INDEPENDENT AUDITOR S REPORT

              INDEPENDENT AUDITOR’S REPORT

        

 

   INDEPENDENT AUDITOR’S REPORT

 – 

              

–

     



  



  



  

 – 

          

            

 

      

                 









      

      

      

      









          

   

     

       

       

       

       

 –          















      







       



           

          –    –         –   

     

   

      

     









     

    

    

    







 

  

  

  

  

    

    

                   

 –    

        –     

             

        

          –                









 





















  

  

  







 





















   







      

 

       



               

        –   

  

  

  

 

 

 





































  



   

 

    

 

           



    –       

 

      



     

  



       –   

       













  – 







  

  

  

      







      





  

 



       

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PT KIMIA FARMA (PERSERO) Tbk. DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2015 (Disajikan dalam Rupiah, kecuali dinyatakan lain)

PT KIMIA FARMA (PERSERO) Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR YEARS ENDED DECEMBER 31, 2015 (Expressed in Rupiah, unless otherwise stated)

31 Des 2015 / Dec 31, 2015 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok Pembayaran kepada karyawan Pembayaran beban usaha Pembayaran bunga Pembayaran pajak penghasilan Jaminan Bank Restitusi Pajak Penerimaan operasi lain-lain Arus kas neto dari aktivitas operasi

31 Des 2014 / Dec 31, 2014

5.160.269.176.733 (3.486.460.569.159) (838.721.290.772) (689.390.118.248) (36.142.085.429) (68.190.694.925) 222.397.958 102.013.237.293 32.366.808.898

4.858.544.021.925 (3.213.395.602.045) (768.088.674.290) (607.343.492.578) (21.869.685.415) (50.181.904.235) (865.969.111) 60.804.533.005 28.706.028.125

175.966.862.348

286.309.255.381

ARUS KAS DARI AKTIVITAS INVESTASI Penerimaan bunga Perolehan aset tetap : Aset tetap Beban tangguhan Hasil penjualan aset tetap Penambahan biaya tangguhan eksplorasi dan pengembangan Investasi pada entitas asosiasi Aset tidak berwujud Penerimaan Dividen Arus kas neto untuk aktivitas investasi

11.970.064.411

7.258.813.883

(146.204.582.173) (106.689.146.191) 1.120.745.180

(102.413.131.061) (85.889.115.753) 14.944.001.857

(426.621.047)

-

(3.179.575.954) 14.906.196.563

(165.324.992.700) (164.000.000) -

(228.502.919.211)

(331.588.423.774)

ARUS KAS DARI AKTIVITAS PENDANAAN

CASH FLOWS FROM OPERATING ACTIVITIES Receipt from customer Payment to suppliers Payment to employees Payment of operating expenses Payment of interest loan Payment of income taxes Bank warranty Tax restitution Other disbursement from operating Net cash provided from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Interest receipt Acquisition offixedassets: Fixed assets Deferred expense Selling of fixed assets Addition of deferred exploration and development costs Investment in association Intangible asset

Net cash use for investing activities CASH FLOWS FROM FINANCING ACTIVITIES Addition medium term notes

Penambahan utang bank jangka menengah Penambahan (pembayaran) utang bank jangka pendek Pembayaran dividen Angsuran utang sewa pembiayaan Kepentingan non pengendali

(11.170.980.893)

200.000.000.000 84.139.567.948

(46.925.135.841) (1.734.020.601) -

(53.855.793.068) (1.468.516.370) (4.325.732.268)

Dividend payment Installment of finance leaseddebt Non controlling interest

Arus kas neto dari (untuk) aktivitas pendanaan

(59.830.137.335)

224.489.526.242

Net cash provided from (use for) financing activities

(112.366.194.197)

179.210.357.849

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN

573.360.267.681

394.149.909.832

CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR

KAS DAN SETARA KAS AKHIR TAHUN

460.994.073.484

573.360.267.681

CASH AND CASH EQUIVALENTS AT ENDING OF THE YEAR

KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.

Addition (payment) short term loan

The accompanying notes to consolidated financial statement are an integral part of these consolidated financial statements.

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          

 

           

 

 

 

       “” didirikan berdasarkan akta No. 18 tanggal                                                                                                                   

PT Kimia Farma (Persero) Tbk. the “”,was                                                         ’s Articles of Association has                               

                                                

                                         

                                                          

                                              ’s head 

                                                              

                                                                         ’s     

                             

                                    



           

          

  

  

  

  

                   

The Entity’s               

 

       ’s   



                            



 ’s goals and objectives are to                            



       



           

                                    

                                    

             

                  

                         

            both from the Entity’sown production and from              

                      

                    

      

                

                    

 

                             

 ’s shares before                           



           

          

  

  

   

  

                                          

                                                     

 

 

          

             

    

 

 





 

    



   



       

    











      

 

 





 

   



   



         

    











      

 

  

  



  

           

          

  

  

  

  

                                                                                               ekuitas pada bagian “tambahan modal disetor”.

                                                                                     control entities in equity as part of “paid in capital”.

               

             



                                                         



                                               



                 



                   



                 



                   

                                                          

                                                    



           

          

  

  

 

 

                                          

                             

        

       

                 

               

 









 



     

 

 

  

 



   

   

 

 

    

   

   



 









  

 







 





     

      

 





 













                             

 

                                        



           

  

          

  

        

       

                         

                                  

               

                 

                      

         numbers of Entity’s Subsdiaries employees are      

 

 

     KEUANGAN (“PSAK”) DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN (“ISAK”) BARU DAN REVISI

        FINANCIAL ACCOUNTING STANDARDS (“PSAK”) AND     STANDARDS (“ISAK”)

 

 

       akuntansi keuangan (“SAK”) dan intrepretasi standar akuntansi keuangan (“ISAK”) baru dan revisi yang                            

                                

          

 

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 1 (Revisi 2013), “Penyajian Laporan Keuangan”.          “Laporan Laba Rugi Komprehensif” telah berubah menjadi “Laporan Laba Rugi dan Penghasilan Komprehensif Lain”. Perubahan tersebut mengharuskan                                                    



 1 (Revised 2013), “Presentation of Financial Statements”.  1 for the “Statement of Comprehensive Income” has changed to “Statement of Profit or Loss and Other Comprehensive Income”.                                        

           

          

     KEUANGAN (“PSAK”) DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN (“ISAK”) BARU DAN REVISI 

         ACCOUNTING STANDARDS (“PSAK”) AND     STANDARDS (“ISAK”) 

  

          

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 4 (Revisi 2013), “Laporan Keuangan Tersendiri”. PSAK 4 revisi telah diubah namanya menjadi “Laporan Keuangan Tersendiri”; PSAK ini berlanjut menjadi standar 

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 4 (Revised 2013), “Separate Financial Statements”. 4 (Revised 2009) has been renamed “Separate Financial Statements”; it continues to be a standard 

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 15 (Revisi 2013), “Investasi pada Entitas Asosiasi dan Ventura Bersama”. PSAK ini menggantikan   (Revisi 2009) “Investasi pada Entitas Asosiasi”.              pada Entitas Asosiasi dan Ventura Bersama”. Entitas tidak       

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PSAK 15 (Revised 2013), “Investments in  Joint Ventures”. Thi    (Revised 2009) “Investment in Associates”. Joint                 “Investments in Associates and Joint Ventures”. Entities  

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 24 (Revisi 2013), “Imbalan Kerja”.                    “jangka pendek” dan “jangka panjang lain”, perlakuan                

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                        between “short term” and “other longterm” benefits, treatment of         

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 46 (Revisi 2014), “Pajak Penghasilan”.  2010). Revisi ini menekankan bahwa konsep “laba fiskal”      Kontinjensi, dan Aset Kontinjensi” sebagai        

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                    concept of ‘taxable profit’ implies a net rather than gross                       57 “Provisions, Contingent Liabilities, and Contingent Assets” instead and amendment to deferred 

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 48 (Revisi 2013), “Penurunan Nilai Asset”.           “Pengukuran Nilai Wajar”. Standar ini menegaskan                          “Segmen Operasi”) sebelum penggabungan.

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        68, ‘Fair value measurement’. The standard re                                  5 ‘Operating Segments’) before aggregation.



           

          


        FINANCIAL ACCOUNTING STANDARDS (“PSAK”) AND     STANDARDS (“ISAK”) 

  

          

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 50 (Revisi 2014), “Instrumen Keuangan: Penyajian”.   50 (Revisi 2010) “Instrumen Keuangan: Penyajian”, adalah untuk meningkatkan pengungkapan 

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         



 55 (Revisi 2014), “Instrumen Keuangan: Pengakuan dan Pengukuran”.                                         

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 55 (Revised 2014), “Financial Instruments: Recognition and Measurement”.                     68 “Fair value measurement”’. Two other                 



   014), “Instrumen Keuangan: Pengungkapan”.                              



 60 (Revised 2014), “Financial Instruments: Disclosures”.                            



 65, “Laporan Keuangan Konsolidasi”.              2009), “Konsolidasi dan Laporan Keuangan Tersendiri”,   7 (Revisi 2009), “Konsolidasi   Bertujuan Khusus”.



              4 (Revised 2009), “Consolidated and Separate Financial Statements”, and   “Consolidation  Special Purpose Entities”.



 66, “Pengaturan Bersama”.                                         



 66, “Joint Arrangements”.        “Interests in Joint Ventures” and    “Jointly Controlled Entities: Non Contributions by Venturer” for the accounting of joint                                



PSAK 67, “Pengungkapan Kepen   Lain”.                               



PSAK 67, “Disclosures of Interests in Other Entities”.                  “Consolidated Financial Statements”, and PSAK 66, “Joint Arrangements”. The disclosures are required in         



           


          

         (“PSAK”) AND     STANDARDS (“ISAK”) 

   

  

 68, “Pengukuran Nilai Wajar”.                                     penawaran dan permintaan (“bid and ask”), premis       



 68, “Fair Value Measurements”.                  

            

       ’s operation have been adopted as disclosed in the “Summary of Significant Accounting Polices”.

               

          ’s             

 

 

             

                    

 

 

                                                                   

                                                       –                                     

 

        

                    

                



           

     

          

    

  

         

                   

                  

             

                 

               

           

      

       

                        

                  

                   

            

                 

                  

                                                                           

                                                                   



           

          

     

    

       

        

             

                    

                            

                                

                       

       “Consolidated Financial Statements and Separate ial Statements” retrospectively                     

               

                 

               

                          

                                            

                           reclassifies the parent’s share of components                



           

          

     

    

       

        

                   

                       

                                              

                                    

 

 

              PSAK 55 (Revisi 2011), “Instrumen Keuangan: Pengakuan dan Pengukuran”.

              PSAK 55 (Revisi 2011), “Instrumen Keuangan: Pengakuan dan Pengukuran”.

                               

                                 

                                                

The Entity’s investments in its associates are accounted for                        acquisition) as adjusted for changes in the Company’s            

                            

                        

                             

Equity in Associates’ losses which exceeds the carrying                   



           

          

     

     

        

  

                                        

      the Company’s share in the results of operations of the               

                       

             pany’s share in 

        

 

  

 

             “Pengungkapan Pihakpihak Berelasi”.

           7 (Revised 2010), “Related Party Disclosures”.

                                                    

                                                                

       

 

                 

                                                            

                               

                   



           

     

          

     

   

  

 



 

                                                                                                       



  

 

                                                                         

                     

                   

                                            

                                   



  

 PSAK 50 (Revisi 2010) “Instrumen Keuangan: Penyajian”, PSAK 55 (Revisi 2011) “Instrumen Keuangan: Pengakuan dan Pengukuran”, dan PSAK 60 “Instrumen Keuangan: Pengungkapan”.

                      

                                                           

                                                                                             



           

     

          



     

 



  

                                   

                                  

                              

                                                   









                                              

                                                      

                      

          





      

       

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        

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                                                     

                                                      



           

          

      

     

 

  

 

 

 

 

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

                                               

                                                 

            

                 



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

                                     

                                        

                                                            

                                                                     

        

                       



           

      

          

     



 









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 

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

                             

                       

                                           

                                         

                                                            

                                                              

          

             

 

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

                                  

                            

                      

                     

                

                 



           

      

          

     



 









           

          

 







       

        

                                         

                                      

                             

                   

      

 

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       

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 

                                                       

                                                 

              

               



           

      

          

     



 

 

 



 

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        

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                  •

                   



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

                                       

                              

         

                  





                                           

                                



 

                                   

                     

                                  “Pengukuran Nilai Wajar”

                are willing to (arm’s length transactions), refer                          “Fair Value Measurement”



           

      

          

    

 

 

  



                                  

                   





                    •

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                          

      

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

                  

                   

                                                            

                                                       

                                                  

                                                    



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                    

                      



           

      

          

     



 

 •



 

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

                                                       

                                                                 

                                               “pendapatan bunga” dalam laporan                                               

                                                                                                             

  









       





  

        

                                                                           

                                                                           



           

      

          

    

    

  





       





                                                               

                                                                

  

 

                                              “lain”.

                                            

 



 

                                                           

                                                

                 

                    

      

  



 

                       “Aset Lainlain”.

                       “other assets”.



           

    

 

          

    



 

                               

                            

              

                 

               

     

  

     



                  

    

     

  

                  

    

              

            

              

                

                   

             

        

                   



           

      

          

    

 

 

                            

                    

 





                         

                     

                                                             

                                  

              

       



 

        2011), “Sewa” yang efektif berlaku untuk periode pelaporan       

               

                               

                                      

                           

            

                                   

                                    



           

      

          

    

 

  

              

      

                    

                          

 

 

                                                                               

                                                                

 

 





                                 

                  

                      

                                        

        

 

                 

                        

 

 

         

               



           

     

          

    

 

 

            

        

  

 

                                                   

                                          

       



   

   

   

 

  

 

         rapkan PSAK 23 (Revisi 2010) “Pendapatan”. PSAK                                

           23 (Revised 2010) “Revenue”.                                                  

                 Pajak Pertambahan Nilai (“PPN”).

                           

                      ”Uang Muka Pelanggan“.

                           “Advances from Customers”.

 







  

        



           

     

          

    

 

 

                                       

                              

 

 

                          

                               



  

        

        

                

                  

              ) “Imbalan Kerja” secara retrospektif dan merubah metode akuntansinya         

              ) “Employee Benefits”,               

                                             “projected unit credit”.

                                   

                                           

                                  

                                                        

                                           



           

     

          

    

 

 

 

 

                             

                          

 

 

                                 

                                

                               Pemberitahuan (“SPT”) Tahunan sehubungan dengan situasi        

                                            

                                                                    

                                                    

         

                          

                                             

                                             



           

     

          

    

 

 

  

    

 

 

   (Revisi 2009), “Segmen Operasi”. PSAK ini mensyaratkan                                  

          (Revised 2009), “Operating Segment”. This                                              

           

                

              

                

                                                    

                                               

                              

                                   

  

         

                                   

                                  

              

                      



           

     

          

    

   

          

              

                       

 



                                                  

                                                  







                                        

                                       

                                                                                                    

                                                                                          



           

     

          

    

    

          







                                             

                                                           





                                                           

                                                                         

 

        

                                             

                                                



           

      

          

    

 



 

   

 

  

                                                                    

                                                                         

                                              

                              

 

 

                                                 

                                                   

      

      





                                                 

                                             



           

       

          

       

 

 

                 

             

                                    

                                          

                

            

      

 

                                  

                         liabilities are recognized in accordance with the Group’s   

  

       

                                                                               

                                                        the Group’s profit or loss. More de    



           

       

          

       





                                                                             

                                                                        





                                       

                           

                                          

                              

      

      

                            

                      provided based on the Group’s evaluation on industry        

                                                             

                                             



           

          

       

       

       

       

                              

                                 





                             

                                          

                                                                          PSAK 57 (Revisi 2009), “Provisi, Liabilitas Kontijensi dan Aset Kontijensi”. Kelompok Usaha membuat analisis untuk semua           

                                                                          

                                                

                                         





                                               

                                                       



           

          

       

       

 

 

                                      

                                  

 

  

       



 

 





  

  





 

 

















          

                  

                         

    

    

     

 

 

  















    

           

          

  

   

                       

   

 

 

 

 

        

        

             

  

  



                                 

                                        

                          

    







 

      

      

           

  

  

    – 



           

          

  

   

         –     –  



        

        









        

 





   

   

  

    –    –  –  



    

 

         

         

     

           

          

       

  

  

  

























   

 

 

 

 

 

 

 

 







































   

     



           

          

                

      

      

  

  

























  

  

  

  

  

  

























       

   

          



   

   

  







   

        

 

          

 

       

     

  

  

  

           









     

                                                    

                                                             



           

          

  

  

          



  

  





           

  

        

 

  

 









  

   



















  

 

 











 

  

   

  

 

 

  

  

  

  

  











                             

                     

                        

                     

        

   



           



          







   

    

    

     

           

    

      

       

     

  

   

Employee’s loan  

                     

                  

       

        

 

 

  

  

 

 

 

       

 

                       

     

   

   









 







    

        

 



           

  

          

  

                                

                                                         

                

                          

         

          

                                  

                                             

                                                                    

                                                          

                                  

                                   450,000 shares change into 210,000 shares with the Entity’  

         

          while there is only pharmacy’s branch.

               

          

                                              

                     % of the Entity’s asset value. I      



           

 

          

     

 

 

 

 

 

 

 

 

 

 











       











 

 

 

 

 





















       





















 

 

 

 

 

  

                  































 

 

 

 

 





















  

 

 

 

  

  

                                              

            

           

  

       

   

  

  

  

  

 

 

 

 

 





















 

 

 

 

 































  

  

  

  

  































     











 

 

 

 

 











      











  

 

 

 

  

                      

 

                            

 

      

                  



 

 

  

  



      

            

  

           

  



      

   







    

   

   

   

   













 











     

   









  

 

 

 

 

 

 

 











 





  

                                                          

  

  

                 

               

                                                             



            

  

           

  

                                         

                     

                                                              

                                                       

                                            

                               

                                      

                               

                         

            ’s             

           

    

     

   

     

   

              



     

     

     

     

            

           

  

  

                                    

                                 

  

 

                   

                                   

 

  

     























     

 









 

 

 

 

                             

       

  



    

     

  

  

                                 

  

 

  

  

  

  

  

  

   

  

 

   





      

            

           

  

    

  

 

  

  

  

  

 

 

 

 

 





 

        

              

     

              

 

  

       







  

   

   

    

                    

                     

   

 

  

  

 











     























    

 

  



































 



  

 

            

           

  

   

  

 

    

  

  

     





























      

   

 

  

  

 











     























   

  









































 

 

     

    



  

  

    

                                                                

                                                                              

       

     



            

           

 

 

    

 





 

 



   

   



  

  

    

  

    



 

                                                                                                                      

                                                                                            

                                       

                                              

                                                                 

                                                           



            

  

           



 

 

 

                                           

                                                 

 

 

                                         –   

                                     

                                                      

                                              



 

                                                                                                                                                           

                                                                                                                                                      



            

           

  



 

 – 

 – 

   –                                                                           

  –                                                               June 13, 2014 until June 13, 2015, the Entity’s loan as of  

 

 

                                

  

     

     

                    

                    



                                

            

           

  

 

   

                                           

                                   

                                   

 

 

           







   – 



                                

 

    

     

     

    











            

           

  



  

            

                        

        

 





       





 

 

       









 

 

 

  

               







 

  

               

    

   

   







     











                                                     

                                              

                                                          

                                        



            

           

  

  

                             

                                     

                    

              

 

   

              















  

  





 

 

 

                 

  



   

  

  

   

   

  

  

   











            

  

           

  

 

 

                        

             





                     





















 

 





 











                          



                        



 

 

 









 

  

  

  

  

  

  



                            

            

           

  

  

                     

     

  

  

  

  

        

 

 

  

  

             

     

                       

   

   

  

  





   

   

   

  

  

   

   

  

  

   





    



               

       



ies equal to entity’s tax return  



            

           

  

  

 

 



   

                  



   

   

  

  

   

   









                         

        

         

                  

        

        



 

 













 

 

 

 

   

   



                   

            

           

 



                                     

                                    

              

    

 





  

  

        

  

  

   







        







  

 

 

 

 





    –    





 

                                            

                                               

        



         

         

         







         

            

           

 

 

           

 

 

      

      









    

      Doctor’s medical service       

 

  

  

   









  

  

                                                               

                                                                       

  

 

   

 

 





   











  

                                                      

                                            

                      

                          Entity and its employees. Employees’ and the Entity’s  



            

           

   

  



       

   

       

       



           

      



 

 







    

   

     

      



 

 

 

 

 

 

                      menggunakan metode “”.

                Aktuaria, independent actuary, by using the “Projected Unit Credit” method.



 

 

 

          

         



         

            

           

   

  

 



                                                                           

                                                                     

         

      

                                    

             amounts depend on the employee’s service period, based on                    

           

              

     



  

  

 

  

 

       





  

  



     

            

           

   

  

  

          

      



 

 





 

 

         

                 aktuaris independen dengan menggunakan metode “ ”

                  –   , using the “Projected Unit Credit” method

               karyawan berdasarkan PSAk 24 (revisi) 2013 “Imbalan Kerja”          

                   

       

   















  





      

   











  





   

   



                         

     







   

     

          









   

   

   



    

            

 

           

    

              -  -   

  

  

 



















 

 

 







            –        

                     -  -   

   

    



















 

 –        

 

 

 







  –  

     

    

         

     



             

            

           

         

     

   

 

















 

 

       

  

 







































 

 

   







  

 









































 

 







 

           



 



 

 

   



 

    

  





 

 

  

  

      









            

           

  



 

   





                

 



















 

 

    

     

     

      

           

            

 

 

            



          

 



           



             

 















   

  

  



   

            

           

  

 

  



 





   















      























 

 



 

 

  





 

 

             

  



  

               

   

                       

 

 

             



   

  

   

   





 

 







            

            

           

  

 

                          



   

   

     

     

 

 

    

    

  

  

 

 

  –   

 

 



   

  –   

    – 

                      

  



   

   – 

      Director and commissioner’s salary                   

                    







                           

               





                      

                   



            

           

   



 





            

         

 





  















                  

                            

      

     

       

      









                          



                 

     

   

     

      



 

 



 

        –  

         



                       



                                



                     



                  



   



          



            

  

           



         –  

  

        

   





 





 



























































 

























                                           Enterprise’    Owned Enterprise’ 



                                                                   

            

           

   



                                 

  









    





 

   

   

     

       

        

  

  

   

   

                

 

               





       

       







 

 

 – 



              

            

           

  



                                                   

  

   

   

  

  

















         

                  

                                

     

     

  

  



  

                   

            

           

  



          

      

 

 

 

           

  

 





                                                                                                                             

                                                                                                 

                                                        

                        managing 80 % of the Entity’s factory production c                                   

                                                        

                                                                 



            

  

           



 

                          

      ’s product              

                                              

                                       ’s products in each areas of their        

                                    



                           

                            

                           

                            

                              

                         



                                                                                                     





                 Farma’s product in                 

                                                                                               

            

           

   



                                                                 



                      

                                                            

                   Entity’s main activities are distribution and marketing of  

               

   ’s information segment is pr               

      

 

 

 

 





















   















           









































       























   

            

           

   



  

      

 

 

 

 





















   















           









































       























 

        

    





 

 









 

 















  

   

  

  

    



   

      

  



  

      

        

            

           

   





                

   

               

              

               

              

             

 

 

 

 

  

     

    

    

   

        

 















  

 

  

     – 

     

  

                                



  

     

                                   



            

           

     

 

         

     ’s     

                          

   

        

         

                         





























































 

 

 

 

 









 

 

 

 

           























 



            

           

      

  

             

   

        

          

           





















 

 

 

 

 





















              

               

















 

 

 

 

         



































 

 



 

         

               

                           

                      



            

           

  

  

 

 

                                                                                                         

                                                           

       

   

 

  

 

   

 

                             

  

                                      

     

                                                                   

     

      

                                                                      



           

          

  

  

 

 

                           

                             





                                                                 

                                                   

 

 

                                                   

                                      

   



  

                                           

  

  

       ’                           

 

 

                        

                             

                            

                                     

  

            

           

  

  

  

  

                                                  

                                               

                                     

                ’           

      

    

    

 

 

 

       

  

                                                   

                                                                            

 

 

                                                   menetapkan kebijakan “ecatalog” yang dengan kebijakan         

                                                           “”                 



            

           

 



                

    

  

 



         

  

  

  







      –      – 













  

 

 

 

 













      –      – 













 



          

       



         

       –  

                   

                               

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INDEPENDENT AUDITOR S REPORT

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