Ltd., cabang Jakarta PT Bank Mizuho Indonesia PT Bank Mandiri (Persero)Tbk
In millions of Rupiah
52 676
152 583
2.904 212
121 204
16 6 3.866
21 12 1.093
11 13
13 5
103 127
105 123
3.993
1.216
120.810 265.000 385.810
349.575 57.425 295.000 702.000
Akun valuta asing: The Bank of Tokyo-Mitsubishi UFJ Ltd., cabang Jakarta PT Bank Mizuho Indonesia Deutsche Bank AG, cabang Jakarta
357.770 183.129
206.844 186.986
540.899
9.380 403.210
Jumlah deposito berjangka di bank
926.709
1.105.210
931.761
1.107.411
Deposito berjangka menghasilkan bunga pada tarif sebagai berikut:
2015
Deposito Rupiah Deposito Dolar Amerika Serikat Deposito Yen Jepang
4,90% - 9,75% 0,01% - 0,50% 0,005% - 0,010%
Cash on hand: Rupiah Foreign currencies Total cash on hand
850 135 985
2014 4,95% - 11,25% 0,03% - 0,33% 0,005% - 0,030%
Cash in banks: Rupiah accounts: PT Bank Mandiri (Persero) Tbk PT Bank Ganesha The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta branch PT Bank Negara Indonesia Tbk Deutsche Bank AG, Jakarta branch PT Bank Mizuho Indonesia Foreign currency accounts: Deutsche Bank AG, Jakarta branch PT Bank Mizuho Indonesia The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta branch Total cash in banks Time deposits in banks: Rupiah accounts: The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta branch PT Bank Mizuho Indonesia PT Bank Mandiri (Persero) Tbk Foreign currency accounts: The Bank of Tokyo-Mitsubishi UFJ Ltd., Jakarta branch PT Bank Mizuho Indonesia Deutsche Bank AG, Jakarta branch Total time deposits in banks
Time deposits earned interest at the following rates: Deposits in Rupiah Deposits in U.S. Dollar Deposits in Japanese Yen
Tidak ada saldo kas dan setara kas yang digunakan sebagai jaminan.
There are no balances of cash and cash equivalents pledged as collateral.
Lihat Catatan 26 untuk rincian saldo kas dan setara kas dalam valuta asing.
See Note 26 for details of cash and cash equivalents denominated in foreign currencies.
Tidak ada bank yang merupakan pihak berelasi. None of the banks are related parties. PT Asahimas Flat Glass Tbk
18
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
5. PIUTANG USAHA Dalam jutaan Rupiah Pihak ketiga Pihak berelasi: AGC Asia Pacific Pte., Ltd., Singapura PT Rodamas, Indonesia Asahi Glass Co., Ltd., Jepang Auto Glass Co., Ltd., Jepang AGC Automotive Philippines Inc. AGC Automotive China Co., Ltd. AGC Automotive (Thailand) Co., Ltd. Pelanggan lainnya
Rincian piutang usaha dalam mata uang: Rupiah Valuta asing
5. TRADE RECEIVABLES 31 Desember/31 December 2015 2014 94.998
In millions of Rupiah 90.882
137.510 94.639 10.306 6.677 5.790 1.640
132.109 107.440 8.861 4.726 6.377 2.247
569 1.314 258.445
1.313 351 263.424
353.443
354.306
189.508 163.935 353.443
197.761 156.545 354.306
Unrelated parties Related parties: AGC Asia Pacific Pte., Ltd., Singapore PT Rodamas, Indonesia Asahi Glass Co., Ltd., Japan Auto Glass Co., Ltd., Japan AGC Automotive Philippines Inc. AGC Automotive China Co., Ltd. AGC Automotive (Thailand) Co., Ltd. Other customers
Trade receivables by currency type: Rupiah Foreign currencies
Manajemen telah mengevaluasi kolektibilitas dari masing-masing saldo piutang usaha dan menetapkan bahwa seluruhnya dapat tertagih, sehingga tidak diperlukan penyisihan penurunan nilai.
Management has evaluated the collectability of each trade receivable balance and has determined that all balances remain collectible and therefore, provision for impairment is not required.
Tidak ada saldo piutang usaha yang digunakan sebagai jaminan.
There are no balances of trade receivables pledged as collateral.
Lihat Catatan 26 untuk rincian saldo piutang usaha dalam valuta asing.
See Note 26 for details of trade receivables that are denominated in foreign currencies.
6. PIUTANG LAINNYA
Dalam jutaan Rupiah Piutang dari pelanggan lokal untuk menjamin pengembalian palet Piutang karyawan Lainnya
6. OTHER RECEIVABLES 31 Desember/31 December 2015 2014
21.486 12.512 17.487 51.485
Manajemen telah mengevaluasi kolektibilitas dari semua piutang lainnya dan menetapkan bahwa seluruhnya tertagih, sehingga tidak diperlukan penyisihan penurunan nilai.
4.751 11.310 13.450 29.511
In millions of Rupiah Receivables from domestic customers to guarantee return of pallets Receivables from employees Other
Management has evaluated the collectability of all other receivables and has determined that all balances remain collectible and therefore, provision for impairment is not required.
PT Asahimas Flat Glass Tbk
19
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
7. PERSEDIAAN
Dalam jutaan Rupiah
7. INVENTORIES 31 Desember/31 December 2015 2014
Barang jadi Barang dalam produksi Bahan baku Bahan pembantu Suku cadang, keperluan pabrik dan perkakas Barang dalam perjalanan
In millions of Rupiah
371.856 24.764 193.295 65.409
329.266 25.345 139.077 83.947
Finished goods Goods in production Raw materials Supplementary materials
144.658 799.982 61.212 861.194
122.298 699.933 45.115 745.048
Spare parts, factory supplies and tools
Manajemen telah mengevaluasi penurunan nilai persediaan dan menetapkan bahwa nilai realisasi neto dari semua persediaan melebihi jumlah tercatat, sehingga tidak ada penurunan nilai persedian.
Management has evaluated inventory items for impairment and has determined that the net realizable values of all inventory items exceed their carrying amounts and therefore, there is no impairment.
Per 31 Desember 2015, persediaan telah diasuransikan terhadap berbagai risiko kerugian dengan jumlah pertanggungan sebesar USD 55.094.524 atau setara dengan Rp 760.029 juta (2014: USD 55.094.524 atau setara dengan Rp 685.376 juta), yang menurut keyakinan manajemen cukup memadai untuk menutup kemungkinan kerugian yang timbul dari risiko-risiko tersebut.
As of 31 December 2015, inventories were insured against various risks for a total coverage of USD 55,094,524 or equivalent to Rp 760,029 million (2014: USD 55,094,524 or equivalent to Rp 685,376 million), which in management’s opinion is adequate to cover possible losses arising from such risks.
Tidak ada persediaan yang digunakan sebagai jaminan.
There are no inventories pledged as collateral.
8. PEMBAYARAN DIMUKA LAINNYA
8. OTHER PREPAYMENTS
31 Desember/31 December 2015 2014
Dalam jutaan Rupiah Uang muka pembelian persediaan Lainnya
9.
Goods in transit
3.592 11.092 14.684
2.933 11.828 14.761
ASET TIDAK LANCAR LAINNYA
Dalam jutaan Rupiah Uang muka pembelian aset tetap Piutang karyawan Lainnya
In millions of Rupiah Advances for inventory purchases Other
9. OTHER NON-CURRENT ASSETS 31 Desember/31 December 2015 2014 62.305 20.259 16.086 98.650
PT Asahimas Flat Glass Tbk
29.711 20.255 13.884 63.850
In millions of Rupiah Advances for fixed asset purchases Employee receivables Other
20
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
10. ASET TETAP
10. FIXED ASSETS 2015
Dalam jutaan Rupiah
Saldo/ Balance 1/1/2015
Penambahan/ Additions
Pelepasan/ Disposals
Reklasifikasi/ Reclassifications
Harga perolehan Tanah Bangunan dan sarana Tungku peleburan Mesin dan peralatan Roller untuk kaca berpola Kendaraan bermotor Perkakas, palet, perlengkapan dan perabot
Saldo/ Balance 31/12/2015
In millions of Rupiah
Acquisition cost ) 287.103 Land 369.544 Buildings and structures 522.083 Furnaces 2.107.751 Machinery and equipment 10.077 Figured glass rollers 34.701 Motor vehicles Tools, pallets, furniture 431.594 and fixtures 3.762.853 Assets under construction/ 452.407 installation 4.215.260 Accumulated depreciation
374.041 334.676 522.142 1.986.571 9.367 35.548
586 7.009 710 2.334
-) (468) (1.658) (12.132) (-) (3.181)
(86.938)** 34.750) )) 1.599) )) 126.303) )) -))) -)))
384.259 3.646.604
44.995 55.634
(1.446) (18.885)
3.786) )) 79.500) ))
77.500 3.724.104
454.407 510.041
-) (18.885)
(79.500))) -)))
Bangunan dan sarana Tungku peleburan Mesin dan peralatan Roller untuk kaca berpola Kendaraan bermotor Perkakas, palet, perlengkapan dan perabot
(183.363) (298.221) (1.366.881) (7.169) (32.046)
(11.411) (42.398) (102.772) (1.524) (1.915)
468 244 11.176 3.157
-))) -))) -))) -))) -)))
(302.392) (2.190.072)
(51.881) (211.901)
1.446 16.491
-))) -)))
(194.306) Buildings and structures (340.375) Furnaces (1.458.477) Machinery and equipment (8.693) Figured glass rollers (30.804) Motor vehicles Tools, pallets, furniture (352.827) and fixtures (2.385.482)
Penyisihan penurunan nilai
(3.196)
(3.686)
-
-)))
(6.882) Provision for impairment
Aset dalam penyelesaian/instalasi Akumulasi penyusutan
Jumlah tercatat
1.530.836)
1.822.896)
** Di tahun 2015, Perseroan menemukan bahwa di dalam biaya pematangan tanah yang telah dikapitalisasi ke tanah di tahun 2014, terdapat biaya konstruksi pondasi bangunan, dimana sampai dengan 31 Desember 2015 bangunan terkait masih dalam tahap konstruksi. Karenanya, Perseroan mengklasifikasikan kembali biaya tersebut ke aset dalam penyelesaian.
Carrying amount
** In 2015, the Company found out that in the land development cost that has been capitalized to land in 2014, there were costs to construct building foundation, in which up to 31 December 2015 the corresponding building is still under construction. Therefore, the Company reclassified the costs back to assets under construction. 2014
Dalam jutaan Rupiah
Saldo/ Balance 1/1/2014
Penambahan/ Additions
Pelepasan/ Disposals
Reklasifikasi/ Reclassifications
Saldo/ Balance 31/12/2014
Harga perolehan Tanah Bangunan dan sarana Tungku peleburan Mesin dan peralatan Roller untuk kaca berpola Kendaraan bermotor Perkakas, palet, perlengkapan dan perabot Aset dalam penyelesaian/instalasi
In millions of Rupiah Acquisition cost
254.060 319.096 522.142 1.928.008 7.583 37.255
114.670) 11.663) -) 1.090) 1.784) 26)
-) (3) -) (1.346) -) (2.393)
5.311) 3.920) -) 58.819) -) 660)
) 374.041) 334.676) 522.142) 1.986.571) 9.367) 35.548)
329.452 3.397.596
35.503) 164.736)
(866) (4.608)
20.170) 88.880)
384.259) 3.646.604)
73.714 3.471.310
92.666) 257.402)
-) (4.608)
(88.880) -)
77.500) 3.724.104)
PT Asahimas Flat Glass Tbk
Land Buildings and structures Furnaces Machinery and equipment Figured glass rollers Motor vehicles Tools, pallets, furniture and fixtures Assets under construction/ installation
21
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
10. ASET TETAP (Lanjutan)
10. FIXED ASSETS (Continued) 2014
Saldo/ Balance 1/1/2014
Dalam jutaan Rupiah
Penambahan/ Additions
Pelepasan/ Disposals
Reklasifikasi/ Reclassifications
Saldo/ Balance 31/12/2014
Akumulasi penyusutan
In millions of Rupiah Accumulated depreciation
Bangunan dan sarana Tungku peleburan Mesin dan peralatan Roller untuk kaca berpola Kendaraan bermotor Perkakas, palet, perlengkapan dan perabot
(171.866) (258.548) (1.269.491) (5.354) (32.125)
(11.499) (39.673) (98.431) (1.815) (2.314)
2) -) 1.041) -) 2.393)
-) -) -) -) -)
(183.363) (298.221) (1.366.881) (7.169) (32.046)
(255.779) (1.993.163)
(47.407) (201.139)
794) 4.230)
-) -)
(302.392) (2.190.072)
Penyisihan penurunan nilai
-)
(3.196)
-)
-)
(3.196)
Provision for impairment
1.530.836)
Carrying amount
Jumlah tercatat
1.478.147)
2015
Dalam jutaan Rupiah Penyusutan dibebankan pada: Beban pokok penjualan Beban penjualan Beban umum dan administrasi
2014
200.999 8.136 2.766 211.901
Buildings and structures Furnaces Machinery and equipment Figured glass rollers Motor vehicles Tools, pallets, furniture and fixtures
In millions of Rupiah
191.267 6.212 3.660 201.139
Depreciation expense was charged to: Cost of sales Selling expenses General and administrative expenses
Selama tahun yang berakhir 31 Desember 2015 dan 2014, Perseroan telah melakukan pelepasan aset tetap sebagai berikut:
During the years ended 31 December 2015 and 2014, the Company disposed of certain fixed assets as summarized below:
Dalam jutaan Rupiah
2014
2015
Nilai buku Hasil penerimaan neto (Rugi) Laba
(2.394) 165) (2.229)
Aset dalam penyelesaian/instalasi terdiri dari: Dalam jutaan Rupiah Bangunan dan sarana Tungku peleburan Mesin dan peralatan Perkakas, palet, perlengkapan dan perabot
(378) 828) 450)
In millions of Rupiah Net book value Net proceeds (Loss) gain
Assets under construction/installation consist of: 2015
2014
277.553 16.273 149.876
751 67.966
8.705 452.407
8.783 77.500
Per 31 Desember 2015, tahap penyelesaian aset dalam penyelesaian/instalasi berkisar antara 15% dan 97% (31 Desember 2014: antara 20% dan 95%), dan diperkirakan akan selesai dan direklasifikasi ke masingmasing kelompok aset di tahun 2016.
In millions of Rupiah Buildings and structures Furnaces Machinery and equipment Tools, pallets, furniture and fixtures
At 31 December 2015, the stages of completion of assets under construction/installation were ranging between 15% and 97% (31 December 2014: between 20% and 95%), and are expected to be completed and reclassified to the related group of assets in 2016.
PT Asahimas Flat Glass Tbk
22
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
10. ASET TETAP (Lanjutan)
10. FIXED ASSETS (Continued)
Ditahun 2015, Perseroan mengukur kembali tanah di Cikampek dengan hasil seluas 4.492 meter persegi dari sebelumnya 4.602 meter persegi. Pada tanggal 31 Desember 2015, Perseroan memiliki hak atas tanah seluas 1.780.592 meter persegi, dengan perincian sebagai berikut: (i) 1.762.577 meter persegi dimiliki Perseroan berdasarkan sertifikat “Hak Guna Bangunan” (HGB) dan “HGB di atas Hak Pengelolaan Lahan” (HGB di atas HPL), yang akan berakhir antara tahun 2022 dan 2044, dan umumnya dapat terus berlanjut, kecuali jika Pemerintah memutuskan untuk merubah peruntukan atas wilayah tersebut untuk tujuan lain; (ii) 7.320 meter persegi sedang dalam proses penyelesaian akte Peralihan Hak; dan (iii) 10.695 meter persegi sedang dalam proses perolehan sertifikat HGB atas tanah tersebut di Kantor Pertanahan.
In 2015, the Company remeasured the land at Cikampek that resulted in 4,492 square meters from previously 4,602 square meters. As of 31 December 2015, the Company owns land area of 1,780,592 square meters with the detail as follows: (i) 1,762,577 square meters owned by the Company based on land title certificates of “Hak Guna Bangunan” (HGB) and “HGB on Hak Pengelolaan Lahan” (HGB on HPL), which will expire between year 2022 and 2044, and are generally expected to remain vested and extendable, barring a decision by the Government to rezone the area for other purpose; (ii) 7,320 square meters are in the process of completing the deed to transfer the land’s title upon side land; and (iii)10,695 square meters are in the process of obtaining HGB land title certificate at the Land Office.
Tanah seluas 790.834 meter persegi dan bangunan di atasnya digunakan sebagai jaminan kepada Asahi Glass Co., Ltd., Jepang (pemegang saham, Catatan 25c).
790,834 square meters of land and the buildings thereon, are pledged to Asahi Glass Co., Ltd., Japan (shareholder, Note 25c).
Per 31 Desember 2015, aset tetap kecuali tanah dan aset dalam penyelesaian/instalasi, telah diasuransikan terhadap berbagai risiko kerugian dengan nilai pertanggungan sebesar USD 325.313.970 atau setara dengan Rp 4.487.706 juta (2014: USD 325.313.970 atau setara dengan Rp 4.046.906 juta), yang menurut pendapat manajemen cukup memadai untuk menutup kemungkinan kerugian yang timbul dari risiko-risiko tersebut.
At 31 December 2015, fixed assets excluding land and assets under construction/installation, were insured against various risks for a total coverage of USD 325,313,970 or equivalent to Rp 4,487,706 million (2014: USD 325,313,970 or equivalent to Rp 4,046,906 million), which in management’s opinion is adequate to cover possible losses arising from such risks.
Dalam tahun yang berakhir 31 Desember 2015 dan 2014, Perseroan melakukan pembelian aset tetap (termasuk aset dalam penyelesaian/instalasi) dari pihak berelasi, sebagai berikut:
During the years ended 31 December 2015 and 2014, the Company purchased certain fixed assets (including assets under construction/installation) from related parties, as follows:
Dalam jutaan Rupiah
2014
2015
Asahi Glass Co., Ltd., Jepang AGC Technology Solutions (Thailand) Co., Ltd. AGC Technology Solutions Co., Ltd., Jepang AGC Automotive (Thailand) Co., Ltd. PT Rodamas, Indonesia
89.039
8.674
13.742 4.997 1.292 109.070
12.138 690 69 21.571
Per 31 Desember 2015 dan 2014, saldo sebesar Rp 16.357 juta dan Rp 4.937 juta untuk pembelian aset tetap tertentu belum dibayar.
In millions of Rupiah Asahi Glass Co., Ltd., Japan AGC Technology Solutions (Thailand) Co., Ltd. AGC Technology Solutions Co., Ltd., Japan AGC Automative (Thailand) Co., Ltd. PT Rodamas, Indonesia
At 31 December 2015 and 2014, balances amounting to Rp 16,357 million and Rp 4,937 million remained unpaid for purchases of certain fixed assets.
PT Asahimas Flat Glass Tbk
23
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
10. ASET TETAP (Lanjutan)
10. FIXED ASSETS (Continued)
Per 31 Desember 2015, jumlah harga perolehan dari aset tetap yang telah disusutkan penuh tetapi masih digunakan adalah Rp 1.214.121 juta (2014: Rp 1.167.441 juta).
At 31 December 2015, total acquisition cost of fully depreciated fixed assets but still in use was Rp 1,214,121 million (2014: Rp 1,167,441 million).
Per 31 Desember 2015, nilai wajar tanah dan bangunan Perseroan diperkirakan sebesar Rp 7.032.773 juta, yang mana ditentukan terutama berdasarkan nilai jual yang tertera di pajak atas tanah dan bangunan.
At 31 December 2015, the fair value of the Company’s land and buildings was estimated to be Rp 7,032,773 million, which was determined mainly based on the selling values as stated in the land and building taxes.
Pada tanggal 1 September 2014, Perseroan telah menandatangani perjanjian dengan Asahi Glass Co., Ltd., Jepang (pemegang saham) untuk pembangunan pabrik baru Perseroan yang terletak di Cikampek, Jawa Barat, Indonesia. Perseroan akan membayar kepada Asahi Glass Co., Ltd., Jepang, biaya konsultasi sebesar 6% dari biaya pembangunan (Catatan 25).
On 1 September 2014, the Company entered into an agreement with Asahi Glass Co., Ltd., Japan (shareholder) for construction of the Company’s new factory in Cikampek, West Java, Indonesia. The Company will pay to Asahi Glass Co., Ltd., Japan, a consulting fee of 6% of the construction expenditure (Note 25).
Penurunan nilai aset tetap
Fixed assets impairment
Selama tahun 2015, Perseroan membentuk penyisihan penurunan nilai aset tetap sebesar Rp 3.686 juta (2014: Rp 3.196 juta), untuk mesin dan peralatan yang nilai tercatatnya melebihi estimasi jumlah terpulihkannya.
During 2015, the Company made a provision for impairment on fixed assets amounting to Rp 3,686 million (2014: Rp 3,196 million), for machinery and equipment whose carrying amounts exceeded their recoverable amounts.
Tanah yang dimiliki untuk dijual
Land held for sale
Sesuai dengan keputusan rapat Dewan Komisaris Perseroan tanggal 30 Oktober 2013, pada tanggal 31 Desember 2013, tanah seluas 120.786 meter persegi dengan nilai buku sebesar Rp 8.611 juta, yang terletak di Desa Tanjungsari, Kecamatan Taman, Sidoarjo, Propinsi Jawa Timur, Indonesia, disajikan sebagai tanah yang dimiliki untuk dijual. Di Juni 2014, tanah seluas 110.091 meter persegi telah dijual dan sisa seluas 10.695 meter persegi diklasifikasikan kembali sebagai aset tetap. Perseroan mencatat laba atas penjualan tanah sebesar Rp 20.499 juta.
Pursuant to resolution of the Company’s Board of Commissioners on 30 October 2013, as of 31 December 2013, a parcel of land measuring 120,786 square meters and carrying amount of Rp 8,611 million, located at Desa Tanjungsari, Kecamatan Taman, Sidoarjo, East Java Province, Indonesia, was designated as Land Held for Sale. In June 2014, a total of 110,091 square meters was sold and the remaining 10,695 square meters was reclassified to fixed assets. The Company recognized a gain of Rp 20,499 million from this land sale.
PT Asahimas Flat Glass Tbk
24
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
11. UTANG USAHA
11. TRADE PAYABLES
Utang usaha terutama berasal dari pembelian persediaan.
Dalam jutaan Rupiah Pihak ketiga Pihak berelasi: AGC Soda Corporation, Amerika Serikat AGC Technology Solutions Co., Ltd., Jepang AGC Asia Pacific Pte., Ltd., Singapura Asahi Glass Co., Ltd., Jepang PT Saint Gobain Abrasives Diamas, Indonesia AGC Technology Solutions (Kunshan) Co., Ltd., Cina AGC Technology Solutions (Thailand) Co., Ltd., AGC Automotive (Thailand) Co., Ltd., Pemasok lainnya
Rincian utang usaha dalam mata uang: Rupiah Valuta asing
Trade payables are mainly originated from purchase of inventories.
31 Desember/31 December 2015 2014
In millions of Rupiah
223.630
219.459
34.855
3.054
7.667 4.503 2.305
6.099 10.578 2.843
1.966
1.239
1.476
-
1.000 223 363 54.358
1.398 876 26.087
277.988
245.546
132.670 145.318 277.988
128.736 116.810 245.546
Lihat Catatan 26 untuk rincian saldo utang usaha dalam valuta asing.
Pengiriman dan pengangkutan Listrik, air, dan telepon Perbaikan dan perlengkapan lainnya Royalti dan komisi penjualan (pihak berelasi, Catatan 25) Pengepakan dan pembelian umum Kompensasi karyawan Lainnya
Trade payables by currency type: Rupiah Foreign currencies
See Note 26 for details of trade payables that are denominated in foreign currencies.
12. BEBAN AKRUAL
Dalam jutaan Rupiah
Unrelated parties Related parties: AGC Soda Corporation, United States of America AGC Technology Solutions Co., Ltd., Japan AGC Asia Pacific Pte., Ltd., Singapore Asahi Glass Co., Ltd., Japan PT Saint Gobain Abrasives Diamas, Indonesia AGC Technology Solutions (Kunshan) Co., Ltd., China AGC Technology Solutions (Thailand) Co., Ltd., AGC Automotive (Thailand) Co., Ltd., Other suppliers
12. ACCRUED EXPENSES 31 Desember/31 December 2015 2014 36.642 18.743 13.518
28.473 20.601 1.158
9.883 8.146 7.887 43.702 138.521
12.596 3.354 9.780 25.144 101.106
Lihat Catatan 26 untuk rincian saldo beban akrual yang terutang dalam valuta asing.
In millions of Rupiah Delivery and transportation Electricity, water, and telephone Repair and sundry supplies Royalties and sales commissions (related parties, Note 25) Packing and general purchase Employees’ compensation Other
See Note 26 for details of accrued expenses that are payable in foreign currencies.
PT Asahimas Flat Glass Tbk
25
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
13. LIABILITAS JANGKA PENDEK LAINNYA
13. OTHER CURRENT LIABILITIES
31 Desember/31 December 2015 2014
Dalam jutaan Rupiah Utang pembelian aset tetap Pembayaran diterima dimuka dari pelanggan Lainnya
In millions of Rupiah
16.357
4.937
Payables for fixed asset purchases
12.488 15.363 44.208
12.650 8.544 26.131
Advances received from customers Other
Lihat Catatan 26 untuk imbalan saldo liabilitas jangka pendek lainnya yang terutang dalam valuta asing.
14. LIABILITAS IMBALAN KERJA
See Note 26 for details of other current liabilities that are payable in foreign currencies.
14. EMPLOYEE BENEFITS OBLIGATION
Sesuai dengan peraturan Ketenagakerjaan di Indonesia, Perseroan wajib memberikan imbalan pascakerja ke karyawannya pada saat pemutusan hubungan kerja atau pada saat pensiun. Imbalan tersebut terutama didasarkan pada masa kerja dan kompensasi karyawan pada saat pemutusan hubungan kerja atau pensiun.
In accordance with Indonesian labor regulations, the Company is required to provide post-employment benefits to its employees when their employment is terminated or when they retire. These benefits are primarily based on years of service and the employees’ compensation at termination or retirement.
Mulai Februari 2015, Perseroan memiliki program iuran pasti yang mencakup karyawan tetap yang memenuhi syarat, yang dikelola dan dijalankan oleh PT Asuransi Jiwa Manulife Indonesia. Selama tahun yang berakhir 31 Desember 2015, Perseroan telah mengkontribusi Rp 55.000 juta terhadap program tersebut.
Starting in February 2015, the Company has a defined contribution pension plan covering its qualified permanent employees, which is managed and administered by PT Asuransi Jiwa Manulife Indonesia. During the year ended 31 December 2015, the Company contributed Rp 55,000 million to the plan.
Tabel berikut mencerminkan saldo liabilitas imbalan kerja pada tanggal pelaporan, mutasi liabilitas, aset program, dan beban yang diakui selama tahun 2015 dan 2014:
The following table reflects the balance of the obligation for post-employment benefits as of the reporting dates, as well as the movements in the obligation, plan asset, and the expense recognized during 2015 and 2014:
Dalam jutaan Rupiah
2014*
Mutasi liabilitas imbalan kerja pasti Liabilitas imbalan pasti, awal tahun Termasuk di laba rugi Biaya jasa kini Biaya jasa lalu Biaya bunga Termasuk di penghasilan komprehensif lain Kerugian (keuntungan) aktuarial dari: - asumsi keuangan - penyesuaian Lainnya Imbalan yang dibayar Liabilitas imbalan pasti, akhir tahun *Disajikan kembali (lihat Catatan 29)
2015
In millions of Rupiah
446.447)
393.871)
Movement in the defined benefit obligation Defined benefit obligation, beginning of year
32.880) (79.974) 35.466)
30.324) 179) 36.508)
Included in profit or loss Current service cost Past service cost Interest cost
(25.507) 48.678)
47.965) (18.838)
Included in other comprehensive income Actuarial losses (gains) from: financial assumption experience adjustment -
(42.056) 415.934)
(43.562) 446.447)
Other Benefits paid Defined benefit obligation, end of year
*As restated (see Note 29)
PT Asahimas Flat Glass Tbk
26
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
14. LIABILITAS IMBALAN KERJA (Lanjutan) Dalam jutaan Rupiah
14. EMPLOYEE BENEFITS OBLIGATION (Continued) 2015
2014*
In millions of Rupiah
Perubahan aset program Nilai wajar aset program, awal tahun Termasuk di laba rugi Pendapatan bunga
Changes in plan asset Fair value of plan asset,beginning of year
-)
-)
(811)
-)
Included in profit or loss Interest income
Termasuk di penghasilan komprehensif lain Imbal hasil atas aset program tidak termasuk pendapatan bunga
620)
-)
Included in other comprehensive income Return on plan asset excluding interest income
Lainnya Iuran dari Perseroan Imbalan yang dibayar Nilai wajar aset program, akhir tahun
(55.000) 39.933) (15.258)
-
Others Contributions paid by the Company Benefits paid Fair value of plan assets, end of year
Liabilitas imbalan pasti neto
400.676)
446.447
Net defined benefit obligation
Asumsi utama yang digunakan dalam perhitungan aktuaria adalah sebagai berikut: Dalam jutaan Rupiah
Tingkat diskonto Tingkat kenaikan gaji masa depan
Principal assumptions used in the actuarial calculations were as follows:
2015 Per annum
2014 Per annum
9,00% - 9,30% 7,00% - 7,70%
8,00% - 8,75% 7,00% - 12,00%
In millions of Rupiah
Discount rate Future salary increase rate
Per 31 Desember 2015, durasi rata-rata tertimbang dari liabilitas imbalan pasti berkisar antara 6,40 dan 20,76 tahun (31 Desember 2014: antara 6,38 dan 16,23 tahun).
At 31 December 2015, the weighted average duration of the defined benefit obligation was ranging between 6.40 and 20.76 years (31 December 2014: between 6.38 and 16.23 years).
Tingkat diskonto digunakan dalam menentukan nilai kini liabilitas imbalan kerja pada tanggal penilaian. Secara umum, tingkat diskonto berkorelasi dengan imbal hasil pasar atas bunga obligasi pemerintah yang diperdagangkan di pasar modal aktif pada tanggal pelaporan.
The discount rate is used in determining the present value of the benefit obligation at valuation date. In general, the discount rate correlates with the yield on government bonds that are traded in active capital markets at reporting date.
Asumsi tingkat kenaikan gaji di masa depan memproyeksikan liabilitas imbalan kerja dimulai dari tanggal penilaian sampai dengan usia pensiun normal. Tingkat kenaikan gaji pada umumnya ditentukan dengan memperhitungkan penyesuaian inflasi terhadap tingkat upah dan bertambahnya masa kerja.
The future salary increase assumption projects the benefit obligation starting from the valuation date up to the normal retirement age. The salary increase rate is generally determined by applying inflation adjustments to pay scales and taking account of the length of service.
*Disajikan kembali (lihat Catatan 29)
*As restated (see Note 29)
PT Asahimas Flat Glass Tbk
27
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
14. LIABILITAS IMBALAN KERJA (Lanjutan)
14. EMPLOYEE BENEFITS OBLIGATION (Continued)
Analisa sensitivitas
Sensitivity analysis
Kemungkinan adanya perubahan pada tanggal pelaporan terhadap salah satu asumsi aktuarial terkait, dimana asumsi lainnya konstan, akan mempengaruhi liabilitas imbalan pasti sebesar jumlah yang ditunjukkan di bawah ini.
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amount shown below. 2015
Kenaikan/ Increase Tingkat dikonto (pergerakan 1%) Skala gaji (pergerakan 1%)
Penurunan/ Decrease
(31.306) 35.469)
Walaupun analisa ini tidak memperhitungkan seluruh distribusi arus kas yang diharapkan dari program tersebut, analisa ini menunjukkan prakiraan sensitivitas dari asumsi yang ditampilkan.
36.463) (31.086)
Discount rate (1% movement) Salary scale (1% movement)
Although the analysis does not take account of the full distribution of cash flows expected under the plan, it does provide an approximation of the sensitivity of the assumption shown.
15. MODAL SAHAM
15. SHARE CAPITAL
Modal dasar Perseroan adalah sebesar Rp 300 milyar yang terbagi atas 600.000.000 saham dengan nilai nominal Rp 500 (dalam angka penuh) per saham dan telah ditempatkan dan disetor penuh sejumlah 434.000.000 saham.
The Company's authorized capital amounting to Rp 300 billion consists of 600,000,000 shares at par value of Rp 500 (in full amount) per share, of which 434,000,000 shares have been issued and fully paid-up.
Susunan pemegang saham Perseroan adalah sebagai berikut:
The composition of the Company’s shareholders was as follows:
Pemegang saham
Jumlah saham/ Number of shares
% kepemilikan/ % of ownership
Jumlah/Amount (dalam jutaan Rupiah/ In millions of Rupiah)
31 Desember 2015 Asahi Glass Co., Ltd., Jepang PT Rodamas, Indonesia Tn. Mitsuhiro Yoshikado (Direktur) Lainnya (masing-masing dengan kepemilikan kurang dari 5%)
31 December 2015 190.359.000 177.758.700 20.000
43,86% 40,96% 0.00%
95.180 88.879 10
65.862.300 434.000.000
15,18% 100,00%
32.931 217.000
31 Desember 2014 Asahi Glass Co., Ltd., Jepang PT Rodamas, Indonesia Tn. Mitsuhiro Yoshikado (Direktur) Lainnya (masing-masing dengan kepemilikan kurang dari 5%)
Shareholders
Asahi Glass Co., Ltd., Japan PT Rodamas, Indonesia Mr. Mitsuhiro Yoshikado (Director) Other (each with ownership of less than 5%) 31 December 2014
190.359.000 177.358.500 20.000
43,86% 40,87% 0.00%
95.180 88.679 10
66.262.500 434.000.000
15,27% 100,00%
33.131 217.000
PT Asahimas Flat Glass Tbk
Asahi Glass Co., Ltd., Japan PT Rodamas, Indonesia Mr. Mitsuhiro Yoshikado (Director) Other (each with ownership of less than 5%)
28
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
16. TAMBAHAN MODAL DISETOR
16. ADDITIONAL PAID-IN CAPITAL
Akun ini merupakan agio saham dikurangi dengan biaya emisi saham sebagai berikut:
This account represents premium on share capital net of share issuance costs as follows:
Dalam jutaan Rupiah
In millions of Rupiah 167.700) (2.617) 165.083)
Agio saham Biaya emisi saham
Agio saham berasal dari selisih antara hasil penerimaan dari penawaran umum perdana 86.000.000 saham kepada masyarakat pada tahun 1995 dengan harga Rp 2.450 per saham dengan nilai nominalnya Rp 500 per saham.
Premium on share capital Share issuance costs
Premium on share capital resulted from the difference between proceeds from the initial public offering of 86,000,000 shares in 1995 at a price of Rp 2,450 per share and the par value of the issued shares of Rp 500 per share.
17. PENJUALAN NETO Dalam jutaan Rupiah Pihak ketiga Pihak berelasi: AGC Asia Pacific Pte., Ltd., Singapura PT Rodamas, Indonesia Asahi Glass Co., Ltd., Jepang Auto Glass Co., Ltd., Jepang AGC Automotive Philippines Inc. AGC Automotive China Co., Ltd. AGC Automotive (Thailand) Co., Ltd. AGC Vidros Do Brasil PT Auto Glass Indonesia Rodamas Marketing Pte., Ltd., Singapura Asahi India Glass Ltd.
17. NET SALES 2015
2014
840.259
986.929
1.358.762 1.306.586 74.184 42.711 30.577 6.290 4.289 1.378 953
1.051.026 1.394.046 53.608 45.831 36.055 6.998 3.885 1.965 1.114
2.825.730
90.445 284 2.685.257
3.665.989
3.672.186
Tidak terdapat penjualan ke pihak ketiga yang jumlahnya melebihi 10% dari penjualan neto.
In millions of Rupiah Unrelated parties Related parties: AGC Asia Pacific Pte., Ltd., Singapore PT Rodamas, Indonesia Asahi Glass Co., Ltd., Japan Auto Glass Co., Ltd., Japan AGC Automotive Philippines Inc. AGC Automotive China Co., Ltd. AGC Automotive (Thailand) Co., Ltd. AGC Vidros Do Brasil PT Auto Glass Indonesia Rodamas Marketing Pte., Ltd., Singapore Asahi India Glass Ltd.
There were no sales to unrelated parties that the amount exceeded 10% of net sales.
PT Asahimas Flat Glass Tbk
29
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
18. BEBAN POKOK PENJUALAN
18. COST OF SALES
Dalam jutaan Rupiah
2015
2014
In millions of Rupiah
Beban produksi: Bahan baku yang digunakan Kompensasi karyawan Gas alam, listrik dan air Penyusutan aset tetap Beban produksi lainnya Jumlah beban produksi
1.148.085) 231.188) 828.954) 200.999) 444.151) 2.853.377)
975.636) 327.218) 751.104) 191.267) 522.180) 2.767.405)
Production costs: Raw materials used Employees’ compensation Natural gas, electricity and water Depreciation of fixed assets Other production costs Total production costs
Persediaan awal barang dalam produksi Persediaan akhir barang dalam produksi Beban pokok produksi
25.345) (24.764) 2.853.958)
21.694) (25.345) 2.763.754)
Beginning balance of goods in production Ending balance of goods in production Cost of goods manufactured
Persediaan awal barang jadi Pembelian barang jadi Persediaan akhir barang jadi
329.266) 57.306) (371.856) 2.868.674)
306.521) 19.730) (329.266) 2.760.739)
Beginning balance of finished goods Purchase of finished goods Ending balance of finished goods
Dalam tahun yang berakhir 31 Desember 2015 dan 2014, Perseroan melakukan pembelian barang dari pihak berelasi, sebagai berikut:
During the years ended 31 December 2015 and 2014, the Company had purchases of inventories from the following related parties:
Dalam jutaan Rupiah
2014
2015
AGC Soda Corporation, Amerika Serikat AGC Asia Pacific Pte., Ltd., Singapura Asahi Glass Co., Ltd., Jepang AGC Technology Solutions Co., Ltd., Jepang AGC Technology Solutions (Kunshan) Co., Ltd., Cina AGC Automotive (Thailand) Co., Ltd. AGC Glass Europe, Belgia PT Saint Gobain Abrasives Diamas, Indonesia AGC Technology Solutions (Thailand) Co. , Ltd. AGC Flat Glass (Thailand) Public Co., Ltd. Pemasok lainnya
246.229 53.620 46.188
188.380 29.107 16.278
36.197
48.592
30.990 20.901 12.342
1.457 10.711 17.508
9.139
13.776
3.352 2.214 461.172
4.644 1.061 331.514
Tidak terdapat pembelian barang dari pihak ketiga yang jumlahnya melebihi 10% dari total pembelian barang.
In millions of Rupiah AGC Soda Corporation, United States of America AGC Asia Pacific Pte., Ltd., Singapore Asahi Glass Co., Ltd., Japan AGC Technology Solutions Co., Ltd., Japan AGC Technology Solutions (Kunshan) Co., Ltd., China AGC Automotive (Thailand) Co., Ltd. AGC Glass Europe, Belgium PT Saint Gobain Abrasives Diamas, Indonesia AGC Technology Solutions (Thailand) Co. , Ltd. AGC Flat Glass (Thailand) Public Co., Ltd. Other suppliers
There were no purchases of inventories to unrelated parties that the amount exceeded 10% of total purchases of inventories.
PT Asahimas Flat Glass Tbk
30
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
19. BEBAN PENJUALAN
19. SELLING EXPENSES
Dalam jutaan Rupiah
2015
Pengiriman dan pengangkutan Kompensasi karyawan Royalti (pihak berelasi, Catatan 25) Kaca otomotif yang pecah selama pengiriman Perbaikan dan perlengkapan lainnya Penyusutan aset tetap Insentif dan komisi penjualan Lainnya
2014
160.416 94.326 34.864
152.859 81.510 37.785
15.853
6.164
11.423 8.136 2.461 29.196 356.675
9.178 6.212 8.099 36.385 338.192
20. BEBAN UMUM DAN ADMINISTRASI Dalam jutaan Rupiah Kompensasi karyawan Penyusutan aset tetap Listrik, air dan telepon Perbaikan dan perlengkapan lainnya Lainnya
In millions of Rupiah Delivery and transportation Employees’ compensation Royalties (related parties, Note 25) Broken automotive glass during delivery Repair and sundry supplies Depreciation of fixed assets Sales incentives and commissions Other
20. GENERAL AND ADMINISTRATIVE EXPENSES 2015
In millions of Rupiah
2014
38.191 2.766 2.137 736 7.807 51.637
30.855 3.660 1.459 473 6.445 42.892
Employees’ compensation Depreciation of fixed assets Electricity, water and telephone Repair and sundry supplies Other
21. PERPAJAKAN
21. TAXATION
a. Pajak dibayar dimuka terdiri dari:
Dalam jutaan Rupiah Lebih bayar pajak penghasilan badan tahun 2006 Pajak Pertambahan Nilai
a. Prepaid taxes consist of: 31 Desember/31 December 2015 2014 1.695 16.919 18.614
PT Asahimas Flat Glass Tbk
1.695 10.996 12.691
In millions of Rupiah Overpayment of 2006 corporate income tax Value Added Tax
31
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
21. PERPAJAKAN (Lanjutan)
21. TAXATION (Continued)
a. Pajak dibayar dimuka terdiri dari: (Lanjutan)
a. Prepaid taxes consist of: (Continued)
Pada tahun 2008, kantor pajak mengeluarkan surat kurang bayar atas pajak penghasilan badan Perseroan untuk tahun pajak 2006 sejumlah Rp 5,5 milyar. Perseroan mengajukan banding atas jumlah sebesar Rp 1.695 juta yang ditolak oleh pengadilan pajak pada tahun 2009, dan pengajuan pada tahun 2010 untuk peninjauan kembali ke Mahkamah Agung belum selesai sampai dengan tanggal pelaporan. Pembayaran yang dilakukan terhadap keberatan ini dicatat sebagai pajak dibayar dimuka, karena manajemen berkeyakinan bahwa posisi pajak Perseroan dapat dipertahankan. b.
Utang pajak penghasilan terdiri dari:
b. Income tax payable consist of: 31 Desember/31 December 2015 2014
Dalam jutaan Rupiah Pajak Penghasilan pasal 25 Pajak Penghasilan pasal 29 c.
In 2008, the tax authority assessed additional taxes on the Company’s 2006 corporate income tax return amounting to Rp 5.5 billion. The Company’s appeal for the amount of Rp 1,695 million was denied by the tax court in 2009, and its request in 2010 for a judicial review by the Supreme Court continues to be pending as of the reporting date. Payments made under protest towards this assessment are presented as prepaid taxes, as management believes the Company’s tax position is sustainable.
9.022 9.022
Utang pajak lainnya terdiri dari:
11.032) 4.158) 15.190)
Income tax-article 25 Income tax-article 29
c. Other tax payable consist of: 31 Desember/31 December 2015 2014
Dalam jutaan Rupiah Pajak Penghasilan pasal 21 Pajak Penghasilan pasal 23, 26 dan 4(2)
7.064 2.573 9.637
d.... Komponen beban pajak penghasilan adalah sebagai berikut:
6.414 3.851 10.265
2015
2014
Pajak kini Penyesuaian beban pajak tahun-tahun sebelumnya Pajak tangguhan
(102.422) (9.971)
(141.238) -)
(10.524) (122.917)
227) (141.011)
e.....Rekonsiliasi beban pajak penghasilan dengan laba sebelum pajak penghasilan adalah sebagai berikut:
In millions of Rupiah Income tax-article 21 Income tax-articles 23, 26 and 4(2)
d. The components of income tax expense are as follows:
Dalam jutaan Rupiah
e.
2015
2014
Laba sebelum pajak penghasilan Tarif pajak yang berlaku
464.263) 25%) 116.066)
605.163) 25%) 151.291)
(2.704)
(9.694)
9.971) (416) 122.917)
-) (586) 141.011)
PT Asahimas Flat Glass Tbk
In millions of Rupiah Current Adjustment to previous years’ tax expenses Deferred
Income tax expense is reconciled with profit before income tax as follows:
Dalam jutaan Rupiah
Perbedaan permanen dikalikan dengan tarif pajak 25% Penyesuaian beban pajak tahun-tahun sebelumnya Penyesuaian lainnya Beban pajak
In millions of Rupiah
In millions of Rupiah Profit before income tax Statutory tax rate Permanent differences at 25% tax rate Adjustment to previous years’ tax expenses Other adjustments Income tax expense
32
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
21. PERPAJAKAN (Lanjutan)
21. TAXATION (Continued)
f. . Rekonsiliasi antara laba sebelum pajak dengan laba kena pajak adalah sebagai berikut: Dalam jutaan Rupiah Laba sebelum pajak Perbedaan permanen: Kesejahteraan karyawan Hasil pemeriksaan pajak Laba penjualan tanah yang dimiliki untuk dijual Pendapatan bunga yang dikenakan pajak final Lainnya
Perbedaan temporer: Penyusutan aset tetap Imbalan kerja
Laba kena pajak
2015
f. The following reconciles profit before tax with taxable profit: 2014
464.263)
605.163)
23.545) 3)
19.540) 2.352)
-)
(20.499)
(35.768) 1.406) (10.814)
(42.040) 1.871) (38.776)
25.801) (69.564) (43.763)
(24.883) 23.448) (1.435)
409.686)
564.952)
In millions of Rupiah Profit before tax Permanent differences: Employee benefits in-kind Tax assessment Gain on sales of land held for sale Interest income subject to final tax Other
Temporary differences: Depreciation of fixed assets Employee benefits
Taxable profit
Laba kena pajak Perseroan tahun 2014 telah sesuai dengan SPT Tahunan Pajak Penghasilan tahun yang bersangkutan.
The amount of 2014 taxable profit corresponds with the amount reported in the related annual corporate tax return.
Rekonsiliasi utang pajak penghasilan dengan beban pajak kini, sebagai berikut:
Income tax payable is reconciled with current tax expense, as follows:
Dalam jutaan Rupiah Beban pajak kini Pajak dibayar dimuka: Pajak Penghasilan pasal 22 Pajak Penghasilan pasal 25
(Lebih) kurang bayar pajak penghasilan kini Utang pajak penghasilan badan (pasal 29)
2015
2014
In millions of Rupiah
102.422)
141.238)
(24.654) (112.175) (136.829)
(18.565) (118.515) (137.080)
(34.407)
4.158)
(Overpayment) underpayment of current income tax
-)
4.158)
Corporate income tax payable (article 29)
PT Asahimas Flat Glass Tbk
Current tax expense Prepaid taxes: Income tax article 22 Income tax article 25
33
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
21. PERPAJAKAN (Lanjutan) g.
21. TAXATION (Continued)
Saldo pajak tangguhan yang diakui, dan mutasi sepanjang tahun berjalan adalah sebagai berikut:
Dalam jutaan Rupiah Aset pajak tangguhan: Liabilitas imbalan kerja Investasi pada metode ekuitas Liabilitas pajak tangguhan: Aset tetap Aset tidak lancar lainnya
Aset pajak tangguhan
Dalam jutaan Rupiah Aset pajak tangguhan: Liabilitas imbalan kerja Investasi pada metode ekuitas Liabilitas pajak tangguhan: Aset tetap Aset tidak lancar lainnya
Aset pajak tangguhan
2014
Diakui dalam laba rugi/ Recognized in profit or loss
g. The recognized deferred tax balances, and the movement thereof during the year were as follows: Diakui dalam penghasilan komprehensif lain/Recognized in other comprehensive income
2015
111.612) 115) 111.727)
(17.391) -) (17.391)
5.948 5.948
100.169) 115) 100.284)
(31.119) (654) (31.773)
6.867) -) 6.867)
-
(24.252) (654) (24.906)
79.954)
(10.524)
5.948
75.378)
2013
Diakui dalam laba rugi/ Recognized in profit or loss
Diakui dalam penghasilan komprehensif lain/Recognized in other comprehensive income
2014
98.468) 115) 98.583)
5.862) -) 5.862)
7.282 7.282
111.612) 115) 111.727)
(25.484) (654) (26.138)
(5.635) -) (5.635)
-
(31.119) (654) (31.773)
72.445)
227)
7.282
79.954)
Realisasi dari aset pajak tangguhan tergantung pada laba yang diperoleh Perseroan dalam operasinya. Berdasarkan pengalaman masa lampau, manajemen berpendapat bahwa laba kena pajak Perseroan di masa yang akan datang cukup untuk memulihkan manfaat dari aset pajak tangguhan.
In millions of Rupiah Deferred tax assets: Employee benefits obligation Equity-accounted investment Deferred tax liabilities: Fixed assets Other non-current assets
Deferred tax assets
In millions of Rupiah Deferred tax assets: Employee benefits obligation Equity-accounted investment Deferred tax liabilities: Fixed assets Other non-current assets
Deferred tax assets
Realization of the deferred tax assets is dependent upon the Company’s profitable operations. Based on historical experience, management believes that the Company’s future taxable income will be sufficient to realize the benefit of deferred tax assets.
PT Asahimas Flat Glass Tbk
34
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
21. PERPAJAKAN (Lanjutan) h..
21. TAXATION (Continued)
Sesuai peraturan perpajakan di Indonesia, Perseroan melaporkan/menyetorkan pajak-pajaknya berdasarkan sistem self-assessment. Fiskus dapat menetapkan/ mengubah pajak-pajak tersebut dalam batas waktu yang ditentukan sesuai dengan ketentuan yang berlaku. Manajemen berkeyakinan bahwa akrual atas liabilitas pajak cukup untuk semua tahun pajak yang masih belum diaudit pajak berdasarkan penelaahan banyak faktor, termasuk interpretasi dari peraturan pajak dan pengalaman sebelumnya. Penilaian dilakukan berdasarkan estimasi dan asumsi dan melibatkan pertimbangan mengenai kejadian di masa mendatang. Informasi baru yang tersedia yang menyebabkan manajemen mengubah pertimbangannya berkaitan dengan kecukupan liabilitas pajak yang telah ada. Perubahan terhadap liabilitas pajak akan berdampak pada beban pajak pada periode dimana penentuan tersebut ditetapkan.
h.
Under the taxation laws of Indonesia, the Company submits tax returns on the basis of self-assessment. The tax authorities may assess or amend taxes within the statute of limitations, under prevailing regulations.
Management believes that the accruals for tax liabilities are adequate for all open tax years based on its assessment of various factors, including interpretations of tax law and prior experience. The assessment relies on estimates and assumptions and may involve judgement about future events. New information may become available that causes management to change its judgment regarding the adequacy of existing tax liabilities. Such changes to tax liabilities will impact tax expense in the period in which such determination is made.
22. LABA PER SAHAM
22. EARNINGS PER SHARE 2015
Laba tahun berjalan (dalam jutaan Rupiah) Jumlah rata-rata tertimbang saham beredar/ ditempatkan Laba tahun berjalan per saham
2014
341.346
464.152
434.000.000 Rp 786
434.000.000 Rp 1.069
23. DIVIDEN TUNAI
Profit for the year (in millions of Rupiah) Weighted average number of outstanding/ issued shares Earnings per share
23. CASH DIVIDENDS
Rapat Umum pemegang saham tahunan Perseroan tanggal 5 Juni 2015 (risalah dibuat oleh notaris Dr. Irawan Soerodjo, S.H., MSi, dengan akta No. 42) memutuskan untuk membagikan dividen tunai sejumlah Rp 34.720 juta [Rp 80 per saham].
At the annual general meeting of shareholders of the Company on 5 June 2015 (minutes prepared by Dr. Irawan Soerodjo, S.H., MSi, by deed No. 42) it was resolved to declare cash dividends in the amount of Rp 34,720 million [Rp 80 per share].
Rapat Umum pemegang saham tahunan Perseroan tanggal 20 Juni 2014 (risalah dibuat oleh notaris Dr. Irawan Soerodjo, S.H., MSi, dengan akta No. 502) memutuskan untuk membagikan dividen tunai sejumlah Rp 34.720 juta [Rp 80 per saham].
At the annual general meeting of shareholders of the Company on 20 June 2014 (minutes prepared by Dr. Irawan Soerodjo, S.H., MSi, by deed No. 502) it was resolved to declare cash dividends in the amount of Rp 34,720 million [Rp 80 per share].
PT Asahimas Flat Glass Tbk
35
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
24. CADANGAN WAJIB
24. STATUTORY RESERVES
Sesuai ketentuan Undang-undang Perseroan Terbatas No..1 tahun 1995 dan No. 40 tahun 2007, perseroan diwajibkan untuk menyisihkan secara bertahap jumlah tertentu dari laba neto sebagai cadangan wajib sampai cadangan tersebut mencapai paling sedikit 20% dari jumlah modal yang ditempatkan.
In accordance with the provisions of the Corporate Laws No. 1 of 1995 and No. 40 of 2007, a company is required to set aside, on a gradual basis, an amount from its net profit as a statutory reserve until the reserve balance reaches the minimum 20% of its issued capital.
Pada tanggal 5 Juni 2015 (Catatan 23) pemegang saham memutuskan untuk menambah dana cadangan wajib sebesar Rp 4.500 juta.
On 5 June 2015 (Note 23) the shareholders resolved to increase the statutory reserves appropriation by Rp 4,500 million.
Pada tanggal 20 Juni 2014 (Catatan 23) pemegang saham memutuskan untuk menambah dana cadangan wajib sebesar Rp 3.500 juta.
On 20 June 2014 (Note 23) the shareholders resolved to increase the statutory reserves appropriation by Rp 3,500 million.
Jumlah cadangan wajib pada tanggal 31 Desember 2015 dan 2014 masing-masing sebesar Rp 79.000 juta dan Rp 74.500 juta atau 36% dan 34% dari jumlah modal yang ditempatkan dan disetor penuh.
Total statutory reserves as of 31 December 2015 and 2014 amounted to Rp 79,000 million and Rp 74,500 million, respectively, or approximately 36% and 34% of the issued and fully paid-up capital.
25. INFORMASI MENGENAI PIHAK BERELASI
25. RELATED PARTY INFORMATION
..
a.
Ikhtisar transaksi dan saldo yang signifikan dengan pihak-pihak berelasi adalah sebagai berikut:
Dalam jutaan Rupiah
Penjualan neto (Catatan 17) Pembelian persediaan (Catatan 18) Beban penjualan (Catatan 19) Saldo piutang usaha (Catatan 5) Saldo piutang lainnya (Catatan 6) Pembelian aset tetap (Catatan 10) Saldo utang usaha (Catatan 11) Saldo beban akrual (Catatan 12) Saldo liabilitas jangka pendek lainnya (Catatan 13)
Pemegang saham/ Shareholders Jumlah/Amount %***
a.
Summary of significant transactions and balances with related parties is as follows:
2015 Entitas sepengendalian/ Entities under common control Jumlah/Amount %***
Entitas anak/ Subsidiary Jumlah/Amount %***
In millions of Rupiah
1.380.770
37,66
1.444.007
39,39
953
0,03
46.188 27.497
3,26 7,71
414.984 7.367
29,31 2,07
-
-
104.945
29,69
153.092
43,31
408
0,12
581
1,13
620
1,20
-
-
89.039
17,45
20.031
3,93
-
-
2.305
0,83
52.053
18,72
-
-
6.908
4,99
2.975
2,15
-
-
7.932
17,94
-
0,00
-
-
*** Persentase terhadap jumlah aset/liabilitas/ .. ..penjualan/pembelian/beban yang bersangkutan.
Net sales (Note 17) Purchases of inventories (Note 18) Selling expenses (Note 19) Balance of trade receivables (Note 5) Balance of other receivables (Note 6) Purchases of fixed assets (Note 10) Balance of trade payables (Note 11) Balance of accrued expenses (Note 12) Balance of other current liabilities (Note 13)
*** Percentage to the respective total assets/ ..liabilities/sales/purchases/expenses.
PT Asahimas Flat Glass Tbk
36
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
25. INFORMASI MENGENAI PIHAK YANG BERELASI (Lanjutan)
25. RELATED PARTY INFORMATION (Continued)
..
Dalam jutaan Rupiah
2014 Entitas sepengendalian/ Entities under common control Jumlah/Amount %***
Pemegang saham/ Shareholders Jumlah/Amount %***
Penjualan neto (Catatan 17) Pembelian persediaan (Catatan 18) Beban penjualan (Catatan 19) Saldo piutang usaha (Catatan 5) Saldo piutang lainnya (Catatan 6) Pembelian aset tetap (Catatan 10) Saldo utang usaha (Catatan 11) Saldo beban akrual (Catatan 12) Saldo liabilitas jangka pendek lainnya (Catatan 13)
39,42
1.236.489
33,67
1.114
0,03
16.278 27.950
1,15 8,26
315.236 14.374
22,29 4,25
-
-
116.301
32,83
146.772
41,43
351
0,10
282
0,96
1.872
6,34
-
-
8.743
3,40
12.828
4,99
-
-
2.843
1,16
23.244
9,47
-
-
5.766
5,70
6.830
6,76
-
-
-
-
2.071
7,93
-
-
Kompensasi personil manajemen kunci
c.
Net sales (Note 17) Purchases of inventories (Note 18) Selling expenses (Note 19) Balance of trade receivables (Note 5) Balance of other receivables (Note 6) Purchases of fixed assets (Note 10) Balance of trade payables (Note 11) Balance of accrued expenses (Note 12) Balance of other current liabilities (Note 13)
*** Percentage to the respective total assets/ .liabilities/sales/purchases/expenses. b.
Personil manajemen kunci termasuk anggota Dewan Komisaris dan Direksi. Berikut ini mencerminkan kompensasi yang dibayarkan atau terutang kepada personil manajemen kunci: Dalam jutaan Rupiah
In millions of Rupiah
1.447.654
*** Persentase terhadap jumlah aset/liabilitas/ .. ..penjualan/pembelian/beban yang bersangkutan. b.
Entitas anak/ Subsidiary Jumlah/Amount %***
Key management employees compensation Key management includes members of the Boards of Commissioners and Directors. The following reflects compensation paid or payable to key management personnel:
2015
2014
In millions of Rupiah
Dewan komisaris: Gaji dan imbalan kerja lainnya
3.510
2.908
Board of commissioners: Salary and other benefits
Direksi: Gaji dan imbalan kerja lainnya
26.197
25.115
Directors: Salary and other benefits
Pada tanggal 31 Desember 2015 dan 2014, Perseroan memiliki perjanjian kontraktual dengan pihak berelasi sebagai berikut: Perseroan memperoleh fasilitas kredit modal kerja dari The Bank of Tokyo – Mitsubishi UFJ Ltd., Jakarta dan Mizuho Corporate Bank Ltd., Singapura (tidak ada saldo pinjaman bank pada tanggal 31 Desember 2015 dan 2014). Fasilitas pinjaman ini sebagian dijamin oleh AGC. Sebagai jaminan untuk AGC, Perseroan menjaminkan hak atas tanah (HGB) yang terletak di Jakarta Utara seluas 154.436 meter persegi, di Cikampek seluas 189.285 meter persegi dan di Sidoarjo seluas 447.113 meter persegi, berikut bangunan di atasnya. Perseroan membayar biaya penjaminan kepada AGC sebesar 0,5% per tahun dari jumlah saldo pinjaman bank yang dijamin oleh AGC. Tidak terdapat biaya penjaminan untuk tahun yang berakhir 31 Desember 2015 dan 2014.
c.
At 31 December 2015 and 2014, the Company had the following contractual arrangements with related parties: The Company has obtained working capital loan facilities from The Bank of Tokyo – Mitsubishi UFJ Ltd., Jakarta and Mizuho Corporate Bank Ltd., Singapore (no outstanding bank loan as of 31 December 2015 and 2014). This facility is partially guaranteed by AGC. As collateral for AGC, the Company pledged its HGB land rights located in North Jakarta of 154,436 square meters, in Cikampek of 189,285 square meters and in Sidoarjo of 447,113 square meters, including buildings thereon. The Company pays a guarantee fees to AGC at the rates of 0.5% annually of total outstanding bank loans secured by AGC. No guarantee fees incurred for the years ended 31 December 2015 and 2014.
PT Asahimas Flat Glass Tbk
37
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
25. INFORMASI MENGENAI PIHAK YANG BERELASI (Lanjutan)
25. RELATED PARTY INFORMATION (Continued)
..
c.
Pada tanggal 31 Desember 2015 dan 2014, Perseroan memiliki perjanjian kontraktual dengan pihak berelasi sebagai berikut: (Lanjutan)
c.
At 31 December 2015 and 2014, the Company had the following contractual arrangements with related parties: (Continued)
Perseroan memiliki perjanjian lisensi dengan Asahi Glass Co., Ltd., Jepang masing-masing untuk produksi kaca lembaran, kaca tempered, modular assembly window dan kaca laminated, dan Perseroan membayar royalti sebesar 0,5% sampai dengan 2,5% dari jumlah penjualan neto. Perjanjian-perjanjian ini berakhir di periode antara Mei 2015 sampai dengan Maret 2019, dan salah satu perjanjian akan diperpanjang secara otomatis untuk periode setiap satu tahun selanjutnya. Jumlah royalti untuk tahun yang berakhir 31 Desember 2015 sebesar Rp.27.497 juta (2014: Rp 27.950 juta).
The Company has licensing agreements with Asahi Glass Co., Ltd., Japan each to produce flat glass, tempered glass, modular assembly window and laminated glass, under which the Company pays royalties of 0.5% to 2.5% of total net sales. These agreements expire in periods between May 2015 until March 2019, and one of which will be automatically extended for additional consecutive period of one year each. Total royalties incurred for the year ended 31 December 2015 amounted to Rp 27,497 million (2014: Rp 27,950 million).
Perseroan memiliki perjanjian lisensi dengan AGC Glass Europe, Belgia dimana Perseroan memproduksi dan menjual produk cermin yang disebut Mirror New Generation (“MNG”). Sesuai dengan perjanjian ini, Perseroan membayar royalti sebesar USD 0,075 per meter persegi untuk semua penjualan produk MNG oleh Perseroan. Jumlah royalti untuk tahun yang berakhir 31 Desember 2015 sebesar Rp 604 juta (2014: Rp 1.557 juta). Perjanjian ini telah berakhir pada tanggal 11 Mei 2015. Dan juga, Perseroan mendapatkan lisensi guna memproduksi dan menjual produk-produk CVD Coated Glass (CVD CGP). Atas perjanjian lisensi ini, Perseroan membayar royalti sebesar 4% dari jumlah penjualan neto CVD CGP. Perjanjian ini akan berakhir dua belas tahun sejak pertama kali CVD CGP dijual (Agustus 2009). Jumlah royalti untuk tahun yang berakhir 31 Desember 2015 sebesar Rp 6.763 juta (2014: Rp 8.278 juta).
The Company has a licensing agreement with AGC Glass Europe, Belgium under which the Company manufactures and sells a mirror product called Mirror New Generation (“MNG”). Under this agreement, the Company pays royalties of USD 0.075 per square meter for all MNG products sold by the Company. Total royalties incurred for the year ended 31 December 2015 amounted to Rp 604 million (2014: Rp 1,557 million). This agreement has expired on 11 May 2015. In addition, the Company also obtain a license to manufacture and sell CVD Coated Glass Products (CVD CGP). Under this agreement, the Company pays royalties at 4% of net sales of CVD CGP. This agreement will expire twelve years from when the first CVD CGP was sold (August 2009). Total royalties incurred for the year ended 31.December 2015 amounted to Rp 6,763 million (2014: Rp 8,278 million).
Perseroan memiliki perjanjian pemasaran dengan Rodamas Marketing Pte., Ltd., Singapura (“RDM-S”, pihak berelasi), dan membayar komisi agen penjualan kepada RDM-S sebesar 5% dari harga FOB dari produk yang dijual ke pelanggan. Jumlah komisi penjualan untuk tahun yang berakhir 31 Desember 2014 sebesar Rp 4.539 juta. Perjanjian ini telah berakhir pada tanggal 1 Oktober 2014.
The Company has a marketing agreement with Rodamas Marketing Pte., Ltd., Singapore (“RDM-S”, a related party), under which it pays agency commission to RDM-S at 5% of the FOB price of product sold to customers. Total commission fees incurred for the year ended 31 December 2014 amounted to Rp 4,539 million. This agreement expired on 1 October 2014
Pada tanggal 1 September 2014, Perseroan telah menandatangani perjanjian dengan Asahi Glass Co., Ltd., Jepang untuk pembangunan pabrik baru Perseroan yang terletak di Cikampek, Jawa Barat, Indonesia, yang dimulai pada akhir 2014, dan diperkirakan akan selesai pada pertengahan 2016. Jumlah investasi diperkirakan sebesar USD 154.936.370, sebagaimana dinyatakan di Surat Keterbukaan Informasi kepada OJK dan BEI pada tanggal 3 September 2014. Perseroan akan membayar kepada Asahi Glass Co., Ltd., Jepang, biaya konsultasi sebesar 6% dari biaya pembangunan.
On 1 September 2014, the Company entered into an agreement with Asahi Glass Co., Ltd., Japan for construction of the Company’s new factory in Cikampek, West Java, Indonesia, that started in late 2014, and is expected to finish in mid of 2016. The investment is estimated to be USD 154,936,370, which was declared in the Disclosure of Information to OJK and BEI on 3 September 2014. The Company will pay to Asahi Glass Co., Ltd., Japan, a consulting fee of 6% of the construction expenditure.
PT Asahimas Flat Glass Tbk
38
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
25. SALDO DAN TRANSAKSI DENGAN PIHAK YANG BERELASI (Lanjutan) d.
Sifat hubungan dan jenis transaksi dengan pihakpihak berelasi adalah sebagai berikut: Pihak-pihak berelasi/Related parties
25. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued) d.
The nature of the relationship and transactions with related parties is as follows:
Hubungan relasi/Related parties relationship
Asahi Glass Co., Ltd., Jepang/Japan
Pemegang saham/Shareholder
PT Rodamas, Indonesia
Pemegang saham/Shareholder
AGC Glass Europe, Belgia/Belgium
Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control
AGC Flat Glass (Thailand) Public Co., Ltd. AGC Technology Solutions Co., Ltd., Jepang/Japan AGC Soda Corporation, Amerika Serikat/United States of America AGC Automotive (Thailand) Co., Ltd.
Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control
AGC Asia Pacific Pte., Ltd., Singapura/Singapore PT Saint Gobain Abrasives Diamas, Indonesia Rodamas Marketing Pte., Ltd., Singapura/Singapore Auto Glass Co., Ltd., Jepang/Japan
AGC Technology Solutions (Kunshan) Co., Ltd., Cina/China AGC Technology Solutions (Thailand) Co., Ltd.
Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control Entitas sepengendalian/ Entity under common control
PT Auto Glass Indonesia
Entitas anak/Subsidiary
Asahi India Glass Ltd. AGC Automotive China Co., Ltd. AGC Automotive Phillipines Inc. AGC Vidros Do Brasil Ltd.
PT Asahimas Flat Glass Tbk
Transaksi/Transaction Penjualan, pembelian persediaan, aset tetap dan royalti/Sales, purchase of inventories, fixed assets and royalty Pembelian aset tetap dan penjualan/ Purchase of fixed assets and sales Pembelian persediaan dan royalti/ Purchase of inventories and royalty Pembelian persediaan/Purchase of inventories Pembelian persediaan dan aset tetap/ Purchase of inventories and fixed assets Pembelian persediaan/Purchase of inventories Penjualan, pembelian persediaan dan aset tetap/Sales, purchase of inventories and fixed assets Penjualan dan pembelian persediaan/ Sales and purchase of inventories Pembelian persediaan/Purchase of inventories Penjualan dan komisi penjualan/Sales and sales commission Penjualan /Sales Penjualan dan pembelian persediaan/ Sales and purchase of inventories Penjualan/Sales Penjualan/Sales Penjualan/Sales Pembelian persediaan/Purchase of inventories Pembelian persediaan dan aset tetap/Purchase of inventories and fixed assets Penjualan/Sales
39
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
26. ASET DAN LIABILITAS DALAM VALUTA ASING
26. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
Aset dan liabilitas dalam valuta asing pada tanggal 31 Desember 2015 dan 2014 adalah sebagai berikut : 2015 Valuta asing/ Foreign currencies ASET
Assets and liabilities in foreign currencies as of 31 December 2015 and 2014 were as follows: Setara dengan/ Equivalent in Rp juta/million
ASSETS
Kas dan setara kas
USD 39.033.227 JPY 23.066.057 Lainnya/Other
538.463 2.641 9
Cash and cash equivalents
Piutang usaha
USD JPY AUD
155.639 2.744 5.552
Trade receivables
705.048
Total assets
11.282.308 23.960.209 551.668
Jumlah aset LIABILITAS
LIABILITIES
Utang usaha
USD 9.117.197 JPY 90.098.954 EUR 531.179 Lainnya/Other
125.772 10.318 8.005 1.223
Trade payables
Beban akrual
USD JPY EUR
266.605 2.181.671 14.790
3.678 250 223
Accrued expenses
Liabilitas jangka pendek lainnya
USD JPY
10.228 74.077.087
Other current liabilities
Jumlah liabilitas
141 8.483 158.093
JUMLAH ASET NETO
546.955
TOTAL ASSETS, NET
PT Asahimas Flat Glass Tbk
Total liabilities
40
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
26. ASET DAN LIABILITAS DALAM VALUTA ASING (Lanjutan)
2014 Valuta asing/ Foreign currencies ASET
26. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (Continued)
Setara dengan/ Equivalent in Rp juta/million
ASSETS
Kas dan setara kas
USD 32.402.266 JPY 3.624.959 Lainnya/Other
403.084 378 6
Cash and cash equivalents
Piutang usaha
USD 11.706.507 JPY 21.023.557 AUD 853.832
145.629 2.192 8.724
Trade receivables
560.013
Total assets
Jumlah aset LIABILITAS
LIABILITIES
Utang usaha
USD 7.666.002 JPY 86.737.415 EUR 655.096 Lainnya/Other
95.365 9.042 9.913 2.490
Trade payables
Beban akrual
USD 1.159.295 JPY 17.580.138 EUR 201
14.422 1.833 3
Accrued expenses
Liabilitas jangka pendek lainnya
USD 34.630 JPY 12.004.936 Lainnya/Other
Other current liabilities
Jumlah liabilitas
431 1.252 61 134.812
JUMLAH ASET NETO
425.201
TOTAL ASSETS, NET
Penjabaran ke dalam rupiah dilakukan dengan menggunakan kurs tengah Bank Indonesia yang berlaku pada tanggal pelaporan (Catatan 28).
Total liabilities
The amounts were translated into rupiah at the middle rates of exchange quoted by Bank Indonesia at the reporting date (Note 28).
PT Asahimas Flat Glass Tbk
41
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
27. INFORMASI SEGMEN
27. SEGMENT INFORMATION
Segmen usaha
Business segments
Perseroan menjalankan dua segmen kegiatan usaha, yaitu segmen usaha kaca lembaran dan segmen usaha kaca otomotif. Masing-masing segmen dipimpin oleh seorang Direktur.
The Company has two business segments, namely flat glass segment and automotive glass segment. Each segment is headed by a Director.
Segmen kaca lembaran memproduksi berbagai jenis kaca polos, kaca berpola, kaca reflektif dan kaca cermin, yang terutama digunakan sebagai partisi pembatas, kaca jendela, kaca untuk konstruksi bangunan dan sebagai bahan baku untuk industri hilir.
The flat glass segment produces a broad range of clear and tinted glass, figured glass, reflective glass and mirror glass, which are used primarily for glass curtain walls, window glass, suspended glass in building construction and as raw materials for downstream industry.
Segmen kaca otomotif memproduksi dua jenis utama kaca otomotif, yaitu kaca tempered dan kaca laminated, yang terutama digunakan dalam industri otomotif.
The automotive glass segment produces two main types of automotive glass, tempered glass and laminated glass, which are primarily used in the automotive industry.
Hasil dari operasi tiap segmen usaha adalah sebagai berikut (dalam jutaan Rupiah):
The results of operations of each segment are disclosed below (in millions of Rupiah):
Kaca Lembaran/Flat Glass 2015 2014
Kaca Otomotif/ Automotive Glass 2015 2014
Eliminasi/Elimination 2015 2014
2015
Penjualan neto: Eksternal Antar segmen
2.665.348 199.736
2.535.516) 219.917)
1.000.641 -
1.136.670) -)
-) (199.736)
-) (219.917)
3.665.989) -)
3.672.186) -)
Net sales: External Inter segment
Jumlah penjualan neto
2.865.084
2.755.433)
1.000.641
1.136.670)
(199.736)
(219.917)
3.665.989)
3.672.186)
Total net sales
(2.868.674)
(2.760.739)
Cost of sales
797.315)
911.447)
Gross profit
(8.070) (356.675)
(1.819) (338.192)
(51.637)
(42.892)
47.558) 201)
12.950) 21.500)
Other expense Selling expenses General and administrative expenses Foreign exchange gain, net Other income
428.692)
562.994)
Operating profit
35.571)
42.169)
Finance income
464.263)
605.163)
Beban pokok penjualan Laba bruto Beban lainnya Beban penjualan Beban umum dan administrasi Keuntungan selisih kurs, bersih Pendapatan lainnya Laba usaha Pendapatan keuangan Laba sebelum pajak
* Disajikan kembali (lihat Catatan 29)
Jumlah/Total 2014*
Profit before tax
* As restated (see Note 29)
PT Asahimas Flat Glass Tbk
42
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
27. INFORMASI SEGMEN (Lanjutan)
27. SEGMENT INFORMATION (Continued)
Kaca Otomotif/ Automotive Glass 2015 2014*
Kaca Lembaran/Flat Glass 2015 2014*
Eliminasi/Elimination 2015 2014
2015
Jumlah/Total 2014*
Informasi lainnya Aset segmen
Other information 3.305.477
Aset yang tidak dialokasikan
3.113.046
-
-
836.399
740.434
-
-
-
-
-
-
Jumlah aset Liabilitas segmen
665.817
648.851
Liabilitas yang tidak dialokasikan
195.576
170.379
-
-
-
-
-
-
Jumlah liabilitas
Aset dan liabilitas segmen tidak mencakup aset dan liabilitas pajak.
4.141.876
3.853.480
Segment assets
128.399
92.645
Unallocated corporate assets
4.270.275
3.946.125
Total assets
861.393
819.230
Segment liabilities
18.659
25.455
Unallocated corporate liabilities
880.052
844.685
Total liabilities
Segment assets and liabilities do not include tax assets and liabilities.
Segmen geografis
Geographical segments
a. Perseroan menjual barangnya pada pasar domestik dan global. Di Indonesia, operasi Perseroan dilakukan di tiga wilayah geografis utama: Jakarta, Cikampek dan Sidoarjo.
a.
The Company sells its goods in the domestic and global markets. In Indonesia, the Company operates in three principal geographical areas: Jakarta, Cikampek and Sidoarjo.
Di Jakarta, tempat kantor pusat berada, Perseroan memproduksi dan menjual berbagai jenis produk kaca lembaran.
In Jakarta, where the head office is located, the Company produces and sells a broad range of flat glass products.
Operasi di Sidoarjo pada dasarnya sama dengan yang di Jakarta, yaitu memproduksi dan menjual berbagai jenis produk kaca lembaran, terutama produk kaca lembaran berkualitas tinggi.
Operations in Sidoarjo are essentially similar to those in Jakarta, which consist of manufacturing and selling a broad range of flat glass products, especially high quality ones.
Aktivitas operasi dan produksi segmen kaca otomotif dijalankan di Bukit Indah Industrial Park, Cikampek.
The operations and production activities of the automotive glass segment are carried out in Bukit Indah Industrial Park, Cikampek.
b. Informasi berikut menunjukkan distribusi dari penjualan Perseroan tanpa memperhatikan tempat diproduksinya barang:
b.
The following information shows the distribution of sales of the Company regardless of where the goods were produced:
Dalam jutaan Rupiah
2015
2014
Indonesia Asia Australia dan Selandia Baru Timur Tengah Amerika Afrika
2.140.781 1.294.105 164.079 53.209 11.772 2.043 3.665.989
2.375.095 1.056.622 147.211 43.713 28.862 20.683 3.672.186
* Disajikan kembali (lihat Catatan 29)
In millions of Rupiah Indonesia Asia Australia and New Zealand Middle East America Africa
* As restated (see Note 29)
PT Asahimas Flat Glass Tbk
43
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
28. INSTRUMEN KEUANGAN DAN MANAJEMEN RISIKO KEUANGAN
28. FINANCIAL INSTRUMENT AND FINANCIAL RISK MANAGEMENT
Instrumen keuangan
Financial instruments
Nilai tercatat dari aset keuangan yang diakui sebesar biaya perolehan diamortisasi dalam laporan keuangan lebih kurang sama dengan nilai wajarnya karena instrumen keuangan tersebut berjangka waktu pendek.
The carrying amounts of financial assets that are recognized at amortized cost in the financial statements approximate their fair value because substantially all of the instruments are short-term in nature.
Manajemen risiko keuangan
Financial risk management
Risiko utama yang timbul dari instrumen keuangan Perseroan adalah risiko kredit dan risiko mata uang yang timbul dari kegiatan normal.
The main risks arising from the Company’s financial instruments are credit and currency risks that arises in the normal course of business.
Manajemen berpendapat bahwa risiko likuiditas minimal, dengan mempertimbangkan bahwa Perseroan memiliki kas dan setara kas yang cukup untuk membayar liabilitas jangka pendek Perseroan pada tanggal 31 Desember 2015.
Management in view that liquidity risk is minimal, considering that the Company has sufficient cash and cash equivalents to cover the Company’s current liabilities as of 31 December 2015.
Risiko kredit
Credit risk
Manajemen memiliki kebijakan kredit yang ditetapkan untuk setiap pelanggan dan risiko kredit dipantau secara berkelanjutan dengan mengevaluasi kolektibilitas dari masing-masing saldo piutang usaha.
Management sets credit limits for each customer and the exposure to credit risk is monitored on an ongoing basis by evaluating the collectability of each trade receivables balance.
Nilai tercatat aset keuangan mencerminkan eksposur kredit akhir.
The carrying amount of financial assets represents the ultimate credit exposure.
Umur piutang usaha pada tanggal pelaporan adalah sebagai berikut:
The aging of trade receivables at reporting dates was as follows:
Dalam jutaan Rupiah Belum jatuh tempo Lewat jatuh tempo: 1 - 30 hari 31 - 60 hari 61 - 90 hari Lebih dari 90 hari
31 Desember/31 December 2015 2014 323.628
324.786
26.952 1.576 1.142 145 353.443
24.478 2.256 2.105 681 354.306
PT Asahimas Flat Glass Tbk
In millions of Rupiah Not yet due Overdue: 1 - 30 days 31 - 60 days 61 - 90 days More than 90 days
44
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
28. INSTRUMEN KEUANGAN DAN MANAJEMEN RESIKO KEUANGAN (Lanjutan)
28. FINANCIAL INSTRUMENT AND FINANCIAL RISK MANAGEMENT (Continued)
Risiko mata uang
Currency risk
Perseroan memiliki risiko mata uang sehubungan dengan transaksi (pembelian aset tetap dan persediaan dari pemasok luar negeri dan penjualan ekspor) dalam mata uang selain rupiah. Mata uang yang mempengaruhi resiko ini terutama USD, EUR, JPY dan AUD. Lihat Catatan 26 untuk eksposur neto Perseroan terhadap risiko mata uang.
The Company has exposure to currency risk through transactions (purchases of fixed assets and inventories from overseas suppliers, and export sales) in currencies other than rupiah. The currencies giving risk to this risk are primarily USD, EUR, JPY and AUD. See Note 26 for the Company’s net exposure to currency risk.
Manajemen tidak melakukan lindung nilai karena aset dalam valuta asing yang tersedia cukup untuk melunasi liabilitas dalam valuta asing.
The Company does not enter into hedging transactions since the foreign currency assets are sufficient to settle the foreign currency liabilities.
Pada tanggal pelaporan, saldo aset dan liabilitas moneter dalam valuta asing dijabarkan dalam rupiah dengan kurs yang berlaku pada tanggal tersebut. Kurs utama yang digunakan pada tanggal 31 Desember 2015 dan 2014, berdasarkan kurs tengah Bank Indonesia adalah sebagai berikut:
At reporting date, balances of monetary assets and liabilities in foreign currencies are translated into rupiah at the exchange rates prevailing at that date. As of 31 December 2015 and 2014, the relevant key exchange rates used, based on Bank Indonesia middle rates, are as follows:
2015 Rp Dolar Amerika Serikat (USD) 1 Dolar Australia (AUD) 1 Euro Eropa (EUR) 1 Yen Jepang (JPY) 1
2014 Rp
13.795 10.064 15.070 114,52
Menguatnya/melemahnya Rupiah terhadap valuta lain akan berdampak pada ekuitas dan laba rugi setelah pajak penghasilan sebesar nilai yang disajikan di bawah. Analisa ini didasarkan pada pergerakan kurs yang menurut manajemen mungkin terjadi pada tanggal pelaporan. Analisa ini mengasumsikan semua variabel lainnya konstan dan mengabaikan dampak perkiraan penjualan dan pembelian. Dalam jutaan Rupiah Kenaikan/penurunan 1,5%
2015
12.440 10.218 15.133 104,25
U.S. Dollar (USD) 1 Australian Dollar (AUD) 1 European Euro (EUR) 1 Japanese Yen (JPY) 1
Strengthening/weakening of the Rupiah against other currencies would impact equity and profit or loss after income tax by the amounts shown below. This analysis is based on movement of exchange rate that management considers as being reasonably possible at reporting dates. The analysis assumes that all other variables remain constant and ignores any impact of forecasted sales and purchases. 2014
6.153
In millions of Rupiah 4.783
Strengthening/weakening 1.5%
Pengelolaan modal
Capital management
Kebijakan pengelolaan modal Perseroan adalah untuk menjaga struktur modal yang kuat sehingga menjaga kepercayaan investor, kreditur dan pasar dan juga untuk mempertahankan perkembangan masa depan dari bisnis Perseroan, termasuk untuk menanggapi kebutuhan belanja modal yang besar terkait dengan fasilitas produksi. Dalam usaha untuk menjaga struktur modal yang optimal, manajemen dapat menyesuaikan jumlah dividen yang dibayarkan kepada pemegang saham.
The Company’s policy is to maintain a strong capital structure as to maintain investor, creditor and market confidence and to sustain future development of the Company’s business, including to address the need for substantial capital expenditure inherently required with respect to refurbishment of production facilities. To maintain optimal structure of capital, management determine the level of dividends paid to shareholders.
Tidak ada perubahan yang dilakukan terhadap kebijakan pengelolaan modal Perseroan selama tahun berjalan.
There were no changes made in the Company’s capital management policies during the year.
PT Asahimas Flat Glass Tbk
45
PT ASAHIMAS FLAT GLASS Tbk CATATAN ATAS LAPORAN KEUANGAN (Lanjutan)/NOTES TO THE FINANCIAL STATEMENTS (Continued) TAHUN YANG BERAKHIR PADA 31 DESEMBER 2015 DAN 2014/ YEARS ENDED 31 DECEMBER 2015 AND 2014
29. PENYAJIAN KEMBALI
29. RESTATEMENT
Sebagai hasil dari perubahan kebijakan akuntansi seperti dijelaskan di Catatan 2f, informasi komparatif yang disajikan dalam laporan keuangan ini telah disajikan kembali. Tabel berikut merangkum dampaknya ke laporan keuangan Perseroan.
Dalam jutaan Rupiah Laporan posisi keuangan Liabilitas imbalan kerja Aset pajak tangguhan, neto Saldo laba-tidak dicadangkan Laporan laba rugi dan penghasilan komprehensif lain Beban pokok penjualan Beban penjualan Beban umum dan adminstrasi Beban pajak tangguhan Rugi komprehensif lain, setelah pajak
31 Desember/31 December 2014 Dilaporkan sebelumnya/ Disajikan As previously Penyesuaian/ kembali/ reported Adjustments As restated
335.511) 52.220) 2.728.059)
Laporan posisi keuangan Liabilitas imbalan kerja Aset pajak tangguhan, neto Saldo laba-tidak dicadangkan
110.936) 27.734) (83.202)
5.812) 784)
(2.760.739) (338.192)
(43.652) 2.066)
760) (1.839)
(42.892) 227)
-)
(21.845)
(21.845)
Penyajian kembali ini tidak mempengaruhi klasifikasi jumlah arus kas dari aktivitas operasi, investasi, dan pendanaan yang sebelumnya dilaporkan.
Statement of profit or loss and other comprehensive income Cost of sales Selling expenses General and administrative expenses Deferred tax expense Other comprehensive loss, net of tax
The statement of financial position as of 1 January 2014 (which was derived from the statement of financial position as of 31 December 2013) also reflects restated balances.
1 Januari 2014/1 January 2014 Dilaporkan sebelumnya Disajikan As previously Penyesuaian/ kembali/ reported Adjustments As restated
304.706 50.154 2.307.644
In millions of Rupiah
Statement of financial position 446.447) Employee benefit obligation 79.954) Deferred tax assets, net 2.644.857) Retained earnings-unappropriated
(2.766.551) (338.976)
Laporan posisi keuangan pada tanggal 1 Januari 2014 (yang berasal dari laporan posisi keuangan pada tanggal 31 Desember 2013) juga mencerminkan saldo yang dinyatakan kembali.
Dalam jutaan Rupiah
As a result of the change in accounting policy as explained in Note 2f, the comparative information presented in these financial statements have been restated. The following table summarize the impacts on the Company’s financial statements.
89.165) 22.291) (66.874)
In millions of Rupiah
Statement of financial position 393.871 Employee benefit obligation 72.445 Deferred tax assets, net 2.240.770 Retained earnings-unappropriated
The restatement does not impact the classification of previously reported total cash flow from operating, investing, and financing activities.
PT Asahimas Flat Glass Tbk
46
Corporate Secretary Jl. Ancol IX / 5, Ancol Barat, Jakarta 14430, Indonesia • Phone. +62 21 690 4041 • Fax. +62 21 691 8820 / 690 4128
www.amfg.co.id