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DAFTAR ISI
Contents
2 4
Vision & Mission
31 Sumber Daya Manusia Human Resources
VISI & MISI
33 Komposisi Pemegang Saham Composition of Shareholders
IKHTISAR DATA KEUANGAN PENTING
34 Entitas anak Perseroan
Financial Highlights
Subsidiaries of the Company
35 Kronologi Pencatatan Saham
LAPORAN MANAJEMEN
Chronology of Share Listing
REPORT FROM MANAGEMENT 8
36 Lembaga dan Profesi Penunjang Pasar Modal
LAPORAN DEWAN KOMISARIS
Capital Market Institutions and Professional Support
Board of Commissioners’ Report
37 Perhargaan dan sertifikasi
12 LAPORAN DIREKSI
Awards and certifications
Board of Directors’ Report
18
PROFIL PERUSAHAAN COMPANY PROFILE
38
ANALISIS DAN PEMBAHASAN MANAJEMEN MANAGEMENT DISCUSSION & ANALYSIS
20 RIWAYAT SINGKAT PERSEROAN A Brief History of the Company
40 Tinjauan operasi per segmen Business Overview per Segment
21 KEGIATAN USAHA PERSEROAN SERTA JENIS PRODUK YANG DIHASILKAN
41 Analisa keuangan
The Company's Business Activities and Types of Products
22 VISI DAN MISI PERUSAHAAN
The Company’s Vision and Mission
23 STRUKTUR ORGANISASI PERSEROAN Struktur Organisasi Perseroan
24 Dewan Komisaris dan Direksi
Board of Commissioners and Directors
25 DEWAN KOMISARIS
Board of Commissioners
28 DIREKSI
Board of Directors
Financial Analysis
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TATA KELOLA PERUSAHAAN CORPORATE GOVERNANCE 50 Dewan Komisaris
Board of Commissioners
51 Direksi
Board of Directors
53 Rapat Umum Pemegang Saham Tahunan (RUPST)
Annual General Meeting of Shareholders (AGMS)
55 RAPAT UMUM PEMEGANG SAHAM LUAR BIASA (RUPSLB) Extraordinary General Meeting of Shareholders (EGMS)
56 KOMITE AUDIT
Audit Committee
58 SEKRETARIS PERSEROAN Corporate Secretary
59 AUDIT INTERNAL Internal Audit
61 SISTEM PENGENDALIAN INTERNAL Internal Control System
62 MANAJEMEN RISIKO USAHA PERSEROAN Business Management Risks
65 PERKARA PENTING YANG DIHADAPI PERSEROAN Cases/Claims faced by the Company
65 INFORMASI TENTANG SANKSI ADMINISTRATIF Information on administrative sanctions
65 INFORMASI MENGENAI KODE ETIK DAN BUDAYA PERSEROAN
Information regarding the Company's code of ethics and culture
66 PROGRAM KEPEMILIKAN SAHAM OLEH KARYAWAN Employee share ownership program
66 SISTEM PELAPORAN PELANGGARAN Whistleblowing
67 TANGGUNG JAWAB SOSIAL PERSEROAN Corporate Social Responsibility
70 INFORMASI PERSEROAN
CORPORATE INFORMATION
72
laporan keuangan FINANCIAL STATEMENTS
VISI DAN MISI
VISION & MISSION
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VISI Produsen plastik film yang inovatif dan terpilih.
VISION The innovative and preferred plastic film producer.
MISI
Untuk Para Pelanggan Meningkatkan bisnis pelanggan dengan solusi yang inovatif.
MISSION For Customers Enhance customers’ respective businesses through innovative solutions.
Untuk Para Pemegang Saham Memaksimalkan pertambahan nilai bagi pemegang saham.
For Shareholders Maximize value for shareholders.
Untuk Para Karyawan Menjadi tempat pilihan untuk mengembangkan karir di industri plastik film.
For Employees Be the choice of career path advancement in the plastic film industry.
NILAI-NILAI DASAR
VALUES
Integritas Bersikap dan bertindak secara konsisten sesuai dengan nilai-nilai, aturan-aturan dan kode etik yang berlaku di perusahaan untuk mencapai tujuan perusahaan.
Integrity Consistently behave and act in accordance with values, rules and code of ethics applied by the Company in order to achieve Company’s goals.
Profesionalisme Bertanggung jawab dalam memberikan hasil kerja terbaik bagi perusahaan.
Professionalism Responsibility in providing excellent performance for the Company.
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IKHTISAR DATA KEUANGAN PENTING FINANCIAL HIGHLIGHTS
(dalam milyar Rupiah, kecuali dinyatakan lain/in billion Rupiah, unless otherwise stated) Keterangan Penjualan bersih, net sales
Dec 2014
Dec 2013
Dec 2012
1.945,38
1.663,39
1.509,19
Laba kotor, gross profit
219,39
209,60
191,37
Laba usaha, operating profit
103,53
90,84
86,59
Laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali, Profit for the year attributable to owners of the parent entity and non-controlling interests
34,69
34,62
31,12
Total pendapatan komprehensif, total comprehensive income
16,92
186,07
78,71
16,92
186,07
78,71
2.227,04
2.084,57
1.714,83
920,13
943,61
792,10
Total pendapatan komprehensif yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali, Total comprehensive income attributable to owners ot the parent entity and non-controlling interests Jumlah aset, total assets Aset lancar, current assets Aset tetap bersih, net fixed assets
1.060,73
996,05
807,77
Aset tidak lancar lain, other non-current assets
113,70
8,11
3,49
Jumlah investasi, investments
132,49
136,80
111,47
Kewajiban lancar
812,88
696,17
564,00
Modal kerja bersih, net working capital
107,25
247,44
228,10
Jumlah kewajiban, total liabilities
1.191,20
1.055,23
871,57
Jumlah ekuitas, total equity
1.035,85
1.029,34
843,27
612
612
612
1.692
1.681
1.377
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57
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113,19%
135,54%
140,44%
Rata-rata jumlah saham yg beredar (jutaan saham), Shares outstanding (million shares) Nilai buku per saham (dalam Rupiah penuh), Share book value (in full Rupiah amount) Laba per saham dasar yang dapat diatribusikan kepada pemilik entitas induk (dalam Rupiah penuh), Basic earnings per share attributable to owners of the parent entity (in full Rupiah) Rasio lancar, current ratio Rasio kewajiban terhadap aset, debt to total assets ratio Rasio kewajiban terhadap ekuitas, debt to total equity ratio
53,49%
50,62%
50,83%
115,00%
102,52%
103,36%
Rasio laba terhadap jumlah aset, return on assets
1,56%
1,66%
1,81%
Rasio laba terhadap ekuitas, return on equity
3,35%
3,36%
3,69%
Margin laba kotor, gross profit margin
11,28%
12,60%
12,68%
Margin laba usaha, operating profit margin
5,32%
5,46%
5,74%
1,78%
2,08%
2,06%
Margin laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non pengendali, Profit margin for the year attributable to owners of the parent entity and non-controlling shareholders
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HARGA SAHAM 2 TAHUN TERAKHIR/SHARE PRICE FOR THE LAST 2 YEARS Periode/ Period
Harga/Price Tertinggi/Highest
Volume Saham (unit)/ Terendah/Lowest
Penutupan/Closing
Shares Volume (unit) *)
Triwulan/ Quarter I
2014
2013
2014
2013
2014
2013
2014
2013
870
880
680
730
750
850
100.700
559.500
II
820
950
690
730
690
830
36.300
1.238.000
III
800
830
730
810
795
810
59.500
1.000
IV
900
840
700
680
830
810
270.000
16.000
*) untuk pasar reguler dan pasar negosiasi / in regular and negotiation market Periode/ Period
Jumlah Saham Tercatat (Unit Saham)/ Number of Listed Shares (Share Unit)
Nilai Kapitalisasi Pasar (dalam Rp) Market Capitalization Amount (in IDR)
Triwulan/ Quarter
2014
2013
2014
2013
I
680.000.000
680.000.000
510.000.000.000
578.000.000.000
II
680.000.000
680.000.000
469.200.000.000
564.400.000.000
III
680.000.000
680.000.000
540.600.000.000
550.800.000.000
IV
680.000.000
680.000.000
564.400.000.000
550.800.000.000
LABA TAHUN BERJALAN YANG DAPAT DI DI ATRIBUSIKAN KEPADA PEMILIK ENTITIAS INDUK & KEPENTINGAN NON PENGENDALI, PROFIT FOT THE YEAR ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITIY AND NON-CONTROLLING INTEREST
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LAPORAN MANAJEMEN REPORT FROM MANAGEMENT
LAPORAN DEWAN KOMISARIS Board of Commissioners’ Report
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Implementasi langkah-langkah dan kebijakan yang strategis telah memungkinkan Perseroan untuk mampu bertahan bahkan meningkatkan kinerja penjualannya di tahun 2014, dengan pertumbuhan yang mencapai 16,95% dibandingkan tahun sebelumnya. Strategic measures and implemented policies, however, have enabled the Company to endure and even increase sales performance in 2014, achieving a growth of 16.95 % over the previous year.
Krisis ekonomi global yang terjadi dalam beberapa tahun terakhir telah memberikan dampak yang berkelanjutan terhadap perkembangan ekonomi di tahun ini. Sejak awal tahun 2014, kondisi perekonomian masih belum menunjukan tanda-tanda pemulihan yang signifikan, meskipun pada kuartal II tahun 2014, mulai terlihat adanya gejala perbaikan di pasar. Namun demikian, pada periode selanjutnya, berbagai peristiwa penting seperti kelanjutan perlambatan ekonomi global di negara-negara maju serta konflik di beberapa belahan penting di dunia telah memicu anjloknya harga minyak mentah dan komoditas dunia sehingga menimbulkan tekanan yang tinggi terhadap perkembangan ekonomi global dan daya beli pasar internasional.
The global economic crisis that had been in motion over the previous years continued to impact the country’s economic growth in 2014. Even from the onset of the year, the economic condition failed to show any significant signs of recovery, despite some indications of an improving market during the 2nd quarter of 2014. Unfortunately in the period that followed, various major events, such as the relentless deceleration of economies in developed countries as well as conflicts in key parts of the world, triggered a plunge in prices of oil and worldwide commodities. These greatly affected global economic development and the international markets’ purchasing power.
Sampai dengan akhir tahun 2014, kondisi pasar belum menunjukan tanda-tanda pemulihan yang berarti. Bahkan, harapan pasar akan potensi kenaikan suku bunga acuan Amerika Serikat di tahun 2015 menjadikan mata uang dolar Amerika Serikat menguat signifikan terhadap hampir seluruh mata uang dunia. Defisit transaksi berjalan serta perkembangan kondisi politik dalam negeri menjadikan posisi mata uang Rupiah semakin terpuruk sehingga daya beli pasar domestik semakin melemah. Dalam tahun 2014, pertumbuhan ekonomi nasional yang hanya mencapai kisaran 5,10% belum mampu memberikan dukungan yang berarti terhadap perkembangan pasar domestik secara keseluruhan.
All the way through to the end of 2014, prevailing market conditions showed no sign of definite recovery. In fact, the market expectation for the potential increase in US benchmarked interest rates in 2015 had strengthened the US Dollar significantly against most currencies around the world. The deficit in current accounts as well as events in the country’s political arena worsened the position of the Indonesian Rupiah, thereby weakening the purchasing power of the domestic market. The national economic growth this year averaged 5.10%, which considerably was not enough to provide significant support for the development of the domestic market as a whole.
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Pada tahun 2014, Perseroan telah melalui berbagai tantangan yang berat seiring dengan dinamika perekonomian global maupun nasional. Namun demikian, implementasi langkahlangkah dan kebijakan yang strategis telah memungkinkan Perseroan untuk mampu bertahan bahkan meningkatkan kinerja penjualannya di tahun 2014, dengan pertumbuhan yang mencapai 16,95% dibandingkan tahun sebelumnya.
In 2014, the Company faced a lot of major challenges that ran parallel to the dynamics of the global and local, economy. Strategic measures and implemented policies, however, have enabled the Company to endure and even increase sales performance in 2014, achieving a growth of 16.95% over the previous year.
Dengan pencapaian ini, Dewan Komisaris menyimpulkan bahwa secara umum, Direksi telah berhasil mencapai kinerja yang relatif baik di tahun 2014. Kesimpulan ini terutama ditekankan pada langkah-langkah strategis yang telah diupayakan oleh Direksi untuk fokus pada peningkatan pendapatan dan laba Perseroan, dengan mengoptimalkan sumber daya yang tersedia. Direksi mampu menjaga operasi pabrik sehingga senantiasa berjalan dengan cukup lancar dan aman, menempuh langkah-langkah inisiatif untuk melakukan reorganisasi ke arah yang lebih efisien dan efektif serta penghematan biaya-biaya operasi secara menyeluruh. Direksi dapat mengatur segala hal yang diperlukan dan memulai pelaksanaan perluasan fasilitas produksi kemasan fleksibel BOPP dan metalizing sehingga akan siap beroperasi pada tahun 2015 mendatang. Keseluruhan strategi yang disusun oleh Direksi cukup mampu mengantisipasi kondisi perekonomian yang sulit dan gejolak pasar yang terjadi sehingga menjadi landasan bagi pertumbuhan dan kelanjutan usaha Perseroan di masa mendatang.
Through this achievement, the Board of Commissioners generally commends the Board of Directors’ success in achieving relatively outstanding performance in 2014. This commendation is emphasized in strategic measures undertaken by the Board of Directors that focused on increasing the Company’s revenue and profit by optimizing existing resources. The Board of Directors managed to ensure plant operations ran smoothly and securely, and took the initiative to implement steps in reorganizing towards a direction that is more efficient and effective while lowering operational cost as a whole. The Board of Directors favorably implemented the necessary steps to produce flexible BOPP packaging and metalizing, including the expansion of the production plant thereby making it ready for operation by 2015. The overall strategy developed by the Board of Directors proved effective in anticipating the challenging economic conditions and fluctuating market, hence creating a foundation for growth and sustainability for the Company’s future.
Dalam tahun 2015 mendatang, kondisi perekonomian dunia diperkirakan masih bergerak stagnan, dengan kecenderungan melemah. Menurut data dari Bank Dunia, ekonomi Indonesia diperkirakan hanya akan tumbuh pada kisaran 5,20%, atau hanya naik tipis dibandingkan dengan pertumbuhan tahun 2014. Namun demikian, kami berkeyakinan bahwa Perseroan akan tetap memiliki peluang untuk semakin meningkatkan daya saing, mengembangkan usaha dan memperkuat kedudukannya sebagai produsen kemasan fleksibel yang handal di Indonesia. Kami menilai bahwa rencana kerja, kebijakan dan langkah-langkah strategis yang disusun oleh Direksi untuk tahun 2015 mendatang telah mempertimbangkan berbagai tantangan dan peluang yang akan muncul sehingga Perseroan akan mampu bertahan sekaligus meraih kinerja yang lebih baik.
In 2015, the global economic condition is expected to remain stagnant, and is even highly anticipated to weaken further. Indonesia’s economy itself is expected to experience an estimated growth rate of approximately 5.20%, which is just a very miniscule increase compared to 2014’s growth. Nevertheless, we remain confident that the Company will still have the opportunity to strengthen its competitive advantage, develop the business and enhance its market position as the most reliable flexible packaging producer in Indonesia. Our assessment of the business plan, policies and strategic measures, which were developed by the Board of Directors for 2015, already takes into consideration various challenges and opportunities so that the Company can withstand and emerge successfully with better performance results.
Dalam tahun 2014, tidak ada perubahan terhadap susunan anggota Dewan Komisaris Perseroan, dimana tetap beranggotakan 6 (enam) orang dan susunannya tetap sesuai dengan hasil keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 13 Juni 2013.
In 2014, there were no changes in the structure of the Company’s Board of Commissioners as it continued to maintain six (6) members, with the same structure approved during the Annual General Meeting of Shareholders held on 13 June 2013.
Berkat komitmen, integritas, profesionalisme dan kerja keras, maka Perseroan dapat meraih kinerja yang baik di tahun 2014 ini. Kami, secara tulus menyampaikan penghargaan dan rasa terima kasih atas seluruh partisipasi maupun dukungan yang telah diberikan, khususnya kepada para pemegang saham, mitra usaha, pemangku kepentingan, Direksi serta segenap karyawan. Kami berkeyakinan bahwa kerjasama yang positif ini dapat terus berlanjut dengan harmonis sehingga Perseroan dapat terus berkembang pada masa-masa mendatang.
As a result of its commitment, integrity, professionalism and hard work, the Company performed well in 2014. We would like to express our most sincere gratitude and appreciation for all the cooperation and support given to us by our shareholders, business partners, stakeholders, Directors and employees. We are confident that this productive cooperation and harmonious relationship shall continue to bring about the Company’s steady growth through the future.
Andry Pribadi Komisaris Utama President Commissioner
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LAPORAN DIREKSI
BOARD OF DIRECTORS' REPORT
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"Dari sisi profitabilitas, Perseroan berhasil membukukan laba kotor dan laba usaha masingmasing sebesar Rp 219,39 milyar dan Rp 103,53 milyar atau meningkat masing-masing sekitar 4,67% dan 13,97% dibandingkan dengan tahun 2013". "In terms of profitability, the Company registered gross profit of IDR 219.39 billion and operating income amounting to IDR 103.53 billion, an increase of approximately 4.67% and 13.97% respectively, as compared to 2013".
Pertumbuhan ekonomi yang melambat masih terjadi di negara-negara maju, khususnya di kawasan Amerika, Eropa, Cina dan Jepang serta ketegangan geo-politik yang berkepanjangan di kawasan Timur Tengah, Rusia dan Ukrania terus memberikan tekanan kuat terhadap kondisi ekonomi global secara keseluruhan di tahun 2014 ini. Anjloknya harga minyak mentah dunia yang terjadi mulai pertengahan tahun 2014 memberikan imbas negatif terhadap harga barang-barang komoditi sehingga menimbulkan gejolak dan ketidakstabilan pada pasar.
The slowing economic growth that had plagued developed countries, specifically America, Europe, China and Japan, coupled with the geo-political tension in the Middle East, Russia and Ukraine continued to strongly impact the overall global economy in 2014. The world crude oil prices that began to drastically drop in mid-2014 negatively affected prices of commodities, thereby resulting to market upheaval and instability.
Selama tahun 2014, pasar ekspor kemasan fleksibel belum menunjukan perkembangan yang signifikan, di mana masih ditandai oleh pelemahan daya beli pasar, yang selanjutnya memicu tingkat kompetisi yang tinggi antar pelaku industri sehingga menjadikan harga jual produk cenderung melemah. Sedangkan untuk pasar domestik, kondisi perekonomian nasional masih belum mampu mendukung secara optimal dimana selama tahun 2014 hanya tumbuh terbatas sekitar 5,10% dan dibebani oleh depresiasi nilai tukar Rupiah yang cukup dalam sehingga sangat mempengaruhi daya beli pasar.
In 2014, the export market for flexible packaging discouraged any significant developments in the industry. The previous year was characterized by erosion of the purchasing power of the market which in turn led to high levels of competition among industry players, hence weakening selling prices as well. Indonesia’s economic condition proved unable to optimally support the domestic market throughout 2014, achieving only minimal growth of about 5.10%. The country’s economy was heavily burdened by the depreciation of the Rupiah which greatly affected the local market’s purchasing power.
Memasuki tahun 2014, Direksi telah mengidentifikasi dan menganalisa perkembangan kondisi perekonomian domestik dan internasional dengan seksama dan selanjutnya, dengan dukungan penuh dari para pemegang saham dan Dewan Komisaris, telah menetapkan beberapa langkah strategis antara lain:
In early 2014, the Board of Directors prudently identified and analyzed the development of both domestic and international economic conditions. With the full support of the shareholders and the Board of Commissioners, the Board of Directors implemented several strategic measures, which include:
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1. Melanjutkan realisasi ekspansi fasilitas produksi kemasan fleksibel jenis BOPP dan metalizing, dengan tujuan untuk mencapai skala ekonomis produksi yang lebih optimal dan meningkatkan nilai tambah produk yang dihasilkan, sehingga Perseroan akan semakin kompetitif di pasar domestik maupun internasional. 2. Melakukan reorganisasi secara menyeluruh sehingga menghasilkan struktur organisasi yang lebih efisien dan efektif serta pendelegasian tugas dan wewewang yang jelas untuk mendukung operasi perusahaan yang optimal. 3. Menggalakan program efisiensi di setiap aspek produksi guna menekan biaya produksi secara maksimal, terutama dari sisi penyempurnaan proses dan efisiensi produksi. 4. Memperkuat portofolio produk dan pasar serta basis pelanggan dengan melakukan penetrasi ke pasar yang baru dan potensial antara lain di kawasan Asia, Amerika, Eropa, Australia dan Afrika. 5. Fokus untuk meningkatkan portofolio penjualan produk kemasan premium yang memiliki nilai tambah sehingga dapat memberikan kontribusi yang lebih besar terhadap peningkatan margin penjualan. 6. Memperluas rantai pasokan bahan baku, khususnya dari pasar internasional guna mendapatkan pasokan secara tepat waktu, dengan biaya dan harga yang kompetitif. Sepanjang tahun 2014, penerapan langkah-langkah strategis diatas telah memungkinkan Perseroan untuk mencatat pertumbuhan yang positif, dimana berhasil membukukan penjualan bersih sebesar Rp 1.945,38 milyar, selaras dengan target yang telah dianggarkan sebelumnya untuk tahun 2014. Kinerja penjualan ini mengalami peningkatan sebanyak 16,95% dibandingkan dengan penjualan tahun sebelumnya yang mencapai Rp 1.663,39 milyar. Dari sisi profitabilitas, Perseroan berhasil membukukan laba kotor dan laba usaha masing-masing sebesar Rp 219,39 milyar dan Rp 103,53 milyar atau meningkat masing-masing sekitar 4,67% dan 13,97% dibandingkan dengan tahun 2013. Laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali dibukukan sebesar Rp 34,69 milyar atau mengalami sedikit peningkatan sebesar 0,20% dibandingkan tahun sebelumnya.
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1. Continuous efforts in making the expansion of facilities targeting the production of flexible packaging BOPP and metalizing types a reality. The objective is to optimize economies of scale in production and increase the added value of products that will in turn ensure the Company’s competitiveness in both domestic and international markets. 2. Re-organize to establish a more efficient and effective organizational structure, as well as to properly delegate tasks and clear authorizations to optimally support the Company’s operations. 3. Promote an efficiency program in every aspect of production in order to reduce production costs to a minimum, especially in terms of improving processes and ensuring efficient operations. 4. Strengthen the market product and portfolio as well as expand customer base by penetrating potential new markets in Asia, America, Europe, Australia and Africa. 5. Focus on increasing the sales portfolio of premium packaging products with added value in order to make a greater contribution to growth of sales margins. 6. Expand the supply chain of raw materials, especially from the international market, with the purpose of procuring supplies in a timely manner and at competitive costs or prices. Throughout 2014, the implementation of strategic steps mentioned above enabled the Company to achieve positive growth wherein it managed to record net sales of IDR 1,945.38 billion. The net sales data is in line with the target set and previously budgeted for the year 2014. This sales performance represented an increase of 16.95% compared to the previous year's sales, which recorded IDR 1,663.39 billion. In terms of profitability, the Company registered gross profit of IDR 219.39 billion and operating income amounting to IDR 103.53 billion, an increase of approximately 4.67% and 13.97% respectively, as compared to 2013. Profit for the current financial year attributable to the proprietors and non-controlling interest was valued at IDR 34.69 billion, a slight decrease of 0.20% compared to the previous year.
Selama tahun 2014, dalam upaya mencapai kinerjanya, Perseroan menghadapi beberapa kendala utama yang disebabkan oleh peningkatan biaya produksi, khususnya pada biaya energi dan SDM, pelemahan permintaan pasar yang dipicu oleh krisis global, tingkat kompetisi antar industri yang tinggi serta gejolak harga bahan baku utama sebagai dampak dari anjloknya harga minyak dan komoditas dunia. Disamping itu, apresiasi Dolar Amerika Serikat terhadap Rupiah yang terjadi di tahun 2014 menyebabkan daya beli, khususnya pelanggan domestik, semakin menurun sehingga cenderung menjadikan pasar semakin kompetitif.
Along the path towards target performances, the Company faced several major roadblocks caused by increases in production costs, particularly in terms of energy and human resources. Other obstacles were weakening demands triggered by the global crisis, heightened level of competition among industries and the price volatility of main raw materials that were impacted by the drop in the world price of oil and commodities. Furthermore, the US Dollar’s appreciation against the Rupiah created a major dent on purchasing power, especially for domestic customers. The Rupiah’s depreciation resulted to high competitiveness in the market.
Dalam tahun mendatang, kondisi perekonomian dunia diprediksi masih belum akan mengalami perbaikan yang berarti. Kawasan Eropa dan Jepang nampaknya masih belum memberikan tanda-tanda perbaikan ekonomi yang signifikan di tahun mendatang, yang antara lain ditandai oleh kelanjutan pelonggaran moneter yang dilakukan oleh bank sentral masing-masing negara. Negara Cina, yang merupakan motor kuat penggerak ekonomi Asia dan dunia, diprediksi hanya akan mengalami pertumbuhan ekonomi pada kisaran 7% dalam 2 tahun mendatang, dimana angka tersebut berada dibawah tahun 2014 sebesar 7,4%. Di lain pihak, Amerika Serikat, walapun masih diliputi ketidakpastian, sejak akhir tahun 2014 mulai menunjukan data ekonomi yang membaik, terutama dengan meningkatnya indikator NFP (Non Farming Payroll) dan menurunnya tingkat pengangguran, yang selanjutnya akan mungkin membuka peluang kenaikan suku bunga oleh Federal Reserve Bank dan penguatan mata uang Dolar Amerika Serikat.
In the coming year, the condition of the world economy is predicted to remain stagnant, with no significant improvement. Europe and Japan, which have not exhibited any forward signs of significant economic growth, continue to experience constant monetary easing implemented by their respective central banks. The economic growth of China, usually viewed as a powerful engine driving the economy in Asia and the world, is predicted to hover only within the 7% range in the next two (2) years, a figure below what was achieved in 2014 at 7.4%. On the other hand, the United States, even though surrounded by uncertainty, began to record an improvement in its economic data towards the end of 2014. The strengthening NFP (Non Farming Payroll) indicators and decreasing unemployment rate will most probably open up possibilities for an interest rate hike by the Federal Reserve Bank and further strengthen the US Dollar.
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Meskipun demikian, kami tetap melihat peluang yang menjanjikan untuk pertumbuhan konsumsi kemasan fleksibel, seiring dengan pertumbuhan sektor konsumtif yang relatif kuat, yang didukung oleh jumlah populasi penduduk yang terus akan bertambah. Kebutuhan akan kemasan fleksibel diperkirakan masih tetap tinggi karena fungsinya yang belum banyak tergantikan saat ini serta biayanya yang ekonomis. Kami, bersama dengan segenap anggota manajemen, telah menetapkan beberapa langkah strategis guna meningkatkan daya saing Perseroan di tahun mendatang. Salah satu strategi utama yang akan kami realisasikan mulai tahun 2015 mendatang adalah mencapai skala ekonomis produksi yang lebih optimal, dengan melakukan restrukturisasi atas fasilitas produksi dan mengoperasikan lini produksi BOPP yang baru. Dengan demikian, Perseroan akan mampu untuk menjaga kualitas, efisiensi dan meningkatkan output produksi serta diversifikasi produk guna memasok kebutuhan pasar yang dinamis sehingga Perseroan akan memiliki potensi untuk meningkatkan penjualan dan profitabilitas di tahun-tahun mendatang.
Despite the prevailing economic conditions, the growth potential in the consumption of flexible packaging remains promising, parallel to the development of a relatively strong consumer sector which is supported by a growing population. The need for flexible packaging is expected to remain high mainly because of two (2) very important facts: first, there is no alternative for it yet, and second, it is still most economical. We, along with the entire management, have established several strategic measures to improve the competitiveness of the Company in the coming year. Foremost among the main strategies that will be implemented starting 2015 are optimized production in terms of economies of scale with a restructured production facility and the operation of the new BOPP production line. These strategies have been crafted to enable the Company to maintain quality and efficiency, increase production output, and diversify product line in order to supply the demands of a dynamic market. The end goal provides the Company with the opportunity to increase sales and profitability in the coming years.
Melanjutkan komitmen dari tahun-tahun sebelumnya, kami secara konsisten tetap menjadikan prinsip Tata Kelola Perusahaan Yang Baik (GCG) sebagai cermin nilai dasar dan budaya kerja seluruh karyawan dari berbagai tingkatan. Kami meyakini bahwa konsistensi ini telah memberikan kemampuan kepada Perseroan untuk bertahan, bahkan meraih kinerja yang positif meskipun dalam situasi krisis selama tahun 2014 ini. Implementasi dari GCG telah menjadi pedoman utama bagi setiap inisiatif kerja yang dilakukan oleh manajemen dan karyawan Perseroan sehingga senantiasa selaras dengan kebijakan dan peraturan yang berlaku, baik internal maupun eksternal. Kami berupaya
In solidifying the commitment nurtured from previous years, we have consistently adhered to the principles of Good Corporate Governance (GCG) as a reflection of the doctrine and values of the work culture practiced by employees in various levels. We believe this consistency has provided the Company with the ability to survive, and even achieve positive results despite the crisis that afflicted 2014. The implementation of GCG has been the main guiding principle in every initiative executed by the management and employees of the Company. The Board ensures that it remains aligned with ruling policies and
memastikan seluruh usaha Perseroan dilakukan sesuai dengan praktik-praktik GCG terbaik khususnya menyangkut prinsip transparansi, akuntabilitas, pertanggungjawaban, independensi dan kewajaran. Selama tahun 2014, penerapan GCG mendapat dukungan penuh dari Dewan Komisaris, dengan dibantu oleh Komite Audit dan unit Audit Internal, yang melakukan fungsi pengawasan terhadap Direksi dan manajemen Perseroan sehingga setiap kebijakan yang ditempuh selalu mengarah pada visi, misi dan nilai-nilai dasar Perseroan serta berada dalam koridor hukum yang berlaku.
regulations, both internal and external. We seek to ensure that every aspect of our business runs in accordance with best corporate governance practices, especially with regards to principles of transparency, accountability, responsibility, independence and fairness. Throughout 2014, the Board of Commissioners fully supported the implementation of GCG, assisted by the Audit Committee and Internal Audit unit. Each functions as a distinct monitoring body for the Company's Board of Directors and management to ensure that adopted policies will be based on the vision, mission and values of the Company and run in accordance with existing laws.
Dalam tahun 2014, tidak ada perubahan terhadap susunan Direksi Perseroan. Jumlah anggota Direksi tetap sebanyak 5 (lima) orang dengan susunan sesuai dengan hasil keputusan Rapat Umum Pemegang Saham Tahunan Perseroan tanggal 13 Juni 2013.
In 2014, there was no change to the composition of the Board of Directors which remained the same with five (5) members. This retained a similar structure that was decided upon during the Annual General Meeting of Shareholders, dated 13 June 2013.
Pada kesempatan ini, perkenankanlah kami untuk menyampaikan apresiasi yang dalam kepada para pemegang saham, mitra usaha dan pemangku kepentingan lainnya atas dukungan penuh yang diberikan selama tahun 2014. Kami juga ingin menyampaikan penghargaan secara khusus kepada Dewan Komisaris serta seluruh jajaran manajemen dan karyawan yang telah memberikan karya dan kontribusi terbaik untuk kemajuan Perseroan. Dengan dukungan semua pihak, Perseroan akan dapat meraih pertumbuhan kinerja yang lebih baik lagi dimasa mendatang.
On this occasion, allow us to express deep appreciation to our shareholders, business partners and stakeholders who gave their full support in 2014. We also wish to extend our special appreciation to the Board of Commissioners, as well as all management and employees for their hard work and contribution to the advancement of the Company. With the support of all parties, the Company will be able to perform better and scale new heights of growth in the future.
Wilson Pribadi Direktur Utama President Director
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PROFIL PERUSAHAAN COMPANY PROFILE
Riwayat Singkat Perseroan A Brief History of the Company
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PT Argha Karya Prima Industry Tbk, atau dikenal dengan Argha, dibentuk pada tahun 1980, merupakan pelopor industri kemasan fleksibel di Indonesia, dengan lokasi pabrik di kawasan Citeureup, Bogor, Jawa Barat.
PT Argha Karya Prima Industry Tbk, also known as Argha, was established in 1980 and is the pioneer of the flexible packaging industry in Indonesia. Its factory is located in Citeureup, Bogor within West Java.
Argha memiliki 2 (dua) anak perusahaan yaitu International Resources (H.K.) Ltd. yang berlokasi di Hongkong, didirikan tahun 1991 dan merupakan kantor pemasaran yang memiliki fokus untuk melayani penjualan di wilayah Hongkong dan Cina. Anak perusahaan lainnya yaitu Stenta Films (M) Sdn. Bhd. yang berlokasi di Malaysia, didirikan tahun 1993 dan bergerak dibidang industri film kemasan jenis BOPP (Biaxially Oriented Polypropylene).
Argha has two (2) subsidiaries: International Resources (HK) Ltd and Stenta Films (M) Sdn. Bhd. which are located in Hong Kong and Malaysia respectively. International Resources (HK) Ltd was established in 1991 as a marketing representative office that focuses on supporting sales in Hong Kong and China. Stenta Films (M) Sdn. Bhd., founded in 1993, engages in the production of BOPP (Biaxially Oriented Polypropylene) packaging for the film industry.
Saat ini, Argha dan anak perusahaannya telah memiliki kapasitas produksi terpasang hampir mencapai 100.000 ton per tahun, sehingga menjadikan Perseroan sebagai salah satu industri kemasan terkemuka di Asia Tenggara.
Currently, Argha and its subsidiaries have installed facilities with a combined production capacity of nearly 100,000 tonnes per year, thus giving distinction to the Company as one of the leaders in the packaging industry in Southeast Asia.
Kegiatan Usaha Perseroan Serta Jenis Produk Yang Dihasilkan The Company's Business Activities and Types of Products
Sesuai dengan Anggaran Dasar, kegiatan usaha Perseroan antara lain menjalankan industri barang-barang plastik jenis film Polypropylene dan Polyethylene Terepthalate. Produk utama yang dihasilkan Perseroan adalah film kemasan jenis BOPP (Biaxially Oriented Polypropylene) dan BOPET (Biaxially Oriented Polyethylene Terepthalate) atau Polyester, masing-masing dipasarkan dengan merek dagang ARLENE dan ARETA. Dalam proses produksi, Perseroan telah mengacu pada beberapa standar internasional, diantaranya standar manajemen mutu ISO 9001:2008 (Certified) dan Sedex (Supplier Ethical Data Exchange). Merek dagang ARLENE dan ARETA telah dikenal luas di dunia, dan banyak digunakan untuk aplikasi kemasan makanan, rokok, laminasi kertas, label maupun pembungkus umum lainnya.
In accordance with the Articles of Association, the Company's business activities include the industrial production of plastic goods with film types of Polypropylene and Polyethylene Terepthalate. The Company’s main products are the packaging film BOPP (Biaxially Oriented Polypropylene) and BOPET (Biaxially Oriented Polyethylene Terepthalate) or Polyester types marketed under the trademarks ARLENE and ARETA respectively. In the production process, the Company complies with several international standards, including Quality Management Standard ISO 9001: 2008 (Certified) and Sedex (Supplier Ethical Data Exchange). The ARLENE and ARETA trademarks are widely recognized in the world and these are commonly used for the application of food packaging, cigarettes, paper laminations, labels or other general wrappers.
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Visi Dan Misi Perusahaan
The Company’s Vision and Mission
Visi
Vision Menjadi produsen plastik film yang inovatif dan terpilih. The innovative and preferred plastic film producer.
Misi
Mission Untuk para pelanggan: Meningkatkan bisnis pelanggan dengan solusi yang inovatif. Untuk para Pemegang Saham Memaksimalkan pertambahan nilai bagi pemegang saham. Untuk Para Karyawan Menjadi tempat pilihan untuk mengembangkan karir di industri plastik film. For Customers Enhance customers’ respective businesses through innovative solutions. For Shareholders Maximize value for shareholders. For Employees Be the choice of career path advancement in the plastic film industry.
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Struktur Organisasi Perseroan
Organization Structure Of The Company
SHAREHOLDERS
BOARD OF COMMISSIONERS AUDIT COMMITTEE BOARD OF DIRECTORS
ADVISOR
OPERATION
COMMERCIAL
CORPORATE SERVICE
MARKET R & D
IT & QUALITY MGT. SYSTEM (QMS)
HR, GA & IR
LEGAL & CORP. SECRETARY
ENVIRONMENTALHEALTH & SAFETY (EHS)
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Dewan Komisaris dan Direksi Board of Commissioners and Directors
Perseroan memiliki Dewan Komisaris yang beranggotakan 6 (enam) orang, dimana 2 (dua) orang diantaranya menjabat sebagai Komisaris Independen. Selama tahun 2014, susunan Dewan Komisaris Perseroan tidak mengalami perubahan, dimana sesuai dengan hasil keputusan RUPST (Rapat Umum Pemegang Saham Tahunan) Perseroan pada tahun 2013. Komisaris Utama/President Commissioner
: Andry Pribadi
Komisaris/Commissioner
: Henry Liem
Komisaris/Commissioner
: Amirsyah Risjad
Komisaris/Commissioner
: Brenna Florence Pribadi
Komisaris Independen/Independent Commissioner
: Johan Paulus Yoranouw
Komisaris Independen/Independent Commissioner
: Widjojo Budiarto
Direksi Perseroan beranggotakan 5 orang, yang terdiri dari 1 (satu) orang Direktur Utama dan 4 (empat) orang Direktur. Selama tahun 2014, susunan Direksi Perseroan tidak mengalami perubahan, dimana tetap sesuai dengan hasil keputusan RUPST (Rapat Umum Pemegang Saham Tahunan) Perseroan pada tahun 2013.
The Company’s Board of Directors is composed of five (5) members, consisting of one (1) President Director and four (4) Directors. Throughout 2014, the BOD structure remained the same based on what was decided upon during the 2013 Annual General Meeting of Shareholders.
Direktur Utama/President Director
: Wilson Pribadi
Direktur/Director
: Jeyson Pribadi
Direktur/Director
: Edward Djumali
Direktur/Director
: Jimmy Tjahjanto
Direktur/Director
: Folmer Adolf Hutapea
Berikut ini adalah keterangan singkat mengenai masingmasing anggota Dewan Komisaris dan Perseroan:
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The Company is headed by the Board of Commissioners comprised of six (6) members, wherein two (2) of its members are Independent Commissioners. In 2014, there were no changes in the structure of the Company’s Board of Commissioners, in line with the decision made during the 2013 Annual General Meeting of Shareholders (AGMS).
The following are brief descriptions regarding each member of the Board of Commissioners and Directors:
Dewan Komisaris Board of Commissioners
Andry Pribadi, Komisaris Utama Posisi ini dijabat oleh beliau sejak tahun 2003, berdasarkan keputusan dari Rapat Umum Pemegang Saham Tahunan (RUPST) Perseroan pada tanggal 27 Juni 2003. Selain jabatan ini, beliau juga memegang jabatan sebagai Presiden Direktur PT Sumatra Prima Fibreboard. Beliau merupakan lulusan dari Stamford College, Singapura.
Andry Pribadi, President Commissioner Andri Pribadi has held the post of President Commissioner since 2003, based on the decision of the Annual General Meeting of Shareholders (AGMS) on 27 June 2003. In addition, he also holds the position of President Director in PT Sumatera Prima Fibreboard. He is a graduate of Stamford College, Singapore.
Henry Liem, Komisaris Jabatan ini dipercayakan kepada beliau sejak tahun 1983, berdasarkan keputusan dari RUPST Perseroan pada tahun 1983. Saat ini, beliau juga memegang jabatan sebagai Komisaris PT Sanggraha Daksamitra. Beliau telah menempuh pendidikan di Kilburn Polytechnic, London, Inggris dan lulus pada 1972.
Henry Liem, Commissioner Henry Liem was entrusted with the position of Commissioner since 1983, based on the decision of the Company’s AGMS held in the same year. Concurrently, he hold the position of Commissioner in PT Sanggraha Daksamitra. He graduated in 1972 from Kilburn Polytechnic located in London, England.
Amirsyah Risjad, Komisaris Posisi ini dijabat oleh beliau sejak tahun 2013, berdasarkan keputusan dari RUPST Perseroan pada tanggal 13 Juni 2013. Beliau telah memiliki pengalaman lebih dari 15 tahun di berbagai bidang seperti industri minyak kelapa sawit, perkebunan, keuangan dan energi. Saat ini, beliau juga memangku jabatan di beberapa perusahaan antara lain CEO Ibris Holdings and Risjadson Holding & Investments, Komisaris Primarindo Finance Corporation, Komisaris PT Primarindo Argatile, Wakil Presiden Komisaris PT Primarindo Daya Investama, Komisaris PT Intidaya Sistelindomitra, Komisaris PT Primarindo Dana Bersama dan Komisaris PT Primarindo Asia Infrastructure Tbk. Dalam perjalanan karir profesionalnya, beliau pernah menjabat sebagai Management Trainee First Pacific Pte.Ltd, Singapore, President Director PT Risjadson Sejahtera Agrobusiness dan Komisaris PT Bank RSI. Beliau menempuh pendidikan di Northrop University, Los Angeles, USA pada tahun 1985 dan meraih gelar Bachelor of Science dari University of Southern California, USA pada tahun 1989.
Amirsyah Risjad, Commissioner Amirsyah Risjad was appointed Commissioner during the AGMS held on 13 June 2013 and he has served in that position ever since . His extensive experience spans over 15 years working in various fields and industries such as palm oil, agriculture, finance and energy. Currently, he also holds high ranking posts at several companies, among others: CEO of Ibris Holdings and Risjadson Holding & Investments, Commissioner of Primarindo Finance Corporation, Commissioner of PT Primarindo Argatile, Vice President Commissioner of PT Primarindo Daya Investama, Commissioner of PT Intidaya Sistelindomitra, Commissioner of PT Primarindo Dana Bersama and Commissioner of PT Primarindo Asia Infrastructure Tbk. In the course of his professional career, he served as Management Trainee at First Pacific Pte, Singapore, then as President Director of PT Risjadson Sejahtera Agrobusiness and Commissioner of PT Bank RSI. He studied at Northrop University of Los Angeles, USA in 1985 and graduated with a Bachelor of Science degree from the University of Southern California, USA in 1989.
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Brenna Florence Pribadi, Komisaris Posisi ini dijabat oleh beliau sejak tahun 2013, berdasarkan keputusan dari RUPST Perseroan pada tanggal 13 Juni 2013. Dalam perjalanan karir profesionalnya, beliau pernah menjabat sebagai Purchasing Head di PT Argha Karya Prima Industry Tbk dan menjalani Internship di The_Groop dan Genlux Fashion Magazine, Los Angeles, Amerika Serikat. Beliau meraih gelar Master of Business Administration pada tahun 2009 dari DeVry University - Los Angeles, Amerika Serikat dan Bachelor of Fine Arts pada tahun 2007 dari Art Center College of Design - Los Angeles, Amerika Serikat.
Brenna Florence Pribadi, Commissioner Brenna Florence Pribadi has been serving as Commissioner since her appointment during the AGMS held last 13 June 2013. In building her professional career, she previously held the post of Head of Purchasing at PT Argha Karya Prima Industry Tbk and underwent internship at The_Groop and Genlux Fashion Magazine in Los Angeles , USA. In 2009, she graduated with a Master of Business Administration degree from DeVry University - Los Angeles, USA. Two years prior, she earned her Bachelor of Fine Arts degree from the Art Center College of Design - Los Angeles, USA.
Johan Paulus Yoranouw, Komisaris Independen, dan Ketua Komite Audit
Johan Paulus Yoranouw, Independent Commissioner and Chairman of the Audit Committee The Company’s Extraordinary General Meeting of Shareholders (EGMS), held last 20 December 2001, designated Johan Paulus Yoranouw as Independent Commissioner and Chairman of the Audit Committee. Aside from these posts, he is the National Managing Partner of Public Accounting Firm Johan Malonda Mustika & Partners. In his professional career, he served as Chairman of the Accounting Department of Economics, University of Tarumanagara, and Internal Management Consultant for the Salim Group. He became a lecturer in various educational institutions, such as University of Airlangga, University of Surabaya, Surabaya Widya Mandala Catholic University, Atma Jaya Catholic University and University of Tarumanegara. He also served as a Tax and Management Consultant, and Auditor for PT SGV Utomo Drs Utomo, Mulia & Co (Arthur Andersen Indonesia). He earned his Bachelor’s degree in Economics and Accounting from Airlangga University in 1971, and a Bachelor’s degree in Management from the University of Airlangga in 1969. Aside from being a member of the Board of Commissioners, he has also been the Chairman of the Company’s Audit Committee since May 2002.
Posisi ini dijabat oleh beliau sejak tahun 2001, berdasarkan keputusan dari Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) Perseroan pada tanggal 20 Desember 2001. Selain itu, beliau juga menjabat sebagai National Managing Partner Kantor Akuntan Publik Johan Malonda Mustika & Rekan. Karir profesional beliau, antara lain adalah sebagai Ketua Jurusan Akuntansi Fakultas Ekonomi Universitas Tarumanegara, serta Internal Management Consultant Salim Group, sebagai dosen di Universitas Airlangga, Universitas Surabaya, Universitas Katolik Widya Mandala Surabaya, Universitas Katolik Atmajaya dan Universitas Tarumanegara. Beliau juga pernah berkarir sebagai Konsultan Pajak, Konsultan Manajemen PT SGV Utomo serta Auditor Drs Utomo, Mulia & Co (Arthur Andersen Indonesia). Beliau meraih gelar Sarjana Ekonomi di bidang Akuntansi pada tahun 1971 dari Universitas Airlangga, dan Sarjana di bidang Manajemen pada tahun 1969 dari Universitas Airlangga. Selain sebagai anggota Dewan Komisaris, beliau juga menjabat sebagai ketua Komite Audit Perseroan sejak bulan Mei 2002.
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Widjojo Budiarto, Komisaris Independen Jabatan ini dipegang beliau sejak tahun 2004, berdasarkan keputusan dari RUPST Perseroan pada tanggal 25 Juni 2004. Beliau telah memiliki pengalaman lebih dari 20 tahun sebagai penasehat hukum di berbagai bank, grup perseroan maupun kantor hukum, dan saat ini menjabat sebagai Advokat dan Konsultan Hukum pasar modal di sebuah kantor hukum di Jakarta. Beliau lulus dari Common Professional Examination yang divalidasi oleh the Law Society of England and Wales dan the Bar Council of England and Wales, serta pemegang gelar Master of Science di bidang Finance and Financial Law dari the School of Oriental and African Studies, University of London, Inggris.
Widjojo Budiarto, Independent Commissioner Widjojo Budiarto has been the Company’s Independent Commissioner since 2004 when he was appointed to the post during the AGMS held last 25 June 2004. He comes with over 20 years of formidable experience as a legal advisor in various banks, companies, as well as law offices. He currently serves as an Advocate and Legal Consultant on Capital Market Laws in a Jakarta-based law office. He passed the Common Professional Examination, which was validated by the Law Society of England and Wales, and the Bar Council of England and Wales. He graduated Master of Science in Finance and Financial Law from the School of Oriental and African Studies, University of London in England.
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Direksi
Board Of Directors
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Wilson Pribadi, Direktur Utama Beliau merupakan salah seorang pendiri Argha, dimana sejak tahun 2001 telah menjabat sebagai Direktur Utama, berdasarkan keputusan dari RUPST Perseroan pada tanggal 27 Juni 2001. Sebelumnya, beliau menjabat sebagai Direktur Pengelola Argha hingga tahun 2000. Jabatan lain yang diemban beliau adalah Direktur Stenta Films (M) Sdn. Bhd. Malaysia, Presiden Komisaris PT Sumatra Prima Fibreboard, Presiden Komisaris PT Swasthi Parama Mulya dan PT Lumbung Nasional Flour Mill. Beliau meraih gelar Bachelor of Business Administration pada tahun 1977 dari Sir George William University, Montreal, Kanada, dan sebelumnya pada tahun 1974 meraih gelar Bachelor of Computer Science dari Technische Universität Berlin, Jerman.
Wilson Pribadi, President Director Wilson Pribadi is one of the founders of Argha and has been serving as President Director upon the decision of the AGMS held on 27 June 2001. Prior to this, he was the Managing Director of Argha. He held various key positions, such as: Director of Stenta Films (M) Sdn. Bhd. Malaysia, President Commissioner of PT Sumatera Prima Fibreboard, and President Commissioner for both PT Swasthi Parama Mulya and PT Lumbung National Flour Mill. In 1974, he graduated with a Bachelor’s degree in Computer Science from the Technische Universität Berlin, Germany. Then three years later, he obtained his Bachelor’s degree in Business Administration from Sir George William University based in Montreal, Canada.
Jeyson Pribadi, Direktur Posisi ini dijabat oleh beliau sejak tahun 2009, berdasarkan keputusan dari RUPST Perseroan pada tanggal 9 Juni 2009. Mulai tahun ini, beliau menjabat sebagai Direktur Pengelola, yang juga membawahi divisi Teknologi Informasi & QMS, HR, GA & IR, EHS, Market R&D serta Legal & Corporate Secretary. Selain itu, beliau juga menjabat sebagai Direktur PT Swasthi Parama Mulya. Dalam perjalanan karir profesionalnya, beliau pernah menjalani Internship di Prudential Financial, Inc, Los Angeles, Amerika Serikat. Beliau meraih gelar Master of Business Administration Management pada tahun 2006 dari Loyola Marymount University - Los Angeles, Amerika Serikat dan Bachelor of Business Administration – Finance & Marketing pada tahun 2004 dari Loyola Marymount University - Los Angeles, Amerika Serikat.
Jeyson Pribadi, Director During the AGMS held last 9 June 2009, Jeyson Pribadi was appointed Director. At the onset of that year, he took the post of Managing Director, the scope of which includes overseeing Information Technology & QMS, HR, GA & IR, EHS, Market R&D, and Legal & Corporate Secretary Divisions. In addition, he simultaneously serves as Director of PT Swasthi Parama Mulya. In the course of his professional career, he underwent an internship program at Prudential Financial, Inc. in Los Angeles, USA. In 2004, he studied Business Administration - Finance & Marketing in Loyola Marymount University based in Los Angeles, USA. In 2006, he earned a Master of Business Administration - Management degree from Loyola Marymount University, also located in Los Angeles, USA.
Edward Djumali, Direktur Posisi ini dijabat oleh beliau sejak tahun 2000, berdasarkan keputusan dari RUPST Perseroan pada tanggal 21 Juni 2000, dan saat ini membawahi divisi Komersial Perseroan. Beliau pernah berkarir sebagai Direktur pada beberapa perseroan industri grup Napan, serta menjadi Consultant & Business Advisor pada Kantor Akuntan Publik Drs Hadi Sutanto, Price Waterhouse, Indonesia. Beliau meraih gelar Sarjana Ekonomi di bidang Akuntansi Manajemen pada tahun 1989 dari Universitas Indonesia, serta Sarjana Manajemen Marketing pada tahun 1984 dari Universitas Kristen Djaya, Jakarta.
Edward Djumali, Director Edward Djumali has been the Company’s Director since the 21 June 2000 Annual General Meeting. He is currently in charge of the Company’s Commercial Division. Previously, he was a Director in several industrial companies under the Napan group, as well as a Consultant and Business Advisor at Drs. Hadi Sutanto, Price Waterhouse, Indonesia. He graduated from the University of Indonesia in 1989 with a Bachelor of Economics degree in the field of Management Accounting, He also possessed a Bachelor’s degree in Marketing Management obtained from University of Kristen Djaya, Jakarta in 1984.
Jimmy Tjahjanto, Direktur Jabatan ini dipegang beliau sejak tahun 2003, berdasarkan keputusan dari RUPST Perseroan pada tanggal 27 Juni 2003. Saat ini, beliau membawahi divisi Corporate Service Perseroan dan sebelumnya pernah menjabat sebagai Financial Controller PT Sumatra Prima Fibreboard, Vice President - Finance Division Grup Napan, Accounting Manager di Stenta Films (M) Sdn. Bhd., Malaysia, dan Auditor Touche Ross International, Indonesia. Beliau meraih gelar Master of Business Administration pada tahun 1992 dari University of The East Manila, Filipina, serta Sarjana Ekonomi di bidang Akuntansi pada tahun 1986 dari Universitas Tarumanegara, Jakarta.
Jimmy Tjahjanto, Director Jimmy Tjahjanto has held this position ever since he was appointed as Director of the Company during the AGMS held on 27 June 2003. Currently, he oversees the Company's Corporate Services Division. Prior to this, he served in various companies, namely as Financial Controller at PT Sumatera Prima Fibreboard, Vice President - Finance Division at Napan Group, Accounting Manager at Stenta Films (M) Sdn. Bhd., Malaysia, and Auditor at Touche Ross International, Indonesia. In 1986, he graduated from the University of Tarumanegara, Jakarta earning a Bachelor of Economics degree in Accounting. In 1992, he obtained a Master of Business Administration degree from the University of the East in Manila, Philippines.
Folmer Adolf Hutapea, Direktur Posisi ini dijabat oleh beliau pada tahun 2013, berdasarkan keputusan dari RUPST Perseroan pada tanggal 13 Juni 2013. Beliau telah meniti karir di Argha sejak tahun 1982 dan saat ini dipercaya untuk membawahi divisi Operasi Perseroan. Beliau meraih gelar Sarjana Teknik Kimia pada tahun 1982 dari Institut Teknologi Bandung.
Folmer Adolf Hutapea, Director Folmer Adolf Hutapea has held the position of Director since 2013, based on the decision of the AGMS held last 13 June 2013. He actually started his career in Argha way back in 1982 and is currently entrusted to manage Operations Division of the Company. He held a degree in Chemical Engineering, which he earned in 1982 from the Institute of Technology Bandung.
Selama tahun 2014, para anggota Dewan Komisaris dan Direksi telah mengikuti beberapa pelatihan yang memiliki topik-topik antara lain emotional quality management, strategic goal setting, performance management system, short interval communication, business process improvement, teknologi kemasan, kondisi perekonomian dan perbankan serta kepemimpinan.
In 2014, the members of the Board of Commissioners and Board of Directors attended several trainings that covered several topics including, among others, emotional quality management, strategic goal setting, performance management system, short intervals of communication, business process improvement, packaging technology, economic and banking conditions, and leadership.
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Berikut adalah uraian mengenai status afiliasi dari masingmasing anggota Dewan Komisaris dan Direksi Perseroan.
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The following is a description of the affiliation status concerning each member of the Board of Commissioners and Board of Directors:
Nama/Name
Jabatan/Title
Status
Andry Pribadi
Komisaris Utama/ President Commissioner
Terafiliasi/Affiliated
Henry Liem
Komisaris/Commissioner
Terafiliasi/Affiliated
Amirsyah Risjad
Komisaris/Commissioner
Terafiliasi/Affiliated
Brenna Florence Pribadi
Komisaris/Commissioner
Terafiliasi/Affiliated
Johan Paulus Yoranouw
Komisaris Independen/ Independent Commissioner
Tidak Terafiliasi/ Not Affiliated
Widjojo Budiarto
Komisaris Independen/ Independent Commissioner
Tidak Terafiliasi/ Not Affiliated
Wilson Pribadi
Direktur Utama/ President Director
Terafiliasi/Affiliated
Jeyson Pribadi
Direktur/Director
Terafiliasi/Affiliated
Edward Djumali
Direktur/Director
Tidak Terafiliasi/ Not Affiliated
Jimmy Tjahjanto
Direktur/Director
Tidak Terafiliasi/ Not Affiliated
Folmer Adolf Hutapea
Direktur/Director
Tidak Terafiliasi/ Not Affiliated
Sumber Daya Manusia Human Resources
Pada tanggal 31 Desember 2014, Perseroan, tidak termasuk anak perusahaan, memiliki jumlah karyawan sebanyak 959 orang. Jumlah ini meningkat sebesar 6,20% jika dibandingkan dengan periode yang sama pada tahun sebelumnya.
As of 31 December 2014, the Company had a total workforce of 959 employees. This head count excluded personnel from its subsidiaries. The number of personnel increased by 6.20%, compared to the previous year.
Berdasarkan jenjang jabatannya, komposisi karyawan Perseroan dapat digambarkan sebagai berikut:
Based on individual levels, the composition of the Company's employees can be described as follows:
Kesuksesan dalam menjalankan rutinitas operasi dan keberhasilan dalam mencapai visi dan misi Perseroan tidak lepas dari upaya Perseroan dalam membangun sumber daya manusia yang kompeten. Guna mewujudkan hal ini, Perseroan berupaya membangun sumber daya manusia sejak dini, dimulai dari proses rekruitmen yang cermat, yang kemudian dilanjutkan dengan program pengembangan dan pembangunan sumber daya manusia secara berkesinambungan.
The Company’s success in carrying out routine operations and pursuing the vision and mission is directly linked to its valiant efforts to build competent human resources. In order to accomplish this, the Company initiates to organize and maintain the competency of its human resources as early as possible. This begins with a careful recruitment process, followed by a program of development and human resource advancement on a routine basis.
Pada tahapan berikutnya, Divisi Sumber Daya Manusia memiliki komitmen utama untuk melaksanakan programprogram pelatihan secara intensif guna membangun dan meningkatkan kompetensi karyawan di setiap unit kerja. Melalui program pelatihan yang sistematis, para karyawan akan dapat mengasah potensi yang dimiliki, sehingga diharapkan dapat memberikan solusi cerdas bagi peningkatan kinerja Perseroan dan pengembangan diri bagi karyawan yang bersangkutan. Dalam tahun 2014, Perseroan telah menyelenggarakan beberapa program pelatihan untuk
The next process is characterized by the implementation of an intensive training program wherein the Human Resources Division builds and improves the competency of employees within each work unit. Through a systematic training program, employees will be able to hone their potential with two (2) end goals: first, to aid and provide intelligent solutions for improving the Company's performance; and second, to enhance self-development of the concerned employees. In 2014, the Company conducted several training programs for employees covering various
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para karyawannya, dengan topik-topik yang menyangkut antara lain:
topics, such as:
1. Emotional Quality Management. 2. Performance Management System. 3. Strategic Goal Setting. 4. Short Interval Communication. 5. Business Process Improvement. 6. Kepemimpinan. 7. Peningkatan mutu. 8. Pelatihan keselamatan kerja, prosedur tanggap darurat dan HIRAC (Hazard Identification and Risk Assessment Control). 9. Topik-topik khusus lainnya yang berkaitan langsung dengan lingkup pekerjaan karyawan, antara lain manajemen kualitas, rekayasa teknik (engineering), quality assurance, pengembangan produk, teknologi informasi, standar Akuntansi, perpajakan, pasar modal, bahasa Inggris untuk bisnis dan sebagainya.
1. Emotional Quality Management 2. Performance Management System 3. Strategic Goal Setting 4. Short Interval Communication 5. Business Process Improvement 6. Leadership 7. Quality Improvement 8. Safety Training, Emergency Response Procedures and HIRAC (Hazard Identification and Risk Assessment Control) 9. Special topics related to the scope of work of employees, which includes among others, quality management, engineering (engineering), quality assurance, product development, information technology, accounting standards, taxation, capital markets, business English and many more.
Pada tahun 2014, Perseroan, dengan bantuan konsultan independen, telah melakukan penelaahan pada sistem kerja dan sumber daya manusia dalam setiap unit kerja, guna mendapatkan pemetaan sekaligus mengetahui sumber kelemahan dalam seluruh struktur organisasi yang ada. Sebagai hasilnya, pada pertengahan tahun 2014, Perseroan telah berhasil melaksanakan beberapa perubahan penting, terutama yang berkaitan dengan perubahan struktur organisasi yang lebih efisien dan efektif, penyempurnaan quality objective Perseroan dan performance management system, perbaikan proses bisnis serta sistem komunikasi unit kerja dalam bentuk SIC (Short Interval Communication).
In 2014, with the support of an independent consultant, the Company conducted a review of the work systems and human resources in each unit of work. The objective was to identify sources of weakness while mapping out all of the existing organizational structure. By mid-2014, the Company was able to successfully implement several important changes, specifically with regards to the organizational structure. The resulting changes made the structure more efficient and effective, and further strengthened the Company’s objectives for quality and management system performance, business process improvement and communication systems unit in the form of SIC (Short Interval Communication).
Komposisi Pemegang Saham Composition of Shareholders
Sesuai dengan Daftar Pemegang Saham yang diterbitkan oleh Biro Administrasi Efek, PT Raya Saham Registra, pada tanggal 31 Desember 2014, komposisi pemegang saham Perseroan adalah sebagai berikut:
In accordance with the Registry of Shareholders issued by the Securities Administration Agency, PT Raya Saham Registra, the shareholders of the Company as of 31 December 2014 are as follows:
Pemegang Saham/ Shareholders
Jumlah Saham/
% Kepemilikan/
Number of Shares
% Ownership
Asia Investment Limited
117.747.275
19,23%
Shenton Finance Corporation
115.835.001
18,92%
PT Nawa Panduta
92.133.534
15,05%
Morgan Stanley & Co.
73.032.133
11,93%
213.500.057
34,87%
612.248.000
100,00%
Masyarakat dan Lain-lain (masing-masing dengan kepemilikan < =5%) / Public and Others (each with ownership < =5%) Subtotal Modal saham diperoleh kembali/Treasury Stock
67.752.000
Total
680.000.000
Berdasarkan data pemegang saham diatas, tidak ada anggota Dewan Komisaris dan Direksi yang tercatat sebagai pemegang saham.
Based on the data of shareholders above, no member of the Board of Commissioners and Board of Directors are listed as shareholders.
Kelompok pemegang saham masyarakat dan lain-lain per tanggal 31 Desember 2014 sebagai berikut:
Group shareholders and other communities as of 31 December 2014 are as follows:
Pemodal Nasional: ●● Perorangan : 255 ●● Badan Usaha : 110
National Investors: ●● Individual: 255 ●● Enterprise: 110
Pemodal Asing: ●● Perorangan : 18 ●● Badan Usaha : 67
Foreign Investors: ●● Individual: 18 ●● Enterprise: 67
Pemegang saham pengendali Perseroan adalah PT Nawa Panduta. Pemegang saham PT Nawa Panduta adalah Andry Pribadi dan Wilson Pribadi.
The Company’s principal shareholder is PT Nawa Panduta. Shareholders of PT Nawa Panduta are Andry Pribadi and Wilson Pribadi.
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Entitas anak Perseroan
Subsidiaries of the Company The Company has two (2) subsidiaries with details as follows:
Perseroan memiliki 2 (dua) entitas anak dengan detil sebagai berikut: Nama/Name
Alamat/Location
Bidang Usaha/ Business
Kepemilikan/ Ownership
Stenta Films (M) Sdn. Bhd.
Lot 10, Jl. P/10, Kawasan Perusahaan Seksyen 10, 43650 Bandar Baru Bangi, Selangor Darul Ehsan, Malaysia.
Industri kemasan fleksibel BOPP / BOPP flexible packaging industry
22,95%
International Resources (H.K.) Ltd.
Unit E, 26/F Capital Trade Centre, 62 Tsun Yip Street, Kwun Tong, Kowloon, Hongkong.
Pemasaran kemasan fleksibel/ Marketing of fleksibel packaging
98%
Kronologi Pencatatan Saham Chronology of Share Listing
Perseroan telah mencatatkan sahamnya di Bursa Efek Indonesia sejak tahun 1992. Perkembangan struktur permodalan Perseroan dapat dilihat pada tabel berikut ini:
No.
1
Aksi Korporasi/ Corporate Action
Penawaran Umum Perdana kepada masyarakat
The Company has been listed in the Indonesia Stock Exchange since 1992. The development of the Company's capital structure can be seen in the following table: Tahun Pelaksanaan/ Year of Implementation
Jumlah Modal (Unit Saham)/ Capital Amount (Share Unit)
Nominal Saham (Rp)/
Modal Dasar/ Authorized Capital
Modal Disetor/ Paid up Capital
Share Nominal (IDR)
1992
125.000.000
80.000.000
1.000
1993
250.000.000
120.000.000
1.000
1994
250.000.000
132.000.000
1.000
1997
500.000.000
352.000.000
500
2003
2.000.000.000
680.000.000
500
sejumlah 16 juta saham/ Initial Public Offering of 16 million of shares 2
Pembagian saham bonus sejumlah 40 juta saham/ Distribution of 40 million bonus shares
3
Penawaran Umum Terbatas sebanyak 12 juta saham/ Right issue of 12 million shares
4
Pembagian saham bonus sejumlah 44 juta saham dan pemecahan nominal saham menjadi Rp 500,-/ Distribution of 44 million bonus shares and stock split into IDR 500 nominal share value
5
Penawaran Umum Terbatas (tanpa HMETD) sebanyak 328 juta saham/ Right issue of 328 shares (without pre-emptive right)
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Lembaga dan Profesi Penunjang Pasar Modal
Capital Market Institutions and Professional Support
1. Kantor Akuntan Publik
1. Public Accounting Firm
KAP Purwantono, Suherman & Surja (member dari Ernst & Young Global Ltd.) Gedung Bursa Efek Indonesia Tower 2 Lt. 7 Jl. Jendral Sudirman Kav. 52-53 Jakarta 12190
Purwantono, Suherman & Surja (a member of Ernst & Young Global Ltd.) Indonesia Stock Exchange Building Tower 2 Lt. 7 Jl. Jendral Sudirman Kav. 52-53 Jakarta 12190
Jasa yang diberikan adalah melakukan audit atas laporan keuangan Perseroan untuk tahun buku yang berakhir pada tanggal 31 Desember 2014 dan memberikan pendapat atas kewajaran penyajian laporan keuangan Perseroan untuk segala aspek yang material, sesuai dengan Standar Akuntansi Keuangan yang berlaku di Indonesia. Perseroan telah menugaskan KAP Purwantono, Suherman & Surja untuk melakukan audit atas laporan keuangan mulai tahun buku 2010.
The Public Accounting Firm was tasked to render services in auditing the financial statements of the Company for the fiscal year ended 31 December 2014, and provide an opinion on the rationality of the financial statements presented by the Company covering every material aspect, in accordance with Financial Accounting Standards applicable in Indonesia. Purwantono, Suherman & Surja has been conducting the audit of the Company’s financial statements since fiscal year 2010.
2. Biro Administrasi Efek
2. Securities Administration Agency
PT Raya Saham Registra Gedung Plaza Sentral Lantai 2 Jalan Jendral Sudirman Kav 47-48 Jakarta 12930
PT Raya Saham Registra Central Plaza Building, 2nd Floor Jalan Jendral Sudirman Kav 47-48 Jakarta 12930
Jasa yang diberikan adalah melakukan proses administrasi efek, antara lain menyangkut pemeliharaan dan penerbitan data pemegang saham, kewajiban pelaporan data pemegang saham kepada otoritas pasar modal dan konsultasi serta dukungan pelayanan yang menyangkut kegiatan aksi korporasi. Periode penugasan PT Raya Saham Registra dilakukan oleh Perseroan secara regular setiap tahun, sejak tahun 1992.
Since its appointment in 1992, PT Raya Saham Registra has been regularly rendering services to the Company for the administrative procedures of stocks, maintenance and publication of data regarding shareholders, submission of obligatory reports on shareholder data to capital market authorities and advisory and support functions related to corporate action events.
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Perhargaan dan Sertifikasi Awards and Certifications
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Sebagai wujud konsistensi dan kelanjutan prestasi yang telah diraih tahun 2013 yang lalu, pada tanggal 24 sampai 27 November 2014, tim QCC (Quality Control Circle) Perseroan, yang bernama Gugus Siliwangi, kembali mengikuti ajang bergengsi Konvensi Mutu Indonesia ke-30 yang diadakan di kota Solo yang diselenggarakan oleh PMMI (Perhimpunan Manajemen Mutu Indonesia). Dalam konvensi nasional tersebut, Gugus Siliwangi berhasil meraih medali emas atau peringkat kedua secara keseluruhan. Disamping itu, tim Quality Assurance Perseroan juga berhasil mendapatkan perhargaan Sudomo Quality Leadership Award karena telah berperan aktif dalam memajukan mutu di lingkungan kerja Perseroan.
As a testament to the Company’s consistency and continuous achievements throughout 2013, the Company’s QCC (Quality Control Circle) team, named Gugus Siliwangi, participated once more in the prestigious Indonesian Quality Convention. Now on its 30th year, the event was held in Solo held from 24 to 27 November 2014 and was organized by PMMI (Association of Indonesian Quality Management). In the national convention, Gugus Siliwangi won a gold medal and ranked second in the over-all event. In addition to this, the Company's Quality Assurance team also managed to bag the Sudomo Quality Leadership Award for having played an active role in advancing the quality of the Company’s work environment.
Dalam menjalankan proses bisnisnya, Perseroan telah mengacu kepada beberapa sertifikasi internasional antara lain manajemen mutu ISO 9001:2008, serta keanggotaan Sedex (Supplier Ethical Data Exchange). Di akhir thaun 2014, Perseroan tengah melakukan persiapan untuk proses menuju standarisasi FSMS (Food Safety Management System) ISO 22000.
In carrying out its business procedures, the Company complies with several international certifications including ISO 9001: 2008, as well as membership Sedex (Supplier Ethical Data Exchange). Towards the year-end, the Company conducted preparations for the standardization process FSMS (Food Safety Management System), ISO 22000.
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ANALISIS DAN PEMBAHASAN MANAJEMEN MANAGEMENT DISCUSSION & ANALYSIS
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Tinjauan operasi per segmen
Business Overview per Segment
Jenis produk dan kapasitas produksi
Type of product and production capacity
Perseroan memiliki fasilitas produksi untuk menghasilkan kemasan fleksibel jenis BOPP (Biaxially Oriented Polypropylene) dan BOPET (Biaxially Oriented Polyethylene Terepthalate) atau Polyester, dengan lokasi pabrik di kawasan Citeureup, Bogor, Jawa Barat. Disamping itu, Perseroan juga memiliki anak perusahaan, Stenta Films (M) Sdn. Bhd., yang beroperasi di Malaysia dan memproduksi kemasan fleksibel jenis BOPP. Total kapasitas produksi terpasang yang dimiliki Perseroan mencapai hampir 100.000 ton per tahun.
The Company owns production facilities that can produce BOPP (Biaxially Oriented Polypropylene) and BOPET (Biaxially Oriented Polyethylene Terepthalate) or Polyester types of flexible packaging. The facilities are located in the Citeureup, Bogor, West Java. Aside from this, the Company also has subsidiary companies one of which is Malaysiabased Stenta Films (M) Sdn. Bhd. which manufactures BOPP flexible packaging type. The production facilities built by the Company can accommodate a total capacity reaching nearly 100,000 tonnes per year.
Proses produksi
Production Process
Bahan baku utama yang digunakan untuk produksi adalah resin jenis Polypropylene dan Polyethylene Terepthalate, yang nantinya dicampur dengan bahan baku copolymer dan aditif. Kedua jenis kemasan fleksibel BOPP dan BOPET memilliki proses produksi yang hampir sama. Secara prinsip, seluruh bahan baku akan dilelehkan dengan menggunakan extruder dan dicetak dalam bentuk lembaran film tebal, untuk selanjutnya ditarik secara memanjang dan melebar sesuai dengan ukuran ketebalan yang dikehendaki. Lembaran film tersebut kemudian digulung dalam bentuk gulungan besar (jumbo roll) dan selanjutnya dipotong sesuai dengan ukuran lebar yang dikehendaki pelanggan.
The main raw materials used for production are the Polypropylene and Polyethylene Terepthalate types of resin, which are then mixed with raw copolymer material and additives. Both flexible packaging types, BOPP and BOPET, undergo a production process that is almost identical. In principle, all raw materials will be melted by using the extruder and printed onto sheets of thick film It will then be pulled lengthwise and widened to the required size until reaching the desired thickness. This film sheet is then spun to form a large roll (jumbo roll) and then cut based on the desired width of customers.
Perseroan menggunakan mesin-mesin produksi utama yang menggunakan teknologi dari Jerman, dengan reputasi yang handal untuk menghasilkan kemasan fleksibel yang berkualitas. Disamping itu, Perseroan memiliki fasilitas produksi pendukung berupa mesin metalizing serta coating film. Mesin-mesin tersebut digunakan untuk proses lanjutan atau sekunder yang akan memberikan nilai tambah terhadap produk kemasan fleksibel yang dihasilkan, misalnya dalam hal meningkatan daya tahan terhadap uap air dan udara serta memperindah penampilan kemasan. Dengan nilai tambah yang diberikan, maka produk kemasan jenis ini dapat memberikan kontribusi yang lebih baik terhadap margin penjualan Perseroan.
The Company uses leading German-technology production machines that have a reputation for reliability in producing top quality flexible packaging. Moreover, the Company is equipped with production support facilities containing metalizing machines that produce coating films. These machines are used for advanced or secondary processing which in turn provide added value to the flexible packaging products produced, examples of which are improved moisture and air resistance, as well as the packaging’s aesthetic appearance. This added value in product packaging can contribute and aid in furthering the Company's sales margins.
Analisa keuangan
Financial Analysis
Pendapatan
Revenue
Untuk tahun 2014, Perseroan mencatat pendapatan bersih sebesar Rp 1.945,38 milyar atau meningkat 16,95% dibandingkan dengan pendapatan bersih tahun 2013 sebesar Rp 1.663,39 milyar. Peningkatan ini terjadi karena Perseroan berhasil meningkatkan volume penjualan, khususnya untuk pelanggan di pasar domestik. Disamping itu, faktor apresiasi kurs mata uang USD terhadap Rupiah juga berperan atas peningkatan pendapatan ini, karena sebagian besar penjualan Perseroan didominasi dalam mata uang USD.
For 2014, the Company recorded a net income of IDR 1,945.38 billion, an increase of 16.95% compared to the previous year’s net income which amounted to IDR 1,663.39 billion. This growth can be attributed to the increased volume of sales, particularly for customers in the domestic market. Since most of the Company's sales are denominated in US Dollars, the currency’s appreciation against the Rupiah also contributed to the increase in revenue.
Profitabilitas
Profitability
Laba kotor dan laba usaha yang dibukukan Perseroan di tahun 2014 mencapai masing-masing Rp 219,39 milyar dan Rp 103,53 milyar atau secara nilai, meningkat masingmasing sekitar 4,67% dan 13,97% dibandingkan dengan tahun 2013 yang mencapai Rp 209,60 milyar dan Rp 90,84 milyar. Namun jika dibandingkan terhadap pendapatan bersih, margin laba kotor mengalami penurunan dari 12,60% di tahun 2013 menjadi 11,28% di tahun 2014, yang terutama disebabkan oleh tingginya harga pokok penjualan akibat fluktuasi harga bahan baku utama dan kenaikan biaya produksi, khususnya pada biaya energy, SDM, biaya pengemasan dan biaya pengapalan. Sebagai konsekuensinya, margin laba usaha juga menurun dari 5,46% di tahun 2013 menjadi 5,32% di tahun 2014. Pos laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan non-pengendali tahun 2014 dibukukan sebesar Rp 34,69 milyar atau mengalami kenaikan tipis sebanyak 0,20% jika dibandingkan dengan tahun 2013 yang mencapai Rp 34,62 milyar.
In 2014, the Company’s gross profit and operating income amounted to IDR 219.39 billion and IDR 103.53 billion respectively, each corresponding to an increase of about 4.67% and 13.97% compared with the 2013 figures which reached IDR 209.60 billion and IDR 90.84 billion. When compared to the net income, however, the gross profit margin decreased from 12.60% in 2013 to 11.28% in 2014, primarily due to higher cost of sales resulting from price fluctuations of major raw materials and the rise in production expenditures, especially in energy, human resources, packaging and freight costs. As a consequence, the operating profit margin also decreased from 5.46% in 2013 to 5.32% in 2014. Post profit for the current fiscal year attributable to owners of the parent company and non-controlling interests was recorded at IDR 34.69 billion, or a slight decrease of 0.64% if compared to fiscal year 2013, which was recorded at IDR 34.62 billion.
Total pendapatan komprehensif yang dapat diatribusikan kepada pemilik entitas induk dan kepentingan nonpengendali, jumlahnya menurun dari Rp186,07 milyar pada 2013 menjadi Rp 16,92 milyar di tahun 2014, sebagai dampak dari menurunnya pendapatan komprehensif lain setelah dikurangi pajak sebesar Rp169,22milyar.
Total comprehensive income attributable to owners of the parent company and non-controlling interests decreased from IDR 186.07 billion in 2013 to IDR 16.92 billion in 2014. As an impact of a decrease in other comprehensive income net of taxes, the total value amounted to IDR 169.22 billion.
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Aset, Liabilitas dan Ekuitas
Assets, Liabilities and Equity
Pada tahun 2014, Perseroan membukukan total aset sebesar Rp 2.227,04 milyar atau naik sekitar 6,83% dibandingkan dengan tahun sebelumnya sebesar Rp 2.084,57 milyar. Kenaikan tersebut terutama disebabkan adanya peningkatan jumlah pos aset tidak lancar 2014 sekitar 14,55% atau sebesar Rp 165,95 milyar.
The Company recorded total assets valued at IDR 2,227.04 billion, an increase of 6.83% compared to the previous year’s value of IDR 2,084.57 billion. This increase was mainly due to the rise of non-current assets in 2014 by as much as 14.55%, amounting to approximately IDR 165.95 billion.
Total liabilitas Perseroan tahun 2014 tercatat sebesar Rp. 1.191,20 milyar atau naik sekitar 12,88% dibandingkan dengan tahun 2013 yang mencapai Rp 1.055,23 milyar. Kenaikan ini disumbangkan oleh peningkatan liabilitas jangka pendek, terutama dari kenaikan pos hutang usaha sebesar Rp 238,93 milyar dibandingkan dengan tahun sebelumnya. Liabilitas jangka panjang tahun 2014 mengalami kenaikan sebesar Rp 19,26 milyar dibandingkan dengan tahun sebelumnya, terutama akibat dari kenaikan pos pinjaman jangka panjang sebesar Rp 9,85 milyar dibandingkan dengan tahun 2013.
The Company’s total liabilities in 2014 was booked at IDR 1,190.20 billion, an increase of 12.88% compared to that of 2013 which registered IDR 1,055.23 billion. The contributing factor points to the increase in short-term liabilities, specifically from the Company’s account payables which grew to IDR 238.93 billion from 2013. Long-term liabilities also moved upwards at IDR 19.26 billion from the previous year, primarily due to increased long-term loans that amounted to IDR 9.85 billion as compared to 2013.
Untuk tahun 2014, ekuitas Perseroan mengalami peningkatan sebesar Rp 6,51 milyar atau 0,63% dibandingkan tahun sebelumnya, terutama akibat peningkatan saldo laba tahun 2014 sebesar Rp 24,30 milyar dibandingkan tahun 2013.
For 2014, The Company's equity increased by IDR 6.51 billion or 0.63% from the previous year. This is mainly due to the increase in retained earnings which amounted to IDR 24.30 billion.
Arus kas
Cash flow
Di tahun 2014, arus kas dari aktivitas operasi mengalami surplus sebesar Rp 374,35 milyar terutama berasal dari penerimaan pelanggan sebesar Rp 1.961,99 milyar. Arus kas dari aktivitas investasi mengalami defisit sebesar Rp 188,38 milyar terutama karena pengeluaran Perseroan untuk aset tetap sebesar Rp 118,59 milyar, yang sebagian besar untuk membiayai perluasan lini produksi BOPP dan metalizing film. Arus kas pendanaan tahun 2014 mengalami defisit sebesar Rp 201,38 milyar terutama karena Perseroan melakukan pembayaran atas pinjaman jangka pendek dan jangka panjang sebesar masing-masing Rp 133,54 milyar dan Rp 51,08 milyar serta pembayaran beban keuangan sebesar Rp 44,92 milyar.
In 2014, cash flow from operating activities generated a surplus of IDR 374.35 billion, owing primarily to customer receivables worth IDR 1,961.99 billion. Cash flow from investment activities experienced a deficit of IDR 188.38 billion due to expenses in the Company's fixed assets which amounted to IDR 118.59 billion. Fixed asset expenses can be attributed to financing that went into the expansion of production lines and metalizing BOPP films. Cash flow for financing/funding also posted a deficit of IDR 201.38 billion, largely because of payments made by the Company for short and long term loans, amounting to IDR 133.54 billion and IDR 51.08 billion respectively, as well as payment for other financial expenses worth IDR 44.92 billion.
Kemampuan membayar hutang
Ability to pay debts
Pada tahun 2014, Perseroan memiliki hutang bank jangka pendek yang berasal dari Bank Mega, Bank CIMB Niaga, Bank ANZ Indonesia, Standard Chartered Bank dan Bank CTBC Indonesia, dengan saldo pinjaman per tanggal 31 Desember 2014 sebesar ekuivalen Rp 345,22 milyar. Selain itu, Perseroan juga memiliki hutang bank jangka panjang dari UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB Niaga, Bank CIMB Niaga – unit usaha Syariah, BCA Finance dan Dipo Star Finance, dengan saldo pinjaman per tanggal 31 Desember 2014 sebesar ekuivalen Rp 281,74 milyar. Untuk tahun buku 2014, beberapa rasio keuangan Perseroan, khususnya rasio lancar dan nilai kekayaan bersih berwujud berada dibawah standar yang ditetapkan dalam perjanjian kredit dengan pihak perbankan. Namun demikian, selama tahun 2014, Perseroan memiliki tingkat kolektibilitas lancar, baik untuk pembayaran pokok maupun bunga dari seluruh hutang bank diatas. Hal tersebut dapat ditinjau dari kinerja rasio keuangan yang memadai selama tahun 2014 antara lain:
In 2014, the Company received short-term loans from Bank Mega, Bank CIMB Niaga, Bank ANZ Indonesia, Standard Chartered Bank and Bank CTBC Indonesia. The loan balance as of 31 December 2014 was equivalent to IDR 345.22 billion. Also, the Company received several long-term bank loans from UniCredit Bank AG, DZ Bank, Bank Mega, Bank CIMB Niaga, Bank CIMB Niaga – Sharia business unit, BCA Finance and Dipo Star Finance with loan balance equivalent to IDR 281.74 billion as of 31 December 2014. For fiscal year 2014, the Company's financial ratios, particularly the current ratio and tangible net worth, were still below the standards set forth in the credit agreement with the banks. Throughout 2014, some of the financial ratios, particularly current ratio and tangible net worth were below the requirements stated on the bank loan agreements. Nevertheless, the Company had a good standing rate of collectability, both for payment of the entire principal and interest on bank loans. This can be seen from the year’s satisfactory performance of the financial ratios which include:
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Rasio lancar sebesar 113,19%, yang menunjukan bahwa Perseroan memiliki kemampuan likuiditas yang relatif baik untuk melunasi seluruh kewajiban jangka pendeknya. Rasio kewajiban terhadap modal sebesar 115,00%, yang mengindikasikan indikasi bahwa jumlah modal yang dimiliki Perseroan masih mencukupi jika dibandingkan dengan fasilitas kredit yang diperoleh. Rasio kewajiban terhadap total aset sebesar 53,49%, sehingga Perseroan memiliki besaran nilai aset yang memadai untuk menutupi seluruh hutang yang dimilikinya.
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The current ratio of 113.19% indicated that the Company has a relatively good liquidity standing to repay all short-term liabilities. The ratio of liabilities to equity amounted to 115.00%, an indication that the amount of capital owned by the Company is still sufficient in comparison with the loan obtained. With the ratio of liabilities to total assets amounting to 53.49%, the Company showed that its value of assets is adequate to cover and absorb the entire debt.
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Perseroan berhasil menekan tingkat piutang usaha dari Rp 415,42 milyar di tahun 2013 menjadi Rp 398,82 milyar di tahun 2014, sebagai hasil dari pengontrolan yang ketat terhadap pengiriman barang dan komitmen pembayaran yang baik dari para pelanggan. Tingkat kolektibilitas atas sebagian besar piutang usaha pihak ketiga di tahun 2014 berada dalam status lancar. Hal tersebut dapat dipantau dari komposisi umur piutang usaha pihak ketiga Perseroan untuk tahun 2014 sebagai berikut:
The company managed to reduce the level of accounts receivable from IDR 415.42 billion in 2013 to IDR 398.82 billion in 2014. This reduction came as a result of stricter controls implemented in the delivery of goods, and client commitment for good payment standing. The collectability of accounts receivable from the majority of third parties in 2014 can be considered to be of good standing. This can be monitored from the periodic composition of the Company's account receivables from third parties for the year 2014, which are as follows:
Belum jatuh tempo: Rp 233,58 milyar Telah jatuh tempo : ●● 0-30 hari Rp 100,16 milyar ●● 31-60 hari Rp 46,98 milyar ●● 61-90 hari Rp 10,21 milyar ●● > 91 hari Rp 7,72 milyar
Current portion: IDR 233.58 billion Due portion: ●● 0-30 days to IDR 100.16 billion ●● 31-60 days IDR 46.98 billion ●● 61-90 days IDR 10.21 billion ●● > 91 days IDR 7.72 billion
Terlihat bahwa hanya 1,94% dari total piutang usaha yang telah berumur diatas 91 hari. Meskipun telah lewat jatuh tempo, sampai saat ini, status pembayaran atas seluruh porsi piutang usaha tersebut masih terus berjalan sehingga tidak dikategorikan sebagai piutang bermasalah.
The above data shows that only 1.94% of the total accounts receivable are over 91 days old. Although currently overdue, the payment status of the entire portion of the account receivables is still considerably active and does not merit to be categorized as troubled or bad debts.
Struktur permodalan
The capital structure
Tidak ada perubahan yang mendasar dari manajemen Perseroan sehubungan dengan tujuan, kebijakan maupun proses dalam struktur permodalan tahun 2014, yaitu memelihara rasio modal yang sehat untuk mendukung bisnis, mengamankan akses terhadap pendanaan pada biaya secara wajar dan optimal serta memberikan imbal hasil yang maksimal bagi pemegang saham. Di tahun 2014, pembiayaan struktur permodalan Perseroan terutama berasal dari pinjaman bank dalam maupun luar negeri serta pembiayaan dari pemasok dengan memperoleh termin pembayaran yang lebih panjang. Perseroan tidak memiliki kewajiban surat hutang lainnya. Dengan rasio hutang terhadap modal sebesar 113,19%, maka kondisi hutang dan permodalan Perseroan masih tergolong cukup sehat.
In 2014, there were no principal changes from the Company's management with respect to objectives, policies and processes in its capital structure. Healthy capital ratios were maintained to support the business, which means securing access to finance at reasonable costs, and optimal and maximum yield for shareholders. The financing of the Company's capital structure is mainly derived from domestic as well as international bank loans, as well as financing from suppliers to obtain longer payment terms. The Company has no obligation other than debt securities. With a debt to equity ratio of 113.19%, the condition of the Company's debt and capital is still fairly sound.
Ikatan untuk investasi barang modal
Bond for capital investments
Dalam kuartal pertama tahun 2014, Perseroan telah melunasi kewajiban pembayaran uang muka kepada para pemasok untuk keperluan pembelian mesin dan peralatan fasilitas produksi kemasan fleksibel BOPP dan Metalizing. Investasi barang modal ini dibiayai oleh DZ Bank melalui skema kredit ekspor dari Jerman dan kredit investasi dari Bank CIMB Niaga, yang seluruhnya diberikan dalam mata uang Dolar Amerika Serikat. Atas pinjaman bank tersebut, risiko Perseroan terhadap fluktuasi mata uang dapat ditekan seminim mungkin karena Perseroan memiliki telah nilai lindung natural terhadap fluktuasi mata uang Dolar Amerika Serikat, mengingat pendapatan Perseroan juga didominasi dalam mata uang yang sama.
In the first quarter of 2014, the Company settled liabilities through advanced payments to suppliers for purchasing machinery and equipment for BOPP flexible packaging production facilities and metalizing. These capital investments were financed by DZ Bank through export credits from the German bank and investment loans Bank CIMB Niaga, which are entirely denominated in US Dollars. This protects the Company against the risk of currency fluctuations. By reducing the risk to a minimum, the Company will have natural hedging against fluctuations in the US dollar, given that the Company's revenues are also denominated in the same currency.
Informasi dan fakta material setelah tanggal laporan keuangan 2014
Material facts and information after the Financial Year 2014
Setelah tanggal laporan keuangan tahun 2014, dapat diungkapkan bahwa Perseroan tidak memiliki informasi maupun kejadian atau fakta yang bersifat material, yang mungkin dapat mempengaruhi kelancaran dan kelangsungan operasi Perseroan di masa mendatang.
As of the date when financial statements were issued and presented, it can be disclosed that the Company does not have information, events or facts that are material which may affect the flow and continuity of the Company’s operations in the future.
Pemasaran
Marketing
Perseroan telah merealisasikan penjualan sebesar Rp 1.945,38 milyar pada tahun 2014, yang sejalan dengan target anggaran yang telah ditetapkan sebelumnya. Pencapaian hasil ini tidak terlepas dari penerapan strategi pemasaran Perseroan yang fokus pada pasar domestik dimana masih memiliki permintaan yang relatif baik, walaupun cenderung melemah akibat dampak krisis global. Selain itu, Perseroan secara aktif memperluas jangkauan penjualan ke ceruk pasar ekspor yang potensial, khususnya di wilayah Afrika, Asia, Timur Tengah dan Eropa. Konsistensi mutu dan pengembangan produk-produk baru terus dilaksanakan sehingga dapat memberikan nilai tambah bagi produk pelanggan.
In 2014, the Company achieved sales worth IDR 1,945.38 billion, which is in line with budget targets that have been previously set. This achievement is a direct result of thorough application of the Company's marketing strategies that focus on the domestic market wherein it still has a relatively good demand despite tendency to weaken due to the impact of the global crisis. The Company is also actively expanding its sales reach towards potential niche export markets, particularly in Africa, Asia, the Middle East and Europe. The Company is committed to provide consistent quality and continuously develop new products in order to provide added value to customers' needs.
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Prospek usaha
Business Prospects
Meskipun pertumbuhan ekonomi global cenderung tidak mengalami perbaikan yang berarti, namun pasar kemasan fleksibel masih cukup potensial, terutama didukung oleh pertumbuhan sektor konsumtif yang relatif kuat. Indonesia, meskipun pertumbuhan ekonomi pada tahun-tahun mendatang diperkirakan hanya naik tipis pada kisaran 5,20%, namun tetap merupakan pasar yang sangat menjanjikan, dengan populasi penduduk lebih dari 250 juta jiwa sehingga mendorong pertumbuhan tingkat konsumtif yang relatif tinggi.
Even though the global economy lacked significant improvements, the flexible packaging industry still possess high potential, especially since it is supported by growth in the relatively strong consumer sector. Despite expectations of conservative economic growth ranging from 5.20% in the coming years, Indonesia remains a very promising market. Its population of over 250 million boosts the growth rate characterized by relatively high consumption.
Untuk pasar ekspor, diperkirakan akan mengalami stagnasi, dengan kecenderungan melemah, terutama akibat daya beli pasar yang kurang mendukung, gejolak harga dan tingkat kompetisi industri yang semakin tinggi. Ceruk pasar internasional potensial yang harus dicermati terutama dari kawasan Asia dan Afrika. Namun demikian, ada beberapa hal yang harus diwaspadai, terutama penambahan kapasitas produksi kemasan fleksibel dunia yang dapat memicu kondisi kelebihan pasokan di pasar dan tingkat kompetisi industri yang semakin tinggi akibat penerapan zona bebas Asean secara penuh dalam beberapa tahun mendatang.
The export market, on the other hand, is expected to stagnate with a tendency to weaken, primarily due to unfavorable market conditions beset by diminishing purchasing power, price volatility and heightening level of competition within the industry. Potential niche markets in the international scene should be observed mainly Asia and Africa. Likewise, there are other important issues to monitor, especially the growing flexible packaging production capacity that can trigger the condition of oversupply in the global market and more intense level of industry competition arising from the full implementation of the ASEAN free zone within the next few years.
Kebijakan deviden
Dividend policy
Kebijakan untuk pembagian deviden dan besarannya ditentukan sepenuhnya dalam RUPS, dengan mempertimbangkan beberapa faktor, antara lain perolehan laba bersih pada tahun buku yang bersangkutan, kondisi arus kas dan ekonomi serta rencana investasi di periode mendatang. Sesuai dengan hasil keputusan RUPST pada tanggal 23 Mei 2014, Perseroan membagikan deviden tunai sebesar Rp 10.408.216.000,- atau sekitar 30,00% dari total laba bersih tahun buku 2013. Sedangkan untuk tahun buku 2012, RUPST memutuskan untuk tidak membagi dividen kepada para pemegang saham, dimana laba bersih digunakan untuk cadangan khusus, memperkuat struktur modal kerja dan investasi Perseroan.
The policy for distribution of dividends including amount is determined entirely during the GMS. The policy takes into account several factors including the Company’s net profit for the fiscal year, cash flow and economic conditions, as well as investment plans for the coming period. In accordance with the decision of the AGM on 23 May 2014, the Company distributed cash dividends amounting to IDR 10.408.216.000 or approximately 30.00% of the total net income for the 2013 fiscal year. During the 2012 fiscal year, the AGM decided not to distribute dividends to the shareholders. The net income was used for special reserves, and to strengthen the structure of the Company's working capital and investment.
Informasi material dan transaksi benturan kepentingan
Material information and conflict of interest in transactions
Dalam tahun 2014, Perseroan tidak melakukan aksi korporasi yang tergolong sebagai transaksi material ataupun transaksi yang mengandung benturan kepentingan.
In 2014, the Company did not undertake any corporate action classified as material transactions or transactions with conflict of interest.
Perubahan kebijakan Akuntansi
Changes in Accounting Policy
Perseroan melakukan penyusunan dan penyajian laporan keuangan berdasarkan Standar Akuntansi Keuangan di Indonesia yang mencakup Pernyataan Standar Akutansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Akuntansi Keuangan (DSAK), Ikatan Akuntan Indonesia dan peraturan yang terkait dengan penyajian dan pengungkapan laporan keuangan yang telah dikeluarkan oleh Otoritas Jasa Keuangan. Seluruh perincian dari kebijakan-kebijakan Akuntansi ini dapat dilihat secara terperinci dalam catatan laporan keuangan Perseroan tahun 2014, khususnya pada butir 2.
The Company prepared and presented financial statements in accordance with the Financial Accounting Standards in Indonesia which include a Statement of Financial Accounting Standards (SFAS) and the Interpretation of Financial Accounting Standards (IFAS) issued by the Financial Accounting Standards Board (DSAK), Indonesian Institute of Accountants, and regulations related to the presentation of and disclosure of the financial statements that have been issued by the Financial Services Authority (OJK). The entire details of these accounting policies can be viewed in the notes to the financial statements of the Company in 2014, particularly in point 2.
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TATA KELOLA PERUSAHAAN CORPORATE GOVERNANCE
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Implementasi tata kelola perusahaan yang baik menjadi salah satu agenda penting bagi Perseroan dalam melakukan aktivitas usahanya. Dalam hal ini, Argha telah mencanangkan suatu komitmen yang kuat untuk menjadikan prinsip tata kelola perusahaan yang baik sebagai salah satu akar budaya kerja sehingga akan mengayomi seluruh karyawan di setiap jenjang organisasi dalam melaksanakan tugasnya dengan berlandaskan pada prinsip-prinsip etika, akuntabilitas, tanggung jawab dan transparansi. Perseroan meyakini bahwa penerapan tata kelola perusahaan yang baik dan konsisten akan semakin memberikan nilai tambah perusahaan, yang berarti dapat memberikan kontribusi yang positif bagi para pemegang saham dan pemangku kepentingan Perseroan dalam jangka panjang.
The implementation of Good Corporate Governance represents a key agenda of the Company for conducting its business activities. In this aspect, Argha has declared a strong commitment to make the principles of Good Corporate Governance as one of the work culture foundations to be embraced by all employees in every level of the organization as they carry out their duties based on the principles of ethics, accountability, responsibility and transparency. The Company believes that consistency in implementing Good Corporate Governance will enhance added-value to the company and contribute positively to both shareholders and stakeholders of the Company in the long term.
Dewan Komisaris
Board Of Commissioners
Secara garis besar, Dewan Komisaris memiliki tugas untuk mengawasi dan memberikan nasihat, masukan serta pengarahan kepada Direksi untuk mengarahkan operasi Perseroan menuju kepada visi dan misi yang telah ditetapkan. Tugas pokok Dewan Komisaris tercantum dalam Anggaran Dasar Perseroan, khususnya pada pasal 15. Dewan Komisaris membantu dalam menelaah dan menyetujui keputusan serta tindakan strategis yang diusulkan oleh Direksi, menyetujui dan memastikan pelaksanaan rencana kerja tahunan Direksi, memantau praktik manajemen risiko yang ditempuh Direksi, mengevaluasi kinerja Direksi secara periodik, membahas tentang remunerasi Direksi mengevaluasi dan menindaklanjuti temuan dari Komite Audit dan Audit Internal serta memonitor implementasi tata kelola perusahaan yang baik di lingkungan kerja Perseroan. Dalam melaksanakan fungsinya, Dewan Komisaris harus mematuhi ketentuan perundang-undangan yang berlaku dan/atau Anggaran Dasar Perseroan.
From a broader perspective, the Board of Commissioners (BOC) is mandated to supervise, advise, and provide input and guidance to the Board for Directors (BOD) regarding the operations of the Company, directing them towards the vision and mission that have been established. The principal tasks of the BOC are written in the Articles of Association of the Company, specifically in Article 15. The BOC is to assist in reviewing and approving strategic decisions and actions proposed by the BOD, approve and ensure the proper implementation of the BOD’s annual work plan, monitor risk management practices pursued by the BOD, evaluate the performance of individual Directors periodically, discuss the remuneration of Directors in order to evaluate and follow up the findings of the Audit Committee and Internal Audit and monitor the implementation of Good Corporate Governance in the Company's working environment. In carrying out its functions, the BOC must comply with applicable regulations, legislation and /or the Articles of Association.
Penetapan remunerasi anggota Dewan Komisaris dilakukan berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan, yang akan menetapkan jumlah maksimum atas gaji dan/atau tunjangan bagi seluruh anggota Dewan Komisaris untuk periode 1 tahun. Penetapan jumlah remunerasi didasari antara lain oleh pencapaian target kinerja dan kondisi keuangan Perseroan untuk tahun buku yang bersangkutan, dengan mempertimbangkan kondisi ekonomi terkini dan kedepan.
Remuneration for the BOC is determined during the General Meeting of Shareholders, wherein the maximum amount of annual salaries and/or allowances for all members of the BOC will be specified. The amount of remuneration is determined according to, among other specifications, the achievement of target performances and financial condition of the Company for the financial year concerned taking into account current and future economic conditions.
Perseroan tidak memiliki kebijakan khusus yang mengatur tentang frekuensi rapat Dewan Komisaris. Dalam menjalankan tugasnya selama tahun 2014, Dewan Komisaris Perseroan telah melaksanakan 2 (dua) kali rapat bersama dengan Direksi, dimana dalam setiap rapat, rata-rata dihadiri oleh 3 (tiga) orang anggota Komisaris. Agenda rapat antara lain membahas tentang hasil kinerja Perseroan, perencanaan dan pelaksanaan strategi usaha, pengembangan usaha dan berbagai permasalahan operasi yang lain.
The Company does not have a specific policy governing the frequency of board meetings. In carrying out its duties during 2014, the Board of Commissioners conducted two (2) meetings with the BOD, each meeting was attended by an average of three (3) members of the BOC. The meetings’ main agenda tackled and discussed the results of the Company's performance, planning and execution of business strategies, business development and other operating concerns.
Direksi
Board of Directors
Direksi memiliki tugas utama untuk memimpin operasi perusahaan sehari-hari dengan berpedoman pada visi dan misi perusahaan, serta memelihara dan mempergunakan aset dan sumber daya perusahaan dengan penuh itikad baik, professional dan tanggung jawab. Tugas pokok Direksi Perseroan tercantum dalam Anggaran Dasar, khususnya pada pasal 12, antara lain menyusun kebijakan strategis, anggaran dan rencana kerja tahunan yang selanjutnya disetujui oleh Dewan Komisaris, menerapkan manajemen risiko dan tata kelola perusahaan yang baik, memimpin dan mengendalikan Perseroan menuju visi dan misinya, memanfaatkan, memelihara dan mengurus kekayaan Perseroan serta meningkatkan efektivitas dan efisiensi operasi Perseroan.
The Board of Directors’ (BOD) primary duty is to lead the Company's daily operations based on its vision and mission, as well as maintain and utilize the assets and resources of the company with professionalism, responsibility and the best intentions,. The key tasks of the BOD are listed in the Company’s Articles of Association, stated in Article 12. Foremost among the BOD’s responsibilites is to formulate strategic policy, budget and annual work plans that are then approved by the Board of Commissioners. The BOD should also implement sound risk management strategies and Good Corporate Governance, direct and control the Company towards its vision and mission, utilize, maintain and manage the Company's assets, and improve the effectiveness and efficiency of operations.
Direktur Utama memiliki peran untuk memimpin Perseroan melalui koordinasi dan kerja sama dengan anggota Direksi lainnya yang membawahi beberapa divisi, dengan ruang lingkup dan tanggung jawab sebagai berikut:
The President Director leads the Company by coordinating and cooperating with other Directors to oversee several divisions with the following scope and responsibilities:
1. Divisi Operasi, bertanggung jawab atas perencanaan produksi, kontrol atas persediaan dan gudang, pemeliharaan, pengembangan dan penyempurnaan fasilitas produksi serta pengembangan dan kualitas (quality assurance) produk
1. Operations Division - responsible for production planning, control over inventory and warehouse, maintenance, development and improvement of production facilities, as well as the development and quality (quality assurance) of products;
2. Divisi Komersial, bertanggung jawab atas pemasaran produk, pengembangan pasar, sistem administrasi pemasaran dan layanan purna jual kepada para pelanggan, baik untuk pasar domestik maupun internasional.
2. Commercial Division - responsible for product marketing, market development, marketing administration system and after-sales service to customers, both for domestic and international markets;
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3. Divisi Pelayanan Korporasi, berperan untuk mendukung kelancaran bagi operasi Perseroan, meliputi bagian pembelian, ekspor impor, logistik, akuntansi dan keuangan serta manajemen akunting dan audit.
3. Corporate Services Division - ensures the Company’s operations run smoothly, with tasks that cover purchasing, import-export, logistics, and financial and management accounting and auditing.
4. Divisi operasi lainnya, yang meliputi bidang Teknologi Informasi dan QMS (Quality Management System), HR, General Affairs dan Industrial Relation, Environmental Health & Safety, Legal & Corporate Secretary serta Market R&D.
4. Other Operating divisions which includes the field of Information Technology and QMS (Quality Management System), HR, General Affairs and Industrial Relations, Environmental Health and Safety, Legal and Corporate Secretary, and Market Research and Development.
Penentuan remunerasi Direksi diputuskan melalui Rapat Umum Pemegang Saham Tahunan, yang dikuasakan kepada Dewan Komisaris untuk menetapkan jumlah gaji dan/atau tunjangan seluruh anggota Direksi untuk periode 1 tahun. Besaran remunerasi ditentukan antara lain berdasarkan pencapaian target kinerja dan kondisi keuangan Perusahaan untuk tahun buku yang bersangkutan, dengan mempertimbangkan juga aspek-aspek ekonomi, baik domestik maupun internasional.
Remuneration for the BOD is decided during the General Meeting of Shareholders wherein the BOC is authorized to determine the amount of annual salary and/or benefits of all the members of the BOD. The amount of remuneration is based on the achievement of target performance and financial condition of the Company for the financial year concerned. Other points of basis also take into consideration the economic aspects, both domestic and international.
Perseroan tidak memiliki kebijakan khusus yang menentukan tentang frekuensi rapat Direksi. Selama tahun 2014, Direksi telah melaksanakan tugasnya sehari-hari bersama dengan seluruh angota manajemen serta karyawan Perseroan dan secara rutin mengadakan rapat dengan frekuensi sedikitnya 3 kali dalam sebulan, dimana dalam setiap rapat, rata-rata dihadiri oleh 4 (empat) anggota Direksi.
The Company does not have a specific policy that determines the frequency of meetings of the Board of Directors. During 2014, the Board of Directors carried out their daily duties along with all members of management and employees of the Company and regularly held meetings with a frequency of at least three (3) times a month. Each meeting was attended by an average of four (4) members of the BOD.
Rapat Umum Pemegang Saham Tahunan (RUPST)
Annual General Meeting Of Shareholders (AGMS)
Sesuai dengan Anggaran Dasar, Perseroan menyelenggarakan RUPST setiap tahun, selambatnya 6 (enam) bulan setelah tahun buku Perseroan ditutup. Pada tanggal 23 Mei 2014, Perseroan telah menyelenggarakan RUPST yang memutuskan beberapa hal penting sebagai berikut:
In accordance with the Articles of Association, the Company holds an AGMS each year, not later than six (6) months after the closing of the Company’s fiscal year. On 23 May 2014, the Company organized an AGM to decide upon the following important points:
1. Menyetujui dan mengesahkan Laporan Tahunan Perseroan untuk tahun buku 2013, termasuk didalamnya Laporan Kegiatan Perseroan, Laporan Pengawasan Dewan Komisaris dan Laporan Keuangan Perseroan untuk tahun buku 2013 yang telah diaudit oleh Kantor Akuntan Publik Purwantono, Suherman & Surja (member dari Ernst & Young Global Limited) sebagaimana ternyata dari laporannya nomor RPC-5061/PSS/2014 tanggal 19 Maret 2014, selanjutnya memberikan pelunasan dan pembebasan tanggung jawab sepenuhnya (acquit et decharge) kepada segenap anggota Direksi dan Dewan Komisaris Perseroan atas tindakan pengurusan dan pengawasan yang telah mereka jalankan selama tahun buku 2013, sejauh tindakan pengurusan dan pengawasan tersebut tercermin dalam Laporan Tahunan tersebut. 2. a. Menetapkan Laba Bersih atau Laba Tahun Berjalan Yang Dapat Diatribusikan Kepada Pemilik Entitas Induk tahun buku 2013 sebesar Rp. 34.660.293.000,digunakan sebagai berikut:
1. To approve and ratify the Company's Annual Report for the fiscal year 2013, including the Company's Activity Report, Report of Supervisory Board of Commissioners and Financial Statements for the financial year 2013 as audited by Purwantono, Suherman & Surja (a member of Ernst & Young Global Limited) as stated in the report number RPC-5061 / PSS / 2014 dated 19 March 2014. The report further declares, releases and discharges (acquit et decharge) each member of the Board of Directors and Board of Commissioners from actions in the management and supervision rendered during financial year 2013, as far as management and supervision measures are reflected in the Annual Report.
i. Sebesar Rp. 2.500.000.000,- disisihkan sebagai dana cadangan guna memenuhi ketentuan pasal 70 Undang-Undang Perseroan Terbatas nomor 40 Tahun 2007 dan pasal 25 Anggaran Dasar Perseroan; ii. Sebesar Rp 10.408.216.000,- atau sekitar 30,0% dari total Laba Bersih tahun buku 2013 dibagikan sebagai dividen tunai. Dengan demikian, setiap saham akan memperoleh dividen tunai sebesar Rp 17,iii. Sisanya dibukukan sebagai Laba Ditahan, untuk menunjang kegiatan Perseroan.
i. IDR 2.500.000.000 set aside as a reserve fund to meet the provisions of Article 70 of the Limited Liability Company Law number 40 of the year 2007 and article 25 of the Company’s Articles of Association; ii. IDR 10,408,216,000 or approximately 30.00% of the total Net Income for the fiscal year 2013 is to be distributed as cash dividends. Thus, each share will receive a cash dividend of IDR 17
2. a. Establish Annual Net Income or Profit Attributable to Owners of the Parent Company for financial year 2013 which amounted to IDR 34,660,293,000 This shall be used as follows:
iii. The rest is recorded as retained earnings, to support the activities of the Company.
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b. Memberikan kuasa dan wewenang kepada Direksi Perseroan untuk melakukan setiap dan semua tindakan yang diperlukan sehubungan dengan keputusan tersebut diatas, sesuai dengan peraturan perundang-undangan yang berlaku.
b. Provide power and authority to the Board of Directors of the Company to perform each and every action necessary in line with the above decision and in accordance with the enforced legislation.
3. a. Menetapkan gaji bagi seluruh anggota Dewan Komisaris Perseroan untuk tahun 2014 seluruhnya sebesar kurang lebih Rp 7.000.000.000,- serta tunjangan lainnya sesuai kebijaksanaan Perseroan, dan melimpahkan wewenang kepada Dewan Komisaris Perseroan untuk memutuskan pengalokasian besar dan jenis pemberian gaji dan tunjangan lainnya sesuai kebijaksanaan Perseroan bagi masing-masing anggota Dewan Komisaris tersebut; b. Memberikan wewenang kepada Dewan Komisaris Perseroan untuk menentukan pembagian tugas dan wewenang serta pengalokasian besar dan jenis gaji dan tunjangan lainnya bagi anggota Direksi Perseroan untuk tahun 2014.
3. a. Determine the salaries of the members of the Board of Commissioners for 2014 amounting to approximately IDR 7,000,000,000 including other benefits upon the discretion of the Company, and delegate authority to the Board of Commissioners to decide the amount to be allocated and type of salary and other benefits upon the discretion of the Company for each member of the Board of Commissioners;
4. Memberikan wewenang kepada Direksi Perseroan, dengan persetujuan Dewan Komisaris Perseroan, untuk menunjuk Kantor Akuntan Publik yang akan mengaudit Laporan Keuangan Perseroan untuk tahun buku 2014 dan untuk menetapkan honorarium Kantor Akuntan Publik yang akan ditunjuk tersebut berikut syarat-syarat penunjukannya.
4. Authorize the Board of Directors, with the approval of the Board of Commissioners, to appoint a public accounting firm to audit the Company’s financial statements for the financial year 2014, and to determine the fee and terms of appointment for the Public Accountant.
Keputusan RUPST yang telah direalisasikan pada tahun buku 2014: 1. Melaksanakan distribusi dividen tunai kepada seluruh pemegang saham sebesar total Rp 10.408.216.000,pada tanggal 8 Juli 2014 2. Memberikan gaji dan tunjangan lainnya bagi anggota Dewan Komisaris dan Direksi untuk tahun 2014 sebesar Rp 14.327.000.000- atau secara total mengalami kenaikan sebesar 2,11% dibandingkan dengan tahun sebelumnya. 3. Menunjuk KAP Purwantono, Suherman dan Surja sebagai Akuntan Publik yang akan mengaudit buku Perseroan tahun 2014, dengan persetujuan Dewan Komisaris Perseroan.
AGM decisions that have been followed through in fiscal year 2014: 1. Implemented the distribution of cash dividends to the shareholders amounting to a total of IDR 10.408.216.000 - on July 8, 2014 2. Provided salaries and other benefits for members of the Board of Commissioners and Board of Directors for 2014 amounting to IDR 14.327.000.000 or in total which increased by 2.11% compared to the previous year. 3. Appointed Purwantono, Suherman and Surja as the Public Accountant to audit the books of the Company in 2014, upon approval of the Board of Commissioners.
b. Authorize the Board of Commissioners to determine the roles and responsibilities, the amount to be allocated and the type of salary and other benefits to members of the Board of Directors for 2014.
Kinerja tahunan Direksi dinilai berdasarkan kemampuan dalam memimpin jajaran jajaran dibawahnya untuk melaksanakan tugas-tugasnya, penyusunan strategi dan rencana kerja untuk jangka pendek dan panjang serta pencapaian kinerja sesuai dengan target yang ditetapkan. Selanjutnya Direksi akan mempertanggungjawabkan pencapaian kinerja tersebut dalam setiap Rapat Umum Pemegang Saham Tahunan.
The annual performance of the Board of Directors were assessed in terms of the members’ ability to lead the subordinate ranks in carrying out their tasks, strategies and work plans for the short and long term, as well as their performance in achieving the set targets. Furthermore, the Board of Directors will be held accountable for the achievement of the performance during each General Meeting of Shareholders.
Rapat Umum Pemegang Saham Luar Biasa (RUPSLB)
Extraordinary General Meeting of Shareholders (EGMS)
Sesuai dengan Anggaran Dasar, RUPSLB dapat diadakan setiap saat apabila dianggap perlu oleh Direksi dan/atau Dewan Komisaris dan/atau pemegang saham. Dalam tahun 2014, Perseroan mengadakan 1 (satu) kali RUPSLB pada tanggal 23 Mei 2014, yang telah memutuskan beberapa hal penting sebagai berikut:
In accordance with the Articles of Association, the EGMS can be held at any time if deemed necessary by the Board of Directors and/or Board of Commissioners and/or shareholders. In 2014, the Company held an EGMS once (1) on 23 May 2014, wherein the following points were decided upon:
1. Menyetujui untuk menjaminkan kekayaan Perseroan yang berjumlah lebih dari 50% jumlah kekayaan bersih Perseroan dalam rangka mendapatkan beberapa fasilitas pinjaman bagi Perseroan untuk keperluan perluasan fasilitas produksi BOPP dan Metalizing Film yang baru, baik yang berasal dari DZ Bank AG, Jerman, PT Bank CIMB Niaga Tbk dan/atau bank-bank lainnya, baik yang berasal dari dalam maupun luar negeri dan/atau pinjaman dari lembaga keuangan dan/atau pihak Kreditur lainnya yang tidak terafiliasi dengan Perseroan.
1. Agreed to ensure that the Company's assets amounts to more than 50% of total net assets of the Company in order to avail of some loan facilities for the Company for the purpose of expanding production facilities for BOPP and Metalizing Film, both to be derived from the DZ Bank AG, Germany, PT Bank CIMB Niaga Tbk and/ or other banks, whether from within or outside the country and/or loans from financial institutions and/ or other lender parties not affiliated with the Company.
2. Memberikan wewenang dan kuasa kepada Direksi Perseroan, untuk melakukan semua dan setiap tindakan yang diperlukan sehubungan dengan keputusan untuk menjaminkan kekayaan Perseroan yang berjumlah lebih dari 50% jumlah kekayaan bersih Perseroan tersebut diatas, sesuai dengan ketentuan peraturan perundang-undangan yang berlaku
2. Authorized and delegated full power to the Board of Directors of the Company to implement each and every step required to fulfill the decision to ensure the Company's assets totaled more than 50% of total net assets of the Company mentioned above, in accordance with the provisions of enforced legislations.
Seluruh keputusan RUPSLB diatas telah direalisasikan oleh Perseroan pada tahun 2014 untuk keperluan penjaminan aset di DZ Bank AG dan PT Bank CIMB Niaga dalam rangka membiayai perluasan fasilitas produksi kemasan fleksibel jenis BOPP dan metalizing film.
In 2014, the Company implemented all decisions of the above EGMS for the purpose of guaranteeing the assets at DZ Bank AG and PT Bank CIMB Niaga. This is to finance the expansion of production facilities for flexible packaging and metalizing types of BOPP films.
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Komite Audit
Audit Committee
Untuk membantu penerapan tata kelola perusahaan yang baik, Dewan Komisaris dibantu oleh Komite Audit khususnya dalam melaksanakan fungsi pengawasan terhadap operasi Perseroan serta memastikan efektivitas sistem pengendalian internal Perseroan. Komite Audit Perseroan dibentuk sejak tahun 2002, berdasarkan persetujuan dari Dewan Komisaris. Periode jabatan anggota Komite Audit ditetapkan selama 5 tahun dan dapat dipilih kembali untuk periode selanjutnya.
To assist in the implementation of Good Corporate Governance, the Audit Committee assists the BOC specifically in monitoring the Company's operations and ensures the effectiveness of the Company's internal control system. The Audit Committee has been established since 2002, based on the approval of the Board of Commissioners. The tenure of the Audit Committee members is set for five (5) years and may be re-elected for the next period.
Perseroan memiliki Komite Audit yang beranggotakan 3 (tiga) orang. Seluruh anggota Komite Audit Perseroan tidak memiliki hubungan afiliasi dengan Perseroan, anggota Dewan Komisaris, Direksi maupun pemegang saham utama dan bukan merupakan pemegang saham Perseroan. Anggota dari Komite Audit Perseroan terdiri dari:
The Company has an Audit Committee consisting of three (3) persons. Every member of the Audit Committee does not have an affiliate relationship with the Company, the Board of Commissioners, Directors or major shareholders, and are not shareholders of the Company. Members of the Audit Committee consist of:
1. Johan Paulus Yoranouw, menjabat sebagai Ketua Komite Audit, sekaligus sebagai Komisaris Independen Perseroan sejak tahun 2001.
1. Johan Paul Yoranouw – he has served as Chairman of the Audit Committee, as well as Independent Commissioner of the Company since 2001.
2. Willie Tandanu, menjabat sebagai anggota Komite Audit sejak tahun 2004. Sebelumnya pernah menjabat sebagai Vice President di Apex Oil & Gas Ltd., Perwakilan dari Continental Energy Corporation, Kanada, pejabat di perusahaan multifinance Orix, Crédit Lyonnais dan Audit Officer di Kantor Akuntan Publik Siddharta & Siddharta. Meraih gelar Sarjana di bidang Business Studies, jurusan Keuangan dari Ngee Ann Polytechnic, Singapura.
2. Willie Tandanu – he has served as member of the Audit Committee since 2004. He previously worked as Vice President at Apex Oil & Gas Ltd., representative of Continental Energy Corporation, Canada, Officer in the finance companies Orix, Crédit Lyonnais, and Audit Officer in the Office of the Public Accountant Siddharta & Siddharta. He holds a Bachelor’s degree in Business Studies, majoring in finance from Ngee Ann Polytechnic, Singapore.
3. Iwan Budijanto Suryadi, menjabat sebagai anggota Komite Audit sejak tahun 2002. Sebelumnya pernah menjabat sebagai Financial Controller di grup WIM Cycle dan Auditor Kantor Akuntan Publik KPMG. Meraih gelar Magister Manajemen dari Universitas Pelita Harapan, Jakarta.
3. Iwan Budijanto Suryadi – he has served as member of the Audit Committee since 2002. Previously, he was Group Financial Controller and Auditor WIM Cycle and public accounting firm KPMG. He holds a Master of Management degree from Pelita Harapan University, Jakarta.
Selama tahun 2014, Komite Audit telah melakukan beberapa kegiatan utama antara lain:
In 2014, the Audit Committee conducted several major activities including:
1. Melakukan penelaahan dan pembahasan atas laporan keuangan Perseroan, baik secara internal maupun bersama Auditor Eksternal, berdasarkan standar akuntansi dan peraturan pasar modal yang berlaku. 2. Memberikan masukan kepada Dewan Komisaris mengenai penunjukan Kantor Akuntan Publik, khususnya dalam hal independensi, lingkup penugasan, pembebanan biaya dan sebagainya. 3. Merekomendasikan dan mendorong terbentuknya system pengendalian internal Perseroan yang efektif. 4. Melakukan kerja sama dengan bagian Audit Internal guna memberikan masukan pada setiap aspek operasional Perseroan yang perlu disempurnakan, khususnya yang menyangkut sistem dan prosedur kerja, kebijakan Perseroan, aksi untuk perbaikan setiap unit kerja, Internal Audit Charter dan sebagainya. 5. Melakukan pengawasan atas tindak lanjut yang dilaksanakan oleh setiap unit kerja yang memerlukan perbaikan. 6. Melakukan pengawasan atas pelaksanan manajemen risiko bisnis yang dihadapi Perseroan serta memeriksa proses dan langkah-langkah yang diambil oleh manajemen Perseroan dalam rangka mitigasi terhadap risiko bisnis tersebut. 7. Melakukan penelaahan atas kepatuhan Perseroan terhadap peraturan perundang-undangan dan hukum yang berlaku.
1. Reviewed and discussed the financial statements of the Company, internally and together with the External Auditor based on accounting standards and prevailing capital market regulations. 2. Provided feedback to the Board of Commissioners regarding the appointment of the Public Accountant, particularly in terms of independence, scope of assignment, charges and other pertinent matters. 3. Recommended and encouraged the formation of the Company's internal control systems, and ensured their effectiveness. 4. Cooperated with the Internal Audit division in order to provide feedback on any aspect of the Company's operations that need to be improved, especially with regards to systems and procedures, and Company's policies, actions/steps to enhance each unit of work, the Internal Audit Charter and other relevant matters. 5. Monitored and followed-up the performance of each unit of work that required improvement. 6. Supervised the implementation of business risk management faced by the Company and examined the process and steps taken by the Company's management in order to evade business risks.
Dalam menjalankan fungsinya, Komite Audit memiliki hak penuh untuk mengakses semua data-data yang diperlukan dari setiap unit kerja yang ada di Perseroan. Selama tahun 2014, Komite Audit telah mengadakan pertemuan sebanyak 3 (tiga) kali, yang mana setiap pertemuan rata-rata dihadiri oleh 2 (dua) orang anggota Komite Audit, termasuk Ketua Komite Audit.
In carrying out its functions, the Audit Committee has the absolute right to access all necessary data from each unit of the Company. During 2014, the Audit Committee met three (3) times. Each meeting had an average of two (2) members of the Audit Committee in attendance, including the Chairman of the Audit Committee.
7. Reviewed the Company's compliance with prevailing laws and regulations.
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Sekretaris Perseroan
Corporate Secretary
Sekretaris Perseroan memiliki tanggung jawab utama sebagai penghubung antara Perseroan dengan para pemegang saham, publik dan otoritas pasar modal. Sekretaris Perseroan juga bertugas untuk memberikan infomasi tentang Perseroan yang diperlukan oleh para pemodal dan publik, mengatur penyelenggaraan aksi korporasi Perseroan serta menjamin agar Perseroan senantiasa mematuhi peraturan pasar modal maupun peraturan hukum terkini yang berlaku. Dalam tahun 2014, beberapa aktivitas yang dilaksanakan oleh Sekretaris Perseroan antara lain:
The Corporate Secretary’s primary responsibility is to liaise among the Company, its shareholders, the public and the capital market authority. The Corporate Secretary is also tasked with providing information about the Company whenever required by investors and the public, regulate the implementation of corporate actions, and ensure the Company remains in compliance with applicable capital market regulations and current legal regulations. In 2014, the Corporate Secretary performed the following assigned tasks, among other activities:
1. Melakukan keterbukaan infomasi kepada pemegang saham dan publik melalui Bursa Efek Indonesia (BEI) dan Otoritas Jasa Keuangan (OJK), antara lain menyangkut laporan keuangan Perseroan, rencana perluasan fasilitas produksi, perolehan fasilitas kredit dari pihak perbankan, keterbukaan informasi tentang RUPST serta paparan publik. 2. Menjalin komunikasi dengan otoritas pasar modal serta profesi penunjang modal lainnya, seperti Biro Administrasi Efek, notaris, konsultan hukum dan penilai aset Perseroan. 3. Mengikuti perkembangan pasar modal dan peraturanperaturan terkini yang berlaku di pasar modal. 4. Memantau kepatuhan Perseroan untuk memenuhi peraturan hukum dan perundang-undangan yang berlaku di pasar modal dan peraturan hukum yang terkait lainnya. 5. Memelihara dan memeriksa daftar pemegang saham melalui Biro Administrasi Efek Perseroan serta melakukan pelaporan registrasi pemegang saham dengan kepemilikan 5% atau lebih. 6. Melakukan koordinasi penyelenggaraan RUPST dan RUPSLB pada tanggal 23 Mei 2014 7. Melaksanakan paparan publik pada tanggal 29 Desember 2014.
1. Conducted information disclosure for shareholders and the public through the Indonesia Stock Exchange (IDX) and the Financial Services Authority (OJK) regarding the Company's financial statements, planned expansion of production facilities, acquisition of credit facilities from banks, information about the AGM and public exposure, among others. 2. Established communication line with capital market authorities and other capital support professionals, such as the registrar, notary, legal consultant and asset appraisers for the Company. 3. Monitored the development of the capital markets including current regulations being applied in the capital markets. 4. Monitored the Company’s compliance in meeting the laws and regulations enforced in the capital markets and other related legal regulations. 5. Maintained and checked the list of shareholders through the Company’s Securities Administration Agency and reported the registration of shareholders with holdings of 5% or more. 6. Coordinated the implementation of AGMS and EGMS on 23 May 2014 7. Performed public expose event on 29 December2014.
Sekretaris Perseroan dijabat oleh Theodorus Leonardi, berdasarkan surat penunjukan Direksi pada tahun 1999. Menjabat juga sebagai Kepala Keuangan Perseroan dan sebelumnya pernah berkarir di PT Intinusa Selareksa Tbk, grup Nawa Panduta, serta PT Bank Dagang Nasional Indonesia Tbk. Memperoleh gelar Master of Applied Finance dari Macquarie University, Sydney, Australia, pada tahun 1997 serta Sarjana Teknik dari Universitas Indonesia pada tahun 1993.
Theodorus Leonardi holds the position of Corporate Secretary based on the letter of appointment by the Directors in 1999. He previously served as the Company's Chief Financial Officer and built his career by working for PT Intinusa Selareksa Tbk, Panduta Nawa group, and PT Bank Dagang Nasional Indonesia Tbk. He earned a Master of Applied Finance degree from Macquarie University, Sydney, Australia in 1997 and a Bachelor of Engineering degree from the University of Indonesia in 1993.
Perseroan belum memiliki kebijakan khusus yang mengatur tentang masa jabatan untuk Sekretaris Perseroan.
The Company does not have a specific policy governing the term of office for the Corporate Secretary.
Audit Internal
Internal Audit
Divisi Audit Internal berfungsi untuk menjaga kepatuhan setiap unit kerja terhadap standar operasi, peraturan dan sistem pengendalian internal sesuai dengan pedoman yang telah ditetapkan Perseroan. Perseroan telah memiliki divisi Audit Internal sejak tahun 1990, yang selanjutnya disempurnakan pada tahun 2009 dengan berpedoman pada peraturan Bapepam & LK No. IX.I.7, termasuk mengukuhkan penunjukan Kepala Unit Audit Internal oleh Direktur Utama. Kualifikasi dan persyaratan yang ditentukan bagi Unit Audit Internal Perseroan antara lain: ●● Memiliki integritas yang tinggi, jujur, disiplin dan independen ●● Memiliki latar belakang, pengetahuan, pendidikan dan/ atau pengalaman dibidang teknis audit dan disiplin ilmu/bidang operasional yang relevan sesuai cakupan pekerjaannya. ●● Memahami peraturan hukum, perundang-undangan dan pasar modal yang berlaku. ●● Memiliki pengetahuan yang baik tentang manajemen risiko dalam pengelolaan operasi Perusahaan serta praktik tata kelola perusahan yang baik dalam lingkungan kerja Perusahaan.
The Internal Audit Division ensures compliance of each unit to operating standards, regulations and internal control systems in accordance with established guidelines of the Company. The Company’s Internal Audit Division was established in 1990 and it was further strengthened in 2009 by referring to Bapepam & LK No. IX.I.7 as a guide, including the appointment of an Internal Audit Chairman as confirmed by the President Director. The following are several qualifications and requirements appointed to the Internal Audit Unit: ●● ●●
●●
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High integrity, honesty, discipline and independence Possess background knowledge, education and/or experience in auditing technical and scientific disciplines/ fields relevant to the operational scope of work. Understand the laws and prevailing capital market regulations. Have excellent knowledge of risk management in managing the Company's operations and Good Corporate Governance practices in the Company's working environment.
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Struktur dan kedudukan unit Audit Internal berada langsung dibawah Direksi. Audit Internal akan memberikan laporan tentang hasil temuan-temuan di lapangan dan saran-saran perbaikan kepada Direksi, untuk selanjutnya akan ditindaklanjuti oleh unit kerja yang bersangkutan. Audit Internal kerap bekerja sama dengan Komite Audit guna mendiskusikan temuan-temuan baru yang sekiranya perlu mendapat perhatian dan tindakan perbaikan lebih lanjut, yang secara keseluruhan berguna untuk peningkatan kinerja Perseroan.
Within the organizational structure, the position of the Internal Audit unit sits directly under the Board of Directors. Internal Audit provides a report containing the findings in the field and suggestions for improvement to the Board of Directors which will then be followed up by the unit concerned. Internal audits often cooperate with the Audit Committee to discuss new findings which may require attention and further remedial action. These are all used for the overall improvement of the Company’s performance.
Kegiatan yang telah dilaksanakan oleh Audit Internal selama tahun 2014 diantaranya: 1. Memantau dan mengevaluasi sistem pengendalian intern dan manajemen risiko sesuai dengan kebijakan Perseroan. 2. Memberikan masukan yang obyektif untuk penyempurnaan kegiatan yang diperiksa pada semua tingkatan manajemen. 3. Memantau, menganalisis dan melaporkan kemajuan pelaksanaan tindak lanjut perbaikan yang telah disarankan sebelumnya. 4. Melakukan pemeriksaan dan penilaian atas efisiensi dan efektivitas operasional, antara lain menyangkut bidang Komersial, Akuntansi, Keuangan, Produksi, Pembelian, Persediaan, Sumber Daya Manusia dan kegiatan lainnya. 5. Membuat laporan hasil audit dan menyampaikan laporan tersebut kepada Direksi dan Dewan Komisaris. 6. Menyusun Audit Charter dan program evaluasi mutu kegiatan Internal Audit yang dilakukannya.
Activities carried out by the Internal Audit for 2014 include:
Divisi Audit Internal Perseroan dipimpin oleh Benito Sutarna, dibantu oleh seorang anggota lainnya. Mulai berkarya di Argha sejak tahun 1990 dan menjabat sebagai ketua divisi Audit Internal berdasarkan penunjukan dari Direksi pada tahun 2009. Meraih gelar Sarjana Ekonomi jurusan Akuntansi dari Universitas Tarumanegara, Jakarta, pada tahun 1982 dan pernah berkarir sebagai Senior Auditor di Kantor Akuntan Publik SGV Utomo serta Kepala Akuntansi dan Keuangan di PT Amalgam Corporation.
The Internal Audit Division is headed by Benito Sutarna who is also assisted by another member. He has been working with Argha since 1990 and has served as Chairman of the Internal Audit Division by appointment of the Board of Directors in 2009. He earned a Bachelor of Economics degree majoring in Accounting from the University of Tarumanegara, Jakarta in 1982. He previously worked as Senior Auditor at SGV Utomo Public Accountant Office and Head of Accounting and Finance at PT Amalgam Corporation.
1. Monitored and evaluated the internal control system and risk management in accordance with Company policy. 2. Provided objective input for improving activities examined at all levels of management. 3. Monitored, analyzed and reported on the progress of implementation of the suggested improvements. 4. Conducted the examination and assessment of operational efficiency and effectiveness related to the fields of Commercial, Accounting, Finance, Production, Purchasing, Inventory, Human Resources and other activities. 5. Drafted the results of the audit report and submitted the report to the Board of Directors and Commissioners. 6. Developed an Audit Charter and quality evaluation program for the activities done by the Internal Audit.
Sistem Pengendalian Internal
Internal Control System
Sistem pengendalian internal Perseroan dilaksanakan oleh Direksi, divisi Akuntansi dan Keuangan, Audit Internal dan Komite Audit. Tujuan utama dari penerapan sistem ini adalah memberikan jaminan yang memadai untuk pencapaian efisiensi dan efektivitas operasional, kehandalan dan keakuratan pelaporan keuangan, pengamanan terhadap aset Perseroan serta kepatuhan terhadap kebijakan dan peraturan hukum yang berlaku.
The Company's Internal Control System is implemented by the Board of Directors, Accounting and Finance Division, Internal Audit and Audit Committee. The main objective in applying this system is to provide adequate guarantee in achieving operational efficiency and effectiveness, reliability and accuracy in financial reporting, safeguard the Company's assets, and compliance with policies and applicable laws and regulations.
Selama tahun 2014, sistem pengendalian internal Perseroan telah berjalan relatif baik dan efektif, sehingga operasi Perseroan sehari-hari dapat senantiasa berjalan lancar, tanpa kendala yang berarti. Hal ini tidak terlepas penerapan kebijakan, sistem maupun prosedur secara ketat, disamping peran unit Audit Internal, bersama dengan Komite Audit, yang terus melakukan temuan dan perbaikan secara berkesinambungan, sehingga setiap kebijakan, sistem maupun prosedur yang ada dapat terus disempurnakan. Berkaitan dengan system pengendalian internal ini, Perseroan telah melakukan beberapa upaya, meliputi:
During 2014, the Company's internal control system has been running relatively well and effectively, hence the Company's day-to-day operations can continue to run smoothly without significant obstacles. This is not attributed solely to the strict implementation of policies, systems and procedures but also due to the role of the Internal Audit unit together with the Audit Committee, which continue to identify and improve policies, systems and procedures. In relation to the implementation of the Internal Control System, the Company has made several efforts , including:
1. Mempertegas visi dan misi serta nilai-nilai dasar, sehingga semakin jelas dan dipahami sehingga menjadi akar budaya kerja seluruh tingkatan karyawan. 2. Penyempurnaan terhadap struktur organisasi menjadi lebih efisien dan efektif serta memiliki tanggung jawab fungsional yang jelas. 3. Penyempurnaan atas deskripsi pekerjaan untuk setiap jenjang karyawan dalam divisi kerja yang ada sehingga lebih mempertegas pendelegasian tugas dan tanggung jawab setiap karyawan. 4. Pemantauan penggunaan otorisasi atau wewenang yang jelas untuk melakukan transaksi dari jajaran manajemen dan Direksi sehingga setiap pengeluaran biaya operasional dan modal dapat dipertanggungjawabkan dari sisi keabsahan, kelayakan dan anggaran yang telah ditetapkan. 5. Penyempurnaan sistem terintegrasi guna mendapatkan data dan informasi yang lebih akurat dan terkini, sehingga mendukung pencatatan kinerja operasi dan keuangan yang akurat serta pengambilan keputusan yang cepat dan strategis.
1. Reinforced the vision and mission, as well as the Company values to make it more clear and understandable as the foundation of the working culture of employees in all levels. 2. Enhanced the organizational structure to be more efficient and effective, and clarified responsibilities for each function. 3. Improved job descriptions for employees in each level in terms of division of labor so as to reinforce the proper delegation of tasks and responsibilities. 4. Created a monitoring system for authorization or access in making transactions from the ranks of management and the Board of Directors so that any operating costs and capital expenditure can be justified in terms of validity, feasibility and allocated budget. 5. Improved on the integrated system that obtains more accurate and updated data or information in order to support the operating performances and financial records that are accurate and can aid in rapid formulation of strategies and decisions.
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6. Pembentukan komite khusus guna mendeteksi kelemahan, pemborosan dan penyimpangan operasi yang terjadi sehingga dapat dilakukan proses pencegahan dan penyempurnaan selanjutnya.
6. Established a special committee that can detect weaknesses, waste and irregularities that occur in daily operations, so as to develop a process for prevention and further development.
Manajemen risiko usaha Perseroan
Business Management Risks
Dalam upaya mencapai visi dan misi yang ditetapkan, Perseroan menghadapi sejumlah risiko usaha yang bersumber dari internal maupun eksternal dalam melakukan operasinya sehari-hari. Beberapa jenis risiko usaha mampu dikendalikan dan diredam oleh Perseroan, namun ada beberapa diantaranya yang tidak mampu dikendalikan, diantaranya yang berasal dari kebijakan pemerintah, kondisi moneter dan ekonomi global maupun force majeur. Berikut adalah sejumlah risiko usaha yang dihadapi Perseroan dan cara yang ditempuh Perseroan untuk mengelolanya:
In its efforts to achieve the vision and mission, the Company faces a number of business risks that emanate from both internal and external factors of daily operations. A number of business risk types are manageable and can be easily controlled by the Company. There are some, however, that are not as controllable such as those involving government policies, monetary conditions and the global economy, or in cases of a force majeure.
The following represent a number of business risks faced by the Company and how the Company managed them:
1. Risiko persaingan pasar Pertumbuhan produk-produk konsumtif maupun industri semakin berkembang pesat, sejalan dengan pertumbuhan ekonomi di suatu negara, sehingga menjadikan permintaan kemasan fleksibel semakin meningkat, baik dari dalam maupun luar negeri. Kebutuhan yang tinggi akan kemasan fleksibel telah memicu para pelaku industri kemasan fleksibel untuk meningkatkan kapasitas dan efisiensi produksi untuk mengantisipasi kebutuhan pasar dengan harga yang semakin kompetitif. Berlandaskan pada hal tersebut, Argha telah melaksanakan strategi jitu dengan memperluas fasilitas produksi BOPP guna memasok pasar dengan harga yang kompetitif melalui skala ekonomis produksi yang optimal. Melalui penerapan metoda produksi yang terkini dan inovatif serta dan perbaikan-perbaikan di setiap lini produksi, antara lain dengan penerapan metoda Kaizen yang intensif, Perseroan berhasil mencapai efisiensi produksi secara optimal. Disamping itu, riset dan pengembangan yang intensif mampu menghasilkan produk-produk baru yang dapat memberikan nilai tambah kepada produk pelanggan. Tim pemasaran Perseroan secara aktif mencari peluang dan pelanggan baru pada ceruk pasar yang potensial, sehingga mendukung Perseroan untuk memiliki diversifikasi pelanggan yang baik.
2. Risiko pasokan dan harga bahan baku.
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1. Risks in Market Competition
Consumer products and their related industries are growing rapidly in line with the economic growth of a country. This scenario, in turn, contributes highly to increasing demand for flexible packaging, both from within and outside the country. The high demand for flexible packaging has triggered the flexible packaging industry to increase capacity and production efficiency in anticipation of the needs of the market and under the banner of more competitive pricing. Based on this situation, Argha has been implementing proven strategies to expand BOPP production facilities in order to supply the market with competitive prices through economies of scale that optimize production. Through the implementation of the latest innovative production methods and improvements in each production line, such as the application of intensive Kaizen method, the Company managed to achieve optimal production efficiency. In addition, constant intensive research and development can produce new products that provide added value to customers. The Company's marketing team actively looks for opportunities and new customers in potential niche markets, thus supporting the Company diversifying customerbase.
Gejolak harga minyak bumi dunia dan kondisi yang tidak seimbang pada pasokan dan permintaan di pasar dapat menimbulkan distorsi pada pasokan bahan baku Perseroan. Guna menekan risiko tersebut, Argha secara aktif berupaya melakukan diversifikasi melalui penambahan jumlah pemasok serta membuka kerja sama komersial dengan beberapa pemasok utama, khususnya dari pasar internasional. Hal ini dapat mengurangi ketergantungan Perseroan sekaligus memberikan jaminan pasokan bahan baku secara berkelanjutan, dengan harga beli yang lebih kompetitif. Perseroan juga kerap menggalang kerjasama teknis guna memberikan masukan kepada para pemasok untuk dapat memproduksi bahan baku yang lebih efisien dan berkualitas tinggi untuk dipasok kepada Perseroan.
3. Risiko keusangan sistem dan teknologi Sebagai pelopor industri kemasan fleksibel di Asia Tenggara, Perseroan telah beroperasi selama lebih dari 3 (tiga) dekade, sehingga beberapa mesin produksi sudah relatif using tua dan tidak sebanding dengan mesin-mesin produksi baru yang lebih efisien. Namun demikian, karena Perseroan tetap melakukan program pemeliharaan dan peremajaan secara rutin, maka mesin-mesin tersebut dapat digunakan untuk memproduksi jenis kemasan fleksibel tertentu sehingga kinerja produksi dari mesin-mesin dapat terjaga secara optimal.
4. Risiko fluktuasi mata uang asing Perseroan memiliki jumlah kewajiban yang hampir sebagian besar di dominasi dalam mata uang Dolar Amerika Serikat (AS), sehingga fluktuasi terhadap nilai tukar mata uang tersebut dapat berdampak signifikan pada kinerja keuangan Perseroan. Guna mengelola risiko tersebut, Perseroan menjalankan kebijakan nilai lindung natural dengan cara menetapkan harga jual produknya dengan basis mata uang Dolar Amerika Serikat. Dengan kebijakan ini, maka kerugian kurs yang mungkin terjadi akibat fluktuasi mata uang asing tersebut dapat ditekan serendah mungkin.
2. Risks in Raw Materials Supply and Pricing Oil price fluctuations and conditions in the balance of supply and demand within the market can lead to distortions in the Company's supply of raw materials. In order to reduce the risks, Argha aggressively seeks to diversify by adding more suppliers as well as opening up commercial cooperation with several major suppliers, especially from international markets. This will reduce Company dependence, and further guarantee a supply of raw materials in a sustainable manner with a purchase price that is more competitive. The Company also often engages in technical cooperation by providing feedback to suppliers so raw materials that are produced more efficiently and of higher quality can be supplied to the Company.
3. Risks in System and Technology Obsolesce As a pioneer in the flexible packaging industry in South East Asia, the Company has already been operating for more than three (3) decades. Hence, some of the production machines used are relatively old and incomparable to new production machines that are more efficient. The Company, however, still implements maintenance and upgrade programs on a regular basis so machines are still used to produce specific types of flexible packaging. Production performance of machines can therefore be optimally maintained.
4. Risks in fluctuating foreign currency Because certain obligations are denominated in US Dollar (USD) currency, fluctuating exchange rates can have a significant impact on the financial performance of the Company. To manage these risks, the Company operates a policy of natural hedging by setting the selling price of its products using a base currency of US Dollars. With this policy, potential losses likely to occur due to foreign currency fluctuations can be reduced to a minimum level possible.
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5. Risiko kredit.
5. Credit risks.
Perseroan menjual produk dengan memberikan kredit kepada para pelanggan sehingga berisiko terhadap munculnya piutang dagang yang tidak tertagih. Sebagai langkah mitigasi atas risiko ini, Perseroan secara ketat melakukan analisa kelayakan pemberian kredit kepada setiap pelanggan, antara lain dengan melakukan peninjauan ke tempat usaha pelanggan serta pemberian termin pembayaran dan limit kredit yang disesuaikan sesuai dengan keperluan dan kemampuan membayar dari masing-masing pelanggan. Kelayakan ini akan ditinjau secara berkala sehingga status kredit dan kondisi pelanggan dapat diketahui sesuai dengan kondisi terkini.
The Company sells products by giving credit to customers so as to lessen the risk of uncollected accounts receivables. In order to mitigate this risk, the Company strictly conducts a feasibility analysis before providing credit to customers. This analysis involves ocular inspection of the customer’s place of business, and customizing payment terms and credit limits according to the needs and ability of each customer to pay. The process requires periodic review so that the customer's credit status and conditions can be determined in accordance with current conditions.
6. Risiko kenaikan suku bunga pinjaman.
6. The risk of increase in interest rates on loans.
Kenaikan tingkat suku bunga pinjaman akan memberikan pengaruh bagi peningkatan biaya operasional, terutama dari sisi pembiayaan modal kerja dan biaya modal. Guna menekan risiko ini, maka Perseroan selalu berupaya mencapai keseimbangan, khususnya pada komposisi piutang dagang, persediaan dan hutang dagang sehingga kebutuhan modal kerja bersih dapat terjaga secara optimal. Selain itu, untuk menekan biaya modal, Perseroan antara lain berupaya menekan pembelian barang modal yang tidak mendesak dan melakukan perawatan fasilitas produksi secara teratur sehingga dapat mendukung penggantian suku cadang mesin secara efisien dan efektif.
The increase in the loan interest rate is directly proportional to rise in operating costs, especially in terms of financing for working capital and capital costs. In order to reduce this risk, the Company always seeks to achieve a balance specifically in the composition of accounts receivables, inventory and accounts payable so the net working capital requirements can be optimally maintained. To further reduce the cost of capital, the Company attempts to reduce the purchase of capital goods that are not urgent and performs regular maintenance of production facilities that can support the replacement of engine spare parts efficiently and effectively.
Selama ini, pelaksanaan manajemen risiko Perseroan telah menjalankan cukup memadai. Pengendalian risiko dipimpin langsung oleh Direksi dan jajaran manajemen, dan menghasilkan kebijakan dan langkah-langkah strategis guna menekan, bahkan menghindari setiap risiko usaha yang muncul di setiap sektor operasi Perseroan. Direksi dan seluruh jajaran manajemen akan melakukan identifikasi, analisa dan evaluasi atas setiap kegiatan operasi Perseroan dan menjadikan manajeman risiko sebagai bagian penting dari proses pengambilan keputusan sehingga risiko-risiko usaha yang mungkin dihadapi Perseroan dapat ditekan serendah mungkin.
Until today, the implementation of risk management has been running quite well. Risk controls led by the Board of Directors and the management, plus the development of policies and strategic measures effectively reduce and even avoid any business risk that may emerge in any sector of the Company's operations. The Board of Directors and management will identify, analyze and evaluate each of the Company's operations and make risk management an important part of the decision making process so that the risks faced by the Company's business may be kept as minimal as possible.
Perkara penting yang dihadapi Perseroan
Cases/Claims faced by the Company
Selama tahun 2014, Perseroan, entitas anak, anggota Komisaris maupun Direksi yang sedang menjabat tidak memiliki maupun menghadapi perkara atau gugatan apapun yang bersifat material dan dapat mempengaruhi kinerja Perseroan.
In 2014, the Company, its subsidiaries, current Commissioners and Directors did not encounter cases or claims that are of importance and/or may affect the performance of the Company.
Informasi tentang sanksi administratif
Information on administrative sanctions
Pada tahun buku 2014, tidak ada sanksi administratif yang dikenakan oleh otoritas pasar modal dan otoritas lainnya, baik kepada Perseroan, anggota Dewan Komisaris maupun Direksi Perseroan.
In the fiscal year 2014, no administrative sanctions were imposed by capital market authorities and other governing entities to the Company, the Board of Commissioners and the Board of Directors.
Informasi mengenai kode etik dan budaya Perseroan
Information regarding the Company's code of ethics and culture
Perseroan telah memiliki Komite Etika yang memiliki tugas utama untuk merumuskan pokok-pokok kode etik dan mengawasi penerapannya pada setiap karyawan dari berbagai tingkatan. Pokok-pokok yang diatur dalam kode etik antara lain mencakup hal-hal berikut :
The Company has an Ethics Committee which is tasked to primarily formulate the main points of the code of ethics and oversee its application by every employee in various levels. The main points set out in the code of conduct, among others, include the following:
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Pembukuan Perseroan. Pertentangan kepentingan. Surat-surat berharga dan keterangan dari orang dalam Perusahaan. Kebijakan susila. Penggunaan minuman keras/alkohol dan obat-obat keras. Pemakaian email dan internet. Pemakaian barang milik Perseroan. Hak Kekayaan Intelektual dan informasi rahasia Perseroan.
Setiap bentuk pelanggaran kode etik yang dilaporkan ataupun terdeteksi akan diproses oleh Komite Etika dan selanjutnya pelaku pelanggaran akan diberikan sanksi tegas melalui divisi SDM, sesuai dengan ketentuan yang berlaku. Dalam kode etik telah dicantumkan pemberlakukan kode etik untuk setiap jenjang karyawan, termasuk Direksi dan Dewan Komisaris Perseroan.
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Company bookkeeping. Conflicts of interest. Important documents and reference letters from the Company Social/Ethical policies. Use of liquor/alcohol and non-medical drugs. The use of email and Internet. Use of the Company's property. Intellectual property and confidential information of the Company.
Any violation of the code of ethics that are reported or detected will be processed by the Ethics Committee. Subsequent offenders will be strictly punished through the HR department, in accordance with applicable regulations. The code of conduct includes its application among all employees at every level, including the Board of Directors and Commissioners.
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Perseroan juga telah mencanangkan integritas dan profesionalisme sebagai nilai-nilai dasar dan menjadi bagian dari budaya kerja yang harus tertanam dalam diri setiap karyawan, termasuk juga anggota Direksi dan Dewan Komisaris ketika melaksanakan tugasnya sehari-hari.
The company has also implemented integrity and professionalism as part of its core values. These values become part of the culture that should be ingrained in every employee, including members of the Board of Directors and Commissioners when carrying out their daily duties.
Program kepemilikan saham oleh karyawan
Employee share ownership program
Sampai dengan saat ini, Perseroan belum memiliki kebijakan yang mengatur program kepemilikan saham bagi karyawan dan/atau manajemen.
To date, the Company does not have a policy governing a share ownership program for employees and/or management.
Sistem pelaporan pelanggaran
Whistleblowing
Dalam upaya mendapatkan masukan-masukan dari para karyawan untuk tujuan perbaikan di setiap aspek operasional, maka Perseroan menyediakan suatu sistem pengaduan, pelaporan pelanggaran maupun keluhan, yang dapat disampaikan oleh karyawan melalui jaringan web internal, kotak saran, Sekretariat Serikat Pekerja atau kantor Personnel Officer Perseroan.
In efforts to gather input from employees in order to implement improvements in every aspect of operations, the Company implemented a complaints system wherein violations and complaints can be reported and delivered by employees through an internal network, suggestion boxes, Secretariat of the Labor Union or the Company’s Personnel Officer.
Penanganan laporan pelanggaran dilakukan dengan prosedur sebagai berikut: ●● Secara periodik, petugas memeriksa laporan-laporan yang masuk melalui sarana yang telah tersedia. ●● Petugas menampung dan mendiskusikan masalah laporan tersebut dalam unit Hubungan Industri. Pelapor akan diperlakukan secara rahasia. ●● Apabila laporan dinilai layak dan wajar serta dipandang perlu ditindaklanjuti, maka unit Hubungan Industri Perusahaan akan membahas laporan tersebut kepada divisi kerja yang terkait. Laporan pelanggaran dapat dibicarakan sampai ke tingkatan Direksi, tergantung jenis dan kasusnya. ●● Setelah pengambilan keputusan atas laporan tersebut, maka divisi terkait akan menindaklanjuti untuk tindakan perbaikan selanjutnya yang diperlukan dan memantau perkembangan serta penyelesaiannya.
Reports on violations are handled using the following procedure: ●● Periodically, officers examine the reports that go through the facilities that have been implemented. ●● Officers accommodate and discuss the report with the Industrial Relations unit. The reporter will be treated confidentially. ●● If the report is considered feasible, reasonable, and deemed executable, the Industrial Relations unit of the Company will discuss the report to the involved division. Reports of violations can be discussed all the way up to the level of the Board of Directors, depending on the type and case. ●● After making a decision on the report, the related divisions will follow up for further corrective actions and monitor the development and completion.
Tanggung jawab sosial Perseroan
Corporate Social Responsibility
Perseroan sepenuhnya menyadari bahwa kinerja operasi yang baik, yang telah berjalan selama lebih dari 3 (tiga) dekade ini merupakan buah sinergi kerjasama yang positif dengan masyarakat, khususnya di sekitar lokasi pabrik di kawasan Citeureup. Untuk itu, menjaga keseimbangan antara praktik bisnis dan kontribusi terhadap pembangunan masyarakat sekitar merupakan bagian yang tidak terpisahkan dalam perjalanan sejarah Perseroan. Sejak mulai beroperasi komersial di tahun 1982, Perseroan Perseroan memiliki komitmen dan tanggung jawab untuk memberikan nilai tambah terhadap peningkatan taraf hidup dan kesejahteraan serta pembangunan masyarakat yang mandiri secara sosial dan ekonomi.
The Company is fully cognizant of the fact that the good operating performance, which has been running for more than three (3) decades, is the fruit of positive working synergy with the community, particularly within the vicinity of the C iteureup factory. Therefore, maintaining a balance between business practices and contributing to the development of the surrounding community has become an integral part of the history of the Company. Since commercial operations commenced in 1982, the Company has nurtured a commitment and responsibility to give added value to improving living standards and welfare, and developing the surrounding community both socially and economically. Implementation of Corporate Social Responsibility covers various aspects such as social, economic, environment, product and labor. In 2014, the Company organized several programs, such as:
Pelaksanaan tanggung jawab sosial Perseroan meliputi berbagai aspek antara lain sosial, ekonomi, lingkungan hidup, produk dan ketenagakerjaan. Dalam tahun 2014, Perseroan telah melaksanakan beberapa program antara lain: 1. Kesejahteraan sosial dan ekonomi masyarakat. Program yang dilakukan Perseroan antara lain sumbangan perbaikan jalan dan sembako untuk lingkungan RT/RW setempat, sumbangan hewan kurban pada Hari Raya, bantuan penyediaan air bersih khususnya pada musim kemarau, donor darah, bantuan penyediaan makanan bergizi di posyandu setempat, penanggulangan penyakit menular seperti demam berdarah, penyediaan mushola umum serta bantuan perbaikan untuk tempat ibadah di lingkungan setempat.
1. The social and economic welfare of society. This program includes road repairs and basic food donations for the communities, donation of animals during the Sacrificial Feast, provision of clean water especially during the dry season, blood donations, provision of nutritious food in the local neighborhood health center, eradication of infectious diseases such as dengue fever, construction of public prayer house and repair of the place of worship.
2. Lingkungan hidup. Perseroan secara konsisten telah melakukan pemeliharaan dan perluasan penghijauan di dalam dan sekitar lingkungan pabrik, pemantauan dan pemeliharaan kualitas udara sesuai standar emisi yang ditetapkan, pengelolaan limbah hasil produksi, konversi air bersih dengan mendaur ulang
2. Environment. The Company has consistently implemented and expanded the reforestation program in and around the factory area. It monitors and maintains appropriate air quality standards based on acceptable emission. Furthermore, it practices waste management production, waste water recycling and
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air sisa produksi dan limbah rumah tangga serta pengadaan sumur resapan.
household waste production. The Company also provides recharge wells.
3. Praktik ketenagakerjaan. Perseroan memandang SDM sebagai aset yang sangat penting sehingga senantiasa berupaya menjamin pemenuhan seluruh hak, kesejahteraan dan keselamatan kerja para karyawannya. Untuk itu, Perseroan telah menerapkan langkah-langkah sebagai berikut: ●● Mengikutsertakan seluruh karyawan dalam program asuransi tenaga kerja dan kesehatan serta program dana pensiun karyawan. ●● Penyempurnaan dan penerapan standar keselamatan di lingkungan kerja karyawan, menyediakan tempat kerja yang aman dan perangkat keselamatan kerja antara lain penyumbat telinga, masker, helm, sarung tangan, sepatu keselamatan dan sebagainya, termasuk pelatihan-pelatihan bertema keselamatan kerja seperti 5R, tanggap darurat dan HIRAC (Hazard Identification and Risk Assessment Control).
3. The employment practice. The Company considers Human Resources a very important asset. Thus, the Company constantly strives to ensure the fulfillment of all employee rights, welfare and safety. To that end, the Company has implemented the following measures: ●● Registered all employees in the employment insurance program and health and employee pension plans.
4. Tanggung jawab produk. Sebagian produk Perseroan digunakan sebagai bahan kemasan untuk makanan makanan. Untuk itu, Perseroan terus menerapkan dan menyempurnakan system kontrol produksi yang ketat, sehingga produk yang dihasilkan memiliki tingkat higienis yang baik. Beberapa program yang telah dijalankan meliputi: ●● Pembaharuan standarisasi internasional tentang manajemen mutu ISO 9001:2008, yang mengatur proses produksi dan operasi Perseroan. ●● Gugus Kendali Mutu (QCC) dan penerapan metoda Kaizen secara berkesinambungan, khususnya di area pabrik untuk peningkatan dan perbaikan mutu produk. ●● Memperkuat praktik 5R (Ringkas, Rapih, Resik, Rawat, Rajin) secara konsisten di setiap unit kerja Perusahaan. ●● Pemeliharaan dan penyempurnaan sarana produksi agar terbebas dari serangga dan kotoran.
4. The responsibility of the product. Most of the Company's products are used for food packaging materials. Therefore, the Company constantly implements and enhances a rigorous production control system to ensure that the resulting products have good level of hygiene. Several programs that have been implemented include: ●● Renewal of the international standardization of quality management ISO 9001: 2008, which govern the process of production and operations. ●● Quality Circles (QCC) and the consistent application of the Kaizen method, especially in the area of the plant to enhance and improve product quality. ●● Enforced the practice of 5R (Concise, Precise, Practice, Maintain, Diligence) consistently in each work unit of the Company. ●● Maintained insect and dirt-free production facilities.
Selama tahun 2014, guna melaksanakan serangkaian program-program diatas, Perseroan telah mengalokasikan dana sekitar Rp 5,69 milyar, yang mana sebagian besar didominasi oleh dana untuk praktik ketenagakerjaan.
In order to carry out the above programs during 2014, the Company allocated approximately IDR 5.69 billion, which is largely dominated by funds for employment practices.
●●
Completed and implemented safety standards in the working environment of employees by creating a safe workplace. The Company provided occupational safety devices which include, among others, earplugs, masks, helmets, gloves, safety shoes and similar items. Trainings were conducted regarding 5R safety, emergency response and HIRAC (Hazard Identification and Risk Assessment Control).
SURAT PERNYATAAN DEWAN KOMISARIS DAN DIREKSI TENTANG TANGGUNG JAWAB ATAS LAPORAN TAHUNAN 2014 PT ARGHA KARYA PRIMA INDUSTRY TBK STATEMENT LETTER FROM THE BOARD OF COMMISSIONERS AND THE BOARD OF DIRECTORS REGARDING WITH THE RESPONSIBILITY OF THE 2014 ANNUAL REPORT OF PT ARGHA KARYA PRIMA INDUSTRY TBK Kami yang bertanda tangan dibawah ini menyatakan bahwa semua
We, the undersigned, hereby declare that all information contained in
informasi dalam laporan tahunan PT Argha Karya Prima Industry Tbk
the 2014 Annual Report of PT Argha Karya Prima Industry Tbk has been
tahun 2014 telah dimuat secara lengkap dan bertanggung jawab penuh
fully disclosed and we are responsible for the validity of the content of
atas kebenaran isi laporan tahunan perusahaan.
this Annual Report.
Demikian pernyataan ini dibuat dengan sebenarnya.
This is our declaration, which has been made truthfully.
Jakarta, 28 April 2015 DEWAN KOMISARIS BOARD OF COMMISSIONERS
Andry Pribadi Komisaris Utama President Commissioner
Henry Liem Komisaris Commissioner
Amirsyah Risjad Komisaris Commissioner
Brenna Florence Pribadi Komisaris Commissioner
Johan Paulus Yoranouw Komisaris Independen
Widjojo Budiarto Komisaris Independen
Independent Commissioner
Independent Commissioner
DIREKSI BOARD OF DIRECTORS
Wilson Pribadi Direktur Utama President Director
Jeyson Pribadi Direktur Director
Edward Djumali Direktur Director
Jimmy Tjahjanto Direktur Director
Folmer Adolf Hutapea Direktur Director
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INFORMASI PERSEROAN CORPORATE INFORMATION
HEAD OFFICE AND FACTORY
Jl. Pahlawan, Karang Asem Barat, Citeureup 16810 Bogor, Indonesia Tel. (62-21) 875 2707 Fax. (62-21) 875 0542 E-mail:
[email protected] Website: www.arghakarya.com
REPRESENTATIVE OFFICE
Kompleks Pergudangan Margomulyo Permai Blok E No. 1. Surabaya, Indonesia. Tel. (62-31) 748 0781 Fax. (62-31) 748 0782 E-mail:
[email protected]
MALAYSIA SUBSIDIARY – OFFICE AND FACTORY
STENTA FILMS (M) SDN. BHD. Lot. 10, Jl P/10 Kawasan Perusahaan Seksyen, 10, 43650 Bandar Baru Bangi Selangor Darul Ehsan, Malaysia. Tel. (60-3) 8924 3388 Fax. (60-3) 8925 3907 Website: www.stentafilms.com.my
HONGKONG SUBSIDIARY – MARKETING OFFICE
INTERNATIONAL RESOURCES (HK) LTD Room 2101 Hongkong Trade Centre 161-167 Des Voeux Road Central Hongkong
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LEMBAGA DAN/ATAU PROFESI PENUNJANG PASAR MODAL/ CAPITAL MARKET SUPPORTING INSTITUTIONS & PROFESSIONAL SERVICES
Kantor Akuntan Publik/Public Accountant Firm
KAP Purwantono, Suherman & Surja (member dari Ernst & Young Global Ltd.) Gedung Bursa Efek Indonesia Tower 2 Lt. 7 Jl. Jendral Sudirman Kav. 52-53 Jakarta 12190
Biro Administrasi Efek/Share Registrar
PT Raya Saham Registra Gedung Plaza Sentral Lantai 2 Jalan Jendral Sudirman Kav 47-48 Jakarta 12930
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laporan keuangan FINANCIAL STATEMENTS
PTArghaKaryaPrimaIndustryTbk danentitasanaknya/anditssubsidiary
Laporan keuangan konsolidasian tanggal 31 Desember 2014 dan untuk tahun yang berakhir pada tanggal tersebut beserta laporan auditor independen/ Consolidated financial statements as of December 31, 2014 and for the year then ended with independent auditors’ report
The original consolidated financial statements included herein are in the Indonesian language.
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1.(8$1*$1.2162/,'$6,$1 7$1**$/'(6(0%(5'$1 8178.7$+81<$1*%(5$.+,5 3$'$7$1**$/7(56(%87 %(6(57$/$325$1$8',725,1'(3(1'(1
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2014 AND FOR THE YEAR THEN ENDED WITH INDEPENDENT AUDITORS’ REPORT
Table of Contents 'DIWDU,VL +DODPDQ Page /DSRUDQ$XGLWRU,QGHSHQGHQ Independent Auditors’ Report /DSRUDQ3RVLVL.HXDQJDQ.RQVROLGDVLDQ ………Consolidated Statement of Financial Position Consolidated Statement of Comprehensive /DSRUDQ/DED5XJL.RPSUHKHQVLI.RQVROLGDVLDQ ……………………………………………… Income Consolidated Statement of Changes in /DSRUDQ3HUXEDKDQ(NXLWDV.RQVROLGDVLDQ ………………………………………………. Equity /DSRUDQ$UXV.DV.RQVROLGDVLDQ ……………. Consolidated Statement of Cash Flows &DWDWDQDWDV/DSRUDQ.HXDQJDQ.RQVROLGDVLDQ ….. Notes to the Consolidated Financial Statements
The original report included herein is in the Indonesian language.
Laporan Auditor Independen
Independent Auditors’ Report
Laporan No. RPC-7329/PSS/2015
Report No. RPC-7329/PSS/2015
Pemegang Saham, Dewan Komisaris dan Direksi PT Argha Karya Prima Industry Tbk.
The Shareholders and the Boards of Commissioners and Directors PT Argha Karya Prima Industry Tbk.
Kami telah mengaudit laporan keuangan konsolidasian PT Argha Karya Prima Industry Tbk. (“Perusahaan”) dan entitas anaknya terlampir, yang terdiri dari laporan posisi keuangan konsolidasian tanggal 31 Desember 2014, serta laporan laba rugi komprehensif, laporan perubahan ekuitas, dan laporan arus kas konsolidasian untuk tahun yang berakhir pada tanggal tersebut, dan suatu ikhtisar kebijakan akuntansi signifikan dan informasi penjelasan lainnya.
We have audited the accompanying consolidated financial statements of PT Argha Karya Prima Industry Tbk. (the “Company”) and its subsidiary, which comprise the consolidated statement of financial position as of December 31, 2014, and the consolidated statements of comprehensive income, changes in equity, and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Tanggung jawab manajemen atas laporan keuangan
Management’s responsibility for the financial statements
Manajemen bertanggung jawab atas penyusunan dan penyajian wajar laporan keuangan konsolidasian tersebut sesuai dengan Standar Akuntansi Keuangan di Indonesia, dan atas pengendalian internal yang dianggap perlu oleh manajemen untuk memungkinkan penyusunan laporan keuangan konsolidasian yang bebas dari kesalahan penyajian material, baik yang disebabkan oleh kecurangan maupun kesalahan.
Management is responsible for the preparation and fair presentation of such consolidated financial statements in accordance with Indonesian Financial Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Tanggung jawab auditor
Auditors’ responsibility
Tanggung jawab kami adalah untuk menyatakan suatu opini atas laporan keuangan konsolidasian tersebut berdasarkan audit kami. Kami melaksanakan audit kami berdasarkan Standar Audit yang ditetapkan oleh Institut Akuntan Publik Indonesia. Standar tersebut mengharuskan kami untuk mematuhi ketentuan etika serta merencanakan dan melaksanakan audit untuk memperoleh keyakinan memadai tentang apakah laporan keuangan konsolidasian tersebut bebas dari kesalahan penyajian material.
Our responsibility is to express an opinion on such consolidated financial statements based on our audit. We conducted our audit in accordance with Standards on Auditing established by the Indonesian Institute of Certified Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether such consolidated financial statements are free from material misstatement.
The original report included herein is in the Indonesian language.
Laporan Auditor Independen (lanjutan)
Independent Auditors’ Report (continued)
Laporan No. RPC-7329/PSS/2015 (lanjutan)
Report No. RPC-7329/PSS/2015 (continued)
Tanggung jawab auditor (lanjutan)
Auditors’ responsibility (continued)
Suatu audit melibatkan pelaksanaan prosedur untuk memperoleh bukti audit tentang angka-angka dan pengungkapan dalam laporan keuangan. Prosedur yang dipilih bergantung pada pertimbangan auditor, termasuk penilaian atas risiko kesalahan penyajian material dalam laporan keuangan, baik yang disebabkan oleh kecurangan maupun kesalahan. Dalam melakukan penilaian risiko tersebut, auditor mempertimbangkan pengendalian internal yang relevan dengan penyusunan dan penyajian wajar laporan keuangan entitas untuk merancang prosedur audit yang tepat sesuai dengan kondisinya, tetapi bukan untuk tujuan menyatakan opini atas keefektivitasan pengendalian internal entitas. Suatu audit juga mencakup pengevaluasian atas ketepatan kebijakan akuntansi yang digunakan dan kewajaran estimasi akuntansi yang dibuat oleh manajemen, serta pengevaluasian atas penyajian laporan keuangan secara keseluruhan.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.
Kami yakin bahwa bukti audit yang telah kami peroleh adalah cukup dan tepat untuk menyediakan suatu basis bagi opini wajar dengan pengecualian kami.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified audit opinion.
Basis untuk opini wajar dengan pengecualian
Basis for qualified opinion
Sebagaimana diungkapkan pada Catatan 19 atas laporan keuangan konsolidasian terlampir, Perusahaan menyajikan seluruh pinjaman jangka panjang pada tanggal 31 Desember 2014 yang terkait dengan pelanggaran teknis atas perjanjian pinjaman antara Perusahaan dengan para kreditor sebagai bagian dari liabilitas jangka panjang konsolidasiannya. Standar Akuntansi Keuangan di Indonesia mengharuskan pinjaman jangka panjang tersebut disajikan sebagai bagian dari liabilitas jangka pendek. Jika Perusahaan menyajikan pinjaman jangka panjang tersebut sebagai bagian dari liabilitas jangka pendek, maka total liabilitas jangka pendek konsolidasian akan meningkat sebesar Rp223.432.555 dan total liabilitas jangka panjang konsolidasian akan turun dengan jumlah yang sama.
As disclosed in Note 19 to the accompanying consolidated financial statements, the Company presented as part of its consolidated long-term liabilities all long-term loans as of December 31, 2014 that are associated with a technical breach under loan agreements between the Company and its lenders. Indonesian Financial Accounting Standards require that such longterm loans be presented as part of current liabilities. Had the Company presented such long-term loans as part of current liabilities, the total consolidated current liabilities would have been increased by Rp223,432,555 and the consolidated long-term liabilities would have been decreased by the same amount.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1326,6,.(8$1*$1.2162/,'$6,$1 7DQJJDO'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
$6(7 $6(7/$1&$5 .DVGDQVHWDUDNDV 'DQD\DQJGLEDWDVL SHQJJXQDDQQ\D ,QYHVWDVLMDQJNDSHQGHN 3LXWDQJXVDKD 3LKDNEHUHODVLQHWR 3LKDNNHWLJD 3LXWDQJODLQODLQ 3HUVHGLDDQQHWR %LD\DGLED\DUGLPXND 8DQJPXND 3DMDNGLED\DUGLPXND
727$/$6(7/$1&$5
$6(77,'$./$1&$5 (VWLPDVLWDJLKDQSDMDN 8DQJPXNDSHPEHOLDQDVHWWHWDS ,QYHVWDVLSDGDHQWLWDVDVRVLDVL $VHWWHWDSQHWR $VHWWDNEHUZXMXGQHWR 8DQJMDPLQDQ
727$/$6(77,'$./$1&$5 727$/$6(7
'HVHPEHU 'HVHPEHU December 31, &DWDWDQ December 31, Notes
ASSETS
CURRENT ASSETS Cash and cash equivalents Restricted funds Short-term investments Trade receivables Related parties - net Third parties Other receivables Inventories - net Prepaid expenses Advance payments Prepaid taxes
TOTAL CURRENT ASSETS
NON-CURRENT ASSETS Estimatedclaims for tax refund Advance for purchase fixed assets Investment in associated company Fixed assets - net Intangible assets - net Guarantee deposits
TOTAL NON-CURRENT ASSETS
FW FW GW W H W IM J UD
UE K LM LM W
TOTAL ASSETS
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
1
The original consolidated financial statements included herein are in the Indonesian language.
D\DD
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As of December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1326,6,.(8$1*$1 .2162/,'$6,$1 ODQMXWDQ 7DQJJDO'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
/,$%,/,7$6'$1(.8,7$6 /,$%,/,7$6-$1*.$3(1'(. 3LQMDPDQEDQNMDQJNDSHQGHN 8WDQJXVDKD 3LKDNEHUHODVL 3LKDNNHWLJD 8WDQJODLQODLQ 8WDQJSDMDN
'HVHPEHU 'HVHPEHU December 31, &DWDWDQ December 31, Notes
%HEDQDNUXDO %DJLDQSLQMDPDQMDQJNDSDQMDQJ \DQJMDWXKWHPSRGDODPVDWXWDKXQ
727$//,$%,/,7$6 -$1*.$3(1'(.
W W H W UF NW W
LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term bank loans Trade payables Related parties Third parties Other payables Taxes payable
Accrued expenses Current maturities of long-term borrowings TOTAL CURRENT LIABILITIES
/,$%,/,7$6-$1*.$3$1-$1* 3LQMDPDQMDQJNDSDQMDQJVHWHODK GLNXUDQJLEDJLDQ\DQJMDWXK WHPSRGDODPVDWXWDKXQ /LDELOLWDVLPEDODQNHUMDVHWHODK GLNXUDQJLEDJLDQMDQJNDSHQGHN /LDELOLWDVSDMDNWDQJJXKDQQHWR
727$//,$%,/,7$6 -$1*.$3$1-$1*
W N UI
727$//,$%,/,7$6
(.8,7$6 (NXLWDV\DQJ'DSDW'LDWULEXVLNDQ NHSDGD3HPLOLN(QWLWDV,QGXN 0RGDOVDKDP 0RGDOGDVDU VDKDPGHQJDQQLODLQRPLQDO 5S DQJNDSHQXK SHUVDKDP 0RGDOGLWHPSDWNDQGDQGLVHWRU SHQXKVDKDP 7DPEDKDQPRGDOGLVHWRUQHWR 6DKDPWUHVXUL 6HOLVLKNXUVNDUHQDSHQMDEDUDQ ODSRUDQNHXDQJDQ 6DOGRODED 7HODKGLWHQWXNDQSHQJJXQDDQQ\D %HOXPGLWHQWXNDQSHQJJXQDDQQ\D
(NXLWDV\DQJ'DSDW'LDWULEXVLNDQ NHSDGD3HPLOLN(QWLWDV,QGXN1HWR .HSHQWLQJDQ1RQSHQJHQGDOL
(.8,7$61(72
727$//,$%,/,7$6'$1 (.8,7$6
P Q ET
LONG-TERM LIABILITIES
Long-term borrowings - net of current maturities Employee benefits liability - net of current portion Deferred tax liabilities - net TOTAL LONG-TERM LIABILITIES TOTAL LIABILITIES
EQUITY
Equity Attributable to Owners of the Parent Entity Share capital Authorized - 2,000,000,000 shares at par value of Rp500 (full amount) per share Issued and fully paid - 680,000,000 shares Additional paid-in capital - net Treasury stock Exchange rate differences from financial statement translation Retained earnings Appropriated Unappropriated
NetEquity Attributable to Owners of the Parent Entity
E
Non-controlling Interests
NET EQUITY TOTAL LIABILITIES AND EQUITY
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
2
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the Year Ended December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1/$%$58*,.2035(+(16,) .2162/,'$6,$1 8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3(1-8$/$11(72 %(%$132.2.3(1-8$/$1
/$%$.2725 %HEDQSHQMXDODQ %HEDQXPXPGDQDGPLQLVWUDVL 3HQGDSDWDQODLQODLQ %HEDQODLQODLQ
/$%$86$+$
7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU Year Ended December 31,
&DWDWDQ Notes
HS
NET SALES
HS
COST OF GOODS SOLD
S S
HS HS S S
GROSS PROFIT Selling expenses General and administrative expenses Other income Other expenses OPERATING PROFIT
%HEDQNHXDQJDQ 3HQGDSDWDQNHXDQJDQ %DJLDQODEDQHWRHQWLWDV DVRVLDVL
/$%$6(%(/803$-$. 3(1*+$6,/$1 %(%$13$-$.3(1*+$6,/$1
/$%$7$+81%(5-$/$1 3HQGDSDWDQ 5XJL .RPSUHKHQVLI/DLQ 3DMDN3HQJKDVLODQ7HUNDLW
3(1'$3$7$1 58*, .2035(+(16,) /$,16(7(/$+3$-$.
/$%$58*,.2035(+(16,) 7$+81%(5-$/$11(72
/$%$7$+81%(5-$/$1<$1* '$3$7',$75,%86,.$1.(3$'$ 3HPLOLNHQWLWDVLQGXN .HSHQWLQJDQQRQSHQJHQGDOL
1HWR
Finance expense Finance income Equity in net earnings of associated company
PROFIT BEFORE INCOME TAX
UG
INCOME TAX EXPENSE
PROFIT FOR THE YEAR Other Comprehensive Income (Loss)
K
ET
Tax Effect
OTHER COMPREHENSIVE INCOME (LOSS) - NET OF TAX
E
NET COMPREHENSIVE INCOME FOR THE YEAR
PROFIT FOR THE YEAR ATTRIBUTABLE TO: Owners of the parent entity Non-controlling interests
Net
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
3
The original consolidated financial statements included herein are in the Indonesian language.
/$%$58*,.2035(+(16,) 7$+81%(5-$/$11(72<$1* '$3$7',$75,%86,.$1.(3$'$ 3HPLOLNHQWLWDVLQGXN .HSHQWLQJDQQRQSHQJHQGDOL
&DWDWDQ Notes
E
7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU Year Ended December 31,
1HWR
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued) For the Year Ended December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1/$%$58*,.2035(+(16,) .2162/,'$6,$1 ODQMXWDQ 8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
R
NET COMPREHENSIVE INCOME FOR THE YEAR ATTRIBUTABLE TO: Owners of the parent entity Non-controlling interests
Net
/$%$3(56$+$0'$6$5<$1* '$3$7',$75,%86,.$1.(3$'$ 3(0,/,.(17,7$6,1'8. DQJNDSHQXK
BASIC EARNINGS PER SHARE ATTRIBUTABLE TO OWNERS OF THE PARENT ENTITY (full amount)
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
4
(NXLWDVQHWR Net equity
The original consolidated financial statements included herein are in the Indonesian language.
.HSHQWLQJDQ 1RQ SHQJHQGDOL Non-controlling Interests
Distribution of cash dividend Balance as of December 31, 2014
Appropriation of retained earnings for general reserve
Net comprehensive income for the year
Other comprehensive loss - net
Profit for the year
Appropriation of retained earnings for general reserve Balance as of December 31, 2013
Total comprehensive income for the year
Other comprehensive income - net
Profit for the year
Balance as of January 1, 2013
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the Year Ended December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
(NXLWDV\DQJ'DSDW'LDWULEXVLNDQNHSDGD3HPLOLN(QWLWDV ,QGXNEquity Attributable to Owners of the Parent Entity 6HOLVLKNXUV NDUHQD SHQMDEDUDQ ODSRUDQ NHXDQJDQ Exchange 6DOGRODED rate Retained earnings differences from financial 7HODKGLWHQWXNDQ %HOXPGLWHQWXNDQ statement SHQJJXQDDQQ\D 1HWR SHQJJXQDDQQ\D translation Appropriated Unappropriated Net
6DKDP WUHVXUL Treasury stock
37$5*+$.$5<$35,0$,1'8675<7EN'$1(17,7$6$1$.1<$ /$325$13(58%$+$1(.8,7$6.2162/,'$6,$1 8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDKNHFXDOLGLQ\DWDNDQODLQ
0RGDOVDKDP GLWHPSDWNDQ 7DPEDKDQ GDQGLVHWRU PRGDO SHQXK GLVHWRUQHWR Issued and Additional fully paid &DWDWDQ paid-in capital - net Notes share capital 6DOGRSHU-DQXDUL /DEDWDKXQEHUMDODQ 3HQGDSDWDQNRPSUHKHQVLIODLQQHWR ET 7RWDOODEDUXJLNRPSUHKHQVLI WDKXQEHUMDODQ 3HQFDGDQJDQVDOGRODED VHEDJDLGDQDFDGDQJDQ XPXP 6DOGRSHU'HVHPEHU /DEDWDKXQEHUMDODQ 5XJLNRPSUHKHQVLIODLQQHWR ET /DEDUXJLNRPSUHKHQVLI WDKXQEHUMDODQQHWR 3HQFDGDQJDQVDOGRODED VHEDJDLGDQDFDGDQJDQ XPXP 3HPEDJLDQGLYLGHQNDV 6DOGRSHU'HVHPEHU
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ\DQJWLGDNWHUSLVDKNDQGDULODSRUDQ NHXDQJDQNRQVROLGDVLDQVHFDUDNHVHOXUXKDQ
5
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF CASH FLOWS For the Year Ended December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1$586.$6.2162/,'$6,$1 8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU Year Ended December 31,
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
&DWDWDQ Notes
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers Payments to employees Payments for operating expenses and others Receipts of claim (payment) for income taxes - net
Finance income received
Net cash provided by (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES Acquisitions of fixed assets Advance for purchase of fixed assets Payment for short-term investments Refund (payment) of guarantee deposits Proceeds from sale of fixed assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds oflong-term borrowings Proceeds (repayments) of short-term bank loans Repayments oflong-term borrowings Finance expense paid Release placement)of restricted funds Payment of cash dividend
Net cash provided by (used in) financing activities
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
6
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY CONSOLIDATED STATEMENT OF CASH FLOWS (continued) For the Year Ended December 31, 2014 (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ /$325$1$586.$6.2162/,'$6,$1 ODQMXWDQ 8QWXN7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
7DKXQ\DQJ%HUDNKLUSDGD7DQJJDO 'HVHPEHU Year Ended December 31,
3(1*$58+1,/$,78.$5$7$6 .$6'$16(7$5$.$6
&DWDWDQ Notes
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
.$6'$16(7$5$.$63$'$ $:$/7$+81 .$6'$16(7$5$.$63$'$ $.+,57$+81
CASH AND CASH EQUIVALENTS AT END OF YEAR
&DWDWDQDWDVODSRUDQNHXDQJDQNRQVROLGDVLDQWHUODPSLUPHUXSDNDQEDJLDQ \DQJWLGDNWHUSLVDKNDQGDULODSRUDQNHXDQJDQNRQVROLGDVLDQVHFDUD NHVHOXUXKDQ
The accompanying notes to the consolidated financial statements form an integral part of these consolidated financial statements taken as a whole.
7
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
1.
8080
GENERAL
a. The Company’s establishment
D 3HQGLULDQ3HUXVDKDDQ
37 $UJKD .DU\D 3ULPD ,QGXVWU\ 7EN ³3HUXVDKDDQ´ GLGLULNDQ GDODP NHUDQJND 8QGDQJXQGDQJ 1R WDKXQ GDQ 1R WDKXQ WHQWDQJ 3HQDQDPDQ 0RGDO 'DODP 1HJHULEHUGDVDUNDQDNWDQRWDULV1RWDQJJDO 0DUHW GDUL 5LGZDQ 6XVHOR 6+ QRWDULV GL-DNDUWD3HQJHVDKDQGDUL0HQWHUL.HKDNLPDQ 5HSXEOLN ,QGRQHVLD DWDV SHQGLULDQ 3HUXVDKDDQ WHUVHEXW WHODK GLSHUROHK SDGD WDQJJDO 6HSWHPEHU GHQJDQ 6XUDW .HSXWXVDQ 1R<$ GDQ WHODK GLXPXPNDQ GDODP %HULWD 1HJDUD 5HSXEOLN ,QGRQHVLD 1R GDQ 7DPEDKDQ1R WDQJJDO$SULO
PT Argha Karya Prima Industry Tbk (the “Company”) was established within the framework of Laws No. 6 of 1968 and No. 12 of 1970 regarding Domestic Capital Investment based on notarial deed No. 108 dated March 7, 1980 of Ridwan Suselo, S.H., notary in Jakarta. Approval for the Company’s establishment from the Ministry of Justice of the Republic of Indonesia was obtained under decree No. Y.A.5/406/9 dated September 25, 1981 and was published in Supplement No. 391 dated April 2, 1982 of the State Gazette No. 27 of the Republic of Indonesia.
$QJJDUDQ GDVDU 3HUXVDKDDQ WHODK PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ WHUDNKLU GHQJDQ DNWD QRWDULV 1R WDQJJDO -XOL GDUL '5 ,UDZDQ6RHURGMR6+ 06LQRWDULV GL-DNDUWD VHKXEXQJDQ GHQJDQ DQWDUD ODLQ SHUXEDKDQ DWDX SHQ\HVXDLDQ VHOXUXK $QJJDUDQ 'DVDU 3HUXVDKDDQ WHUKDGDS 8QGDQJXQGDQJ 1R 7DKXQ GDQ 3HUDWXUDQ %DGDQ 3HQJDZDV 3DVDU 0RGDO ³%$3(3$0/.´ 1R ,;- $NWD SHUXEDKDQ LQL WHODK PHQGDSDW SHUVHWXMXDQ GDUL 0HQWHUL +XNXP GDQ +DN $VDVL 0DQXVLD 5HSXEOLN ,QGRQHVLD GHQJDQ 6XUDW .HSXWXVDQ 1R $+8$+7DKXQ WDQJJDO 2NWREHU
The Company's Articles of Association has been amended from time to time, with the latest amendment being made by notarial deed No. 284 dated July 29, 2008 of DR. Irawan Soerodjo, S.H., M.Si., notary in Jakarta, relating to, among others, changes in the Company’s Articles of Association to comply with Law No. 40 Year 2007 and Regulation No. IX.J.1 of the Capital Market and Financial Institutions Supervisory Agency (“BAPEPAM-LK”). The latest amendment was approved by the Ministry of Law and Human Rights of the Republic of Indonesia under decree No. AHU-75410.AH.01.02.Year 2008 dated October 20, 2008.
3HUXVDKDDQ EHUJHUDN GDODP ELGDQJ SURGXNVL GDQGLVWULEXVLNHPDVDQIOHNVLEHOEHUXSD%LD[LDOO\ 2ULHQWHG 3RO\ 3URS\OHQH ³%233´ ILOP 3RO\HVWHU ³3(7´ ILOP &DVW 3RO\ 3URS\OHQH ³&33´ ILOP GDQ 3RO\ $FU\ORQLWULOH ILOP 3DEULN SHUXVDKDDQ EHUORNDVL GL &LWHXUHXS %RJRU 3HUXVDKDDQ PHPXODL SURGXNVL NRPHUVLDOQ\D SDGDWDKXQ
The Company is engaged in the production and distribution of flexible packaging of Biaxially Oriented Poly Propylene (“BOPP”) film, Polyester (“PET”) film, Cast Poly Propylene (“CPP”) film and Poly Acrylonitrile film. Its manufacturing facilities are located in Citeureup, Bogor. The Company commenced its commercial operations in 1982.
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PT Nawa Panduta is the ultimate parent company of the Company and Subsidiary (the “Group”) and it is also the immediate parent company of the Company.
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The issuance of the consolidated financial statements was approved and authorized by the Company’s Board of Directors on April 9, 2015.
8
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
1.
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orporate action
x 3HQDZDUDQ6DKDP 3HUGDQDInitial Public Offering x 3HPEDJLDQVDKDP ERQXVIssuance of bonus shares x 3HQDZDUDQ8PXP 7HUEDWDV 387 Limited Public Offering x 3HPEDJLDQVDKDP ERQXVIssuance of bonus shares x 3HPHFDKDQQLODL QRPLQDOVDKDP Stock split2 for 1 x 3HQLQJNDWDQ0RGDO WDQSD+DN0HPHVDQ (IHN7HUOHELK'DKXOX +0(7' Issuance of Shares without Preemptive Rights
GENERAL (continued) b. The Company’s public offering Based on the letter No. S-1854/PM/1992 dated November 16, 1992 of the Chairman of BAPEPAM-LK, the Company’s Registration Statement on its Initial Public Offering of shares was declared effective. On December 18, 1992, the Company listed 80,000,000 shares (including 16,000,000 shares initially offered to the public) out of its issued and fully paid shares with nominal value of Rp1,000 (full amount) per share in the Jakarta Stock Exchange.
The chronology of public offerings and other capital stock activities after the initial public offering is as follows:
-XPODK VDKDP Share amount
7DQJJDODate
$NXPXODVL OHPEDUVDKDP Cumulative number of shares
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'HVHPEHU December 18, 1992
'HVHPEHU December 22, 1993
0DUHW March 1, 1994
$SULO April 21, 1997
$SULO April 21, 1997
2NWREHU October 9, 2003
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All of the Company’s shares have been listed in the Indonesia Stock Exchange (formerly Jakarta Stock Exchange).
9
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
1.
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GENERAL (continued) c.
Subsidiary The details of the consolidated Subsidiary as of December 31, 2014 and 2013 are as follows:
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3HUGDJDQJDQGDQSHPDVDUDQ ILOPNHPDVDQIOHNVLEHO Marketing and trading of flexible packaging films
7RWDODVHW Total assets
³´7RWDODVHWVHEHOXPHOLPLQDVLSDGDNRQVROLGDVLTotal assets before elimination in consolidation ³´0XODL-XOL,5+.VHPHQWDUDEHUKHQWLEHURSHUDVLStarting July 2014, IR-HK temporarily stopped operations.
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In August 1991, the Company established IR-HK in Hong Kong and had 80% ownership. In July 2006, the Company increased its share ownership in IR-HK by 18% to become 98%.
d.
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Boards of Commissioners and Directors, Audit Committee and employees
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The composition of the Company’s Boards of Commissioners and Directors (the key management) as of December 31, 2014 and 2013 was as follows:
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10
Board of Commissioners President Commissioner Commissioners
Independent Commissioners
Board ofDirectors President Director Directors
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ 8080 ODQMXWDQ
1.
GENERAL (continued)
d.
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Boards of Commissioners and Directors, Audit Committee and employees (continued)
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The composition of the Company’s Audit Committee and the Corporate Secretary as of December 31, 2014 and 2013 were as follows:
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Audit Committee Chairman Members
Corporate Secretary
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The formation of the audit committee is in accordance with the BAPEPAM-LK rule No. IX.1.5.
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The Group had 959 and 903 permanent employees (unaudited) as of December 31, 2014 and 2013, respectively.
2.
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SUMMARY POLICIES
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a.
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Basis of consolidated financial statement presentation
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The consolidated financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”), which consist of the Statements of Financial Accounting Standards (“PSAKs”) and Interpretations to Financial Acccounting Standards (“ISAKs”) issued by the Financial Accounting Standards Board (“DSAK”) of the Indonesian Institute of Accountants, and the regulations to financial statement presentation and disclosures issued by the Otoritas Jasa Keuangan (“OJK”).
11
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
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a.
NHXDQJDQ
Basis of consolidated financial statement presentation (continued)
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Except for the consolidated statement of cash flows, the consolidated financial statements have been prepared using the accrual basis, and the measurement basis used is historical cost, except for certain accounts which are measured on the bases as described in the relevant notes herein.
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The consolidated statement of cash flows, which has been prepared using the direct method, presents receipts and disbursements of cash and cash equivalents classified into operating, investing and financing activities.
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The functional currency of the Company is U.S. dollar and the functional currency of the Subsidiary is Hong Kong dollar.
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The reporting currency used in the consolidated financial statements is the Indonesian rupiah (“Rp”).
b. Principles of consolidation
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The Group has adopted PSAK No. 4 (Revised 2009), “Consolidated and Separate Financial Statements”.
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All material intercompany accounts and transactions, including unrealized gains or losses, if any, are eliminated to reflect the financial position and the results of operations of the Group as one business entity.
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A subsidiary is fully consolidated from the date of its acquisition, being the date on which the Company obtains control, and continues to be consolidated until the date such control ceases. Control is presumed to exist if the Company owns, directly or indirectly through another subsidiary, more than half of the voting power of an entity. Control also exists when the Company owns half or less of the voting power of an entity when there is:
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(a) power over more than half of the voting rights by virtue of an agreement with other investors;
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(b) power to govern the financial and operating policies of the entity under a statute or an agreement;
12
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
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SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
b. Principles of consolidation (continued) (c) power to appoint or remove the majority of the members of the board of directors or equivalent governing body and control of the entity is by that board or body; or
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(d) power to cast the majority of votes at meetings of the board of directors or equivalent governing body and control of the entity is by that board or body.
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Losses of a non-wholly owned subsidiary are attributed to the Non-controlling Interests (NCI) even if such losses result in a deficit balance for the NCI.
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In case of loss of control over a subsidiary, the Company: x derecognizes the assets (including goodwill) and liabilities of the subsidiary; x derecognizes the carrying amount of any NCI;
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NCI represent the portion of the profit or loss and net assets of the subsidiary not attributable, directly or indirectly, to the parent entity, which are presented in the consolidated statement of comprehensive income and under the equity section of the consolidated statement of financial position, respectively, separately from the corresponding portion attributable to the owners of the Company.
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The financial statements of the Subsidiary are prepared for the same reporting period with the Company.
x
derecognizes the cumulative translation differences recorded in equity, if any; x recognizes the fair value of the consideration received; x recognizes the fair value of any investment retained; x recognizes any surplus or deficit in profit or loss; and x
reclassifies its share of components previously recognized in other comprehensive income to profit or loss or retained earnings, as appropriate.
13
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ F 6HWDUDNDV 'HSRVLWR EHUMDQJND GHQJDQ MDQJND ZDNWX WLJD EXODQ DWDX NXUDQJ VHMDN WDQJJDO SHQHPSDWDQ \DQJ WLGDN GLEDWDVL SHQJJXQDDQQ\D GDQ WLGDN GLJXQDNDQ VHEDJDL MDPLQDQ GLNODVLILNDVLNDQ VHEDJDL³6HWDUD.DV´.DVGLEDQN\DQJGLEDWDVL SHQJJXQDDQQ\DGDQGLJXQDNDQVHEDJDLMDPLQDQ DWDV XWDQJ GLNODVLILNDVLNDQ VHEDJDL ³'DQD \DQJ 'LEDWDVL3HQJJXQDDQQ\D´ G ,QYHVWDVLMDQJNDSHQGHN ,QYHVWDVL MDQJND SHQGHN GLGHILQLVLNDQ VHEDJDL GHSRVLWR EHUMDQJND \DQJ MDWXK WHPSRQ\D OHELK GDUL WLJD EXODQ WHWDSL NXUDQJ GDUL VDWX WDKXQ VXUDW XWDQJ EHUMDQJND SHQGHN UHNVDGDQD GDQ VXUDW EHUKDUJD SDVDU XDQJ ODLQQ\D \DQJ WLGDN GLEDWDVL SHQJJXQDDQQ\D GDQ WLGDN GLJXQDNDQ VHEDJDLMDPLQDQDWDVXWDQJ H 7UDQVDNVLGHQJDQSLKDNSLKDNEHUHODVL .HORPSRN 8VDKD PHODNXNDQ WUDQVDNVL GHQJDQ SLKDN EHUHODVL WHUWHQWX VHEDJDLPDQD GLGHILQLVLNDQ GDODP 36$. 1R 5HYLVL ³3HQJXQJNDSDQ3LKDNSLKDN%HUHODVL´ 7UDQVDNVL GHQJDQ SLKDN EHUHODVL GLODNXNDQ EHUGDVDUNDQ SHUV\DUDWDQ \DQJ GLVHWXMXL ROHK NHGXD EHODK SLKDN %HEHUDSD SHUV\DUDWDQ WHUVHEXW PXQJNLQ WLGDN VDPD GHQJDQ SHUV\DUDWDQ \DQJ GLODNXNDQ GHQJDQ SLKDNSLKDN \DQJWLGDNEHUHODVL 6HOXUXKWUDQVDNVLGDQVDOGRGHQJDQSLKDNSLKDN EHUHODVL GLXQJNDSNDQ GDODP FDWDWDQ DWDV ODSRUDQNHXDQJDQNRQVROLGDVLDQ I 3HUVHGLDDQ 3HUVHGLDDQ GLQ\DWDNDQ VHEHVDU QLODL \DQJ OHELK UHQGDK DQWDUD ELD\D SHUROHKDQ DWDX QLODL UHDOLVDVLQHWR the lower of cost or net realizable value %LD\D SHUROHKDQ GLWHQWXNDQ GHQJDQ PHWRGH UDWDUDWD WHUWLPEDQJ weighted-average method 1LODL UHDOLVDVL QHWR DGDODK WDNVLUDQ KDUJD SHQMXDODQ GDODP NHJLDWDQ XVDKD QRUPDO VHWHODK GLNXUDQJL WDNVLUDQ ELD\D SHQ\HOHVDLDQ GDQ WDNVLUDQ ELD\D \DQJ GLSHUOXNDQ XQWXN PHODNVDQDNDQSHQMXDODQ 3HQ\LVLKDQ DWDV SHQXUXQDQ QLODL SHUVHGLDDQ GLWHWDSNDQ XQWXN PHQXUXQNDQ QLODL WHUFDWDW SHUVHGLDDQNHQLODLUHDOLVDVLQHWRQ\D
SUMMARY OF SIGNIFICANT POLICIES (continued) c.
ACCOUNTING
Cash equivalents Time deposits with maturities of three months or less at the time of placement, which are not restricted nor pledged as collateral, are classified as “Cash Equivalents”. Cash in banks, which are restricted and used as collateral for obligations, are classified as “Restricted Funds”.
d. Short-term investments Short-term investments are defined as time deposits with maturities of greater than three months but not more than one year from the time of placement, short-term notes payable, mutual fund, and other money market securities, which are not restricted nor used as collateral for obligations. e.
Transactions with related parties The Group has transactions with certain related parties which have related party relationships as defined under PSAK No. 7 (Revised 2010), “Related Party Disclosures”. The transactions with related parties are made based on terms agreed by the parties. Such terms may not be the same as those of the transactions between unrelated parties.
All transactions and balances with related parties are disclosed in the notes to the consolidated financial statements. f.
Inventories Inventories are stated at the lower of cost or net realizable value. Cost is determined by the weighted-average method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated cost of completion and the estimated cost necessary to make the sale.
Allowance for inventory losses is provided to reduce the carrying value of inventories to their net realizable value.
14
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5.(%,-$.$1$.817$16,6,*1,),.$1 ODQMXWDQ J %LD\DGLED\DUGLPXND %LD\D GLED\DU GL PXND GLDPRUWLVDVL VHODPD PDVD PDQIDDW GHQJDQ PHQJJXQDNDQ PHWRGH JDULVOXUXV K ,QYHVWDVLSDGDHQWLWDVDVRVLDVL ,QYHVWDVL SDGD HQWLWDV DVRVLDVL GLPDQD 3HUXVDKDDQPHPSXQ\DLSHUVHQWDVHNHSHPLOLNDQ SDOLQJ VHGLNLW WHWDSL WLGDN OHELK GDUL GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH HNXLWDV equity method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
SUMMARY OF SIGNIFICANT POLICIES (continued) g.
ACCOUNTING
Prepaid expenses Prepaid expenses are amortized over the periods benefited using the straight-line method.
h. Investment in associated company Investment in associated company wherein the Company has ownership interest of at least 20% but not exceeding 50% is accounted for under the equity method, whereby the cost of such investment is increased or decreased by the Company’s share in the net earnings (losses) of the investee since the date of acquisition; and is reduced by cash dividends received by the Company from the investee. The consolidated statement of comprehensive income reflects the Company’s share of the results of operations of the associated company. Where there has been a change recognized directly in the equity of the associated company, the Company recognizes its share of any such changes and discloses this, when applicable, in the consolidated statement of changes in equity. Unrealized gains and losses resulting from transactions between the Company and the associated company are eliminated to the extent of the Company’s interest in the associated company. The Company determines whether it is necessary to recognize an impairment loss on its investment in associated company. The Company determines at each reporting date whether there is any objective evidence that the investment in the associated company is impaired. If this is the case, the Company calculates the amount of impairment as the difference between the recoverable amount of the investment in the associated company and its carrying value, and recognizes the amount in the consolidated statement of comprehensive income. The financial statements of the associated company are prepared for the same reporting period with the Group.
15
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
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³carrying amount´ DVHW WHWDSVHEDJDLVXDWXSHQJJDQWLDQMLNDPHPHQXKL NULWHULD SHQJDNXDQ 6HPXD ELD\D SHPHOLKDUDDQ GDQ SHUEDLNDQ \DQJ WLGDN PHPHQXKL NULWHULD SHQJDNXDQ GLEHEDQNDQ ODQJVXQJ SDGD RSHUDVL EHUMDODQ 3HQ\XVXWDQ DVHW WHWDS NHSHPLOLNDQ ODQJVXQJ GLKLWXQJ GHQJDQ PHQJJXQDNDQ PHWRGH JDULV OXUXV VHODPD HVWLPDVL PDVD PDQIDDW DVHW VHEDJDLEHULNXW %DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ ,QVWDODVLOLVWULN *HQVHWGDQRLOERLOHU 3HUDODWDQSDEULN .HQGDUDDQEHUPRWRU 3HUOHQJNDSDQGDQLQYHQWDULV
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Fixed assets The Group uses the cost model for fixed assets measurement. Fixed assets, exclude land, are stated at cost less accumulated depreciation and impairment loss, if any. The cost of fixed assets includes: (a) purchase price, (b) any costs directly attributable to bringing the asset to its present location and condition, and (c) the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located (if any). Each part of an item of fixed assets with a cost that is significant in relation to the total cost of the item should be depreciated separately.
When significant renewals and betterments are performed, their costs are recognized in the carrying amount of the fixed assets as a replacement if the recognition criteria are satisfied. All other repairs and maintenance costs that do not meet the recognition criteria are charged directly to current operations. Depreciation of fixed assets under direct ownership is computed using the straight-line method over the estimated useful lives of the assets, as follows: WDKXQyears WDKXQyears WDKXQyears WDKXQyears WDKXQyears WDKXQyears WDKXQyears WDKXQyears
Buildings Infrastructure Machinery and equipment Electrical installations Gensets and oil boilers Factory equipment Motor vehicles Furniture and fixtures
+DN DWDV WDQDK WHUPDVXN ELD\D SHQJXUXVDQ OHJDO\DQJWLPEXOSDGDDZDOSHUROHKDQKDNDWDV WDQDK GLQ\DWDNDQ VHEHVDU ELD\D SHUROHKDQ GDQ WLGDN GLDPRUWLVDVL %LD\DELD\D \DQJ WHUMDGL VHKXEXQJDQ GHQJDQ SHUSDQMDQJDQ DWDX SHPEDKDUXDQ OHJDO KDN DWDV WDQDK GLFDWDW GDQ GLVDMLNDQ VHEDJDL ³$VHW 7DNEHUZXMXG´ SDGD ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ GDQ GLDPRUWLVDVLVHODPDSHULRGHKDNDWDVWDQDKDWDX WDNVLUDQPDVDPDQIDDWHNRQRPLVWDQDKSHULRGH PDQD\DQJOHELKSHQGHN
Landrights, including the legal costs incurred at initial acquisition of landrights, is stated at cost and not amortized. Specific costs associated with the extension or renewal of land titles are recorded and presented as “Intangible Assets” in the consolidated statement of financial position and amortized over the legal term of the landrights or economic life of the land, whichever period is shorter.
0HVLQ\DQJGLJXQDNDQXQWXNPHPSURGXNVL&33 GDQPHWDOOL]LQJ\DQJGLSHUROHKVHMDNWDKXQ GLVXVXWNDQ GHQJDQ PHWRGH XQLW SURGXNVL DWDV GDVDU HVWLPDVL WRWDO SURGXNVL PDVLQJPDVLQJ VHEHVDU PHWULN WRQ GDQ PLOLDU PHWHU SHUVHJL
Machineries used to produce CPP and metallizing products acquired since 1995 are depreciated on the unit-of-production basis using the estimated total production of 75,000 metric tons and 2.4 billion square meters, respectively.
16
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
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
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) i.
ACCOUNTING
Fixed assets (continued) An item of fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the year the asset is derecognized.
$VHW WHWDS GDODP SHQ\HOHVDLDQ GLQ\DWDNDQ VHEHVDU ELD\D SHUROHKDQ GDQ GLVDMLNDQ VHEDJDL EDJLDQGDULDVHWWHWDS%LD\DSHUROHKDQWHUVHEXW GLNXUDQJL GHQJDQ SHQGDSDWDQ QHWR \DQJ GLSHUROHK GDUL KDVLO SHQMXDODQ SURGXN VHODPD WDKDSXMLFREDSURGXNVLVHWHODKGLNXUDQJLEHEDQ SURGXNVL $NXPXODVL ELD\D SHUROHKDQ DNDQ GLSLQGDKNDQ NH PDVLQJPDVLQJ DVHW WHWDS \DQJ EHUVDQJNXWDQ SDGD VDDW DVHW WHUVHEXW VHOHVDL GLNHUMDNDQGDQVLDSGLJXQDNDQ
Construction in progress is stated at cost and is presented as part of fixed assets. Cost is reduced by the amount of net revenue generated from the sale of finished products during the trial production run less the related cost of production. The accumulated costs are reclassified to the appropriate fixed assets account once the construction is substantially completed and the constructed asset is ready for its intended use.
3DGDVHWLDSDNKLUWDKXQEXNXQLODLUHVLGXXPXU PDQIDDW GDQ PHWRGH SHQ\XVXWDQ DVHW WHWDS GLWHODDK GDQ MLND VHVXDL GHQJDQ NHDGDDQ GLVHVXDLNDQVHFDUDSURVSHNWLI
The fixed assets’ residual values, useful lives and methods of depreciation are reviewed and adjusted prospectively, if appropriate, at each financial year end.
M
j.
3HQXUXQDQQLODLDVHWQRQNHXDQJDQ
Impairment of non-financial assets
3DGD VHWLDS DNKLU SHULRGH SHODSRUDQ .HORPSRN 8VDKD PHQLODL DSDNDK WHUGDSDW LQGLNDVL VXDWX DVHW PHQJDODPL SHQXUXQDQ QLODL -LND WHUGDSDW LQGLNDVL WHUVHEXW PDND MXPODK WHUSXOLKNDQ GLHVWLPDVL XQWXN DVHW LQGLYLGXDO -LND WLGDN PXQJNLQ XQWXN PHQJHVWLPDVL WRWDO WHUSXOLKNDQ DVHW LQGLYLGXDO PDND .HORPSRN 8VDKD PHQHQWXNDQ QLODL WHUSXOLKNDQ GDUL XQLW SHQJKDVLO NDV ³83.´ \DQJPDQDDVHWWHUFDNXS
The Group assesses at the end of each reporting period whether there is an indication that an asset may be impaired. If such indication exists, the recoverable amount is estimated for the individual asset. If it is not possible to estimate the recoverable amount of the individual asset, the Group determines the recoverable amount of the cash-generating unit (“CGU”) to which the asset belongs.
7RWDO WHUSXOLKNDQ XQWXN DVHW PHQFDNXS DVHW LQGLYLGXDO DWDX 83. DGDODK WRWDO \DQJ OHELK WLQJJL DQWDUD QLODL ZDMDU DVHW GLNXUDQJL ELD\D XQWXN PHQMXDO GHQJDQ QLODL SDNDLQ\D -LND QLODL WHUFDWDW DVHW OHELK EHVDU GDULSDGD QLODL WHUSXOLKNDQQ\D PDND DVHW WHUVHEXW GLSHUWLPEDQJNDQPHQJDODPLSHQXUXQDQQLODLGDQ QLODL WHUFDWDW DVHW GLWXUXQNDQ QLODLQ\D PHQMDGL VHEHVDU QLODL WHUSXOLKNDQQ\D 5XJL SHQXUXQDQ QLODLGDULRSHUDVL\DQJEHUNHODQMXWDQGLDNXLSDGD ODED UXJL VHEDJDL ³UXJL SHQXUXQDQ QLODL´ 'DODP PHQJKLWXQJ QLODL SDNDL HVWLPDVL DUXV NDV PDVD GHSDQ QHWR GLGLVNRQWRNDQ NH QLODL NLQL GHQJDQ PHQJJXQDNDQ WLQJNDW GLVNRQWR VHEHOXP SDMDN \DQJ PHQJJDPEDUNDQ SHQLODLDQ SDVDU NLQL GDUL QLODLZDNWXXDQJGDQULVLNRVSHVLILNDWDVDVHW
The recoverable amount of an asset (either individual asset or CGU) is the higher of the asset’s fair value less costs to sell and its value in use. Where the carrying amount of the asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses of continuing operations are recognized in profit or loss as “impairment losses”. In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
17
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
M
SUMMARY OF SIGNIFICANT POLICIES (continued) j.
3HQXUXQDQQLODLDVHWQRQNHXDQJDQ ODQMXWDQ
Impairment (continued)
of
ACCOUNTING
non-financial
assets
'DODP PHQHQWXNDQ QLODL ZDMDU GLNXUDQJL ELD\D XQWXN PHQMXDO GLJXQDNDQ KDUJD SHQDZDUDQ SDVDU WHUDNKLU MLND WHUVHGLD -LND WLGDN WHUGDSDW WUDQVDNVL WHUVHEXW PRGHO SHQLODLDQ \DQJ VHVXDL GLJXQDNDQ XQWXN PHQHQWXNDQ QLODL ZDMDU DVHW 3HUKLWXQJDQSHUKLWXQJDQ LQL GLNXDWNDQ ROHK SHQLODLDQ EHUJDQGD valuation multiples DWDX LQGLNDWRUQLODLZDMDU\DQJWHUVHGLD
In determining fair value less costs to sell, recent market transactions are taken into account, if available. If no such transactions can be identified, the Group uses an appropriate valuation model to determine the fair value of the asset. These calculations are corroborated by valuation multiples or other available fair value indicators.
.HUXJLDQ SHQXUXQDQ QLODL MLND DGD GLDNXL SDGD ODED UXJL VHVXDL GHQJDQ NDWHJRUL ELD\D \DQJ NRQVLVWHQ GHQJDQ IXQJVL GDUL DVHW \DQJ GLWXUXQNDQQLODLQ\D
Impairment losses, if any, are recognized in profit or loss under expense categories that are consistent with the functions of the impaired assets.
3HQLODLDQ GLODNXNDQ SDGD DNKLU VHWLDS SHULRGH SHODSRUDQ DSDNDK WHUGDSDW LQGLNDVL EDKZD UXJL SHQXUXQDQQLODL\DQJWHODKGLDNXLGDODPSHULRGH VHEHOXPQ\D XQWXN DVHW PXQJNLQ WLGDN DGD ODJL DWDX PXQJNLQ WHODK PHQXUXQ -LND LQGLNDVL GLPDNVXG GLWHPXNDQ PDND HQWLWDV PHQJHVWLPDVLWRWDOWHUSXOLKNDQDVHWWHUVHEXW
An assessment is made at the end of each reporting period as to whether there is any indication that previously recognized impairment losses for an asset may no longer exist or may have decreased. If such indication exists, the recoverable amount is estimated.
.HUXJLDQ SHQXUXQDQ QLODL \DQJ WHODK GLDNXL GDODP SHULRGH VHEHOXPQ\D XQWXN DVHW GLEDOLN KDQ\D MLND WHUGDSDW SHUXEDKDQ DVXPVLDVXPVL \DQJ GLJXQDNDQ XQWXN PHQHQWXNDQ WRWDO WHUSXOLKNDQ DVHW WHUVHEXW VHMDN UXJL SHQXUXQDQ QLODL WHUDNKLU GLDNXL 'DODP KDO LQL WRWDO WHUFDWDW DVHW GLQDLNNDQ NH WRWDO WHUSXOLKNDQQ\D 3HPEDOLNDQ WHUVHEXW GLEDWDVL VHKLQJJD WRWDO WHUFDWDW DVHW WLGDN PHOHELKL WRWDO WHUSXOLKNDQQ\D PDXSXQ WRWDO WHUFDWDW VHWHODK GLNXUDQJL SHQ\XVXWDQ VHDQGDLQ\D WLGDN DGD UXJL SHQXUXQDQ QLODL \DQJ WHODK GLDNXL XQWXN DVHW WHUVHEXW SDGD WDKXQ VHEHOXPQ\D 3HPEDOLNDQ UXJL SHQXUXQDQ QLODL GLDNXL GDODP ODED UXJL 6HWHODK SHPEDOLNDQ WHUVHEXW SHQ\XVXWDQ DVHW WHUVHEXW GLVHVXDLNDQ GL SHULRGH PHQGDWDQJ XQWXN PHQJDORNDVLNDQ WRWDO WHUFDWDW DVHW \DQJ GLUHYLVL GLNXUDQJL QLODL VLVDQ\D GHQJDQ GDVDU \DQJVLVWHPDWLVVHODPDVLVDXPXUPDQIDDWQ\D
A previously recognized impairment loss for an asset is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceeds the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior periods. Reversal of an impairment loss is recognized in profit or loss. After such a reversal, the depreciation charge on the said asset is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.
k.
N /LDELOLWDVLPEDODQNHUMD
Employee benefits liability
,PEDODQNHUMDMDQJNDSHQGHN
Short-term employee benefits
.HORPSRN 8VDKD PHQJDNXL OLDELOLWDV LPEDODQ NHUMD MDQJND SHQGHN NHWLND MDVD GLEHULNDQ ROHK NDU\DZDQ GDQ LPEDODQ DWDV MDVD WHUVHEXW DNDQ GLED\DUNDQGDODPZDNWXGXDEHODVEXODQVHWHODK MDVDWHUVHEXWGLEHULNDQ
The Group recognizes short-term employee benefits liability when services are rendered and the compensation for such services are to be paid within twelve months after the rendering of such services.
18
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ N /LDELOLWDVLPEDODQNHUMD ODQMXWDQ ,PEDODQSDVFDNHUMD .HORPSRN 8VDKD PHPEHULNDQ LPEDODQ SDVFD NHUMD NHSDGD NDU\DZDQQ\D VHVXDL GHQJDQ NHWHQWXDQGDUL8QGDQJXQGDQJ.HWHQDJDNHUMDDQ 1R WDQJJDO 0DUHW ´88.´ 3HQ\LVLKDQ DWDV LPEDODQ SDVFDNHUMD GLKLWXQJ GHQJDQ PHQJJXQDNDQ PHWRGH SHQLODLDQ projected-unit-credit. .HXQWXQJDQ DWDX NHUXJLDQ DNWXDULDO GLDNXL VHEDJDL SHQJKDVLODQ DWDX EHEDQ DSDELOD DNXPXODVL NHXQWXQJDQ DWDX NHUXJLDQ DNWXDULDO QHWR \DQJ EHOXP GLDNXL XQWXN PDVLQJPDVLQJ SURJUDP SDGD DNKLU SHULRGH SHODSRUDQ VHEHOXPQ\D PHOHELKL WRWDO GDUL QLODL NLQL OLDELOLWDVLPEDODQSDVWLSDGDWDQJJDOWHUVHEXW .HXQWXQJDQ DWDX NHUXJLDQ DNWXDULDO \DQJ PHOHZDWL LQL GLDNXL VHODPD UDWDUDWD VLVD PDVD NHUMD NDU\DZDQ GHQJDQ PHQJJXQDNDQ PHWRGH JDULV OXUXV 6HODQMXWQ\D ELD\D MDVD ODOX \DQJWLPEXODNLEDWSHQJHQDODQSURJUDPLPEDODQ SDVWLDWDXSHUXEDKDQOLDELOLWDVLPEDODQNHUMDGDUL SURJUDPVHEHOXPQ\DKDUXVGLDPRUWLVDVLVDPSDL LPEDODQ NHUMD WHUVHEXW WHODK PHQMDGL KDN NDU\DZDQ 3HUXVDKDDQ GDQ ,5+. EHUSDUWLVLSDVL GDODP SURJUDP SHQVLXQ QDVLRQDO VHEDJDLPDQD GLWHQWXNDQROHKKXNXPGLPDVLQJPDVLQJQHJDUD WHPSDW EHURSHUDVLQ\D 3HUXVDKDDQ GDQ (QWLWDV $QDN 6HEDJDLPDQD GLZDMLENDQ ROHK KXNXP GL ,QGRQHVLD 3HUXVDKDDQ PHPEHULNDQ LXUDQ NHSDGD -DPVRVWHN \DQJ PHUXSDNDQ SURJUDP SHQVLXQQHJDUD'DQD-DPVRVWHNGLSHUXQWXNNDQ EDJL NHVHOXUXKDQ NODLP DVXUDQVL WHUNDLW NHFHODNDDQ NHUMD NDU\DZDQ GDQ OLDELOLWDV PDQIDDWSHQVLXQGDULVHWLDSNDU\DZDQ ,5+. PHPEHULNDQ LXUDQ NHSDGD SURJUDP Mandatory Provident Fund ³03)´ GL +RQJ .RQJ \DQJ PHUXSDNDQ SURJUDP SHQVLXQ LXUDQ SDVWL ,XUDQ NHSDGD SURJUDP SHQVLXQ QDVLRQDO GLDNXL VHEDJDL EHEDQ GDODP SHULRGH GLPDQDLXUDQ\DQJEHUVDQJNXWDQGLED\DUNDQ
SUMMARY OF SIGNIFICANT POLICIES (continued) k.
ACCOUNTING
Employee benefits liability (continued) Post-employment benefits
The Group provides post-employment benefits to its employees in conformity with the requirements of Labor Law No. 13/2003 dated March 25, 2003 (the “Labor Law”). The provision for postemployment benefits is determined using the projected-unit-credit method. Actuarial gains or losses are recognized as income or expense when the net cumulative unrecognized actuarial gains or losses for each individual plan at the end of the previous reporting period exceed 10% of the present value of the defined benefits obligation at that date. These gains or losses in excess of the 10% threshold are recognized on a straight-line basis over the expected average remaining working lives of the employees. Further, past service costs arising from the introduction of a defined benefit plan or changes in the benefits payable of an existing plan are required to be amortized over the period until the benefits concerned become vested. The Company and IR-HK participate in national pension schemes as defined by the laws of the countries in which they operate. As required by Indonesian law, the Company makes contributions to the state pension scheme, Jamsostek. The Jamsostek fund is responsible for the entire insurance claim relating to accidents involving employees at the work place and for the entire retirement benefit obligations to the related employees. IR-HK makes contributions to the Mandatory Provident Fund (³MPF”) scheme in Hong Kong, which is a defined contribution pension scheme. Contributions to the national pension scheme are recognized as an expense in the year when the related service is performed.
19
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
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
SUMMARY OF SIGNIFICANT POLICIES (continued) l.
ACCOUNTING
Provision A provision is recognized when the Group has a present obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. The provision is reviewed at each reporting date and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
m. Share issuance costs Expenses incurred in connection with the public offerings of shares and rights issue are deducted from the additional paid-in capital derived from such offerings.
n. Treasury stock Treasury stock is stated at acquisition cost and presented under the equity section of the consolidated statement of financial position. No gain or loss shall be recognized in profit or loss on the purchase, sale, issue or cancellation of an entity’s own equity instruments. The excess of proceeds from sale of treasury stock over the related acquisition cost, or vice-versa, is recognized as an addition to or as a deduction from additional paid-in capital. o. Earnings per share The amount of earnings per share is computed by dividing profit for the year attributable to the owners of the parent entity by the weightedaverage number of issued and fully paid shares outstanding during the year, after considering treasury stock (Note 2n).
20
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
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³6%(´ \DLWX VXNX EXQJD \DQJ VHFDUD WHSDW PHQGLVNRQWRNDQ HVWLPDVL SHPED\DUDQ DWDX SHQHULPDDQ NDV GL PDVD GDWDQJ VHODPD SHUNLUDDDQ XPXU GDUL LQVWUXPHQ NHXDQJDQ DWDX MLND OHELK WHSDW GLJXQDNDQSHULRGH\DQJOHELKVLQJNDWXQWXNQLODL WHUFDWDWQHWRGDULDVHWDWDXOLDELOLWDVNHXDQJDQ %HEDQGLDNXLSDGDVDDWWHUMDGLQ\D T 7UDQVDNVLGDQVDOGRGDODPPDWDXDQJDVLQJ
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
p. Revenue and expense recognition Revenue is recognized to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured at the fair value of the consideration received, excluding discounts, rebates and value added tax. Revenue from sales is recognized at the time the significant risks and rewards of ownership of the goods have passed to the buyer, which time generally coincides with the delivery and acceptance of the goods. For all financial instruments measured at amortized cost, interest income or expense is recorded using the Effective Interest Rate (“EIR”), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability. Expenses are recognized as they are incurred. q.
Transactions currencies
and
balances
in
foreign
7UDQVDNVL GDODP PDWD XDQJ VHODLQ GRODU $6 GLFDWDWGDODPPDWDXDQJGRODU$6EHUGDVDUNDQ NXUV WHQJDK \DQJ EHUODNX SDGD VDDW WUDQVDNVL GLODNXNDQ
Transactions involving currencies other than U.S. dollar are recorded in U.S. dollar at the middle rates of exchange prevailing at the time the transactions are made.
3DGDDNKLUSHULRGHSHODSRUDQDVHWGDQOLDELOLWDV PRQHWHU GDODP PDWD XDQJ VHODLQ GRODU $6 GLMDEDUNDQ EHUGDVDUNDQ UDWDUDWD NXUV MXDO GDQ EHOL \DQJ GLWHUELWNDQ ROHK %DQN ,QGRQHVLD SDGD WDQJJDOWHUDNKLUWUDQVDNVLSHUEDQNDQSDGDWDKXQ \DQJ EHUVDQJNXWDQ /DED DWDX UXJL NXUV \DQJ WLPEXOGLNUHGLWNDQDWDXGLEHEDQNDQSDGDRSHUDVL WDKXQEHUMDODQ
At the end of the reporting period, monetary assets and liabilities denominated in other than U.S. dollar are adjusted to reflect the average buying and selling rates of exchange quoted by Bank Indonesia at the closing of the last banking day of the year. The resulting gains or losses are credited or charged to current operations.
.XUV \DQJ GLJXQDNDQ DGDODK VHEDJDL EHULNXW GDODPDQJNDSHQXK
The exchange rates used were as follows (in full amounts):
'HVHPEHUDecember 31,
'RODU$PHULND6HULNDW $6 (XUR(URSD (85 5LQJJLW0DOD\VLD 50 'RODU+RQJ.RQJ +.
21
United States dollar (US$) 1 European euro (EUR) 1 Malaysian ringgit (RM) 1 Hong Kong dollar (HK$) 1
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ T 7UDQVDNVL GDQ VDOGR GDODP PDWD XDQJ DVLQJ ODQMXWDQ 7UDQVDNVL GDODP PDWD XDQJ ODLQQ\D MLND DGD GLDQJJDSWLGDNVLJQLILNDQ 8QWXN WXMXDQ SHQ\DMLDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ GDODP PDWD XDQJ UXSLDK DNXQ DNXQ 3HUXVDKDDQ (QWLWDV $QDN GDQ HQWLWDV DVRVLDVL GLMDEDUNDQ PHQJJXQDNDQ PHNDQLVPH EHULNXW x $VHW GDQ OLDELOLWDV GLMDEDUNDQ GHQJDQ PHQJJXQDNDQNXUVSDGDWDQJJDOSHODSRUDQ x 3HQGDSDWDQ GDQ EHEDQ GLMDEDUNDQ GHQJDQ PHQJJXQDNDQNXUVUDWDUDWDSHULRGHEHUMDODQ GDQ x $NXQ HNXLWDV GLMDEDUNDQ GHQJDQ PHQJJXQDNDQNXUVKLVWRULV /DED DWDX UXJL VHOLVLK NXUV \DQJ WHUMDGL GLVDMLNDQ VHEDJDL EDJLDQ GDUL NRPSRQHQ HNXLWDV ODLQQ\D SDGD DNXQ ³6HOLVLK .XUV NDUHQD 3HQMDEDUDQ /DSRUDQ .HXDQJDQ´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
22
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) q.
Transactions and balances currencies (continued)
ACCOUNTING in
foreign
Transactions in other foreign currencies (if any) are considered not significant. For consolidation purposes, the accounts of the Company, Subsidiary and associated company are translated to rupiah using the following mechanism: x Assets and liabilities are translated using the exchange rate at reporting date; x Revenues and expenses are translated at the average rates of exchange for the period; and x Equity accounts are translated at historical rates. Any resulting foreign exchange gain or loss is presented as “Exchange Rate Differences from Financial Statement Translation” in the consolidated statement of financial position. r.
Income tax Current income tax Current income tax assets and liabilities for the current and prior periods are measured at the amount expected to be recovered from or paid to the Tax Office based on the tax rates and tax laws that are enacted or substantively enacted.
Current tax expense is provided based on the estimated taxable income for the year. The tax effects for the year are allocated to current operations, except for the tax effects from transactions which are directly charged or credited to equity. Management periodically evaluates positions taken by the Company with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ U 3DMDNSHQJKDVLODQ ODQMXWDQ 3DMDNSHQJKDVLODQNLQL ODQMXWDQ
SUMMARY OF SIGNIFICANT POLICIES (continued) r.
ACCOUNTING
Income tax (continued) Current income tax (continued)
-XPODK WDPEDKDQ SRNRN GDQ GHQGD SDMDN \DQJ GLWHWDSNDQ GHQJDQ 6XUDW .HWHWDSDQ 3DMDN 6.3 GLEHEDQNDQ SDGD RSHUDVL EHUMDODQ NHFXDOL MLND GLDMXNDQXSD\DSHQ\HOHVDLDQVHODQMXWQ\D
The amounts of additional tax and penalty imposed through Tax Assessment Letter (SKP) are recognized as a charge to current operations, unless further settlement is submitted.
3DMDNSHQJKDVLODQWDQJJXKDQ
Deferred income tax
3HQHODDKDQ GLODNXNDQ SDGD VHWLDS DNKLU SHULRGH SHODSRUDQ DWDV DVHW SDMDN WDQJJXKDQ \DQJ WLGDN GLDNXL VHEHOXPQ\D GDQ DVHW SDMDN WDQJJXKDQ WHUVHEXW GLDNXL VHSDQMDQJ NHPXQJNLQDQ EHVDU ODED NHQD SDMDN PHQGDWDQJ DNDQ WHUVHGLD VHKLQJJD DVHW SDMDN WDQJJXKDQ WHUVHEXW GLSXOLKNDQ
Unrecognized deferred tax assets are reassessed at the end of each reporting period and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax assets to be recovered.
3DMDN WDQJJXKDQ GLDNXL PHQJJXQDNDQ PHWRGH OLDELOLWDV DWDV SHUEHGDDQ WHPSRUHU DQWDUD GDVDU SHQJHQDDQ SDMDN DVHW GDQ OLDELOLWDV GDQ QLODL WHUFDWDWQ\D GDODP ODSRUDQ NHXDQJDQ SDGD DNKLU SHULRGHSHODSRUDQ
Deferred income tax is provided using the liability method on temporary differences between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the end of the reporting period.
/LDELOLWDV SDMDN WDQJJXKDQ GLDNXL XQWXN VHWLDS SHUEHGDDQ WHPSRUHU NHQD SDMDN $VHW SDMDN WDQJJXKDQ GLDNXL XQWXN VHPXD SHUEHGDDQ WHPSRUHU \DQJ GDSDW GLNXUDQJNDQ GDQ UXJL ILVNDO EHOXP GLNRPSHQVDVL VHMDXK WHUGDSDW NHPXQJNLQDQ EHVDUEDKZD ODED NHQD SDMDNDNDQ WHUVHGLD XQWXN GLPDQIDDWNDQ GHQJDQ SHUEHGDDQ WHPSRUHU \DQJ GDSDW GLNXUDQJNDQ GDQ UXJL ILVNDO EHOXPGLNRPSHQVDVL
Deferred tax liabilities are recognized for all taxable temporary differences. Deferred tax assets are recognized for all deductible temporary differences and tax losses carry-over, to the extent that it is probable that taxable income will be available against which the deductible temporary differences and the tax losses carryover can be utilized.
1LODL WHUFDWDW GDUL DVHW SDMDN WDQJJXKDQ GLWHODDK SDGD VHWLDS DNKLU SHULRGH SHODSRUDQ GDQ GLWXUXQNDQNHWLNDWLGDNODJLWHUGDSDWNHPXQJNLQDQ EDKZD DNDQ WHUGDSDW ODED NHQD SDMDN \DQJ PHPXQJNLQNDQ VHPXD DWDX VHEDJLDQ GDUL DVHW SDMDNWDQJJXKDQWHUVHEXWXQWXNGLUHDOLVDVL
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilized.
3DMDN WDQJJXKDQ \DQJ WHUNDLW GHQJDQ SRVSRV \DQJGLDNXLGLOXDUODEDUXJLGLDNXLGLOXDUODEDUXJL 3RV SDMDN WDQJJXKDQ GLDNXL WHUNDLW GHQJDQ WUDQVDNVL \DQJ PHQGDVDULQ\D EDLN GDODP SHQGDSDWDQ NRPSUHKHQVLI ODLQ DWDX ODQJVXQJ NH HNXLWDV
Deferred tax relating to items recognized outside of profit or loss is recognized outside of profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.
$VHW GDQ OLDELOLWDV QRQ PRQHWHU 3HUXVDKDDQ GLXNXUGDODPPDWDXDQJIXQJVLRQDOMLNDODEDNHQD SDMDN DWDX UXJL SDMDN 3HUXVDKDDQ GLWHQWXNDQ GDODPPDWDXDQJ\DQJEHUEHGDPDNDSHUXEDKDQ NXUV PHQLPEXONDQ SHUEHGDDQ WHPSRUHU \DQJ PHQJDNLEDWNDQ DVHW DWDX OLDELOLWDV SDMDN WDQJJXKDQ GLDNXL 3DMDN WDQJJXKDQ WHUVHEXW GLEHEDQNDQDWDXGLNUHGLWNDQGDODPODEDUXJL
The non-monetary assets and liabilities of the Company are measured in its functional currency. If the Company’s taxable profit or tax loss is determined in a different currency, changes in the exchange rate give rise to temporary differences that result in a recognized deferred tax liability or asset. The resulting deferred tax is charged or credited to profit or loss.
23
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
2.
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
r.
U
3DMDNSHQJKDVLODQ ODQMXWDQ
3DMDNSHQJKDVLODQWDQJJXKDQ ODQMXWDQ
$VHW GDQ OLDELOLWDV SDMDN WDQJJXKDQ VDOLQJ KDSXV NHWLND WHUGDSDW KDN \DQJ GDSDW GLSDNVDNDQ VHFDUDKXNXPXQWXNPHODNXNDQVDOLQJKDSXVDVHW SDMDN NLQL WHUKDGDS OLDELOLWDV SDMDN NLQL GDQ SDMDN WDQJJXKDQ WHUVHEXW WHUNDLW GHQJDQ HQWLWDV NHQD SDMDN \DQJ VDPD GDQ RWRULWDV SHUSDMDNDQ \DQJ VDPD
Income tax (continued)
Deferred income tax (continued)
Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
s.
V ,QIRUPDVLVHJPHQ
Segment information
6HJPHQDGDODKNRPSRQHQ\DQJGDSDWGLEHGDNDQ GDUL .HORPSRN 8VDKD \DQJ WHUOLEDW EDLN GDODP PHQ\HGLDNDQ SURGXNSURGXN WHUWHQWX VHJPHQ XVDKD DWDX GDODP PHQ\HGLDNDQ SURGXN GDODP OLQJNXQJDQ HNRQRPL WHUWHQWX VHJPHQ JHRJUDILV \DQJ PHPLOLNL ULVLNR GDQ LPEDODQ \DQJ EHUEHGD GDULVHJPHQODLQQ\D
A segment is a distinguishable component of the Group that is engaged either in providing certain products (business segment), or in providing products within a particular economic environment (geographical segment), which is subject to risks and rewards that are different from those of other segments.
3HQGDSDWDQ EHEDQ KDVLO XVDKD DVHW GDQ OLDELOLWDV VHJPHQ WHUPDVXN LWHPLWHP \DQJ GDSDW GLDWULEXVLNDQ VHFDUD ODQJVXQJ NHSDGD VXDWX VHJPHQ VHUWD KDOKDO \DQJ GDSDW GLDORNDVLNDQ GHQJDQ GDVDU \DQJ PHPDGDL XQWXN VHJPHQ WHUVHEXW 6HJPHQ GLWHQWXNDQ VHEHOXP VDOGR GDQ WUDQVDNVL DQWDU .HORPSRN 8VDKD GLHOLPLQDVL VHEDJDLEDJLDQGDULSURVHVNRQVROLGDVL
Segment revenue, expenses, results, assets and liabilities include items directly attributable to a segment as well as those that can be allocated on a reasonable basis to that segment. They are determined before intra-group balances and intragroup transactions are eliminated.
W
,QVWUXPHQNHXDQJDQ
t.
Financial instruments
1.
$VHWNHXDQJDQ
Financial assets
3HQJDNXDQDZDO
Initial recognition
$VHW NHXDQJDQ GLNODVLILNDVLNDQ VHEDJDL DVHW NHXDQJDQ \DQJ GLXNXU SDGD QLODL ZDMDU PHODOXL ODED DWDX UXJL SLQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ LQYHVWDVL \DQJ GLPLOLNL KLQJJD MDWXK WHPSR GDQ DVHW NHXDQJDQ WHUVHGLD XQWXN GLMXDO .HORPSRN 8VDKD PHQHQWXNDQ NODVLILNDVL DVHW NHXDQJDQ SDGD VDDWSHQJDNXDQDZDO
24
Financial assets are classified as financial assets at fair value through profit or loss, loans and receivables, held-to-maturity investments and available-for-sale financial assets. The Group determines the classification of its financial assets at initial recognition.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ W ,QVWUXPHQNHXDQJDQ ODQMXWDQ $VHWNHXDQJDQ ODQMXWDQ 3HQJDNXDQDZDO ODQMXWDQ 6HOXUXK DVHW NHXDQJDQ GLDNXL SHUWDPD NDOL SDGD QLODL ZDMDUQ\D GLWDPEDK GHQJDQ ELD\D ELD\D WUDQVDNVL NHFXDOL DSDELOD DVHW NHXDQJDQ GLFDWDW SDGD QLODL ZDMDU PHODOXL ODEDUXJL
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) t.
ACCOUNTING
Financial instruments (continued) 1.
Financial assets (continued) Initial recognition (continued)
All financial assets are recognized initially at fair value plus transaction costs, except in the case of financial assets which are recorded at fair value through profit or loss.
3HPEHOLDQ DWDX SHQMXDODQ DVHW NHXDQJDQ \DQJ PHPHUOXNDQ SHQ\HUDKDQ DVHW GDODP NXUXQ ZDNWX \DQJ WHODK GLWHWDSNDQ ROHK SHUDWXUDQ DWDX NHELDVDDQ \DQJ EHUODNX GL SDVDU SHPEHOLDQVHFDUDUHJXOHU GLDNXLSDGD WDQJJDOSHUGDJDQJDQVHSHUWLWDQJJDOGLPDQD .HORPSRN 8VDKD EHUNRPLWPHQ XQWXN PHPEHOLDWDXPHQMXDODVHW
Purchases or sales of financial assets that require delivery of assets within a time frame established by regulation or convention in the marketplace (regular way purchases) are recognized on the trade date, i.e., the date that the Group commits to purchase or sell the assets.
3DGD WDQJJDO 'HVHPEHU DVHW NHXDQJDQ .HORPSRN 8VDKD PHQFDNXS NDV GDQ VHWDUD NDV GDQD \DQJ GLEDWDVL SHQJJXQDDQQ\D LQYHVWDVL MDQJND SHQGHN UHNVDGDQD SLXWDQJ XVDKD SLXWDQJ ODLQODLQ GDQ XDQJ MDPLQDQ .HORPSRN 8VDKD WHODK PHQHWDSNDQ EDKZD VHOXUXK DVHW NHXDQJDQ NHFXDOLLQYHVWDVLMDQJNDSHQGHNUHNVDGDQD GLNDWHJRULNDQ VHEDJDL SLQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ ,QYHVWDVL MDQJND SHQGHN UHNVDGDQD GLNDWHJRULNDQ VHEDJDL DVHW NHXDQJDQ \DQJ GLFDWDW SDGD QLODL ZDMDU PHODOXLODEDUXJL
As of December 31, 2014, the Group’s financial assets included cash and cash equivalents, restricted funds, short-term investments mutual funds, trade receivables, other receivables and guarantee deposits. The Group has determined that all of these financial assets, except short-term investments - mutual funds, are categorized as loans and receivables. Short-term investments - mutual funds are categorized as financial assets at fair value through profit or loss.
3HQJXNXUDQVHWHODKSHQJDNXDQDZDO
Subsequent measurement
3LQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ DGDODK DVHW NHXDQJDQ QRQGHULYDWLI GHQJDQ SHPED\DUDQ WHWDS DWDX WHODK GLWHQWXNDQ GDQ WLGDN PHPSXQ\DL NXRWDVL GL SDVDU DNWLI $VHW NHXDQJDQ WHUVHEXW GLFDWDW SDGD ELD\D SHUROHKDQ \DQJ GLDPRUWLVDVL PHQJJXQDNDQ PHWRGH WLQJNDW EXQJD HIHNWLI /DED DWDX UXJL GLDNXL GDODP ODED UXJL SDGD VDDW SLQMDPDQ GDQ SLXWDQJ GLKHQWLNDQ SHQJDNXDQQ\D DWDX PHQJDODPL SHQXUXQDQ QLODL VHUWD PHODOXL SURVHVDPRUWLVDVL
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Such financial assets are carried at amortized cost using the effective interest rate method. Gains or losses are recognized in profit or loss when the loans and receivables are derecognized or impaired, as well as through the amortization process.
25
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
2.
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
W
t.
,QVWUXPHQNHXDQJDQ ODQMXWDQ
Financial instruments (continued)
1.
$VHWNHXDQJDQ ODQMXWDQ
Financial assets (continued)
3HQJKHQWLDQSHQJDNXDQDVHWNHXDQJDQ
Derecognition of financial assets
3HQJKHQWLDQ SHQJDNXDQ DWDV VXDWX DVHW NHXDQJDQ DWDX DSDELOD GDSDW GLWHUDSNDQ XQWXNEDJLDQGDULDVHWNHXDQJDQDWDXEDJLDQ GDUL NHORPSRN DVHW NHXDQJDQVHMHQLV WHUMDGL ELOD KDN NRQWUDNWXDO DWDV DUXV NDV \DQJ EHUDVDOGDULDVHWNHXDQJDQWHUVHEXWEHUDNKLU DWDX .HORPSRN 8VDKD PHPLQGDKNDQKDN XQWXN PHQHULPD DUXV NDV \DQJ EHUDVDO GDUL DVHW NHXDQJDQ WHUVHEXW DWDX PHQDQJJXQJ OLDELOLWDV XQWXN PHPED\DU DUXV NDV \DQJ GLWHULPD WHUVHEXW WDQSD SHQXQGDDQ \DQJ VLJQLILNDQNHSDGDSLKDNNHWLJDPHODOXLVXDWX NHVHSDNDWDQ SHQ\HUDKDQ GDQ VDODK VDWX GLDQWDUD D .HORPSRN 8VDKD VHFDUD VXEVWDQVLDO PHPLQGDKNDQ VHOXUXK ULVLNR GDQ PDQIDDW DWDV NHSHPLOLNDQ DVHW NHXDQJDQ WHUVHEXW DWDX E .HORPSRN 8VDKD VHFDUD VXEVWDQVLDO WLGDN PHPLQGDKNDQ GDQ WLGDN PHPLOLNL VHOXUXK ULVLNR GDQ PDQIDDW DWDV NHSHPLOLNDQ DVHW NHXDQJDQ WHUVHEXW QDPXQ WHODK PHPLQGDKNDQ SHQJHQGDOLDQ DWDV DVHW WHUVHEXW
A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: (1) the rights to receive cash flows from the asset have expired; or (2) the Group has transferred its rights to receive cash flows from the asset or has assumed an obligation to pay the received cash flows in full without material delay to a third party under a “passthrough” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.
.HWLND .HORPSRN 8VDKD PHQWUDQVIHU KDN XQWXN PHQHULPD DUXV NDV \DQJ EHUDVDO GDUL DVHW NHXDQJDQ DWDX PHQJDGDNDQ NHVHSDNDWDQ SHQ\HUDKDQ PDND .HORPSRN 8VDKD PHQJHYDOXDVL VHMDXK PDQD WHWDS PHPLOLNL ULVLNR GDQ PDQIDDWDWDV NHSHPLOLNDQ DVHW NHXDQJDQ -LND .HORPSRN 8VDKD WLGDN PHQWUDQVIHU PDXSXQ WLGDN PHPLOLNL VHFDUD VXEVWDQVLDO VHOXUXK ULVLNR GDQ PDQIDDW DWDV DVHW NHXDQJDQ WHUVHEXW GDQ MXJD WLGDN PHQWUDQVIHU SHQJHQGDOLDQ DWDV DVHW NHXDQJDQ WHUVHEXW PDND VXDWX DVHW NHXDQJDQ EDUX GLDNXL ROHK .HORPSRN 8VDKD VHEHVDU NHWHUOLEDWDQQ\D \DQJ EHUNHODQMXWDQ GHQJDQDVHWNHXDQJDQWHUVHEXW
When the Group has transferred its rights to receive cash flows from an asset or has entered into a “pass-through” arrangement, it evaluates if and to what extent it has retained the risks and rewards of ownership. When it has neither transferred nor retained substantially all the risks and rewards of the asset nor transferred control of the asset, the asset is recognized to the extent of the Group’s continuing involvement in the asset.
.HWHUOLEDWDQ EHUNHODQMXWDQ \DQJ EHUEHQWXN SHPEHULDQ MDPLQDQ DWDV DVHW \DQJ GLWUDQVIHU GLXNXU VHEHVDU WRWDO WHUHQGDK DQWDUD QLODL DVHW \DQJ GLWUDQVIHU GDQ QLODL PDNVLPDO GDUL SHPED\DUDQ \DQJ GLWHULPD \DQJ PXQJNLQ KDUXVGLED\DUNHPEDOLROHK.HORPSRN8VDKD
Continuing involvement that takes the form of a guarantee over the transferred asset is measured at the lower of the original carrying amount of the asset and the maximum amount of consideration that the Group could be required to repay.
26
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ W ,QVWUXPHQNHXDQJDQ ODQMXWDQ $VHWNHXDQJDQ ODQMXWDQ 3HQJKHQWLDQ SHQJDNXDQ DVHW NHXDQJDQ ODQMXWDQ 3DGDVDDWSHQJKHQWLDQSHQJDNXDQDWDVDVHW NHXDQJDQ VHFDUD NHVHOXUXKDQ PDND VHOLVLK DQWDUD QLODL WHUFDWDW GDQ WRWDO GDUL L SHPED\DUDQ \DQJ GLWHULPD WHUPDVXN DVHW EDUX \DQJ GLSHUROHK GLNXUDQJL GHQJDQ OLDELOLWDV EDUX \DQJ GLWDQJJXQJ GDQ LL NHXQWXQJDQ DWDX NHUXJLDQ NXPXODWLI \DQJ WHODK GLDNXL VHFDUD ODQJVXQJ GDODP HNXLWDV KDUXV GLDNXL SDGD ODSRUDQ ODED UXJL NRPSUHKHQVLINRQVROLGDVLDQ /LDELOLWDVNHXDQJDQ 3HQJDNXDQDZDO /LDELOLWDV NHXDQJDQ GLNODVLILNDVLNDQ VHEDJDL OLDELOLWDV NHXDQJDQ \DQJ GLXNXU SDGD QLODL ZDMDU PHODOXL ODED DWDX UXJL SLQMDPDQ GDQ XWDQJ DWDX GHULYDWLI \DQJ WHODK GLWHWDSNDQ XQWXN WXMXDQ OLQGXQJ QLODL \DQJ HIHNWLI MLND VHVXDL .HORPSRN 8VDKD PHQHQWXNDQ NODVLILNDVL OLDELOLWDV NHXDQJDQ SDGD VDDW SHQJDNXDQDZDO 6DDW SHQJDNXDQ DZDO OLDELOLWDV NHXDQJDQ GLXNXU SDGD QLODL ZDMDU GDQ GDODP KDO OLDELOLWDVNHXDQJDQ\DQJGLXNXUGHQJDQELD\D GLDPRUWLVDVL WHUPDVXN ELD\D WUDQVDNVL \DQJ GDSDWGLDWULEXVLNDQVHFDUDODQJVXQJ 3DGD WDQJJDO 'HVHPEHU OLDELOLWDV NHXDQJDQ .HORPSRN 8VDKD PHQFDNXS SLQMDPDQ EDQN MDQJND SHQGHN XWDQJ XVDKD XWDQJ ODLQODLQ EHEDQ DNUXDO GDQ SLQMDPDQ MDQJND SDQMDQJ .HORPSRN 8VDKD WHODK PHQHWDSNDQ EDKZD VHOXUXK OLDELOLWDV NHXDQJDQ GLNDWHJRULNDQ VHEDJDL OLDELOLWDV NHXDQJDQ \DQJ GLXNXU GHQJDQ ELD\D GLDPRUWLVDVL
27
2.
SUMMARY OF SIGNIFICANT POLICIES (continued) t.
ACCOUNTING
Financial instruments (continued) 1.
Financial assets (continued) Derecognition of financial assets (continued) On derecognition of a financial asset in its entirety, the difference between the carrying amount and the sum of (i) the consideration received, including any new assets obtained less any new liabilities assumed and (ii) any cumulative gain or loss which had been recognized in equity, should be recognized in the consolidated statement of comprehensive income.
2.
Financial liabilities Initial recognition Financial liabilities are classified as financial liabilities at fair value through profit or loss, loans and borrowings, or as derivatives designated as hedging instruments in an effective hedge, as appropriate. The Group determines the classification of its financial liabilities at initial recognition. Financial liabilities are recognized initially at fair value and, in the case of loans and borrowings, include directly attributable transaction costs. As of December 31, 2014, the Group’s financial liabilities included short-term bank loans, trade payables, other payables, accrued expenses, and long-term borrowings. The Group has determined that all of those financial liabilities are categorized as financial liabilities measured at amortized cost.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
2.
SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
W
t.
,QVWUXPHQNHXDQJDQ ODQMXWDQ
Financial instruments (continued)
2.
/LDELOLWDVNHXDQJDQ ODQMXWDQ
Financial liabilities (continued)
3HQJXNXUDQVHWHODKSHQJDNXDQDZDO
Subsequent measurement
6HWHODK SHQJDNXDQ DZDO OLDELOLWDV NHXDQJDQ \DQJ GLXNXU GHQJDQ ELD\D GLDPRUWLVDVL VHODQMXWQ\D GLXNXU SDGD ELD\D SHUROHKDQ GLDPRUWLVDVL GHQJDQ PHQJJXQDNDQ PHWRGH VXNXEXQJDHIHNWLI
After initial recognition, loans and borrowings are subsequently measured at amortized cost using the effective interest rate method.
.HXQWXQJDQ DWDX NHUXJLDQ GLDNXL VHEDJDL ODED UXJL NHWLND OLDELOLWDV WHUVHEXW GLKHQWLNDQ SHQJDNXDQQ\D VHUWD PHODOXL SURVHV DPRUWLVDVL
Gains and losses are recognized in profit or loss when the liabilities are derecognized as well as through the amortization process.
3HQJKHQWLDQSHQJDNXDQOLDELOLWDVNHXDQJDQ
Derecognition of financial liability
/LDELOLWDVNHXDQJDQGLKHQWLNDQSHQJDNXDQQ\D NHWLND OLDELOLWDV WHUVHEXW GLOHSDVNDQ DWDX GLEDWDONDQDWDXNDGDOXZDUVD
A financial liability is derecognized when the obligation under the liability is discharged or cancelled or has expired.
.HWLND OLDELOLWDV NHXDQJDQ \DQJ DGD GLJDQWLNDQ GHQJDQ OLDELOLWDV NHXDQJDQ ODLQ GDUL SHPEHUL SLQMDPDQ \DQJ VDPD GHQJDQ NHWHQWXDQ \DQJ EHUEHGD VHFDUD VXEVWDQVLDO DWDX WHUGDSDW PRGLILNDVL VHFDUD VXEVWDQVLDO DWDV SHUV\DUDWDQ GDUL VXDWX OLDELOLWDV NHXDQJDQ \DQJ DGD PDND SHUWXNDUDQ DWDX PRGLILNDVL WHUVHEXW GLFDWDW VHEDJDL SHQJKDSXVDQ OLDELOLWDV NHXDQJDQ DZDO GDQ SHQJDNXDQ OLDELOLWDV NHXDQJDQ EDUX GDQ VHOLVLK DQWDUD QLODL WHUFDWDW PDVLQJPDVLQJ OLDELOLWDV NHXDQJDQ WHUVHEXW GLDNXL GDODP ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ
When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statement of comprehensive income.
3.
6DOLQJKDSXVGDULLQVWUXPHQNHXDQJDQ
Offsetting of financial instruments
$VHWNHXDQJDQGDQOLDELOLWDVNHXDQJDQVDOLQJ KDSXV GDQ QLODL QHWRQ\D GLVDMLNDQ GDODP ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ MLND GDQ KDQ\D MLND HQWLWDV VDDW LQL PHPLOLNL KDN \DQJ EHUNHNXDWDQ KXNXP XQWXN PHODNXNDQ VDOLQJKDSXVDWDVWRWDO\DQJWHODKGLDNXLGDQ WHUGDSDW PDNVXG XQWXN PHQ\HOHVDLNDQ VHFDUD QHWR DWDX XQWXN PHUHDOLVDVLNDQ DVHW GDQ PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHFDUD EHUVDPDDQ
28
Financial assets and financial liabilities are offset and the net amount reported in the consolidated statement of financial position if, and only if, there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, or to realize the assets and settle the liabilities simultaneously.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ W ,QVWUXPHQNHXDQJDQ ODQMXWDQ 1LODLZDMDULQVWUXPHQNHXDQJDQ 1LODL ZDMDU LQVWUXPHQ NHXDQJDQ \DQJ GLSHUGDJDQJNDQ GL SDVDU DNWLI GLWHQWXNDQ GHQJDQ PHQJDFX SDGD NXRWDVL KDUJD SHQDZDUDQ SDVDU ´bid prices´ \DQJ EHUODNX SDGD SHQXWXSDQ SDVDU SDGD DNKLU SHULRGH SHODSRUDQ 8QWXN LQVWUXPHQ NHXDQJDQ \DQJ WLGDN PHPLOLNL SDVDU DNWLI QLODL ZDMDU GLWHQWXNDQ GHQJDQ PHQJJXQDNDQ WHNQLN SHQLODLDQ 7HNQLN SHQLODLDQ WHUVHEXW PHOLSXWL SHQJJXQDDQ WUDQVDNVL SDVDU WHUNLQL \DQJ GLODNXNDQVHFDUDZDMDU ³arm’s-length market transactions´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fee \DQJ PHUXSDNDQ EDJLDQ WDN WHUSLVDKNDQ GDUL VXNX EXQJD HIHNWLI 3HQXUXQDQQLODLGDULDVHWNHXDQJDQ 3DGD VHWLDS DNKLU SHULRGH SHODSRUDQ .HORPSRN 8VDKD PHQJHYDOXDVL DSDNDK WHUGDSDW EXNWL \DQJ RE\HNWLI EDKZD DVHW NHXDQJDQ DWDX NHORPSRN DVHW NHXDQJDQ PHQJDODPLSHQXUXQDQQLODL
29
2. SUMMARY OF SIGNIFICANT POLICIES (continued) t.
ACCOUNTING
Financial instruments (continued) 4.
Fair value of financial instruments The fair value of financial instruments that are traded in active markets is determined by reference to quoted market bid prices at the close of business at the end of the reporting period. For financial instruments where there is no active market, fair value is determined by using valuation techniques. Such techniques may include using recent arm’s length market transaction, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis, or other valuation models.
Credit risk adjustment The Group adjusts the price in the more advantageous market to reflect any differences in counterparty credit risk between instruments traded in that market and the ones being valued for financial asset positions (if applicable). In determining the fair value of financial liability positions, the Group's own credit risk associated with the instrument is taken into account.
5.
Amortized cost of financial instruments Amortized cost is computed using the effective interest rate method less any allowance for impairment and principal repayment or reduction. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are an integral part of the effective interest rate.
6.
Impairment of financial assets The Group assesses at each financial reporting date whether there is any objective evidence that a financial asset or a group of financial assets is impaired.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
,.+7,6$5 .(%,-$.$1 $.817$16, 6,*1,),.$1 ODQMXWDQ
2. SUMMARY OF SIGNIFICANT POLICIES (continued)
ACCOUNTING
W
t.
,QVWUXPHQNHXDQJDQ ODQMXWDQ
Financial instruments (continued) 6.
3HQXUXQDQ QLODL GDUL DVHW NHXDQJDQ ODQMXWDQ
Impairment of financial assets (continued)
$VHW NHXDQJDQ GLFDWDW VHEHVDU ELD\D SHUROHKDQ\DQJGLDPRUWLVDVL
Financial assets carried at amortized cost
8QWXN SLQMDPDQ \DQJ GLEHULNDQ GDQ SLXWDQJ \DQJ GLFDWDW SDGD ELD\D SHUROHKDQ GLDPRUWLVDVL .HORPSRN 8VDKD WHUOHELK GDKXOX PHQHQWXNDQ EDKZD WHUGDSDW EXNWL RE\HNWLI PHQJHQDL SHQXUXQDQ QLODL VHFDUD LQGLYLGXDODWDVDVHWNHXDQJDQ\DQJVLJQLILNDQ VHFDUD LQGLYLGXDO DWDX VHFDUD NROHNWLI XQWXN DVHW NHXDQJDQ \DQJ WLGDN VLJQLILNDQ VHFDUD LQGLYLGXDO
For loans and receivables carried at amortized cost, the Group first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant.
-LND .HORPSRN 8VDKD PHQHQWXNDQ WLGDN WHUGDSDW EXNWL RE\HNWLI PHQJHQDL SHQXUXQDQ QLODL DWDV DVHW NHXDQJDQ \DQJ GLQLODL VHFDUD LQGLYLGXDO WHUOHSDV DVHW NHXDQJDQ WHUVHEXW VLJQLILNDQ DWDX WLGDN PDND DVHW WHUVHEXW GLPDVXNNDQ NH GDODP NHORPSRN DVHW NHXDQJDQ \DQJ PHPLOLNL NDUDNWHULVWLN ULVLNR NUHGLW \DQJ VHMHQLV GDQ PHQLODL SHQXUXQDQ QLODL NHORPSRN WHUVHEXW VHFDUD NROHNWLI $VHW \DQJ SHQXUXQDQ QLODLQ\D GLQLODL VHFDUD LQGLYLGXDO GDQ XQWXN LWX NHUXJLDQ SHQXUXQDQ QLODL GLDNXL DWDX WHWDS GLDNXL WLGDN WHUPDVXN GDODP SHQLODLDQ SHQXUXQDQ QLODL VHFDUD NROHNWLI
If the Group determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, the asset is included in a group of financial assets with similar credit risk characteristics, and the group is collectively assessed for impairment. Assets that are individually assessed for impairment and for which an impairment loss is, or continues to be, recognized are not included in a collective assessment of impairment.
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
If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the asset’s carrying amount and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.
30
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
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
31
2. SUMMARY OF SIGNIFICANT POLICIES (continued) t.
ACCOUNTING
Financial instruments (continued) 6.
Impairment of financial assets (continued) Financial assets carried at amortized cost (continued) The carrying amount of the financial asset is reduced through the use of an allowance for impairment account and the amount of the loss is recognized in profit or loss. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the financial asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance for impairment account. The reversal shall not result in the carrying amount of the financial asset to exceed what the amortized cost would have been had the impairment not been recognized at the date the impairment is reversed. The recovery is recognized in the consolidated statement of comprehensive income.
3.
MANAGEMENT’S USE OF ESTIMATES AND ASSUMPTIONS
JUDGMENTS,
The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amounts of the assets or liabilities affected in future years.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ D 3HUWLPEDQJDQ 'DODP SURVHV SHQHUDSDQ NHELMDNDQ DNXQWDQVL .HORPSRN 8VDKD PDQDMHPHQ WHODK PHPEXDW SHUWLPEDQJDQSHUWLPEDQJDQ EHULNXW LQL \DQJ WHUSLVDKGDULHVWLPDVLGDQDVXPVL\DQJPHPLOLNL SHQJDUXKSDOLQJVLJQLILNDQWHUKDGDSMXPODK\DQJ GLFDWDWGDODPODSRUDQNHXDQJDQNRQVROLGDVLDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued) a.
Judgments In the process of applying the Group’s accounting policies, management has made the following judgments, apart from those including estimations and assumption, which have the most significant effect on the amounts recognized in the consolidated financial statements.
3HQHQWXDQPDWDXDQJIXQJVLRQDO
Determination of functional currency
0DWD XDQJ IXQJVLRQDO GDUL PDVLQJPDVLQJ HQWLWDV GDODP .HORPSRN 8VDKD DGDODK PDWD XDQJ GDUL OLQJNXQJDQ HNRQRPL SULPHU GLPDQD HQWLWDV EHURSHUDVL 0DWD XDQJ WHUVHEXW DGDODK PDWDXDQJ\DQJPHPSHQJDUXKLSHQGDSDWDQGDQ EHEDQGDULMDVD\DQJGLEHULNDQ
The functional currency of each of the entities under the Group is the currency of the primary economic environment in which each entity operates. It is the currency that mainly influences the revenue and cost of rendering services.
.ODVLILNDVLDVHWGDQOLDELOLWDVNHXDQJDQ
Classification of financial assets and liabilities
.HORPSRN 8VDKD PHQHWDSNDQ NODVLILNDVL DWDV DVHW GDQ OLDELOLWDV WHUWHQWX VHEDJDL DVHW NHXDQJDQ GDQ OLDELOLWDV NHXDQJDQ GHQJDQ SHUWLPEDQJDQELODGHILQLVL\DQJGLWHWDSNDQ36$. 1R 5HYLVL WHUSHQXKL 'HQJDQ GHPLNLDQDVHWNHXDQJDQGDQOLDELOLWDVNHXDQJDQ GLDNXL VHVXDL GHQJDQ NHELMDNDQ DNXQWDQVL .HORPSRN 8VDKD VHSHUWL GLXQJNDSNDQ GDODP &DWDWDQW
The Group determines the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 55 (Revised 2011). Accordingly, the financial assets and financial liabilities are accounted for in accordance with the Group’s accounting policies disclosed in Note 2t.
&DGDQJDQDWDVSHQXUXQDQQLODLSLXWDQJ
Allowance for impairment of receivables
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
If there is objective evidence that an impairment loss has been incurred on trade accounts receivable, the Group recognizes an allowance for impairment related to the trade accounts receivable that are specifically identified as doubtful for collection. In addition to specific allowance against individually significant accounts receivable, the Group also recognizes a collective impairment allowance against credit exposure of its debtors which are grouped based on common credit characteristics, and although not specifically identified as requiring a specific allowance, have a greater risk of default than when the accounts receivable were originally granted to the debtors.
32
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
b.
E (VWLPDVLGDQ$VXPVL
Estimates and Assumptions
$VXPVL NXQFL PHQJHQDL PDVD GHSDQ GDQ VXPEHU NXQFL ODLQQ\D XQWXN HVWLPDVL NHWLGDNSDVWLDQ SDGD DNKLU SHULRGH SHODSRUDQ \DQJ PHPLOLNL ULVLNR VLJQLILNDQ \DQJ PHQ\HEDENDQ SHQ\HVXDLDQ PDWHULDO WHUKDGDS QLODL WHUFDWDW DVHW GDQ OLDELOLWDV GDODP SHULRGH SHODSRUDQEHULNXWQ\DGLMDEDUNDQVHEDJDLEHULNXW
The key assumptions concerning the future and other key sources of estimation uncertainty at the end of the reporting period that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial period are discussed below:
3HQHQWXDQ QLODL ZDMDU GDUL DVHW GDQ OLDELOLWDV NHXDQJDQ
Determination of fair value of financial assets and liabilities
.HWLND QLODL ZDMDU GDUL DVHW NHXDQJDQ GDQ OLDELOLWDV NHXDQJDQ GLFDWDW GDODP ODSRUDQ SRVLVL NHXDQJDQNRQVROLGDVLDQWLGDNGDSDWGLDPELOGDUL SDVDU\DQJDNWLIPDNDQLODLZDMDUQ\DGLWHQWXNDQ GHQJDQPHQJJXQDNDQWHNQLNSHQLODLDQWHUPDVXN PRGHO discounted cash flow 0DVXNDQ XQWXN PRGHO WHUVHEXW GDSDW GLDPELO GDUL SDVDU \DQJ GDSDW GLREVHUYDVL WHWDSL DSDELOD KDO LQL WLGDN GLPXQJNLQNDQ VHEXDK WLQJNDW SHUWLPEDQJDQ GLV\DUDWNDQGDODPPHQHWDSNDQQLODLZDMDU
When the fair value of financial assets and financial liabilities recorded in the consolidated statement of financial position cannot be derived from active markets, their fair value is determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair value.
3HUWLPEDQJDQ WHUVHEXW PHQFDNXS SHQJJXQDDQ PDVXNDQVHSHUWLULVLNROLNXLGLWDVULVLNRNUHGLWGDQ YRODWLOLWDV 3HUXEDKDQ GDODP DVXPVL PHQJHQDL IDNWRUIDNWRU WHUVHEXW GDSDW PHPSHQJDUXKL QLODL ZDMDUGDULLQVWUXPHQNHXDQJDQ\DQJGLODSRUNDQ
The judgment includes consideration of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.
(VWLPDVL FDGDQJDQ XQWXN SHQXUXQDQ QLODL DWDV SHUVHGLDDQ
Allowance for inventory losses
&DGDQJDQ SHQXUXQDQ QLODL SHUVHGLDDQ GLHVWLPDVL EHUGDVDUNDQ IDNWD GDQ VLWXDVL \DQJ WHUVHGLD WHUPDVXN QDPXQ WLGDN WHUEDWDV SDGD NRQGLVL ILVLN SHUVHGLDDQ \DQJ GLPLOLNL KDUJD MXDO SDVDUHVWLPDVLELD\DSHQ\HOHVDLDQGDQHVWLPDVL ELD\D\DQJGLSHUOXNDQXQWXNPHQMXDOSHUVHGLDDQ WHUVHEXW &DGDQJDQ GLHYDOXDVL NHPEDOL GDQ GLVHVXDLNDQ MLND WHUGDSDW WDPEDKDQ LQIRUPDVL \DQJ PHPSHQJDUXKL MXPODK \DQJ GLHVWLPDVL 3HQMHODVDQ OHELK ODQMXW GLXQJNDSNDQ GDODP &DWDWDQIGDQ
Allowance for inventory losses is estimated based on available facts and circumstances, including but not limited to, the inventories’ own physical conditions, their market selling prices, estimated costs of completion and estimated costs to be incurred to sell them. The allowance is re-evaluated and adjusted as additional information received affects the amount estimated. Further details are disclosed in Notes 2f and 9.
33
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
b.
E (VWLPDVLGDQ$VXPVL ODQMXWDQ
Estimates and Assumptions (continued)
(VWLPDVLFDGDQJDQSHQXUXQDQQLODLDWDVSLXWDQJ
Estimating receivables
allowance
for
impairment
of
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
The level of a specific allowance is evaluated by management on the basis of factors that affect the collectibility of the accounts. Management uses judgment based on the best available facts and circumstances, including but not limited to, the length of the Group’s relationship with the customers and the customers’ credit status based on third-party credit reports and known market factors, to record specific allowance for customers against amounts due in order to reduce the Group’s accounts receivable to amounts that it expects to collect. This specific allowance is re-evaluated and adjusted as additional information received affects the amounts estimated.
&DGDQJDQ VHFDUD NROHNWLI GLKLWXQJ EHUGDVDUNDQ SHQJDODPDQ NHUXJLDQ KLVWRULV GHQJDQ PHQJJXQDNDQ IDNWRU \DQJ EHUYDULDVL VHSHUWL NLQHUMD KLVWRULV GDUL GHELWXU GDODP JUXS NROHNWLI GDQSHUWLPEDQJDQDWDVSHQXUXQDQNLQHUMDSDVDU GL PDQD GHELWXU EHURSHUDVL GDQ NHOHPDKDQ VWUXNWXUDO \DQJ GLLGHQWLILNDVL DWDX SHQXUXQDQ NLQHUMDDUXVNDVGDULGHELWXU
Any collective allowance recognized is based on historical loss experience using various factors such as historical performance of the debtors within the collective group and judgments on the effect of deterioration in the markets in which the debtors operate and identified structural weaknesses or deterioration in the cash flows of debtors.
(VWLPDVLPDVDPDQIDDWDVHWWHWDS
Estimating useful lives of fixed assets
.HORPSRN 8VDKD PHQJHVWLPDVL PDVD PDQIDDW GDUL DVHW WHWDS EHUGDVDUNDQ XWLOLVDVL GDUL DVHW \DQJ GLKDUDSNDQ GDSDW GLGXNXQJ GHQJDQ UHQFDQD GDQ VWUDWHJL XVDKD \DQJ MXJD PHPSHUWLPEDQJNDQ SHUNHPEDQJDQ WHNQRORJL GL PDVD GHSDQ GDQ SHULODNX SDVDU (VWLPDVL GDUL PDVD PDQIDDW DVHW WHWDS DGDODK EHUGDVDUNDQ SHQHODDKDQ .HORPSRN 8VDKD VHFDUD NROHNWLI WHUKDGDS SUDNWHN LQGXVWUL HYDOXDVL WHNQLV LQWHUQDO GDQ SHQJDODPDQ XQWXN DVHW \DQJ VHWDUD
The Group estimates the useful lives of its fixed assets based on expected asset utilization as anchored on business plans and strategies that also consider expected future technological developments and market behavior. The estimation of the useful lives of property and equipment is based on the Group’s collective assessment of industry practice, internal technical evaluation and experience with similar assets.
34
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
b.
E (VWLPDVLGDQ$VXPVL ODQMXWDQ
Estimates and Assumptions (continued)
(VWLPDVLPDVDPDQIDDWDVHWWHWDS ODQMXWDQ
Estimating useful (continued)
lives
of
fixed
assets
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
The estimated useful lives are reviewed at least each financial year end and are updated if expectations differ from previous estimates due to physical wear and tear, technical or commercial obsolescence and legal or other limitations on the use of the fixed assets. It is possible, however, that future results of operations could be materially affected by changes in the estimates brought about by changes in the factors mentioned above. The amounts and timing of recorded expenses for any year will be affected by changes in these factors and circumstances. A reduction in the estimated useful lives of the Group’s fixed assets will increase the recorded operating expenses and decrease non-current assets.
5HDOLVDVLGDULDVHWSDMDNWDQJJXKDQ
Realizability of deferred tax assets
.HORPSRN 8VDKD PHODNXNDQ SHQHODDKDQ DWDV QLODL WHUFDWDW DVHW SDMDN WDQJJXKDQ SDGD VHWLDS DNKLU SHULRGH SHODSRUDQ GDQ PHQJXUDQJL QLODL WHUVHEXW VDPSDL VHEHVDU NHPXQJNLQDQ DVHW WHUVHEXW WLGDN GDSDW GLUHDOLVDVLNDQ GLPDQD SHQJKDVLODQ NHQD SDMDN \DQJ WHUVHGLD PHPXQJNLQNDQ XQWXN SHQJJXQDDQ VHOXUXK DWDX VHEDJLDQ GDUL DVHW SDMDN WDQJJXKDQ WHUVHEXW 3HQHODDKDQ .HORPSRN 8VDKD DWDV SHQJDNXDQ DVHWSDMDNWDQJJXKDQXQWXNSHUEHGDDQWHPSRUHU \DQJGDSDWGLNXUDQJNDQGLGDVDUNDQDWDVWLQJNDW GDQ ZDNWX GDUL SHQJKDVLODQ NHQD SDMDN \DQJ GLHVWLPDVLXQWXNSHULRGHSHODSRUDQEHULNXWQ\D
The Group reviews the carrying amounts of deferred tax assets at the end of each reporting period and reduces these to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax assets to be utilized. The Group’s assessment on the recognition of deferred tax assets on deductible temporary differences is based on the level and timing of forecasted taxable income of the subsequent reporting periods.
(VWLPDVL LQL EHUGDVDUNDQ KDVLO SHQFDSDLDQ .HORPSRN8VDKDGLPDVDODOXGDQHNVSHNWDVLGL PDVD GHSDQ WHUKDGDS SHQGDSDWDQ GDQ EHEDQ VHEDJDLPDQDMXJDGHQJDQVWUDWHJLSHUHQFDQDDQ SHUSDMDNDQGLPDVDGHSDQ7HWDSLWLGDNWHUGDSDW NHSDVWLDQ EDKZD .HORPSRN 8VDKD GDSDW PHQJKDVLONDQ SHQJKDVLODQ NHQD SDMDN \DQJ FXNXS XQWXN PHPXQJNLQNDQ SHQJJXQDDQ VHEDJLDQ DWDX VHOXUXK EDJLDQ GDUL DVHW SDMDN WDQJJXKDQWHUVHEXW
The Group’s assessment on the recognition of deferred tax assets on deductible temporary differences is based on the level and timing of forecasted taxable income of the subsequent reporting periods. This forecast is based on the Group’s past results and future expectations on revenues and expenses as well as future tax planning strategies. However, there is no assurance that the Group will generate sufficient taxable income to allow all or part of the deferred tax assets to be utilized.
35
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
b.
E (VWLPDVLGDQ$VXPVL ODQMXWDQ
Estimates and Assumptions (continued)
3HQXUXQDQQLODLDVHWQRQNHXDQJDQ
Impairment of non-financial assets
3HQXUXQDQQLODLWHUMDGLNHWLNDQLODLWHUFDWDWVXDWX DVHW DWDX XQLW SHQJKDVLO NDV PHOHELKL QLODL WHUSXOLKNDQ\DLWXMXPODK\DQJOHELKWLQJJLDQWDUD QLODLZDMDUVHWHODKGLNXUDQJLELD\DXQWXNPHQMXDO GDQQLODLSDNDLQ\D1LODLZDMDUVHWHODKGLNXUDQJL ELD\D XQWXN PHQMXDO GLKLWXQJ EHUGDVDUNDQ GDWD \DQJ WHUVHGLD GDUL WUDQVDNVL SHQMXDODQ \DQJ PHQJLNDW GDQ GLODNXNDQ VHFDUD arm’s length DWDV DVHW VHMHQLV DWDX KDUJD SDVDU \DQJ GDSDW GLREVHUYDVL GLNXUDQJL WDPEDKDQ ELD\D XQWXN PHOHSDVNDQDVHWWHUVHEXW
An impairment exists when the carrying value of an asset or its cash-generating unit exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions in arm’s length transactions of similar assets or observable market prices less incremental costs for disposing of the asset. The value-in-use calculation is based on a discounted cash flow model.
3HUKLWXQJDQ QLODL SDNDL GLGDVDUNDQ SDGD PRGHO DUXVNDV\DQJGLGLVNRQWRNDQ'DODPPRGHODUXV NDV \DQJ GLGLVNRQWRNDQ QLODL \DQJ WHUSXOLKNDQ VDQJDW VHQVLWLI WHUKDGDS WDULI GLVNRQWR \DQJ GLJXQDNDQ WHUPDVXN MXJD DUXV NDV PDVXN GL PDVD \DQJ DNDQ GDWDQJ GDQ WDULI SHUWXPEXKDQ \DQJ GLJXQDNDQ XQWXN WXMXDQ HNVWUDSRODVL 0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN GLSHUOXNDQ SHQFDWDWDQ NHUXJLDQ SHQXUXQDQ QLODL SDGDWDQJJDO'HVHPEHU
The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. Management believes that no impairment loss is required as of December 31, 2014.
,PEDODQNHUMD
Employee benefits
%HEDQ GDUL SURJUDP SHQVLXQ PDQIDDW SDVWL GDQ QLODL NLQL GDUL NHZDMLEDQ SHQVLXQ GLWHQWXNDQ GHQJDQ PHQJJXQDNDQ PHWRGH SHQLODLDQ DNWXDULV 3HQLODLDQ DNWXDULV WHUPDVXN PHPEXDW YDULDVL DVXPVL \DQJ GDSDW EHUEHGD GDUL SHQJHPEDQJDQ DNWXDO GL PDVD PHQGDWDQJ +DO LQL PHOLSXWL SHQHQWXDQ WLQJNDW GLVNRQWR WLQJNDW NHQDLNDQ NRPSHQVDVL GDQ WLQJNDW NHPDWLDQ 'LNDUHQDNDQ NRPSOHNVLWDV GDUL SHQLODLDQ GDQ NDUDNWHULVWLN MDQJND SDQMDQJQ\D NHZDMLEDQ PDQIDDW SDVWL VDQJDW VHQVLWLI WHUKDGDS SHUXEDKDQ DVXPVL WHUVHEXW 6HPXD DVXPVL GLWHODDKSDGDVHWLDSWDQJJDOSHODSRUDQ
The cost of the defined benefit pension plan and the present value of the pension obligation are determined using actuarial valuations. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, salary growth rate and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.
36
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
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
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued) b.
Estimates and Assumptions (continued) Employee benefits (continued) The parameter most subject to change is the discount rate. In determining the appropriate discount rate, management considers the market yields (at the end of the reporting period) on government bonds, extrapolated as needed along the yield curve to correspond with the expected term of the defined benefit obligation. The currency and term of the government bonds are consistent with the currency and estimated term of the post-employment benefit obligations.
The mortality rate is based on Indonesian Mortality Table (TMI) 2011. The mortality table tends to change only at intervals in response to demographic changes. Salary growth rate is based on expected future inflation, productivity and normal progress of employees within a given group and promotions.
While the Group believes that its assumptions are reasonable and appropriate, significant differences in the Group’s actual experience or significant changes in its assumptions may materially affect the costs of and obligations for pension and other long-term employee benefits. All assumptions are reviewed at each reporting date. Further details are disclosed in Notes 2k and 20.
37
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3.
3(1**81$$1 3(57,0%$1*$1 (67,0$6, '$1 $6806,2/(+0$1$-(0(1 ODQMXWDQ
MANAGEMENT’S USE OF JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)
b.
E (VWLPDVLGDQ$VXPVL ODQMXWDQ
Estimates and Assumptions (continued)
.HWLGDNSDVWLDQOLDELOLWDVSHUSDMDNDQ
Uncertain tax exposure
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³3URYLVL /LDELOLWDV .RQWLQMHQVL GDQ $VHW .RQWLQMHQVL´.HORPSRN8VDKDPHPEXDWDQDOLVD XQWXN VHPXD SRVLVL SDMDN WHUNDLW GHQJDQ SDMDN SHQJKDVLODQ XQWXN PHQHQWXNDQ MLND OLDELOLWDV SDMDN XQWXN EHEDQ \DQJ EHOXP GLDNXL KDUXV GLDNXL
In certain circumstances, the Group may not be able to determine the exact amount of its current or future tax liabilities due to ongoing objections and investigations by the taxation authority. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. In determining the amount to be recognized in respect of an uncertain tax liability, the Group applies similar considerations as it would use in determining the amount of a provision to be recognized in accordance with PSAK No. 57 (Revised 2009), “Provisions, Contingent Liabilities and Contingent Assets”. The Group makes an analysis of all tax positions related to income taxes to determine if a tax liability for unrecognized tax expense should be recognized.
3DGD WDKXQ 3HUXVDKDDQ PHQMDGL VXE\HN SHPHULNVDDQSDMDNXQWXNWDKXQSDMDN
In 2014, the Company is subject to tax audit for fiscal year 2013.
4.
.$6'$16(7$5$.$6
CASH AND CASH EQUIVALENTS
.DVGDQVHWDUDNDVWHUGLULGDUL
Cash and cash equivalents consist of the following:
.DV 'RODU$PHULND6HULNDW 5XSLDK 'RODU+RQJ.RQJ 0DWDXDQJDVLQJODLQQ\D
'HVHPEHUDecember 31,
7RWDONDV
.DVGLEDQN 5HNHQLQJUXSLDK 37%DQN0DQGLUL 3HUVHUR 7EN 37%DQN&HQWUDO$VLD7EN 37%DQN3HUPDWD7EN 37%DQN2&%&1,637EN 37%DQN0HJD7EN 37%DQN&,0%1LDJD6\DULDK 37%DQN&,0%1LDJD7EN 37%DQN&7%&,QGRQHVLD 37%DQN$1=,QGRQHVLD 6WDQGDUG&KDUWHUHG%DQN
38
Cash on hand U.S. dollar Rupiah Hong Kong dollar Otherforeign currencies
Total cash on hand Cash in banks Rupiah accounts: PT Bank Mandiri (Persero) Tbk PT Bank Central Asia Tbk PT Bank Permata Tbk PT Bank OCBC NISP Tbk PT Bank Mega Tbk PT Bank CIMB Niaga Syariah PT Bank CIMB Niaga Tbk PT Bank CTBC Indonesia PT Bank ANZ Indonesia Standard Chartered Bank
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
4.
.$6'$16(7$5$.$6 ODQMXWDQ
CASH AND CASH EQUIVALENTS (continued)
.DVGLEDQN ODQMXWDQ 5HNHQLQJGRODU$PHULND6HULNDW $6 SDGDWDKXQGDQ $6 SDGDWDKXQ 37%DQN0HJD7EN 37%DQN$1=,QGRQHVLD 6WDQGDUG&KDUWHUHG%DQN 37%DQN&,0%1LDJD7EN 37%DQN&7%&,QGRQHVLD 37%DQN2&%&1,637EN 8QLWHG2YHUVHDV%DQN/WG %DQNRI&KLQD +. /WG 37%DQN0DQGLUL 3HUVHUR 7EN
5HNHQLQJHXUR(URSD (85SDGDWDKXQGDQ (85 SDGDWDKXQ 6WDQGDUG&KDUWHUHG%DQN 37%DQN0HJD7EN 37%DQN&,0%1LDJD7EN
5HNHQLQJGRODU+RQJ.RQJ +.SDGDWDKXQGDQ +. SDGDWDKXQ %DQNRI&KLQD +. /WG
'HVHPEHUDecember 31,
Cash in banks (continued) U.S. dollar accounts (US$1,563,996 in 2014 and US$2,790,845 in 2013): PT Bank Mega Tbk PT Bank ANZ Indonesia Standard Chartered Bank PT Bank CIMB Niaga Tbk PT Bank CTBC Indonesia PT Bank OCBC NISP Tbk United Overseas Bank Ltd. Bank of China (H.K.) Ltd. PT Bank Mandiri (Persero) Tbk
European euro accounts (EUR60,406 in 2014 and EUR310,098 in 2013): Standard Chartered Bank PT Bank Mega Tbk PT Bank CIMB Niaga Tbk
7RWDONDVGLEDQN
Hong Kong dollar accounts (HK$82,233 in 2014 and HK$340,359 in 2013): Bank of China (H.K.) Ltd. Total cash in banks
'HSRVLWREHUMDQJND 'HSRVLWRUXSLDK 37%DQN0HJD7EN 37%DQN&,0%1LDJD7EN
'HSRVLWRGRODU$PHULND6HULNDW 37%DQN2&%&1,637EN 7RWDOGHSRVLWREHUMDQJND
7RWDONDVGDQVHWDUDNDV
.LVDUDQWLQJNDWEXQJDSHUWDKXQXQWXN GHSRVLWREHUMDQJND 5XSLDK 'RODU$PHULND6HULNDW
Time deposits Rupiah deposits: PT Bank Mega Tbk PT Bank CIMB Niaga Tbk
6HOXUXK UHNHQLQJ EDQN GDQ GHSRVLWR EHUMDQJND WHUVHEXWGLWHPSDWNDQSDGDEDQNSLKDNNHWLJD
U.S. dollar deposit: PT Bank OCBC NISP Tbk Total time deposits Total cash and cash equivalents Ranges ofannual interest rates of time deposits: Rupiah U.S. dollar
All cash in banks and time deposits are placed in third-party banks.
39
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
5.
'$1$<$1*',%$7$6,3(1**81$$11<$
RESTRICTED FUNDS
'DQD\DQJGLEDWDVLSHQJJXQDDQQ\DWHUGLULGDUL
Restricted funds consist of the following:
.DVGLEDQNGRODU$PHULND6HULNDW 37%DQN&,0%1LDJD7EN 37%DQN0HJD7EN 6WDQGDUG&KDUWHUHG%DQN 37%DQN&7%&,QGRQHVLD 37%DQN$1=,QGRQHVLD
7RWDO
'HVHPEHUDecember 31,
Cash in banks - U.S. dollar PT Bank CIMB Niaga Tbk PT Bank Mega Tbk Standard Chartered Bank PT Bank CTBC Indonesia PT Bank ANZ Indonesia
Total
.DV GL EDQN \DQJ GLWHPSDWNDQ SDGD 37%DQN &,0% 1LDJD 7EN 37 %DQN 0HJD 7EN 6WDQGDUG &KDUWHUHG %DQN 37 %DQN &7%& ,QGRQHVLD GDQ 37 %DQN $1= ,QGRQHVLD SLKDN NHWLJD GLEDWDVL SHQJJXQDDQQ\D VHKXEXQJDQ GHQJDQ SLQMDPDQ MDQJND SHQGHN \DQJ GLSHUROHKGDULEDQN\DQJVDPD &DWDWDQ
The cash in bank accounts in PT Bank CIMB Niaga Tbk, PT Bank Mega Tbk, Standard Chartered Bank, PT Bank CTBC Indonesia and PT Bank ANZ Indonesia, third parties, are restricted in relation to short-term borrowings obtained from the same banks (Note 15).
.LVDUDQ WLQJNDW EXQJD SHU WDKXQ XQWXN GDQD \DQJ GLEDWDVL SHQJJXQDDQQ\D DGDODK GLDQWDUD GDQ
Ranges of annual interest rates of restricted funds are between 0.1% and 1.0%.
,19(67$6,-$1*.$3(1'(. 5LQFLDQDNXQLQLDGDODKVHEDJDLEHULNXW
6.
SHORT-TERM INVESTMENTS The details of this account are as follows:
1LODL$VHW%HUVLK
3,87$1*86$+$ 3LXWDQJXVDKDSLKDNEHUHODVL &DWDWDQ
Net Asset Value
&DGDQJDQSHQXUXQDQQLODL
1HWR
TRADE RECEIVABLES Trade receivables - related parties (Note 32)
7.
Third parties Schroder 90 Plus Equity Fund BNP Paribas Ekuitas
Name of Mutual Fund
Increase (decrease) in net asset value
3HODQJJDQORNDO 3HODQJJDQHNVSRU
'HVHPEHUDecember 31,
3LKDNNHWLJD 6FKURGHU 3OXV(TXLW\)XQG %133DULEDV(NXLWDV .HQDLNDQ SHQXUXQDQ QLODLDVHWQHWR
-HQLV5HNVDGDQD
'HVHPEHUDecember 31,
40
Local customer Export customer
Allowance for impairment
Net
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
7.
3,87$1*86$+$ ODQMXWDQ 5LQFLDQXPXUSLXWDQJXVDKDSLKDNEHUHODVL
Aging analysis of trade receivables - related parties:
/DQFDUGDQWLGDNPHQJDODPL SHQXUXQDQQLODL 7HODKMDWXKWHPSRGDQPHQJDODPL SHQXUXQDQQLODL
7RWDO
'HVHPEHUDecember 31,
TRADE RECEIVABLES (continued)
Neither past due nor impaired Past due and impaired
Total
0XWDVL FDGDQJDQ SHQXUXQDQ QLODL SLXWDQJ XVDKD SLKDNEHUHODVL
6DOGRDNKLUWDKXQ
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
6DOGRDZDOWDKXQ 3HPXOLKDQFDGDQJDQSHQXUXQDQQLODL
Movements in the allowance for impairment of trade receivables - related parties:
Balance at beginning of year Reversal of allowance for impairment
Balance at end of year
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL DGDODK FXNXS XQWXN PHQXWXS NHPXQJNLQDQ NHUXJLDQ DWDVWLGDNWHUWDJLKQ\DSLXWDQJXVDKDWHUVHEXW
Management believes that the allowance for impairment of trade receivables - related parties is sufficient to cover possible losses arising from uncollectible trade receivables.
5LQFLDQ SLXWDQJ XVDKD SLKDN EHUHODVL EHUGDVDUNDQ MHQLVPDWDXDQJ
Details of trade receivables - related parties based on currency:
'HVHPEHUDecember 31,
3LXWDQJXVDKDSLKDNEHUHODVL 5XSLDK 'RODU$PHULND6HULNDW (XUR(URSD
7RWDO
Trade receivables - related parties: Rupiah U.S. dollar European euro
Total
3LXWDQJXVDKDSLKDNNHWLJD
Trade receivables - third parties
'HVHPEHUDecember 31,
3HODQJJDQORNDO 3HODQJJDQHNVSRU
7RWDO
41
Local customers Export customers Total
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
7. TRADE RECEIVABLES (continued) 3,87$1*86$+$ ODQMXWDQ 5LQFLDQXPXUSLXWDQJXVDKDSLKDNNHWLJD Aging analysis of trade receivables - third parties: 'HVHPEHUDecember 31,
/DQFDUGDQWLGDNPHQJDODPL SHQXUXQDQQLODL 7HODKMDWXKWHPSRGDQWLGDNPHQJDODPL SHQXUXQDQQLODL KDUL KDUL KDUL ! KDUL
7RWDO
Neither past due nor impaired
Past due but not impaired: 0 - 30 days 31 - 60 days 61 - 90 days > 91 days
Total
0DQDMHPHQ EHUNH\DNLQDQ EDKZD VHOXUXK SLXWDQJ XVDKD SLKDN NHWLJD GDSDW GLWDJLK VHKLQJJD WLGDN GLSHUOXNDQ DGDQ\D FDGDQJDQ SHQXUXQDQ QLODL XQWXN DNXQLQL
Management believes that all of trade receivables third parties are collectible in full; therefore, there is no allowance for impairment for this account.
5LQFLDQ SLXWDQJ XVDKD SLKDN NHWLJD EHUGDVDUNDQ MHQLVPDWDXDQJ
Details of trade receivables - third parties based on currency:
3LXWDQJXVDKDSLKDNNHWLJD 'RODU$PHULND6HULNDW 5XSLDK 7RWDO
'HVHPEHUDecember 31,
Trade receivables - third parties: U.S. dollar Rupiah
Total
3LXWDQJXVDKDGLMDGLNDQMDPLQDQDWDVSLQMDPDQEDQN MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ &DWDWDQGDQ
Trade receivables are pledged as security for shortterm bank loans and long-term borrowings (Notes 15 and 19).
3,87$1*/$,1/$,1 $NXQLQLWHUXWDPDPHUXSDNDQSLXWDQJQRQXVDKDGDUL SLKDN NHWLJD 3DGD WDQJJDO 'HVHPEHU GDQ PDQDMHPHQ .HORPSRN 8VDKD EHUNH\DNLQDQ EDKZD VHOXUXK SLXWDQJ ODLQODLQ GDSDW WHUWDJLK VHKLQJJD WLGDN SHUOX GLODNXNDQ SHQ\LVLKDQ DWDV SLXWDQJODLQODLQWHUVHEXW
8.
OTHER RECEIVABLES This account mainly represents non-trade receivables from third parties. As of December 31, 2014 and 2013, the Group’s management believes that all other receivables are collectible and no allowance for impairment is necessary.
42
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
9.
3(56(',$$1
'HVHPEHUDecember 31,
%DKDQEDNX %DUDQJMDGL %DUDQJGDODPSURVHV Spare partGDQEDUDQJODLQQ\D
INVENTORIES
Raw materials Finished goods Work-in-process Spare parts and others
&DGDQJDQSHQXUXQDQQLODLSHUVHGLDDQ
Allowance for inventory losses
1HWR
Net
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ SHQXUXQDQ QLODL SHUVHGLDDQ DGDODK FXNXS XQWXN PHQXWXSNHPXQJNLQDQSHQXUXQDQQLODLSHUVHGLDDQ
Management believes that the allowance for inventory losses is sufficient to cover the possibility of decline in value of inventories.
3HUVHGLDDQ GLMDGLNDQ MDPLQDQ XQWXN SLQMDPDQ EDQN MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ &DWDWDQGDQ
Inventories are pledged as security for short-term bank loans and long-term borrowings (Notes 15 and 19).
3HUVHGLDDQ WHODK GLDVXUDQVLNDQ GHQJDQ QLODL SHUWDQJJXQJDQ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S SDGD WDQJJDO 'HVHPEHU GDQ $6 DWDX VHWDUD GHQJDQ 5S SDGD WDQJJDO 'HVHPEHU 0DQDMHPHQEHUNH\DNLQDQEDKZDQLODLSHUWDQJJXQJDQ DVXUDQVL WHUVHEXW WHODK PHPDGDL XQWXN PHQXWXS NHPXQJNLQDQNHUXJLDQ\DQJWLPEXOGDULSHUVHGLDDQ
Inventories were insured for a total coverage of US$22,500,000 or equivalent to Rp279,900,000 as of December 31, 2014, and US$27,000,000 or equivalent to Rp329,103,000 as of December 31, 2013. Management believes that the insurance coverage is adequate to cover possible losses on the inventories.
%,$<$',%$<$5',08.$ %LD\D GLED\DU GL PXND WHUXWDPD WHUGLUL GDUL ELD\D GLED\DU GL PXND DWDV DVXUDQVL VHZD GDQ ODLQQ\D NH EHUEDJDLSLKDNNHWLJD 8$1*08.$ 8DQJ PXND WHUXWDPD WHUGLUL GDUL XDQJ PXND XQWXN SHPEHOLDQ ORNDO GDQ LPSRU GDQ XDQJ PXND XQWXN NHSHUOXDQRSHUDVLRQDO.HORPSRN8VDKD
10. PREPAID EXPENSES Prepaid expenses consist mainly of insurance, rent and others to third parties.
prepaid
11. ADVANCE PAYMENTS Advance payments consist mainly of advances for local and import purchases, and advances related with the Group’s operations.
43
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION
3(53$-$.$1 D 3DMDNGLED\DUGLPXND
a.
3HUXVDKDDQ 3DMDNSHQJKDVLODQEDGDQ 3DMDN3HUWDPEDKDQ1LODL ³331´ PDVXNDQQHWR 7RWDO
'HVHPEHUDecember 31,
Prepaid taxes
Company: Corporate income tax: 2013 2012 2011 2010 Value Added Tax (“VAT”) - input - net
Total
b.
E (VWLPDVLWDJLKDQSDMDN
'HVHPEHUDecember 31,
3HUXVDKDDQ 3DMDNSHQJKDVLODQEDGDQ
7RWDO
Estimated claims for tax refund
Company: Corporate income tax: 2014 2013
Total
c.
F 8WDQJSDMDN
3HUXVDKDDQ 3DMDNSHQJKDVLODQ 3DVDO 3DVDO 3DVDO
7RWDO
'HVHPEHUDecember 31,
Taxes payable
Company: Income taxes (PPh) Article 4(2) Article 21 Articles 23/26
Total
G %HEDQSDMDNSHQJKDVLODQ
d.
%HEDQSDMDNSHQJKDVLODQ .LQL 3HQ\HVXDLDQ 7DQJJXKDQ
7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Income tax expense
44
Income tax expense Current Adjustment Deferred
Total
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION (continued)
3(53$-$.$1 ODQMXWDQ
e.
H 3DMDNNLQL 5HNRQVLOLDVL DQWDUD ODED VHEHOXP SDMDN SHQJKDVLODQ VHSHUWL \DQJ GLVDMLNDQ GDODP ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ GHQJDQ HVWLPDVL SHQJKDVLODQ NHQD SDMDN UXJL ILVNDO 3HUXVDKDDQDGDODKVHEDJDLEHULNXW
The reconciliation between profit before income tax, as shown in the consolidated statement of comprehensive income, and the Company’s estimated taxable income (tax loss) is as follows:
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
/DEDVHEHOXPSDMDN SHQJKDVLODQSHUODSRUDQODED UXJLNRPSUHKHQVLINRQVROLGDVLDQ
Current tax
Profit before income tax per consolidated statement of comprehensive income
5XJL(QWLWDV$QDN VHEHOXPSDMDNSHQJKDVLODQGDQ GDPSDNGDULHOLPLQDVL NRQVROLGDVLDQWDUSHUXVDKDDQ
Loss of Subsidiary before income tax and reversal of inter-company consolidation eliminations
Translation effect on financial statements
Company’s profit (loss) before income tax
(IHNWUDQVODVLDWDV ODSRUDQNHXDQJDQ /DED UXJL 3HUXVDKDDQVHEHOXP SDMDNSHQJKDVLODQ
'LWDPEDK GLNXUDQJL EHGDWHWDS
Add (deduct) permanent differences:
%HEDQ\DQJWLGDNGDSDW GLNXUDQJNDQ 3HQGDSDWDQEXQJD\DQJ GLNHQDNDQSDMDNILQDO 'LWDPEDK GLNXUDQJL EHGDWHPSRUHU
Non-deductible expenses Interest income subject to final tax
Add (deduct) temporary differences:
3HQ\LVLKDQFDGDQJDQSHQXUXQDQ QLODLSHUVHGLDDQQHWR 3HQ\LVLKDQEHEDQ LPEDODQNHUMDQHWR 3HQ\XVXWDQDVHWWHWDS %DJLDQODEDQHWR HQWLWDVDVRVLDVL 3HPXOLKDQFDGDQJDQSHQXUXQDQ QLODLSLXWDQJXVDKD
(VWLPDVLSHQJKDVLODQNHQD SDMDN UXJLILVNDO 3HUXVDKDDQ VHEHOXPSHQJJXQDDQUXJLILVNDO 5XJLILVNDO (VWLPDVLSHQJKDVLODQNHQD SDMDN UXJLILVNDO 3HUXVDKDDQ
45
Provision for inventory losses - net Provision for employee benefits expense - net Depreciation of fixed assets Share in net earnings of associated company Reversal of allowance for impairment of trade receivables Estimated taxable income (tax loss) of the Company before utilization of tax loss carry-over Tax loss carry-over Estimated taxable income (tax loss) of the Company
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION (continued)
3(53$-$.$1 ODQMXWDQ H 3DMDNNLQL ODQMXWDQ
e.
Current tax (continued)
3HUKLWXQJDQ EHEDQ SDMDN NLQL GDQ HVWLPDVL WDJLKDQ SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ DGDODKVHEDJDLEHULNXW
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
(VWLPDVLSHQJKDVLODQNHQDSDMDN UXJLILVNDO 3HUXVDKDDQ
The computations of the Company’s current tax expense and its estimated corporate income tax refundable are as follows:
%HEDQSDMDNNLQLGLKLWXQJGHQJDQ WDULISDMDN\DQJEHUODNX 3DMDNSHQJKDVLODQGLED\DUGLPXND 3DVDO 3DVDO 3DVDO
Estimated taxable income (tax loss) of the Company
Current tax expense - calculated at current tax rate (25%)
7RWDO
(VWLPDVLWDJLKDQ SDMDNSHQJKDVLODQ EDGDQ3HUXVDKDDQ
Prepayments of income taxes: Article 22 Articles 23/26 Article 25
Total Estimated corporate income tax refundable of the Company
3DGD WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ 3HUXVDKDDQ EHOXP PHQ\DPSDLNDQ 6XUDW 3HPEHULWDKXDQ 7DKXQDQ 637 DWDVSDMDNSHQJKDVLODQEDGDQWDKXQ NHSDGD .DQWRU 3DMDN 0DQDMHPHQ 3HUXVDKDDQ PHQ\DWDNDQ EDKZD 637 SDMDN SHQJKDVLODQ EDGDQ WDKXQ DNDQ GLODSRUNDQ VHVXDL GHQJDQSHUKLWXQJDQSDMDNGLDWDV
As of the date of the completion of the consolidated financial statements, the Company has not yet submitted its 2014 corporate income tax return to the Tax Office. The Company’s management has declared that the Company’s 2014 corporate income tax will be reported based on the computation above.
(VWLPDVL UXJL ILVNDO 3HUXVDKDDQ XQWXN WDKXQ VHEDJDLPDQD GLVHEXWNDQ GL DWDV VHVXDL GHQJDQMXPODK\DQJWHUFDQWXPGDODP637SDMDN SHQJKDVLODQ EDGDQ WDKXQ \DQJ GLODSRUNDQ NH.DQWRU3DMDN
The Company’s estimated tax loss for 2013, as stated above, conforms with the amount reported to the Tax Office in its 2013 corporate income tax return.
'DODP UDQJND UHVWLWXVL NHOHELKDQ SHPED\DUDQ SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ VHEHVDU5S'LUHNWRUDW-HQGHUDO 3DMDN WHODK PHQ\HOHVDLNDQ SHPHULNVDDQ GDQ PHQHUELWNDQ 6XUDW .HWHWDSDQ 3DMDN 1R WDQJJDO $SULO \DQJ PHQ\HWXMXL NHOHELKDQ SHPED\DUDQ SDMDN SHQJKDVLODQ EDGDQ 3HUXVDKDDQ WDKXQ 3DGD WDQJJDO 0HL 3HUXVDKDDQ WHODK PHQHULPD KDVLO UHVWLWXVL WDKXQ VHEHVDU 5S
Pursuant to the process of refund for the overpayment of the Company’s corporate income tax for 2010 amounting to Rp11,478,833, the Directorate General of Taxes completed its examination and issued tax assessment letter No. 00078/406/10/054/12 dated April 26, 2012, which approved the above claim for tax refund for 2010. The Company received the tax refund for 2010 of Rp10,043,211 on May 31, 2012.
46
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION (continued)
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
e.
Current tax (continued) A part of the difference amounting to Rp1,092,067 represents the amount not approved by the Directorate General of Taxes, on which the Company has submitted its appeal. On November 24, 2014, as a result of Tax Court Decision No.Put.55725/PP/M.XVA/15/2014 dated September 29, 2014, the Company received the tax refund. Pursuant to the process of refund for the overpayment of the Company’s corporate income tax for 2011 amounting to Rp24,852,781, the Directorate General of Taxes completed its examination and issued tax assessment letter No. 00054/406/11/054/13 dated April 10, 2013, which approved the above claim for tax refund for 2011. The Company received the tax refund for 2011 of Rp12,536,120 on May 7, 2013. On June 20, 2014, the Directorate General of Taxes issued Decision Letter No. Kep00040/WPJ.07/KP.0803/2014 concerning rectification over tax assessment letter on which the Company received an additional tax refund amounting to Rp1,057,292. A part of the difference amounting to Rp11,259,369 represents the amount not approved by the Directorate General of Taxes, on which the Company has submitted its objection. Pursuant to the process of refund for the overpayment of the Company’s corporate income tax for 2012 amounting to Rp19,872,098, the Directorate General of Taxes completed its examination and issued tax assessment letter No. 00068/406/12/054/14 dated April 25, 2014, which approved the above claim for tax refund for 2012 amounting to Rp11,927,267. The Company received the tax refunds for 2012 of Rp11,555,946 on June 5, 2014 (net after deducted with SKPKB amounting to Rp371,321). A part of the difference amounting to Rp6,810,651 represents the amount not approved by the Directorate General of Taxes, on which the Company has submitted its objection. The remaining difference of Rp1,134,180 on which the Company decided not to submit an appeal was recorded as current tax adjustment for prior fiscal year in 2014. IR-HK has not recognized current income tax since it had losses (commercial and fiscal) in 2014 and 2013.
47
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION (continued)
3(53$-$.$1 ODQMXWDQ I 3DMDNWDQJJXKDQ 3HUKLWXQJDQ EHEDQ SDMDN WDQJJXKDQ QHWR DGDODKVHEDJDLEHULNXW
1HWR
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Deferred tax The computation of the deferred income tax expense - net is as follows:
3HUXVDKDDQ 0DQIDDW EHEDQ SDMDNWDQJJXKDQ 3HUVHGLDDQ 8DQJPXND %LD\DGLED\DUGLPXND /LDELOLWDVLPEDODQNHUMD $VHWWHWDS %DJLDQODEDQHWRHQWLWDVDVRVLDVL 8DQJPXNDSHPEHOLDQDVHWWHWDS 5XJLILVNDO $VHWWDNEHUZXMXG 1LODLWHUFDWDWEHEDQGLWDQJJXKNDQ &DGDQJDQSHQXUXQDQ QLODLSLXWDQJXVDKD
f.
Company Income tax benefit (expense): Inventories Advance payments Prepaid expenses Employee benefits liability Fixed assets Share in net earnings of associated company Advance for purchase fixed assets Tax loss Intangible assets Carrying value of deferred charges Allowance for impairment of trade receivables
Net
5LQFLDQ OLDELOLWDV SDMDN WDQJJXKDQ QHWR DGDODK VHEDJDLEHULNXW
The details of net deferred tax liabilities are as follows:
3HUXVDKDDQ $VHWSDMDNWDQJJXKDQ ,QYHVWDVLSDGDHQWLWDVDVRVLDVL /LDELOLWDVLPEDODQNHUMD &DGDQJDQSHQXUXQDQ QLODLSLXWDQJXVDKD 5XJLILVNDO
/LDELOLWDVSDMDNWDQJJXKDQ $VHWWHWDS 3HUVHGLDDQ 8DQJPXNDSHPEHOLDQDVHWWHWDS 8DQJPXND %LD\DGLED\DUGLPXND $VHWWDNEHUZXMXG /LDELOLWDVSDMDNWDQJJXKDQQHWR
'HVHPEHUDecember 31,
48
Company Deferred tax assets Investment in associated company Employee benefits liability Allowance for impairment of trade receivables Tax loss
Deferred tax liabilities Fixed assets Inventories Advance for purchase fixed assets Advance payments Prepaid expenses Intangible assets
Deferred tax liabilities - net
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
12. TAXATION (continued)
3(53$-$.$1 ODQMXWDQ
I
f.
3DMDNWDQJJXKDQ ODQMXWDQ
Deferred tax (continued)
7RWDOSDMDNWDQJJXKDQ\DQJGLGHELWSDGD³6HOLVLK NXUVNDUHQDSHQMDEDUDQODSRUDQNHXDQJDQ´SDGD HNXLWDVDGDODKVHEHVDU5SSDGDWDKXQ GDQ5S SDGDWDKXQ
Total deferred tax debited to “Exchange rate differences from financial statements translation” under equity amounted to Rp3,073,321 in 2014 and Rp25,009,035 in 2013.
3HUXVDKDDQ PHQJDNXL DVHW SDMDN WDQJJXKDQ KDQ\D DWDV SHUEHGDDQ WHPSRUHU \DQJ GDSDW WHUSXOLKNDQ GL PDVD GHSDQ 3HQJJXQDDQ DVHW SDMDN WDQJJXKDQ GLDNXL ROHK 3HUXVDKDDQ WHUJDQWXQJ DWDV ODED NHQD SDMDN GL PDVD PHQGDWDQJ\DQJPHOHELKLODED\DQJWLPEXODWDV SHPXOLKDQSHUEHGDDQWHPSRUHUNHQDSDMDN
The Company recognized deferred tax assets only for the future recoverable temporary differences. The utilization of deferred tax assets recognized by the Company is dependent upon future taxable income arising from the reversal of existing taxable temporary differences.
,5+. PHPXWXVNDQ XQWXN WLGDN PHQJDNXL DVHW SDMDN WDQJJXKDQ NDUHQD NHWLGDNSDVWLDQ DGDQ\D SHQJKDVLODQNHQDSDMDN \DQJPHPDGDLGLPDVD PHQGDWDQJ
IR-HK did not recognize deferred tax assets as it is uncertain that the deferred tax assets will be recovered from future taxable income within the prescriptive period.
/DEDNRQVROLGDVLDQVHEHOXP SDMDNSHQJKDVLODQ
%HEDQSDMDNSHQJKDVLODQGHQJDQ WDULISDMDN\DQJEHUODNX 3HUEHGDDQWHWDSQHWRGHQJDQWDULI SDMDN\DQJEHUODNX (IHNWUDQVODVLDWDV ODSRUDQNHXDQJDQ
%HEDQSDMDNSHQJKDVLODQ
The reconciliation between the income expense calculated by multiplying consolidated income before income tax* by applicable tax rate of 25% and the income expense is as follows:
tax the the tax
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
/DEDVHEHOXPSDMDN SHQJKDVLODQSHUODSRUDQODEDUXJL NRPSUHKHQVLINRQVROLGDVLDQ 5XJL(QWLWDV$QDN VHEHOXPSDMDNSHQJKDVLODQGDQ GDPSDNGDULHOLPLQDVL NRQVROLGDVLDQWDUSHUXVDKDDQ
g.
J 5HNRQVLOLDVL DQWDUD EHEDQ SDMDN SHQJKDVLODQ GLKLWXQJ GHQJDQ PHQJDOLNDQ ODED NRQVROLGDVLDQ VHEHOXP SDMDN SHQJKDVLODQ GHQJDQ WDULI SDMDN \DQJ EHUODNX VHEHVDU GDQ EHEDQ SDMDN SHQJKDVLODQDGDODKVHEDJDLEHULNXW
49
Profit before income tax per consolidated statement of comprehensive income Loss of Subsidiary before income tax and reversal of inter-company consolidation eliminations Consolidated income before income tax* Income tax expense at the applicable tax rate Net permanent differences at the applicable tax rate Translation effect on financial statements Income tax expense
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
13. INVESTMENT IN AN ASSOCIATED COMPANY
,19(67$6,3$'$(17,7$6$626,$6,
$NXQ LQL PHUXSDNDQ LQYHVWDVL 3HUXVDKDDQ \DQJ GLFDWDW GHQJDQ PHQJJXQDNDQ PHWRGH HNXLWDV VHEDJDLEHULNXW
67(17$)LOPV 0DOD\VLD 6GQ%KG ´67(17$´
67(17$)LOPV 0DOD\VLD 6GQ%KG ´67(17$´
%DJLDQ ODEDQHWR HQWLWDVDVRVLDVL Equity in net income of associated company
BBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBB
3HQHULPDDQ GLYLGHQ Dividend received BBBBBBBBBBBBBBBBBBBBBBBBB
3HQHULPDDQ GLYLGHQ Dividend received
1LODLWHUFDWDW 'HVHPEHU Carrying amount December 31, 2012
3HUVHQWDVH NHSHPLOLNDQ Percentage of ownership
%DJLDQ ODEDQHWR HQWLWDVDVRVLDVL Equity in net income of associated company
1LODLWHUFDWDW 'HVHPEHU Carrying amount December 31, 2013
3HUVHQWDVH NHSHPLOLNDQ Percentage of ownership
This account represents the Company’s investment which is accounted for under the equity method, with detail as follows:
BBBBBBBBBBBBBBBBBBBBBBBBB
6HOLVLKNXUV NDUHQD SHQMDEDUDQ ODSRUDQNHXDQJDQ 1LODLWHUFDWDW Foreign currency 31 Desember 2014/ translation Carrying amount reserves December 31, 2014 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6HOLVLKNXUV NDUHQD SHQMDEDUDQ ODSRUDQNHXDQJDQ 1LODLWHUFDWDW Foreign currency 31 Desember 2013/ translation Carrying amount reserves December 31, 2013 BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
67(17$ EHUJHUDN GDODP ELGDQJ PDQXIDNWXU %233 ILOP GDQ PHPXODL SURGXNVL NRPHUVLDOQ\D SDGD DZDO WDKXQ
STENTA is engaged in the manufacture of BOPP films and commenced its commercial operations in early 1993.
0DQDMHPHQ EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW SHQXUXQDQ QLODL LQYHVWDVL SDGD HQWLWDV DVRVLDVL SDGD WDQJJDO'HVHPEHUGDQ
Management believes that no impairment in the value of the investment in the associated company had occurred as of December 31, 2014 and 2013.
,QIRUPDVL NHXDQJDQ WDPEDKDQ SDGD WDQJJDO 'HVHPEHU GDQ GDQ XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO WHUVHEXW VHKXEXQJDQ GHQJDQ HQWLWDVDVRVLDVLDGDODKVHEDJDLEHULNXW
Additional financial information as of December 31, 2014 and 2013 and for the years then ended on the associated company is as follows:
7RWDODVHW 7RWDOOLDELOLWDV 3HQMXDODQQHWR /DEDQHWR
50
Total assets Total liabilities Net sales Net income
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
$6(77(7$3 5LQFLDQDVHWWHWDSDGDODKVHEDJDLEHULNXW
14. FIXED ASSETS The details of fixed assets are as follows:
0XWDVL
3HQDPEDKDQ/ Additions
-DQXDUL/ January 1, 2014
3HQJXUDQJDQ Deductions
5HNODVLILNDVL/ Reclassifications
6HOLVLKNXUV NDUHQD SHQMDEDUDQ ODSRUDQ NHXDQJDQ Exchange rate differences from financial statement translation
'HVHPEHU/ December 31, 2014
2014 Movements
1LODLWHUFDWDW 7DQDK %DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ ,QVWDODVLOLVWULN *HQVHWGDQRLOERLOHU 3HUDODWDQSDEULN .HQGDUDDQEHUPRWRU 3HUOHQJNDSDQGDQLQYHQWDULV
$VHWWHWDSGDODPSHQ\HOHVDLDQ
Carrying value Land Buildings Infrastructure Machinery and equipment Electrical installations Gensets and oil boilers Factory equipment Motor vehicles Furniture and fixtures
Construction in progress
$NXPXODVLSHQ\XVXWDQ %DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ ,QVWDODVLOLVWULN *HQVHWGDQRLOERLOHU 3HUDODWDQSDEULN .HQGDUDDQEHUPRWRU 3HUOHQJNDSDQGDQLQYHQWDULV
Accumulated depreciation Buildings Infrastructure Machinery and equipment Electrical installations Gensets and oil boilers Factory equipment Motor vehicles Furniture and fixtures
1LODLEXNXQHWR
0XWDVL
3HQDPEDKDQ/ Additions
-DQXDUL/ January 1, 2013
3HQJXUDQJDQ Deductions
5HNODVLILNDVL/ Reclassifications
6HOLVLKNXUV NDUHQD SHQMDEDUDQ ODSRUDQ NHXDQJDQ Exchange rate differences from financial statement translation
'HVHPEHU/ December 31, 2013
Net book value
2013 Movements
1LODLWHUFDWDW 7DQDK %DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ ,QVWDODVLOLVWULN *HQVHWGDQRLOERLOHU 3HUDODWDQSDEULN .HQGDUDDQEHUPRWRU 3HUOHQJNDSDQGDQLQYHQWDULV
$VHWWHWDSGDODPSHQ\HOHVDLDQ
Carrying value Land Buildings Infrastructure Machinery and equipment Electrical installations Gensets and oil boilers Factory equipment Motor vehicles Furniture and fixtures
$NXPXODVLSHQ\XVXWDQ %DQJXQDQ 3UDVDUDQD 0HVLQGDQSHUDODWDQ ,QVWDODVLOLVWULN *HQVHWGDQRLOERLOHU 3HUDODWDQSDEULN .HQGDUDDQEHUPRWRU 3HUOHQJNDSDQGDQLQYHQWDULV
1LODLEXNXQHWR
Construction in progress
Accumulated depreciation Buildings Infrastructure Machinery and equipment Electrical installations Gensets and oil boilers Factory equipment Motor vehicles Furniture and fixtures
Net book value
3DGD WDQJJDO 'HVHPEHU DVHW WHWDS GDODP SHQ\HOHVDLDQ \DQJ WHUXWDPD PHUXSDNDQ EDQJXQDQ GDQ PHVLQ GLHVWLPDVLNDQ DNDQ VHOHVDL SDGD $JXVWXV
As of December 31, 2014, the construction in progress that mainly consists of building and machinery is estimated to be completed in August 2015.
51
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
14. FIXED ASSETS (continued)
$6(77(7$3 ODQMXWDQ
%HEDQSHQ\XVXWDQGLEHEDQNDQVHEDJDLEHULNXW
Depreciation expense is charged to the following:
%HEDQSRNRNSHQMXDODQEHEDQSURGXNVL %HEDQXPXPGDQDGPLQLVWUDVL &DWDWDQ %HEDQSHQMXDODQ 7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
+DUJDSHUROHKDQ $NXPXODVLSHQ\XVXWDQ 1LODLEXNXQHWR +DVLOSHQMXDODQDVHWWHWDS /DED UXJL SHOHSDVDQDVHWWHWDS
Cost of goods sold - production expenses General and administrative expenses (Note 28) Selling expenses
Total
The details of the disposal of fixed assets are as follows:
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
5LQFLDQSHOHSDVDQDVHWWHWDSDGDODKVHEDJDLEHULNXW
Cost Accumulated depreciation
Net book value Proceeds from sale of fixed assets
Gain (loss) on disposal of fixed assets
$VHW WHWDS GLMDGLNDQ MDPLQDQ DWDV SLQMDPDQ EDQN MDQJND SHQGHN GDQ SLQMDPDQ MDQJND SDQMDQJ &DWDWDQGDQ
Fixed assets are used as collateral for short-term bank loans and long-term borrowings (Notes 15 and 19).
%LD\D SLQMDPDQ \DQJ GLNDSLWDOLVDVL NH GDODP DVHW WHWDS DGDODK VHEHVDU 5S SDGD WDKXQ \DQJ GLEHEDQNDQ SDGD DNXQ DVHW WHWDS GDODP SHQ\HOHVDLDQ
Borrowing costs which were capitalized to fixed assets amounted to Rp1,382,335 in 2014, which is charged to construction in progress.
$VHW WHWDS WHODK GLDVXUDQVLNDQ GHQJDQ QLODL SHUWDQJJXQJDQVHEHVDU$6DWDXVHWDUD GHQJDQ5S GDQ$6DWDX VHWDUD GHQJDQ 5S PDVLQJPDVLQJ SDGD WDQJJDO 'HVHPEHU GDQ 0DQDMHPHQ EHUSHQGDSDW EDKZD QLODL SHUWDQJJXQJDQ DVXUDQVL WHUVHEXW WHODK PHPDGDL XQWXN PHQXWXS NHPXQJNLQDQ NHUXJLDQ DWDV DVHW WHWDS \DQJ GLSHUWDQJJXQJNDQ
As of December 31, 2014 and 2013, fixed assets, are insured for a total coverage of US$158,667,042 or equivalent to Rp1,973,818,000, and US$157,564,443 or equivalent to Rp1,920,553,000, respectively. Management believes that the insurance coverage is adequate to cover the possible losses on the insured fixed assets.
3DGD WDQJJDO 'HVHPEHU .HORPSRN 8VDKD PHPLOLNL DVHW WHWDS GHQJDQ MXPODK ELD\D SHUROHKDQ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S \DQJ WHODK GLVXVXWNDQ VHFDUD SHQXK WHWDSLPDVLKGLSHUJXQDNDQ
As of December 31, 2014, the Group has property and equipment with total cost amounting to US$42,876,433 or equivalent to Rp82,373,473 which have been fully depreciated but are still being used.
52
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
14. FIXED ASSETS (continued)
$6(77(7$3 ODQMXWDQ 3DGD WDQJJDO 'HVHPEHU .HORPSRN 8VDKD PHPLOLNL DVHW WHWDS GHQJDQ QLODL ZDMDU \DQJ GLWHQWXNDQ PHQJJXQDNDQ SHQGHNDWDQ QLODL SDVDU VHEHVDU5S 3HUXVDKDDQPHODNXNDQSHPED\DUDQGLPXNDNHSDGD EHEHUDSD SHPDVRN XQWXN SHPEHOLDQ PHVLQ SHUDODWDQGDQMDVDNRQVWUXNVLEDQJXQDQ6DOGRXDQJ PXND SHPEHOLDQ SDGD WDQJJDO 'HVHPEHU DGDODKVHEHVDU5S GDQGLVDMLNDQVHEDJDL ³8DQJ PXND SHPEHOLDQ DVHW WHWDS´ SDGD ODSRUDQ SRVLVLNHXDQJDQNRQVROLGDVLDQ
As of December 31, 2014, the fair value of the Group’s property and equipment determined under the market value approach amounted to Rp1,071,696,000. The Company made advance payments for the purchase of certain machinery, equipment and building construction services from several suppliers. The outstanding balances of the purchase advances as of December 31, 2014 amounting to Rp72,441,139, are presented as “Advance for purchase fixed assets” in the consolidated statement of financial position.
0DQDMHPHQ MXJD EHUNH\DNLQDQ EDKZD WLGDN WHUGDSDW LQGLNDVL SHQXUXQDQ QLODL DVHW WHWDS SDGD WDQJJDO 'HVHPEHU
Management also believes that there is no indication of impairment in value of fixed assets as of December 31, 2014.
3,1-$0$1%$1.-$1*.$3(1'(.
15. SHORT-TERM BANK LOANS
3LQMDPDQEDQNMDQJNDSHQGHNWHUGLULGDUL
Short-term bank loans consist of the following
37%DQN0HJD7EN 37%DQN&,0%1LDJD7EN 37%DQN$1=,QGRQHVLD 6WDQGDUG&KDUWHUHG%DQN 37%DQN&7%&,QGRQHVLD
7RWDO
'HVHPEHUDecember 31,
PT Bank Mega Tbk PTBank CIMB Niaga Tbk PT Bank ANZ Indonesia Standard Chartered Bank PTBank CTBC Indonesia
Total
a.
D 37%DQN0HJD7EN ³0HJD´
PT Bank Mega Tbk (“Mega”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL SHUMDQMLDQ NUHGLW WDQJJDO 6HSWHPEHU \DQJWHODKPHQJDODPLEHEHUDSDNDOLSHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO 2NWREHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDVNUHGLWGDUL0HJDVHEDJDLEHULNXW x)DVLOLWDV non-cash loan EHUXSD /& sight GDQ usance GDQDWDX 6.%'1 GDQDWDX EDQN JDUDQVL GDQDWDX /& refinancing 83$683$8 GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 \DQJ WHUVHGLD VDPSDLGHQJDQWDQJJDO6HSWHPEHU x)DVLOLWDV demand loan VXEOLPLW /& line GDQDWDX 6.%'1 GDQDWDX EDQN JDUDQVL GDQDWDX /& refinancing 83$683$8 GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 \DQJ WHUVHGLD VDPSDL GHQJDQWDQJJDO6HSWHPEHU x )DVLOLWDV SLQMDPDQ UHNHQLQJ NRUDQ GHQJDQ MXPODK PDNVLPXP VHEHVDU 5S \DQJ WHUVHGLD VDPSDL GHQJDQ WDQJJDO 6HSWHPEHU
Based on an amendment and reaffirmation of loan agreement dated September 17, 2009 which has been amended several times, with the latest amendment being made on October 2, 2014, the Company obtained credit facilities from Mega as follows: x Non-cash loan facility in the form of L/C sight and usance and/or SKBDN and/or bank guarantee and/or refinancing L/C/ UPAS/UPAU facilities for a maximum amount of US$12,500,000, which is available until September 17, 2015. x Demand loan facility sublimit L/C line and/or SKBDN and/or bank guarantee and/or refinancing L/C/ UPAS/UPAU facilities for a maximum amount of US$31,500,000, which is available until September 17, 2015. x Overdraft facility for a maximum amount of Rp10,000,000 which is available until September 17, 2015.
53
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3,1-$0$1%$1.-$1*.$3(1'(. ODQMXWDQ
15. SHORT-TERM BANK LOANS (continued)
a.
D 37%DQN0HJD7EN ³0HJD´ ODQMXWDQ
PT Bank Mega Tbk (“Mega”) (continued)
3DGD WDKXQ GDQ 3HUXVDKDDQ PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQEDKDQEDNXGDQDWDXEDUDQJMDGLGDQ NHJLDWDQRSHUDVLRQDO3HUXVDKDDQ
In 2014 and 2013, the Company used the above facilities. The proceeds of the loans from these facilities were used to finance the Company’s working capital for the purchase of raw materials and/or finished goods and to finance the Company’s operating activities.
3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ GDQ GHQJDQ DVHW \DQJ VDPD \DQJ GLMDPLQNDQ DWDV SLQMDPDQ MDQJND SDQMDQJ \DQJ GLSHUROHK GDUL EDQN\DQJVDPD &DWDWDQ
The loans are secured by cash representing 15% of the used amount of the facility (Note 5) and the same assets pledged as collateral for longterm borrowings obtained from the same bank (Note 19).
6DOGR SLQMDPDQ demand loan SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S 3LQMDPDQ LQL GLNHQDNDQ WLQJNDWEXQJDWDKXQDQVHEHVDUSDGDWDKXQ GDQ GLDQWDUD GDQ SDGD WDKXQ
The outstanding demand loan as of December 31, 2014 and 2013 amounted to US$12,500,000 or equivalent to Rp155,500,000 and US$14,500,000 or equivalent to Rp176,740,500, respectively. The loan bore interest at the annual rate of 10% in 2014 and at annual rates ranging from 8% to 10% in 2013.
7LGDN DGD VDOGR SLQMDPDQ UHNHQLQJ NRUDQ SDGD WDQJJDO 'HVHPEHU GDQ 3LQMDPDQ LQL GLNHQDNDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUD GDQ SDGD WDKXQ GDQ GLDQWDUD GDQSDGDWDKXQ
There was no outstanding overdraft loan as of December 31, 2014 and 2013. The loan during the year bore interest at annual rates ranging from 14% to 14.5% and from 13% to 14% in 2014 and 2013, respectively.
E 37%DQN&,0%1LDJD7EN ³&,0%1LDJD´
b.
PT Bank CIMB Niaga Tbk (“CIMB Niaga”)
%HUGDVDUNDQSHUXEDKDQGDQSHQHJDVDQNHPEDOL SHUMDQMLDQNUHGLWWDQJJDO-XQL\DQJWHODK PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO 'HVHPEHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDVNUHGLWGDUL&,0%1LDJDVHEDJDLEHULNXW x )DVLOLWDV /& ,PSRU GDQDWDX 6.%'1 GDQ DWDX Standby Letter of Credit ³6%/&´ GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 DWDX MXPODK \DQJ VHWDUD GDODP PDWD XDQJ ODLQQ\D \DQJ EHUVLIDW sublimitGHQJDQIDVLOLWDV37.,PSRU \DQJ WHUVHGLD VDPSDL GHQJDQ WDQJJDO 'HVHPEHU x )DVLOLWDV 37. ,PSRU GHQJDQ VXEOLPLW GDUL IDVLOLWDV/&,PSRUGDQDWDX6.%'1GDQDWDX 6%/& GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 \DQJ WHUVHGLD VDPSDL GHQJDQWDQJJDO'HVHPEHU
Based on an amendment and reaffirmation of loan agreement dated June 30, 2010 which has been amended several times, with the latest amendment being made on December 17, 2014, the Company obtained credit facilities from CIMB Niaga as follows: x Import L/C and/or SKBDN and/or Standby Letter of Credit (“SBLC”)-2 with a maximum amount of US$35,000,000 or equivalent in other currencies, sublimit with PTK Import - 2, which is available until December 17, 2015.
3DGD WDKXQ GDQ 3HUXVDKDDQ PHQJJXQDNDQ IDVLOLWDV WHUVHEXW GL DWDV +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQ EDKDQ EDNX GDQDWDX SHPED\DUDQ /&sight\DQJMDWXKWHPSR
In 2014 and 2013, the Company used the above facilities. The proceeds of the loans from these facilities were used to finance the Company’s working capital related to the purchase of raw materials and/or to pay matured sight L/C.
x PTK Import - 2 facility sublimit Import L/C and/or SKBDN and/or SBLC-2 facility for a maximum amount of US$28,000,000, which is available until December 17, 2015.
54
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3,1-$0$1%$1.-$1*.$3(1'(. ODQMXWDQ E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´ ODQMXWDQ 3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ GDQ GHQJDQ DVHW \DQJ VDPD \DQJ GLMDPLQNDQ DWDV SLQMDPDQ MDQJND SDQMDQJ \DQJ GLSHUROHK GDUL EDQN\DQJVDPD &DWDWDQ 6DOGRSLQMDPDQSDGDWDQJJDO'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S 3LQMDPDQ LQL GLNHQDNDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUD GDQ SDGD WDKXQ GDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUDGDQSDGDWDKXQ F 37%DQN$1=,QGRQHVLD ³$1=´ %HUGDVDUNDQ SHUMDQMLDQ NUHGLW WDQJJDO 0DUHW \DQJ VHODQMXWQ\D WHODK GLXEDK EHEHUDSD NDOL GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO -XOL 3HUXVDKDDQ PHPSHUROHK )DVLOLWDV 3HUGDJDQJDQ 0XOWL 2SVL ³027)´ GDUL $1= XQWXN MXPODK PDNVLPXP VHEHVDU $6 3DGD WDQJJDO 0HL 3HUXVDKDDQ GDQ $1= PHQDQGDWDQJDQL SHUXEDKDQ GDQ SHUQ\DWDDQ NHPEDOL DWDV SHUMDQMLDQ IDVLOLWDV GLPDQD 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV 027) XQWXN MXPODK PDNVLPXP VHEHVDU $6 +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQ EDKDQ EDNX )DVLOLWDV LQL WHUVHGLD VDPSDL WDQJJDO -DQXDUL 3LQMDPDQ GDUL IDVLOLWDV LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJDWDKXQDQVDPSDLGHQJDQGLDWDV cost of fund $1= 3LQMDPDQ LQL GLMDPLQ GHQJDQ NDVVHEHVDUGDULMXPODKSHPDNDLDQIDVLOLWDV &DWDWDQ
15. SHORT-TERM BANK LOANS (continued) b.
PT Bank CIMB Niaga Tbk (“CIMB Niaga”) (continued) The loans are secured by cash representing 15% of the used amount of the facility (Note 5) and the same assets pledged as collateral for longterm borrowings obtained from the same bank (Note 19). The outstanding loan as of December 31, 2014 and 2013 amounted to US$12,485,000 or equivalent to Rp155,313,400 and US$17,185,926 or equivalent to Rp209,479,252, respectively. The loan bore interest at annual rates ranging from 5.5% to 6.5% in 2014 and from 6% to 6.5%in 2013.
c.
PT Bank ANZ Indonesia (“ANZ”) Based on the facility agreement dated March 2, 2011 which was amended several times, with the latest amendment on July 12, 2013, the Company obtained Multi Option Trade Facility (“MOTF”) from ANZ, for a maximum amount of US$10,000,000. On May 21, 2014, the Company and ANZ signed the amendment and restatement to the facility agreement, whereby the Company obtained MOTF for a maximum amount of US$10,000,000. The proceeds from this facility were used to finance the purchase of raw materials. The facility is available until January 31, 2015. The loan from the facility bears interest at the annual rate of 2.75% until 3% above ANZ’s cost of fund. The loan is secured by cash representing 15% of the used amount of the facility (Note 5).
6DOGRSLQMDPDQSDGDWDQJJDO'HVHPEHU GDQPDVLQJPDVLQJVHEHVDU$6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S
The outstanding loan as of December 31, 2014 and 2013 amounted to US$2,337,019 or equivalent to Rp29,072,513 and US$3,787,987 or equivalent to Rp46,171,779, respectively.
55
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
15. SHORT-TERM BANK LOANS (continued)
3,1-$0$1%$1.-$1*.$3(1'(. ODQMXWDQ
d.
G 6WDQGDUG&KDUWHUHG%DQN ³6&%´
Standard Chartered Bank (“SCB”)
%HUGDVDUNDQSHUMDQMLDQNUHGLWWDQJJDO )HEUXDUL \DQJ WHODK PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO 'HVHPEHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDVIDVLOLWDV GDUL 6&% DQWDUD ODLQ /& ,PSRU Import Loan Import Invoice Financing Export Invoice Financing Credit Bills Negotiated-Discrepant Bond and Guarantee Shipping Guarantee GHQJDQ MXPODK JDEXQJDQ PDNVLPXP VHEHVDU $6 +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQ EDKDQ EDNX )DVLOLWDV LQL WHUVHGLD VDPSDLWDQJJDO2NWREHU
Based on the facility agreement dated February 9, 2011 which has been amended several times, with the latest amendment being made on December 12, 2014, the Company obtained facilities from SCB, among others, Import L/C, Import Loan Import Invoice FinancingExport Invoice FinancingCredit Bills Negotiated-Discrepant Bond and Guarantee and Shipping Guarantee, for a maximum combined amount of US$5,000,000. The proceeds from this facility were used to finance the purchase of raw materials. The facility is available until October 30, 2015.
The loan from the facility bears interest at the annual rate of 3% until 3.5% above SCB’s cost of fund. The loan is secured by cash representing 15% of the maximum amount of the facility (Note 5).
3LQMDPDQ GDUL IDVLOLWDV GLNHQDNDQ EXQJD GHQJDQ WLQJNDWEXQJDWDKXQDQVDPSDLGHQJDQ GLDWDV cost of fund 6&% 3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK IDVLOLWDV PDNVLPXP &DWDWDQ
The outstanding loan as of December 31, 2014 and 2013 amounted to US$229,685 or equivalent to Rp2,857,282 and US$1,527,337 or equivalent to Rp18,616,717, respectively.
6DOGRSLQMDPDQSDGDWDQJJDO'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S e.
H 37%DQN&7%&,QGRQHVLD ³&7%&´
PT Bank CTBC Indonesia (“CTBC”)
%HUGDVDUNDQ SHUMDQMLDQ NUHGLW WDQJJDO $SULO \DQJ WHODK PHQJDODPL SHUXEDKDQ SDGD WDQJJDO $SULO 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV 3LQMDPDQ 2PQLEXV /LQH ´2/´ XQWXN MXPODK PDNVLPXP VHEHVDU $6 +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQ EDKDQ EDNX )DVLOLWDV LQL WHUVHGLD VDPSDL WDQJJDO $SULO 3LQMDPDQ GDUL IDVLOLWDV GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJD WDKXQDQ GLDQWDUD GDQ SDGD WDKXQ GDQ WLQJNDW EXQJD WDKXQDQ SDGD WDKXQ 3LQMDPDQ LQL GLMDPLQ GHQJDQ NDV VHEHVDU GDUL MXPODK SHPDNDLDQ IDVLOLWDV &DWDWDQ
Based on the facility agreement dated April 2, 2013 which was amended on April 2, 2014, the Company obtained Omnibus Line (“OL”) facility, for a maximum amount of US$5,000,000. The proceeds from this facility were used to finance the purchase of raw materials. The facility is available until April 2, 2015. The loan from the facility bears interest at annual rates ranging from 5.3% to 5.5% in 2014 and at the annual rate of 5.3% in 2013. The loan is secured by cash representing 15% of the used amount of the facility (Note 5).
6DOGRSLQMDPDQSDGDWDQJJDO'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S
The outstanding loan as of December 31, 2014 and 2013 amounted to US$199,183 or equivalent to Rp2,477,846 and US$1,895,718 or equivalent to Rp23,106,916, respectively.
%HEDQ EXQJD XQWXN VHOXUXK SLQMDPDQ EDQN MDQJND SHQGHN SDGD WDKXQ GDQ PDVLQJPDVLQJ DGDODK VHEHVDU 5S GDQ 5S GLFDWDW VHEDJDL EDJLDQ GDUL EHEDQ NHXDQJDQ SDGD ODSRUDQODEDUXJLNRPSUHKHQVLINRQVROLGDVLDQ
Interest expense of all short-term bank loans in 2014 and 2013 amounted to Rp31,356,776 and Rp21,933,346, respectively, which is recorded as part of finance expense in the consolidated statement of comprehensive income.
56
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
16. TRADE PAYABLES
87$1*86$+$
8WDQJXVDKDNHSDGDSLKDNEHUHODVL &DWDWDQ 3HPDVRNOXDUQHJHUL 3HPDVRNORNDO
6XEWRWDO
Trade payables to third parties: Foreign suppliers Local suppliers
7RWDO
Sub-total
6XEWRWDO
8WDQJXVDKDNHSDGDSLKDNNHWLJD 3HPDVRNOXDUQHJHUL 3HPDVRNORNDO
'HVHPEHUDecember 31,
Trade payables to related parties (Note 32) Foreign supplier Local supplier
Sub-total
Total
5LQFLDQXWDQJXVDKDEHUGDVDUNDQMHQLVPDWDXDQJ
Details of trade payables based on currency:
8WDQJXVDKDNHSDGDSLKDNEHUHODVL 'RODU$PHULND6HULNDW 5XSLDK
6XEWRWDO 8WDQJXVDKDNHSDGDSLKDNNHWLJD 'RODU$PHULND6HULNDW 5XSLDK 0DWDXDQJDVLQJODLQQ\D
6XEWRWDO 7RWDO
'HVHPEHUDecember 31,
Trade payables to related parties: U.S. dollar Rupiah Sub-total Trade payables to third parties: U.S. dollar Rupiah Other foreign currencies
Sub-total Total
7LGDN DGD MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ XVDKD WHUVHEXW
All of the trade payables are unsecured.
87$1*/$,1/$,1 8WDQJODLQODLQWHUXWDPDPHUXSDNDQXWDQJQRQXVDKD SDGD EHUEDJDL SLKDN NHWLJD 7LGDN DGD MDPLQDQ \DQJ GLEHULNDQDWDVXWDQJODLQODLQWHUVHEXW
17. OTHER PAYABLES Other payables mainly represent non-trade payables to third parties. All of the other payables are unsecured.
57
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
18. ACCRUED EXPENSES %(%$1$.58$/ 5LQFLDQ GDUL EHEDQ DNUXDO \DQJ VHOXUXKQ\D WHUXWDQJ The details of accrued expenses, which are all due to NHSDGDSLKDNNHWLJDDGDODKVHEDJDLEHULNXW third parties, are as follows 'HVHPEHUDecember 31,
6HZDOLVWULNGDQDLU /LDELOLWDVLPEDODQNHUMDMDQJNDSHQGHN 2QJNRVDQJNXW %HEDQEXQJD /DLQODLQ
7RWDO
3,1-$0$1-$1*.$3$1-$1* 3LQMDPDQMDQJNDSDQMDQJWHUGLULGDUL
Rent, electricity and water Short-term employee benefits Freight charges Interest Others
Total
19. LONG-TERM BORROWINGS Long-term borrowings consist of the following
3RNRNSLQMDPDQ D8QL&UHGLW%DQN$* GDKXOX %D\HULVFKH+\SRXQG 9HUHLQVEDQN$* ³8QL&UHGLW´ E37%DQN&,0%1LDJD7EN F'=%DQN$* G37%DQN0HJD7EN H37%DQN&,0%1LDJD7EN 8QLW8VDKD6\DULDK I 37%&$)LQDQFH J 37 'LSR6WDU)LQDQFH
7RWDOSRNRNSLQMDPDQ
'HVHPEHUDecember 31,
Principal a. UniCredit Bank AG (formerly Bayerische Hypo-und Vereinsbank AG (“UniCredit”) b. PTBank CIMB Niaga Tbk c.DZ Bank AG d. PT Bank Mega Tbk e. PTBank CIMB Niaga Tbk Sharia Business Unit f. PT BCA Finance g. PT Dipo Star Finance
Total principal
%LD\DSHUROHKDQSLQMDPDQ\DQJ EHOXPGLDPRUWLVDVL
Unamortized loan arrangement costs
1HWR
Net
%DJLDQ\DQJMDWXKWHPSRGDODPVDWXWDKXQ D8QL&UHGLW E37%DQN&,0%1LDJD7EN F'=%DQN$* G37%DQN0HJD7EN H37%DQN&,0%1LDJD7EN 8QLW8VDKD6\DULDK I 37%&$)LQDQFH J37 'LSR6WDU)LQDQFH
7RWDOEDJLDQ\DQJMDWXKWHPSR GDODPVDWXWDKXQ
%DJLDQMDQJNDSDQMDQJ
58
Portion maturing within one year a. UniCredit b. PTBank CIMB Niaga Tbk c.DZ Bank AG d. PT Bank Mega Tbk e. PTBank CIMB Niaga Tbk Sharia Business Unit f. PTBCA Finance g. PT Dipo Star Finance
Total portion maturing within one year
Long-term portion
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
3,1-$0$1-$1*.$3$1-$1* ODQMXWDQ D 8QL&UHGLW
a.
UniCredit
%HUGDVDUNDQ SHUMDQMLDQ SLQMDPDQ VWDQGDU GDQ SHUMDQMLDQ NHUDQJND NHUMD WDQJJDO $JXVWXV \DQJ WHODK GLSHUEDKDUXL EHEHUDSD NDOL GHQJDQ SHUXEDKDQ WHUDNKLU GLODNXNDQ SDGD WDQJJDO -XOL 3HUXVDKDDQ PHPSHUROHK IDVLOLWDVSHPELD\DDQNUHGLWHNVSRUGDUL8QL&UHGLW GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 +DVLOSHQHULPDDQ GDULSLQMDPDQ LQLGLJXQDNDQXQWXNPHPELD\DLSHPEHOLDQPHVLQ %233GDUL%UXFNQHU0DVFKLQHQEDX*PE+ &R .*
Based on standard loan and framework agreement dated August 25, 2009 which has been amended several times, with the latest amendment being made on July 29, 2010, the Company obtained export contract finance facility from UniCredit for a maximum amount of US$23,669,327. The proceeds from this facility were used to finance the purchase of BOPP machineries from Bruckner Maschinenbau GmbH & Co. KG.
3LQMDPDQ WHUVHEXW WHUKXWDQJ GDODP NDOL DQJVXUDQVHPHVWHUDQPXODLWDQJJDO-XQL VDPSDL GHQJDQ WDQJJDO 0DUHW GDODP MXPODK \DQJ VDPD 3LQMDPDQ LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJD WDKXQDQ VHEHVDU GLDWDVVXNXEXQJD/,%25$6EXODQDQ
The loan is repayable in 17 equal consecutive semi-annual installments starting on June 8, 2010 until March 8, 2019. The loan bears interest at the annual rate of 2.25% above 6 months’ US$ LIBOR.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ SHQMDPLQDQ ILGXVLD DWDV PHVLQ GDQ SHUDODWDQ PLOLN 3HUXVDKDDQ\DQJSHUROHKDQQ\DGLELD\DLGHQJDQ SLQMDPDQLQL &DWDWDQ 3DGDWDKXQGDQ SHPED\DUDQ DQJVXUDQ SLQMDPDQ PDVLQJ PDVLQJ VHEHVDU $6 6DOGR SLQMDPDQ SRNRN SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUD GHQJDQ 5S
The loan is secured by fiduciary transfer of ownership of the Company’s future machinery and equipment financed under this loan facility (Note 14). In 2014 and 2013, installment payments amounted to US$2,763,182 each. The outstanding principal as of December 31, 2014 and 2013 amounted to US$13,815,910 or equivalent to Rp171,869,929 and US$16,579,092 or equivalent to Rp202,082,562, respectively.
b.
E 37%DQN&,0%1LDJD7EN ³&,0%1LDJD´
PT Bank CIMB Niaga Tbk (“CIMB Niaga”)
)DVLOLWDV3LQMDPDQ,QYHVWDVL
Investment Loan Facility
%HUGDVDUNDQ SHUXEDKDQ GDQ SHQHJDVDQ NHPEDOL SHUMDQMLDQ NUHGLW WDQJJDO -XQL \DQJWHODKPHQJDODPLEHEHUDSDNDOLSHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO 'HVHPEHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV SLQMDPDQ LQYHVWDVL GDUL &,0% 1LDJD XQWXNMXPODKPDNVLPXPVHEHVDU$6
Based on an amendment and reaffirmation of loan agreement dated June 30, 2010 which has been amended several times, with the latest amendment being made on December 17, 2014, the Company obtained an investment loan facility from CIMB Niaga for a maximum amount of US$4,000,000.
+DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEDQJXQDQ IDVLOLWDV SURGXNVL %233 EDUX WHUPDVXN GLGDODPQ\D SHPEHOLDQ PHVLQ GDQ SHUDODWDQ SDEULN WHUNDLW 3HQDULNDQ DWDV IDVLOLWDV SLQMDPDQ LQYHVWDVL EHUGDVDUNDQ SHUNHPEDQJDQ ILVLN GDUL SHPEDQJXQDQ \DQJ GLEXDW ROHK SHQLODL LQGHSHQGHQ GDQ VXUDW SHQDZDUDQ DWDX WDJLKDQ GDUL SHPDVRN \DQJ WHODK GLYHULILNDVL ROHK &,0% 1LDJD
The proceeds from this facility were used to finance the development of the new BOPP production line, including purchase of the related machinery and equipment and tools. The drawdown from this investment loan facility is based on physical progress of the development based on report from an independent appraiser and quotation letter or invoices from suppliers which are verified by CIMB Niaga.
59
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
3,1-$0$1-$1*.$3$1-$1* ODQMXWDQ
b.
E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´ ODQMXWDQ
PT Bank CIMB Niaga Tbk (“CIMB Niaga”) (continued)
)DVLOLWDV3LQMDPDQ,QYHVWDVL ODQMXWDQ
Investment Loan Facility (continued)
3LQMDPDQ WHUVHEXW DNDQ MDWXK WHPSR SDGD WDQJJDO 6HSWHPEHU GDQ WHUKXWDQJ GDODPNDOLDQJVXUDQNZDUWDODQ
The loan, which will mature on September 17, 2017, is repayable in 24 quarterly installments.
3DGD WDKXQ GDQ SHPED\DUDQ DQJVXUDQ SLQMDPDQ PDVLQJPDVLQJ VHEHVDU $6 GDQ $6 6DOGR GDUL IDVLOLWDV SLQMDPDQ LQYHVWDVL SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ DGDODK VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S GDQ $6 DWDX VHWDUDGHQJDQ5S
In 2014 and 2013, installment payments amounted to US$700,000 and US$500,000, respectively. As of December 31, 2014 and 2013, the outstanding balance from the investment loan facility amounted to US$2,314,748 or equivalent to Rp28,795,471 and US$3,014,748 or equivalent to Rp36,746,769, respectively.
3LQMDPDQ GDUL &,0% 1LDJD GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJD WDKXQDQ VHEHVDU SDGDWDKXQGDQ
The loan from CIMB Niaga bore interest at the annual rate of 7.50% in 2014 and 2013.
3LQMDPDQLQLGLMDPLQGHQJDQ x 3HPEHEDQDQ KDN WDQJJXQJDQ DWDV ELGDQJ KDN DWDV WDQDK +DN *XQD %DQJXQDQ GHQJDQ MXPODK OXDV NHVHOXUXKDQ PHWHU SHUVHJL \DQJ WHUOHWDN GL &LWHXUHXS %RJRU EHULNXW EDQJXQDQ GL DWDVQ\D GHQJDQ MXPODK QLODL SHUWDQJJXQJDQ PLQLPXP VHEHVDU 5S GDQ $6 &DWDWDQ
The loans are secured by: x Registered mortgages of 14 parcels of the Company’s leasehold land with a total area of 160,012 square meters located in Citeureup, Bogor, including buildings thereon, with total minimum pledged value of Rp91,700,000 and US$5,250,000 (Note 14).
x 3HQMDPLQDQILGXVLDDWDVPHVLQGDQSHUDODWDQ PLOLN3HUXVDKDDQ WLGDNWHUPDVXN PHVLQ GDQ SHUDODWDQ \DQJ GLSHUROHK PHODOXL IDVLOLWDV SLQMDPDQ GDUL 8QL&UHGLW GHQJDQ QLODL SHQMDPLQDQ VHEHVDU 5S &DWDWDQ
x The Company’s machinery and equipment (excluding machinery and equipment financed under credit facility from UniCredit) pledged under fiduciary transfer of ownership with pledged value of Rp605,000,000 (Note 14).
x 3HQMDPLQDQ ILGXVLD DWDV SLXWDQJ XVDKD GDQ SHUVHGLDDQ PLOLN 3HUXVDKDDQ GHQJDQ QLODL SHQMDPLQDQ PDVLQJPDVLQJ VHEHVDU $6 GDQ $6 &DWDWDQGDQ
x The Company’s trade receivables and inventories pledged under fiduciary transfers of ownership with pledged values of US$32,000,000 and US$55,000,000, respectively (Notes 7 and 9).
)DVLOLWDV3LQMDPDQ,QYHVWDVL
Investment Loan Facility 2
%HUGDVDUNDQ SHUMDQMLDQ NUHGLW WDQJJDO )HEUXDUL 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV SLQMDPDQ LQYHVWDVL GDUL &,0% 1LDJD XQWXN MXPODK PDNVLPXP VHEHVDU $6
Based on a loan agreement dated February 27, 2014, the Company obtained investment loan facility 2 from CIMB Niaga for a maximum amount of US$13,500,000.
+DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL NRQWHQ ORNDO WHUPDVXN EDQJXQDQ GDUL LQYHVWDVL XQWXN PHPSHUOXDV IDVLOLWDV SURGXNVL %233 Line GDQ Metalizing Film3HQDULNDQDWDVIDVLOLWDVSLQMDPDQLQYHVWDVL EHUGDVDUNDQ WDJLKDQ GDUL SHPDVRN \DQJ WHODK GLYHULILNDVLROHK&,0%1LDJD
The proceeds from this facility were used to finance the local content (including building) from the investment to enlarge the production facility of BOPP Line 7 and Metalizing Film. The drawdown from this investment loan facility is based on invoices from suppliers which are verified by CIMB Niaga.
60
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
3,1-$0$1-$1*.$3$1-$1* ODQMXWDQ
b.
E 37 %DQN &,0% 1LDJD 7EN ³&,0% 1LDJD´ ODQMXWDQ
PT Bank CIMB Niaga Tbk (“CIMB Niaga”) (continued)
)DVLOLWDV3LQMDPDQ,QYHVWDVL ODQMXWDQ
Investment Loan Facility 2 (continued)
3LQMDPDQ WHUVHEXW DNDQ MDWXK WHPSR SDGD WDQJJDO 6HSWHPEHU GDQ WHUKXWDQJ GDODP NDOL DQJVXUDQ NZDUWDODQ GLPXODL GDUL WDQJJDO0DUHW
The loan, which will mature on September 28, 2021, is repayable in 23 quarterly installments starting from March 28, 2016.
6DOGR GDUL IDVLOLWDV SLQMDPDQ LQYHVWDVL SDGD WDQJJDO 'HVHPEHU DGDODK VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S
As of December 31, 2014, the outstanding balance from the investment loan facility 2 amounted to US$2,819,585 or equivalent to Rp35,075,637.
)DVLOLWDV LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJDWDKXQDQVHEHVDUSDGDWDKXQ
The facility bore interest at the annual rate of 7% in 2014.
3LQMDPDQLQLGLMDPLQGHQJDQ x 3HPEHEDQDQ KDN WDQJJXQJDQ DWDV ELGDQJ KDN DWDV WDQDK +DN *XQD %DQJXQDQ GHQJDQ MXPODK OXDV NHVHOXUXKDQ PHWHU SHUVHJL \DQJ WHUOHWDN GL &LWHXUHXS %RJRU EHULNXW EDQJXQDQ GL DWDVQ\D GHQJDQ MXPODK QLODL SHUWDQJJXQJDQ SHULQJNDW NH VHEHVDU$6 DWDXHNXLYDOHQGDODP UXSLDK &DWDWDQ
The loan is secured by: x Registered mortgages on 2 parcels of the Company’s leasehold land with a total area of 29,845 square meters located in Citeureup, Bogor, including buildings thereon, with total pledged value (3rd rank) of US$9,100,000 or equivalent in rupiah (Note 14).
x 3HQMDPLQDQILGXVLDDWDVPHVLQGDQSHUDODWDQ PLOLN 3HUXVDKDDQ EDLN \DQJ VHNDUDQJ WHODK DGD GDQ \DQJ DNDQ DGD GLNHPXGLDQ KDUL GHQJDQ QLODL SHQMDPLQDQ VHEHVDU $6 DWDX HNXLYDOHQ GDODP UXSLDK &DWDWDQ
x The Company’s machinery and equipment, which are now existing or to be acquired in the future, pledged under fiduciary transfer of ownership with pledged value of US$7,760,000 or equivalent in rupiah (Note 14).
c.
F '=%DQN$* ´'=´
DZ Bank AG (”DZ”)
%HUGDVDUNDQ SHUMDQMLDQ SLQMDPDQ WDQJJDO 0DUHW3HUXVDKDDQPHPSHUROHKIDVLOLWDV SLQMDPDQ GDUL '= GHQJDQ MXPODK PDNVLPXP VHEHVDU $6 +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEHOLDQ PHVLQ %233 /LQH GDUL %UXFNQHU 0DVFKLQHQEDX *PE+ &R .* GDQ PHVLQ PHWDOL]LQJILOP
Based on a loan agreement dated March 28, 2014, the Company obtained a loan facility from DZ for a maximum amount of US$31,424,915.12. The proceeds of the loan from this facility were used to finance the purchase of BOPP Line 7 machineries from Bruckner Maschinenbau GmbH & Co. KG and metalizing fim machine.
3LQMDPDQ WHUVHEXW WHUKXWDQJ GDODP NDOL DQJVXUDQVHPHVWHUDQGDODPMXPODK\DQJVDPD 3LQMDPDQ LQL GLNHQDNDQ EXQJD GHQJDQ WLQJNDW EXQJDWDKXQDQVHEHVDUGLDWDVVXNXEXQJD /,%25EXODQDQ
The loan is repayable in 20 equal consecutive semi-annual installments. The loan bears interest at the annual rate of 1.5% above 6 months’ LIBOR.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ SHQMDPLQDQ ILGXVLD DWDV PHVLQ GDQ SHUDODWDQ PLOLN 3HUXVDKDDQ\DQJSHUROHKDQQ\DGLELD\DLGHQJDQ SLQMDPDQLQL &DWDWDQ 6DOGRSLQMDPDQSRNRN SDGD WDQJJDO 'HVHPEHU VHEHVDU $6 DWDX VHWDUD GHQJDQ 5S
The loan is secured by fiduciary transfer of ownership of the Company’s future machinery and equipment financed under this loan facility (Note 14). The outstanding principal as of December 31, 2014 amounted to US$3,063,245 or equivalent to Rp38,106,779.
61
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
3,1-$0$1-$1*.$3$1-$1* ODQMXWDQ G 37%DQN0HJD7EN ³0HJD´ %HUGDVDUNDQ SHUXEDKDQ GDQ SHQHJDVDQ NHPEDOL SHUMDQMLDQ NUHGLW WDQJJDO 6HSWHPEHU \DQJ WHODK PHQJDODPL EHEHUDSD NDOL SHUXEDKDQ GHQJDQ SHUXEDKDQ WHUDNKLU SDGD WDQJJDO 2NWREHU 3HUXVDKDDQ PHPSHUROHKIDVLOLWDVSLQMDPDQLQYHVWDVL ´7/´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pari passu GHQJDQ DVHW \DQJ VDPD \DQJ GLMDPLQNDQ DWDV SLQMDPDQ\DQJGLSHUROHKGDUL&,0%1LDJD
19. LONG-TERM BORROWINGS (continued) d.
PT Bank Mega Tbk (“Mega”) Based on an amendment and reaffirmation of loan agreement dated September 17, 2009 which has been amended several times, with the latest amendment being made on October 2, 2014, the Company obtained an investment loan facility (“TL-3”) from Mega for a maximum amount of Rp42,000,000. The proceeds from this facility were used to finance the development of the new BOPP production line, including purchase of the related machinery and equipment tools. The drawdown from this term loan facility should be based on physical progress of the development based on report from an independent appraiser and quotation letter or invoice from supplier, which are verified by Mega. The loan is repayable in 24 quarterly installments starting on December 25, 2011 until September 17, 2017. In 2014 and 2013, installment payments of the loan amounted to Rp6,825,000 and Rp4,725,000, respectively. The outstanding loan as of December 31, 2014 and 2013 amounted to Rp25,117,419 and Rp31,942,419, respectively. The TL-3 loan bore interest at annual rates ranging from 14% to 14.5% in 2014 and from 13% to 14% in 2013. The loan is secured, on a pari passu basis, by the same assets pledged as collateral for loans obtained from CIMB Niaga.
62
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
3,1-$0$1-$1*.$3$1-$1* ODQMXWDQ H 37 %DQN &,0% 1LDJD 7EN 8QLW 8VDKD 6\DULDK ³&,0%1LDJD6\DULDK´
e.
PT Bank CIMB Niaga Tbk - Sharia Business Unit (“CIMB Niaga Syariah”)
%HUGDVDUNDQ SHUMDQMLDQ SHQ\HGLDDQ IDVLOLWDV SHPELD\DDQ WDQJJDO 6HSWHPEHU 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV SHPELD\DDQ PXUDEDKDK GDUL &,0% 1LDJD 6\DULDK GHQJDQ MXPODK PDNVLPXP VHEHVDU 5S )DVLOLWDV SHPELD\DDQ LQL GLJXQDNDQ XQWXN PHPELD\DL SHPED\DUDQ GDODP UDQJND SHPEHOLDQ PHVLQPHVLQ NKXVXVQ\D PHVLQ coating film GDQ SHUDODWDQ ODLQQ\D 3HPELD\DDQ WHUVHEXW GLED\DU NHPEDOL PHODOXL NDOL DQJVXUDQ EXODQDQ PXODL WDQJJDO 2NWREHU VDPSDL GHQJDQ WDQJJDO 6HSWHPEHU 3HPELD\DDQ LQL GLMDPLQ GHQJDQ ILGXVLD DWDVEDUDQJVHNXUDQJNXUDQJQ\DVHQLODLGHQJDQ KDUJD PHVLQ GDQDWDX SHUDODWDQ \DQJ GLELD\DL ROHK&,0%1LDJD6\DULDK
Based on a financing agreement dated September 29, 2010, the Company obtained murabahah financing facility from CIMB Niaga Syariah for a maximum amount of Rp15,000,000. The proceeds of the loan from this financing facility were used to finance payments for purchase of machineries, mainly coating film machine and other equipment. This financing facility is repayable in 60 monthly installments starting on October 28, 2011 until September 28, 2016. This financing facility is secured by a fiduciary transfer of ownership of the Company’s machineries and/or equipment financed under this financing facility.
3DGD WDKXQ GDQ SHPED\DUDQ DQJVXUDQ SLQMDPDQ PDVLQJPDVLQJ VHEHVDU 5SGDQ5S
In 2014 and 2013, installment payments amounted to Rp2,463,063 and Rp1,883,519, respectively.
6DOGR SHPELD\DDQ SRNRN GDUL SHPELD\DDQ PXUDEDKDK SDGD WDQJJDO 'HVHPEHU GDQ PDVLQJPDVLQJ VHEHVDU 5S GDQ 5S )DVLOLWDV SHPELD\DDQ LQL GLNHQDNDQ PDUJLQ NHXQWXQJDQ WHUWHQWX \DQJ GLVHSDNDWLEHUVDPDROHK3HUXVDKDDQGDQ&,0% 1LDJD 6\DULDK \DQJ EHVDUQ\D VHWDUD GHQJDQ VHNLWDU SHU WDKXQ SDGD WDKXQ GDQ
As of December 31, 2014 and 2013, the outstanding loan from the murabahah financing amounted to Rp5,650,557 and Rp8,113,620, respectively. This financing facility is subject to certain profit margin sharing between the Company and CIMB Niaga Syariah, which is equivalent to approximately 11.5% per annum in 2014 and 2013.
f.
I 37%&$)LQDQFH
PT BCA Finance
3DGD EXODQ 6HSWHPEHU 3HUXVDKDDQ PHPSHUROHKIDVLOLWDVNUHGLWGDUL37%&$)LQDQFH VHEHVDU 5S GHQJDQ EXQJD WDKXQDQ VHEHVDU SHU WDKXQ 3HUROHKDQ SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL SHPEHOLDQ NHQGDUDDQ 3LQMDPDQ LQL GLED\DU GHQJDQ FLFLODQ EXODQDQ GHQJDQ SHPED\DUDQ FLFLODQ WHUDNKLU SDGDWDQJJDO$JXVWXV
In September 2011, the Company obtained a credit facility from PT BCA Finance amounting to Rp1,532,000 with annuity interest of 9.68% per annum. The proceeds of the loan were used to finance the acquisition of vehicles. The loan is payable in monthly installments, with the last payment being due on August 14, 2015.
3LQMDPDQ WHUVHEXW GLMDPLQ GHQJDQ NHQGDUDDQ \DQJ GLPLOLNL PHODOXL SLQMDPDQ WHUVHEXW &DWDWDQ 3DGD WDKXQ GDQ SHPED\DUDQDQJVXUDQSLQMDPDQPDVLQJPDVLQJ VHEHVDU 5S GDQ 5S 3DGD WDQJJDO 'HVHPEHU GDQ VDOGR WHUXWDQJ GDUL IDVLOLWDV NUHGLW LQL PDVLQJPDVLQJ VHEHVDU5S GDQ5S
The loan is collateralized by the vehicles acquired from the proceeds of the loan (Note 14). In 2014 and 2013, installment payments amounted to Rp412,636 and Rp374,717, respectively. As of December 31, 2014 and 2013, the outstanding loan from this credit facility amounted to Rp298,035 and Rp710,671, respectively.
63
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
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
f.
PT BCA Finance (continued) In October 2011, the Company obtained a credit facility from PT BCA Finance amounting to Rp1,900,000 with annuity interest of 9.68% per annum. The proceeds of the loan were used to finance the acquisition of a vehicle. The loan is payable in monthly installments, with the last payment being due on September 6, 2015. The loan is collateralized by the vehicle acquired from the proceeds of the loan (Note 14). In 2014 and 2013, installment payments amounted to Rp507,659 and Rp497,457, respectively. As of December 31, 2014 and 2013, the outstanding loan from this credit facility amounted to Rp414,182 and Rp921,841, respectively.
g.
PT Dipo Star Finance In August 2013, the Company obtained a credit facility from PT Dipo Star Finance amounting to Rp178,150 with annuity interest of 6.42% per annum. The proceeds of the loan were used to finance the acquisition of vehicles. The loan is payable in monthly installments, with the last payment being due on August 1, 2016. The loan is collateralized by the vehicles acquired from the proceeds of the loan (Note 14). In 2014 and 2013, installment payments amounted to Rp56,825 and Rp18,148, respectively. As of December 31, 2014 and 2013, the outstanding loan from this credit facility amounted to Rp103,177 and Rp160,002, respectively.
Interest expense of all long-term borrowings in 2014 and 2013 amounted to Rp12,382,206 and Rp13,670,542, respectively, which is recorded as part of finance expense in the consolidated statement of comprehensive income.
64
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
19. LONG-TERM BORROWINGS (continued)
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default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
Under the terms and conditions of the covering loan agreements, the Company is required to comply with certain restrictive covenants, such as obtaining prior written approval from the creditors with respect to, among others, mergers, acquisitions consolidation, disposal of its major fixed assets, granting of guarantees or indemnities, pledging of its present and future assets, changes in the ownership structure, changes in the scope of business activities, payments of loans from shareholders, and declaration and payment of cash dividend. The Company is also required to maintain certain financial ratios. As of December 31, 2014, the Company does not meet certain financial ratios required under the loan agreements, i.e. current ratio and net worth. Under this condition, the creditors may declare the loans in default and ask for immediate repayment of all outstanding debts. However, the Company has not received any notices from its creditors demanding the immediate repayment of the outstanding debts.
In accordance with Indonesian Financial Accounting Standards, all of the long-term borrowings should be reclassified and presented as part of short-term liabilities in the consolidated statement of financial position as of December 31, 2014. However, the management of the Company decided to present the long-term borrowings as part of long-term liabilities in accordance with the payment schedules under the existing loan agreements, before the Company receive any notice from its creditors demanding the immediate repayment of the outstanding debts. If the long-term borrowings were reclassified and presented as part of short-term liabilities, the total consolidated short-term liabilities would have been increased by Rp223,432,555 and the consolidated long-term liabilities would have been decreased by the same amount.
65
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
20. EMPLOYEE BENEFITS LIABILITY
/,$%,/,7$6,0%$/$1.(5-$ 3HUXVDKDDQ PHPEHULNDQ LPEDODQ NHUMD NHSDGD NDU\DZDQ \DQJ WHODK PHQFDSDL XVLD SHQVLXQ QRUPDO WDKXQ EHUGDVDUNDQ 8QGDQJXQGDQJ 1R ³88.´ ,PEDODQWHUVHEXWWLGDNGLGDQDL .RPSRQHQGDULEHEDQLPEDODQNHUMDQHWR\DQJGLDNXL GDODP ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ GDQMXPODKOLDELOLWDVLPEDODQNHUMD\DQJGLDNXLGDODP ODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ VHSHUWL GLWHQWXNDQ ROHK 37 %XPL 'KDUPD $NWXDULD DNWXDULD LQGHSHQGHQ GDODP ODSRUDQQ\D PDVLQJPDVLQJ SDGD WDQJJDO )HEUXDUL GDQ )HEUXDUL DGDODKVHEDJDLEHULNXW D %HEDQLPEDODQNHUMDQHWR
The Company provides benefits for its employees who reach the retirement age of 55 years based on the provisions of Labor Law No. 13/2003 (“Labor Law’). The benefits are unfunded. The components of net employee benefits expense recognized in the consolidated statement of comprehensive income and the amounts recognized in the consolidated statement of financial position for the employee benefits liability as determined by PT Bumi Dharma Aktuaria, an independent actuary, in its reports dated February 5, 2015 and February 15, 2014, respectively, are as follows:
%LD\DMDVDNLQL %LD\DEXQJD 5XJL ODED DNWXDULD\DQJGLDNXL $PRUWLVDVLELD\DMDVDODOX\DQJEHOXP PHQMDGLKDN 3HQJDNXDQVHJHUDELD\DMDVD ODOXvested
%HEDQLPEDODQNHUMDQHWR
Net employee benefits expense
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
a.
Current service cost Interest cost Recognized actuarial loss (gain) Amortization of unvested past servicecost Immediate recognition of past service cost - vested
Net employee benefits expense
E /LDELOLWDVLPEDODQNHUMD
'HVHPEHUDecember 31,
1LODLNLQLNHZDMLEDQLPEDODQSDVWL %LD\DMDVDODOX\DQJEHOXPGLDNXL EHOXPPHQMDGLKDN 5XJLDNWXDULDEHOXPGLDNXL
/LDELOLWDVLPEDODQNHUMD
Employee benefits liability
b.
Present value of defined benefits obligation Unrecognized past service cost - unvested Unrecognized actuarial losses
Employeebenefits liability
66
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
20. EMPLOYEE BENEFITS LIABILITY (continued)
/,$%,/,7$6,0%$/$1.(5-$ ODQMXWDQ E /LDELOLWDVLPEDODQNHUMD ODQMXWDQ 3HUXEDKDQ OLDELOLWDV LPEDODQ NHUMD DGDODK VHEDJDLEHULNXW
b.
Movements in the employee benefits liability are as follows:
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
6DOGRSDGDDZDOWDKXQ %HEDQLPEDODQNHUMDQHWR WDKXQEHUMDODQ 3HPED\DUDQVHODPDWDKXQEHUMDODQ
Employee benefits liability (continued)
Balance at beginning of year Net employee benefits expense during the year Benefits paid during the year
%DJLDQMDQJNDSHQGHN
Current portion
Long-term portion
6DOGRSDGDDNKLUWDKXQ
Balance at end of year
%DJLDQMDQJNDSDQMDQJ
%DJLDQ MDQJND SHQGHN GDUL OLDELOLWDV LPEDODQ NHUMD EHUGDVDUNDQ 88. \DQJ GLVDMLNDQ VHEDJDL EDJLDQ GDUL EHEDQ DNUXDO PDVLQJPDVLQJ VHEHVDU 5S GDQ 5S SDGD WDQJJDO 'HVHPEHU GDQ %DJLDQ MDQJND SDQMDQJ \DQJ WHUPDVXN GDODP OLDELOLWDV LPEDODQ NHUMD PDVLQJPDVLQJ VHEHVDU 5S GDQ 5S SDGD WDQJJDO 'HVHPEHUGDQ
The current portion of employee benefits liability under the Labor Law which presented as part of accrued expenses amounted to Rp2,756,961 and Rp1,897,246 as of December 31, 2014 and 2013, respectively. The non-current portion included in employee benefit liability amounted to Rp16,411,114 and Rp17,11,075 as of December 31, 2014 and 2013, respectively.
$VXPVLDVXPVL XWDPD \DQJ GLSDNDL GDODP PHQHQWXNDQ OLDELOLWDV LPEDODQ NHUMD MDQJND SDQMDQJ SDGD WDQJJDO 'HVHPEHU GDQ DGDODKVHEDJDLEHULNXW
The principal assumptions used in determining long-term employee benefits liability as of December 31, 2014 and 2013 are as follows:
7LQJNDWGLVNRQWR SHUWDKXQSHUDQQXP Discount rate 7LQJNDWNHQDLNDQJDML SHUWDKXQper annum Salary increment rate 7DEHOPRUWDOLWDV 70, Mortality table 8VLDSHQVLXQ VHPXDNDU\DZDQGLDQJJDS Retirement age (all employees are DNDQSHQVLXQSDGDXVLDSHQVLXQ WDKXQyears assumed to retire at their retirement age)
67
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
20. EMPLOYEE BENEFITS LIABILITY (continued)
/,$%,/,7$6,0%$/$1.(5-$ ODQMXWDQ E /LDELOLWDVLPEDODQNHUMD ODQMXWDQ
b.
Employee benefits liability (continued)
3HUXEDKDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL DGDODKVHEDJDLEHULNXW
Changes in the present value of the defined benefits obligation are as follows:
1LODLNLQLNHZDMLEDQLPEDODQSDVWL SDGDWDQJJDO'HVHPEHU %LD\DEXQJD %LD\DMDVDNLQL 3HPED\DUDQ .HXQWXQJDQDNWXDULDO
1LODLNLQLNHZDMLEDQLPEDODQSDVWL SDGDWDQJJDO'HVHPEHU
Present value of defined benefits obligation as of December 31, 2013
%LD\DEXQJD %LD\DMDVDNLQL 3HPED\DUDQ .HUXJLDQDNWXDULDO
Interest cost Current service cost Payments Actuarial losses
1LODLNLQLNHZDMLEDQLPEDODQSDVWL SDGDWDQJJDO'HVHPEHU
Present value of defined benefits obligation as of December 31, 2012 Interest cost Current service cost Payments Actuarial gains
Present value of defined benefits obligation as of December 31, 2014
5LQFLDQ QLODL NLQL NHZDMLEDQ LPEDODQ SDVWL GDQ SHQ\HVXDLDQ\DQJWLPEXOSDGDOLDELOLWDVSURJUDP SDGD WDQJJDO 'HVHPEHU GDQ SHULRGH HPSDW WDKXQ VHEHOXPQ\D DGDODK VHEDJDL EHULNXW
The details of the present value of defined benefits obligation and experience adjustment on plan liabilities as of December 31, 2014 and as of the end of each of the immediately preceding prior four years are as follows:
Presentvalue ofdefined benefitsobligation
3HQ\HVXDLDQ \DQJWLPEXO SDGDOLDELOLWDV SURJUDP
Experience adjustment on plan liabilities
1LODLNLQL NHZDMLEDQ LPEDODQSDVWL
68
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
20. EMPLOYEE BENEFITS LIABILITY (continued)
/,$%,/,7$6,0%$/$1.(5-$ ODQMXWDQ E /LDELOLWDVLPEDODQNHUMD ODQMXWDQ
b.
Employee benefits liability (continued)
3HUXEDKDQ VHEHVDU VDWX SHUVHQWDVH SDGD WLQJNDW GLVNRQWR SDGD WDQJJDO 'HVHPEHU GDQ WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO WHUVHEXWEHUGDPSDNVHEDJDLEHULNXW
One percentage point change in the assumed discount rate as of December 31, 2014 and for the year then ended would have had the following effects:
.HQDLNDQ $NXPXODVLNHZDMLEDQLPEDODQSDVWL %LD\DMDVDNLQLGDQEXQJD
Increase Accumulated defined benefits obligation Service and interest costs
Decrease Accumulated defined benefits obligation Service and interest costs
3HQXUXQDQ $NXPXODVLNHZDMLEDQLPEDODQSDVWL %LD\DMDVDNLQLGDQEXQJD
0DQDMHPHQ EHUNH\DNLQDQ EDKZD OLDELOLWDV LPEDODQ NHUMD WHODK FXNXS VHVXDL GHQJDQ \DQJ GLV\DUDWNDQROHK88.
Management believes that the employee benefits liability is sufficient in accordance with the requirements of the Labor Law.
21. NON-CONTROLING INTEREST .(3(17,1*$11213(1*(1'$/, 5LQFLDQGDULDNXQLQLDGDODKVHEDJDLEHULNXW The details of this account are as follows: 7DKXQ\DQJ%HUDNKLUSDGD
7DQJJDO'HVHPEHU Year Ended December 31,
6DOGRSDGDDZDOWDKXQ %DJLDQUXJLQHWR 6HOLVLKNXUVNDUHQDSHQMDEDUDQ ODSRUDQNHXDQJDQ
Beginning balance Share of net loss Exchange rate difference from financialstatement translation
6DOGRSDGDDNKLUWDKXQ
Ending balance
69
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
22. SHARE CAPITAL
02'$/6$+$0 6XVXQDQ SHPHJDQJ VDKDP 3HUXVDKDDQ SDGD WDQJJDO 'HVHPEHU GDQ EHUGDVDUNDQ SHQFDWDWDQ 37 5D\D 6DKDP 5HJLVWUD ELUR DGPLQLVWUDVLHIHNDGDODKVHEDJDLEHULNXW
Based on the records maintained by the shares registrar, PT Raya Saham Registra, the composition of the Company’s shareholders as of December 31, 2014 and 2013 was as follows:
3HPHJDQJVDKDP
0RGDOGLWHPSDWNDQ GDQGLVHWRUSHQXK Issued and fully -XPODKVDKDP NHSHPLOLNDQ paid share capital Number of shares % of ownership 5XSLDK
$VLD,QYHVWPHQW/LPLWHG 6KHQWRQ)LQDQFH&RUSRUDWLRQ 371DZD3DQGXWD 0RUJDQ6WDQOH\ &R,QWO3/& /DLQODLQ PDVLQJPDVLQJGHQJDQ NHSHPLOLNDQNXUDQJGDUL
6XEWRWDO 6DKDPWUHVXUL
Asia Investment Limited Shenton Finance Corporation PT Nawa Panduta Morgan Stanley & Co Intl PLC Others (each with ownership of less than 5%) Sub-total Treasury stock
Shareholders
7RWDO
Total
%HUGDVDUNDQ SHQFDWDWDQ 37 5D\D 6DKDP 5HJLVWUD ELURDGPLQLVWUDVLHIHNWLGDNWHUGDSDWDQJJRWD'HZDQ .RPLVDULV GDQ 'LUHNVL \DQJ PHPSXQ\DL VDKDP 3HUXVDKDDQ SDGD WDQJJDO 'HVHPEHU GDQ
Based on the records maintained by PT Raya Saham Registra, the shares registrar, as of December 31, 2014 and 2013, there were no Company shares held by any member of the Boards of Commissioners and Directors.
%HUGDVDUNDQ NHSXWXVDQ 5DSDW 8PXP 3HPHJDQJ 6DKDP /XDU %LDVD ³5836/%´ \DQJ GLDGDNDQ SDGD WDQJJDO )HEUXDUL SHPHJDQJ VDKDP PHQ\HWXMXL UHQFDQD 3HUXVDKDDQ XQWXN PHODNXNDQ SHPEHOLDQ NHPEDOL (“EX\EDFN”) VDKDPQ\D 3URJUDP buyback GLODNVDQDNDQ VHODPD SHULRGH \DQJ WLGDN PHOHELKL EXODQ NH GHSDQ VHMDN WDQJJDO SHODNVDQDDQ 5836/% 0HODOXL SURJUDP LQL 3HUXVDKDDQ GDSDW PHODNXNDQ buyback PDNVLPXP VDPSDL GHQJDQ GDUL PRGDO GLWHPSDWNDQ GDQ GLVHWRU SHQXK 3HUXVDKDDQ PHQJDORNDVLNDQ GDQD GHQJDQ MXPODK PDNVLPXP 5S \DQJ EHUDVDO GDUL VDOGR ODED XQWXN PHQGXNXQJ SURJUDP buybackWHUVHEXW
Pursuant to a resolution in the Extraordinary General Meeting of Shareholders (“EGMS”) held on February 19, 2010, the shareholders approved the Company’s plan to buy back its shares. The shares buy-back program was exercised within an 18-month period from the EGMS date. Under the program, the Company could repurchase up to 10% of its total issued and fully paid share capital. The Company allocated funds at the maximum of Rp80,000,000 taken from its retained earnings to support the shares buy-back program.
3URJUDP buyback VXGDK GLVHOHVDLNDQ SDGD WDQJJDO $JXVWXV GLPDQD MXPODK VDKDP \DQJ WHODK GLEHOL NHPEDOL DGDODK VHEDQ\DN VDKDP VHWDUDGHQJDQ GDULPRGDOVDKDPGLWHPSDWNDQ GDQ GLVHWRU SHQXK GHQJDQ MXPODK SHPEHOLDQ VHEHVDU 5S 6HOXUXK VDKDP \DQJ GLEHOL NHPEDOL WHUVHEXW GLFDWDW GDQ GLVDMLNDQ VHEDJDL ³6DKDP7UHVXUL´
The buy-back program ended on August 19, 2011. The Company had repurchased 67,752,000 shares, equivalent to 9.96% of its total issued and paid-up capital, for a total purchase price of Rp79,566,944. The said repurchased shares are accounted for and presented as “Treasury Stock”.
70
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
23. ADDITIONAL PAID-IN CAPITAL
7$0%$+$102'$/',6(725
6DOGRDNXQLQLSDGDWDQJJDO'HVHPEHUGDQ VHEDJDLEHULNXW
The details of the balance of this account as of December 31, 2014 and 2013 are as follows:
'HVHPEHUDecember 31,
3HQDZDUDQXPXPSHUGDQDVDKDP SDGDKDUJD5S DQJNDSHQXK SHUVDKDP 3HQDZDUDQXPXPWHUEDWDVVDKDP SDGDKDUJD5S DQJNDSHQXK SHUVDKDP 3HPEDJLDQVDKDPERQXV %LD\DHPLVLVDKDP 3HQLQJNDWDQ0RGDOWDQSD+DNPHPHVDQ(IHN 7HUOHELK'DKXOX +0(7' VDKDP SDGDKDUJD5S DQJNDSHQXK SHUVDKDP
1HWR
Initial public issuance of 16,000,000 shares at Rp3,800 (full amount) per share(1) Limited offering of 12,000,000 shares at Rp4,400 (full amount) per share(1) Issuance of bonus shares Share issuance costs Issuance of shares without pre-emptive rights (HMETD) of 328,000,000 shares at Rp1,425 (full amount) per share(2)
Net
EHUGDVDUNDQQLODLSDUSHUVDKDP5S DQJNDSHQXK EHUGDVDUNDQQLODLSDUSHUVDKDP5S DQJNDSHQXK
(1)
based on par value per share of Rp1,000 (full amount) based on par value per share of Rp500 (full amount)
(2 )
6(/,6,+ .856 .$5(1$ /$325$1.(8$1*$1
24. EXCHANGE RATE DIFFERENCES FINANCIAL STATEMENT TRANSLATION
3(1-$%$5$1
FROM
$NXQ LQL PHUXSDNDQ VHOLVLK NXUV \DQJ WLPEXO GDUL L SHQMDEDUDQ ODSRUDQ NHXDQJDQ (QWLWDV $QDN GDUL GRODU+RQJ.RQJNHGRODU$6GDQGDULGRODU$6NH PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN 8VDKD GDQ LL SHQMDEDUDQ ODSRUDQ NHXDQJDQ 3HUXVDKDDQ GDODP PDWD XDQJ IXQJVLRQDO NH GDODP PDWD XDQJ SHQ\DMLDQ ODSRUDQ NHXDQJDQ .HORPSRN 8VDKD
This account represents exchange rate differences arising from (i) translation of the Subsidiary’s financial statements from Hong Kong dollar to U.S. dollar and from U.S. dollar to the Group’s presentation currency; and (ii) translation of the Company’s functional currency into the Group’s presentation currency.
25. NET SALES
3(1-8$/$11(72
3HQMXDODQGRPHVWLN 3LKDNNHWLJD 3LKDNEHUHODVL &DWDWDQ
3HQMXDODQHNVSRU 3LKDNNHWLJD 3LKDNEHUHODVL &DWDWDQ 7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
7LGDN WHUGDSDW SHQMXDODQ NHSDGD VDWX SHODQJJDQ \DQJ PHOHELKL GDUL WRWDO SHQMXDODQ NRQVROLGDVL XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO 'HVHPEHUGDQ
Domestic sales Third parties Related party (Note 32) Export sales Third parties Related party (Note 32)
Total
There were no sales to any single customer of more than 10% of the total consolidated sales for each of the years ended December 31, 2014 and 2013.
71
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
26. COST OF GOODS SOLD
%(%$132.2.3(1-8$/$1
3HPDNDLDQEDKDQEDNX 8SDKODQJVXQJ %HEDQSURGXNVL
3HUVHGLDDQEDUDQJGDODPSURVHV 3DGDDZDOWDKXQ 3DGDDNKLUWDKXQ
%HEDQSRNRNSURGXNVL
3HUVHGLDDQEDUDQJMDGL 3DGDDZDOWDKXQ 7UDQVIHUGDQODLQODLQ 3DGDDNKLUWDKXQ
%HEDQSRNRNSHQMXDODQ
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Raw materials used Direct labor Production expenses
Work-in-process inventory: At beginning of year At end of year
Cost of goods manufactured
Finished goods inventory: At beginning of year Transfers and others At end of year
Cost of goods sold
7LGDN WHUGDSDW SHPEHOLDQ GDUL VDWX SHPDVRN \DQJ PHOHELKL GDUL WRWDO EHEDQ SRNRN SHQMXDODQ NRQVROLGDVL XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO 'HVHPEHUGDQ
There were no purchases from any single supplier of more than 10% of the total consolidated cost of goods sold for each of the years ended December 31, 2014 and 2013.
%(%$13(1-8$/$1
2QJNRVDQJNXW *DMLGDQNHVHMDKWHUDDQNDU\DZDQ 7UDQVSRUWDVLGDQSHUMDODQDQGLQDV .RPLVLGDQDVXUDQVL -DPXDQGDQUHSUHVHQWDVL %HEDQNODLP 6HZDOLVWULNGDQDLU 3RVWHOHSRQGDQWHOHNV /DLQODLQ
27. SELLING EXPENSES
7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
72
Freight charges Salaries and employee benefits Transportation and travel Commissions and insurance Representation and entertainment Claim expenses Rent, electricity and water Post, telephone and telex Others
Total
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
28. GENERAL AND ADMINISTRATIVE EXPENSES
%(%$18080'$1$'0,1,675$6,
*DMLGDQNHVHMDKWHUDDQNDU\DZDQ %HEDQEDQN -DVDSURIHVLRQDOGDQOHJDO 3HQ\XVXWDQ &DWDWDQ 7UDQVSRUWDVLGDQSHUMDODQDQGLQDV 6HZDOLVWULNGDQDLU -DPXDQGDQUHSUHVHQWDVL 3RVWHOHSRQGDQWHOHNV $VXUDQVL /DLQODLQ
7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Salaries and employee benefits Bank charges Legal and professional fees Depreciation (Note 14) Transportation and travel Rent, electricity and water Representation and entertainment Post, telephone and telex Insurance Others
Total
29. EARNINGS PER SHARE
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
The amounts of profit for the year attributable to the owners of the parent entity which are used in calculating the basic earnings per share for the years ended December 31, 2014 and 2013 are Rp34,708,938 and Rp34,660,293, respectively. The weighted average number of outstanding shares (after considering treasury stock) used as the denominator in computing the earnings per share for the years ended December 31, 2014 and 2013 is 612,248,000 shares (Note 22). The Company does not have any dilutive ordinary shares in 2014 and 2013.
30. APPROPRIATION OF RETAINED EARNINGS
'DODPUDQJNDPHPHQXKL8QGDQJXQGDQJ3HUVHURDQ 7HUEDWDV 1R 7DKXQ \DQJ PHQJKDUXVNDQ SHUXVDKDDQSHUXVDKDDQ VHFDUD EHUWDKDS PHQFDGDQJNDQVHNXUDQJNXUDQJQ\DGDULPRGDO \DQJ GLWHPSDWNDQ VHEDJDL GDQD FDGDQJDQ XPXP SDUD SHPHJDQJ VDKDP PHQ\HWXMXL SHQFDGDQJDQ VHEDJLDQ GDUL VDOGR ODED 3HUXVDKDDQ VHEDJDL FDGDQJDQ GDQD XPXP VHEHVDU 5S SDGD WDKXQ GDQ \DQJ PDVLQJPDVLQJ GLSXWXVNDQ GDODP 5DSDW 8PXP 3HPHJDQJ 6DKDP 7DKXQDQ ³5836´ WDQJJDO0HLGDQWDQJJDO -XQL
In compliance with Corporation Law No. 40 Year 2007, which requires companies to set aside, on a gradual basis, an amount equivalent to at least 20% of their subscribed capital as general reserve, the shareholders approved the partial appropriation of the Company’s retained earnings as general reserve amounting to Rp2,500,000 each year in 2014 and 2013, which was approved during the Annual General Meetings of Shareholders (“AGMS”) held on May 23, 2014 and June 13, 2013, respectively.
73
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
31. DIVIDEND
',9,'(1 'LYLGHQ \DQJ WHODK GLGHNODUDVLNDQ GDQ GLED\DUNDQ SDGDWDKXQGDQDGDODKVHEDJDLEHULNXW
'LYLGHQ\DQJGLGHNODULVDVL5SSHUVDKDP SDGDWDKXQGDQ5SQLKLOSHUVDKDP SDGDWDKXQ GDODPMXPODK UXSLDKSHQXK
3HPED\DUDQGLYLGHQ WDKXQEHUMDODQ
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Dividend declared and paid in 2014 and 2013 is as follows:
6$/'2'$175$16$.6,'(1*$13,+$.3,+$. %(5(/$6, 6DOGR GDQ WUDQVDNVL GHQJDQ SLKDNSLKDN EHUHODVL DGDODKVHEDJDLEHULNXW D 3LXWDQJXVDKD
Dividend declared - Rp17 per share in 2014 and Rpnil per share in 2013 (in full rupiah amount) Dividend paid current year
32. BALANCES AND RELATED PARTIES
TRANSACTIONS
WITH
Balances and transactions with related parties were as follows: a. Trade receivables
370HJDK-D\D7DSH/HVWDUL 67(17$
7RWDO 3HUVHQWDVHWHUKDGDSWRWDODVHW NRQVROLGDVLDQ
'HVHPEHUDecember 31,
PT Megah Jaya Tape Lestari STENTA Total Percentage to total consolidated assets
b. Trade payables
E 8WDQJXVDKD
370HJDK-D\D7DSH/HVWDUL 67(17$
7RWDO 3HUVHQWDVHWHUKDGDSWRWDO OLDELOLWDVNRQVROLGDVLDQ
'HVHPEHUDecember 31,
74
PT Megah Jaya Tape Lestari STENTA
Total Percentage to total consolidated liabilities
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
32. BALANCES AND TRANSACTIONS RELATED PARTIES (continued)
6$/'2'$175$16$.6,'(1*$13,+$.3,+$. %(5(/$6, ODQMXWDQ
WITH
F 3HQMXDODQQHWR
c. Net sales
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
370HJDK-D\D7DSH/HVWDUL 67(17$ 7RWDO
Total
3HUVHQWDVHWHUKDGDSWRWDO SHQMXDODQQHWRNRQVROLGDVLDQ
Percentage to total consolidated net sales
PT Megah Jaya Tape Lestari STENTA
d. Purchase
G 3HPEHOLDQ
370HJDK-D\D7DSH/HVWDUL 67(17$ 3HUVHQWDVHWHUKDGDSWRWDOEHEDQ SRNRNSHQMXDODQNRQVROLGDVLDQ
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
PT Megah Jaya Tape Lestari STENTA Percentage to total consolidated cost of goods sold
e. Salaries and benefits for key management
H *DMLGDQNHVHMDKWHUDDQPDQDMHPHQNXQFL
'HZDQ.RPLVDULVGDQ'LUHNVL ,PEDODQNHUMDMDQJNDSHQGHN
3HUVHQWDVHWHUKDGDSWRWDO EHEDQSHQMXDODQGDQEHEDQ XPXPGDQDGPLQLVWUDVL NRQVROLGDVLDQ
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Boards of Commissioners and Directors Short-term employee benefits Percentage to total consolidated selling expenses and general and administrative expenses
7UDQVDNVLWUDQVDNVL\DQJEHUNDLWDQGHQJDQSHQMXDODQ NHSDGD GDQ SHPEHOLDQ GDUL SLKDNSLKDN EHUHODVL GLODNVDQDNDQ GHQJDQ SHUV\DUDWDQ GDQ NRQGLVL \DQJ VDPDVHSHUWL\DQJGLODNXNDQGHQJDQSLKDNNHWLJD
Transactions relating to sales to and purchases from related parties were conducted under terms and conditions similar to those granted to/received from third parties.
0DQDMHPHQ EHUNH\DNLQDQ EDKZD FDGDQJDQ SHQXUXQDQ QLODL DWDV SLXWDQJ XVDKD SLKDN EHUHODVL SDGD WDQJJDO 'HVHPEHU GDQ VHEHVDU 5S DGDODK FXNXS XQWXN PHQXWXS NHPXQJNLQDQNHUXJLDQDWDVWLGDNWHUWDJLKQ\DSLXWDQJ XVDKDWHUVHEXW
Management believes that the allowance for impairment of trade receivables - related parties as of December 31, 2014 and 2013 amounting to Rp231,068 each, is sufficient to cover possible losses arising from uncollectible trade receivables.
7LGDN WHUGDSDW MDPLQDQ \DQJ GLEHULNDQ DWDV XWDQJ XVDKDSLKDNEHUHODVLWHUVHEXW
All of the trade payables - related parties are unsecured.
+XEXQJDQ GDQ VLIDW VDOGR DNXQWUDQVDNVL GHQJDQ SLKDNSLKDNEHUHODVLDGDODKVHEDJDLEHULNXW
The relationship and nature of account balances/transactions with related parties are as follows:
75
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
32. BALANCES AND TRANSACTIONS RELATED PARTIES (continued)
6$/'2'$175$16$.6,'(1*$13,+$.3,+$. %(5(/$6, ODQMXWDQ 1R
3LKDNSLKDN%HUHODVL Related Parties
6LIDW6DOGR$NXQ7UDQVDNVL Nature of Account Balances/ Transactions 3LXWDQJ XVDKD XWDQJ XVDKD SHQMXDODQ GDQ SHPEHOLDQTrade receivables, trade payables, sales, and purchase
+XEXQJDQRelationship
37 0HJDK -D\D 7DSH /HVWDUL
.HVDPDDQSHPHJDQJVDKDP Common shareholders
67(17$
(QWLWDVDVRVLDVL Associated company
3LXWDQJ XVDKD XWDQJ XVDKD SHQMXDODQ GDQ SHPEHOLDQTrade receivables, trade payables, sales, and purchase
0DQDMHPHQNXQFL Key management
*DMLGDQNHVHMDKWHUDDQPDQDMHPHQ NXQFLSalaries and benefits for key management
WITH
'HZDQ .RPLVDULV 'LUHNVL Boards Commissioners Directors
GDQ of and
33. FAIR VALUE OF FINANCIAL INSTRUMENTS
1,/$,:$-$5'$5,,167580(1.(8$1*$1 7DEHO EHULNXW PHQ\DMLNDQ QLODL WHUFDWDW \DQJ PHQGHNDWL QLODL ZDMDU GDUL LQVWUXPHQ NHXDQJDQ .HORPSRN8VDKD
'HVHPEHUDecember 31, 2014
1LODLWHUFDWDW Carrying value
$VHWNHXDQJDQODQFDU .DVGDQVHWDUDNDV 'DQD\DQJGLEDWDVL SHQJJXQDDQQ\D ,QYHVWDVLMDQJNDSHQGHN 3LXWDQJXVDKD 3LXWDQJODLQODLQ 7RWDODVHWNHXDQJDQODQFDU
7RWDODVHWNHXDQJDQODQFDU
Current financial assets Cash and cash equivalents
Restricted funds Short-term investment Trade receivables Other receivables
Non-current financial assets Guarantee deposits
Total current financial assets
Total current financial assets
Current financial liabilities Short-term bank loans Trade payables Other payables Accrued expenses
Current maturites of long-term borrowings
Non-current financial liabilities Long-term borrowings - net of current maturities
7RWDOOLDELOLWDVNHXDQJDQ
1LODLZDMDU Fair value
7RWDOOLDELOLWDVNHXDQJDQ ODQFDU /LDELOLWDVNHXDQJDQWLGDNODQFDU 3LQMDPDQMDQJNDSDQMDQJVHWHODK GLNXUDQJLEDJLDQ\DQJMDWXKWHPSR GDODPVDWXWDKXQ
1LODLWHUFDWDW Carrying value
'HVHPEHUDecember 31, 2013
/LDELOLWDVNHXDQJDQODQFDU 3LQMDPDQEDQNMDQJNDSHQGHN 8WDQJXVDKD 8WDQJODLQODLQ %HEDQDNUXDO %DJLDQSLQMDPDQMDQJNDSDQMDQJ \DQJMDWXKWHPSRGDODP VDWXWDKXQ
1LODLZDMDU Fair value
$VHWNHXDQJDQWLGDNODQFDU 8DQJMDPLQDQ
The following table sets out the carrying values, which approximate the fair values, of the Group’s financial instruments:
76
Total current financial liabilities
Total financial liabilities
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
33. FAIR VALUE (continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
1LODL ZDMDU GLGHILQLVLNDQ VHEDJDL MXPODK GLPDQD LQVWUXPHQ WHUVHEXW GDSDW GLSHUWXNDUNDQ GL GDODP WUDQVDNVL WHUNLQL DQWDUD SLKDN \DQJ EHUNHLQJLQDQ GDQ PHPLOLNL SHQJHWDKXDQ \DQJ PHPDGDL PHODOXL VXDWX WUDQVDNVL \DQJ ZDMDU EXNDQ GDODP SHQMXDODQ \DQJ GLSDNVDNDQ DWDX SHQMXDODQ OLNXLGDVL 1LODL ZDMDU GLGDSDWNDQGDULNXRWDVLKDUJDSDVDUPRGHODUXVNDV GLVNRQWR GDQ PRGHO SHQHQWXDQ KDUJD RSVL \DQJ VHZDMDUQ\D
Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties in an arm's length transaction, other than in a forced or liquidation sale. Fair values are obtained from quoted market prices, discounted cash flow models and option pricing models, as appropriate.
.HORPSRN 8VDKD PHQJJXQDNDQ KLUDUNL EHULNXW LQL XQWXNPHQHQWXNDQQLODLZDMDULQVWUXPHQNHXDQJDQ x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ SDGD KDUJD NXRWDVL WLGDN GLVHVXDLNDQ GDODP SDVDU DNWLIXQWXNDVHWDWDXOLDELOLWDVVHMHQLV x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ PDXSXQ WLGDNODQJVXQJ x 7LQJNDW 1LODL ZDMDU GLXNXU EHUGDVDUNDQ WHNQLN WHNQLN YDOXDVL GLPDQD VHOXUXK LQSXW \DQJ PHPSXQ\DL HIHN \DQJ VLJQLILNDQ DWDV QLODL ZDMDU WLGDN GDSDW GLREVHUYDVL EDLN VHFDUD ODQJVXQJ PDXSXQWLGDNODQJVXQJ
The Group uses the following hierarchy for determining the fair value of financial instruments: x Level 1: Fair values measured based on quoted prices (unadjusted) in active markets for identical assets or liabilities. x Level 2: Fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair values are observable, either directly or indirectly.
+LUDUNL QLODL ZDMDU .HORPSRN 8VDKD DGDODK VHEDJDL EHULNXW
The Group’s fair value hierarchy is as follows:
x Level 3: Fair value measured based on valuation techniques for which inputs which have a significant effect on the recorded fair value are not based on observable market data.
'HVHPEHUDecember 31, 2014
+DUJD3DVDU \DQJ GLNXRWDVLNDQ XQWXNDVHW GDQOLDELOLWDV \DQJVDPD 7LQJNDW Quoted prices in active markets for identical assets or liabilities (Level 1)
7RWDO
$VHWNHXDQJDQODQFDU
Inputs\DQJ GDSDW GLREVHUYDVL VHFDUD ODQJVXQJ PDXSXQWLGDN ODQJVXQJ 7LQJNDW Significant and observable inputs, directly or indirectly (Level 2)
Inputs\DQJ VLJQLILNDQ WHWDSLWLGDN GDSDW GLREVHUYDVL 7LQJNDW Significant unobservable inputs (Level 3)
Current financial assets
Short-term investment
Non-current financial liabilities
Long-term borrowings - net of current maturities
,QYHVWDVLMDQJNDSHQGHN /LDELOLWDVNHXDQJDQWLGDN ODQFDU 3LQMDPDQMDQJNDSDQMDQJ 6HWHODKGLNXUDQJLEDJLDQ \DQJMDWXKWHPSRGDODP VDWXWDKXQ
77
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
33. FAIR VALUE (continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
'HVHPEHUDecember 31, 2013
7RWDO
$VHWNHXDQJDQODQFDU
+DUJD3DVDU \DQJ GLNXRWDVLNDQ XQWXNDVHW GDQOLDELOLWDV \DQJVDPD /HYHO Quoted prices in active markets for identical assets or liabilities (Level 1)
Inputs\DQJ GDSDW GLREVHUYDVL VHFDUD ODQJVXQJ PDXSXQWLGDN ODQJVXQJ /HYHO Significant and observable inputs, directly or indirectly (Level 2)
Inputs\DQJ VLJQLILNDQ WHWDSLWLGDN GDSDW GLREVHUYDVL (Level 3)/ Significant unobservable inputs (Level 3)
Current financial assets
Short-term investment
Non-current financial liabilities
Long-term borrowings - net of current maturities
,QYHVWDVLMDQJNDSHQGHN /LDELOLWDVNHXDQJDQWLGDN ODQFDU 3LQMDPDQMDQJNDSDQMDQJ 6HWHODKGLNXUDQJLEDJLDQ \DQJMDWXKWHPSRGDODP VDWXWDKXQ
,QVWUXPHQNHXDQJDQ\DQJGLVDMLNDQGLGDODPODSRUDQ SRVLVL NHXDQJDQ NRQVROLGDVLDQ GLFDWDW VHEHVDU QLODL ZDMDU DWDX VHEDOLNQ\D GLVDMLNDQ GDODP MXPODK WHUFDWDW DSDELOD MXPODK WHUVHEXW PHQGHNDWL QLODL ZDMDUQ\D DWDX QLODL ZDMDUQ\D WLGDN GDSDW GLXNXU VHFDUD KDQGDO 0HWRGHPHWRGH GDQ DVXPVLDVXPVL GL EDZDK LQL GLJXQDNDQ XQWXN PHQJHVWLPDVL QLODL ZDMDU XQWXN PDVLQJPDVLQJ NHODV LQVWUXPHQ NHXDQJDQ
Financial instruments presented in the consolidated statement of financial position are carried at their fair values, otherwise, they are presented at carrying values as either these are reasonable approximation of fair values or their fair values cannot be reliably measured. The following methods and assumptions are used to estimate the fair value of each class of financial instruments:
D$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSHQGHN
a. Short-term financial assets and liabilities
,QVWUXPHQ NHXDQJDQ MDQJND SHQGHN GHQJDQ MDWXK WHPSR GDODP VDWX WDKXQ DWDX NXUDQJ NDV GDQ VHWDUD NDV GDQD \DQJ GLEDWDVL SHQJJXQDDQQ\D SLXWDQJ XVDKD SLXWDQJ ODLQODLQ SLQMDPDQ EDQN MDQJND SHQGHN XWDQJ XVDKD XWDQJ ODLQODLQ EHEDQ DNUXDO GDQ EDJLDQ SLQMDPDQ MDQJND SDQMDQJ \DQJ MDWXK WHPSR GDODP VDWX WDKXQ PHQGHNDWLQLODLWHUFDWDWQ\DNDUHQDEHUVLIDWMDQJND SHQGHN
Short-term financial instruments with remaining maturities of one year or less (cash and cash equivalents, restricted funds, trade receivables, other receivables, short-term bank loans, trade payables, other payables, accrued expenses, and current maturities of long-term borrowings) approximate their carrying amounts due to their short-term nature.
,QYHVWDVL SDGD UHNVDGDQD GLFDWDW VHEHVDU QLODL ZDMDU \DQJ PHQJDFX SDGD KDUJD NXRWDVL \DQJ GLSXEOLNDVLNDQSDGDSDVDUDNWLI
The investments in mutual funds are carried at fair value using the quoted prices published in active markets.
78
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
33. FAIR VALUE (continued)
1,/$, :$-$5 '$5, ,167580(1 .(8$1*$1 ODQMXWDQ
OF
FINANCIAL
INSTRUMENTS
E$VHWGDQOLDELOLWDVNHXDQJDQMDQJNDSDQMDQJ
b. Long-term financial assets and liabilities
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
Long-term financial instruments consist of guarantee deposits and long-term borrowings. The guarantee deposits are carried at historical cost because their fair value cannot be reliably measured. It is not practical to estimate the fair value of the guarantee deposits because there are no fixed repayment terms although they are not expected to be settled within 12 months after the consolidated statement of financial position date.
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
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The fair values of long-term borrowings is determined by discounting future cash flows using applicable rates from observable current market transactions for instruments with similar terms, credit risk and remaining maturities.
Risk management The Group’s principal financial instruments consist of cash and cash equivalents and borrowings. The Group has various other financial assets and liabilities such as trade and other receivables and trade and other payables, which arise directly from its operations. The main purpose of these financial instruments is to raise funds for the operations of the Group. It is and has been the policy of the Group that no trading in financial instruments shall be undertaken.
The main risks arising from the Group’s financial instruments are interest rate risk, liquidity risk, credit risk, foreign currency risk and commodity price risk. The Board of Directors reviews and approves policies for managing each of these risks, which are described in more detail as follows:
79
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
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
Risk management (continued) a. Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Group’s exposure to the risk of changes in market interest rates relates primarily to its borrowings with floating interest rates.
.HQDLNDQSHQXUXQDQEDVLVSRLQ
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ WDKXQEHUMDODQ GLEXODWNDQ
The Group monitors and evaluates the movements of relevant interest rates in the financial markets to minimize the negative effect to the Group. The following schedule shows sensitivity to a reasonably possible change in the interest rate, with all other variables held constant, of the Group’s consolidated statement of comprehensive income for the year ended December 31, 2014:
Increase/decrease point basis Effect on consolidated profit for the year (rounded)
E5LVLNROLNXLGLWDV
b. Liquidity risk
.HORPSRN 8VDKD PHQJHOROD SURILO OLNXLGLWDVQ\D XQWXNGDSDWPHQGDQDLSHQJHOXDUDQPRGDOQ\DGDQ PHPED\DU SLQMDPDQ \DQJ MDWXK WHPSR GHQJDQ PHQMDJD NHFXNXSDQ NDV GDQ NHWHUVHGLDDQ SHQGDQDDQ PHODOXL MXPODK IDVLOLWDV NUHGLW EHUNRPLWPHQ\DQJFXNXS
The Group manages its liquidity profile to be able to finance its capital expenditure and service its maturing borrowings by maintaining sufficient cash, and the availability of funding through an adequate amount of committed credit facilities.
.HORPSRN8VDKDPHQJHYDOXDVLSUR\HNVLDUXVNDV GDQ DUXV NDV DNWXDO VHFDUD UHJXODU GDQ PHQFHUPDWL NHDGDDDQ SDVDU NHXDQJDQ VHFDUD WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ XQWXN PHQJHMDU LQLVLDWLI SHQJJDODQJDQ GDQD GLDQWDUDQ\D GDODP EHQWXN SLQMDPDQ EDUX \DQJ OHELKNRPSHWLWLI
The Group regularly evaluates its projected and actual cash flow information and continuously assesses conditions in the financial markets for opportunities to pursue fund-raising initiatives, which may include, among others, new competitive borrowings.
80
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 .(8$1*$1 ODQMXWDQ 0DQDMHPHQULVLNR ODQMXWDQ E5LVLNROLNXLGLWDV ODQMXWDQ 7DEHO GL EDZDK LQL PHUXSDNDQ MDGXDO MDWXK WHPSR OLDELOLWDV NHXDQJDQ .HORPSRN 8VDKD EHUGDVDUNDQ SHPED\DUDQ NRQWUDNWXDO VHPXOD \DQJ WLGDN GLGLVNRQWRNDQ
Risk management (continued) b. Liquidity risk (continued) The table below summarizes the maturity profile of the Group’s financial liabilities based on original contractual undiscounted amounts to be paid:
.XUDQJGDUL Below WDKXQyear
3LQMDPDQEDQNMDQJNDSHQGHN Short-term bank loans 8WDQJXVDKDTrade payables 8WDQJODLQODLQOther payables %HEDQDNUXDO Accruedexpenses
WDKXQyears WDKXQyears WDKXQyears
3LQMDPDQMDQJNDSDQMDQJ Long-term borrowings
7RWDOTotal
/HELKGDUL Over WDKXQyears
1LODLWHUFDWDW SDGDWDQJJDO %LD\DSHUROHKDQ 'HVHPEHU SLQMDPDQ Carrying value Loan arrangement as of cost December 31, 2014
-
F5LVLNRNUHGLW
c. Credit risk
5LVLNRNUHGLW\DQJGLKDGDSLROHK.HORPSRN8VDKD EHUDVDO GDUL NUHGLW \DQJ GLEHULNDQ NHSDGD SHODQJJDQ 6HEDJDL ODQJNDK PLWLJDVL DWDV ULVLNR LQL WHUGDSDW NHELMDNDQ XQWXN PHPDVWLNDQ SHQMXDODQ SURGXN KDQ\D GLODNXNDQ WHUXWDPD NHSDGD SHODQJJDQ \DQJ GDSDW GLSHUFD\D GDQ WHUEXNWL PHPSXQ\DL VHMDUDK NUHGLW \DQJ EDLN +DO LQLPHUXSDNDQNHELMDNDQ.HORPSRN8VDKDGLPDQD VHPXD SHODQJJDQ \DQJ DNDQ PHODNXNDQ SHPEHOLDQ VHFDUD NUHGLW KDUXV PHODOXL SURVHGXU YHULILNDVLNUHGLW
The Group is exposed to credit risk arising from the credit granted to its customers. To mitigate this risk, it has policies in place to ensure that sales of products are made mainly to creditworthy customers with proven track record or good credit history. It is the Group's policy that all customers who wish to trade on credit are subject to credit verification procedures.
.HORPSRN 8VDKD PHPLOLNL NHELMDNDQ XQWXN PHPEHULNDQ EDWDVDQ MXPODK NUHGLW GDQ PHQHWDSNDQ WHUPLQ SHPED\DUDQ NHSDGD VHWLDS SHODQJJDQ $GDSXQ XQWXN SHODQJJDQ EDUX .HORPSRN 8VDKD SDGD XPXPQ\D PHQJKDUXVNDQ PHUHND XQWXN PHPEHULNDQ XDQJ PXND GDQDWDX PHPED\DU SHQXK VHEHOXP GLODNXNDQ SHQJLULPDQ EDUDQJ 6HEDJDL WDPEDKDQ VDOGR SLXWDQJ GLSDQWDXVHFDUDWHUXVPHQHUXVXQWXNPHQJXUDQJL NHPXQJNLQDQSLXWDQJ\DQJWLGDNWHUWDJLK
The Group has policies that limit the amount of credit exposure and the credit term to be granted to each customer. In addition, the Group has policies that require new customers to make full payment and/or pay sales advances prior to goods shipment. Moreover, receivable balances are monitored on an ongoing basis to reduce the exposure to bad debts.
81
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 .(8$1*$1 ODQMXWDQ 0DQDMHPHQULVLNR ODQMXWDQ F5LVLNRNUHGLW ODQMXWDQ .HWLND SHODQJJDQ WLGDN PDPSX PHODNXNDQ SHPED\DUDQ GDODP MDQJND ZDNWX \DQJ WHODK GLEHULNDQ .HORPSRN 8VDKD DNDQ PHQJKXEXQJL SHODQJJDQ XQWXN PHQLQGDNODQMXWL SLXWDQJ \DQJ WHODK OHZDW MDWXK WHPSR -LND SHODQJJDQ WLGDN PHOXQDVL SLXWDQJ \DQJ WHODK MDWXK WHPSR GDODP MDQJND ZDNWX \DQJ WHODK GLWHQWXNDQ .HORPSRN 8VDKD DNDQ PHODNXNDQ QHJRVLDVL GHQJDQ SHODQJJDQ GLDQWDUDQ\D PHODOXL SHUSDQMDQJDQ MDQJND ZDNWX DJDU SHODQJJDQ GDSDW PHOXQDVL VHOXUXK OLDELOLWDVQ\D -LND SHODQJJDQ PDVLK WLGDN GDSDW PHQ\HOHVDLNDQ OLDELOLWDVQ\D VHWHODK SHUSDQMDQJDQ MDQJND ZDNWX WHUVHEXW .HORPSRN 8VDKDPHQLQGDNODQMXWLQ\DPHODOXLMDOXUKXNXP 6HKXEXQJDQGHQJDQULVLNRNUHGLW \DQJWLPEXOGDUL VDOGR SDGD EDQN ULVLNR WHUVHEXW GDSDW PXQFXO NDUHQD ZDQSUHVWDVL GDUL counterparty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
Risk management (continued) c. Credit risk (continued) When a customer fails to make payment within the credit term granted, the Group contacts the customer to act on the overdue receivables. If the customer does not settle the overdue receivables within a reasonable time, the Group negotiates with the customer through, among others, an extension of the credit term to enable the customer to repay its payable. If the customer still does not settle after the extended period, the Group proceeds to commence legal proceedings. Depending on the assessment of the Group, specific provisions may be made if the customer’s debt is deemed uncollectible. With respect to credit risk from balances with banks, credit risk exposure arises from default of the counterparty. The Group has a policy to place its funds only in banks with good reputation.
The maximum exposure of the financial instruments to credit risk is equal to the carrying values as disclosed in Note 33. As of December 31, 2014 and 2013, all of the Group’s financial assets that are exposed to credit risk are classified as neither past due nor impaired, except for trade receivables as disclosed in Note 7. d. Foreign currency risk The Group’s functional currency is the U.S. dollar. The Group faces non-U.S. dollar exchange risk as certain of its cash and cash equivalents, borrowings, sales, the costs of purchases and the costs of operational expense are denominated in rupiah. The Group does not have any formal hedging policy for non-U.S. dollar exposure. However, in relation to the matters discussed in the preceding paragraph, the fluctuations in the exchange rates between the U.S. dollar and each of the rupiah, euro and Hong Kong dollar, provide some degree of natural hedge for the Group’s foreign exchange exposure.
82
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 .(8$1*$1 ODQMXWDQ 0DQDMHPHQULVLNR ODQMXWDQ G5LVLNRPDWDXDQJDVLQJ ODQMXWDQ 7DEHO EHULNXW PHQXQMXNNDQ DVHW GDQ OLDELOLWDV NRQVROLGDVLDQ.HORPSRN8VDKDGDODPPDWDXDQJ VHODLQGRODU$PHULND6HULNDW
Risk management (continued) d. Foreign currency risk (continued) The following table shows the Group’s consolidated non-U.S. dollar-denominated assets and liabilities:
'HVHPEHUDecember 31, 2014
0DWDXDQJ DVLQJForeign currency
$6(7
'HVHPEHUDecember 31, 2013
6HWDUDGHQJDQ Equivalent in 'RODU$6U.S.Dollar
0DWDXDQJ DVLQJForeign currency
6HWDUDGHQJDQ Equivalent in 'RODU$6U.S.Dollar
ASSETS
5S (85 +.
5S (85 +.
Cash and cash equivalents
5S
5S
Short-term investments
5S (851LKLOEURNil
5S (85
Trade receivables: Related party - net
5S 5S
5S 5S
5S +.
.DVGDQVHWDUDNDV ,QYHVWDVLMDQJNDSHQGHN 3LXWDQJXVDKD 3LKDNEHUHODVLQHWR
3LKDNNHWLJD 3LXWDQJODLQODLQ 8DQJMDPLQDQ
5S
7RWDODVVHW /,$%,/,7$6
Other receivables
Third parties
Guarantee deposits
5S 5S (85 /DLQQ\DOthers
5S 5S (85 /DLQQ\DOthers
5S (85 /DLQQ\DOthers
5S (85 /DLQQ\DOthers
Other payables
5S +.1LKLOHK$Nil
5S +.
Accrued expenses
5S
Long-term borrowings
Total assets
LIABILITIES
8WDQJXVDKD 3LKDNEHUHODVL 3LKDNNHWLJD 8WDQJODLQODLQ
Trade payables: Related party Third parties
%HEDQDNUXDO 3LQMDPDQMDQJNDSDQMDQJ
5S
7RWDOOLDELOLWDV
$VHWQHWR
83
Total liabilities
Net assets
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 .(8$1*$1 ODQMXWDQ
0DQDMHPHQULVLNR ODQMXWDQ
Risk management (continued)
G5LVLNRPDWDXDQJDVLQJ ODQMXWDQ
d. Foreign currency risk (continued)
-LNDDVHWGDODPPDWDXDQJVHODLQGRODU$6QHWR .HORPSRN8VDKDSDGDWDQJJDO'HVHPEHU GLMDEDUNDQ NH GDODP GRODU $6 GHQJDQ PHQJJXQDNDQ NXUV WHQJDK WDQJJDO $SULO WDQJJDO SHQ\HOHVDLDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ PDNDDVHWGDODPPDWDXDQJVHODLQ GRODU$6QHWRDNDQWXUXQVHNLWDU$6
If the Group’s net non-U.S. dollar-denominated assets as of December 31, 2014 were translated to U.S. dollar using the middle exchange rate as of April 9, 2015 (the completion date of the consolidated financial statements), the net nonU.S. dollar-denominated assets will decrease by about US$309,883.
3HQMDEDUDQ DVHW GDODP PDWD XDQJ VHODLQ GRODU $6 VHWHODK GLNXUDQJL OLDELOLWDV GDODP PDWD XDQJ VHODLQ GRODU $6 WLGDN GDSDW GLWDIVLUNDQ EDKZD DVHW GDQ OLDELOLWDV GDODP PDWD XDQJ VHODLQ GRODU $6 WHODK WHODK GDSDW DWDX DNDQ GDSDW GLNRQYHUVLNDQ NH GRODU $6 GL PDVD GHSDQ GHQJDQNXUVPDWDXDQJVHODLQGRODU$6WHUKDGDS GRODU $6 \DQJ EHUODNX SDGD WDQJJDO 'HVHPEHUDWDXSDGDNXUVWXNDUODLQQ\D
The translation of the non-U.S. dollar-denominated assets, net of non-U.S. dollar-denominated liabilities, should not be construed as a representation that these non-U.S. dollardenominated assets and liabilities have been, could have been, or could in the future be, converted into U.S. dollar at the prevailing exchange rate of the non-U.S. dollar to U.S. dollar as of December 31, 2014 or at any other rate of exchange.
6NHGXOEHULNXWPHQXQMXNNDQVHQVLWLYLWDVWHUKDGDS SHUXEDKDQ \DQJ PXQJNLQ WHUMDGL GDODP QLODL WXNDU GRODU $6 GHQJDQ VHPXD YDULDEHO ODLQQ\D GLDQJJDS WHWDS WHUKDGDS ODSRUDQ ODED UXJL NRPSUHKHQVLI NRQVROLGDVLDQ .HORPSRN 8VDKD XQWXN WDKXQ \DQJ EHUDNKLU SDGD WDQJJDO 'HVHPEHU
The following schedule demonstrates the sensitivity to a reasonably possible change in the U.S. dollar exchange rate, with all other variables held constant, of the Group’s consolidated statement of comprehensive income for the year ended December 31, 2014:
3HUXEDKDQGDODPQLODLWXNDUGRODU$6
'DPSDNWHUKDGDSODEDNRQVROLGDVLDQ WDKXQEHUMDODQGDODPGRODU$6
84
Changes in U.S. dollar exchange rate
Effect on consolidated profit for the year in U.S. dollar
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ
34. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)
78-8$1 '$1 .(%,-$.$1 0$1$-(0(1 5,6,.2 .(8$1*$1 ODQMXWDQ
0DQDMHPHQULVLNR ODQMXWDQ
Risk management (continued)
H5LVLNRKDUJDNRPRGLWDV
e. Commodity price risk
'DPSDN ULVLNR KDUJD NRPRGLWDV \DQJ GLKDGDSL .HORPSRN 8VDKD WHUXWDPD VHKXEXQJDQ GHQJDQ SHPEHOLDQ EDKDQ EDNX XWDPD \DLWX ELMLK SODVWLN +DUJD EDKDQ EDNX WHUVHEXW VHFDUD ODQJVXQJ GLSHQJDUXKL ROHK IOXNWXDVL KDUJD NRPRGLWDV VHUWD WLQJNDWSHUPLQWDDQGDQSHQDZDUDQGLSDVDU
The Group’s exposure to commodity price risk relates primarily to the purchase of major raw materials, such as plastic ore. The prices of this raw material are directly affected by commodity price fluctuations and the level of demand and supply in the market.
.HELMDNDQ .HORPSRN 8VDKD XQWXN PHPLQLPDONDQ ULVLNR \DQJ EHUDVDOGDUL IOXNWXDVLKDUJDNRPRGLWDV DGDODK GHQJDQ PHQMDJD WLQJNDW SHUVHGLDDQ ELMLK SODVWLN VHFDUD RSWLPDO XQWXN PH\DNLQNDQSURGXNVL \DQJ EHUNHODQMXWDQ .HORPSRN 8VDKD MXJD PHQFHUPDWL NHDGDDDQ SDVDU NRPRGLWDV VHFDUD WHUXVPHQHUXVGDODPUDQJNDPHQFDULNHVHPSDWDQ XQWXN PHQGDSDWNDQ KDUJD SHPEHOLDQ \DQJ SDOLQJ NRPSHWLWLIEDJL.HORPSRN8VDKD
The Group’s policy is to minimize the risks arising from the fluctuations in the commodity prices by maintaining the optimum inventory level of plastic ore to ensure continuous production. The Group continuously assesses conditions in the commodity markets for opportunities to obtain the most competitive purchase price for its benefit.
3HQJHORODDQPRGDO
Capital management
7XMXDQ .HORPSRN 8VDKD GDODP SHQJHORODDQ SHUPRGDODQ DGDODK XQWXN PHPSHUWDKDQNDQ NHODQJVXQJDQ XVDKD .HORPSRN 8VDKD JXQD PHPEHULNDQ LPEDO KDVLO NHSDGD SHPHJDQJ VDKDP GDQ PDQIDDWNHSDGDSHPHJDQJNHSHQWLQJDQODLQQ\D VHUWD PHQMDJD VWUXNWXU PRGDO \DQJ RSWLPDO XQWXN PHQJXUDQJLELD\DPRGDO
The Group’s objective when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for stockholders and benefits to other stakeholders and to maintain an optimum capital structure to minimize the cost of capital.
6HFDUD EHUNDOD .HORPSRN 8VDKD PHODNXNDQ SHQLODLDQ XWDQJ XQWXN PHQLODL NHPXQJNLQDQ SHPELD\DDQ NHPEDOL NHZDMLEDQ \DQJ DGD GHQJDQ \DQJ EDUX \DQJ PHPLOLNL ELD\D \DQJ OHELK HILVLHQ \DQJ DNDQ PHQJDUDKNDQ SDGD ELD\D XWDQJ \DQJ OHELKRSWLPDO
Periodically, the Group conducts debt valuation to assess possibilities of refinancing existing debts with new ones which have more efficient cost that will lead to more optimized cost-of-debt.
6HEDJDL WDPEDKDQ XQWXN SDWXKNHSDGD SHPEDWDVDQ XWDQJ.HORPSRN8VDKDMXJDPHQMDJDVWUXNWXUPRGDO SDGDWLQJNDW\DQJGL\DNLQLWLGDNDNDQPHPEDKD\DNDQ SHULQJNDW NUHGLW GDQ \DQJ KDPSLU VHWDUD GHQJDQ SHVDLQJQ\D 5DVLR XWDQJ WHUKDGDS HNXLWDV DGDODK UDVLR \DQJ GLPRQLWRU ROHK PDQDMHPHQ XQWXN PHQJHYDOXDVL VWUXNWXU PRGDO .HORPSRN 8VDKD GDQ PHQJNDMLHIHNWLYLWDVXWDQJ.HORPSRN8VDKD
In addition to complying with loan covenants, the Group also maintains its capital structure at the level it believes will not risk its credit rating and which is comparable with that of its competitors. Debt-toequity ratio is a ratio which is monitored by management to evaluate the Group’s capital structure and review the effectiveness of the Group’s debts.
3DGD WDQJJDO 'HVHPEHU GDQ UDVLR XWDQJ WHUKDGDS HNXLWDV .HORPSRN 8VDKD PDVLQJ PDVLQJDGDODKVHEHVDUGDQ
As of December 31 and 2013, the Group’s debt-toequity ratio was 0.61 and 0.72, respectively.
35. SEGMENT INFORMATION
,1)250$6,6(*0(1
8QWXN NHSHQWLQJDQ PDQDMHPHQ .HORPSRN 8VDKD GLJRORQJNDQ PHQMDGL XQLW XVDKD EHUGDVDUNDQ SURGXN GDQ MDVD GDQ PHPLOLNL GXD VHJPHQ RSHUDVL \DQJ GLODSRUNDQ\DLWXPDQXIDNWXUGDQGLVWULEXVL
For management purposes, the Group is organized into business units based on their products and services and have two reportable operating segments namely manufacturing and distribution.
85
0DQXIDNWXU Manufacturing
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1.2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ ,1)250$6,6(*0(1 ODQMXWDQ
'LVWULEXVL Distribution
.RQVROLGDVLDQConsolidated
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
The original consolidated financial statements included herein are in the Indonesian language.
(OLPLQDVLElimination
35. SEGMENT INFORMATION (continued)
External Inter-segment
NET SALES
Segment assets
OTHER INFORMATION
Profit (loss) for the year
Segment liabilities
Operating profit (loss) Equity in net earnings (loss) of an associated company Finance income Finance expense Income tax expense - net
RESULTS
Total net sales
3(1-8$/$11(72
Capital expenditures Depreciation of fixed assets and amortization of landrights
+$6,/
(NVWHUQDO $QWDUVHJPHQ 7RWDOSHQMXDODQQHWR
,1)250$6,/$,11<$
/DED UXJL XVDKD %DJLDQODED UXJL QHWRHQWLWDVDVRVLDVL 3HQGDSDWDQNHXDQJDQ %HEDQNHXDQJDQ %HEDQSDMDNSHQJKDVLODQQHWR /DED UXJL WDKXQEHUMDODQ
$VHWVHJPHQ /LDELOLWDVVHJPHQ 3HQJHOXDUDQPRGDO 3HQ\XVXWDQDVHWWHWDSGDQDPRUWLVDVL KDNDWDVWDQDK
86
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ ,1)250$6,6(*0(1 ODQMXWDQ
35. SEGMENT INFORMATION (continued)
3HQMXDODQEHUGDVDUNDQSDVDU
Sales by market
,QIRUPDVL EHULNXW PHQXQMXNNDQ GLVWULEXVL GDUL SHQMXDODQ NRQVROLGDVL .HORPSRN 8VDKD EHUGDVDUNDQ SDVDUJHRJUDILV
The following information shows the distribution of consolidated sales of the Group by geographical market:
,QGRQHVLD $VLD GLOXDU7LPXU7HQJDK $IULND (URSD $PHULND $XVWUDOLDGDQ6HODQGLD%DUX 7LPXU7HQJDK 7RWDO
7DKXQ\DQJ%HUDNKLUSDGD 7DQJJDO'HVHPEHU Year Ended December 31,
Indonesia Asia (excluding Middle East) Africa Europe America Australia and New Zealand Middle East
Total
$VHWEHUGDVDUNDQZLOD\DKJHRJUDILV
Assets by geographical area
,QIRUPDVL EHULNXW PHQXQMXNNDQ QLODL WHUFDWDW DVHW VHJPHQEHUGDVDUNDQZLOD\DKJHRJUDILVDVHWWHUVHEXW EHUDGD
The following information shows the carrying amount of segment assets by geographical area in which the assets are located:
1LODLWHUFDWDWDVHWVHJPHQ 'HVHPEHU Carrying amount of segment assets December 31,
,QGRQHVLD +RQJ.RQJ 7RWDO
Indonesia Hong Kong Total
36. SIGNIFICANT AGREEMENT
3(5-$1-,$13(17,1*
D 3DGD WDQJJDO 0HL 3HUXVDKDDQ PHQJDGDNDQ SHUMDQMLDQ supply 1R $.3, NRQWUDN HNVSRU GHQJDQ %UXFNQHU 0DVFKLQHQEDX *PE+ &R .* ³%UXFNQHU´ GLPDQD%UXFNQHUVHWXMXXQWXNPHQ\HGLDNDQGDQ PHQMXDO GDQ 3HUXVDKDDQ VHWXMX XQWXN PHPEHOL PHVLQ%233GDQSHUDODWDQSHQGXNXQJODLQQ\D
a. On May 17, 2013, the Company entered into supply contract No. AKPI 2013-001 (export contract) with Bruckner Maschinenbau GmbH & Co. KG (“Bruckner”), whereby Bruckner agreed to supply and sell and the Company agreed to purchase BOPP machineries and other factory equipment.
6HODQMXWQ\D SHUMDQMLDQ WHUVHEXW WHODK PHQJDODPL SHUXEDKDQ SDGD WDQJJDO 1RYHPEHU DQWDUD ODLQ PHQJHQDL SHUXEDKDQ GDODP NHWHQWXDQ SHPED\DUDQ GDQ SHUXEDKDQ QLODL NRQWUDN GDUL VHEHOXPQ\D EHUGHQRPLQDVL GDODP (XUR PHQMDGL EHUGHQRPLQDVLGDODPGRODU$PHULND6HULNDW
The contract was amended on November 25, 2013 relating to, among others, change in the terms of payment and change in the total contract value from being previously denominated in Euro to becoming denominated in U.S. dollar.
87
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ 3(5-$1-,$13(17,1* ODQMXWDQ
36. SIGNIFICANT AGREEMENT (continued)
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
b. In connection with the loan agreement between the Company and DZ Bank AG, and to comply with Bank Indonesia Regulation No.16/10/PBI/2014 dated May 14, 2014 regarding Receipt of Export Earnings in Foreign Exchange and Withdrawal of Offshore Loans in Foreign Exchange, on July 21, 2014, PT Bank UOB Indonesia, DZ Bank AG and the Company entered into an FX Bank Agreement, whereby PT Bank UOB Indonesia has been appointed as a Foreign Exchange Bank and to arrange all transactions and bookings necessary for the disbursement procedures under the Loan Agreement to be in line with the regulation. 37. EVENT AFTER THE REPORTING PERIOD
3(5,67,:$6(7(/$+3(5,2'(3(/$325$1
D 3DGD WDQJJDO 0DUHW 3HUXVDKDDQ GDQ $1= PHQDQGDWDQJDQL SHUXEDKDQ GDQ SHUQ\DWDDQ NHPEDOL DWDV SHUMDQMLDQ IDVLOLWDV GLPDQD 3HUXVDKDDQ PHPSHUROHK IDVLOLWDV 027) XQWXN MXPODK PDNVLPXP VHEHVDU $6 +DVLO SHQHULPDDQ GDUL SLQMDPDQ LQL GLJXQDNDQ XQWXN PHPELD\DL PRGDO NHUMD 3HUXVDKDDQ XQWXN SHPEHOLDQ EDKDQ EDNX )DVLOLWDV LQL WHUVHGLD VDPSDLWDQJJDO-DQXDUL
a.
On March 16, 2015, the Company and ANZ signed the amendment and restatement to the facility agreement, whereby the Company obtained MOTF for a maximum amount of US$10,000,000. The proceeds from this facility were used to finance the purchase of raw materials. The facility is available until January 31, 2016.
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b.
On March 31, 2015, the Company and CTBC signed the amendment to the facility agreement, whereby the Company obtained OL for a maximum amount of US$5,000,000. The facility is available until June 2, 2015.
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<$1*
38. RECENT DEVELOPMENTS ACCOUNTING STANDARDS
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AFFECTING
The following are several accounting standards issued by the DSAK that are considered relevant to the financial reporting of the Group but are effective only for financial statements starting on or after January 1, 2015:
x
36$. 1R 5HYLVL ³3HQ\DMLDQ /DSRUDQ .HXDQJDQ´ 36$. LQL PHQJXEDK SHQ\DMLDQ NHORPSRN SRVSRV GDODP 3HQJKDVLODQ .RPSUHKHQVLI /DLQ 3RVSRV \DQJ DNDQ GLUHNODVLILNDVL NH ODED UXJL GLVDMLNDQ WHUSLVDK GDUL SRVSRV \DQJ WLGDN DNDQ GLUHNODVLILNDVL NH ODED UXJL
x PSAK No. 1 (Revised 2013), “Presentation of Financial Statements”. This PSAK changed the grouping of items presented in Other Comprehensive Income. Items that can be reclassified to profit or loss are to be presented separately from items that will never be reclassified.
x
36$. 1R 5HYLVL ³,QYHVWDVL SDGD (QWLWDV $VRVLDVL GDQ 9HQWXUD %HUVDPD´ 36$. LQL PHQJDWXU SHQHUDSDQ PHWRGH HNXLWDV SDGD LQYHVWDVL YHQWXUD EHUVDPD GDQ MXJD HQWLWDV DVRVLDVL
x PSAK No. 15 (Revised 2013), “Investments in Associates and Joint Venture”. This PSAK describes the application of the equity method to investments in joint ventures in addition to associates.
x
36$. 1R 5HYLVL ³,PEDODQ .HUMD´ 36$. LQL PHQJKDSXV PHNDQLVPH NRULGRU GDQ SHQJXQJNDSDQ DWDV LQIRUPDVL OLDELOLWDV NRQWLQMHQVL XQWXN PHQ\HGHUKDQDNDQ NODULILNDVL GDQ SHQJXQJNDSDQ
88
x
PSAK No. 24 (Revised 2013), “Employee Benefits”. This PSAK removed the corridor mechanism and contingent liability disclosures and requires only simple clarifications and disclosures.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ 3(5.(0%$1*$1 7(5.,1, <$1* 0(03(1*$58+, 67$1'$5 $.817$16, ODQMXWDQ x 36$. 1R 5HYLVL ³3DMDN 3HQJKDVLODQ´ 36$. LQL PHPEHULNDQ WDPEDKDQ SDQGXDQ XQWXN DVHW DWDX OLDELOLWDV SDMDN WDQJJXKDQ \DQJ EHUDVDO GDUL DVHW \DQJ WLGDN GLVXVXWNDQ \DQJ GLXNXU GHQJDQ PHQJJXQDNDQ PRGHO UHYDOXDVL GDQ \DQJ EHUDVDOGDULSURSHUWLLQYHVWDVL\DQJGLXNXUGHQJDQ PHQJJXQDNDQPRGHOQLODLZDMDU x 36$. 1R 5HYLVL ³3HQXUXQDQ 1LODL $VHW´ 36$. LQL PHPEHULNDQ WDPEDKDQ SHUV\DUDWDQ SHQJXQJNDSDQ XQWXN VHWLDS DVHW LQGLYLGXDO WHUPDVXN goodwill DWDX XQLW SHQJKDVLO NDV \DQJ NHUXJLDQ SHQXUXQDQ QLODL WHODK GLDNXL DWDXGLEDOLNVHODPDSHULRGH x 36$.1R 5HYLVL ³,QVWUXPHQ.HXDQJDQ 3HQ\DMLDQ´ 36$. LQL PHPEHULNDQ WDPEDKDQ SDQGXDQ DWDV NULWHULD PHQJHQDL KDN \DQJ GDSDW GLSDNVDNDQVHFDUDKXNXPXQWXNPHODNXNDQVDOLQJ KDSXV DWDV MXPODK \DQJ WHODK GLDNXL GDQ XQWXN PHQ\HOHVDLNDQVHFDUDQHWR x 36$. 1R ³,QVWUXPHQ .HXDQJDQ 3HQJDNXDQ GDQ 3HQJXNXUDQ´ 36$. LQL PHPEHULNDQ WDPEDKDQ SDQGXDQ DWDV NULWHULD LQVWUXPHQ OLQGXQJ QLODL \DQJ GLDQJJDS WHODK NDGDOXDUVD DWDX WHODK GLKHQWLNDQ VHUWD NHWHQWXDQ XQWXNPHQFDWDWLQVWUXPHQNHXDQJDQSDGDWDQJJDO SHQJXNXUDQ GDQ SDGD WDQJJDO VHWHODK SHQJDNXDQ DZDO x 36$. 1R ³,QVWUXPHQ .HXDQJDQ 3HQJXQJNDSDQ´ 36$. LQL PHPEHULNDQ WDPEDKDQ SDQGXDQDWDVSHQJXQJNDSDQVDOLQJKDSXVGHQJDQ LQIRUPDVL NXDQWLWDWLI GDQ NXDOLWDWLI VHUWD SHQJXQJNDSDQ PHQJHQDL SHQJDOLKDQ LQVWUXPHQ NHXDQJDQ x 36$. 1R ³/DSRUDQ .HXDQJDQ .RQVROLGDVL´ 36$. LQL PHQJJDQWLNDQ SRUVL 36$. 1R \DQJ PHQJHQDL SHQJDWXUDQ DNXQWDQVL XQWXN ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ PHQHWDSNDQ SULQVLS SHQ\XVXQDQ GDQ SHQ\DMLDQ ODSRUDQ NHXDQJDQ NRQVROLGDVLDQ NHWLND HQWLWDV PHQJHQGDOLNDQVDWXDWDXOHELKHQWLWDVODLQ x 36$.1R³3HQJXQJNDSDQ.HSHQWLQJDQGDODP (QWLWDV /DLQ´ 36$. LQL PHQFDNXS VHPXD SHQJXQJNDSDQ \DQJ GLDWXU VHEHOXPQ\D GDODP 36$. 1R 36$. 1R GDQ 36$. 1R 3HQJXQJNDSDQ LQL WHUNDLW GHQJDQ NHSHQWLQJDQ HQWLWDV GDODP HQWLWDVHQWLWDV ODLQ
89
38. RECENT DEVELOPMENTS AFFECTING ACCOUNTING STANDARDS (continued) x
PSAK No. 46 (Revised 2014), “Income Taxes”. This PSAK provides additional guidance for deferred tax asset or deferred tax liability arising from a non-depreciable asset measured using the revaluation model, and from investment property that is measured using the fair value model.
x
PSAK No. 48 (Revised 2014) “Impairment of Assets”. This PSAK provides additional disclosure for each individual asset (including goodwill) or a cash-generating unit, for which an impairment loss has been recognized or reversed during the period.
x
PSAK No. 50 (Revised 2014): “Financial Instruments: Presentation”. This PSAK provides more guidance on the criteria of legally enforceable right to set off recognized amounts and to settle on a net basis.
x
PSAK No. 55 (2014): “Financial Instruments: Recognition and Measurement”. This PSAK provides additional guidance on the criteria of nonexpiration or termination of hedging instrument, and accounting for financial instruments at the measurement date and after initial recognition.
x
PSAK No. 60 (2014): “Financial Instruments: Disclosures”. This PSAK provides additional guidance on offsetting disclosures with quantitative and qualitative information, and disclosures on transfers of financial instruments from one classification to another.
x PSAK No. 65, “Consolidated Financial Statements”. This PSAK replaced the portion of PSAK No. 4 (2009) that addresses the accounting for consolidated financial statements and established principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities. x PSAK No. 67, “Disclosures of Interest in Other Entities”. This PSAK includes all of the disclosures that were previously required in PSAK No. 4 (2009), PSAK No.12 (2009) and PSAK No. 15 (2009). These disclosures relate to an entity’s interests in other entities.
The original consolidated financial statements included herein are in the Indonesian language.
PT ARGHA KARYA PRIMA INDUSTRY Tbk AND ITS SUBSIDIARY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and for the Year Then Ended (Expressed in thousands of rupiah, unless otherwise stated)
37$5*+$.$5<$35,0$,1'8675<7EN '$1(17,7$6$1$.1<$ &$7$7$1$7$6/$325$1.(8$1*$1 .2162/,'$6,$1 7DQJJDO'HVHPEHUGDQ XQWXN7DKXQ\DQJ%HUDNKLU3DGD7DQJJDO7HUVHEXW 'LVDMLNDQGDODPULEXDQUXSLDK NHFXDOLGLQ\DWDNDQODLQ 3(5.(0%$1*$1 7(5.,1, <$1* 0(03(1*$58+, 67$1'$5 $.817$16, ODQMXWDQ x 36$.1R³3HQJXNXUDQ1LODL:DMDU´36$.LQL PHPEHULNDQ SDQGXDQ WHQWDQJ EDJDLPDQD SHQJXNXUDQ QLODL ZDMDU NHWLND QLODL ZDMDU GLV\DUDWNDQDWDXGLL]LQNDQ x ,6$. 1R ³3HQLODLDQ .HPEDOL 'HULYDWLI 0HOHNDW´\DQJGLDGRSVLGDUL,QWHUQDWLRQDO)LQDQFLDO 5HSRUWLQJ ,QWHUSUHWDWLRQV &RPPLWWHH ³,)5,&´ ,6$. LQL PHPEHULNDQ SDQGXDQ SHQLODLDQ DSDNDK GHULYDWLIPHOHNDWGLV\DUDWNDQXQWXNGLSLVDKNDQGDUL NRQWUDNXWDPDGDQGLFDWDWVHEDJDLVXDWXGHULYDWLI
38. RECENT DEVELOPMENTS AFFECTING ACCOUNTING STANDARDS (continued) x PSAK No. 68, “Fair Value Measurement”. This PSAK provides guidance on how to measure fair value when fair value is required or permitted.
x ISAK No. 26 (2014), “Reassessment of Embedded Derivatives”, adopted from International Financial Reporting Interpretation Committee (“IFRIC”) 9. This ISAK provides guidance on the assessment of whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative.
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The Group is presently evaluating and has not yet determined the effects of this revised PSAK on the consolidated financial statements.
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39. RECLASSIFICATIONS OF ACCOUNT Following are the account in the December 31, 2013 which have been reclassified to allow their comparison with the account in the December 31, 2014 consolidated financial statements:
'DULFrom
'HVHPEHUDecember 31, 2013 /LDELOLWDVLPEDODQNHUMD Employee benefits liability
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%HEDQDNUXDO Accrued expenses
90
-XPODKAmount
